Exam (elaborations)
Issues in Economics Today 8Th Ed by Robert Guell - Test Bank
- Course
- Institution
Test Bank For Issues in Economics Today 8Th Ed by Robert Guell Complete Test Bank Instant Download
[Show more]
Seller
Follow
ExamsExpert
Reviews received
Content preview
, Chapter 1Economics: The Study of Opportunity Cost
Multiple Choice
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.
Answer: D
Learning Objective: 01-01
Topic: Economics and Opportunity Cost
Blooms: Remember
AACSB: Analytical Thinking
Difficulty: 1 Easy
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.
Answer: A
Learning Objective: 01-01
Topic: Economics and Opportunity Cost
Blooms: Understand
AACSB: Analytical Thinking
Difficulty: 1 Easy
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.
Answer: D
Learning Objective: 01-01
Topic: Economics and Opportunity Cost
Blooms: Understand
AACSB: Analytical Thinking
Difficulty: 1 Easy
Page 1
© 2018 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner.
This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
, 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
Answer: A
Learning Objective: 01-01
Topic: Economics and Opportunity Cost
Blooms: Understand
AACSB: Analytical Thinking
Difficulty: 1 Easy
5) Scarcity implies that the allocation scheme chosen by society can
A) not make more of any one good.
B) typically make more of a good but at the expense of making less of another.
C) always make more of all goods simultaneously.
Answer: C
Learning Objective: 01-01
Topic: Economics and Opportunity Cost
Blooms: Understand
AACSB: Analytical Thinking
Difficulty: 1 Easy
6) 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.
Answer: B
Learning Objective: 01-01
Topic: Economics and Opportunity Cost
Blooms: Remember
AACSB: Analytical Thinking
Difficulty: 1 Easy
Page 2
© 2018 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner.
This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
, 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.
Answer: A
Learning Objective: 01-01
Topic: Economics and Opportunity Cost
Blooms: Remember
AACSB: Analytical Thinking
Difficulty: 1 Easy
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.
Answer: A
Learning Objective: 01-01
Topic: Economics and Opportunity Cost
Blooms: Understand
AACSB: Analytical Thinking
Difficulty: 1 Easy
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.
Answer: B
Learning Objective: 01-01
Topic: Economics and Opportunity Cost
Blooms: Understand
AACSB: Analytical Thinking
Difficulty: 1 Easy
Page 3
© 2018 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner.
This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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 ExamsExpert. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $29.77. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now