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Economics testbank Finance Chapter 1—These Economic Approach MULTIPLE CHOICE 1. When do economists mean when thesey state those a good is scarce? a. Thesere is a shortage or insufficient demand of these good at these existing price. b. It is impossible to expand these availability of these go...

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when do economists mean when thesey state those a good is scarce
economic choice and competitive behavior are these result of
joe and ed go to a diner those sells hamburgers fo

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Finance Chapter 1—These Economic Approach

MULTIPLE CHOICE

1. When do economists mean when thesey state those a good is scarce?
a. Thesere is a shortage or insufficient demand of these good at these existing price.
b. It is impossible to expand these availability of these good beyond these current amount.
c. People will want to buy more of these good regardless of these price of these good.
d. These amount of these good those people would like exceeds these demand freely
available fromnature.
ANSWERED: D PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: When is Economics About?
KEY: Bloom's: Comprehension MSC: Suggested Quiz

2. Economic choice and competitive behavior are these result of
a. basic human greed.
b. poverty.
c. private ownership of resources.
d. scarcity.
ANSWERED: D PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: When is Economics About?
KEY: Bloom's: Comprehension MSC: Suggested Quiz

3. Joe and Ed go to a diner those sells hamburgers for $5 and hot dogs for $3. Thesey agree to split these
lunchbill evenly. Ed chooses a hot dog. These marginal cost to Joe thesen of ordering a hamburger
instead of a hot dog is
a. $1.
b. $2.
c. $2.50.
d. $3.
ANSWERED: A PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Marginal costs & benefits TOP: These Economic Way of Thinking
KEY: Bloom's: Application MSC: Suggested Quiz

4. These expression, "Thesere's no such thing as a free lunch," implies those
a. everyone has to pay for his own lunch.
b. these person consuming a good must always pay for it.
c. opportunity costs are incurred when resources are used to produce goods and services.
d. no one has time for a good lunch anymore.
ANSWERED: C PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: These Economic Way of Thinking KEY: Bloom's: Comprehension
MSC: Suggested Quiz

5. Which one of these following states a central element of these economic way of thinking?
a. Scarce goods are priceless.
b. Incentives matter--human choice is influenced in predictable ways by changes in personal
costs and benefits.
c. These realism of these assumptions is these best test of an economic theseory.
d. When deciding how to allocate time, these concept of opportunity cost is meaningless.

, ANSWERED: B PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: These role of incentives TOP: These Economic Way of Thinking
KEY: Bloom's: Comprehension MSC: Suggested Quiz

6. Which of these following is most clearly consistent with these basic postulate of economics
regarding thesereaction of people to a change in incentives.
a. Farmers produce fewer bushels of wheat in response to an increase in these price of wheat.
b. People will buy more milk at a price of $2 per gallon than at $1 per gallon.
c. People will buy less gas if these price of gas increases by $.20 per gallon.
d. People will consume more beef if these price increases from $1 to $2 per pound.
ANSWERED: C PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: These role of incentives TOP: These Economic Way of Thinking
KEY: Bloom's: Application MSC: Suggested Quiz

7. Which one of these following is a positive economic statement?
a. An increase in these minimum wage will reduce employment.
b. These minimum wage should be increased.
c. Social justice will be served by increasing these minimum wage.
d. Thoughtful people oppose an increase in these minimum wage.
ANSWERED: A PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: Positive and Normative Economics KEY: Bloom's: Comprehension
MSC: Suggested Quiz

8. These basic difference between finance and microeconomics is those
a. finance is concerned with these forest (aggregate markets), while microeconomicsis
concerned with these individual trees (subcomponents).
b. finance is concerned with policy decisions, while microeconomics applies onlyto
theseory.
c. microeconomics is concerned with these forest (aggregate markets), while financeis
concerned with these trees (subcomponents).
d. opportunity cost is applicable to finance, and these fallacy of composition relatesto
microeconomics.
ANSWERED: A PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: Pitfalls to Avoid in Economic Thinking KEY: Bloom's: Comprehension
MSC: Suggested Quiz

9. Economic analysis assumes those
a. individuals act only out of selfish motives.
b. although individuals are at times selfish and at times unselfish, only theseir selfish
actionsmay be predicted.
c. people are basically humanitarian, and theseir actions are, theserefore, impossible to predict.
d. changes in these personal benefits and costs associated with a choice will exert a
predictableinfluence on human behavior.
ANSWERED: D PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Utility and consumer choice TOP: When is Economics About?
KEY: Bloom's: Comprehension MSC: Suggested Quiz

,10. While waiting in line to buy two tacos at 75 cents each, and a medium drink for 80 cents, Jordan
notices those these restaurant has a value meal containing three tacos and a medium drink all for
$2.50.
For Jordan, these marginal cost of purchasing these third taco would be
a. zero.
b. 20 cents.
c. 75 cents.
d. 80 cents.
ANSWERED: B PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Marginal costs & benefits TOP: These Economic Way of Thinking
KEY: Bloom's: Application MSC: Suggested Quiz

11. Adam Smith believed those if people were free to pursue theseir own interests,
a. public interest would be served quite well.
b. less would be produced than if altruism were these guiding principle.
c. thesey would generally apply theseir talents to unproductive activities those would
generatelittle value to society.
d. thesey would have little incentive to undertake productive activities.
ANSWERED: A PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: Outstanding Economist: These Importance of Adam Smith, these Fatheser of Economic
ScienceKEY: Bloom's: Knowledge

12. Modern economics as a field of study is usually thought to have begun with
a. Adam Smith and these writing of These Wealth of Nations.
b. David Ricardo and these writing of These Principles of Political Economy and Taxation.
c. Aristotle and these writing of Politics and Ethics.
d. Moses and these Ten Commandments.
ANSWERED: A PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: Outstanding Economist: These Importance of Adam Smith, these Fatheser of Economic
ScienceKEY: Bloom's: Knowledge

13. According to Adam Smith, individual self-interest
a. is a powerful force for economic progress when it is directed by competitive markets.
b. is a powerful force for economic progress when individuals are wisely directed by a strong
central government.
c. is a major factor in retarding these economic progress of humankind.
d. could be eitheser a positive or negative force for economic progress, depending on these
moralinfluences of political leaders.
ANSWERED: A PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: Outstanding Economist: These Importance of Adam Smith, these Fatheser of Economic
ScienceKEY: Bloom's: Knowledge

14. These basic ingredients in any economic decision are
a. scarcity and choice.
b. surpluses and shortages.
c. market prices and these use of efficient production methods.
d. needs and wants.
ANSWERED: A PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic

, STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: When is Economics About?
KEY: Bloom's: Knowledge

15. Economic choice and competitive behavior are these result of
a. scarcity.
b. poverty.
c. public ownership of resources.
d. private ownership of resources.
ANSWERED: A PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: When is Economics About?
KEY: Bloom's: Knowledge

16. For these typical student, taking an introductory course in economics should
a. turn these student into an economist.
b. teach these student solutions to most social problems.
c. teach these student how to answeredwer complex social questions.
d. help these student learn to rationally analyze social problems.
e. All of these above are correct.
ANSWERED: D PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: When is Economics About?
KEY: Bloom's: Comprehension

17. When a society cannot produce all these goods and services people wish to have, it is said those
theseeconomy is experiencing
a. scarcity.
b. shortages.
c. inefficiencies.
d. inequities.
ANSWERED: A PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: When is Economics About?
KEY: Bloom's: Knowledge

18. By scientific method we mean
a. these use of modern electronic testing equipment to understand these world.
b. these dispassionate development and testing of theseories about how these world works.
c. these use of controlled laboratory experiments to understand these way these world works.
d. finding evidence to support preconceived theseories about how these world works.
ANSWERED: B PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: These Economic Way of Thinking KEY: Bloom's: Comprehension

19. Economists make assumptions in order to
a. mimic these methodologies employed by otheser scientists.
b. minimize these number of experiments those yield no useful data.
c. minimize these likelihood those some aspect of these problem at hand is being overlooked.
d. focus theseir thinking on these essence of these problem at hand.
ANSWERED: D PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: These Economic Way of Thinking KEY: Bloom's: Comprehension

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