Test Bank For Economics for Today 7th Edition By Irvin B. Tucker
Chapter 1—Introducing the Economic Way of Thinking
MULTIPLE CHOICE
- When economists say scarcity, they mean:
| a. | there are only a limited number of consumers who would be interested in purchasing goods. |
| b. | the human desire for goods exceeds the available supply of time, goods and resources. |
| c. | most people in poorer countries do not have enough goods. |
| d. | goods are so expensive that only the rich can afford it. |
ANS: B PTS: 1 DIF: Easy REF: Full: 3 | Mic: 3
TOP: Scarcity TYP: RE
- When economists say goods are scarce, they mean:
| a. | consumers are too poor to afford the goods and services available. |
| b. | consumers are unwilling to buy goods unless they have very low prices. |
| c. | goods are generally freely available from nature in most countries. |
| d. | the desire for goods and services exceeds our ability to produce them with the limited resources available. |
ANS: D PTS: 1 DIF: Medium REF: Full: 3 | Mic: 3
TOP: Scarcity TYP: SA
- Scarcity is a problem:
| a. | measured by the amount of goods available. |
| b. | of the poor, but not the rich. |
| c. | because human wants are unlimited while resources are limited. |
| d. | only in industrialized economies. |
ANS: C PTS: 1 DIF: Easy REF: Full: 3 | Mic: 3
TOP: Scarcity TYP: RE
- Scarcity can be eliminated if:
| a. | people satisfy needs rather than wants. |
| b. | sufficient new resources were discovered. |
| c. | output of goods and services were increased. |
| d. | none of these. |
ANS: D PTS: 1 DIF: Easy REF: Full: 3 | Mic: 3
TOP: Scarcity TYP: RE
- Scarcity is a(n):
| a. | problem only in industrialized economies. |
| b. | condition measured by the quantity of goods available. |
| c. | subjective concept that human wants can never be satisfied. |
| d. | problem only in poor economies. |
ANS: C PTS: 1 DIF: Easy REF: Full: 3 | Mic: 3
TOP: Scarcity TYP: RE
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