S
C
O
D
SE
R
U
N
, S
C
O
D
SE
R
U
N
, S
C
O
D
SE
R
U
N
, Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
DOWNLOAD THE Test Bank for Economics Today 18th Edition Roger LeRoy
Miller
..
3
Copyright © 2016 Pearson Education, Inc.
8) Which of the following statements is FALSE?
N
A) Economic goods are available in desired quantities at a zero price.
B) A good is anything that gives satisfaction or happiness to individuals.
C) Services are intangible goods such as dry cleaning, hospital care, and restaurant meal
U
preparation.
D) Wants are unlimited and include all material and nonmaterial desires.
Answer: A
R
Diff: 1
Topic: 2.1 Scarcity
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
SE
think like an economist
AACSB: Analytical thinking
9) Which of the following statements about scarcity is TRUE?
A) Scarcity is no longer a problem for industrialized countries.
B) Scarcity exists in all societies.
C) Scarcity is a problem only for greedy people.
D
D) Scarcity is a problem only in countries that do not use markets to organize economic
activity.
Answer: B
O
Diff: 1
Topic: 2.1 Scarcity
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
C
AACSB: Analytical thinking
10) In 2006, hurricanes damaged many parts of Texas, destroying homes, businesses,
S
schools,
and infrastructure. In strictly economic terminology, these hurricanes are said to have
caused
A) scarcity, because the damages made food and shelter scarce.
B) scarcity, because some goods were difficult to get.
C) shortages, because supplies were cut off and goods were destroyed.
D) tradeoffs, because some areas of the country were damaged when others were not.
Answer: C
C
O
D
SE
R
U
N
, S
C
O
D
SE
R
U
N
, S
C
O
D
SE
R
U
N
, Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
DOWNLOAD THE Test Bank for Economics Today 18th Edition Roger LeRoy
Miller
..
3
Copyright © 2016 Pearson Education, Inc.
8) Which of the following statements is FALSE?
N
A) Economic goods are available in desired quantities at a zero price.
B) A good is anything that gives satisfaction or happiness to individuals.
C) Services are intangible goods such as dry cleaning, hospital care, and restaurant meal
U
preparation.
D) Wants are unlimited and include all material and nonmaterial desires.
Answer: A
R
Diff: 1
Topic: 2.1 Scarcity
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
SE
think like an economist
AACSB: Analytical thinking
9) Which of the following statements about scarcity is TRUE?
A) Scarcity is no longer a problem for industrialized countries.
B) Scarcity exists in all societies.
C) Scarcity is a problem only for greedy people.
D
D) Scarcity is a problem only in countries that do not use markets to organize economic
activity.
Answer: B
O
Diff: 1
Topic: 2.1 Scarcity
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
C
AACSB: Analytical thinking
10) In 2006, hurricanes damaged many parts of Texas, destroying homes, businesses,
S
schools,
and infrastructure. In strictly economic terminology, these hurricanes are said to have
caused
A) scarcity, because the damages made food and shelter scarce.
B) scarcity, because some goods were difficult to get.
C) shortages, because supplies were cut off and goods were destroyed.
D) tradeoffs, because some areas of the country were damaged when others were not.
Answer: C
