Test Bank for Microeconomics, 10th edition by Jeffrey M. Perloff.pdf

1m
Copyrightm©m2023mPearsonmEducation,mInc.m
Microeconomics,m14em(Parkin)m
Chapterm1mmmWhatmIsmEconomics?m
m

1mmDefinitionmof mEconomicsm
m

1)mAllmeconomicmquestionsmaremaboutm
A)mhow mtommakemmoney.m
B)mwhatmtomproduce.m
C)mhow mtomcopemwithmscarcity.m
D)mhow mtomsatisfy mallmourmwants.m
Answer:mmCm
Topic:mmScarcity m
Skill:mmRecognitionm
Status:mmOldm
AACSB:mmReflectivemthinkingm
m

2)mAllmeconomicmquestionsmarisembecausemwem
A)mwantmmoremthanmwemcanmget.m
B)mwantmmoremthanmwemneed.m
C)mhavemanmabundancemof mresources.m
D)mhavemlimitedmwantsmthatmneedmtombemsatisfied.m
Answer:mmAm
Topic:mmScarcity m
Skill:mmRecognitionm
Status:mmOldm
AACSB:mmReflectivemthinkingm
m

3)mEconomicsmismbestmdefinedmasmthemstudy mof mhow mpeople,mbusinesses,mgovernments,mand
msocietiesm

A)mchoosemabundancemovermscarcity.m
B)mmakemchoicesmtomcopemwithmscarcity.m
C)musemtheirminfinitemresources.m
D)mattainmwealth.m
Answer:mmBm
Topic:mmScarcity m
Skill:mmConceptualm
Status:mmOldm
AACSB:mmReflectivemthinkingm
m

4)mScarcity mismamsituationminmwhichm
A)mpeoplemcannotmsatisfy mallmtheirmwants.m
B)mmostmpeoplemcanmgetmonly mbaremnecessities.m
C)mpeoplemcanmsatisfy mallmtheirmwants.mm
D)msomempeoplemcanmgetmallmthey mwantmandmsomemcannot.mm

,Answer:mmAm
Topic:mmScarcity m
Skill:mmRecognitionm
Status:mmOldm
AACSB:mmReflectivemthinkingm
ACCESSmTestmBankmformMicroeconomicsm14thmEditionmParkin
nursytestbank.store
2m
Copyrightm©m2023mPearsonmEducation,mInc.m
m

5)mEconomistsmpointmoutmthatmscarcity mconfrontsm
A)mneithermthempoormnormthemrich.m
B)mthempoormbutmnotmthemrich.m
C)mthemrichmbutmnotmthempoor.m
D)mbothmthempoormandmthemrich.m
Answer:mmDm
Topic:mmScarcity m
Skill:mmConceptualm
Status:mmOldm
AACSB:mmEthicalmunderstandingmandmreasoningm
m

6)mScarcity mism
A)mourminability mtomsatisfy mallmourmwants.m
B)mamsituationmthatmexistsmduringmeconomic mrecessionsmbutmnotmduringmeconomicmbooms.m
C)meliminatedmbymchoices.m
D)manmeconomicmproblem monly mformpoormpeople.m
Answer:mmAm
Topic:mmScarcity m
Skill:mmRecognitionm
Status:mmOldm
AACSB:mmReflectivemthinkingm
m

7)mWhenmanmeconomistmtalksmof mscarcity,mthemeconomistmismreferringmtomthem
A)mability mof msociety mtomemploy mallmofmitsmresources.m
B)mability mof msociety mtomconsumemallmthatmitmproduces.m
C)minability mof msociety mtomsatisfy mallmhumanmwantsmbecausemof mlimitedmresources.m
D)mability mofmsociety mtomcontinually mmakemtechnologicalmbreakthroughsmandmincreasemprod
uction.m
Answer:mmCm
Topic:mmScarcity m
Skill:mmRecognitionm
Status:mmOldm
AACSB:mmReflectivemthinkingm
m

8)mFundamentalmeconomic mproblemsmbasically marisemfrom m
A)mthemfactmthatmsociety mhasmmoremthanmitmneeds.m

,B)mturmoilminmthemstockmmarket.mm
C)mthemunequalmdistributionmof mincome.m
D)mourmwantsmexceedingmourmscarcemresources.m
Answer:mmDm
Topic:mmScarcity m
Skill:mmRecognitionm
Status:mmOldm
AACSB:mmReflectivemthinkingm
m

ACCESSmTestmBankmformMicroeconomicsm14thmEditionmParkin
nursytestbank.store
3m
Copyrightm©m2023mPearsonmEducation,mInc.m
9)mScarcity mexistsmbecausem
A)msociety mandmpeoplemaremgreedy mandmwasteful.m
B)mourmwantsmexceedmthemresourcesmavailablemtomsatisfy mthem.m
C)mof mtheminefficientmchoicesmwemmake.m
D)mpoormpeoplemneedmmoremfoodmandmothermgoods.m
Answer:mmBm
Topic:mmScarcity m
Skill:mmRecognitionm
Status:mmOldm
AACSB:mmReflectivemthinkingm
m

10)mScarcity mcanmbemeliminatedmthroughm
A)mthemusemof mmarketmmechanisms.m
B)mexplorationmthatmhelpsmusmfindmnewmresources.m
C)mwisemusemof mourmresources.m
D)mNonemof mthemabovembecausemscarcity mcannotmbemeliminated.m
Answer:mmDm
Topic:mmScarcity m
Skill:mmRecognitionm
Status:mmOldm
AACSB:mmReflectivemthinkingm
m

11)mAsmanmeconomicmconcept,mscarcity mappliesmtom
A)mbothmmoney mandmtime.m
B)mmoney mbutmnotmtime.m
C)mtimembutmnotmmoney.m
D)mneithermtimemnormmoney.m
Answer:mmAm
Topic:mmScarcity m
Skill:mmConceptualm
Status:mmOldm
AACSB:mmReflectivemthinkingm

, m

12)mInmevery meconomic msystem,mchoicesmmustmbemmadembecausemresourcesmarem________ man
dmourmwantsmarem
________.m
A)munlimited;mlimitedm
B)mlimited;munlimitedm
C)munlimited;munlimitedm
D)mlimited;mlimitedm
Answer:mmBm
Topic:mmScarcity m
Skill:mmConceptualm
Status:mmOldm
AACSB:mmReflectivemthinkingm
m

ACCESSmTestmBankmformMicroeconomicsm14thmEditionmParkin
nursytestbank.store
4m
Copyrightm©m2023mPearsonmEducation,mInc.m
13)mThemproblem mof m"scarcity"mappliesm
A)monly minmindustrially mdevelopedmcountriesmbecausemresourcesmaremscarceminmthesemcount
ries.m
B)monly minmunderdevelopedmcountriesmbecausemtheremaremfewmproductivemresourcesminmthe
semcountries.m
C)monly minmeconomicmsystemsmthatmaremjustmbeginningmtomdevelopmbecausemspecializedmres
ourcesmaremscarce.m
D)mtomallmeconomicmsystems,mregardlessmof mtheirmlevelmof mdevelopment.m
Answer:mmDm
Topic:mmScarcity m
Skill:mmConceptualm
Status:mmOldm
AACSB:mmReflectivemthinkingm
m

14)mScarcity mrequiresmthatmpeoplemmustm
A)mcooperate.m
B)mcompete.m
C)mtrade.m
D)mmakemchoices.m
Answer:mmDm
Topic:mmScarcity m
Skill:mmConceptualm
Status:mmOldm
AACSB:mmReflectivemthinkingm
m

15)mPeoplemmustmmakemchoicesmbecausem
A)mmostmpeoplemenjoy mshopping.m
B)mof mscarcity.m