Test Bank For Microeconomics Principles, Applications, and Tools 9th Edition All Chapters

Microeconomics,p13ep(Parkin)
Chapterp1pppWhatpIspEconomics?p

1ppDefinitionpofpEconomics

1)pAllpeconomicpquestionsparepabout
A)phowptopmakepmoney.
B)pwhatptopproduce.
C)phowptopcopepwithpscarcity.
D)phowptopsatisfypallpourpwants.
Answer:ppC
Topic:ppScarcity
Skill:ppRecognition
Status:ppOld
AACSB:ppReflectivepthinking

2)pAllpeconomicpquestionsparisepbecausepwe
A)pwantpmorepthanpwepcanpget.
B)pwantpmorepthanpwepneed.
C)phavepanpabundancepofpresources.
D)phaveplimitedpwantspthatpneedptopbepsatisfied.
Answer:ppA
Topic:ppScarcity
Skill:ppRecognition
Status:ppOld
AACSB:ppReflectivepthinking

3)pEconomicspispbestpdefinedpaspthepstudypofphowppeople,pbusinesses,pgovernments,pandpsocieties
A)pchoosepabundancepoverpscarcity.
B)pmakepchoicesptopcopepwithpscarcity.
C)puseptheirpinfinitepresources.
D)pattainpwealth.
Answer:ppB
Topic:ppScarcity
Skill:ppConceptual
Status:ppOld
AACSB:ppReflectivepthinking

4)pScarcitypispapsituationpinpwhich
A)ppeoplepcannotpsatisfypallptheirpwants.
B)pmostppeoplepcanpgetponlypbarepnecessities.
C)ppeoplepcanpsatisfypallptheirpwants.p
D)psomeppeoplepcanpgetpallptheypwantpandpsomepcannot.p
Answer:ppA
Topic:ppScarcity
Skill:ppRecognition
Status:ppOld
AACSB:ppReflectivepthinking

,5)pEconomistsppointpoutpthatpscarcitypconfronts
A)pneitherptheppoorpnorptheprich.
B)ptheppoorpbutpnotptheprich.
C)ptheprichpbutpnotptheppoor.
D)pbothptheppoorpandptheprich.
Answer:ppD
Topic:ppScarcity
Skill:ppConceptual
Status:ppOld
AACSB:ppEthicalpunderstandingpandpreasoning

6)pScarcitypis
A)pourpinabilityptopsatisfypallpourpwants.
B)papsituationpthatpexistspduringpeconomicprecessionspbutpnotpduringpeconomicpbooms.
C)peliminatedpbypchoices.
D)panpeconomicpproblemponlypforppoorppeople.
Answer:ppA
Topic:ppScarcity
Skill:ppRecognition
Status:ppOld
AACSB:ppReflectivepthinking

7)pWhenpanpeconomistptalkspofpscarcity,pthepeconomistpispreferringptopthe
A)pabilitypofpsocietyptopemploypallpofpitspresources.
B)pabilitypofpsocietyptopconsumepallpthatpitpproduces.
C)pinabilitypofpsocietyptopsatisfypallphumanpwantspbecausepofplimitedpresources.
D)pabilitypofpsocietyptopcontinuallypmakeptechnologicalpbreakthroughspandpincreasepproduction.
Answer:ppC
Topic:ppScarcity
Skill:ppRecognition
Status:ppOld
AACSB:ppReflectivepthinking

8)pFundamentalpeconomicpproblemspbasicallyparisepfrom
A)pthepfactpthatpsocietyphaspmorepthanpitpneeds.
B)pturmoilpinpthepstockpmarket.p
C)pthepunequalpdistributionpofpincome.
D)pourpwantspexceedingpourpscarcepresources.
Answer:ppD
Topic:ppScarcity
Skill:ppRecognition
Status:ppOld
AACSB:ppReflectivepthinking

,9)pScarcitypexistspbecause
A)psocietypandppeopleparepgreedypandpwasteful.
B)pourpwantspexceedpthepresourcespavailableptopsatisfypthem.
C)pofpthepinefficientpchoicespwepmake.
D)ppoorppeoplepneedpmorepfoodpandpotherpgoods.
Answer:ppB
Topic:ppScarcity
Skill:ppRecognition
Status:ppOld
AACSB:ppReflectivepthinking

10)pScarcitypcanpbepeliminatedpthrough
A)pthepusepofpmarketpmechanisms.
B)pexplorationpthatphelpspuspfindpnewpresources.
C)pwisepusepofpourpresources.
D)pNonepofpthepabovepbecausepscarcitypcannotpbepeliminated.
Answer:ppD
Topic:ppScarcity
Skill:ppRecognition
Status:ppOld
AACSB:ppReflectivepthinking

11)pAspanpeconomicpconcept,pscarcitypappliespto
A)pbothpmoneypandptime.
B)pmoneypbutpnotptime.
C)ptimepbutpnotpmoney.
D)pneitherptimepnorpmoney.
Answer:ppA
Topic:ppScarcity
Skill:ppConceptual
Status:ppOld
AACSB:ppReflectivepthinking

12)pInpeverypeconomicpsystem,pchoicespmustpbepmadepbecausepresourcesparep________pandpourpwantsparep
________.
A)punlimited;plimited
B)plimited;punlimited
C)punlimited;punlimited
D)plimited;plimited
Answer:ppB
Topic:ppScarcity
Skill:ppConceptual
Status:ppOld
AACSB:ppReflectivepthinking

, 13)pThepproblempofp"scarcity"papplies
A)ponlypinpindustriallypdevelopedpcountriespbecausepresourcesparepscarcepinpthesepcountries.
B)ponlypinpunderdevelopedpcountriespbecausepthereparepfewpproductivepresourcespinpthesepcountries.
C)ponlypinpeconomicpsystemspthatparepjustpbeginningptopdeveloppbecausepspecializedpresourcesparepscarce.
D)ptopallpeconomicpsystems,pregardlesspofptheirplevelpofpdevelopment.
Answer:ppD
Topic:ppScarcity
Skill:ppConceptual
Status:ppOld
AACSB:ppReflectivepthinking

14)pScarcityprequirespthatppeoplepmust
A)pcooperate.
B)pcompete.
C)ptrade.
D)pmakepchoices.
Answer:ppD
Topic:ppScarcity
Skill:ppConceptual
Status:ppOld
AACSB:ppReflectivepthinking

15)pPeoplepmustpmakepchoicespbecause
A)pmostppeoplepenjoypshopping.
B)pofpscarcity.
C)pthereparepmanypgoodspavailable.
D)pNonepofpthepabovepanswerspispcorrect.
Answer:ppB
Topic:ppScarcity
Skill:ppConceptual
Status:ppOld
AACSB:ppReflectivepthinking

16)pAnpincentive
A)pcouldpbepaprewardpbutpcouldpnotpbepappenalty.
B)pcouldpbepappenaltypbutpcouldpnotpbepapreward.
C)pcouldpbepeitherpaprewardporpappenalty.
D)pispthepoppositepofpaptradeoff.
Answer:ppC
Topic:ppIncentive
Skill:ppRecognition
Status:ppOld
AACSB:ppReflectivepthinking