Solution Manual for Issues in Economics Today 10th Edition by Robert Guell, Chapter 1-47, Complete Guide A+.

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EconomicsgToday,g20eg(Miller)
Chapterg2g g ScarcitygandgthegWorldgofgTrade-Offs

2.1 Scarcity

1) Scarcitygarisesgbecause
A) resourcesgareglimitedgandgareginadequategtogmeetgallghumangwants.
B) shortagesgalwaysgoccur.
C) naturalgresourcesgaregabundant.
D) somegpeoplegdognotgbehavegingagrationalgmanner
.gAnswer:g A
Diff:g2
Topic:g 2.1gScarcity
LearninggOutcome:g Micro-
1:gIdentifygthegbasicgprinciplesgofgeconomicsgandgexplainghowgtogthinkglikegangeconomist
AACSB:g Analyticalgthinking

2) Scarcitygrefersgto
A) agshortagegingaggoodgorgservice.
B) thegabilitygofgsocietygtogconsumegallgthatgitgproduces.
C) theginabilitygofgsocietygtogsatisfygallghumangwantsgbecausegofglimitedgresources.
D) theginabilitygofgangindividualgtogpurchasegaggoodgorgservicegduegtogherglimitedgincom
e.gAnswer:g C
Diff:g1
Topic:g 2.1gScarcity
LearninggOutcome:g Micro-
1:gIdentifygthegbasicgprinciplesgofgeconomicsgandgexplainghowgtogthinkglikegangeconomist
AACSB:g Analyticalgthinking

3) WhichgofgthegfollowinggstatementsgisgTRUEgaboutgscarcity?
A) Bothgrichgandgpoorgpeoplegfacegthegproblemgofgscarcity.
B) Scarcitygexistsgonlygwhengsupplygisginsufficientgtogmeetgdemand.
C) Scarcitygexistsgonlygwhengagshortagegexists.
D) Scarcitygcangbegeliminatedgwheng peoplegearngsufficientgincomes
.gAnswer:g A
Diff:g1
Topic:g 2.1gScarcity
LearninggOutcome:g Micro-
1:gIdentifygthegbasicgprinciplesgofgeconomicsgandgexplainghowgtogthinkglikegangeconomist
AACSB:g Analyticalgthinking




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4) Thegproblemgofgeconomicgscarcitygapplies
A) onlygingcountriesgwithgnogmarketsgtogmeetgpeople'sgwants.
B) onlygingunderdevelopedgcountries,gbecausegtheregaregnogproductivegresourcesgingthesegnations.
C) onlygtognationsgwithgfewgresources.
D) togthegeconomiesgofgallgnations,gregardlessgofgtheirglevelsgofgdevelopmen
t.gAnswer:g D
Diff:g1
Topic:g 2.1gScarcity
LearninggOutcome:g Micro-
1:gIdentifygthegbasicgprinciplesgofgeconomicsgandgexplainghowgtogthinkglikegangeconomist
AACSB:g Analyticalgthinking

5) Ingeverygeconomicgsystem,gchoicesgmustgbegmadegbecausegresources
A) aregunlimited,gbutghumangdesiresgandgwantsgareglimited.
B) areglimited,gbutghumangdesiresgandgwantsgaregunlimited.
C) aregunlimited,gandgsogareghumangdesiresgandgwants.
D) areglimited,gandgsogareghumangdesiresgandgwants
.gAnswer:g B
Diff:g1
Topic:g 2.1gScarcity
LearninggOutcome:g Micro-
1:gIdentifygthegbasicgprinciplesgofgeconomicsgandgexplainghowgtogthinkglikegangeconomist
AACSB:g Analyticalgthinking

6) Ingthegproductiongofggoodsgandgservices,gtrade-offsgexistgbecause
A) notgallgproductiongisgefficient.
B) societyghasgonlygaglimitedgamountgofgproductivegresources.
C) weghavegabundantgresourcesgtogchoosegfrom.
D) humangwantsgandgneedsgareglimitedgatgagparticulargpointgingtim
e.gAnswer:g B
Diff:g1
Topic:g 2.1gScarcity
LearninggOutcome:g Micro-
1:gIdentifygthegbasicgprinciplesgofgeconomicsgandgexplainghowgtogthinkglikegangeconomist
AACSB:g Analyticalgthinking

7) WhichgofgthegfollowinggstatementsgaboutgeconomicgscarcitygisgFALSE?
A) Scarcitygoccursgamonggthegpoorgandgthegrich.
B) Scarcitygonlygoccursgifgtheregaregshortagesgandgpeoplegwaitginglinegtogbuygthings.
C) Scarcitygresultsgfromgnotghavinggenoughgresourcesgtogproducegallgthegthingsgwegwant.
D) Scarcitygresultsgingthegnecessitygtogmakegchoices
.gAnswer:g B
Diff:g1
Topic:g 2.1gScarcity
LearninggOutcome:g Micro-
1:gIdentifygthegbasicgprinciplesgofgeconomicsgandgexplainghowgtogthinkglikegangeconomist
AACSB:g Analyticalgthinking

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8) WhichgofgthegfollowinggstatementsgisgFALSE?
A) Economicggoodsgaregavailablegingdesiredgquantitiesgatgagzerogprice.
B) Aggoodgisganythinggthatggivesgsatisfactiongorghappinessgtogindividuals.
C) Servicesgaregintangibleggoodsgsuchgasgdrygcleaning,ghospitalgcare,gandgrestaurantgme
algpreparation.
D) Wantsgaregunlimitedgandgincludegallgmaterialgandgnonmaterialgdesires
.gAnswer:g A
Diff:g1
Topic:g 2.1gScarcity
LearninggOutcome:g Micro-
1:gIdentifygthegbasicgprinciplesgofgeconomicsgandgexplainghowgtogthinkglikegangeconomist
AACSB:g Analyticalgthinking

9) WhichgofgthegfollowinggstatementsgaboutgscarcitygisgTRUE?
A) Scarcityg occursgonlygamongglessgdevelopedgcountries.
B) Scarcitygexistsgingallgsocieties.
C) Scarcitygisgagproblemgonlygforggreedygpeople.
D) Scarcitygisgagproblemgonlygingcountriesgthatgdognotgusegmarketsgtogorganizegeconomicgactivit
y.gAnswer:g B
Diff:g1
Topic:g 2.1gScarcity
LearninggOutcome:g Micro-
1:gIdentifygthegbasicgprinciplesgofgeconomicsgandgexplainghowgtogthinkglikegangeconomist
AACSB:g Analyticalgthinking

10) Ing2020,gtornadoesgdamagedgpartsgofgthegU.S.gMidwest,gdestroyingghomes,gbusinesses,gs
chools,gandginfrastructure.gIngstrictlygeconomicgterminology,gthesegtornadoesgaregsaidgtoghave
gcaused
A) scarcity,gbecausegthegdamagesgmadegfoodgandgsheltergscarce.
B) scarcity,gbecausegsomeggoodsgweregdifficultgtogget.
C) shortages,gbecausegsuppliesgweregcutgoffgandggoodsgweregdestroyed.
D) trade-
offs,gbecausegsomegareasgofgthegcountrygweregdamagedgwhengothersgweregnot.gAnswe
r:g C
Diff:g2
Topic:g 2.1gScarcity
LearninggOutcome:g Micro-
1:gIdentifygthegbasicgprinciplesgofgeconomicsgandgexplainghowgtogthinkglikegangeconomist
AACSB:g Analyticalgthinking




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