DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
m m m m m m m m m m
PrinciplesmofmEconomics,m12em(Case/Fair/Oster)
Chapterm2m ThemEconomicmProblem:mScarcitymandmChoice
2.1 Scarcity,mChoice,mandmOpportunitymCost
1) Themprocessmbymwhichmresourcesmaremtransformedmintomusefulmformsmis
A) capitalization.
B) consumption.
C) production.
D) allocation.
Answer:mCm
m
Diff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Definition
LearningmOutcome:m Micro-1
2) Outputsminmthemproductionmprocessmare
A) pollution.
B) money.
C) goodsmandmservicesmofmvaluemtomhouseholds.
D) resources.
Answer:mCm
m
Diff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Definition
LearningmOutcome:m Micro-1
3) Whichmofmthemfollowingmismnotmamresourcemasmthemtermmismusedmbymeconomists?
A) land
B) labor
C) buildings
D) moneym
Answer:m
DmDiff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Conceptual
AACSB:mReflectivemThinkingm
LearningmOutcome:m Micro-1
1
Copyrightm©m2017mPearsonmEducation,mIn
c.
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
m m m m m m m m m m
4) Whichmofmthemfollowingmwouldmanmeconomistmclassifymasmcapital?
A) am$50mbill
B) amcorporatembond
C) ampostmofficememployee
D) amguitarmusedmbymammusicia
nmAnswer:m D
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Conceptual
AACSB:mReflectivemThinkingm
LearningmOutcome:m Micro-1
5) Capital,masmeconomistsmusemthemterm
A) ismthemmoneymthemfirmmspendsmtomhiremresources.
B) ismmoneymthemfirmmraisesmfrommsellingmstock.
C) refersmtomthemprocessmbymwhichmresourcesmaremtransformedmintomusefulmforms.
D) refersmtomthingsmthatmhavemalreadymbeenmproducedmthatmareminmturnmusedmtomproducemothermgo
odsmandmservices.
Answer:m D
Diff:m3
m
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Definition
LearningmOutcome:m Micro-1
6) Themconceptmofmopportunitymcostmismbasedmonmthemprinciplemof
A) need.
B) consumption.
C) scarcity.
D) profit.m
Answer:m
CmDiff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Conceptual
AACSB:mReflectivemThinkingm
LearningmOutcome:m Micro-20
7) Themconceptmofmtrade-offsmwouldmbecomemirrelevantmif
A) wemweremdealingmwithmamverymsimple,mone-personmeconomy.
B) povertymweremeliminated.
C) scarcitymweremeliminated.
D) capitalmweremeliminated
.mAnswer:m C
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Conceptual
AACSB:mReflectivemThinkingm
LearningmOutcome:m Micro-4
2
Copyrightm©m2017mPearsonmEducation,mIn
c.
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
m m m m m m m m m m
8) SupposemyoumaremdecidingmwhethermtomspendmyourmtaxmrebatemcheckmonmamnewmiPodmormam
newmdigitalmcamera.mYoumaremdealingmwithmthemconceptmof
A) equity.
B) comparativemadvantage.
C) opportunitymcosts.
D) themfallacymofmcomposition
.mAnswer:m C
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Conceptual
AACSB:mReflectivemThinkingm
LearningmOutcome:m Micro-20
9) Accordingmtomthemtheorymofmcomparativemadvantage,mspecializationmandmfreemtrademwillmbenefit
A) onlymthatmtradingmpartymthatmhasmbothmanmabsolutemadvantagemandmamcomparativemadvantage
minmthemproductionmofmallmgoods.
B) allmtradingmparties,mevenmwhenmsomemaremabsolutelymmoremefficientmproducersmthanmothers.
C) onlymthatmtradingmpartymthatmhasmanmabsolutemadvantageminmthemproductionmofmallmgoods.
D) onlymthatmtradingmpartymthatmhasmamcomparativemadvantageminmthemproductionmofmallmgoo
ds.mAnswer:mB
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Conceptual
AACSB:mReflectivemThinkingm
LearningmOutcome:m Micro-3
RefermtomtheminformationmprovidedminmTablem2.1mbelowmtomanswermthemfollowingmquestion(s).
Tablem2.1
Krystal Mark
WritingmPoems 8 12
WritingmTVmCommercials 2 4
10) RefermtomTablem2.1.mFormKrystal,mthemopportunitymcostmofmwritingmonemTVmcommercialmis
A) 1/4mofmampoem.
B) 2mpoems.
C) 4mpoems.
D) 6mpoems
.mAnswer:mC
mDiff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Analytical
AACSB:mAnalyticalmThinkingm
LearningmOutcome:m Micro-20
3
Copyrightm©m2017mPearsonmEducation,mIn
c.
mynursytest.store
, DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
m m m m m m m m m m
11) RefermtomTablem2.1.mFormMark,mthemopportunitymcostmofmwritingmonemTVmcommercialmis
A) 1/3mofmampoem.
B) 2mpoems.
C) 3mpoems.
D) 8mpoems
.mAnswer:mC
mDiff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Analytical
AACSB:mAnalyticalmThinkingm
LearningmOutcome:m Micro-20
12) RefermtomTablem2.1.mWhichmofmthemfollowingmstatementsmismtrue?
A) KrystalmhasmamcomparativemadvantageminmbothmwritingmTVmcommercialsmandmwritingmpoems.
B) MarkmhasmamcomparativemadvantageminmbothmwritingmTVmcommercialsmandmwritingmpoems.
C) KrystalmhasmamcomparativemadvantageminmwritingmTVmcommercials,mandmMarkmhasmamcomparati
vemadvantageminmwritingmpoems.
D) MarkmhasmamcomparativemadvantageminmwritingmTVmcommercials,mandmKrystalmhasmamcomparat
ivemadvantageminmwritingmpoems.
Answer:m D
Diff:m2
m
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Analytical
AACSB:mAnalyticalmThinkingm
LearningmOutcome:m Micro-20
13) RefermtomTablem2.1.mTommaximizemtotalmproduction
A) KrystalmshouldmspecializeminmwritingmTVmcommercials,mandmMarkmshouldmspecializeminmwriti
ngmpoems.
B) MarkmshouldmspecializeminmwritingmTVmcommercials,mandmKrystalmshouldmspecializeminmwriti
ngmpoems.
C) KrystalmandmMarkmshouldmbothmsplitmtheirmtimembetweenmwritingmpoemsmandmwritingm
TVmcommercials.
D) KrystalmshouldmwritempoemsmandmwritemTVmcommercials,mbutmMarkmshouldmonlymwritempoe
ms.mAnswer:mB
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Analytical
AACSB:mAnalyticalmThinkingm
LearningmOutcome:m Micro-20
4
Copyrightm©m2017mPearsonmEducation,mIn
c.
mynursytest.store
m m m m m m m m m m
PrinciplesmofmEconomics,m12em(Case/Fair/Oster)
Chapterm2m ThemEconomicmProblem:mScarcitymandmChoice
2.1 Scarcity,mChoice,mandmOpportunitymCost
1) Themprocessmbymwhichmresourcesmaremtransformedmintomusefulmformsmis
A) capitalization.
B) consumption.
C) production.
D) allocation.
Answer:mCm
m
Diff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Definition
LearningmOutcome:m Micro-1
2) Outputsminmthemproductionmprocessmare
A) pollution.
B) money.
C) goodsmandmservicesmofmvaluemtomhouseholds.
D) resources.
Answer:mCm
m
Diff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Definition
LearningmOutcome:m Micro-1
3) Whichmofmthemfollowingmismnotmamresourcemasmthemtermmismusedmbymeconomists?
A) land
B) labor
C) buildings
D) moneym
Answer:m
DmDiff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Conceptual
AACSB:mReflectivemThinkingm
LearningmOutcome:m Micro-1
1
Copyrightm©m2017mPearsonmEducation,mIn
c.
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
m m m m m m m m m m
4) Whichmofmthemfollowingmwouldmanmeconomistmclassifymasmcapital?
A) am$50mbill
B) amcorporatembond
C) ampostmofficememployee
D) amguitarmusedmbymammusicia
nmAnswer:m D
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Conceptual
AACSB:mReflectivemThinkingm
LearningmOutcome:m Micro-1
5) Capital,masmeconomistsmusemthemterm
A) ismthemmoneymthemfirmmspendsmtomhiremresources.
B) ismmoneymthemfirmmraisesmfrommsellingmstock.
C) refersmtomthemprocessmbymwhichmresourcesmaremtransformedmintomusefulmforms.
D) refersmtomthingsmthatmhavemalreadymbeenmproducedmthatmareminmturnmusedmtomproducemothermgo
odsmandmservices.
Answer:m D
Diff:m3
m
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Definition
LearningmOutcome:m Micro-1
6) Themconceptmofmopportunitymcostmismbasedmonmthemprinciplemof
A) need.
B) consumption.
C) scarcity.
D) profit.m
Answer:m
CmDiff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Conceptual
AACSB:mReflectivemThinkingm
LearningmOutcome:m Micro-20
7) Themconceptmofmtrade-offsmwouldmbecomemirrelevantmif
A) wemweremdealingmwithmamverymsimple,mone-personmeconomy.
B) povertymweremeliminated.
C) scarcitymweremeliminated.
D) capitalmweremeliminated
.mAnswer:m C
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Conceptual
AACSB:mReflectivemThinkingm
LearningmOutcome:m Micro-4
2
Copyrightm©m2017mPearsonmEducation,mIn
c.
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
m m m m m m m m m m
8) SupposemyoumaremdecidingmwhethermtomspendmyourmtaxmrebatemcheckmonmamnewmiPodmormam
newmdigitalmcamera.mYoumaremdealingmwithmthemconceptmof
A) equity.
B) comparativemadvantage.
C) opportunitymcosts.
D) themfallacymofmcomposition
.mAnswer:m C
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Conceptual
AACSB:mReflectivemThinkingm
LearningmOutcome:m Micro-20
9) Accordingmtomthemtheorymofmcomparativemadvantage,mspecializationmandmfreemtrademwillmbenefit
A) onlymthatmtradingmpartymthatmhasmbothmanmabsolutemadvantagemandmamcomparativemadvantage
minmthemproductionmofmallmgoods.
B) allmtradingmparties,mevenmwhenmsomemaremabsolutelymmoremefficientmproducersmthanmothers.
C) onlymthatmtradingmpartymthatmhasmanmabsolutemadvantageminmthemproductionmofmallmgoods.
D) onlymthatmtradingmpartymthatmhasmamcomparativemadvantageminmthemproductionmofmallmgoo
ds.mAnswer:mB
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Conceptual
AACSB:mReflectivemThinkingm
LearningmOutcome:m Micro-3
RefermtomtheminformationmprovidedminmTablem2.1mbelowmtomanswermthemfollowingmquestion(s).
Tablem2.1
Krystal Mark
WritingmPoems 8 12
WritingmTVmCommercials 2 4
10) RefermtomTablem2.1.mFormKrystal,mthemopportunitymcostmofmwritingmonemTVmcommercialmis
A) 1/4mofmampoem.
B) 2mpoems.
C) 4mpoems.
D) 6mpoems
.mAnswer:mC
mDiff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Analytical
AACSB:mAnalyticalmThinkingm
LearningmOutcome:m Micro-20
3
Copyrightm©m2017mPearsonmEducation,mIn
c.
mynursytest.store
, DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
m m m m m m m m m m
11) RefermtomTablem2.1.mFormMark,mthemopportunitymcostmofmwritingmonemTVmcommercialmis
A) 1/3mofmampoem.
B) 2mpoems.
C) 3mpoems.
D) 8mpoems
.mAnswer:mC
mDiff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Analytical
AACSB:mAnalyticalmThinkingm
LearningmOutcome:m Micro-20
12) RefermtomTablem2.1.mWhichmofmthemfollowingmstatementsmismtrue?
A) KrystalmhasmamcomparativemadvantageminmbothmwritingmTVmcommercialsmandmwritingmpoems.
B) MarkmhasmamcomparativemadvantageminmbothmwritingmTVmcommercialsmandmwritingmpoems.
C) KrystalmhasmamcomparativemadvantageminmwritingmTVmcommercials,mandmMarkmhasmamcomparati
vemadvantageminmwritingmpoems.
D) MarkmhasmamcomparativemadvantageminmwritingmTVmcommercials,mandmKrystalmhasmamcomparat
ivemadvantageminmwritingmpoems.
Answer:m D
Diff:m2
m
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Analytical
AACSB:mAnalyticalmThinkingm
LearningmOutcome:m Micro-20
13) RefermtomTablem2.1.mTommaximizemtotalmproduction
A) KrystalmshouldmspecializeminmwritingmTVmcommercials,mandmMarkmshouldmspecializeminmwriti
ngmpoems.
B) MarkmshouldmspecializeminmwritingmTVmcommercials,mandmKrystalmshouldmspecializeminmwriti
ngmpoems.
C) KrystalmandmMarkmshouldmbothmsplitmtheirmtimembetweenmwritingmpoemsmandmwritingm
TVmcommercials.
D) KrystalmshouldmwritempoemsmandmwritemTVmcommercials,mbutmMarkmshouldmonlymwritempoe
ms.mAnswer:mB
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCo
stmSkill:m Analytical
AACSB:mAnalyticalmThinkingm
LearningmOutcome:m Micro-20
4
Copyrightm©m2017mPearsonmEducation,mIn
c.
mynursytest.store
