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sample ch 1
ch01
Student: ___________________________________________________________________________
1. The study of how society decides what, how, and for whom to produce is the study of: A. production technology. B. consumption decisions. C. economics. D. the best way to run society.
2. The question of how society's output is to be distributed among its citizens must be answered: A. only by developed economies. B. only by developing economies. C. only by mixed economies. D. by all economies.
3. All social systems face the problem of economic scarcity, and this problem arises primarily from the fact that: A. in order to produce more of one good, increasing amounts of other goods must be foregone. B. every society can produce along its possibilities frontier. C. human wants are essentially unlimited but the means to satisfy these wants are limited. D. all resources have alternative uses, and this gives rise to opportunity costs.
4. The problem of scarcity is present in some form or another: A. in all societies. B. only in market systems. C. only in command economies. D. in the industrialized countries only.
5. The provincial government of British Columbia has to decide whether to construct 10 hospitals without research facilities or 5 with such facilities. Among the three fundamental questions in economics, which one applies here? A. What to produce. B. When to produce. C. How to produce. D. For whom.
6. The Federal government has decided that more middle-class Canadians should benefit from the growth of the economy in the next 20 years. Among the three fundamental questions in economics, which one applies to this situation? A. What to produce. B. How to produce. C. For whom to produce. D. Not to produce at all.
7. What is economics sometimes called? A. The science of choice. B. The most scientific of all sciences. C. The enlightened discipline. D. Practical subject.
8. All of the following statements, except one, are valid examples of the way economists use the term 'scarcity.' Which is the exception? A. Households face a scarcity of income. B. Individuals face a scarcity of time. C. Economies face a scarcity of resources. D. The world faces a scarcity of ideas.
9. Dynamic aspects of resource allocations help us to understand all of the following issues, except one. Which is the exception? A. Why some economies grow at a faster rate than others? B. Why some economies are stagnant? C. Why some economies have higher savings and investments than others? D. Why some economies have stronger governmental regulations than others?
10. One of the major challenges today is all of the following, except one. The exception is: A. climate change. B. global warming. C. emission of greenhouse gases. D. slow population growth rates.
11. Which of the following would not promote economic growth within a society? A. Increasing the skill level of the workforce. B. An increase in technological expertise. C. More people looking for jobs than there are jobs available. D. An increase in the stock of machines and productive equipment.
12. Which of the following statements is correct for a society that emphasizes the production of capital goods over consumer goods? A.
The society could enjoy the same quantity of capital goods and a larger quantity of consumer goods in the future. B.
The society would have to save more now than a society that did not emphasize the production of capital goods. C. The society will grow faster than a society that emphasizes the production of consumer goods. D. All of the above are correct.
13. High-growth economies are characterized by two key patterns, which are: A. low saving and high investment. B. high saving and high investment. C. high saving and high consumption. D. low saving and high consumption.
14. The principle of scarcity applies to: A. the poor exclusive. B. nations exclusively. C. all consumers. D. everyone; consumers, firms, governments, and nations.
15. The opportunity cost of producing an extra apple is: A. the price charged for the apple. B. what must be given up in order to produce the extra apple. C. the amount of time and fertilizer that it takes to produce the apple. D. the difference in the price of the apple last year and the price this year.
16. At the very least, Joe Average and Bill Gates are both identically limited by: A. their wealth. B. their knowledge. C. the square footage in their homes. D. the 24 hours that comprise a day.
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