Question : 41) When unskilled teens earn less than college graduates, society : 1240397

41) When unskilled teens earn less than college graduates, society answers the ________ question.

A) how

B) what

C) for whom

D) why

E) social interest versus self-interest

42) Canada has nationalized health care, so that everyone, regardless of their ability to pay, has some access to health care. Based on this observation, Canada has decided that “everyone, regardless of their ability to pay” is the answer to what microeconomic question?

A) What type of health care will be produced and in what quantity?

B) How will health care be produced?

C) For whom will health care be produced?

D) Why will we offer health care?

E) Must we offer health care?

43) Choices that are best for the individuals that make them are choices in pursuit of

A) the social interest.

B) efficiency.

C) incentives.

D) self-interest.

E) equity.

44) Self interest

A) reflects choices that are best for society as a whole.

B) reflects choices that are best for the individual who makes them.

C) has nothing to do with determining what goods are produced.

D) occurs only when wants exceed available resources.

E) cannot be used to determine how goods are produced.

45) Choices that are best for the society as a whole are choices in pursuit of

A) answering the “how” question.

B) the social interest.

C) self-interest.

D) incentives.

E) answering the “for whom” question.

46) The characteristic from which all economic problems arise is

A) political decisions.

B) providing a minimal standard of living for every person.

C) how to make a profit.

D) hunger.

E) scarcity.

47) All economic questions and problems arise from

A) the fact that society has more than it needs.

B) turmoil in the stock market.

C) the unequal distribution of income.

D) a society’s wants exceeding what its scarce resources can produce.

E) the difference between self-interest and social interest.

48) Scarcity results from the fact that

A) people’s wants exceed the resources available to satisfy them.

B) not all goals are desirable.

C) we cannot answer the major economic questions.

D) choices made in self-interest are not always in the social interest.

E) the population keeps growing.

49) To economists, scarcity means that

A) limited wants cannot be satisfied by the unlimited resources.

B) a person looking for work is not able to find work.

C) the number of people without jobs rises when economic times are bad.

D) there can never be answers to the what, how or for whom questions.

E) unlimited wants cannot be satisfied by the limited resources.

50) Which of the following statements is true regarding scarcity?

A) Scarcity affects poorer countries only.

B) An economy experiences scarcity only when the incomes of its citizens decline.

C) Poor people experience scarcity more often than do rich people.

D) All citizens in a wealthy economy experience scarcity.

E) Scarcity could be overcome if people would make all choices in the social interest.