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Microeconomics Private and Public Choice, 15th EditionJames D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson Test Bank


Microeconomics Private and Public Choice

Microeconomics

( Test Bank)

Microeconomics Private and Public Choice, 15th Edition James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson Test Bank

Edition: 15thEdition

Author Name: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

contact:

Whatsapp +1 (949) 734-4773

 

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for more books  for  ( Test Bank and Solution Manual) click here

 

 

 

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Microeconomics Private and Public Choice

Microeconomics

( Test Bank)

Microeconomics Private and Public Choice, 15th Edition James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson Test Bank

Edition: 15thEdition

Author Name: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

contact:

Whatsapp +1 (949) 734-4773

 

for the Facebook page click here 

 

for more books  for  ( Test Bank and Solution Manual) click here

 

 

 

sample free

 

Microeconomics 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

 

  1. Which of the following is most clearly consistent with the basic postulate of economics regarding the reaction of people to a change in incentives.
a. Farmers produce fewer bushels of wheat in response to an increase in the price of wheat.
b. People will buy more milk at a price of $2 per gallon than at $1 per gallon.
c. People will buy less gas if the price of gas increases by $.20 per gallon.
d. People will consume more beef if the price increases from $1 to $2 per pound.

 

 

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

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

KEY:  Bloom’s: Application                       MSC:  Suggested Quiz

 

  1. Which one of the following is a positive economic statement?
a. An increase in the minimum wage will reduce employment.
b. The minimum wage should be increased.
c. Social justice will be served by increasing the minimum wage.
d. Thoughtful people oppose an increase in the minimum wage.

 

 

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

STA:   DISC: Scarcity, tradeoffs, and opportunity cost

TOP:   Positive and Normative Economics                                   KEY:  Bloom’s: Comprehension

MSC:  Suggested Quiz

 

  1. The basic difference between macroeconomics and microeconomics is that
a. macroeconomics is concerned with the forest (aggregate markets), while microeconomics is concerned with the individual trees (subcomponents).
b. macroeconomics is concerned with policy decisions, while microeconomics applies only to theory.
c. microeconomics is concerned with the forest (aggregate markets), while macroeconomics is concerned with the trees (subcomponents).
d. opportunity cost is applicable to macroeconomics, and the fallacy of composition relates to microeconomics.

 

 

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

STA:   DISC: Scarcity, tradeoffs, and opportunity cost

TOP:   Pitfalls to Avoid in Economic Thinking                            KEY:  Bloom’s: Comprehension

MSC:  Suggested Quiz

 

  1. Economic analysis assumes that
a. individuals act only out of selfish motives.
b. although individuals are at times selfish and at times unselfish, only their selfish actions may be predicted.
c. people are basically humanitarian, and their actions are, therefore, impossible to predict.
d. changes in the personal benefits and costs associated with a choice will exert a predictable influence on human behavior.

 

 

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

STA:   DISC: Utility and consumer choice                                   TOP:   What is Economics About?

KEY:  Bloom’s: Comprehension                 MSC:  Suggested Quiz

 

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