Does God test people with prosperity and adversity throughout their lifetime?

There are people who inherited the Book of God, but take every opportunity of grabbing the good things of this world!

Verses 168-170 of Chapter 7:

And We divided them into many separate communities all over the earth: some of these people were righteous and some of them were different from this: We tested them with prosperity and with adversity so that they might turn back. Then after the following generations, unworthy people succeeded them: they inherited the Book, but in spite of this they grab the fleeting good things of this low world, and say. "We expect to be forgiven." Yet if similar worldly things again come before them. they again grab them. Has not the Covenant of the Book been taken from them that they should ascribe to Allah nothing but the truth? And they themselves have studied well that which is written in the Book. And the abode of the Hereafter is better for those who fear Allah. Do you not understand even this thing? As for those who strictly observe the Book and establish Salat, surely We will not let go waste the reward of such righteous people.