ANS: B PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic LOC: DISC: The study of economics and definitions of economics KEY: Application 23. What is the most prominent rationing device you will likely find at your campus bookstore? a. dollar b. brute force c. anti-theft tags on the high-priced items d. none of the above ANS: A PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic LOC: DISC: The of economics and definitions of economics KEY: Bloom's: Application 24. Economists believe that people's wants are a. finite. b. infinite. c. irrational. d. unimportant because needs are more important than wants. ANS: B PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic LOC: DISC: The study of economics and definitions of economics KEY: Bloom's: Knowledge 25. In every economy people vie for the economy's rationing device, a process called a. competition. b. entrepreneurship. c. marginal benefit. d. positive economics. ANS: A PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic LOC: DISC: The study of economics and definitions of economics KEY: Bloom's: Knowledge 26. Scarcity means a. wants are greater than the limited resources available to satisfy these wants. b. wants are less than the limited resources available to satisfy these wants. c. resources are infinite. d. wants are limited. e. both c and d ANS: A PTS: 1 DIF: Difficulty: Moderate NAT: BUSPROG: Analytic LOC: DISC: Scarcity, tradeoffs, and opportunity cost KEY: Bloom's: Comprehension 27. The need to make choices is most closely related to the concept of a. opportunity cost.
ANS: B PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic LOC: DISC: The study of economics and definitions of economics KEY: Application 23. What is the most prominent rationing device you will likely find at your campus bookstore? a. dollar b. brute force c. anti-theft tags on the high-priced items d. none of the above ANS: A PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic LOC: DISC: The of economics and definitions of economics KEY: Bloom's: Application 24. Economists believe that people's wants are a. finite. b. infinite. c. irrational. d. unimportant because needs are more important than wants. ANS: B PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic LOC: DISC: The study of economics and definitions of economics KEY: Bloom's: Knowledge 25. In every economy people vie for the economy's rationing device, a process called a. competition. b. entrepreneurship. c. marginal benefit. d. positive economics. ANS: A PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic LOC: DISC: The study of economics and definitions of economics KEY: Bloom's: Knowledge 26. Scarcity means a. wants are greater than the limited resources available to satisfy these wants. b. wants are less than the limited resources available to satisfy these wants. c. resources are infinite. d. wants are limited. e. both c and d ANS: A PTS: 1 DIF: Difficulty: Moderate NAT: BUSPROG: Analytic LOC: DISC: Scarcity, tradeoffs, and opportunity cost KEY: Bloom's: Comprehension 27. The need to make choices is most closely related to the concept of a. opportunity cost.
Test-Bank-for-Macroeconomics-11th-Edition-Arnold.docx