CH 1 - The Micro Economy Today by Schiller

CH 1 - The Micro Economy Today by Schiller - ch1 Student 1...

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Unformatted text preview: ch1 Student: _______________________________________________________________________________________ 1. Which of the following is not one of the three core economic issues that must be resolved? A. How to produce the goods and services we select. B. What to produce with unlimited resources. C. Who should get the goods and services we produce. D. What to produce with limited resources. 2. "The economy" refers to the sum of all our: A. Production activities. B. Production, consumption and leisure activities. C. Production and consumption activities. D. Consumption and leisure activities. 3. Because resources are scarce society must make decisions about all of the following except: A. What to produce. B. Whether scarcity exists or not. C. How to produce the selected goods and services. D. For whom the goods and services are produced. 4. Because resources are scarce, how many key issues must society resolve? A. Multiple. B. Two. C. Four. D. Three. 5. The fundamental problem of economics is: A. The law of increasing opportunity costs. B. The scarcity of resources relative to human wants. C. How to get government to operate efficiently. D. How to create employment for everyone. 6. In economics, scarcity means that: A. A shortage of a particular good will cause the price to fall. B. A production-possibilities curve cannot accurately represent the tradeoff between two goods. C. Society's desires exceed the want-satisfying capability of the resources available to satisfy those desires. D. The market mechanism has failed. 7. To an economist, scarcity means that: A. Shortages will always exist. B. The market mechanism cannot be relied upon. C. A production-possibilities curve cannot accurately represent the tradeoff between two goods. D. There are not enough resources available to satisfy all our desires. 8. Given that resources are scarce: A. A "free lunch" is possible but only for a limited number of people. B. Opportunity costs are experienced whenever choices are made. C. Poor countries must make choices but rich countries with abundant resources do not have to make choices. D. Some choices involve opportunity costs while other choices do not. 9. The best description of the origin of the economic problem of scarcity is that humans have: A. Limited wants for goods and services and resources are also limited. B. Limited wants for goods and services and resources are unlimited. C. Unlimited wants for goods and services but resources are limited. D. Unlimited wants for goods and services and resources are also unlimited. 10. A consequence of the economic problem of scarcity is that: A. Choices have to be made about how resources are used. B. There is never too much of any good or service produced....
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CH 1 - The Micro Economy Today by Schiller - ch1 Student 1...

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