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The Economy Today Bradley Schiller 15e
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,The Economy Today, 15e (Schiller)Chapter 1 Economics: The Core Issues
1) Which of the following is not one of the three core economic issues that must be resolved?
A) How to produce the goods and services we select.
B) What to produce with unlimited resources.
C) Who should get the goods and services we produce.
D) What to produce with limited resources.
Answer: B
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-04 The three core economic questions that every society must answer.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
2) The fundamental problem of economics is
A) The law of increasing opportunity costs.
B) The scarcity of resources relative to human wants.
C) How to get government to operate efficiently.
D) How to create employment for everyone.
Answer: B
Difficulty: 1 Easy
Topic: Scarcity: The Core Problem
Learning Objective: 01-01 What scarcity is.
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
3) In economics, scarcity means that
A) A shortage of a particular good will cause the price to fall.
B) A production possibilities curve cannot accurately represent the trade-off between two goods.
C) Society's desires exceed resources available.
D) The market mechanism has failed.
Answer: C
Difficulty: 1 Easy
Topic: Scarcity: The Core Problem
Learning Objective: 01-01 What scarcity is.
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
1
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,4) Given that resources are scarce,
A) A "free lunch" is possible, but only for a limited number of people.
B) Opportunity costs are experienced whenever choices are made.
C) Poor countries must make choices, but rich countries with abundant resources do not have to
make choices.
D) Some choices involve opportunity costs while other choices do not.
Answer: B
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-02 How scarcity creates opportunity costs.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
5) A consequence of the economic problem of scarcity is that
A) Choices have to be made about how resources are used.
B) There is never too much of any good or service produced.
C) The production of goods and services must be controlled by the government.
D) The production possibilities curve is bowed outward.
Answer: A
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-02 How scarcity creates opportunity costs.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
6) The basic factors of production include
A) Land, labor, money, and capital.
B) Land, labor, money, and inputs.
C) Labor and money.
D) Land, labor, capital, and entrepreneurship.
Answer: D
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-01 What scarcity is.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
2
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
, 7) Factors of production are
A) Scarce in every society.
B) Scarce only in advanced countries.
C) Scarce only in the poorest countries of the world.
D) Unlimited in quantity.
Answer: A
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-01 What scarcity is.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
8) Which of the following is not a factor of production?
A) A psychiatrist.
B) $100,000 cash.
C) A bulldozer.
D) Six thousand acres of farmland.
Answer: B
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-01 What scarcity is.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
9) With respect to factors of production, which of the following statements is not true?
A) Factors of production are also known as resources.
B) In order to produce any good or service, it is necessary to have factors of production.
C) Factors of production include land, labor, capital, and entrepreneurship.
D) Only those resources that are privately owned are counted as factors of production.
Answer: D
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-01 What scarcity is.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
3
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
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