Issues in Economics Today (9th Edition, Robert Guell) – Test Bank

Test Bank for Issues in Economics Today, 9th
Edition Robert Guell




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,1) Economics is the study of


A) how much people should buy and the prices they should be willing to pay.
B) how much people should sell and the prices they should be willing to accept.
C) the allocation of the world's freely available resources and who should get them.
D) the allocation and use of scarce resources to satisfy unlimited human wants.



Question Details
Learning Objective : 01-01 Define the key terms of economics and opportunity cost and understand how
Topic : Economics and Opportunity Cost
Bloom's : Remember
AACSB : Analytical Thinking
Difficulty : 1 Easy
Accessibility : Keyboard Navigation
Gradable : automatic




2) The one word in the definition of economics that focuses on the fact that it is impossible
to provide all of the goods and services that everyone wants is


A) scarcity.
B) resources.
C) study.
D) allocation.



Question Details
Learning Objective : 01-01 Define the key terms of economics and opportunity cost and understand how
Topic : Economics and Opportunity Cost
AACSB : Analytical Thinking
Difficulty : 1 Easy
Bloom's : Understand
Accessibility : Keyboard Navigation
Gradable : automatic




3) The one word in the definition of economics that focuses on the fact that we have to
make choices about who gets what and how much is


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, A) scarcity.
B) resources.
C) study.
D) allocation.



Question Details
Learning Objective : 01-01 Define the key terms of economics and opportunity cost and understand how
Topic : Economics and Opportunity Cost
AACSB : Analytical Thinking
Difficulty : 1 Easy
Bloom's : Understand
Accessibility : Keyboard Navigation
Gradable : automatic




4) Economists focus on "unlimited human wants", rather than , to describe our
pursuit of goods and services.


A) needs
B) prices
C) output
D) physical requirements



Question Details
Learning Objective : 01-01 Define the key terms of economics and opportunity cost and understand how
Topic : Economics and Opportunity Cost
AACSB : Analytical Thinking
Difficulty : 1 Easy
Bloom's : Understand
Accessibility : Keyboard Navigation
Gradable : automatic




5) Scarcity implies that the allocation scheme chosen by society can




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, A) not make more of any one good.
B) typically make more of a good but at the expense of making less of another.
C) always make more of all goods, simultaneously.



Question Details
Learning Objective : 01-01 Define the key terms of economics and opportunity cost and understand how
Topic : Economics and Opportunity Cost
AACSB : Analytical Thinking
Difficulty : 1 Easy
Bloom's : Understand
Accessibility : Keyboard Navigation
Gradable : automatic




6) Production possibilities frontier models


A) the choices we make in setting prices.
B) the choices we make in setting output alternatives.
C) the choices we make in setting wages.
D) the choices we make in setting incomes.



Question Details
Learning Objective : 01-01 Define the key terms of economics and opportunity cost and understand how
Topic : Economics and Opportunity Cost
Bloom's : Remember
AACSB : Analytical Thinking
Difficulty : 1 Easy
Accessibility : Keyboard Navigation
Gradable : automatic




7) A production possibilities frontier is a simple model of




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