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Test Bank For Economics for Today, 7th Edition Allan LaytonTim RobinsonTommy TangDinusha DharmaratnaIrvin Tucker Chapter 1-19
Chapter 01: Thinking like an economist Multiple Choice 1. Scarcity is a problem: a. because human wants are limited while resources are limited b. because human wants are limited while resources are unlimited c. because human wants are unlimited while resources are limited d. because human wants are unlimited while resources are unlimited e. that only poor people face ANSWER: c DIFFICULTY: Easy REFERENCES: The problem of scarcity QUESTION TYPE: Multiple Choice 2. Scarcity is a situation: a. where people’s needs exceed their resources b. where people’s wants exceed their resources c. where the quantity of resources is sufficient to meet all wants d. where certain people’s needs exceed other people’s resources e. where the quantity of resources is sufficient to meet all needs ANSWER: b DIFFICULTY: Easy REFERENCES: The problem of scarcity QUESTION TYPE: Multiple Choice 3. Which of the following would eliminate scarcity as an economic problem? a. Moderation of people’s competitive instincts b. Discovery of sufficiently large new energy reserves c. Resumption of steady productivity growth d. The elimination of poverty in developing nations e. None of the above ANSWER: e DIFFICULTY: Easy REFERENCES: The problem of scarcity QUESTION TYPE: Multiple Choice 4. The finite nature of the economy’s resource base: a. would be solved if only we would learn to conserve b. arises out of the insatiable appetite of consumers Copyright Cengage Learning. Powered by Cognero.
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