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Essentials of Economics 12th Edition by Schiller CH01
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,DOWNLOAD THE Test Bank for Essentials of Economics 12th Edition SchilleEssentials of Economics 12th Edition by Schiller CH01
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Economics is the study of how to allocate scarce resources among competing uses.
1) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Bloom's : Remember
Difficulty : 1 Easy
2) The quantity of capital in an economy is unlimited since more can always be produced.
2) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Understand
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy
3) Scarcity is not an issue in countries such as the United States since people live in nice
homes and have plenty to eat.
3) ______
⊚ true
⊚ false
Version 1 1
mynursytest.store
,DOWNLOAD THE Test Bank for Essentials of Economics 12th Edition Schille
Essentials of Economics 12th Edition by Schiller CH01
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Understand
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy
4) Every economy faces the situation of scarcity of resources.
4) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Understand
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy
5) The United States is a prosperous nation because its resources are sufficient to meet the
desires of its citizens.
5) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Understand
Difficulty : 2 Medium
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
6) When an economic choice is made, it is possible to avoid opportunity costs.
6) ______
Version 1 2
mynursytest.store
, DOWNLOAD THE Test Bank for Essentials of Economics 12th Edition Schille
Essentials of Economics 12th Edition by Schiller CH01
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Understand
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy
Learning Objective : 01-02 Define opportunity cost.
7) All economies must decide what to produce, how to produce it, and who gets the output.
7) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Remember
Difficulty : 1 Easy
Topic : Three Basic Economic Questions
Learning Objective : 01-03 Recite societys three core economic questions.
8) The factors of production include the land, labor, and money used to produce goods and
services.
8) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Remember
Difficulty : 1 Easy
Topic : Three Basic Economic Questions
Learning Objective : 01-03 Recite societys three core economic questions.
Version 1 3
mynursytest.store
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