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5) The most fundamental economic problem is
A) security.
B) scarcity.
C) health.
D) the fact the United States buys more goods from foreigners than we sell to foreigners.
Answer: B
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking
6) Economics is best defined as the study of how people, businesses, governments, and societies
A) choose abundance over scarcity.
B) make choices to cope with scarcity.
C) use their infinite resources.
D) attain wealth.
Answer: B
Topic: Scarcity
Skill: Conceptual
AACSB: Reflective Thinking
3
Copyright © 2010 Pearson Education, Inc.
9) Scarcity requires that people must
A) cooperate.
B) compete.
C) trade.
D) make choices.
Answer: D
Topic: Scarcity
Skill: Conceptual
AACSB: Reflective Thinking
11) Scarcity is
A) our inability to satisfy all our wants.
B) a situation that exists during economic recessions but not during economic booms.
C) when a child wants a $1.00 can of soda and two 50¢ packs of gum and has $2.00 in her
pocket.
D) an economic problem only for poor people.
Answer: A
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking
4
Copyright © 2010 Pearson Education, Inc.
13) When an economist talks of scarcity, the economist is referring to the
A) ability of society to employ all of its resources.
B) ability of society to consume all that it produces.
C) inability of society to satisfy all human wants because of limited resources.
D) ability of society to continually make technological breakthroughs and increase production.
Answer: C
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking
5
Copyright © 2010 Pearson Education, Inc.
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