Test Bank For Economics A Contemporary Introduction 11th Edition By William A. McEachern

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Edition: 11th Edition

Format: Downloadable ZIP Fille

Resource Type: test bank

Duration: Unlimited downloads

Delivery: Instant Download

Category: Economics test bank

ISBN-13:	9781305505537 (978-1-305-50553-7)
ISBN-10:	1305505530 (1-305-50553-0)

1. The fact that people have unlimited wants means that:

	a.	they always want more of at least one good.
	b.	each person has an unlimited desire for every good.
	c.	labor unions demand wage increases.
	d.	selfish people are not concerned about others.
	e.	people buy goods without regard to what they can afford.

ANSWER:

FEEDBACK:

	a.	Correct. Our wants are unlimited because we always want more of a good thing. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
	b.	Incorrect. Our wants are unlimited because we always want more of a good thing. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
	c.	Incorrect. Our wants are unlimited because we always want more of a good thing. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
	d.	Incorrect. Our wants are unlimited because we always want more of a good thing. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
	e.	Incorrect. Our wants are unlimited because we always want more of a good thing. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants

POINTS:

DIFFICULTY:

Easy

LEARNING OBJECTIVES:

MACR.MCEACH.17.01.01 – Explain the economic problem of scarce resources and unlimited wants

NATIONAL STANDARDS:

United States – BUSPROG: Analytic – Communication Abilities

TOPICS:

The Economic Problem: Scarce Resources, Unlimited Wants

KEYWORDS:

Bloom’s: Understand

2. The problem of scarce resources:

	a.	means that there are not enough jobs in some cities.
	b.	could be solved if the unemployment rate fell.
	c.	is that there are not enough resources to satisfy people’s unlimited wants.
	d.	is that resources are used inefficiently.
	e.	can be solved by lowering taxes.

ANSWER:

FEEDBACK:

	a.	Incorrect. A resource is scarce when it is not freely available. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
	b.	Incorrect. A resource is scarce when it is not freely available. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
	c.	Correct. A resource is scarce when it is not freely available. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
	d.	Incorrect. A resource is scarce when it is not freely available. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
	e.	Incorrect. A resource is scarce when it is not freely available. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants