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In: Business and Management

Submitted By icuac
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Chapter 01
Limits, Alternatives, and Choices

Multiple Choice Questions

1. Economics is the study of:
A. increasing the level of productive resources so there is maximum output in society.
B. increasing the level of productive resources so there is a minimum level of income.
C. how people, institutions, and society make choices under conditions of scarcity.
D. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses.

2. The primary focus of the study of economics is with:
A. expanding the production of goods and services.
B. equalizing the distribution of consumer income and wealth.
C. making the most efficient use of scarce productive resources.
D. reallocating resources from consumption to production in the economy.

3. The general concern of economics is with the study of the:
A. degree of competition in stock and bond markets in the economy.
B. efficient use of limited productive resources to satisfy economic wants.
C. issue of equality in the distribution of income and wealth among households.
D. budget deficits in the domestic economy and trade deficits in the international economy.

4. Which of the following is not a central focus of the "economic perspective"?
A. Scarcity and choice.
B. The scientific method.
C. Purposeful behavior.
D. Marginal analysis.

5. The term scarcity in economics refers to the fact that:
A. economic wants are limited and resources are abused.
B. even in the richest country some people go hungry.
C. no country can produce enough products to satisfy everybody's economic wants.
D. it is impossible to produce too much of any particular good or service in a market economy.

6. The basic economic problem is essentially one of deciding how to make the best use of:
A. limited resources to satisfy limited economic wants.

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