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Economics of Social Issues 21st Edition Register Test Bank
Chapter 01 Alleviating Human Misery
Multiple Choice Questions
- The fundamental economic problem is
- inflation.
- that resources are scarce relative to wants.
- supply and demand.
- how to make more money.
- unemployment.
- Which of the follow best describes human wants and desires? They
- are unlimited in the aggregate.
- stop after a person attains the things necessary for life.
- do not include "extras" like variety.
- are not affected by what others have.
- do not change once we attain our desired set of goods.
- The means for satisfying wants are
- insatiable.
- unlimited.
- infinite.
- scarce.
- unavailable.
- Economic reasoning would not be necessary if
- our wants were limited.
- resources were expansive.
- scarcity were decreased. 1 / 4
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- we could have everything we wanted.
- politicians were better at running the economy. 2 / 4
- A three-year-old learns about the fundamental economic problem when she
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- gets presents for her birthday.
- is punished for drawing on the walls.
- has to eat green beans for dinner.
- is told she can't have a toy at the store.
- watches her favorite cartoon.
- Which of the following is the primary goal of an economy?
- Maximizing economic growth
- Minimizing unemployment
- Minimizing the effects of scarcity
- Minimizing the national debt
- Maximizing GDP
- The fundamental economic problem involves
- overpopulation.
- inflation and unemployment.
- scarce resources and unlimited wants.
- cheap foreign labor.
- supply and demand.
- The fraction of the world's populations that faces scarcity is
- less than 10%.
- approximately one-half of the world's population.
- more than two-thirds of the world's population.
- 100%, since everyone faces scarcity.
- no one, since the improvements in productivity has resulted in abundance of all goods and
services.
- Labor resources include
- the equipment workers use to complete their work.
- only non-management personnel.
- any efforts of a person to produce goods.
- only the physical efforts of an economy's people.
- all of the above. 3 / 4
- Which of the following is an example of a capital resource?
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- A firm's employee
- Money in a firm's bank account
- Agricultural land
- A worker's productivity
- All of the above
- Which of the following is NOT an example of a capital resource?
- Forests
- A printing press
- Semi-finished materials
- A computer technician
- Inventories
- The know-how and the means and methods of production available in an economy are known as
- technology.
- capital.
- human capital.
- labor.
- management.
- Which of the following is not a capital resource?
- Land
- Stocks and bonds
- Buildings
- Tools
- Mineral deposits
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