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1.Scarcity means that society has less to offer than people wish to have.a.True b.False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Introduction
DATE CREATED: 11/2/2023 1:35 AM
DATE MODIFIED: 11/2/2023 1:35 AM
2.Economics is the study of the circulation of money between banks, taxpayers and the government.a.True b.False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Introduction
DATE CREATED: 11/2/2023 1:36 AM
DATE MODIFIED: 11/2/2023 1:36 AM
3.Economists study how individuals make decisions, how they interact with each other and the factors that affect the economy as a whole.a.True b.False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Introduction
DATE CREATED: 11/2/2023 1:36 AM
DATE MODIFIED: 11/2/2023 1:37 AM Copyright Cengage Learning. Powered by Cognero.Page 11 Ten lessons from economics Principles of Macroeconomics (Asia Pacific Edition) 9e Joshua Gans, Stephen King, Martin Byford, Gregory Mankiw ( All Chapters, Original , ) 1 / 4
4. With careful planning, we can usually get something that we like without having to give up something else that we like.a. True b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 1: People face trade-offs
DATE CREATED: 11/2/2023 1:37 AM
DATE MODIFIED: 11/2/2023 1:38 AM
5. When the government redistributes income from the rich to the poor, society benefits since there are more poor than rich.a. True b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 1: People face trade-offs
DATE CREATED: 11/2/2023 1:38 AM
DATE MODIFIED: 11/2/2023 1:38 AM
6. Efficiency refers to the size of the economic pie and equity refers to how the pie is divided.a. True b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 1: People face trade-offs
DATE CREATED: 11/2/2023 1:38 AM
DATE MODIFIED: 11/2/2023 1:39 AM CopyrightCengageLearning.Poweredby Cognero.Page 21 Ten lessons from economics 2 / 4
7. The opportunity cost of something refers to the price you pay to get it.a. True b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 2: The cost of something is what you give up to get it
DATE CREATED: 11/2/2023 1:39 AM
DATE MODIFIED: 11/2/2023 1:40 AM
8. The opportunity cost of consuming a unit of good X is the amount of resources that must be devoted to its production.a. True b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 2: The cost of something is what you give up to get it
DATE CREATED: 11/2/2023 1:40 AM
DATE MODIFIED: 11/2/2023 1:41 AM
9. The marginal cost of something is what you give up to get one extra unit of a good.a. True b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 3: Rational people think at the margin
DATE CREATED: 11/2/2023 1:41 AM
DATE MODIFIED: 11/2/2023 1:42 AM CopyrightCengageLearning.Poweredby Cognero.Page 31 Ten lessons from economics 3 / 4
10. Public policies to reduce emissions from cars do not affect the private costs and benefits of driving cars.a. True b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 4: People respond to incentives
DATE CREATED: 11/2/2023 1:42 AM
DATE MODIFIED: 11/2/2023 1:42 AM
11. A higher price on a good is a disincentive to buying it.a. True b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 4: People respond to incentives
DATE CREATED: 11/2/2023 1:42 AM
DATE MODIFIED: 11/2/2023 1:43 AM
12. In international trade, if one party gains, the other party loses.a. True b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 5: Trade can make everyone better off
DATE CREATED: 11/2/2023 1:43 AM
DATE MODIFIED: 11/2/2023 1:43 AM CopyrightCengageLearning.Poweredby Cognero.Page 41 Ten lessons from economics
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