Basic Economics 16Th International Edition by Frank V. Mastrianna – Test Bank
Chapter 1—The Nature and Scope of Economics
MULTIPLE CHOICE
- Generally, in economics we study how people
| a. | react to changes in government policy. |
| b. | make choices when resources are scarce. |
| c. | react to rising prices. |
| d. | get increases in income. |
ANS: B PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
TOP: A-Head: Economics Defined KEY: Bloom’s: Comprehension
- Economics can be classified best as a(n)
| a. | exact science. |
| b. | physical science. |
| c. | social science. |
| d. | natural science. |
ANS: C PTS: 1 DIF: Easy NAT: BUSPROG: Communication
TOP: A-Head: Economics Defined KEY: Bloom’s: Knowledge
- Which of the following areas of study is included in the field of macroeconomics?
| a. | electricians’ wage rates |
| b. | monopolistic pricing |
| c. | price of automobiles |
| d. | general price level |
ANS: D PTS: 1 DIF: Easy NAT: BUSPROG: Communication
TOP: A-Head: Microeconomics and Macroeconomics KEY: Bloom’s: Comprehension
- An example of a macroeconomic model is one that considers
| a. | how the price of chicken influences the quantity of chicken bought. |
| b. | why the size of the total national output depends on the size of total spending. |
| c. | how the output of a product is influenced by the cost of production for the product. |
| d. | All of these. |
ANS: B PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
TOP: A-Head: Microeconomics and Macroeconomics KEY: Bloom’s: Application
- The interactions of producers and consumers in individual markets are part of the study of
| a. | macroeconomics. |
| b. | monetary economics. |
| c. | normative economics. |
| d. | microeconomics. |
ANS: D PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
TOP: A-Head: Microeconomics and Macroeconomics KEY: Bloom’s: Comprehension
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