Economics , 8th Edition Test Bank

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ExamName___________________________________MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.1)The problem of scarcity is directly relevant:1)A)only to those periods of history before mass production.B)only to developing countries low in resources.C)only to those on low incomes.D)to all countries and all individuals.E)only to those times when rationing has been enforced.Answer:DExplanation:A)B)C)D)E)2)Assume that a firm can produce 6 units of good X or 12 units of good Y per hour with its currentresources. The opportunity cost of a unit of X is:2)A)2 units of Y.B)72 units of Y.C)12 units of Y.D)1/2 a unit of Y.E)6 units of Y.Answer:AExplanation:A)B)C)D)E)3)Economists define inflation as:3)A)a decrease in the overall price level.B)an increase in the overall level of economic activity.C)an increase in the overall price level.D)a decrease in the overall level of economic activity.Answer:CExplanation:A)B)C)D)1

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Economics

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Economics by John Sloman, Alison Wr...

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