.png){kind=logo}
Economics, Principles & Policy, 1e William Baumol, Alan Blinder, Marc Lavoie, Mario Seccareccia
(Test Bank all Chapter)
(For Complete File, Download link at the end of this File)
- / 4
Copyright ® 2010 Nelson Education Limited 1-1 Micro Chapter 1—What is Economics?
TRUE/FALSE
- Economists are engaged in both quantitative and policy research.
ANS: T PTS: 1 DIF: Easy TOP: The Range of Economics
- Economists are not interested in being engaged in policy discussions.
ANS: F PTS: 1 DIF: Easy TOP: The Range of Economics
- Economists only work for the government.
ANS: F PTS: 1 DIF: Easy TOP: The Range of Economics
- Adam Smith believed that the focus of “political economy” was “the causes of the wealth of nations.”
ANS: T PTS: 1 DIF: Easy TOP: The Range of Economics
- David Ricardo believed the central question of the study of economics was how to achieve the
distribution of the world’s output.
ANS: T PTS: 1 DIF: Easy TOP: The Range of Economics
- Karl Marx believed that economics involved the “laws of motion of capitalism.”
ANS: T PTS: 1 DIF: Easy TOP: The Range of Economics
- Economics is the study of markets, and not individual choice.
ANS: F PTS: 1 DIF: Easy TOP: The Range of Economics
- Economics is the study of individual and social behaviour as it pertains to market behaviour.
ANS: T PTS: 1 DIF: Moderate TOP: The Range of Economics
- The scarcity principle refers to the trade-offs individuals and societies must make because their needs
and wants exceed their ability to produce.
ANS: T PTS: 1 DIF: Difficult TOP: The Range of Economics
- Scarcity only affects people who are poor.
ANS: F PTS: 1 DIF: Difficult TOP: The Range of Economics
- Microeconomics is the study of individual markets.
ANS: T PTS: 1 DIF: Easy TOP: The Range of Economics
- Microeconomics is the study of the economy as a whole.
- / 4
Get all chapters test bank download link below
https://www.mediafire.com/file/uoa5lbr8rf4e
xp8/TB+Economics,+Principles+&+Policy,+1e+ William+Baumol,+Alan+Blinder,+Marc+Lavoie ,+Mario+Seccareccia.zip/file
- / 4
Copyright ® 2010 Nelson Education Limited 1-2 ANS: F PTS: 1 DIF: Easy TOP: The Range of Economics
- The high price of a scarce resource encourages users of that resource to look for alternative resources.
ANS: T PTS: 1 DIF: Easy TOP: The Range of Economics
- The price of scarce resources increases because users of that resource find alternative resources.
ANS: F PTS: 1 DIF: Moderate TOP: The Range of Economics
- In economics the true cost of making a choice is the value of what must be given up.
ANS: T PTS: 1 DIF: Easy TOP: The Range of Economics
- Opportunity cost is the value of the next best alternative to a given choice.
ANS: T PTS: 1 DIF: Easy TOP: The Range of Economics
- Opportunity cost is the highest possible price you can receive when you sell an object.
ANS: F PTS: 1 DIF: Moderate TOP: The Range of Economics
- In her calculation of the cost of going to college, an economist would include the amount of forgone
earnings over the years spent at college.
ANS: T PTS: 1 DIF: Moderate TOP: The Range of Economics
- “What should be produced?” is a question considered by microeconomists.
ANS: T PTS: 1 DIF: Easy TOP: The Range of Economics
- “Who should get resources or final products” falls within the scope of microeconomics.
ANS: T PTS: 1 DIF: Easy TOP: The Range of Economics
- A binding cap on team salaries forces NHL executives to maximize profits or team achievement, but
not both.
ANS: T PTS: 1 DIF: Moderate TOP: The Range of Economics
- Only NHL teams that are not well-financed face trade-offs when picking team members.
ANS: F PTS: 1 DIF: Moderate TOP: The Range of Economics
- Constrained optimization means finding an optimal solution reluctantly.
ANS: F PTS: 1 DIF: Moderate TOP: The Range of Economics
- In microeconomics, the search for efficient solutions involves constrained optimization.
ANS: T PTS: 1 DIF: Moderate TOP: The Range of Economics
- “Why are some countries wealthy and other not?” is a question of concern to macroeconomists.
- / 4
.png)