1. What is economics most concerned with?
a.
keeping interest rates low
b.
making money in the stock market
c.
allocating scarce resources to satisfy unlimited wants
d.
governments’ efficient spending of tax revenues
ANSWER:
c
2. What is the central concern of economics?
a.
regulating the stock market
b.
promoting greed and profit-making behaviour at all costs
c.
finding more resources to satisfy everyone's wants
d.
making the best use of scarce resources to satisfy our unlimited wants
ANSWER:
d
3. Why is there scarcity?
a.
because marginal costs tend to exceed marginal benefits
b.
because human wants and needs are limited
c.
because Canada has too many people living in poverty
d.
because our unlimited wants exceed our limited resources
ANSWER:
d
4. Why does the problem of scarcity exist?
a.
because resources are limited, relative to wants
b.
because governments fail to intervene in the marketplace
c.
because resources are unlimited, relative to wants
d.
because the world has many people living in poverty
ANSWER:
a
5. What does scarcity result from?
a.
government policies
b.
people not understanding economics
c.
wants that exceed the resources necessary to provide them
d.
a decrease in hard workers
ANSWER:
c
6. What causes scarcity?
a.
the allocation of goods by prices
b.
specialization and division of labour
c.
unlimited wants and limited resources
d.
the market mechanism
ANSWER:
c
7. What does economics primarily explore?
a.
how the government allocates its budget among competing political interests
b.
how stock and bond prices fluctuate in response to changes in demand or supply
c.
how goods and services are produced and distributed in a world with limited resources
d.
how businesses market products under competitive conditions
ANSWER:
c
8. What does economics primarily study?
a.
how firms compete for profits in the marketplace
b.
how limited resources are allocated to satisfy unlimited wants
c.
how we deal with unemployed resources
d.
how prices are set in the marketplace
ANSWER:
b
9. What do economists mean when they state that a good is scarce?
a.
People will want to buy more of the good regardless of price.
b.
It is impossible to expand the availability of the good.
c.
Our wants exceed our limited resources.
d.
There is a shortage of goods at the going price.
ANSWER:
c
10. Which of the following statements about scarcity is the most accurate?
a.
It occurs only in centrally planned economies.
b.
It will likely be eliminated by technological progress.
c.
It occurs when there are insufficient resources to provide for human wants.
d.
It exists only in poor nations.
ANSWER:
c
11. According to most economists, what is the fundamental economic problem?
a.
controlling the stock market
b.
government intervention into markets
c.
solving the problem of poverty
d.
scarcity and how people deal with it
ANSWER:
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