Test Bank For Economics International 11th Edition By Roger A. Arnold

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Edition:  11th Edition

Format: Downloadable ZIP Fille

Resource Type: Test bank

Duration: Unlimited downloads

Delivery: Instant Download

Test Bank For Economics International 11th Edition By Roger A. Arnold

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:    Difficulty: Easy

NAT:  BUSPROG: Analytic

LOC:  DISC: The study of economics and definitions of economics

KEY:  Bloom’s: Knowledge

 

  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:    Difficulty: Moderate

NAT:  BUSPROG: Analytic                                 LOC:              DISC: Scarcity, tradeoffs, and opportunity cost

KEY:  Bloom’s: Comprehension

 

  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:    Difficulty: Moderate

NAT:  BUSPROG: Analytic

LOC:  DISC: The study of economics and definitions of economics

KEY:  Bloom’s: Knowledge

 

  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:    Difficulty: Easy

NAT:  BUSPROG: Analytic

LOC:  DISC: The study of economics and definitions of economics

KEY:  Bloom’s: Knowledge

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