1) Bad Jweather Jin JColombia Jcan Jlead Jto
A) more JCanadians Jdrinking Jcoffee.
B) Canadians Jhaving Jto Jpay Jmore Jfor Jcoffee.
C) wage Jincreases Jfor Jcoffee Jshop Jemployees.
D) the Jdestruction Jof Jthe JCanadian Jcoffee
Jharvest.JAnswer: JB
Diff: J1 Type: JMC Page JRef:
J3JTopic: JScarcity
Learning JOutcome: J J1.1 JExplain Jthese Jthree Jkey Jeconomic Jideas: JPeople Jare Jrational,
JpeopleJrespond Jto Jincentives, Jand Joptimal Jdecisions Jare Jmade Jat Jthe Jmargin
AACSB: J Reflective JThinking
Special JFeature: J Chapter JOpener: JYou Jversus JCaffeine?
2) In Jeconomics, Jchoices Jmust Jbe Jmade Jbecause Jwe Jlive Jin Ja Jworld Jof
A) unemployment.
B) scarcity.
C) greed.
D) unlimited
Jresources.
Answer: J B
Diff: J1 Type: JMC Page JRef:
J4JTopic: JScarcity
Learning JOutcome: J J1.1 JExplain Jthese Jthree Jkey Jeconomic Jideas: JPeople Jare Jrational,
JpeopleJrespond Jto Jincentives, Jand Joptimal Jdecisions Jare Jmade Jat Jthe Jmargin
AACSB: JReflective JThinking
JSpecial JFeature: J JNone
3) Which Jof Jthe Jfollowing Jstatements Jis Jtrue Jabout Jscarcity?
A) Scarcity Jrefers Jto Jthe Jsituation Jin Jwhich Junlimited Jwants Jexceed Jlimited Jresources.
B) Scarcity Jis Jnot Ja Jproblem Jfor Jthe Jwealthy.
C) Scarcity Jis Jonly Ja Jproblem Jwhen Ja Jcountry Jhas Jtoo Jlarge Ja Jpopulation.
D) Scarcity Jarises Jwhen Jthere Jis Ja Jwide Jdisparity Jin Jincome
Jdistribution.JAnswer: J A
Diff: J1 Type: JMC Page JRef:
J4JTopic: JScarcity
Learning JOutcome: J1.1 JExplain Jthese Jthree Jkey Jeconomic Jideas: JPeople Jare Jrational,
JpeopleJrespond Jto Jincentives, Jand Joptimal Jdecisions Jare Jmade Jat Jthe Jmargin
AACSB: J Reflective
JThinkingJSpecial JFeature: J
JNone
2
,4) The Jbasic Jeconomic Jproblem Jof has Jalways Jexisted Jand Jwill Jcontinue Jto Jexist.
A) scarcity
B) efficiency
C) inflation
D) recession
JAnswer:
JA
Diff: J1 Type: JMC Page JRef:
J4JTopic: JScarcity
Learning JOutcome: J J1.1 JExplain Jthese Jthree Jkey Jeconomic Jideas: JPeople Jare Jrational,
JpeopleJrespond Jto Jincentives, Jand Joptimal Jdecisions Jare Jmade Jat Jthe Jmargin
AACSB: JReflective JThinking
JSpecial JFeature: J JNone
5) By Jdefinition, Jeconomics Jis Jthe Jstudy Jof
A) how Jto Jmake Jmoney Jin Jthe Jstock Jmarket.
B) how Jto Jmake Jmoney Jin Ja Jmarket Jeconomy.
C) the Jchoices Jpeople Jmake Jto Jattain Jtheir Jgoals, Jgiven Jtheir Jscarce Jresources.
D) supply Jand
Jdemand.
Answer: J C
Diff: J1 Type: JMC Page JRef:
J4JTopic: JScarcity
Learning JOutcome: J J1.1 JExplain Jthese Jthree Jkey Jeconomic Jideas: JPeople Jare Jrational,
JpeopleJrespond Jto Jincentives, Jand Joptimal Jdecisions Jare Jmade Jat Jthe Jmargin
AACSB: JReflective JThinking, JCommunication
JSpecial JFeature: J JNone
6) An Jeconomic _ Jis Ja Jsimplified Jversion Jof Jsome Jaspect Jof Jeconomic Jlife
Jused JtoJanalyze Jan Jeconomic Jissue.
A) market
B) trade-off
C) variable
D) model
JAnswer:
JD
Diff: J1 Type: JMC Page JRef:
J4JTopic: J Economic JModels
Learning JOutcome: J J1.1 JExplain Jthese Jthree Jkey Jeconomic Jideas: JPeople Jare Jrational,
JpeopleJrespond Jto Jincentives, Jand Joptimal Jdecisions Jare Jmade Jat Jthe Jmargin
AACSB: J Reflective
JThinkingJSpecial JFeature: J
JNone
3
, 7) Where Jdo Jeconomic Jagents Jsuch Jas Jindividuals, Jfirms Jand Jnations, Jinteract Jwith Jeach
Jother?
A) in Jpublic Jlocations Jmonitored Jby Jthe Jgovernment
B) in Jany Jarena Jthat Jbrings Jtogether Jbuyers Jand Jsellers
C) in Jany Jphysical Jlocation Jpeople Jwhere Jpeople Jcan Jphysically Jget Jtogether Jfor Jselling
Jgoods,Jsuch Jas Jshopping Jmalls
D) in Jany Jlocation Jwhere Jtransactions Jcan Jbe Jmonitored Jby Jconsumer Jgroups Jand Jtaxed
Jby JtheJgovernment
Answer: J B
Diff: J1 Type: JMC Page JRef:
J4JTopic: J Markets
Learning JOutcome: J J1.1 JExplain Jthese Jthree Jkey Jeconomic Jideas: JPeople Jare Jrational,
JpeopleJrespond Jto Jincentives, Jand Joptimal Jdecisions Jare Jmade Jat Jthe Jmargin
AACSB: J Reflective
JThinkingJSpecial JFeature: J
JNone
8) The Jterm in Jeconomics Jrefers Jto Ja Jgroup Jof Jbuyers Jand Jsellers Jof Ja Jproduct
Jand JtheJarrangement Jby Jwhich Jthey Jcome Jtogether Jto Jtrade.
A) collective
B) cooperative
C) market
D) trade-off
JAnswer:
JC
Diff: J1 Type: JMC Page JRef:
J4JTopic: J Markets
Learning JOutcome: J J1.1 JExplain Jthese Jthree Jkey Jeconomic Jideas: JPeople Jare Jrational,
JpeopleJrespond Jto Jincentives, Jand Joptimal Jdecisions Jare Jmade Jat Jthe Jmargin
AACSB: J Reflective
JThinkingJSpecial JFeature: J
JNone
9) Economists Jassume Jthat Jindividuals
A) behave Jin Junpredictable Jways.
B) will Jnever Jtake Jactions Jto Jhelp Jothers.
C) prefer Jto Jlive Jin Ja Jsociety Jthat Jvalues Jfairness Jabove Jall Jelse.
D) are Jrational Jand Jrespond Jto
Jincentives.JAnswer: J D
Diff: J1 Type: JMC Page JRef:
J4JTopic: J People JAre JRational
Learning JOutcome: J J1.1 JExplain Jthese Jthree Jkey Jeconomic Jideas: JPeople Jare Jrational,
JpeopleJrespond Jto Jincentives, Jand Joptimal Jdecisions Jare Jmade Jat Jthe Jmargin
AACSB: J Reflective
JThinkingJSpecial JFeature: J
JNone
4
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