Test Bank for Economics Today, 20th Edition by Miller, All Chapters.pdf

,DOWNLOAD THE Test Bank for Economics Today 20th Edition Miller
m m m m m m m m m




Economicsm Today,m 20em (Miller)
Chapterm2m m ScarcitymandmthemWorldmof mTrade-Offs

2.1 Scarcity

1) Scarcitymarisesmbecause
A) resourcesmaremlimited mand mareminadequatemtommeet mallmhumanmwants.
B) shortagesmalwaysmoccur.
C) naturalmresourcesmaremabundant.
D) somempeoplemdomnot mbehaveminmamrationalmmanne
r.mAnswer:m A
Diff:m2
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmof meconomicsmand mexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking

2) Scarcitymrefersmto
A) amshortageminmamgood mormservice.
B) themabilitymof msocietymtomconsumemallmthat mit mproduces.
C) theminabilitymof msocietymtomsatisfymallmhumanmwantsmbecausemof mlimited mresources.
D) theminabilitymof manmindividualmtompurchasemamgood mormservicemduemtomhermlimited minco
me.mAnswer:m C
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmof meconomicsmand mexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking

3) Whichmof mthemfollowingmstatementsmismTRUEmabout mscarcity?
A) Bothmrichmand mpoormpeoplemfacemthemproblemmof mscarcity.
B) Scarcitymexistsmonlymwhenmsupplymisminsufficient mtommeet mdemand.
C) Scarcitymexistsmonlymwhenmamshortagemexists.
D) Scarcitymcanmbemeliminated mwhenm peoplemearnmsufficient mincome
s.mAnswer:m A
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmof meconomicsmand mexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking




1
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,DOWNLOAD THE Test Bank for Economics Today 20th Edition Miller
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4) Themproblemmof meconomicmscarcitymapplies
A) onlyminmcountriesmwithmnommarketsmtommeet mpeople'smwants.
B) onlyminmunderdeveloped mcountries,mbecausemtheremaremnomproductivemresourcesminmthesemnations
.
C) onlymtomnationsmwithmfew mresources.
D) tomthemeconomiesmof mallmnations,mregardlessmof mtheirmlevelsmof mdevelopme
nt.mAnswer:m D
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmof meconomicsmand mexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking

5) Inmeverymeconomicmsystem,mchoicesmmust mbemmadembecausemresources
A) aremunlimited,mbut mhumanmdesiresmand mwantsmaremlimited.
B) aremlimited,mbut mhumanmdesiresmand mwantsmaremunlimited.
C) aremunlimited,mand msomaremhumanmdesiresmand mwants.
D) aremlimited,mand msomaremhumanmdesiresmand mwant
s.mAnswer:m B
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmof meconomicsmand mexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking

6) Inmthemproductionmof mgoodsmand mservices,mtrade-offsmexist mbecause
A) not mallmproductionmismefficient.
B) societymhasmonlymamlimited mamount mof mproductivemresources.
C) wemhavemabundant mresourcesmtomchoosemfrom.
D) humanmwantsmand mneedsmaremlimited mat mamparticularmpoint minmtim
e.mAnswer:m B
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmof meconomicsmand mexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking

7) Whichmof mthemfollowingmstatementsmabout meconomicmscarcitymismFALSE?
A) Scarcitymoccursmamongmthempoormand mthemrich.
B) Scarcitymonlymoccursmif mtheremaremshortagesmand mpeoplemwait minmlinemtombuymthings.
C) Scarcitymresultsmfrommnot mhavingmenoughmresourcesmtomproducemallmthemthingsmwemwant.
D) Scarcitymresultsminmthemnecessitymtommakemchoice
s.mAnswer:m B
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmof meconomicsmand mexplainmhowmtomthinkmlikemanmeconomist

2
Copyright m©m2021 mPearson mEducation,mIn
c.
mynursytest.store

, DOWNLOAD THE Test Bank for Economics Today 20th Edition Miller
m m m m m m m m m




AACSB:m Analyticalmthinking




3
Copyright m©m2021 mPearson mEducation,mIn
c.
mynursytest.store