Understanding Economics A Contemporary Perspective 8th Edition by Mark Lovewell Test bank
Difficulty: Easy
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #6
Topic: 01-02 The Economic Problem
Type: Definition
7.The scarcity problem:
A. persists only because countries have failed to achieve continual full employment
B. persists because a society's consumer wants exceed its available economic resources
C. has been eliminated in all industrialized nations
D. has been eliminated in affluent societies such as Canada and the United States
E. is eliminated when a nation has achieved full employment
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #7
Topic: 01-02 The Economic Problem
Type: Definition
8.Because of scarcity, the efficient use of resources is:
A. an important economic goal in all economies
B. an important economic goal only in command economies
C. an important economic goal only in market economies
D. not an important economic goal
E. an important economic goal only in traditional economies
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #8
Topic: 01-02 The Economic Problem
Type: Definition
9.As used in economics, the notion of scarcity means that:
A. mineral deposits are available only in limited amounts
B. resources are not so plentiful that all consumer wants can be fulfilled
C. many resources are freely available
D. the quantities available of some resources exceed the demand for them
E. the demand for some resources is nonexistent
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #9
Topic: 01-02 The Economic Problem
Type: Definition
10.Stocks and bonds are not considered to be an economic resource because they:
A. sometimes fall in value
B. do not earn interest income
C. are available in unlimited quantities
D. are not free gifts of nature
E. do not add to the economy's stock of real capital
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #10
Topic: 01-02 The Economic Problem
Type: Definition
11.The money payments made to owners of human resources are:
A. wages, salaries, or interest
B. wages, salaries, or rent
C. interest or profit
D. wages, salaries, or profit
E. rent or profit
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #11
Topic: 01-02 The Economic Problem
Type: Definition
12.Economic resources do NOT include:
A. natural resources
B. real capital assets
C. human effort
D. stocks and bonds
E. human ingenuity
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #12
Topic: 01-02 The Economic Problem
Type: Definition
13.Which of the following is a capital resource?
A. a pair of stockings