Test Bank For Economics for Today’s World International Edition 5th Edition By Irvin B. Tucker

ISBN10 0324536178, ISBN13 9780324536171

Chapter 1

Introducing the Economic Way of Thinking

MULTIPLE CHOICE

1. Topic: Scarcity, Difficulty: E, Type: RE, Answer: c

Scarcity is a problem:

1. measured by the amount of goods available.
2. of the poor, but not the rich.
3. because human wants are unlimited while resources are limited.
4. only in industrialized economies.

            Full:  3   Mic:  3 

2. Topic: Scarcity, Difficulty: E, Type: RE, Answer: d

Scarcity can be eliminated if:

1. people satisfy needs rather than wants.
2. sufficient new resources were discovered.
3. output of goods and services were increased.
4. none of the above.

Full:  3   Mic:  3 

3. Topic: Scarcity, Difficulty: E, Type: RE, Answer: c

Scarcity is a(n):

1. problem only in industrialized economies.
2. condition measured by the quantity of goods available.
3. subjective concept that human wants can never be satisfied.
4. problem only in poor economies.

            Full:  3   Mic:  3  

4. Topic: Scarcity, Difficulty: E, Type: RE, Answer: d

The condition of scarcity:

1. cannot be eliminated.
2. prevails in poor economies.
3. prevails in rich economies.
4. All of the above.

            Full:  3   Mic:  3 

5. Topic: Scarcity, Difficulty: E, Type: RE, Answer: b

Scarcity:

1. exists because resources are unlimited while human wants are limited.
2. means we are unable to have as much as we would like to have.
3. will likely be eliminated as technology continues to expand.
4. is not an issue addressed in economics.

Full:  3   Mic:  3