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Test Bank for Economics 12th Edition

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University Of Toronto (U Of T )

Test Bank for Economics 12th Edition 1. The author of the textbook defines economics as the a. science of efficiency. b. science of scarcity. c. study of markets. d. study of human activity. ANSWER: b POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL ...

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Test Bank for Economics 12th Edition Arnold

,1. The author of the textbook defines economics as the
a. science of efficiency.
b. science of scarcity.
c. study of markets.
d. study of human activity.
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - DISC: The study of economics and - DISC: The study of
economics and definitions of economics
KEYWORDS: Bloom's: Knowledge

2. When economists speak of scarcity, they are referring to the
a. condition in which society is not employing all its resources in an efficient way.
b. condition in which people's wants outstrip the limited resources available to satisfy those wants.
c. economic condition that exists in only very poor countries of the world.
d. condition in which society produces too many frivolous goods and not enough socially desirable goods.
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - DISC: Scarcity, tradeoffs, and o - DISC: Scarcity,
tradeoffs, and opportunity cost
KEYWORDS: Bloom's: Comprehension

3. Which of the following is not one of the four broad categories of resources?
a. labor
b. government
c. capital
d. entrepreneurship
e. land
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - DISC: The study of economics and - DISC: The study of
economics and definitions of economics
KEYWORDS: Bloom's: Knowledge

4. Produced goods used as inputs for the production of other goods comprise the resource known as
a. natural resources.
b. services.
c. capital.
d. entrepreneurship.

,ANSWER: c
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - DISC: The study of economics and - DISC: The study of
economics and definitions of economics
KEYWORDS: Bloom's: Knowledge

5. Entrepreneurship is
a. the talent for organizing the use of land, labor and capital, among other things.
b. skill in influencing government regulators and legislators.
c. accumulated technical knowledge in using labor and capital.
d. knowledge of the particular natural resources to be found in a given area.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - DISC: The study of economics and - DISC: The study of
economics and definitions of economics
KEYWORDS: Bloom's: Knowledge

6. Some years ago, chemists at 3M Corporation were trying to create a super-strong glue. Somehow they got their
molecules twisted and came up with one of the weakest glues ever made. But, rather than pouring it down the drain, they
tried coating some paper with it, and the "Post-It Note" was born. In this case, 3M was acting as a(n)
a. utility.
b. rationer.
c. entrepreneur.
d. abstraction.
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - DISC: The study of economics and - DISC: The study of
economics and definitions of economics
KEYWORDS: Bloom's: Application

7. The physical and mental talents people bring to production processes comprise the resource called
a. entrepreneurship.
b. natural resources.
c. capital.
d. labor.
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - DISC: The study of economics and - DISC: The study of
economics and definitions of economics

, KEYWORDS: Bloom's: Knowledge

8. The headline in the newspaper reads "County Supervisors Debate Building New Schools." The headline relates closest
to which economic concept?
a. goods and bads
b. utility
c. choice
d. efficiency
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - DISC: Scarcity, tradeoffs, and o - DISC: Scarcity,
tradeoffs, and opportunity cost
KEYWORDS: Bloom's: Comprehension

9. The opportunity cost of attending college is
a. the money one spends on college tuition, books, and so forth.
b. the highest valued alternative one forfeits to attend college.
c. the least valued alternative one forfeits to attend college.
d. equal to the salary one will earn when one graduates from college.
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - DISC: Scarcity, tradeoffs, and o - DISC: Scarcity,
tradeoffs, and opportunity cost
KEYWORDS: Bloom's: Comprehension

10. Here are three things you could do if you do not attend your economics class: watch television with some friends (you
value this at $25), read a good novel (you value this at $13), or go in to work (you could earn $20 during the economics
class). The opportunity cost of going to your economics class is
a. $20, because this is the only alternative of the three where you actually receive a monetary payment.
b. $13, because this is the lowest valued alternative forfeited.
c. $25, because this is the highest valued alternative forfeited.
d. $58, because this is the total dollar sum of the alternatives forfeited.
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARDS: United States - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - DISC: Scarcity, tradeoffs, and o - DISC: Scarcity,
tradeoffs, and opportunity cost
KEYWORDS: Bloom's: Application
NOTES: New

11. It usually takes less time to buy a six-pack of 7-Up, a loaf of bread, and a half-gallon of ice cream at a small
convenience store (such as a 7-Eleven) than at a large, full-service grocery store. Which of the following persons is most

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Test Bank for Economics 12th Edition

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