100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Test Bank for Microeconomics for Life: Smart Choices for You, 2nd Canadian Edition by Avi Cohen. ISBN: 9780136963684. $24.99   Add to cart

Exam (elaborations)

Test Bank for Microeconomics for Life: Smart Choices for You, 2nd Canadian Edition by Avi Cohen. ISBN: 9780136963684.

 4 views  0 purchase
  • Course
  • Microeconomics
  • Institution
  • Microeconomics

Test Bank for Microeconomics for Life: Smart Choices for You, 2nd Canadian Edition by Avi Cohen. 9780136963684 tb. Microeconomics for Life 2ce test bank.

Preview 4 out of 613  pages

  • February 18, 2024
  • 613
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • Microeconomics
  • Microeconomics
avatar-seller
docusity
TEST BANK

Microeconomics for Life Smart Choices for You 2/CE Avi Cohen


Microeconomics for Life: Smart Choices for You, 2e (Cohen)
Chapter 1 What's in Economics for You? Scarcity, Opportunity Cost, Trade, and Models

1.1 Are You Getting Enough? Scarcity and Choice

1) Economics is about
A) making money.
B) greed.
C) making choices because of scarcity.
D) overcoming scarcity.
E) overcoming greed.
Answer: C
Diff: 1 Type: MC Page Ref: 4
Skill: Recall
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

2) Economics is about
A) how individuals make the best possible choices.
B) how businesses make the best possible choices.
C) how governments make the best possible choices.
D) how choices interact in markets.
E) all of the above.
Answer: E
Diff: 1 Type: MC Page Ref: 4
Skill: Recall
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

3) Which of the following limits our ability to get everything we want?
A) scarcity
B) specialization
C) socialism
D) socialization
E) time
Answer: E
Diff: 1 Type: MC Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.


1

,4) Which of the following limits our ability to get everything we want?
A) capitalism
B) scarcity
C) socialism
D) democracy
E) money
Answer: E
Diff: 1 Type: MC Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

5) Some social activists believe that scarcity occurs because we always want more. This idea is
called
A) activism.
B) paternalism.
C) monetarism.
D) materialism.
E) socialism.
Answer: D
Diff: 2 Type: MC Page Ref: 4
Skill: Recall
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

6) In a world of scarcity,
A) all products are free.
B) opportunity cost is zero.
C) you are not limited by time.
D) you do not need to work.
E) you must make choices among alternatives.
Answer: E
Diff: 1 Type: MC Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.




2

,7) The inability to satisfy all of our wants is called the problem of
A) opportunity cost.
B) scarcity.
C) incentives.
D) marginal cost.
E) comparative advantage.
Answer: B
Diff: 1 Type: MC Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

8) The problem of scarcity exists
A) only in economies without incentives.
B) only in economies with incentives.
C) in all economies.
D) only when people are unemployed.
E) now but will be eliminated with economic growth.
Answer: C
Diff: 2 Type: MC Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

9) The textbook title - Economics for Life - comes from a quote by George Bernard Shaw.
Answer: TRUE
Diff: 2 Type: TF Page Ref: 4
Skill: Recall
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

10) The textbook title - Economics for Life - comes from the quote "Economy is the art of
making the most of life."
Answer: TRUE
Diff: 2 Type: TF Page Ref: 4
Skill: Recall
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

11) Scarcity is not a problem for a wealthy professional athlete like Tiger Woods.
Answer: FALSE
Diff: 1 Type: TF Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.



3

, 12) Scarcity arises because we all have limited money, time, and energy.
Answer: TRUE
Diff: 1 Type: TF Page Ref: 4
Skill: Recall
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

13) The National Ballet of Canada does not face a problem of scarcity.
Answer: FALSE
Diff: 1 Type: TF Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

14) There are some people and organizations who do not face the problem of scarcity.
Answer: FALSE
Diff: 1 Type: TF Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

15) If you could be immortal and infinitely rich, you would not face the problem of scarcity.
Answer: TRUE
Diff: 2 Type: TF Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

16) Economics is about overcoming scarcity.
Answer: FALSE
Diff: 1 Type: TF Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

17) Economics is about overcoming greed.
Answer: FALSE
Diff: 1 Type: TF Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.




4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller docusity. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $24.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$24.99
  • (0)
  Add to cart