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11.ThewordthatcomesfromtheGreekwordforonewhomanagesahouseholdisa.market.b.consumer.c.producer.d.economy.2.Theword“economy”comesfromtheGreekwordoikonomos,whichmeansa.“environment.”b.“production.”c.“onewhomanagesahousehold.”d.“onewhomakesdecisions.”3.Resourcesarea.scarceforhouseholdsbutplentifulforeconomies.b.plentifulforhouseholdsbutscarceforeconomies.c.scarceforhouseholdsandscarceforeconomies.d.plentifulforhouseholdsandplentifulforeconomies.4.Economicsdealsprimarilywiththeconceptofa.scarcity.b.poverty.c.change.d.power.5.Whichofthefollowingquestionsisnotansweredbythedecisionsthateverysocietymustmake?a.Whatdeterminesconsumerpreferences?b.Whatgoodswillbeproduced?c.Whowillproducethegoods?d.Whowillconsumethegoods?6.Theoverridingreasonastowhyhouseholdsandsocietiesfacemanydecisionsisthata.resourcesarescarce.b.goodsandservicesarenotscarce.c.incomesfluctuatewithbusinesscycles.d.people,bynature,tendtodisagree.2Chapter1/TenPrinciplesofEconomics7.Thephenomenonofscarcitystemsfromthefactthata.mosteconomies’productionmethodsarenotverygood.b.inmosteconomies,wealthypeopleconsumedisproportionatequantitiesofgoodsandservices.c.governmentsrestrictsproductionoftoomanygoodsandservices.d.resourcesarelimited.8.Approximatelywhatpercentageoftheworld'seconomiesexperiencescarcity?a.25%b.50%c.75%d.100%9.Whenasocietycannotproduceallthegoodsandservicespeoplewishtohave,itissaidthattheeconomyisexperiencinga.scarcity.b.shortages.c.inefficiencies.d.inequities.10.Forsociety,agoodisnotscarceifa.atleastoneindividualinsocietycanobtainallheorshewantsofthegood.b.firmsareproducingthegoodatfullcapacity.c.allmembersofsocietycanhavealltheywantofthegood.d.thosewhohaveenoughincomecanbuyalltheywantofthegood.11.Whichofthefollowingproductswouldbeconsideredscarce?a.golfclubsb.Picassopaintingsc.applesd.Alloftheabovearecorrect.12.Economicsisthestudyofa.productionmethods.b.howsocietymanagesitsscarceresources.c.howhouseholdsdecidewhoperformswhichtasks.d.theinteractionofbusinessandgovernment.Chapter1/TenPrinciplesofEconomics314.Inmostsocieties,resourcesareallocatedbya.asinglecentralplanner.b.asmallnumberofcentralplanners.c.thosefirmsthatuseresourcestoprovidegoodsandservices.d.thecombinedactionsofmillionsofhouseholdsandfirms.15.Theadage,Thereisnosuchthingasafreelunch,isusedtoillustratetheprinciplethata.goodsarescarce.b.peoplefacetradeoffs.(togetsomethingwelike,weusuallyhavetogiveupanotherthingwelike)c.incomemustbeearned.d.householdsfacemanydecisions.18.Whichofthefollowingstatementsbestrepresentstheprinciplerepresentedbytheadage,Thereisnosuchthingasafreelunch?a.Melissacanattendtheconcertonlyifshetakeshersisterwithher.b.Gregishungryandhomeless.c.Brianmustrepairthetireonhisbikebeforehecanrideittoclass.d.KendramustdecidebetweengoingtoColoradoorCancunforspringbreak.19.Theprinciplethatpeoplefacetradeoffsappliestoa.individuals.b.families.c.societies.d.Alloftheabovearecorrect.20.Atypicalsocietystrivestogetthemostitcanfromitsscarceresources.Atthesametime,thesocietyattemptstodistributethebenefitsofthoseresourcestothemembersofthesocietyinafairmanner.Inotherwords,thesocietyfacesatradeoffbetweena.gunsandbutter.b.efficiencyandequity.c.inflationandunemployment.d.workandleisure.21.Gunsandbutterareusedtorepresenttheclassicsocietaltradeoffbetweenspendingon4Chapter1/TenPrinciplesofEconomicsa.durableandnondurablegoods.b.importsandexports.c.nationaldefenseandconsumergoods.d.lawenforcementandagriculture.22.Whensocietyrequiresthatfirmsreducepollution,thereisa.atradeoffbecauseofreducedincomestothefirms'ownersandworkers.b.atradeoffonlyifsomefirmsareforcedtoclose.c.notradeoff,sincethecostofreducingpollutionfallsonlyonthefirmsaffectedbytherequirements.d.notradeoff,sinceeveryonebenefitsfromreducedpollution.23.Atradeoffexistsbetweenacleanenvironmentandahigherlevelofincomeinthata.studiesshowthatindividualswithhigherlevelsofincomeactuallypollutelessthanlow-incomeindividuals.b.effortstoreducepollutiontypicallyarenotcompletelysuccessful.c.lawsthatreducepollutionraisecostsofproductionandreduceincomes.d.byemployingindividualstocleanuppollution,employmentandincomebothrise.24.Whichofthefollowingphrasesbestcapturesthenotionofefficiency?a.absolutefairnessb.equaldistributionc.minimumwasted.equitableoutcome25.Whichofthefollowingistrue?a.Efficiencyreferstothesizeoftheeconomicpie;equityreferstohowthepieisdivided.b.Governmentpoliciesusuallyimproveuponbothequityandefficiency.c.Aslongastheeconomicpiecontinuallygetslarger,noonewillhavetogohungry.d.Efficiencyandequitycanbothbeachievediftheeconomicpieiscutintoequalpieces.26.EfficiencymeansthatChapter1/TenPrinciplesofEconomics5a.societyisconservingresourcesinordertosavethemforthefuture.b.society'sgoodsandservicesaredistributedequallyamongsociety'smembers.c.society'sgoodsandservicesaredistributedfairly,thoughnotnecessarilyequally,amongsociety'smembers.d.societyisgettingthemaximumbenefitsfromitsscarceresources.27.Economistsusethewordequitytodescribeasituationinwhicha.eachmemberofsocietyhasthesameincome.b.eachmemberofsocietyhasaccesstoabundantquantitiesofgoodsandser