Chapter 01 Testbank
m m
Student:m
1. Economicsmismbestmdefinedmasmthemstudymof
A. pricesmandmquantities.
B. inflationmandminterestmrates.
C.
howmpeoplemmakemchoicesmundermthemconditionsmofmscarcity
.
D. wagesmandmincomes.
2. Economicmquestionsmalwaysmdealmwith
A. financialmmatters.
B. politicalmmatters.
C. insufficientmresources.
D.
choicesminmthemfacemofmlimitedmresources
.
,3. Themrangemofmtopicsmormissuesmthatmfitmwithinmthemdefinitionmofmeconomicsm
is
A. limitedmtommarketmactivities,me.g.,mbuyingmsoap.
B. limitedmtomindividualsmandmfirms.
C. extremelymwide,mrequiringmonlymthemideasmofmchoicemandmscarcity.
D. verymlimited.
4. Themcentralmconcernmofmeconomicsmi
s
A. poverty.
B. scarcity.
C. wealthmaccumulation.
D. overconsumption.
5. Themscarcitymprinciplemindicatesmthat
A. nommattermhowmmuchmonemhas,mitmismnevermenough.
B. comparedmtom100myearsmago,mindividualsmhavemlessmtimemtoday.
C. withmlimitedmresources,mhavingmmoremofm"this"mmeansmhavingmlessmofm"that
."
D. becausemtradeoffsmmustmbemmade,mresourcesmaremthereforemscarce.
,6. Themlogicalmimplicationmofmthemscarcitymprinciplemismthat
A. onemwillmnevermbemsatisfiedmwithmwhatmonemhas.
B. asmwealthmincreases,mmakingmtradeoffsmbecomesmlessmnecessary.
C. asmwealthmdecreases,mmakingmtradeoffsmbecomesmlessmnecessary
.
D. choicesmmustmbemmade.
7. Ifmallmthemworld'smresourcesmweremtommagicallymincreasem100mfold,mthe
n
A. themscarcitymprinciplemwouldmstillmgovernmbehavior.
B. economicsmwouldmnomlongermbemrelevant.
C. themscarcitymprinciplemwouldmdisappear.
D. tradeoffsmwouldmbecomemunnecessary.
8. Themprinciplemofmscarcitymappliesmto
A. thempoormexclusively.
B. allmconsumers.
C. allmfirms.
D. everyone;mconsumers,mfirms,mgovernments,mandmnations.
, 9. Atmthemverymleast,mpoormandmwealthymindividualsmaremidenticallymlimitedmb
y
A. theirmwealth.
B. them24mhoursmthatmcomprisemamday.
C. theirmknowledge.
D. theirminfluence.
10. Forestmismammountainmmanmlivingminmcompletemisolation.mHemismcompletelymself-
sufficientmthroughmhunting,mfishing,mandmfarming.mHemhasmnotmbeenminmthemcitymtombuymanythingmin
fivemyears.mOnemcanminfer
m
A. themscarcitymprinciplemdoesmnotmapplymtomForest.
B. Forestmismnotmrequiredmtommakemchoices.
C. themscarcitymprinciplemstillmappliesmbecausemmoremhuntingmmeansmlessmfishingmandmfarming.
D. Forestmismverymsatisfied.
11. Themscarcitymprinciplemappliesmto
A. allmdecisions.
B. onlymmarketmdecisions,me.g.,mbuyingmamcar.
C. onlymnon-
marketmdecisions,me.g.,mwatchingmamsunset.
D. onlymthempoor.
m m
Student:m
1. Economicsmismbestmdefinedmasmthemstudymof
A. pricesmandmquantities.
B. inflationmandminterestmrates.
C.
howmpeoplemmakemchoicesmundermthemconditionsmofmscarcity
.
D. wagesmandmincomes.
2. Economicmquestionsmalwaysmdealmwith
A. financialmmatters.
B. politicalmmatters.
C. insufficientmresources.
D.
choicesminmthemfacemofmlimitedmresources
.
,3. Themrangemofmtopicsmormissuesmthatmfitmwithinmthemdefinitionmofmeconomicsm
is
A. limitedmtommarketmactivities,me.g.,mbuyingmsoap.
B. limitedmtomindividualsmandmfirms.
C. extremelymwide,mrequiringmonlymthemideasmofmchoicemandmscarcity.
D. verymlimited.
4. Themcentralmconcernmofmeconomicsmi
s
A. poverty.
B. scarcity.
C. wealthmaccumulation.
D. overconsumption.
5. Themscarcitymprinciplemindicatesmthat
A. nommattermhowmmuchmonemhas,mitmismnevermenough.
B. comparedmtom100myearsmago,mindividualsmhavemlessmtimemtoday.
C. withmlimitedmresources,mhavingmmoremofm"this"mmeansmhavingmlessmofm"that
."
D. becausemtradeoffsmmustmbemmade,mresourcesmaremthereforemscarce.
,6. Themlogicalmimplicationmofmthemscarcitymprinciplemismthat
A. onemwillmnevermbemsatisfiedmwithmwhatmonemhas.
B. asmwealthmincreases,mmakingmtradeoffsmbecomesmlessmnecessary.
C. asmwealthmdecreases,mmakingmtradeoffsmbecomesmlessmnecessary
.
D. choicesmmustmbemmade.
7. Ifmallmthemworld'smresourcesmweremtommagicallymincreasem100mfold,mthe
n
A. themscarcitymprinciplemwouldmstillmgovernmbehavior.
B. economicsmwouldmnomlongermbemrelevant.
C. themscarcitymprinciplemwouldmdisappear.
D. tradeoffsmwouldmbecomemunnecessary.
8. Themprinciplemofmscarcitymappliesmto
A. thempoormexclusively.
B. allmconsumers.
C. allmfirms.
D. everyone;mconsumers,mfirms,mgovernments,mandmnations.
, 9. Atmthemverymleast,mpoormandmwealthymindividualsmaremidenticallymlimitedmb
y
A. theirmwealth.
B. them24mhoursmthatmcomprisemamday.
C. theirmknowledge.
D. theirminfluence.
10. Forestmismammountainmmanmlivingminmcompletemisolation.mHemismcompletelymself-
sufficientmthroughmhunting,mfishing,mandmfarming.mHemhasmnotmbeenminmthemcitymtombuymanythingmin
fivemyears.mOnemcanminfer
m
A. themscarcitymprinciplemdoesmnotmapplymtomForest.
B. Forestmismnotmrequiredmtommakemchoices.
C. themscarcitymprinciplemstillmappliesmbecausemmoremhuntingmmeansmlessmfishingmandmfarming.
D. Forestmismverymsatisfied.
11. Themscarcitymprinciplemappliesmto
A. allmdecisions.
B. onlymmarketmdecisions,me.g.,mbuyingmamcar.
C. onlymnon-
marketmdecisions,me.g.,mwatchingmamsunset.
D. onlymthempoor.
