Test Bank For Economics 10th Edition By Roger
Chapter 1—What Economics Is About
MULTIPLE CHOICE
- The author of the text defines economics as the
| a. | science of efficiency. |
| b. | science of scarcity. |
| c. | study of markets. |
| d. | study of human activity. |
ANS: B PTS: 1 DIF: Easy NAT: Analytic
LOC: The study of economics and definitions of economics
- When economists speak of scarcity, they are referring to the
| a. | condition in which society is not employing all its resources in an efficient way. |
| b. | condition in which people’s wants outstrip the limited resources available to satisfy those wants. |
| c. | economic condition that exists in only very poor countries of the world. |
| d. | condition in which society produces too many frivolous goods and not enough socially desirable goods. |
ANS: B PTS: 1 DIF: Moderate NAT: Analytic
LOC: Scarcity, tradeoffs, and opportunity cost
- Which of the following is not one of the four broad categories of resources?
| a. | labor |
| b. | government |
| c. | capital |
| d. | entrepreneurship |
| e. | land |
ANS: B PTS: 1 DIF: Moderate NAT: Analytic
LOC: The study of economics and definitions of economics
- Produced goods used as inputs for the production of other goods comprise the resource known as
| a. | natural resources. |
| b. | services. |
| c. | capital. |
| d. | entrepreneurship. |
ANS: C PTS: 1 DIF: Easy NAT: Analytic
LOC: The study of economics and definitions of economics
- Entrepreneurship is
| a. | the talent for organizing the use of land, labor and capital, among other things. |
| b. | skill in influencing government regulators and legislators. |
| c. | accumulated technical knowledge in using labor and capital. |
| d. | knowledge of the particular natural resources to be found in a given area. |
ANS: A PTS: 1 DIF: Easy NAT: Analytic
LOC: The study of economics and definitions of economics
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