Test Bank For Microeconomics Principles and Policy 13th Edition by William J. Baumol

True / False

1. Both parties gain in a voluntary exchange.

a. True

b. False

ANSWER: True

POINTS:

1

DIFFICULTY:

Easy

LEARNING OBJECTIVES:

DISC: Scarcity, tradeoffs, and o – DISC: Scarcity, tradeoffs, and opportunity cost

NATIONAL STANDARDS:

United States – BPROG: Analytic

ACCREDITING STANDARDS:

The study of economics, and defi – The study of economics, and definitions of economics

TOPICS:

DISC: Gains from trade, specialization and trade

KEYWORDS:

BLOOM’S: Knowledge

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

a. True

b. False

ANSWER: False

POINTS:

1

DIFFICULTY:

Easy

LEARNING OBJECTIVES:

DISC: Scarcity, tradeoffs, and o – DISC: Scarcity, tradeoffs, and opportunity cost

NATIONAL STANDARDS:

United States – BPROG: Analytic

ACCREDITING STANDARDS:

The study of economics, and defi – The study of economics, and definitions of economics

TOPICS:

DISC: Gains from trade, specialization and trade

KEYWORDS:

BLOOM’s: Knowledge

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

a. True

b. False

ANSWER: False

POINTS:

1

DIFFICULTY:

Easy

LEARNING OBJECTIVES:

DISC: Scarcity, tradeoffs, and o – DISC: Scarcity, tradeoffs, and opportunity cost

NATIONAL STANDARDS:

United States – BPROG: Analytic

ACCREDITING STANDARDS:

The study of economics, and defi – The study of economics, and definitions of economics

TOPICS:

DISC: Gains from trade, specialization and trade

KEYWORDS:

BLOOM’S: Comprehension

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

a. True

b. False

ANSWER: False

POINTS:

1

DIFFICULTY:

Easy

LEARNING OBJECTIVES:

DISC: Scarcity, tradeoffs, and o – DISC: Scarcity, tradeoffs, and opportunity cost

NATIONAL STANDARDS:

United States – BPROG: Analytic

ACCREDITING STANDARDS:

The study of economics, and defi – The study of economics, and definitions of economics

TOPICS:

DISC: Gains from trade, specialization and trade

KEYWORDS:

BLOOM’S: Comprehension

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

a. True

b. False

ANSWER: True

POINTS:

1

DIFFICULTY:

Easy

LEARNING OBJECTIVES:

DISC: Scarcity, tradeoffs, and o – DISC: Scarcity, tradeoffs, and opportunity cost

NATIONAL STANDARDS:

United States – BPROG: Analytic

ACCREDITING STANDARDS:

The study of economics, and defi – The study of economics, and definitions of economics

TOPICS:

DISC: Gains from trade, specialization and trade

KEYWORDS:

BLOOM’S: Comprehension