# Test Bank For Microeconomics An Intuitive Approach With Calculus 2nd Edition by Thomas Nechyba

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Edition: 2nd Edition

Resource Type: test bank

## Test Bank For Microeconomics An Intuitive Approach With Calculus 2nd Edition by Thomas Nechyba

1. One of the aims of positive economics is to rank policies under consideration from most desirable to least desirable.

a. True

b. False

RATIONALE:

Positive economics aims to predict the consequences of policies, not to evaluate them as more or less desirable.

POINTS:

1

DIFFICULTY:

A & B-Section Material

QUESTION TYPE:

True / False

HAS VARIABLES:

False

DATE CREATED:

2/11/2015 10:52 PM

DATE MODIFIED:

2/11/2015 10:52 PM

2. Positive economics can tell us which policies are efficient and which are not.

a. True

b. False

RATIONALE:

Efficiency is an objectively defined concept: A situation is efficient if there is no way to make some people better off without making others worse off. To say that one situation is more efficient than another is not a normative statement — even if often people think it is the same as saying that one situation is better than another.

POINTS:

1

DIFFICULTY:

A & B-Section Material

QUESTION TYPE:

True / False

HAS VARIABLES:

False

DATE CREATED:

2/11/2015 10:52 PM

DATE MODIFIED:

2/11/2015 10:52 PM

3. When economists say that policy A is more efficient than policy B, they mean policy A is better than policy B.

a. True

b. False

RATIONALE:

To say that policy A is more efficient than policy B is only to say that, at least in principle, it is possible to make everyone better off (or at least as well off) under policy A than policy B. This is not the same as making a normative judgment about which policy is better.

POINTS:

1

DIFFICULTY:

A & B-Section Material

QUESTION TYPE:

True / False

HAS VARIABLES:

False

DATE CREATED:

2/11/2015 10:52 PM

DATE MODIFIED:

2/11/2015 10:52 PM

4. Economists talk about trade-offs a lot because they have come to understand that whenever there is a winner from a policy or transaction, there must also be a loser.

a. True

b. False

RATIONALE:

One of the fundamental lessons of economics is that there are many situations when everyone can win. In a willing trade (i.e., I pay \$2 for a cappuccino to the coffee shop owner), no one is hurt, and both of us are better off.

POINTS:

1

DIFFICULTY:

A & B-Section Material

QUESTION TYPE:

True / False

HAS VARIABLES:

False

DATE CREATED:

2/11/2015 10:52 PM

DATE MODIFIED:

9/4/2015 2:12 PM

5. A spontaneous order emerges from individual decisions that cause something to “work” without anyone planning for it to “work”.

a. True

b. False

RATIONALE:

Spontaneous order is an order that is unplanned but simply arises from individuals doing the best they can given their circumstances. One example of this is the provision of complex goods and services in the market where thousands of individuals participate in the creation of something without most of them being aware that this is what they are doing.

POINTS:

1

DIFFICULTY:

A & B-Section Material

QUESTION TYPE:

True / False

HAS VARIABLES:

False

DATE CREATED:

2/11/2015 10:52 PM

DATE MODIFIED:

2/11/2015 10:52 PM

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