100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Test Bank for Issues in Economics Today, 10th Edition by Robert Guell CA$41.25   Add to cart
Quickly navigate to
Preview
  2.  
  3. Economics
  4.  
  5. Economics

Exam (elaborations)

Test Bank for Issues in Economics Today, 10th Edition by Robert Guell
 32 views  2 purchases
  • Course
  • Economics
  • Institution
  • Economics

Test Bank for Issues in Economics Today 10e 10th Edition by Robert Guell. ISBN-13: 0623 Full Chapters test bank are included Chapter 1: Economics: The Study of Opportunity Cost  Chapter 2: Supply and Demand  Chapter 3: The Concept of Elasticity and Consumer and Producer Surplus ...

[Show more]

Preview 2 out of 1065  pages

Document information

  • July 27, 2023
  • 1065
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • issues
  • economics
  • today
  • 10e
  • 10th
  • edition
  • robert
  • guell
  • multiple choice
  • mcqs
  • question bank
  • exam practice
  • test bank
  • practice quizzes

Written for

  • Economics
  • Economics

Seller

avatar-seller
Tutor247

Reviews received

Content preview

Chapter 01 10e Guell
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.



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.



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



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



5) Scarcity implies that the allocation scheme chosen by society
A) cannot make more of any one good.
B) can typically make more of a good but at the expense of making less of another.
C) can always make more of all goods, simultaneously.
D) must make less of all goods.




1

, 6) A 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.



7) A production possibilities frontier is a simple model of
A) scarcity and allocation.
B) prices and output.
C) production and costs.
D) inputs and outputs.



8) A simplifying assumption is typically made so as to
A) make a point clearer by stripping away excess detail.
B) make a point clearer by adding sufficient detail to get things precise.
C) divert attention from the real problem.
D) make things look better than they really are.



9) Something is scarce as long as
A) there is a price that the market puts on the item.
B) there is no freely available infinite source of the item.
C) the government provides it.
D) the market provides it.



10) A resource
A) must come from the earth.
B) only includes physical things.
C) is anything that we consume directly or use to make things we will ultimately
consume.
D) must come from the earth and is anything that we consume directly or use to make
things we will ultimately consume.




2

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 Tutor247. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$41.25. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77764 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$41.25  2x  sold
  • (0)
  Add to cart