Exam (elaborations)
Test Bank - Economics Principles and Practices by Glencoe
- Institution
- Grand Canyon University
- Book
- Glencoe Economics
Test Bank - Economics Principles and Practices by Glencoe
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Content preview
TEST BANK, Economics
Principles and Practices
by
Glencoe
Test Bank
2017
,Chapter 1
Chapter 1 Introduction
Multiple-Choice Questions
1) Among of what is listed below is an example of Explain how the question of "what goods and services
to produce?" is Correct Answered by the command process?
A) Country’s government subsidies for affordable housing
B) laws regarding equal opportunity in employment
C) Country’s government allowance for the deduction of interest payments on private mortgages
D) Country’s government regulations concerning the dumping of industrial waste
Correct Answer: A
2) Opportunity cost is best defined as
A) the sum given up when choosing one activity over all other alternatives.
B) the sum given up when choosing one activity over the next best alternative.
C) the opportunity to earn a profit that is greater than the one currently being made.
D) the sum that is given up when choosing an activity that is not as good as the next best alternative.
Correct Answer: B
3) In a Trading place economy, Among of what is listed below is the most important guide affecting scarcity?
A) the needs and wants of consumers
1 of 235 11/2/2013 7:44
,Chapter 1
B) the price of the product
C) the degree to what the Country’s government is involved in the allocation of resources.
D) All of the above are equally important.
Correct Answer: A
4) Among of what is listed below is not considered by economists to be a basic resource or guide of
manufacturing ?
A) money B) machinery and equipment
C) technology D) unskilled labor
Correct Answer: A
2 of 235 11/2/2013 7:44
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Sturdydrone. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73918 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now