搜索
Chapter01-ThinkingLikeanEconomist1-1Chapter01ThinkingLikeanEconomistMultipleChoiceQuestions1.Economicsisbestdefinedasthestudyof:A.pricesandquantities.B.inflationandinterestrates.C.howpeoplemakechoicesundertheconditionsofscarcityandtheresultsofthosechoices.D.wagesandincomes.2.Economicquestionsalwaysdealwith:A.financialmatters.B.politicalmatters.C.insufficientresources.D.choiceinthefaceoflimitedresources.3.Therangeoftopicsorissuesthatfitwithinthedefinitionofeconomicsis:A.limitedtomarketactivities,e.g.,buyingsoap.B.limitedtoindividualsandfirms.C.extremelywide,requiringonlytheideasofchoiceandscarcity.D.verylimited.4.Thecentralconcernofeconomicsis:A.poverty.B.scarcity.C.wealthaccumulation.D.overconsumption.Chapter01-ThinkingLikeanEconomist1-25.Thescarcityprincipleindicatesthat:A.nomatterhowmuchonehas,itisneverenough.B.comparedto100yearsago,individualshavelesstimetoday.C.withlimitedresources,havingmoreofthismeanshavinglessofthat.D.becausetradeoffsmustbemade,resourcesarethereforescarce.Chapter01-ThinkingLikeanEconomist1-36.Thelogicalimplicationofthescarcityprincipleisthat:A.onewillneverbesatisfiedwithwhatonehas.B.aswealthincreases,makingchoicesbecomeslessnecessary.C.aswealthdecreases,makingchoicesbecomeslessnecessary.D.choicesmustbemade.7.Ifalltheworld'sresourcesweretomagicallyincreaseahundredfold,then:A.thescarcityprinciplewouldstillgovernbehavior.B.economicswouldnolongerberelevant.C.thescarcityprinciplewoulddisappear.D.tradeoffswouldbecomeunnecessary.8.Theprincipleofscarcityappliesto:A.thepoorexclusively.B.allconsumers.C.allfirms.D.everyone—consumers,firms,governments,andnations.9.Attheveryleast,JoeAverageandBillGatesarebothidenticallylimitedby:A.theirwealth.B.the24hoursthatcompriseaday.C.theirknowledge.D.theirinfluence.Chapter01-ThinkingLikeanEconomist1-410.ForestisamountainmanlivingincompleteisolationinMontana.Heiscompletelyself-sufficientthroughhunting,fishing,andfarming.Hehasnotbeeninthecitytobuyanythinginfiveyears.Onecaninfer:A.thescarcityprincipledoesnotapplytoForest.B.Forestisnotrequiredtomakechoices.C.thescarcityprinciplestillappliesbecausemorehuntingmeanslessfishingandfarming.D.Forestisverysatisfied.Chapter01-ThinkingLikeanEconomist1-511.Thescarcityprincipleappliesto:A.alldecisions.B.onlymarketdecisions,e.g.,buyingacar.C.onlynon-marketdecisions,e.g.,watchingasunset.D.onlythepoor.12.Chrishasaone-hourbreakbetweenclasseseveryWednesday.Chriscaneitherstayatthelibraryandstudyorgotothegymandworkout.ThedecisionChrismustmakeis:A.notaneconomicproblembecauseneitheronecostsmoney.B.notaneconomicproblembecauseit'sanhourthatiswastednomatterwhatChrisdoes.C.aneconomicproblembecausethetuitionChrispayscoversboththegymandthelibrary.D.aneconomicproblembecauseChrishasonlyonehourduringwhichhecanstudyorworkout.13.Joshwantstogotothefootballgamethisweekend,buthehasapaperdueonMonday.Itwilltakehimthewholeweekendtowritethepaper.Joshdecidedtostayhomeandworkonthepaper.Accordingtothescarcityprinciple,thereasonJoshdidn'tgotothegameisthat:A.Joshprefersschoolworktofootballgames.B.writingthepaperiseasierthangoingtothegame.C.Joshdoesn'thaveenoughtimeforwritingthepaperandgoingtothegame.D.it'stooexpensivetogotothegame.Chapter01-ThinkingLikeanEconomist1-614.WhetherstudyingthesizeoftheU.S.economyorthenumberofchildrenacouplewillchoosetohave,theunifyingconceptisthatwantsare:A.limited,resourcesarelimited,andthuschoicesmustbemade.B.unlimited,resourcesarelimited,andthuschoicesmustbemade.C.unlimited,resourcesarelimitedtosomebutnottoothers,andthussomepeoplemustmakechoices.D.unlimited,resourcesarelimited,andthusgovernmentneedstodomore.15.Thecost-benefitprincipleindicatesthatanactionshouldbetaken:A.ifthetotalbenefitsexceedthetotalcosts.B.iftheaveragebenefitsexceedtheaveragecosts.C.ifthenetbenefit(benefitminuscost)iszero.D.iftheextrabenefitisgreaterthanorequaltotheextracosts.Chapter01-ThinkingLikeanEconomist1-716.Whenapersondecidestopursueanactivityaslongastheextrabenefitsareatleastequaltotheextracosts,thatpersonis:A.violatingthecost-benefitprinciple.B.followingthescarcityprinciple.C.followingthecost-benefitprinciple.D.pursuingtheactivitytoolong.17.Choosingtostudyforanexamuntiltheextrabenefit(improvedscore)equalstheextracost(mentalfatigue)is:A.notrational.B.anapplicationofthecost-benefitprinciple.C.anapplicationofthescarcityprinciple.D.therelevantopportunitycost.18.Thescarcityprincipletellsusthat__________,andthecost-benefitprincipletellsus__________.A.choicesmustbemade;howtomakethechoicesB.choicesmustbemade;thatthecostscanneveroutweighthebenefitsofthechoicesC.raregoodsareexpensive;thatthecostsshouldoutweighthebenefitsofthechoicesD.raregoodsareexpensive;thatthecostscanneveroutweighthebenefitsofthechoices19.Accordingtothecost-benefitprinciple:A.thelowestcostactivityusuallygivesthelowestbenefit.B.apersonshouldalwayschoosetheactivitywiththelowestcost.C.apersonshouldalwayschoosetheactivitywiththegreatestbenefit.D.theextracostsandbenefitsofanactivityaremoreimportantconsiderationsthanthetotalcostsandbenefits.Chapter01-ThinkingLikeanEconomist1-820.Arationalper