Test Bank For Principles and Applications of Economics International Edition 6th Edition by Marc Lieberman
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Test Bank For Principles and Applications of Economics International Edition 6th Edition by Marc Lieberman
CHAPTER 2—SCARCITY, CHOICE, AND ECONOMIC SYSTEMS
MULTIPLE CHOICE
1.When opportunity costs rise as more of a good is consumed, the production possibilities frontier will be concave (bowed out) with respect to the origin.
|
a. |
True |
|
b. |
False |
ANS:APTS:1DIF:Difficulty: Easy
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: Society’s Production Choices KEY: Bloom’s: Comprehension
2.By better utilizing existing resources, an economy can produce at a point outside of its current production possibilities frontier.
|
a. |
True |
|
b. |
False |
ANS:BPTS:1DIF:Difficulty: Easy
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP:Society’s Production ChoicesKEY:Bloom’s: Knowledge
3.The production possibilities frontier is useful for demonstrating both scarcity and productive inefficiency.
|
a. |
True |
|
b. |
False |
ANS:APTS:1DIF:Difficulty: Moderate
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP:The Search for a Free LunchKEY:Bloom’s: Knowledge
4.An economy’s production possibilities frontier is fixed in the long run.
|
a. |
True |
|
b. |
False |
ANS:BPTS:1DIF:Difficulty: Easy
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP:Society’s Production ChoicesKEY:Bloom’s: Knowledge
5.If capital is not being used efficiently, an economy cannot be operating at a point along its production possibilities frontier.
|
a. |
True |
|
b. |
False |
ANS:APTS:1DIF:Difficulty: Easy
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: Society’s Production Choices KEY: Bloom’s: Comprehension
Figure 2-1
6.Figure 2-1 illustrates the trade-off for a particular student between time spent studying per week and income per week from working part-time. What is the opportunity cost for this person of moving from point a to point b?
|
a. |
$5 of income per week |
|
b. |
$10 of income per week |
|
c. |
two hours of studying per week |
|
d. |
$10 per hour of studying per week |
|
e. |
$20 of income per week |
ANS:BPTS:1DIF:Difficulty: Moderate
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP:Society’s Production ChoicesKEY:Bloom’s: Application
7.Figure 2-1 illustrates the trade-off for a particular student between time spent studying per week and income per week from working part-time. What is the opportunity cost for this person of moving from point b to point a?
|
a. |
$5 of income per week |
|
b. |
$10 of income per week |
|
c. |
two hours of studying per week |
|
d. |
$10 per hour of studying per week |
|
e. |
$20 of income per week |
ANS:CPTS:1DIF:Difficulty: Moderate
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP:Society’s Production ChoicesKEY:Bloom’s: Application
8.Figure 2-1 illustrates the trade-off for a particular student between time spent studying per week and income per week from working part-time. If this student does not study at all, how much income can they earn?
|
a. |
$0 |
|
b. |
$40 |
|
c. |
$80 |
|
d. |
$100 |
|
e. |
$120 |
ANS:DPTS:1DIF:Difficulty: Moderate
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP:Society’s Production ChoicesKEY:Bloom’s: Application
9.Production possibilities frontiers are typically concave (bowed out) from the origin because
|
a. |
of the law of supply |
|
b. |
there is usually a one-for-one trade-off in resources used in production |
|
c. |
economies of scale enable firms to reduce the average costs of production as output rises |
|
d. |
the opportunity cost of a good rises as the quantity of the good produced increases |
|
e. |
resources are often left idle in the firm |
ANS:DPTS:1DIF:Difficulty: Moderate
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: Society’s Production Choices KEY: Bloom’s: Comprehension
10.Combinations of goods on the production possibilities frontier
|
a. |
are unattainable without additional resources |
|
b. |
can be produced using currently available resources and technology |
|
c. |
reflect minimum normative value allocations |
|
d. |
will meet society’s needs but not its wants |
|
e. |
are attainable only through international trade |
ANS:BPTS:1DIF:Difficulty: Moderate
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP:Society’s Production ChoicesKEY:Bloom’s: Knowledge
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