Which of the following is a question that an economist would use to break down a problem?
A. Will the average income per person for the society increase?
B. Does the decision maker have a track record of being rational?
C. Is there a scarce resource that must be allocated?
D. None of these.
32.Scarcity can best be defined as a situation in which:
A. consumers looking for bargains.
B. producers are selfish with resources.
C. people respond to incentives.
D. all wants cannot be satisfied due to resource constraints.
33.Scarcity reflects our inability to satisfy wants due to:
A. unlimited resources.
B. limited resources.
C. inefficient political systems.
D. unemployed workers.
34.The economic concept of scarcity refers to the fact that:
A. the United States will always have a battle to fight hunger.
B. resources are often wasted and shortages are often the result.
C. income must be redistributed through taxation in order to address income disparity.
D. limited resources require economies to make choices among production alternatives.
35.Which of the following is a direct result of scarcity?
A. Buildings in New York City are taller than buildings in Greenville, SC due to fewer acres of land per person.
B. Due to high gas prices, Shana decides to trade her Chevy Tahoe for a Honda Accord.
C. A college student misses a test review in order to sleep in.
D. All of these.
36.Which of the following describes a problem created by scarcity?
A. The course you need to take in the fall is offered at times that conflict with your work schedule.
B. The White House eliminates tours due to budget constraints.
C. Your cell phone battery is low and you decide to screen a phone call from your friend just in case that special someone calls later.
D. All of these.
37.Individuals, firms, and societies are limited in the amount of goods and services that they can produce. This is a direct result of:
C. irrational Behavior.
38.The problem created by "scarcity":
A. could be solved if more people worked overtime.
B. is not a concern for the top income earners.
C. is an individual concern but not a concern on the macro level.
D. applies to everyone because it is a fact of life.
A. a fact of life.
B. not a problem for Bill Gates because he is a billionaire.
C. can be eliminated by rational decision making.
D. is a problem studied in microeconomics but is not a macroeconomic concern.
40.Scarcity requires that we:
A. make sure we only want things that we are capable of consuming and producing.
B. change our fiscal policy until the situation of scarcity is eliminated.
C. make decisions in order to arrange our resources rationally.
D. adopt economic policies that will lead to unlimited resources.
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