The most fundamental economic problem

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Reference no: EM132214531

1. When economists say a good is scarce, they mean

a. most people in poorer countries do not have enough of the good.

b. the production of the good has no opportunity cost for society.

c. the human desire for the good exceeds the amount freely available from nature.

d. there are only a limited number of consumers who would be interested in purchasing the good.

2. As the number of elderly consumers in a market increases and the number of younger consumers declines, we would expect

a. an increase in the demand for medical services.

b. a decrease in the demand for medical services.

c. a decrease in the demand for blue jeans.

d. both a and c.

3. An incentive

A) is the opposite of a tradeoff.

B) could be a reward but could not be a penalty.

C) could be either a reward or a penalty.

D) could be a penalty but could not be a reward.

4. The most fundamental economic problem is

A) security.

B) the fact the United States buys more goods from foreigners than we sell to foreigners. C) health.

D) scarcity.

5. Economics is best defined as the study of how people, businesses, governments, and societies

A) make choices to cope with scarcity.

B) attain wealth.

C) choose abundance over scarcity.

D) use their infinite resources.

6. Economists point out that scarcity confronts

A) the rich but not the poor.

B) the poor but not the rich.

C) both the poor and the rich.

D) neither the poor nor the rich.

7. Scarcity requires that people must

A) trade.

B) compete.

C) cooperate.

D) make choices.

8. As an economic concept, scarcity applies to

A) neither time nor money.

B) both money and time.

C) time but not money.

D) money but not time.

9. Which of the following is a macroeconomic topic?

A) why plumbers earn more than janitors

B) the reasons for the rise in average prices

C) whether the army should buy more tanks or more rockets

D) the reasons for a rise in the price of orange juice

10. Which of the following is a microeconomic topic?

A) the reasons for a decline in average prices

B) the reasons why Kathy buys less orange juice

C) the cause of why total employment may decrease

D) the effect of the government budget deficit on inflation

Reference no: EM132214531

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