Test Bank For ECON Macro Principles of Macroeconomics 1st Canadian Edition By Moir O’Shaughnessy

Test Bank For ECON Macro Principles of Macroeconomics 1st Canadian Edition By Moir O’Shaughnessy

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Edition: 1st Edition

Format: Downloadable ZIP Fille

Resource Type: Test bank

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Test Bank For ECON Macro Principles of Macroeconomics 1st Canadian Edition By Moir O’Shaughnessy

ISBN-10 : ‎0176502793, ISBN-13‏ : ‎978-0176502799

1. What is the meaning of unlimited wants?

a. that people always desire more of at least one good
b. that each person has an unlimited desire for every good
c. that selfish people are NOT concerned about other people
d. that people buy goods without regard to what they can afford

 

ANSWER:   a

 

2. What statement describes the reality of scarcity?

a. There are NOT enough jobs available to all people.
b. There are NOT enough resources to satisfy people’s unlimited wants.
c. There are NOT enough resources to satisfy people’s limited wants.
d. There are NOT enough taxes to fund daycare spaces.

 

ANSWER:   b

 

3. Which of the following best describes when scarcity occurs?

a. when resources are unlimited
b. when there is a shortage, so buyers cannot obtain the goods they want
c. when there is a surplus, so sellers cannot sell the goods they produce
d. when resources are insufficient to satisfy unlimited wants

 

ANSWER:   d

 

4. Why does economic scarcity exist?

a. because people have wants that are unlimited relative to the availability of resources to satisfy those wants
b. because governments have the means to provide as many services as it decides to
c. because individuals do NOT have to make choices
d. because NOT everyone has unlimited wants

 

ANSWER:   a

 

5. What occurs when people’s wants are unlimited but resources are scarce?

a. Only rich people get everything they want.
b. People must make choices.
c. More services are available than goods.
d. More goods are available than services.

 

ANSWER:   b
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