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THE Test Bank for Economics Private and Public Choice 17th Edition Gwartney
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Adam Smith believed that if people were free to pursue their own interests, a. less would be produced than if altruism were the guiding principle. b. the public interest would be served quite well. c. they would generally apply their talents to unproductive activities that would generate little ...

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  • August 11, 2024
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,DOWNLOAD THE Test Bank for Economics Private and Public Choice 17th
Edition Gwartney
Name: Class: Date:

Ch 01: MC
1. Adam Smith believed that if people were free to pursue their own interests,
a. less would be produced than if altruism were the guiding principle.
b. the public interest would be served quite well.
c. they would generally apply their talents to unproductive activities that would generate little value to society.
d. they would have little incentive to undertake productive activities.
ANSWER: b

2. Modern economics as a field of study is usually thought to have begun with
a. Adam Smith and the writing of The Wealth of Nations.
b. David Ricardo and the writing of The Principles of Political Economy and Taxation.
c. Aristotle and the writing of Politics and Ethics.
d. John Maynard Keynes and the writing of The General Theory of Employment, Interest and Money.
ANSWER: a

3. Which of the following was a key belief of Adam Smith?
a. he felt that human goodness would provide adequate goods and services to everyone.
b. he stressed that limited exchange and command economies would prevent the exploitation of the poor.
c. he believed that individuals pursuing their own interests would direct economic activity in the most
advantageous way.
d. he lectured about the importance of gold and silver in providing a stable monetary system.
ANSWER: c

4. According to Adam Smith, individual self-interest
a. is a powerful force for economic progress when individuals are wisely directed by a strong central
government.
b. is a powerful force for economic progress when it is directed by competitive markets.
c. is a major factor in retarding the economic progress of humankind.
d. could be either a positive or negative force for economic progress, depending on the moral influences of
political leaders.
ANSWER: b

5. The basic ingredients in any economic decision are
a. scarcity and choice.
b. surpluses and shortages.
c. market prices and the use of efficient production methods.
d. needs and wants.
ANSWER: a

6. Economic choice and competitive behavior are the result of
a. poverty.
b. public ownership of resources.
c. scarcity.
d. private ownership of resources.
ANSWER: c
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,DOWNLOAD THE Test Bank for Economics Private and Public Choice 17th
Edition Gwartney
Name: Class: Date:

Ch 01: MC

7. For the typical student, taking an introductory course in economics should
a. turn the student into an economist.
b. teach the student solutions to most social problems.
c. teach the student how to answer complex social questions.
d. help the student learn to rationally analyze social problems.
ANSWER: d

8. When a society cannot produce all the goods and services people wish to have, it is said that the economy is
experiencing
a. scarcity.
b. shortages.
c. inefficiencies.
d. inequities.
ANSWER: a

9. Which of the following is the best definition of economics?
a. An investigation of the quantities and prices of the various goods produced by the nations of the world.
b. An analysis of how individuals and societies deal with the problem of scarcity.
c. An examination of the role that money plays in the economy.
d. A study of how goods and services are distributed throughout the world.
ANSWER: b

10. Economics is primarily the study of
a. how to make money in the stock market.
b. how to operate a business successfully.
c. the allocation of scarce resources in an effort to satisfy wants that are virtually unlimited.
d. the methods business firms use to reduce their costs of production.
ANSWER: c

11. Some individuals or families can become completely saturated with a service such as television. This suggests that
a. a highly productive economy may someday be able to satisfy all human desires
b. desires for a single commodity can be satisfied but then the focus will switch to other goods and services
c. resources are not truly fixed in supply as we generally assume
d. scarcity does not exist
ANSWER: b

12. In economics, the term "scarcity" refers to the fact that
a. everything really worthwhile costs money.
b. even in wealthy countries like the United States, some people are poor.
c. no society can produce enough to satisfy fully the desires of people for goods and services.
d. sometimes shortages of a good arise when its price is set below the market equilibrium.
ANSWER: c

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, DOWNLOAD THE Test Bank for Economics Private and Public Choice 17th
Edition Gwartney
Name: Class: Date:

Ch 01: MC
13. When economists say a good is scarce, they mean
a. there are only a limited number of consumers who would be interested in purchasing the good.
b. the human desire for the good exceeds the amount freely available from nature.
c. most people in poorer countries do not have enough of the good.
d. the production of the good has no opportunity cost for society.
ANSWER: b

14. When economists say goods are scarce, they mean
a. consumers are too poor to afford the goods and services available.
b. consumers are unwilling to buy goods unless they have very low prices.
c. goods are generally freely available from nature in most countries.
d. the desire for goods and services exceeds our ability to produce them with the limited resources available.
ANSWER: d

15. If scarcity were eliminated,
a. individuals would have to make trade-offs.
b. individuals would have to make many choices.
c. individuals would have limited resources.
d. all goods would be free.
ANSWER: d

16. If a good is scarce,
a. there will be shortages of it if the good is rationed by markets.
b. the good will have a price in a market setting.
c. there will be enough of the good freely available from nature to satisfy the human desire for it.
d. all goods are free.
ANSWER: b

17. Criteria for rationing goods and resources must be established because of
a. the law of comparative advantage.
b. the use of capitalism as a form of economic organization.
c. the inability of politicians to develop efficient forms of economic organization.
d. scarcity imposed by nature.
ANSWER: d

18. Every economy must ration goods in some way because of
a. overpopulation.
b. poorly-performing markets.
c. the income gap between rich and poor.
d. scarcity.
ANSWER: d

19. Which of the following is true of resources?
a. Physical resources reflect the skills and productive knowledge of human beings.
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