Test Bank Essentials of Economics 12th Edition by Schiller

Test Bank Essentials of Economics 12th Edition by Schiller 

CH01
Version 1
1
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1)
Economics is the study of how to allocate scarce resources among competing uses.
1) ______
⊚
true
⊚
false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Bloom's : Remember
Difficulty : 1 Easy
2)
The quantity of capital in an economy is unlimited since more can always be produced.
2) ______
⊚
true
⊚
false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Understand
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy
3)
Scarcity is not an issue in countries such as the United States since people live in nice
homes and have plenty to eat.
3) ______
⊚
true
⊚
false
DOWNLOAD THE Test Bank for Essentials of Economics 12th Edition Schiller
mynursytest.store
Essentials of Economics 12th Edition by Schiller CH01
Version 1
2
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Understand
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy
4)
Every economy faces the situation of scarcity of resources.
4) ______
⊚
true
⊚
false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Understand
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy
5)
The United States is a prosperous nation because its resources are sufficient to meet the
desires of its citizens.
5) ______
⊚
true
⊚
false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Understand
Difficulty : 2 Medium
Learning Objective : 01-01 Explain the meaning of scarcity.
Topic : The Central Problem of Scarcity
6)
When an economic choice is made, it is possible to avoid opportunity costs.
6) ______
DOWNLOAD THE Test Bank for Essentials of Economics 12th Edition Schiller
mynursytest.store
Essentials of Economics 12th Edition by Schiller CH01
Version 1
3
⊚
true
⊚
false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Understand
Topic : The Central Problem of Scarcity
Difficulty : 1 Easy
Learning Objective : 01-02 Define opportunity cost.
7)
All economies must decide what to produce, how to produce it, and who gets the output.
7) ______
⊚
true
⊚
false
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Remember
Difficulty : 1 Easy
Topic : Three Basic Economic Questions
Learning Objective : 01-03 Recite societys three core economic questions. 

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