Test Bank For Economics International 11th Edition By Roger A. Arnold
Chapter 1—What Economics Is About
MULTIPLE CHOICE
- 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
- 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
- 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
- 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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