,
,
, Name: Class: Date:
Ch 01: MC
1. Resources are
a. scarce for households but plentiful for economies.
ST
b. plentiful for households but scarce for economies.
c. scarce for households and scarce for economies.
d. plentiful for households and plentiful for economies.
ANSWER: c
U
2. Fundamentally, economics deals with
a. scarcity.
VI
b. money.
c. poverty.
d. banking.
A
ANSWER: a
?_
3. The overriding reason why households and societies face many decisions is that
a. resources are scarce.
b. goods and services are not scarce.
c. incomes fluctuate with business cycles.
AP
d. people, by nature, tend to disagree.
ANSWER: a
4. The phenomenon of scarcity stems from the fact that
PR
a. most economies' production methods are not very good.
b. in most economies, wealthy people consume disproportionate quantities of goods and services.
c. governments restrict production of too many goods and services.
d. resources are limited.
OV
ANSWER: d
5. In most societies, resources are allocated by
a. a single central planner.
b. a small number of central planners.
ED
c. those firms that use resources to provide goods and services.
d. the combined actions of millions of households and firms.
ANSWER: d
? ?
,
, Name: Class: Date:
Ch 01: MC
1. Resources are
a. scarce for households but plentiful for economies.
ST
b. plentiful for households but scarce for economies.
c. scarce for households and scarce for economies.
d. plentiful for households and plentiful for economies.
ANSWER: c
U
2. Fundamentally, economics deals with
a. scarcity.
VI
b. money.
c. poverty.
d. banking.
A
ANSWER: a
?_
3. The overriding reason why households and societies face many decisions is that
a. resources are scarce.
b. goods and services are not scarce.
c. incomes fluctuate with business cycles.
AP
d. people, by nature, tend to disagree.
ANSWER: a
4. The phenomenon of scarcity stems from the fact that
PR
a. most economies' production methods are not very good.
b. in most economies, wealthy people consume disproportionate quantities of goods and services.
c. governments restrict production of too many goods and services.
d. resources are limited.
OV
ANSWER: d
5. In most societies, resources are allocated by
a. a single central planner.
b. a small number of central planners.
ED
c. those firms that use resources to provide goods and services.
d. the combined actions of millions of households and firms.
ANSWER: d
? ?
