test_bank_for_essentials_of_economics_11th_edition_schiller

,DOWNLOAD THE Test Bank for Essentials of Economics 11th Edition Schille

Essentials of Economics 11th Edition by Schiller CH01
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Economics is the study of how to allocate scarce resources among competing uses.
1) ______

⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Bloom's : Remember
Difficulty : 1 Easy



2) When an economic choice is made, it is possible to avoid opportunity costs.
2) ______

⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Understand
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy
Learning Objective : 01-02 Define "opportunity cost."



3) The quantity of capital in an economy is unlimited since more can always be produced.
3) ______

⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Understand
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy


Version 1 1
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,DOWNLOAD THE Test Bank for Essentials of Economics 11th Edition Schille

Essentials of Economics 11th Edition by Schiller CH01


4) Scarcity is not an issue in countries such as the United States since people live in nice
homes and have plenty to eat.
4) ______

⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Understand
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy



5) Every economy faces the situation of scarcity of resources.
5) ______

⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Understand
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy



6) The United States is a prosperous nation because its resources are sufficient to meet the
desires of its citizens.
6) ______

⊚ true
⊚ false




Version 1 2
mynursytest.store

, DOWNLOAD THE Test Bank for Essentials of Economics 11th Edition Schille

Essentials of Economics 11th Edition by Schiller CH01

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Understand
Difficulty : 2 Medium
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity



7) All economies must decide what to produce, how to produce it, and who gets the output.
7) ______

⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 01-03 Recite society's three core economic questions.
Topic : Three Basic Economic Questions



8) The factors of production include the land, labor, and money used to produce goods and
services.
8) ______

⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 1 Easy
Learning Objective : 01-03 Recite society's three core economic questions.
Topic : Three Basic Economic Questions



9) Capital includes the machinery and buildings used to produce goods and services.
9) ______




Version 1 3
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