Test Bank For Economics Principles and Policy International Edition 10th Edition by William J. Baumol

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Edition:  10th Edition

Format: Downloadable ZIP Fille

Resource Type: Test bank

Duration: Unlimited downloads

Delivery: Instant Download

Test Bank For Economics Principles and Policy International Edition 10th Edition by William J. Baumol

What is Economics?

TRUE/FALSE

  1. Both parties gain in a voluntary exchange.

 

ANS:  T                    DIF:    Easy               TOP:   Ideas for Beyond the Final Exam

 

  1. Even though international trade in undertaken voluntarily, a country that engages in trade may not benefit from it.

 

ANS:  F                    DIF:    Easy               TOP:   Ideas for Beyond the Final Exam

 

  1. In international trade, one country’s gain is another country’s loss.

 

ANS:  F                    DIF:    Easy               TOP:   Ideas for Beyond the Final Exam

 

  1. It is impossible for both nations to gain when trading with one other.

 

ANS:  F                    DIF:    Easy               TOP:   Ideas for Beyond the Final Exam

 

  1. In economics the true cost of making a choice is the value of what must be given up.

 

ANS:  T                    DIF:    Easy               TOP:   Ideas for Beyond the Final Exam

 

  1. Opportunity cost is the value of the next best alternative to a given choice.

 

ANS:  T                    DIF:    Easy               TOP:   Ideas for Beyond the Final Exam

 

  1. Opportunity cost is the highest possible price you can receive when you sell an object.

 

ANS:  F                    DIF:    Moderate       TOP:   Ideas for Beyond the Final Exam

 

  1. As a student, one of the costs of sleeping in rather than going to class is likely to be a lower grade in the class.

 

ANS:  T                    DIF:    Moderate       TOP:   Ideas for Beyond the Final Exam

 

  1. 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                    DIF:    Moderate       TOP:   Ideas for Beyond the Final Exam

 

  1. Government controls over market prices frequently “backfire.”

 

ANS:  T                    DIF:    Easy               TOP:   Ideas for Beyond the Final Exam

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