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Test Bank For Macroeconomics In Modules, 3rd Edition By Paul Krugman, Robin Wells

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Macroeconomics in Modules

Test Bank For Macroeconomics In Modules, 3rd Edition 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....

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test bank for macroeconomics in modules 3edition
scarcity in economics means
if resources are scarce it means that they
a key theme fundamental to all of economics is tha

Titel boek:Macroeconomics in Modules

Auteur(s):Paul Krugman, Robin Wells

Uitgave:2018
ISBN:9781319105761
Druk:Onbekend

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, 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 are “scarce,” it means that they:

*a. cannot provide enough goods or services to satisfy all human
material wants and needs.
b. have no opportunity cost.
c. are probably not valued by consumers.
d. have an unlimited supply.

3. A key theme fundamental to all of economics is that:

a. there are limited wants.
b. we are a rich country but are simply not aware of it.
*c. people have unlimited wants but face limited means to satisfy
them.
d. there are unlimited resources.

4. The problem of scarcity is confronted by:

a. industrialized societies only.
b. preindustrialized societies only.
c. societies governed by communist philosophies only.
*d. all societies.

5. When we are forced to make choices, we are facing the concept of:

a. human capital.
b. inflation.
*c. scarcity.
d. economic aggregates.

6. We are forced to make choices because of:

, a. exploitation.
b. efficiency.
*c. scarcity.
d. the margin.

7. Scarcity exists when:

a. making choices among two or more alternatives is not
necessary.
b. individuals can have more of any good without giving up
anything.
*c. individuals can have more of one good but only by giving up
something else.
d. resources are unlimited.

8. Scarcity in economics means:

*a. we do not have sufficient resources to produce all of the
goods and services we want.
b. the wants of people are limited.
c. there must be poor people in rich countries.
d. economists are clearly not doing their jobs.

9. Although fresh water is very abundant in most places, it is scarce because:

a. it has no alternative uses.
*b. there is not enough of it to meet all needs.
c. it is a free good.
d. scarce goods in general are not all that costly.

10. Fresh water is considered a scarce good because:

*a. not enough of it is available for all needs.
b. it does not have any uses.
c. scarce goods are less expensive.
d. not enough of it is available for all needs and because it is
less expensive.

11. The problem of determining what goods and services society should produce:

a. exists because we can produce more than we need or want.
*b. exists because there are not enough resources to provide all
of the goods and services that people want to purchase.
c. would not exist if all goods and services were scarce.
d. would not exist if government owned all of the resources.

, 12. In China, which would NOT be a resource in the production of rice?

a. fertile land
b. labor
c. capital equipment
*d. money

13. A resource is anything that:

*a. can be used in production.
b. for which you pay.
c. is in scarce supply.
d. can be consumed.

14. We have to make choices because:

a. we have unlimited income.
*b. resources are scarce.
c. resources are infinite.
d. with good planning, trade-offs can be avoided.

15. When a chef creates a dinner plate of food for a customer, which represents
physical capital?

a. the chef
*b. the oven
c. the food ingredients
d. the chef's training and experience I think this may be a
redundant answer to “A”

16. Manny is attending college and majoring in economics. By doing so, Manny is
primarily improving his:

a. land.
b. labor.
c. capital.
*d. human capital.

17. Which is not an example of a resource?

a. land
b. labor
c. capital
*d. production

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