,CHAPTER 1—WHAT IS ECONOMICS?
MULTIPLE CHOICE
1. The basic problem of economics arises when there are unlimited resources
available to fulfill society's
limited wants.
a. True
b. False
ANS: B
PTS: 1
NAT: BUSPROG: Analytic
TOP: Scarcity and Individual Choice
2. Economics is the study of choice under conditions of
a. demand
b. supply
c. scarcity
d. opportunity
e. abundance
ANS: C
PTS: 1
NAT: BUSPROG: Analytic
TOP: Scarcity and Individual Choice
3. The study of economics would be superfluous if __________ did not exist.
a. demand
b. capital
c. corporations
d. profit
e. scarcity
ANS: E
PTS: 1
NAT: BUSPROG: Analytic
TOP: Scarcity and Individual Choice
4. Which of the following disciplines is not a social science?
a. psychology
b. mathematics
c. economics
d. political science
e. sociology
ANS:
NAT:
STA:
TOP:
B
PTS: 1
,DIF: Difficulty: Moderate
BUSPROG: Analytic
DISC: The Study of economics, and definitions in economics
Scarcity and Individual Choice
KEY: Bloom's: Comprehension
5. What does economics have in common with sociology?
a. Economics and sociology ask fundamentally the same questions.
b. Economics and sociology use the same tools to analyze issues.
c. Both are social sciences.
d. What and how economists study is very similar to what and how sociologists
study.
e. Explaining something about society is only a secondary purpose in both areas.
, ANS:
NAT:
STA:
TOP:
C
PTS: 1
DIF: Difficulty: Easy
BUSPROG: Analytic
DISC: The Study of economics, and definitions in economics
Scarcity and Individual Choice
KEY: Bloom's: Application
6. Economics is
a. exclusively the study of the markets for stocks and bonds
b. the study of choice under conditions of scarcity
c. exclusively the study of business firms
d. fundamentally the same as sociology
e. applicable only when scarcity is not a problem
ANS:
NAT:
STA:
TOP:
B
PTS: 1
DIF: Difficulty: Easy
BUSPROG: Analytic
DISC: The Study of economics, and definitions in economics
Scarcity and Individual Choice
KEY: Bloom's: Comprehension
7. Economics is
a. the narrow study of how to make money in financial markets
b. the broad study of how to allocate unlimited resources to satisfy limited uses
c. the broad study of how to allocate limited resources to satisfy unlimited wants
d. the narrow study of using stocks and bonds to their maximum potential
e. the narrow study of how to be conservative in financial affairs
ANS:
NAT:
STA:
TOP:
C
PTS: 1
DIF: Difficulty: Moderate
BUSPROG: Analytic
DISC: The Study of economics, and definitions in economics
Scarcity and Individual Choice
KEY: Bloom's: Comprehension
8. Economics is
a. a discipline in the physical sciences
b. a field that deals exclusively with normative issues
c. a field that deals exclusively with positive issues
d. only useful for examining behavior in capitalist economies
e. a discipline that focuses on how choices are made in society
ANS:
NAT:
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