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Test Bank for Microeconomics, 17th Canadian Edition by Christopher Ragan Test Bank A+
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Created By: A SolutionTest Bank for Microeconomics, 17th Canadian Edition by
Christopher Ragan Test Bank A+
Chapter 1 Economic Issues and Concepts
1.1 What Is Economics?
1) Which of the following statements provides the best definition of economics?
A) The study of the most equitable distribution of scarce resources.
B) The study of the use of scarce resources to satisfy unlimited human wants.
C) The study of the production of goods and services.
D) The study of the productive capacity of a nation's factors of production.
E) The study of production and increasing its efficiency. Answer: B
Diff: 1 Type: MC
Topic: 1.1a. economics/resources Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
2) Society's resources are often divided into broad categories. They are
A) goods and services.
B) factors of consumption.
C) land, labour, and capital.
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D) population and natural resources.
E) tangible commodities and intangible commodities. Answer: C
Diff: 1 Type: MC
Topic: 1.1a. economics/resources Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
3) Consider the following list: a worker with training in video gaming technology, 10
hectares of arable land in southern Ontario, a fishing trawler in Nova Scotia, an ice-cream truck
at a park in Quebec. Each of these is an example of
A) a factor of production.
B) a capital resource.
C) a commodity.
D) goods and services.
E) an economic service. Answer: A
Diff: 1 Type: MC
Topic: 1.1a. economics/resources Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
4) Which of the following is NOT considered a "factor of production" in economics?
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A) the espresso machine at your local cafe
B) the barista who makes the coffee
C) the espresso drink you purchase
D) the wood stir sticks
E) the land on which the cafe sits Answer: C
Diff: 2 Type: MC
Topic: 1.1a. economics/resources Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
5) Consider the following factors of production:
- a pharmaceutical research centre
- a hairstylist's scissors
- Google headquarters
- a cloud computing system
- a stapler at a checkout counter. Each of these is an example of
A) land.
B) goods.
C) services.
D) capital.
E) labour. Answer: D
Diff: 2 Type: MC
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, Created By: A Solution
Topic: 1.1a. economics/resources Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
6) In economics, what word is used to describe the act of using goods or services to satisfy
wants?
A) consumption
B) production
C) purchasing power
D) investment
E) shopping Answer: A
Diff: 2 Type: MC
Topic: 1.1a. economics/resources Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative
7) A basic underlying point in economics is that
A) people have unlimited wants in the face of limited resources.
B) there are unlimited resources.
C) governments should satisfy the needs of the people.
D) people have limited wants in the face of limited resources.
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