Test Bank For Economics Private and Public Choice 15th Edition By James D. Gwartney

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Edition:  15th Edition

Format: Downloadable ZIP Fille

Resource Type: Test bank

Duration: Unlimited downloads

Delivery: Instant Download

Test Bank For Economics Private and Public Choice 15th Edition By James D. Gwartney

ISBN-13: 9781285453569 (978-1-285-45356-9)
ISBN-10: 1285453565 (1-285-45356-5)

Economics Chapter 1—The Economic Approach

MULTIPLE CHOICE

  1. What do economists mean when they state that a good is scarce?
a. There is a shortage or insufficient supply of the good at the existing price.
b. It is impossible to expand the availability of the good beyond the current amount.
c. People will want to buy more of the good regardless of the price of the good.
d. The amount of the good that people would like exceeds the supply freely available from nature.

ANS:  D                    PTS:   1                    DIF:    Moderate        NAT:  BUSPROG: Analytic

STA:   DISC: Scarcity, tradeoffs, and opportunity cost              TOP:   What is Economics About?

KEY:  Bloom’s: Comprehension               MSC:  Suggested Quiz

 

  1. Economic choice and competitive behavior are the result of
a. basic human greed.
b. poverty.
c. private ownership of resources.
d. scarcity.

ANS:  D                    PTS:   1                    DIF:    Moderate        NAT:  BUSPROG: Analytic

STA:   DISC: Scarcity, tradeoffs, and opportunity cost              TOP:   What is Economics About?

KEY:  Bloom’s: Comprehension               MSC:  Suggested Quiz

 

  1. Jacob and Mason go to a diner that sells burritos for $5 and tacos for $3. They agree to split the lunch bill evenly. Mason chooses a taco. The marginal cost to Jacob of ordering a burrito instead of a taco is
a. $1.
b. $2.
c. $2.50.
d. $3.

ANS:  A                    PTS:   1                    DIF:    Moderate        NAT:  BUSPROG: Analytic

STA:   DISC: Marginal costs & benefits    TOP:   The Economic Way of Thinking

KEY:  Bloom’s: Application                                MSC:              Suggested Quiz

 

  1. The expression, “There’s no such thing as a free lunch,” implies that
a. everyone has to pay for his own lunch.
b. the person consuming a good must always pay for it.
c. opportunity costs are incurred when resources are used to produce goods and services.
d. no one has time for a good lunch anymore.

ANS:  C                    PTS:   1                    DIF:    Moderate        NAT:  BUSPROG: Analytic

STA:   DISC: Scarcity, tradeoffs, and opportunity cost

TOP:   The Economic Way of Thinking    KEY:  Bloom’s: Comprehension

MSC:  Suggested Quiz

 

  1. Which one of the following states a central element of the economic way of thinking?
a. Scarce goods are priceless.
b. Incentives matter–human choice is influenced in predictable ways by changes in personal costs and benefits.
c. The realism of the assumptions is the best test of an economic theory.
d. When deciding how to allocate time, the concept of opportunity cost is meaningless.

ANS:  B                    PTS:   1                    DIF:    Moderate        NAT:  BUSPROG: Analytic

STA:   DISC: The role of incentives          TOP:   The Economic Way of Thinking

KEY:  Bloom’s: Comprehension               MSC:  Suggested Quiz

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