Principles of Economics (Asia Pacific Edition) 9th Edition Joshua
Gans, Stephen King, Martin Byford, Gregory Mankiw
(Test Bank All Chapters, 100% Original Verified A+ Grade)
1 Ten lessons from economics
1. Scarcity means that society has less to offer than people wish to have.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Introduction
DATE CREATED: 10/27/2023 1:57 AM
DATE MODIFIED: 10/27/2023 1:57 AM
2. Economics is the study of the circulation of money between banks, taxpayers and the government.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Introduction
DATE CREATED: 10/27/2023 1:58 AM
DATE MODIFIED: 10/27/2023 1:58 AM
3. Economists study how individuals make decisions, how they interact with each other and the factors that affect the
economy as a whole.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Introduction
DATE CREATED: 10/27/2023 1:59 AM
DATE MODIFIED: 10/27/2023 1:59 AM
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,1 Ten lessons from economics
4. With careful planning, we can usually get something that we like without having to give up something else that we like.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 1: People face trade-offs
DATE CREATED: 10/27/2023 1:59 AM
DATE MODIFIED: 10/27/2023 2:00 AM
5. When the government redistributes income from the rich to the poor, society benefits since there are more poor than
rich.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 1: People face trade-offs
DATE CREATED: 10/27/2023 2:00 AM
DATE MODIFIED: 10/27/2023 2:01 AM
6. Efficiency refers to the size of the economic pie and equity refers to how the pie is divided.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 1: People face trade-offs
DATE CREATED: 10/27/2023 2:01 AM
DATE MODIFIED: 10/27/2023 2:11 AM
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,1 Ten lessons from economics
7. The opportunity cost of something refers to the price you pay to get it.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 2: The cost of something is what you give up to get it
DATE CREATED: 10/27/2023 2:14 AM
DATE MODIFIED: 10/27/2023 2:15 AM
8. The opportunity cost of consuming a unit of good X is the amount of resources that must be devoted to its production.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 2: The cost of something is what you give up to get it
DATE CREATED: 10/27/2023 2:15 AM
DATE MODIFIED: 10/27/2023 2:16 AM
9. The marginal cost of something is what you give up to get one extra unit of a good.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 3: Rational people think at the margin
DATE CREATED: 10/27/2023 2:16 AM
DATE MODIFIED: 10/27/2023 2:16 AM
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, 1 Ten lessons from economics
10. Public policies to reduce emissions from cars do not affect the private costs and benefits of driving cars.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 4: People respond to incentives
DATE CREATED: 10/27/2023 2:17 AM
DATE MODIFIED: 10/27/2023 2:18 AM
11. A higher price on a good is a disincentive to buying it.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 4: People respond to incentives
DATE CREATED: 10/27/2023 2:18 AM
DATE MODIFIED: 10/27/2023 2:19 AM
12. In international trade, if one party gains, the other party loses.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 5: Trade can make everyone better off
DATE CREATED: 10/27/2023 2:19 AM
DATE MODIFIED: 10/27/2023 2:19 AM
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Gans, Stephen King, Martin Byford, Gregory Mankiw
(Test Bank All Chapters, 100% Original Verified A+ Grade)
1 Ten lessons from economics
1. Scarcity means that society has less to offer than people wish to have.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Introduction
DATE CREATED: 10/27/2023 1:57 AM
DATE MODIFIED: 10/27/2023 1:57 AM
2. Economics is the study of the circulation of money between banks, taxpayers and the government.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Introduction
DATE CREATED: 10/27/2023 1:58 AM
DATE MODIFIED: 10/27/2023 1:58 AM
3. Economists study how individuals make decisions, how they interact with each other and the factors that affect the
economy as a whole.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Introduction
DATE CREATED: 10/27/2023 1:59 AM
DATE MODIFIED: 10/27/2023 1:59 AM
Copyright Cengage Learning. Powered by Cognero. Page 1
,1 Ten lessons from economics
4. With careful planning, we can usually get something that we like without having to give up something else that we like.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 1: People face trade-offs
DATE CREATED: 10/27/2023 1:59 AM
DATE MODIFIED: 10/27/2023 2:00 AM
5. When the government redistributes income from the rich to the poor, society benefits since there are more poor than
rich.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 1: People face trade-offs
DATE CREATED: 10/27/2023 2:00 AM
DATE MODIFIED: 10/27/2023 2:01 AM
6. Efficiency refers to the size of the economic pie and equity refers to how the pie is divided.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 1: People face trade-offs
DATE CREATED: 10/27/2023 2:01 AM
DATE MODIFIED: 10/27/2023 2:11 AM
Copyright Cengage Learning. Powered by Cognero. Page 2
,1 Ten lessons from economics
7. The opportunity cost of something refers to the price you pay to get it.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 2: The cost of something is what you give up to get it
DATE CREATED: 10/27/2023 2:14 AM
DATE MODIFIED: 10/27/2023 2:15 AM
8. The opportunity cost of consuming a unit of good X is the amount of resources that must be devoted to its production.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 2: The cost of something is what you give up to get it
DATE CREATED: 10/27/2023 2:15 AM
DATE MODIFIED: 10/27/2023 2:16 AM
9. The marginal cost of something is what you give up to get one extra unit of a good.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 3: Rational people think at the margin
DATE CREATED: 10/27/2023 2:16 AM
DATE MODIFIED: 10/27/2023 2:16 AM
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, 1 Ten lessons from economics
10. Public policies to reduce emissions from cars do not affect the private costs and benefits of driving cars.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 4: People respond to incentives
DATE CREATED: 10/27/2023 2:17 AM
DATE MODIFIED: 10/27/2023 2:18 AM
11. A higher price on a good is a disincentive to buying it.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 4: People respond to incentives
DATE CREATED: 10/27/2023 2:18 AM
DATE MODIFIED: 10/27/2023 2:19 AM
12. In international trade, if one party gains, the other party loses.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 5: Trade can make everyone better off
DATE CREATED: 10/27/2023 2:19 AM
DATE MODIFIED: 10/27/2023 2:19 AM
Copyright Cengage Learning. Powered by Cognero. Page 4
