Test Bank For Economics for Today 7th Edition By Irvin B. Tucker

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Edition:  7th Edition

Format: Downloadable ZIP Fille

Resource Type: Test bank

Duration: Unlimited downloads

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Test Bank For Economics for Today 7th Edition By Irvin B. Tucker

Chapter 1—Introducing the Economic Way of Thinking

MULTIPLE CHOICE

  1. 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

 

  1. 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

 

  1. 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

 

  1. 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

 

  1. 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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