The Ideal Quiz On The Economizing Problem

10 Questions | By Ecofanics | Last updated: Dec 7, 2018

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There are unlimited demands and not enough resources to meet these demands, is what leads to the economizing problem. Take this true and false review questions for McConnell and Brue 15th ed and see how much of the chapter you understood. All the best and keep an eye out for more quizzes.

Questions and Answers

1.

The conflict between the scarce economic wants of society and its limited resources gives rise to the economizing problem.
- A.
  
  True
- B.
  
  False
2.

The wants with which economics is concerned include only those wants that can be satisfied by goods and services.
- A.
  
  True
- B.
  
  False
3.

Money is a resource called capital.
- A.
  
  True
- B.
  
  False
4.

From the economist's perspective, investment refers to the production and purchase of capitals goods.
- A.
  
  True
- B.
  
  False
5.

The payment to entrepreneurial ability is interest income.
- A.
  
  True
- B.
  
  False
6.

Resources are scarce because society's material wants are unlimited and productive resources are limited.
- A.
  
  True
- B.
  
  False
7.

Economic efficiency requires that there be both full employment of resources and full production.
- A.
  
  True
- B.
  
  False
8.

Allocative efficiency means that goods and services are being produced by society in the least costly way.
- A.
  
  True
- B.
  
  False
9.

Only allocative efficiency is necessary for there to be full production.
- A.
  
  True
- B.
  
  False
10.

The opportunity cost of producing antipollution devices is the other goods and services the economy is unable to produce because it has decided to produce these devices.
- A.
  
  True
- B.
  
  False

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