100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
test_bank_for_essentials_of_economics_11th_edition_schiller $17.99   Add to cart

Exam (elaborations)

test_bank_for_essentials_of_economics_11th_edition_schiller

 10 views  0 purchase
  • Course
  • Essentials_of_economics_11th_edition
  • Institution
  • Essentials_of_economics_11th_edition

test_bank_for_essentials_of_economics_11th_edition_schiller

Preview 4 out of 205  pages

  • September 4, 2024
  • 205
  • 2024/2025
  • Exam (elaborations)
  • Only questions
book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:
  • Essentials_of_economics_11th_edition
  • Essentials_of_economics_11th_edition
avatar-seller
Americannursingaassociation
,DOWNLOAD THE Test Bank for Essentials of Economics 11th Edition Schille

Essentials of Economics 11th 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
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Bloom's : Remember
Difficulty : 1 Easy



2) When an economic choice is made, it is possible to avoid opportunity costs.
2) ______

⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Understand
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy
Learning Objective : 01-02 Define "opportunity cost."



3) The quantity of capital in an economy is unlimited since more can always be produced.
3) ______

⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Understand
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy


Version 1 1
mynursytest.store

,DOWNLOAD THE Test Bank for Essentials of Economics 11th Edition Schille

Essentials of Economics 11th Edition by Schiller CH01


4) Scarcity is not an issue in countries such as the United States since people live in nice
homes and have plenty to eat.
4) ______

⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Understand
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy



5) Every economy faces the situation of scarcity of resources.
5) ______

⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Understand
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy



6) The United States is a prosperous nation because its resources are sufficient to meet the
desires of its citizens.
6) ______

⊚ true
⊚ false




Version 1 2
mynursytest.store

, DOWNLOAD THE Test Bank for Essentials of Economics 11th Edition Schille

Essentials of Economics 11th Edition by Schiller CH01

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Understand
Difficulty : 2 Medium
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity



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
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 01-03 Recite society's three core economic questions.
Topic : Three Basic 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
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 01-03 Recite society's three core economic questions.
Topic : Three Basic Economic Questions



9) Capital includes the machinery and buildings used to produce goods and services.
9) ______




Version 1 3
mynursytest.store

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 Americannursingaassociation. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $17.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80364 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
$17.99
  • (0)
  Add to cart