Test bank for economics today 19th edition miller full chapterr

,DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
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EconomicsnToday,n19en(Miller)
Chaptern2n ScarcitynandnthenWorldnofnTrade-Offs

2.1 Scarcity

1) Scarcitynarisesnbecause
A) resourcesnarenlimitednandnareninadequatentonmeetnallnhumannwants.
B) shortagesnoccurninnsomenmarkets.
C) naturalnresourcesnarenabundant.
D) somenpeoplendonnotnbehaveninnanrationalnmanner.n
Answer:n A
Diff:n2
Topic:n 2.1nScarcity
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

2) Scarcitynrefersnto
A) anshortageninnangoodnornservice.
B) thenabilitynofnsocietyntonconsumenallnthatnitnproduces.
C) theninabilitynofnsocietyntonsatisfynallnhumannwantsnbecausenofnlimitednresources.
D) theninabilitynofnannindividualntonpurchasenangoodnornservicenduentonhernlimitednincome.n
Answer:n C
Diff:n1
Topic:n 2.1nScarcity
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

3) WhichnofnthenfollowingnstatementsnisnTRUEnaboutnscarcity?
A) Bothnrichnandnpoornpeoplenfacenthenproblemnofnscarcity.
B) Scarcitynexistsnonlynwhennsupplynisninsufficientntonmeetndemand.
C) Scarcitynexistsnonlynwhennanshortagenexists.
D) Scarcityncannbeneliminatednwhennancountrynbecomesnricher.n
Answer:n A
Diff:n1
Topic:n 2.1nScarcity
LearningnOutcome:n Micro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking




1
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,DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
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4) Thenproblemnofneconomicnscarcitynapplies
A) onlyninncountriesnwithnnonmarketsntonmeetnpeople'snwants.
B) onlyninnunderdevelopedncountries,nbecausentherenarennonproductivenresourcesninnthesennations.
C) onlyntonnationsnwithnfewnresources.
D) tontheneconomiesnofnallnnations,nregardlessnofntheirnlevelsnofndevelopment.n
Answer:n D
Diff:n1
Topic:n 2.1nScarcity
LearningnOutcome:n Micro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

5) Inneveryneconomicnsystem,nchoicesnmustnbenmadenbecausenresources
A) arenunlimited,nbutnhumanndesiresnandnwantsnarenlimited.
B) arenlimited,nbutnhumanndesiresnandnwantsnarenunlimited.
C) arenunlimited,nandnsonarenhumanndesiresnandnwants.
D) arenlimited,nandnsonarenhumanndesiresnandnwants.n
Answer:nB
Diff:n1
Topic:n 2.1nScarcity
LearningnOutcome:n Micro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

6) Innthenproductionnofngoodsnandnservices,ntrade-offsnexistnbecause
A) notnallnproductionnisnefficient.
B) societynhasnonlynanlimitednamountnofnproductivenresources.
C) wenhavenabundantnresourcesntonchoosenfrom.
D) humannwantsnandnneedsnarenlimitednatnanparticularnpointninntime.n
Answer:nB
Diff:n1
Topic:n 2.1nScarcity
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

7) WhichnofnthenfollowingnstatementsnaboutneconomicnscarcitynisnFALSE?
A) Scarcitynoccursnamongnthenpoornandnthenrich.
B) Scarcitynonlynoccursnifntherenarenshortagesnandnpeoplenwaitninnlinentonbuynthings.
C) Scarcitynresultsnfromnnotnhavingnenoughnresourcesntonproducenallnthenthingsnwenwant.
D) Scarcitynresultsninnthennecessityntonmakenchoices.n
Answer:nB
Diff:n1
Topic:n 2.1nScarcity
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking
2
Copyrightn©n2018nPearsonnEducation,nInc.
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, DOWNLOAD THE Test Bank for Economics Today 19th Edition Miller
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8) WhichnofnthenfollowingnstatementsnisnFALSE?
A) Economicngoodsnarenavailableninndesirednquantitiesnatnanzeronprice.
B) Angoodnisnanythingnthatngivesnsatisfactionnornhappinessntonindividuals.
C) Servicesnarenintangiblengoodsnsuchnasndryncleaning,nhospitalncare,nandnrestaurantnmealnp
reparation.
D) Wantsnarenunlimitednandnincludenallnmaterialnandnnonmaterialndesires.n
Answer:n A
Diff:n1
Topic:n 2.1nScarcity
LearningnOutcome:n Micro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

9) WhichnofnthenfollowingnstatementsnaboutnscarcitynisnTRUE?
A) Scarcitynisnnonlongernanproblemnfornindustrializedncountries.
B) Scarcitynexistsninnallnsocieties.
C) Scarcitynisnanproblemnonlynforngreedynpeople.
D) Scarcitynisnanproblemnonlyninncountriesnthatndonnotnusenmarketsntonorganizeneconomicnactivity.n
Answer:nB
Diff:n1
Topic:n 2.1nScarcity
LearningnOutcome:n Micro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

10) Inn2016,ntornadoesndamagednmanynpartsnofnthenU.S.nMidwest,ndestroyingnhomes,nbusinesses,ns
chools,nandninfrastructure.nInnstrictlyneconomicnterminology,nthesentornadoesnarensaidntonhavencau
sed
A) scarcity,nbecausenthendamagesnmadenfoodnandnshelternscarce.
B) scarcity,nbecausensomengoodsnwerendifficultntonget.
C) shortages,nbecausensuppliesnwerencutnoffnandngoodsnwerendestroyed.
D) tradeoffs,nbecausensomenareasnofnthencountrynwerendamagednwhennothersnwerennot.n
Answer:n C
Diff:n2
Topic:n 2.1nScarcity
LearningnOutcome:n Micro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking




3
Copyrightn©n2018nPearsonnEducation,nInc.
mynursytest.store