, TOP: Scarcity and Individual Choice KEY: Bloom's: Comprehension
5. What does economics have in common with sociology?
a. Economics and sociology ask fundamentally the same questions.
b. Economics and sociology use the same tools to analyze issues.
c. Both are social sciences.
d. What and how economists study is very similar to what and how sociologists study.
e. Explaining something about society is only a secondary purpose in both areas.
ANS: C PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Analytic
STA: DISC: The Study of economics, and definitions in economics
TOP: Scarcity and Individual Choice KEY: Bloom's: Application
6. Economics is
a. exclusively the study of the markets for stocks and bonds
b. the study of choice under conditions of scarcity
c. exclusively the study of business firms
d. fundamentally the same as sociology
e. applicable only when scarcity is not a problem
ANS: B PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Analytic
STA: DISC: The Study of economics, and definitions in economics
TOP: Scarcity and Individual Choice KEY: Bloom's: Comprehension
7. Economics is
a. the narrow study of how to make money in financial markets
b. the broad study of how to allocate unlimited resources to satisfy limited uses
c. the broad study of how to allocate limited resources to satisfy unlimited wants
d. the narrow study of using stocks and bonds to their maximum potential
e. the narrow study of how to be conservative in financial affairs
ANS: C PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Analytic
STA: DISC: The Study of economics, and definitions in economics
TOP: Scarcity and Individual Choice KEY: Bloom's: Comprehension
8. Economics is
a. a discipline in the physical sciences
b. a field that deals exclusively with normative issues
c. a field that deals exclusively with positive issues
d. only useful for examining behavior in capitalist economies
e. a discipline that focuses on how choices are made in society
, NAT: BUSPROG: Analytic
STA: DISC: The Study of economics, and definitions in economics
TOP: Scarcity and Individual Choice KEY: Bloom's: Comprehension
9. Economics is the study of
a. how to start a business
b. how to make money in stocks, bonds, and real estate
c. choice under conditions of abundance
d. choice under conditions of scarcity
e. multinational business
ANS: D PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Analytic
STA: DISC: The Study of economics, and definitions in economics
TOP: Scarcity and Individual Choice KEY: Bloom's: Comprehension
10. People and organizations have to make choices about how to allocate time and money because
a. government requires it
b. corporations control our lives
c. time and money are both scarce
d. religious values conflict with economics
e. there are unlimited resources
ANS: C PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: Scarcity and Individual Choice KEY: Bloom's: Comprehension
11. The basic problem addressed in economics is
a. scarce resources and unlimited wants
b. scarce wants and unlimited resources
c. cost minimization
d. how to manage a financial portfolio
e. unlimited time and unlimited potential
ANS: A PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: Scarcity and Individual Choice KEY: Bloom's: Knowledge
12. Individuals must make choices because
a. resources are scarce and wants are limited
b. resources and wants are unlimited
c. assets and wealth are distributed unevenly
d. resources are scarce and wants are unlimited
e. inflation usually outpaces income growth
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