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ECONOMICS: A CONTEMPORARY INTRODUCTION
(10TH EDITION) MCEACHERN – COMPLETE TEST
BANK – 200+ GRADED A+ QUESTIONS WITH
RATIONALES – 2026-2027 – FIRST-TIME PASS
GUARANTEED
# TABLE OF CONTENTS
| Section | Topic | Number of Questions |
|---------|-------|---------------------|
| 1 | The Art and Science of Economic Analysis | 25 |
| 2 | Economic Tools and Economic Systems | 25 |
| 3 | Economic Decision Makers | 20 |
| 4 | Demand, Supply, and Markets | 25 |
| 5 | Elasticity of Demand and Supply | 20 |
| 6 | Consumer Choice and Demand | 15 |
| 7 | Production and Cost in the Firm | 15 |
| 8 | Perfect Competition | 15 |
| 9 | Monopoly | 15 |
| 10 | Monopolistic Competition and Oligopoly | 15 |
| 11 | Resource Markets | 10 |
| 12 | Comprehensive Mock Exam – Mixed Topics | 25 |
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# SECTION 1: THE ART AND SCIENCE OF ECONOMIC ANALYSIS (25
Questions)
**Q1.** The fact that people have unlimited wants means that:
A) They always want more of at least one good
B) Each person has an unlimited desire for every good
C) Labor unions demand wage increases
D) Selfish people are not concerned about others
**Answer: A** – Rationale: Our wants are unlimited because we always want
more of a good thing. Because resources are scarce, we have to choose from
among our many wants, and in doing so, we must forgo satisfying some other
wants .
**Q2.** The problem of scarce resources:
A) Means that there are not enough jobs in some cities
B) Could be solved if the unemployment rate fell
C) Is that there are not enough resources to satisfy people's unlimited wants
D) Is that resources are used inefficiently
**Answer: C** – Rationale: A resource is scarce when it is not freely available.
Because resources are scarce, we have to choose from among our many wants, and
in doing so, we must forgo satisfying some other wants .
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**Q3.** Which of the following sentences is the best example of scarcity of time?
A) Peter buys a hamburger
B) John-Michael wants to spend his money on a new hoverboard
C) Alexander is doing homework instead of going to the movies with his friends
D) Amanda, a geography teacher, is retired
**Answer: C** – Rationale: Scarcity is the condition in which our unlimited wants
cannot be satisfied by our limited resources. Choosing homework over movies
demonstrates the scarcity of time .
**Q4.** Scarcity:
A) Applies to a brain surgeon but not to a cab driver
B) Is not a problem for a politician
C) Exists only in rich countries
D) Occurs when a resource is not freely available
**Answer: D** – Rationale: Scarcity is the condition in which our unlimited wants
cannot be satisfied by our limited resources. A resource is scarce when it is not
freely available .
**Q5.** Because people's wants are unlimited but resources are scarce, _____:
A) Only the rich get everything they want
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B) Choices must be made
C) There will be more services produced than goods
D) Poor people never get anything they want
**Answer: B** – Rationale: A resource is scarce when it is not freely available.
Because resources are scarce, we have to choose from among our many wants, and
in doing so, we must forgo satisfying some other wants .
**Q6.** What is the fundamental economic problem caused by limited resources
relative to unlimited wants?
A) Scarcity
B) Opportunity cost
C) Inflation
D) Unemployment
**Answer: A** – Rationale: Scarcity arises because resources are limited while
human wants are unlimited, forcing choices and prioritization .
**Q7.** Which of the following is considered an economic resource?
A) Land
B) Money
C) Technology
D) Consumer preferences
ECONOMICS: A CONTEMPORARY INTRODUCTION
(10TH EDITION) MCEACHERN – COMPLETE TEST
BANK – 200+ GRADED A+ QUESTIONS WITH
RATIONALES – 2026-2027 – FIRST-TIME PASS
GUARANTEED
# TABLE OF CONTENTS
| Section | Topic | Number of Questions |
|---------|-------|---------------------|
| 1 | The Art and Science of Economic Analysis | 25 |
| 2 | Economic Tools and Economic Systems | 25 |
| 3 | Economic Decision Makers | 20 |
| 4 | Demand, Supply, and Markets | 25 |
| 5 | Elasticity of Demand and Supply | 20 |
| 6 | Consumer Choice and Demand | 15 |
| 7 | Production and Cost in the Firm | 15 |
| 8 | Perfect Competition | 15 |
| 9 | Monopoly | 15 |
| 10 | Monopolistic Competition and Oligopoly | 15 |
| 11 | Resource Markets | 10 |
| 12 | Comprehensive Mock Exam – Mixed Topics | 25 |
---
,2|Page
# SECTION 1: THE ART AND SCIENCE OF ECONOMIC ANALYSIS (25
Questions)
**Q1.** The fact that people have unlimited wants means that:
A) They always want more of at least one good
B) Each person has an unlimited desire for every good
C) Labor unions demand wage increases
D) Selfish people are not concerned about others
**Answer: A** – Rationale: Our wants are unlimited because we always want
more of a good thing. Because resources are scarce, we have to choose from
among our many wants, and in doing so, we must forgo satisfying some other
wants .
**Q2.** The problem of scarce resources:
A) Means that there are not enough jobs in some cities
B) Could be solved if the unemployment rate fell
C) Is that there are not enough resources to satisfy people's unlimited wants
D) Is that resources are used inefficiently
**Answer: C** – Rationale: A resource is scarce when it is not freely available.
Because resources are scarce, we have to choose from among our many wants, and
in doing so, we must forgo satisfying some other wants .
,3|Page
**Q3.** Which of the following sentences is the best example of scarcity of time?
A) Peter buys a hamburger
B) John-Michael wants to spend his money on a new hoverboard
C) Alexander is doing homework instead of going to the movies with his friends
D) Amanda, a geography teacher, is retired
**Answer: C** – Rationale: Scarcity is the condition in which our unlimited wants
cannot be satisfied by our limited resources. Choosing homework over movies
demonstrates the scarcity of time .
**Q4.** Scarcity:
A) Applies to a brain surgeon but not to a cab driver
B) Is not a problem for a politician
C) Exists only in rich countries
D) Occurs when a resource is not freely available
**Answer: D** – Rationale: Scarcity is the condition in which our unlimited wants
cannot be satisfied by our limited resources. A resource is scarce when it is not
freely available .
**Q5.** Because people's wants are unlimited but resources are scarce, _____:
A) Only the rich get everything they want
, 4|Page
B) Choices must be made
C) There will be more services produced than goods
D) Poor people never get anything they want
**Answer: B** – Rationale: A resource is scarce when it is not freely available.
Because resources are scarce, we have to choose from among our many wants, and
in doing so, we must forgo satisfying some other wants .
**Q6.** What is the fundamental economic problem caused by limited resources
relative to unlimited wants?
A) Scarcity
B) Opportunity cost
C) Inflation
D) Unemployment
**Answer: A** – Rationale: Scarcity arises because resources are limited while
human wants are unlimited, forcing choices and prioritization .
**Q7.** Which of the following is considered an economic resource?
A) Land
B) Money
C) Technology
D) Consumer preferences
