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Test bank (Complete Download) for Economics: A Contemporary Introduction 11th Edition William A. McEachern ISBN: 9781305505469 Instantly Downloadable Test Bank

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Test bank (Complete Download) for Economics: A Contemporary Introduction 11th Edition William A. McEachern ISBN: 9781305505469 Instantly Downloadable Test Bank

YOU ARE BUYING the Test Bank in e-version for following book not an actual textbook.

Economics: A Contemporary Introduction, 11th Edition

William A. McEachern
ISBN-10: 1305505468
ISBN-13: 9781305505469
© 2017
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SAMPLE CHAPTER

1. The fact that people have unlimited wants means that:
a. they always want more of at least one good.
b. each person has an unlimited desire for every good.
c. labor unions demand wage increases.
d. selfish people are not concerned about others.
e. people buy goods without regard to what they can afford.
ANSWER: a
FEEDBACK: a. Correct. Our wants are unlimited because we always want more of a good thing. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
b. Incorrect. Our wants are unlimited because we always want more of a good thing. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
c. Incorrect. Our wants are unlimited because we always want more of a good thing. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
d. Incorrect. Our wants are unlimited because we always want more of a good thing. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
e. Incorrect. Our wants are unlimited because we always want more of a good thing. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants

POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: MACR.MCEACH.17.01.01 – Explain the economic problem of scarce resources and unlimited wants
NATIONAL STANDARDS: United States – BUSPROG: Analytic – Communication Abilities
TOPICS: The Economic Problem: Scarce Resources, Unlimited Wants
KEYWORDS: Bloom’s: Understand

2. The problem of scarce resources:
a. means that there are not enough jobs in some cities.
b. could be solved if the unemployment rate fell.
c. is that there are not enough resources to satisfy people’s unlimited wants.
d. is that resources are used inefficiently.
e. can be solved by lowering taxes.
ANSWER: c
FEEDBACK: a. Incorrect. A resource is scarce when it is not freely available. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
b. Incorrect. A resource is scarce when it is not freely available. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
c. Correct. A resource is scarce when it is not freely available. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
d. Incorrect. A resource is scarce when it is not freely available. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
e. Incorrect. A resource is scarce when it is not freely available. Because resources are scarce, we have to choose from among our many wants, and in doing so, we must forgo satisfying some other wants. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants

POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: MACR.MCEACH.17.01.01 – Explain the economic problem of scarce resources and unlimited wants
NATIONAL STANDARDS: United States – BUSPROG: Analytic – Communication Abilities
TOPICS: The Economic Problem: Scarce Resources, Unlimited Wants
KEYWORDS: Bloom’s: Understand

3. Which of the following sentences is the best example of scarcity of time?
a. Peter buys a hamburger.
b. John-Michael wants to spend his money on a new hoverboard.
c. Alexander is doing homework instead of going to the movies with his friends.
d. Amanda, a geography teacher, is retired.
e. Bill is unemployed.
ANSWER: c
FEEDBACK: a. Incorrect. Scarcity is the condition in which our unlimited wants cannot be satisfied by our limited resources. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
b. Incorrect. Scarcity is the condition in which our unlimited wants cannot be satisfied by our limited resources. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
c. Correct. Scarcity is the condition in which our unlimited wants cannot be satisfied by our limited resources. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
d. Incorrect. Scarcity is the condition in which our unlimited wants cannot be satisfied by our limited resources. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants
e. Incorrect. Scarcity is the condition in which our unlimited wants cannot be satisfied by our limited resources. See 1-1: The Economic Problem: Scarce Resources, Unlimited Wants

POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: MACR.MCEACH.17.01.01 – Explain the economic problem of scarce resources and unlimited wants
NATIONAL STANDARDS: United States – BUSPROG: Analyitc
TOPICS: The Economic Problem: Scarce Resources, Unlimited Wants
KEYWORDS: Bloom’s: Understand

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