Test Bank For Economics 10th Edition By Roger

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Edition: 10th Edition

Format: Downloadable ZIP Fille

Resource Type: test bank

Duration: Unlimited downloads

Delivery: Instant Download

Test Bank For Economics 10th Edition By Roger

Chapter 1—What Economics Is About

MULTIPLE CHOICE

  1. 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

 

  1. 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

 

  1. 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

 

  1. 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

 

  1. 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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