Scarce but sufficient - Study guides, Class notes & Summaries

Exam Microeconomics, 17th Canadian Edition, 17e By Christopher Ragan (Test Bank 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...

1 Microeconomics deals with: • the working of the entire economy or large sectors of it. Incorrect • economic growth. Incorrect • individual decision makers in the economy. (True Answer )Correct • gross domestic product. Incorrect 2 The study of a single firm and how it determines prices would fall under the study of: • macroeconomics. Incorrect • microeconomics. (True Answer )Correct • economic growth. Incorrect • fiscal policy. Incorrect 3 Macroeconomics deal...

Chapter 3 Multiple Choice 1. Identify the attribute that is not normally associated with the job of functional manager. a) The functional manager is usually a generalist in the area being managed. b) The functional manager is responsible for deciding what resources will be devoted to accomplishing the task. c) The functional manager is administratively responsible for deciding how something will be done. d) The functional manager is responsible for deciding who will do the work. Ans...

TEST BANK FOR MACROECONOMICS IN MODULES, 3EDITION BY PAUL KRUGMAN, ROBIN WELLS Chapter 1 1. Scarcity in economics means: *a. we do not have sufficient resources to produce all the goods and services we want. b. the wants of people are limited. c. there must be poor people in rich countries. d. shortages exist in nearly all markets. 2. If resources are “scarce,” it means that they: *a. cannot provide enough goods or services to satisfy all human material wants and needs. b. have no o...

Scarcity - ANS>- is the insufficiency of resources to meet the wants of the consumers and insufficiency of resources for producers that hamper enough production of goods and services. Economics - ANS>- as a study, is the social science that involves the use of scarce resources to satisfy unlimited wants. Scarcity - ANS>- is a condition where there are insufficient resources to satisfy all the needs and wants of a population. - Scarcity may be relative or absolute Relative Scarci...

TEST BANK for Macroeconomics in Modules, 3rd Edition by Paul Krugman, Robin Wells. All Chapters (Complete download). 1248 Pages Test Bank for Macroeconomics in Modules, 3e Paul Krugman, Robin Wells (All Chapters) Chapter 1 1. Scarcity in economics means: *a. we do not have sufficient resources to produce all the goods and services we want. b. the wants of people are limited. c. there must be poor people in rich countries. d. shortages exist in nearly all markets. 2. If resources ar...

PUB2606 Examination. SUMMATIVE ASSESSMENT STUDENT NAME TRYPHOSA MOSHIBUDI MAJAVU STUDENT NUMBER SEMESTER 2021/1 SUBJECT ENVIRONMENTAL AFFAIRS SUBJECT CODE PUB2606 EXAM DATE 11 NOVEMBER 2021 PUB2606 Environmental Affairs Summative Assessment 2021/1 Tryphosa Moshibudi Majavu. QUESTION 1 Obstacles to international environmental management and the associated relevant examples. State sovereignty and North-South polarisation are the two main obstacles to optimal international environm...

Chapter 01 The Economic Problem     
Multiple Choice Questions
  1. What do economists mean when they say that the economy faces scarcity? 
A. There are fewer resources available than there were in the 1960s.
B. It is quite evident that the world is running out of resources.
C. The economy is producing far below its capacity to produce.
D. The resources available are not sufficient to produce all that everyone wants.   
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Microeconomics QUESTION AND CORRECT ANSWER 100 % SCORE Free goods - ANSWER Goods that are not scarce and therefore available without limits. Zero opportunity cost e.g. Air Economic goods - ANSWER A consumable item that is useful to people but scarce in relation to its demand Opportunity cost - ANSWER The value of the next best alternative foregone Positive statement - ANSWER An objective statement that can be tested, amended or rejected by referring to available evidence Normativ...

Human beings can be characterized by 3 elements, which are... - correct answer incentives (evaluative), maximization (imperfectly), resourcefulness What is often the most important incentive for people? - correct answer money What is dismal science? - correct answer The natural constraint of resources (all resources, such as water, electricity, roads, food) makes economics What...