B. (6-10.) Read the following textbook passage. Then check (✔) the five statements which are most logically supported by the information given. 'Humans are characterized by both biologically and socially determined wants. We seek food, clothing, shelter, and the many goods and services associated with a comfortable or affluent standard of living. We are also blessed with aptitudes and surrounded by quantities of property resources-both natural and manufactured. "We use available human and property resources-labor and managerial talents, tools and machinery, land and mineral deposits-to produce goods and services which satisfy material wants. This is done through the organizational mechanism we call the economic system. "Quantitative considerations, however, rule out an ideal solution. 'The blunt fact is that the total of all our material wants is beyond the productive capacity of available resources. Thus, absolute material abundance is not possible. 'This unyielding fact is the basis for our definition of economics: economics is concerned with the efficient use or management of limited productive resources to achieve maximum satisfaction of human material wants. 10Though it may not be self- evident, all the headline-grabbing issues of the day-inflation, unemployment, health-care problems, government and international trade deficits, free-trade agreements among nations, poverty and inequality, pollution, and government regulation of business-are rooted in the one issue of using limited resources efficiently. 1. The "biologically... determined wants" in paragraph 1 include cars. 2. The "biologically determined wants" in paragraph 1 include food. 3. "Socially determined wants" might include sunshine. 4. "Socially determined wants" might include television sets. 5. Economics is based on absolute material abundance. 6. Economics is based on the need to manage limited resources. 7. Economics can lead to an ideal solution to resource management. 8. Economic issues are rarely discussed in newspapers. 9. The economic system organizes the way members of society share resources. 10. Every society has some kind of economic system.
B. (6-10.) Read the following textbook passage. Then check (✔) the five statements which are most logically supported by the information given. 'Humans are characterized by both biologically and socially determined wants. We seek food, clothing, shelter, and the many goods and services associated with a comfortable or affluent standard of living. We are also blessed with aptitudes and surrounded by quantities of property resources-both natural and manufactured. "We use available human and property resources-labor and managerial talents, tools and machinery, land and mineral deposits-to produce goods and services which satisfy material wants. This is done through the organizational mechanism we call the economic system. "Quantitative considerations, however, rule out an ideal solution. 'The blunt fact is that the total of all our material wants is beyond the productive capacity of available resources. Thus, absolute material abundance is not possible. 'This unyielding fact is the basis for our definition of economics: economics is concerned with the efficient use or management of limited productive resources to achieve maximum satisfaction of human material wants. 10Though it may not be self- evident, all the headline-grabbing issues of the day-inflation, unemployment, health-care problems, government and international trade deficits, free-trade agreements among nations, poverty and inequality, pollution, and government regulation of business-are rooted in the one issue of using limited resources efficiently. 1. The "biologically... determined wants" in paragraph 1 include cars. 2. The "biologically determined wants" in paragraph 1 include food. 3. "Socially determined wants" might include sunshine. 4. "Socially determined wants" might include television sets. 5. Economics is based on absolute material abundance. 6. Economics is based on the need to manage limited resources. 7. Economics can lead to an ideal solution to resource management. 8. Economic issues are rarely discussed in newspapers. 9. The economic system organizes the way members of society share resources. 10. Every society has some kind of economic system.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Transcribed Image Text:B. (6-10.) Read the following textbook passage. Then check (✔) the five statements
which are most logically supported by the information given.
'Humans are characterized by both biologically and socially determined
wants. We seek food, clothing, shelter, and the many goods and services
associated with a comfortable or affluent standard of living. We are also blessed
with aptitudes and surrounded by quantities of property resources-both natural
and manufactured. "We use available human and property resources-labor and
managerial talents, tools and machinery, land and mineral deposits-to produce
goods and services which satisfy material wants. This is done through the
organizational mechanism we call the economic system.
"Quantitative considerations, however, rule out an ideal solution. 'The blunt
fact is that the total of all our material wants is beyond the productive capacity
of available resources. Thus, absolute material abundance is not possible. 'This
unyielding fact is the basis for our definition of economics: economics is concerned
with the efficient use or management of limited productive resources to achieve
maximum satisfaction of human material wants. 10Though it may not be self-
evident, all the headline-grabbing issues of the day-inflation, unemployment,
health-care problems, government and international trade deficits, free-trade
agreements among nations, poverty and inequality, pollution, and government
regulation of business-are rooted in the one issue of using limited resources
efficiently.
1. The "biologically... determined wants" in paragraph 1 include cars.
2. The "biologically... determined wants" in paragraph 1 include food.
3. "Socially determined wants" might include sunshine.
4. "Socially determined wants" might include television sets.
5. Economics is based on absolute material abundance.
6. Economics is based on the need to manage limited resources.
7. Economics can lead to an ideal solution to resource management.
8. Economic issues are rarely discussed in newspapers.
9. The economic system organizes the way members of society share
resources.
10. Every society has some kind of economic system.
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