Test bank for Microeconomics 12th Edition Roger A. Arnold ISBN: 9781285738352 9781285738352
Microeconomics, 12th Edition
Roger A. Arnold
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1. The author of the textbook defines economics as the
a. science of efficiency.
b. science of scarcity.
c. study of markets.
d. study of human activity.
2. When economists speak of scarcity, they are referring to the
a. condition in which society is not employing all its resources in an efficient way.
b. condition in which people’s wants outstrip the limited resources available to satisfy those wants.
c. economic condition that exists in only very poor countries of the world.
d. condition in which society produces too many frivolous goods and not enough socially desirable goods.
3. Which of the following is not one of the four broad categories of resources?
4. Produced goods used as inputs for the production of other goods comprise the resource known as
a. natural resources.
5. Entrepreneurship is
a. the talent for organizing the use of land, labor and capital, among other things.
b. skill in influencing government regulators and legislators.
c. accumulated technical knowledge in using labor and capital.
d. knowledge of the particular natural resources to be found in a given area.
6. Some years ago, chemists at 3M Corporation were trying to create a superstrong glue. Somehow they got their molecules twisted and came up with one of the weakest glues ever made. But, rather than pouring it down the drain, they tried coating some paper with it, and the “PostIt Note” was born. In this case, 3M was acting as a(n)
7. The physical and mental talents people bring to production processes comprise the resource called
b. natural resources.
8. The headline in the newspaper reads “County Supervisors Debate Building New Schools.” The headline relates closest to which economic concept?
a. goods and bads
9. The opportunity cost of attending college is
a. the money one spends on college tuition, books, and so forth.
b. the highest valued alternative one forfeits to attend college.
c. the least valued alternative one forfeits to attend college.
d. equal to the salary one will earn when one graduates from college.
10. Here are three things you could do if you do not attend your economics class: watch television with some friends (you value this at $25), read a good novel (you value this at $13), or go in to work (you could earn $20 during the economics class). The opportunity cost of going to your economics class is
a. $20, because this is the only alternative of the three where you actually receive a monetary payment.
b. $13, because this is the lowest valued alternative forfeited.
c. $25, because this is the highest valued alternative forfeited.
d. $58, because this is the total dollar sum of the alternatives forfeited.
11. It usually takes less time to buy a sixpack of 7Up, a loaf of bread, and a halfgallon of ice cream at a small convenience store (such as a 7Eleven) than at a large, fullservice grocery store. Which of the following persons is most likely to buy these items at a convenience store?
a. a person with a high opportunity cost of time
b. a person with a low opportunity cost of time
c. a person who is out of work
d. a person who works at a fullservice grocery store
12. Minerals, animals, water and forests are all considered to be part of the resource category known as
e. none of the above
13. The higher the opportunity cost of attending college,
a. the more likely an individual will go to college.
b. the more economics classes an individual will take at college.
c. the fewer economics classes an individual will take at college.
d. the less likely an individual will go to college.
14. Which of the following is an example of a positive economic statement?
a. The U.S. public should devote more resources to education.
b. The poor should pay lower taxes and the rich should pay higher taxes.
c. Soap operas should be taken off television.
d. If you drop a ball from the top of a building, it will fall to the ground.
15. Attempts to determine “what is” are part of __________ economics.
c. positive and normative
d. neither positive nor normative