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h h h h h h h h h
EconomicshToday,h19eh(Miller)
Chapterh2h h ScarcityhandhthehWorldhofhTrade-Offs
2.1 Scarcity
1) Scarcityhariseshbecause
A) resourcesharehlimitedhandharehinadequatehtohmeethallhhumanhwants.
B) shortageshoccurhinhsomehmarkets.
C) naturalhresourcesharehabundant.
D) somehpeoplehdohnothbehavehinhahrationalhmanner.h
Answer:h A
Diff:h2
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
2) Scarcityhrefershto
A) ahshortagehinhahgoodhorhservice.
B) thehabilityhofhsocietyhtohconsumehallhthathithproduces.
C) thehinabilityhofhsocietyhtohsatisfyhallhhumanhwantshbecausehofhlimitedhresources.
D) thehinabilityhofhanhindividualhtohpurchasehahgoodhorhservicehduehtohherhlimitedhincome.h
Answer:h C
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
3) WhichhofhthehfollowinghstatementshishTRUEhabouthscarcity?
A) Bothhrichhandhpoorhpeoplehfacehthehproblemhofhscarcity.
B) Scarcityhexistshonlyhwhenhsupplyhishinsufficienthtohmeethdemand.
C) Scarcityhexistshonlyhwhenhahshortagehexists.
D) Scarcityhcanhbeheliminatedhwhenhahcountryhbecomeshricher.h
Answer:h A
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
1
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,DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
h h h h h h h h h
4) Thehproblemhofheconomichscarcityhapplies
A) onlyhinhcountrieshwithhnohmarketshtohmeethpeople'shwants.
B) onlyhinhunderdevelopedhcountries,hbecausehthereharehnohproductivehresourceshinhthesehnations.
C) onlyhtohnationshwithhfewhresources.
D) tohtheheconomieshofhallhnations,hregardlesshofhtheirhlevelshofhdevelopment.h
Answer:h D
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
5) Inheveryheconomichsystem,hchoiceshmusthbehmadehbecausehresources
A) arehunlimited,hbuthhumanhdesireshandhwantsharehlimited.
B) arehlimited,hbuthhumanhdesireshandhwantsharehunlimited.
C) arehunlimited,handhsoharehhumanhdesireshandhwants.
D) arehlimited,handhsoharehhumanhdesireshandhwants.h
Answer:h B
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
6) Inhthehproductionhofhgoodshandhservices,htrade-offshexisthbecause
A) nothallhproductionhishefficient.
B) societyhhashonlyhahlimitedhamounthofhproductivehresources.
C) wehhavehabundanthresourceshtohchoosehfrom.
D) humanhwantshandhneedsharehlimitedhathahparticularhpointhinhtime.h
Answer:h B
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
7) WhichhofhthehfollowinghstatementshaboutheconomichscarcityhishFALSE?
A) Scarcityhoccurshamonghthehpoorhandhthehrich.
B) Scarcityhonlyhoccurshifhthereharehshortageshandhpeoplehwaithinhlinehtohbuyhthings.
C) Scarcityhresultshfromhnothhavinghenoughhresourceshtohproducehallhthehthingshwehwant.
D) Scarcityhresultshinhthehnecessityhtohmakehchoices.h
Answer:h B
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
2
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,DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
h h h h h h h h h
8) WhichhofhthehfollowinghstatementshishFALSE?
A) Economichgoodsharehavailablehinhdesiredhquantitieshathahzerohprice.
B) Ahgoodhishanythinghthathgiveshsatisfactionhorhhappinesshtohindividuals.
C) Servicesharehintangiblehgoodshsuchhashdryhcleaning,hhospitalhcare,handhrestauranthmealhp
reparation.
D) Wantsharehunlimitedhandhincludehallhmaterialhandhnonmaterialhdesires.h
Answer:h A
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
9) WhichhofhthehfollowinghstatementshabouthscarcityhishTRUE?
A) Scarcityhishnohlongerhahproblemhforhindustrializedhcountries.
B) Scarcityhexistshinhallhsocieties.
C) Scarcityhishahproblemhonlyhforhgreedyhpeople.
D) Scarcityhishahproblemhonlyhinhcountrieshthathdohnothusehmarketshtohorganizeheconomichactivity.h
Answer:h B
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
10) Inh2016,htornadoeshdamagedhmanyhpartshofhthehU.S.hMidwest,hdestroyinghhomes,hbusinesses,hs
chools,handhinfrastructure.hInhstrictlyheconomichterminology,hthesehtornadoesharehsaidhtohhavehcau
sed
A) scarcity,hbecausehthehdamageshmadehfoodhandhshelterhscarce.
B) scarcity,hbecausehsomehgoodshwerehdifficulthtohget.
C) shortages,hbecausehsupplieshwerehcuthoffhandhgoodshwerehdestroyed.
D) tradeoffs,hbecausehsomehareashofhthehcountryhwerehdamagedhwhenhothershwerehnot.h
Answer:h C
Diff:h2
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
3
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, DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
h h h h h h h h h
11) Scarcityhimplieshthathpeoplehmust
A) behirrational.
B) behselfish.
C) makehchoices.
D) nothbehselfish.
Answer:h C
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
12) Scarcity
A) doeshnothexisthinhthehUnitedhStates.
B) applieshonlyhtohdevelopinghcountries.
C) canhbeheliminatedhwithhmorehefficienthproductionhmethods.
D) ishnothahshortage.h
Answer:h D
Diff:h2
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
13) Thehdifferencehbetweenhscarcityhandhahshortagehishthat
A) scarcityhishcausedhbyhpovertyhandhshortagesharehcausedhbyhnaturalhdisasters.
B) shortagesharehahtypehofhscarcityhcausedhbyhnaturalhdisastershwhilehscarcityhishcausedhbyhhumanhe
rrors.
C) scarcityhalwayshishahparthofhhumanhlifehwhilehshortageshusuallyharehtemporary.
D) shortagesharehalwayshparthofhhumanhlifehwhilehscarcityhishusuallyhtemporary.h
Answer:h C
Diff:h3
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
4
Copyrighth©h2018hPearsonhEducation,hInc.
mynursytest.store
h h h h h h h h h
EconomicshToday,h19eh(Miller)
Chapterh2h h ScarcityhandhthehWorldhofhTrade-Offs
2.1 Scarcity
1) Scarcityhariseshbecause
A) resourcesharehlimitedhandharehinadequatehtohmeethallhhumanhwants.
B) shortageshoccurhinhsomehmarkets.
C) naturalhresourcesharehabundant.
D) somehpeoplehdohnothbehavehinhahrationalhmanner.h
Answer:h A
Diff:h2
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
2) Scarcityhrefershto
A) ahshortagehinhahgoodhorhservice.
B) thehabilityhofhsocietyhtohconsumehallhthathithproduces.
C) thehinabilityhofhsocietyhtohsatisfyhallhhumanhwantshbecausehofhlimitedhresources.
D) thehinabilityhofhanhindividualhtohpurchasehahgoodhorhservicehduehtohherhlimitedhincome.h
Answer:h C
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
3) WhichhofhthehfollowinghstatementshishTRUEhabouthscarcity?
A) Bothhrichhandhpoorhpeoplehfacehthehproblemhofhscarcity.
B) Scarcityhexistshonlyhwhenhsupplyhishinsufficienthtohmeethdemand.
C) Scarcityhexistshonlyhwhenhahshortagehexists.
D) Scarcityhcanhbeheliminatedhwhenhahcountryhbecomeshricher.h
Answer:h A
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
1
Copyrighth©h2018hPearsonhEducation,hInc.
mynursytest.store
,DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
h h h h h h h h h
4) Thehproblemhofheconomichscarcityhapplies
A) onlyhinhcountrieshwithhnohmarketshtohmeethpeople'shwants.
B) onlyhinhunderdevelopedhcountries,hbecausehthereharehnohproductivehresourceshinhthesehnations.
C) onlyhtohnationshwithhfewhresources.
D) tohtheheconomieshofhallhnations,hregardlesshofhtheirhlevelshofhdevelopment.h
Answer:h D
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
5) Inheveryheconomichsystem,hchoiceshmusthbehmadehbecausehresources
A) arehunlimited,hbuthhumanhdesireshandhwantsharehlimited.
B) arehlimited,hbuthhumanhdesireshandhwantsharehunlimited.
C) arehunlimited,handhsoharehhumanhdesireshandhwants.
D) arehlimited,handhsoharehhumanhdesireshandhwants.h
Answer:h B
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
6) Inhthehproductionhofhgoodshandhservices,htrade-offshexisthbecause
A) nothallhproductionhishefficient.
B) societyhhashonlyhahlimitedhamounthofhproductivehresources.
C) wehhavehabundanthresourceshtohchoosehfrom.
D) humanhwantshandhneedsharehlimitedhathahparticularhpointhinhtime.h
Answer:h B
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
7) WhichhofhthehfollowinghstatementshaboutheconomichscarcityhishFALSE?
A) Scarcityhoccurshamonghthehpoorhandhthehrich.
B) Scarcityhonlyhoccurshifhthereharehshortageshandhpeoplehwaithinhlinehtohbuyhthings.
C) Scarcityhresultshfromhnothhavinghenoughhresourceshtohproducehallhthehthingshwehwant.
D) Scarcityhresultshinhthehnecessityhtohmakehchoices.h
Answer:h B
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
2
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mynursytest.store
,DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
h h h h h h h h h
8) WhichhofhthehfollowinghstatementshishFALSE?
A) Economichgoodsharehavailablehinhdesiredhquantitieshathahzerohprice.
B) Ahgoodhishanythinghthathgiveshsatisfactionhorhhappinesshtohindividuals.
C) Servicesharehintangiblehgoodshsuchhashdryhcleaning,hhospitalhcare,handhrestauranthmealhp
reparation.
D) Wantsharehunlimitedhandhincludehallhmaterialhandhnonmaterialhdesires.h
Answer:h A
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
9) WhichhofhthehfollowinghstatementshabouthscarcityhishTRUE?
A) Scarcityhishnohlongerhahproblemhforhindustrializedhcountries.
B) Scarcityhexistshinhallhsocieties.
C) Scarcityhishahproblemhonlyhforhgreedyhpeople.
D) Scarcityhishahproblemhonlyhinhcountrieshthathdohnothusehmarketshtohorganizeheconomichactivity.h
Answer:h B
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
10) Inh2016,htornadoeshdamagedhmanyhpartshofhthehU.S.hMidwest,hdestroyinghhomes,hbusinesses,hs
chools,handhinfrastructure.hInhstrictlyheconomichterminology,hthesehtornadoesharehsaidhtohhavehcau
sed
A) scarcity,hbecausehthehdamageshmadehfoodhandhshelterhscarce.
B) scarcity,hbecausehsomehgoodshwerehdifficulthtohget.
C) shortages,hbecausehsupplieshwerehcuthoffhandhgoodshwerehdestroyed.
D) tradeoffs,hbecausehsomehareashofhthehcountryhwerehdamagedhwhenhothershwerehnot.h
Answer:h C
Diff:h2
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
3
Copyrighth©h2018hPearsonhEducation,hInc.
mynursytest.store
, DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
h h h h h h h h h
11) Scarcityhimplieshthathpeoplehmust
A) behirrational.
B) behselfish.
C) makehchoices.
D) nothbehselfish.
Answer:h C
Diff:h1
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
12) Scarcity
A) doeshnothexisthinhthehUnitedhStates.
B) applieshonlyhtohdevelopinghcountries.
C) canhbeheliminatedhwithhmorehefficienthproductionhmethods.
D) ishnothahshortage.h
Answer:h D
Diff:h2
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
13) Thehdifferencehbetweenhscarcityhandhahshortagehishthat
A) scarcityhishcausedhbyhpovertyhandhshortagesharehcausedhbyhnaturalhdisasters.
B) shortagesharehahtypehofhscarcityhcausedhbyhnaturalhdisastershwhilehscarcityhishcausedhbyhhumanhe
rrors.
C) scarcityhalwayshishahparthofhhumanhlifehwhilehshortageshusuallyharehtemporary.
D) shortagesharehalwayshparthofhhumanhlifehwhilehscarcityhishusuallyhtemporary.h
Answer:h C
Diff:h3
Topic:h 2.1hScarcity
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking
4
Copyrighth©h2018hPearsonhEducation,hInc.
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