100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Test Bank for Issues in Economics Today, 9th Edition CA$14.99   Add to cart

Exam (elaborations)

Test Bank for Issues in Economics Today, 9th Edition

 8 views  0 purchase

Test Bank for Issues in Economics Today, 9th Edition 1) Economics is the study of A) how much people should buy and the prices they should be willing to pay. B) how much people should sell and the prices they should be willing to accept. C) the allocation of the world's freely available resour...

[Show more]

Preview 4 out of 95  pages

  • February 17, 2022
  • 95
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers
  • 9th edition
All documents for this subject (22)
avatar-seller
donatrey
Test Bank for Issues in Economics Today, 9th
Edition Robert Guell




Version 1 1

,1) Economics is the study of


A) how much people should buy and the prices they should be willing to pay.
B) how much people should sell and the prices they should be willing to accept.
C) the allocation of the world's freely available resources and who should get them.
D) the allocation and use of scarce resources to satisfy unlimited human wants.



Question Details
Learning Objective : 01-01 Define the key terms of economics and opportunity cost and understand how
Topic : Economics and Opportunity Cost
Bloom's : Remember
AACSB : Analytical Thinking
Difficulty : 1 Easy
Accessibility : Keyboard Navigation
Gradable : automatic




2) The one word in the definition of economics that focuses on the fact that it is impossible
to provide all of the goods and services that everyone wants is


A) scarcity.
B) resources.
C) study.
D) allocation.



Question Details
Learning Objective : 01-01 Define the key terms of economics and opportunity cost and understand how
Topic : Economics and Opportunity Cost
AACSB : Analytical Thinking
Difficulty : 1 Easy
Bloom's : Understand
Accessibility : Keyboard Navigation
Gradable : automatic




3) The one word in the definition of economics that focuses on the fact that we have to
make choices about who gets what and how much is


Version 1 2

, A) scarcity.
B) resources.
C) study.
D) allocation.



Question Details
Learning Objective : 01-01 Define the key terms of economics and opportunity cost and understand how
Topic : Economics and Opportunity Cost
AACSB : Analytical Thinking
Difficulty : 1 Easy
Bloom's : Understand
Accessibility : Keyboard Navigation
Gradable : automatic




4) Economists focus on "unlimited human wants", rather than ________, to describe our
pursuit of goods and services.


A) needs
B) prices
C) output
D) physical requirements



Question Details
Learning Objective : 01-01 Define the key terms of economics and opportunity cost and understand how
Topic : Economics and Opportunity Cost
AACSB : Analytical Thinking
Difficulty : 1 Easy
Bloom's : Understand
Accessibility : Keyboard Navigation
Gradable : automatic




5) Scarcity implies that the allocation scheme chosen by society can




Version 1 3

, A) not make more of any one good.
B) typically make more of a good but at the expense of making less of another.
C) always make more of all goods, simultaneously.



Question Details
Learning Objective : 01-01 Define the key terms of economics and opportunity cost and understand how
Topic : Economics and Opportunity Cost
AACSB : Analytical Thinking
Difficulty : 1 Easy
Bloom's : Understand
Accessibility : Keyboard Navigation
Gradable : automatic




6) Production possibilities frontier models


A) the choices we make in setting prices.
B) the choices we make in setting output alternatives.
C) the choices we make in setting wages.
D) the choices we make in setting incomes.



Question Details
Learning Objective : 01-01 Define the key terms of economics and opportunity cost and understand how
Topic : Economics and Opportunity Cost
Bloom's : Remember
AACSB : Analytical Thinking
Difficulty : 1 Easy
Accessibility : Keyboard Navigation
Gradable : automatic




7) A production possibilities frontier is a simple model of




Version 1 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 donatrey. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$14.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

82871 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
CA$14.99
  • (0)
  Add to cart