Test Bank For Foundations of Microeconomics 9th Edition All Chapters - 9780136713678.pdf

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Copyrighth©h2021hPearsonhEducation,hInc.h
FoundationshofhMicroeconomics,h9eh(Bade)h
Chapterh1hhhGettinghStartedh
h

1.1hhhDefinitionhandhQuestionsh
h

1)hScarcityhexistshbecauseh
A)hhumanhwantshexceedhthehresourceshavailablehtohsatisfyhthem.h
B)hsomehindividualshhavehlowhincome.h
C)hthehcostshofhproductionharehhigh.h
D)hsomehpeoplehmakehbadheconomichdecisions.h
E)hpeoplehtakehtoohmuchhleisurehtime.h
Answer:hhAh
Topic:hhScarcityh
Skill:hhLevelh1:hDefinitionh
Section:hhCheckpointh1.1h
Status:hhOldh
AACSB:hhReflectivehthinkingh
h

2)hScarcityh
A)hishthehinabilityhtohsatisfyhallhourhwants.h
B)hleadshtohhigherhprices.h
C)happlieshonlyhtohpeoplehlivinghinhpoverty.h
D)hishnothsomethinghthathaffectshveryhrichhpeople.h
E)husedhtohexistheverywherehbuthhashbeenheliminatedhinhadvancedheconomies.h
Answer:hhAh
Topic:hhScarcityh
Skill:hhLevelh1:hDefinitionh
Section:hhCheckpointh1.1h
Status:hhOldh
AACSB:hhReflectivehthinkingh
h

3)hScarcityhrequireshthathweh
A)hproducehefficiently.h
B)hlearnhtohlimithourhwants.h
C)hhavehthehmosthrapidheconomichgrowthhpossible.h
D)hhavehunlimitedhresources.h
E)hmakehchoiceshabouthwhathgoodshandhserviceshtohproduce.h
Answer:hhEh
Topic:hhScarcityh
Skill:hhLevelh1:hDefinitionh
Section:hhCheckpointh1.1h
Status:hhOldh
AACSB:hhReflectivehthinkingh
h

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4)hScarcityhmeanshthath
A)hwhathwehcanhproducehwithhourhresourceshishgreaterhthanhourhmaterialhwants.h
B)hresourcesharehunlimited.h
C)hwantsharehgreaterhthanhwhathwehcanhproducehwithhourhresources.h
D)hgovernmentshmusthmakehuphforhshortageshinhresources.h
E)hchoiceshmadehinhself-interesthcannothbehthehsamehashthosehmadehinhthehsocialhinterest.h
Answer:hhCh
Topic:hhScarcityh
Skill:hhLevelh1:hDefinitionh
Section:hhCheckpointh1.1h
Status:hhOldh
AACSB:hhReflectivehthinkingh
h

5)hBecausehhumanhwantsharehinsatiablehandhunlimitedhwhilehavailablehresourcesharehlimited
,h
peopleharehsaidhtohfacehthehproblemhofh
A)hscarcity.h
B)hwhyhtohproduce.h
C)hmacroeconomics.h
D)hmicroeconomics.h
E)hsocialhinteresthversushself-interest.h
Answer:hhAh
Topic:hhScarcityh
Skill:hhLevelh1:hDefinitionh
Section:hhCheckpointh1.1h
Status:hhOldh
AACSB:hhReflectivehthinkingh
h

6)hWhichhofhthehfollowinghstatementshBESThdescribeshthehstudyhofheconomics?hEconomicsh
studieshhowh
A)htohorganizehproductionhsohthathscarcityhdoeshnothoccur.h
B)hfirmshmakehprofits.hh
C)hwehmakehchoiceshinhthehfacehofhscarcity.h
D)htohcreatehincentiveshsohthathscarcityhdoeshnothexist.h
E)hbusinesseshreachhdecisions.h
Answer:hhCh
Topic:hhScarcityh
Skill:hhLevelh1:hDefinitionh
Section:hhCheckpointh1.1h

,Status:hhOldh
AACSB:hhReflectivehthinkingh
h

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7)hScarcityhforceshpeoplehtoh
A)hchoosehamonghavailablehalternatives.h
B)hcheathandhsteal.h
C)hbehunwillinghtohhelphothers.h
D)hlivehathahlowhstandardhofhliving.h
E)hconsumehashmuchhashtheyhcanhashquicklyhashtheyhcan.h
Answer:hhAh
Topic:hhScarcityh
Skill:hhLevelh2:hUsinghdefinitionsh
Section:hhCheckpointh1.1h
Status:hhOldh
AACSB:hhReflectivehthinkingh
h

8)hScarcityhmeanshwehmusth
A)hconsumehless.h
B)hproducehless.h
C)hmakehchoices.h
D)hearnhmore.h
E)hworkhmore.h
Answer:hhCh
Topic:hhScarcityh
Skill:hhLevelh1:hDefinitionh
Section:hhCheckpointh1.1h
Status:hhOldh
AACSB:hhReflectivehthinkingh
h

9)hWhathishthehreasonhthathallheconomichissueshandhproblemshoccur?h
A)hAllhnationshusehsomehformhofhmoneyhtohbuyhandhsellhgoodshandhservices.h
B)hHumansharehalwayshwastefulhandhinefficienthinhproductionhandhconsumption.h
C)hPowerfulhgovernmentsharehablehtohcontrolhproductionhandhconsumption.h
D)hHumanhwantshexceedhthehresourceshavailablehtohsatisfyhthem.h
E)hPeoplehseekhonlyhtheirhownhself-interest.h
Answer:hhDh
Topic:hhScarcityh
Skill:hhLevelh2:hUsinghdefinitionsh
Section:hhCheckpointh1.1h
Status:hhOldh

, AACSB:hhReflectivehthinkingh
h

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10)hThehstudyhofheconomicshishbesthdescribedhashahstudyhofh
A)hthehfactorshthathinfluencehthehstockhandhbondhmarkets.h
B)hcapitalism.hh
C)hthehchoiceshmadehinhproducinghgoodshandhservices.h
D)hcopinghwithhscarcity,handhchoiceshmadehashahresulthofhscarcityhinhahsociety.h
E)hhowhpeoplehearnhahliving.h
Answer:hhDh
Topic:hhDefinitionhofheconomicsh
Skill:hhLevelh1:hDefinitionh
Section:hhCheckpointh1.1h
Status:hhOldh
AACSB:hhReflectivehthinkingh
h

11)hWhichhofhthehfollowinghstatementshBESThdescribeshthehstudyhofheconomics?hEconomicsh
studieshhowh
A)htohorganizehproductionhsohthathscarcityhdoeshnothoccur.h
B)hfirmshmakehprofits.hh
C)hwehmakehchoiceshinhthehfacehofhscarcity.h
D)htohcreatehincentiveshsohthathscarcityhdoeshnothexist.h
E)hbusinesseshreachhdecisions.h
Answer:hhCh
Topic:hhDefinitionhofheconomicsh
Skill:hhLevelh1:hDefinitionh
Section:hhCheckpointh1.1h
Status:hhOldh
AACSB:hhReflectivehthinkingh
h

12)hWhichhofhthehfollowinghBESThdefinesheconomics?h
A)hEconomicshteacheshhowhtohlimithourhwants.h
B)hEconomicshstudieshhowhtohchoosehthehbesthalternativehwhenhcopinghwithhscarcity.h
C)hEconomicshhelpshyouhearnhashmuchhmoneyhashpossible.h
D)hEconomicshanalyzeshallhaspectshofhhumanhbehaviorhinhgeneral.h
E)hEconomicshishconcernedhwithhpriceshandhquantitieshofhgoodshandhservices,hbothhaththeh
individualhlevelhandhaththehindustryhlevel.h
Answer:hhBh
Topic:hhDefinitionhofheconomicsh
Skill:hhLevelh1:hDefinitionh
Section:hhCheckpointh1.1h