Test Bank
Essential Foundations Of Economics
By Robin Bade Michael Parkin
9th Edition
,Table Contents:
Part 1: Introduction
1. Getting Started
2. The U.S. And Global Economies
3. The Economic Problem
4. Demand And Supply
Part 2: A Closer Look At Markets
5. Elasticities Of Demand And Supply
6. Efficiency Of Fairness And Markets
Part 3: How Governments Influence The Economy
7. Government Actions In Markets
8. Taxes
9. Global Markets In Action
Part 4: Market Failure And Public Policy
10. Externalities
11. Public Goods And Common Resources
12. Private Information And Healthcare Markets
Part 5: A Closer Look At Decision Makers
13. Consumer Choice And Demand
14. Production And Cost
,Part 6: Prices, Profits, And Industry Performance
15. Perfect Competition
16. Monopoly
17. Monopolistic Competition
18. Oligopoly
Part 7: Incomes And Inequality
19. Markets For Factors Of Production
, Chapter 1 Getting Started
1.1 Definition And Questions
1) Scarcity Exists Because
A) Human Wants Exceed The Resources Available To Satisfy Them.
B) Some Individuals Have Low Income.
C) The Costs Of Production Are High.
D) Some People Make Bad Economic Decisions.
E) People Take Too Much Leisure
Time. Answer: A
Topic: Scarcity
Skill: Level 1: Definition
Section: Checkpoint 1.1
Status: Old
Aacsb: Reflective Thinking
2) Scarcity
A) Is The Inability To Satisfy All Our Wants.
B) Leads To Higher Prices.
C) Applies Only To People Living In Poverty.
D) Is Not Something That Affects Very Rich People.
E) Used To Exist Everywhere But Has Been Eliminated In Advanced
Economies. Answer: A
Topic: Scarcity
Skill: Level 1: Definition
Section: Checkpoint 1.1
Status: Old
Aacsb: Reflective Thinking
3) Scarcity Requires That We
A) Produce Efficiently.
B) Learn To Limit Our Wants.
C) Have The Most Rapid Economic Growth Possible.
D) Have Unlimited Resources.
E) Make Choices About What Goods And Services To
Produce. Answer: E
Topic: Scarcity
Skill: Level 1: Definition
Section: Checkpoint 1.1
Status: Old
Aacsb: Reflective Thinking
Essential Foundations Of Economics
By Robin Bade Michael Parkin
9th Edition
,Table Contents:
Part 1: Introduction
1. Getting Started
2. The U.S. And Global Economies
3. The Economic Problem
4. Demand And Supply
Part 2: A Closer Look At Markets
5. Elasticities Of Demand And Supply
6. Efficiency Of Fairness And Markets
Part 3: How Governments Influence The Economy
7. Government Actions In Markets
8. Taxes
9. Global Markets In Action
Part 4: Market Failure And Public Policy
10. Externalities
11. Public Goods And Common Resources
12. Private Information And Healthcare Markets
Part 5: A Closer Look At Decision Makers
13. Consumer Choice And Demand
14. Production And Cost
,Part 6: Prices, Profits, And Industry Performance
15. Perfect Competition
16. Monopoly
17. Monopolistic Competition
18. Oligopoly
Part 7: Incomes And Inequality
19. Markets For Factors Of Production
, Chapter 1 Getting Started
1.1 Definition And Questions
1) Scarcity Exists Because
A) Human Wants Exceed The Resources Available To Satisfy Them.
B) Some Individuals Have Low Income.
C) The Costs Of Production Are High.
D) Some People Make Bad Economic Decisions.
E) People Take Too Much Leisure
Time. Answer: A
Topic: Scarcity
Skill: Level 1: Definition
Section: Checkpoint 1.1
Status: Old
Aacsb: Reflective Thinking
2) Scarcity
A) Is The Inability To Satisfy All Our Wants.
B) Leads To Higher Prices.
C) Applies Only To People Living In Poverty.
D) Is Not Something That Affects Very Rich People.
E) Used To Exist Everywhere But Has Been Eliminated In Advanced
Economies. Answer: A
Topic: Scarcity
Skill: Level 1: Definition
Section: Checkpoint 1.1
Status: Old
Aacsb: Reflective Thinking
3) Scarcity Requires That We
A) Produce Efficiently.
B) Learn To Limit Our Wants.
C) Have The Most Rapid Economic Growth Possible.
D) Have Unlimited Resources.
E) Make Choices About What Goods And Services To
Produce. Answer: E
Topic: Scarcity
Skill: Level 1: Definition
Section: Checkpoint 1.1
Status: Old
Aacsb: Reflective Thinking
