confidentiality agreements, but these laws vary widely by country.Moreover, with the increasing reliance on
digital platforms for news dissemination, the question of how journalists handle user data becomes
significant. Ethical concerns arise when news organizations collect personal data from readers and use it for
targeted advertising or subscription models, potentially compromising the privacy of users.### 10. **Ethical
and Legal Issues in Biotechnology**The rapidly advancing field of biotechnology, including genetic
engineering, cloning, and CRISPR technology, raises profound ethical and legal issues that involve life itself.
These technologies offer significant potential for medical breakthroughs but also pose risks that require
careful consideration.#### 10.1 **Genetic Engineering and Designer Babies**The ability to manipulate
human genes through technologies like CRISPR brings with it both
Test Bank For
Microecnomics 16th Canadian Edition by Ragan
Chapter 1 Economic Issues and Concepts
1.1 What Is Economics?
1) Which of the following statements provides the best definition of economics?
A) The study of the most equitable distribution of scarce resources.
B) The study of the use of scarce resources to satisfy unlimited human wants.
C) The study of the production of goods and services.
D) The study of the productive capacity of a nation's factors of production.
E) The study of production and increasing its efficiency.
Answer: B
Diff: 1 Type: MC
Topic: 1.1a. economics/resources
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
2) Society's resources are often divided into broad categories. They are
A) goods and services.
B) factors of consumption.
C) land, labour, and capital.
D) population and natural resources.
E) tangible commodities and intangible commodities.
Answer: C
Diff: 1 Type: MC
Topic: 1.1a. economics/resources
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
,3) Consider the following list: a worker with training in video gaming technology, 10 hectares of
arable land in southern Ontario, a fishing trawler in Nova Scotia, an ice-cream truck at a park in
Quebec. Each of these is an example of
A) a factor of production.
B) a capital resource.
C) a commodity.
D) goods and services.
E) an economic service.
Answer: A
Diff: 1 Type: MC
Topic: 1.1a. economics/resources
Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
confidentiality agreements, but these laws vary widely by country.Moreover, with the increasing reliance on
digital platforms for news dissemination, the question of how journalists handle user data becomes significant
Ethical concerns arise when news organizations collect personal data from readers and use it for targeted
advertising or subscription models, potentially compromising the privacy of users.### 10. **Ethical and
Legal Issues in Biotechnology**The rapidly advancing field of biotechnology, including genetic engineering,
cloning, and CRISPR technology, raises profound ethical and legal issues that involve life itself. These
technologies offer significant potential for medical breakthroughs but also pose risks that require careful
consideration.#### 10.1 **Genetic Engineering and Designer Babies**The ability to manipulate human gene
through technologies like CRISPR brings with it both
4) Which of the following is NOT considered a "factor of production" in economics?
A) the espresso machine at your local cafe
B) the barista who makes the coffee
C) the espresso drink you purchase
D) the wood stir sticks
E) the land on which the cafe sits
Answer: C
Diff: 2 Type: MC
Topic: 1.1a. economics/resources
Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
,5) Consider the following factors of production:
- a pharmaceutical research centre
- a hairstylist's scissors
- Google headquarters
- a cloud computing system
- a stapler at a checkout counter.
Each of these is an example of
A) land.
B) goods.
C) services.
D) capital.
E) labour.
Answer: D
Diff: 2 Type: MC
Topic: 1.1a. economics/resources
Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
confidentiality agreements, but these laws vary widely by country.Moreover, with the increasing reliance on
digital platforms for news dissemination, the question of how journalists handle user data becomes significant
Ethical concerns arise when news organizations collect personal data from readers and use it for targeted
advertising or subscription models, potentially compromising the privacy of users.### 10. **Ethical and Lega
Issues in Biotechnology**The rapidly advancing field of biotechnology, including genetic engineering,
cloning, and CRISPR technology, raises profound ethical and legal issues that involve life itself. These
technologies offer significant potential for medical breakthroughs but also pose risks that require careful
consideration.#### 10.1 **Genetic Engineering and Designer Babies**The ability to manipulate human gene
through technologies like CRISPR brings with it both
6) In economics, what word is used to describe the act of using goods or services to satisfy
wants?
A) consumption
B) production
C) purchasing power
D) investment
E) shopping
Answer: A
Diff: 2 Type: MC
Topic: 1.1a. economics/resources
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
, 7) A basic underlying point in economics is that
A) people have unlimited wants in the face of limited resources.
B) there are unlimited resources.
C) governments should satisfy the needs of the people.
D) people have limited wants in the face of limited resources.
E) governments should never interfere in the workings of a market economy.
Answer: A
Diff: 1 Type: MC
Topic: 1.1b. scarcity and choice
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
confidentiality agreements, but these laws vary widely by country.Moreover, with the increasing reliance on
digital platforms for news dissemination, the question of how journalists handle user data becomes
significant. Ethical concerns arise when news organizations collect personal data from readers and use it for
targeted advertising or subscription models, potentially compromising the privacy of users.### 10. **Ethical
and Legal Issues in Biotechnology**The rapidly advancing field of biotechnology, including genetic
engineering, cloning, and CRISPR technology, raises profound ethical and legal issues that involve life itself.
These technologies offer significant potential for medical breakthroughs but also pose risks that require
careful consideration.#### 10.1 **Genetic Engineering and Designer Babies**The ability to manipulate
human genes through technologies like CRISPR brings with it both
8) Which of the following best describes the study of economics?
A) how to plan an economy
B) how to limit human wants so that scarce resources are sufficient
C) why resources are scarce
D) the allocation of scarce resources among alternative uses
E) how to distribute income as equally as possible
Answer: D
Diff: 1 Type: MC
Topic: 1.1b. scarcity and choice
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
9) Economics can best be described as
A) the study of how a society ought to allocate its resources.
B) the study of the use of scarce resources to satisfy unlimited human wants.
C) the application of sophisticated mathematical models to address social problems.
D) a normative science.
E) the study of how to reduce inflation and unemployment.
Answer: B
Diff: 1 Type: MC
Topic: 1.1b. scarcity and choice
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
digital platforms for news dissemination, the question of how journalists handle user data becomes
significant. Ethical concerns arise when news organizations collect personal data from readers and use it for
targeted advertising or subscription models, potentially compromising the privacy of users.### 10. **Ethical
and Legal Issues in Biotechnology**The rapidly advancing field of biotechnology, including genetic
engineering, cloning, and CRISPR technology, raises profound ethical and legal issues that involve life itself.
These technologies offer significant potential for medical breakthroughs but also pose risks that require
careful consideration.#### 10.1 **Genetic Engineering and Designer Babies**The ability to manipulate
human genes through technologies like CRISPR brings with it both
Test Bank For
Microecnomics 16th Canadian Edition by Ragan
Chapter 1 Economic Issues and Concepts
1.1 What Is Economics?
1) Which of the following statements provides the best definition of economics?
A) The study of the most equitable distribution of scarce resources.
B) The study of the use of scarce resources to satisfy unlimited human wants.
C) The study of the production of goods and services.
D) The study of the productive capacity of a nation's factors of production.
E) The study of production and increasing its efficiency.
Answer: B
Diff: 1 Type: MC
Topic: 1.1a. economics/resources
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
2) Society's resources are often divided into broad categories. They are
A) goods and services.
B) factors of consumption.
C) land, labour, and capital.
D) population and natural resources.
E) tangible commodities and intangible commodities.
Answer: C
Diff: 1 Type: MC
Topic: 1.1a. economics/resources
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
,3) Consider the following list: a worker with training in video gaming technology, 10 hectares of
arable land in southern Ontario, a fishing trawler in Nova Scotia, an ice-cream truck at a park in
Quebec. Each of these is an example of
A) a factor of production.
B) a capital resource.
C) a commodity.
D) goods and services.
E) an economic service.
Answer: A
Diff: 1 Type: MC
Topic: 1.1a. economics/resources
Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
confidentiality agreements, but these laws vary widely by country.Moreover, with the increasing reliance on
digital platforms for news dissemination, the question of how journalists handle user data becomes significant
Ethical concerns arise when news organizations collect personal data from readers and use it for targeted
advertising or subscription models, potentially compromising the privacy of users.### 10. **Ethical and
Legal Issues in Biotechnology**The rapidly advancing field of biotechnology, including genetic engineering,
cloning, and CRISPR technology, raises profound ethical and legal issues that involve life itself. These
technologies offer significant potential for medical breakthroughs but also pose risks that require careful
consideration.#### 10.1 **Genetic Engineering and Designer Babies**The ability to manipulate human gene
through technologies like CRISPR brings with it both
4) Which of the following is NOT considered a "factor of production" in economics?
A) the espresso machine at your local cafe
B) the barista who makes the coffee
C) the espresso drink you purchase
D) the wood stir sticks
E) the land on which the cafe sits
Answer: C
Diff: 2 Type: MC
Topic: 1.1a. economics/resources
Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
,5) Consider the following factors of production:
- a pharmaceutical research centre
- a hairstylist's scissors
- Google headquarters
- a cloud computing system
- a stapler at a checkout counter.
Each of these is an example of
A) land.
B) goods.
C) services.
D) capital.
E) labour.
Answer: D
Diff: 2 Type: MC
Topic: 1.1a. economics/resources
Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
confidentiality agreements, but these laws vary widely by country.Moreover, with the increasing reliance on
digital platforms for news dissemination, the question of how journalists handle user data becomes significant
Ethical concerns arise when news organizations collect personal data from readers and use it for targeted
advertising or subscription models, potentially compromising the privacy of users.### 10. **Ethical and Lega
Issues in Biotechnology**The rapidly advancing field of biotechnology, including genetic engineering,
cloning, and CRISPR technology, raises profound ethical and legal issues that involve life itself. These
technologies offer significant potential for medical breakthroughs but also pose risks that require careful
consideration.#### 10.1 **Genetic Engineering and Designer Babies**The ability to manipulate human gene
through technologies like CRISPR brings with it both
6) In economics, what word is used to describe the act of using goods or services to satisfy
wants?
A) consumption
B) production
C) purchasing power
D) investment
E) shopping
Answer: A
Diff: 2 Type: MC
Topic: 1.1a. economics/resources
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
, 7) A basic underlying point in economics is that
A) people have unlimited wants in the face of limited resources.
B) there are unlimited resources.
C) governments should satisfy the needs of the people.
D) people have limited wants in the face of limited resources.
E) governments should never interfere in the workings of a market economy.
Answer: A
Diff: 1 Type: MC
Topic: 1.1b. scarcity and choice
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
confidentiality agreements, but these laws vary widely by country.Moreover, with the increasing reliance on
digital platforms for news dissemination, the question of how journalists handle user data becomes
significant. Ethical concerns arise when news organizations collect personal data from readers and use it for
targeted advertising or subscription models, potentially compromising the privacy of users.### 10. **Ethical
and Legal Issues in Biotechnology**The rapidly advancing field of biotechnology, including genetic
engineering, cloning, and CRISPR technology, raises profound ethical and legal issues that involve life itself.
These technologies offer significant potential for medical breakthroughs but also pose risks that require
careful consideration.#### 10.1 **Genetic Engineering and Designer Babies**The ability to manipulate
human genes through technologies like CRISPR brings with it both
8) Which of the following best describes the study of economics?
A) how to plan an economy
B) how to limit human wants so that scarce resources are sufficient
C) why resources are scarce
D) the allocation of scarce resources among alternative uses
E) how to distribute income as equally as possible
Answer: D
Diff: 1 Type: MC
Topic: 1.1b. scarcity and choice
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
9) Economics can best be described as
A) the study of how a society ought to allocate its resources.
B) the study of the use of scarce resources to satisfy unlimited human wants.
C) the application of sophisticated mathematical models to address social problems.
D) a normative science.
E) the study of how to reduce inflation and unemployment.
Answer: B
Diff: 1 Type: MC
Topic: 1.1b. scarcity and choice
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
