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Chapter 01
Thinking Like an Economist
Multiple Choice Questions
1. Economics is best defined as the study of: A. prices and quantities.
B. inflation and interest rates.
C. how people make choices under the conditions of scarcity and the results of those choices.
D. wages and incomes.
2. Economic questions always deal with: A. financial matters. B. political matters.
C. insufficient resources.
D. choice in the face of limited resources.
3. The range of topics or issues that fit within the definition of economics is: A. limited to market activities, e.g., buying soap. B. limited to individuals and firms.
C. extremely wide, requiring only the ideas of choice and scarcity. D. very limited.
4. The central concern of economics is: A. poverty. B. scarcity.
C. wealth accumulation. D. overconsumption.
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5. The scarcity principle indicates that:
A. no matter how much one has, it is never enough.
B. compared to 100 years ago, individuals have less time today.
C. with limited resources, having more of \D. because tradeoffs must be made, resources are therefore scarce.
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6. The logical implication of the scarcity principle is that: A. one will never be satisfied with what one has.
B. as wealth increases, making choices becomes less necessary. C. as wealth decreases, making choices becomes less necessary. D. choices must be made.
7. If all the world's resources were to magically increase a hundredfold, then: A. the scarcity principle would still govern behavior. B. economics would no longer be relevant. C. the scarcity principle would disappear. D. tradeoffs would become unnecessary.
8. The principle of scarcity applies to: A. the poor exclusively. B. all consumers. C. all firms.
D. everyone—consumers, firms, governments, and nations.
9. At the very least, Joe Average and Bill Gates are both identically limited by: A. their wealth.
B. the 24 hours that comprise a day. C. their knowledge. D. their influence.
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