Test Bank for Issues in Economics Today, 10th Edition by Robert Guell
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Course
Economics
Institution
Economics
Test Bank for Issues in Economics Today 10e 10th Edition by Robert Guell. ISBN-13: 0623
Full Chapters test bank are included
Chapter 1: Economics: The Study of Opportunity Cost
Chapter 2: Supply and Demand
Chapter 3: The Concept of Elasticity and Consumer and Producer Surplus
...
Chapter 01 10e Guell
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.
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.
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.
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
5) Scarcity implies that the allocation scheme chosen by society
A) cannot make more of any one good.
B) can typically make more of a good but at the expense of making less of another.
C) can always make more of all goods, simultaneously.
D) must make less of all goods.
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, 6) A 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.
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.
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.
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.
10) A resource
A) must come from the earth.
B) only includes physical things.
C) is anything that we consume directly or use to make things we will ultimately
consume.
D) must come from the earth and is anything that we consume directly or use to make
things we will ultimately consume.
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