DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
m m m m m m m m m
EconomicsmToday,m19em(Miller)
Chapterm2m ScarcitymandmthemWorldmofmTrade-Offs
2.1 Scarcity
1) Scarcitymarisesmbecause
A) resourcesmaremlimitedmandmareminadequatemtommeetmallmhumanmwants.
B) shortagesmoccurminmsomemmarkets.
C) naturalmresourcesmaremabundant.
D) somempeoplemdomnotmbehaveminmamrationalmmanne
r.mAnswer:m A
Diff:m2
Topic:m 2.1mScarcity
LearningmOutcome:mMicro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
2) Scarcitymrefersmto
A) amshortageminmamgoodmormservice.
B) themabilitymofmsocietymtomconsumemallmthatmitmproduces.
C) theminabilitymofmsocietymtomsatisfymallmhumanmwantsmbecausemofmlimitedmresources.
D) theminabilitymofmanmindividualmtompurchasemamgoodmormservicemduemtomhermlimitedminco
me.mAnswer:m C
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:mMicro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
3) WhichmofmthemfollowingmstatementsmismTRUEmaboutmscarcity?
A) Bothmrichmandmpoormpeoplemfacemthemproblemmofmscarcity.
B) Scarcitymexistsmonlymwhenmsupplymisminsufficientmtommeetmdemand.
C) Scarcitymexistsmonlymwhenmamshortagemexists.
D) Scarcitymcanmbemeliminatedmwhenmamcountrymbecomesmriche
r.mAnswer:m A
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
1
Copyrightm©m2018mPearsonmEducation,mIn
c.
mynursytest.store
,DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
m m m m m m m m m
4) Themproblemmofmeconomicmscarcitymapplies
A) onlyminmcountriesmwithmnommarketsmtommeetmpeople'smwants.
B) onlyminmunderdevelopedmcountries,mbecausemtheremaremnomproductivemresourcesminmthesemnations.
C) onlymtomnationsmwithmfewmresources.
D) tomthemeconomiesmofmallmnations,mregardlessmofmtheirmlevelsmofmdevelopme
nt.mAnswer:m D
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
5) Inmeverymeconomicmsystem,mchoicesmmustmbemmadembecausemresources
A) aremunlimited,mbutmhumanmdesiresmandmwantsmaremlimited.
B) aremlimited,mbutmhumanmdesiresmandmwantsmaremunlimited.
C) aremunlimited,mandmsomaremhumanmdesiresmandmwants.
D) aremlimited,mandmsomaremhumanmdesiresmandmwant
s.mAnswer:mB
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
6) Inmthemproductionmofmgoodsmandmservices,mtrade-offsmexistmbecause
A) notmallmproductionmismefficient.
B) societymhasmonlymamlimitedmamountmofmproductivemresources.
C) wemhavemabundantmresourcesmtomchoosemfrom.
D) humanmwantsmandmneedsmaremlimitedmatmamparticularmpointminmti
me.mAnswer:mB
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:mMicro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
7) WhichmofmthemfollowingmstatementsmaboutmeconomicmscarcitymismFALSE?
A) Scarcitymoccursmamongmthempoormandmthemrich.
B) Scarcitymonlymoccursmifmtheremaremshortagesmandmpeoplemwaitminmlinemtombuymthings.
C) Scarcitymresultsmfrommnotmhavingmenoughmresourcesmtomproducemallmthemthingsmwemwant.
D) Scarcitymresultsminmthemnecessitymtommakemchoice
s.mAnswer:mB
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:mMicro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
2
Copyrightm©m2018mPearsonmEducation,mIn
c.
mynursytest.store
,DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
m m m m m m m m m
8) WhichmofmthemfollowingmstatementsmismFALSE?
A) Economicmgoodsmaremavailableminmdesiredmquantitiesmatmamzeromprice.
B) Amgoodmismanythingmthatmgivesmsatisfactionmormhappinessmtomindividuals.
C) Servicesmaremintangiblemgoodsmsuchmasmdrymcleaning,mhospitalmcare,mandmrestaurantmm
ealmpreparation.
D) Wantsmaremunlimitedmandmincludemallmmaterialmandmnonmaterialmdesire
s.mAnswer:m A
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
9) WhichmofmthemfollowingmstatementsmaboutmscarcitymismTRUE?
A) Scarcitymismnomlongermamproblemmformindustrializedmcountries.
B) Scarcitymexistsminmallmsocieties.
C) Scarcitymismamproblemmonlymformgreedympeople.
D) Scarcitymismamproblemmonlyminmcountriesmthatmdomnotmusemmarketsmtomorganizemeconomicmactivi
ty.mAnswer:mB
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
10) Inm2016,mtornadoesmdamagedmmanympartsmofmthemU.S.mMidwest,mdestroyingmhomes,mbusiness
es,mschools,mandminfrastructure.mInmstrictlymeconomicmterminology,mthesemtornadoesmaremsaidmtomh
avemcaused
A) scarcity,mbecausemthemdamagesmmademfoodmandmsheltermscarce.
B) scarcity,mbecausemsomemgoodsmweremdifficultmtomget.
C) shortages,mbecausemsuppliesmweremcutmoffmandmgoodsmweremdestroyed.
D) tradeoffs,mbecausemsomemareasmofmthemcountrymweremdamagedmwhenmothersmweremn
ot.mAnswer:m C
Diff:m2
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
3
Copyrightm©m2018mPearsonmEducation,mIn
c.
mynursytest.store
, DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
m m m m m m m m m
11) Scarcitymimpliesmthatmpeoplemmust
A) bemirrational.
B) bemselfish.
C) makemchoices.
D) notmbemselfish
.
Answer:m C
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
12) Scarcity
A) doesmnotmexistminmthemUnitedmStates.
B) appliesmonlymtomdevelopingmcountries.
C) canmbemeliminatedmwithmmoremefficientmproductionmmethods.
D) ismnotmamshortage
.mAnswer:m D
Diff:m2
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
13) Themdifferencembetweenmscarcitymandmamshortagemismthat
A) scarcitymismcausedmbympovertymandmshortagesmaremcausedmbymnaturalmdisasters.
B) shortagesmaremamtypemofmscarcitymcausedmbymnaturalmdisastersmwhilemscarcitymismcausedmbymhu
manmerrors.
C) scarcitymalwaysmismampartmofmhumanmlifemwhilemshortagesmusuallymaremtemporary.
D) shortagesmaremalwaysmpartmofmhumanmlifemwhilemscarcitymismusuallymtempora
ry.mAnswer:m C
Diff:m3
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
4
Copyrightm©m2018mPearsonmEducation,mIn
c.
mynursytest.store
m m m m m m m m m
EconomicsmToday,m19em(Miller)
Chapterm2m ScarcitymandmthemWorldmofmTrade-Offs
2.1 Scarcity
1) Scarcitymarisesmbecause
A) resourcesmaremlimitedmandmareminadequatemtommeetmallmhumanmwants.
B) shortagesmoccurminmsomemmarkets.
C) naturalmresourcesmaremabundant.
D) somempeoplemdomnotmbehaveminmamrationalmmanne
r.mAnswer:m A
Diff:m2
Topic:m 2.1mScarcity
LearningmOutcome:mMicro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
2) Scarcitymrefersmto
A) amshortageminmamgoodmormservice.
B) themabilitymofmsocietymtomconsumemallmthatmitmproduces.
C) theminabilitymofmsocietymtomsatisfymallmhumanmwantsmbecausemofmlimitedmresources.
D) theminabilitymofmanmindividualmtompurchasemamgoodmormservicemduemtomhermlimitedminco
me.mAnswer:m C
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:mMicro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
3) WhichmofmthemfollowingmstatementsmismTRUEmaboutmscarcity?
A) Bothmrichmandmpoormpeoplemfacemthemproblemmofmscarcity.
B) Scarcitymexistsmonlymwhenmsupplymisminsufficientmtommeetmdemand.
C) Scarcitymexistsmonlymwhenmamshortagemexists.
D) Scarcitymcanmbemeliminatedmwhenmamcountrymbecomesmriche
r.mAnswer:m A
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
1
Copyrightm©m2018mPearsonmEducation,mIn
c.
mynursytest.store
,DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
m m m m m m m m m
4) Themproblemmofmeconomicmscarcitymapplies
A) onlyminmcountriesmwithmnommarketsmtommeetmpeople'smwants.
B) onlyminmunderdevelopedmcountries,mbecausemtheremaremnomproductivemresourcesminmthesemnations.
C) onlymtomnationsmwithmfewmresources.
D) tomthemeconomiesmofmallmnations,mregardlessmofmtheirmlevelsmofmdevelopme
nt.mAnswer:m D
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
5) Inmeverymeconomicmsystem,mchoicesmmustmbemmadembecausemresources
A) aremunlimited,mbutmhumanmdesiresmandmwantsmaremlimited.
B) aremlimited,mbutmhumanmdesiresmandmwantsmaremunlimited.
C) aremunlimited,mandmsomaremhumanmdesiresmandmwants.
D) aremlimited,mandmsomaremhumanmdesiresmandmwant
s.mAnswer:mB
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
6) Inmthemproductionmofmgoodsmandmservices,mtrade-offsmexistmbecause
A) notmallmproductionmismefficient.
B) societymhasmonlymamlimitedmamountmofmproductivemresources.
C) wemhavemabundantmresourcesmtomchoosemfrom.
D) humanmwantsmandmneedsmaremlimitedmatmamparticularmpointminmti
me.mAnswer:mB
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:mMicro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
7) WhichmofmthemfollowingmstatementsmaboutmeconomicmscarcitymismFALSE?
A) Scarcitymoccursmamongmthempoormandmthemrich.
B) Scarcitymonlymoccursmifmtheremaremshortagesmandmpeoplemwaitminmlinemtombuymthings.
C) Scarcitymresultsmfrommnotmhavingmenoughmresourcesmtomproducemallmthemthingsmwemwant.
D) Scarcitymresultsminmthemnecessitymtommakemchoice
s.mAnswer:mB
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:mMicro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
2
Copyrightm©m2018mPearsonmEducation,mIn
c.
mynursytest.store
,DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
m m m m m m m m m
8) WhichmofmthemfollowingmstatementsmismFALSE?
A) Economicmgoodsmaremavailableminmdesiredmquantitiesmatmamzeromprice.
B) Amgoodmismanythingmthatmgivesmsatisfactionmormhappinessmtomindividuals.
C) Servicesmaremintangiblemgoodsmsuchmasmdrymcleaning,mhospitalmcare,mandmrestaurantmm
ealmpreparation.
D) Wantsmaremunlimitedmandmincludemallmmaterialmandmnonmaterialmdesire
s.mAnswer:m A
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
9) WhichmofmthemfollowingmstatementsmaboutmscarcitymismTRUE?
A) Scarcitymismnomlongermamproblemmformindustrializedmcountries.
B) Scarcitymexistsminmallmsocieties.
C) Scarcitymismamproblemmonlymformgreedympeople.
D) Scarcitymismamproblemmonlyminmcountriesmthatmdomnotmusemmarketsmtomorganizemeconomicmactivi
ty.mAnswer:mB
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
10) Inm2016,mtornadoesmdamagedmmanympartsmofmthemU.S.mMidwest,mdestroyingmhomes,mbusiness
es,mschools,mandminfrastructure.mInmstrictlymeconomicmterminology,mthesemtornadoesmaremsaidmtomh
avemcaused
A) scarcity,mbecausemthemdamagesmmademfoodmandmsheltermscarce.
B) scarcity,mbecausemsomemgoodsmweremdifficultmtomget.
C) shortages,mbecausemsuppliesmweremcutmoffmandmgoodsmweremdestroyed.
D) tradeoffs,mbecausemsomemareasmofmthemcountrymweremdamagedmwhenmothersmweremn
ot.mAnswer:m C
Diff:m2
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
3
Copyrightm©m2018mPearsonmEducation,mIn
c.
mynursytest.store
, DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
m m m m m m m m m
11) Scarcitymimpliesmthatmpeoplemmust
A) bemirrational.
B) bemselfish.
C) makemchoices.
D) notmbemselfish
.
Answer:m C
Diff:m1
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
12) Scarcity
A) doesmnotmexistminmthemUnitedmStates.
B) appliesmonlymtomdevelopingmcountries.
C) canmbemeliminatedmwithmmoremefficientmproductionmmethods.
D) ismnotmamshortage
.mAnswer:m D
Diff:m2
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
13) Themdifferencembetweenmscarcitymandmamshortagemismthat
A) scarcitymismcausedmbympovertymandmshortagesmaremcausedmbymnaturalmdisasters.
B) shortagesmaremamtypemofmscarcitymcausedmbymnaturalmdisastersmwhilemscarcitymismcausedmbymhu
manmerrors.
C) scarcitymalwaysmismampartmofmhumanmlifemwhilemshortagesmusuallymaremtemporary.
D) shortagesmaremalwaysmpartmofmhumanmlifemwhilemscarcitymismusuallymtempora
ry.mAnswer:m C
Diff:m3
Topic:m 2.1mScarcity
LearningmOutcome:m Micro-
1:mIdentifymthembasicmprinciplesmofmeconomicsmandmexplainmhowmtomthinkmlikemanmeconomist
AACSB:m Analyticalmthinking
4
Copyrightm©m2018mPearsonmEducation,mIn
c.
mynursytest.store
