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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. W hen opportunity costs rise as more of a good is consumed, the production possibilities frontier will be concave (bowed out) concerning wconcerningthe 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. B y 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:S society’s Production ChoicesKEY:B loom’s: Knowledge
3.T he 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:B loom’s: Knowledge
4. A n 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:S society’s Production ChoicesKEY:B loom’s: Knowledge
5. I f 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. F igure 2-1 illustrates the trade-off for a particular student between time spent studying per week and income per week from working partdoes the opportunity costrtunity cost for to move fromoto movefrom point aAto 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 study per week
e.
$20 of income per week
ANS:BPTS:1DIF:Difficulty: Moderate
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP:S society’s Production ChoicesKEY: B loom’s: Application
7 .F igure 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 does the opportunity cost for this person to move from point b to point aA
a.
$5 of income per week
b.
$10 of income per week
c.
two hours of studying per week
d.
$10 per hour of study per week
e.
$20 of income per week
ANS:CPTS:1DIF:Difficulty: Moderate
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP:S society’s Production ChoicesKEY:B loom’s: Application
8 .F igure 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:Ssociety’ss Production ChoicesKEY:B loom’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 aa good riseas 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:S ociety’s Production ChoicesKEY:B loom’s: Knowledge
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