Macroeconomics 13th Edition Arnold Test Bank

1g
Copyrightg©g2020gPearsongEducation,gInc.g
PrinciplesgofgMacroeconomics,g13eg(Case/Fair/Oster)g
Chapterg2gggThegEconomicgProblem:gScarcitygandgChoiceg
g

2.1gggScarcity,gChoice,gandgOpportunitygCostg
g

1)gThegprocessgbygwhichgresourcesgaregtransformedgintogusefulgformsgisg
A)gcapitalization.g
B)gconsumption.g
C)gproduction.g
D)gallocation.g
Answer:ggCg
Diff:g1g
Topic:ggScarcity,gChoice,gandgOpportunitygCostg
Skill:ggDefinitiong
LearninggOutcome:ggMicro-1g
g

2)gOutputsgingthegproductiongprocessgareg
A)gpollution.g
B)gmoney.g
C)ggoodsgandgservicesgofgvaluegtoghouseholds.g
D)gresources.g
Answer:ggCg
Diff:g1g
Topic:ggScarcity,gChoice,gandgOpportunitygCostg
Skill:ggDefinitiong
LearninggOutcome:ggMicro-1g
g

3)gWhichgofgthegfollowinggisgnotgagresourcegasgthegtermgisgusedgbygeconomists?g
A)glandg
B)glaborg
C)gbuildingsg
D)gmoneyg
Answer:ggDg
Diff:g1g
Topic:ggScarcity,gChoice,gandgOpportunitygCostg
Skill:ggConceptualg
AACSB:ggReflectivegThinkingg
LearninggOutcome:ggMicro-1g
g

DOWNLOADgTHEgTestgBankgforgPrinciplesgofgMacroeconomicsg13thgEdition
ggggggggggggggggggggggggggggggggCase

nursytestbank.store
2g
Copyrightg©g2020gPearsongEducation,gInc.g

,4)gWhichgofgthegfollowinggwouldgangeconomistgclassifygasgcapital?g
A)gag$50gbillg
B)gagcorporategbondg
C)gagpostgofficegemployeeg
D)gagguitargusedgbygagmusiciang
Answer:ggDg
Diff:g2g
Topic:ggScarcity,gChoice,gandgOpportunitygCostg
Skill:ggConceptualg
AACSB:ggReflectivegThinkingg
LearninggOutcome:ggMicro-1g
g

5)gCapital,gasgeconomistsgusegthegterm,g
A)gisgthegmoneygthegfirmgspendsgtoghiregresources.g
B)gisgmoneygthegfirmgraisesgfromgsellinggstock.g
C)grefersgtogthegprocessgbygwhichgresourcesgaregtransformedgintogusefulgforms.g
D)grefersgtogthingsgthatghavegalreadygbeengproducedgthatgaregingturngusedgtogproducegothergg
oodsg
andgservices.g
Answer:ggDg
Diff:g3g
Topic:ggScarcity,gChoice,gandgOpportunitygCostg
Skill:ggDefinitiong
LearninggOutcome:ggMicro-1g
g

6)gThegconceptgofgopportunitygcostgisgbasedgongthegprinciplegofg
A)gneed.g
B)gconsumption.g
C)gscarcity.g
D)gprofit.g
Answer:ggCg
Diff:g1g
Topic:ggScarcity,gChoice,gandgOpportunitygCostg
Skill:ggConceptualg
AACSB:ggReflectivegThinkingg
LearninggOutcome:ggMicro-20g
g

7)gThegconceptgofgtrade-offsgwouldgbecomegirrelevantgifg
A)gwegweregdealinggwithgagverygsimple,gone-persongeconomy.g
B)gpovertygweregeliminated.g
C)gscarcitygweregeliminated.g
D)gcapitalgweregeliminated.g
Answer:ggCg
Diff:g2g
Topic:ggScarcity,gChoice,gandgOpportunitygCostg

,Skill:ggConceptualg
AACSB:ggReflectivegThinkingg
LearninggOutcome:ggMicro-4g
DOWNLOADgTHEgTestgBankgforgPrinciplesgofgMacroeconomicsg13thgEdition
ggggggggggggggggggggggggggggggggCase

nursytestbank.store
3g
Copyrightg©g2020gPearsongEducation,gInc.g
g

8)gSupposegyougaregdecidinggwhethergtogspendgyourgtaxgrebategcheckgongagnewgiPodgorgagne
wg
digitalgcamera.gYougaregdealinggwithgthegconceptgofg
A)gequity.g
B)gcomparativegadvantage.g
C)gopportunitygcosts.g
D)gthegfallacygofgcomposition.g
Answer:ggCg
Diff:g2g
Topic:ggScarcity,gChoice,gandgOpportunitygCostg
Skill:ggConceptualg
AACSB:ggReflectivegThinkingg
LearninggOutcome:ggMicro-20g
g

9)gAccordinggtogthegtheorygofgcomparativegadvantage,gspecializationgandgfreegtradegwillgbene
fitg
A)gonlygthatgtradinggpartygthatghasgbothgangabsolutegadvantagegandgagcomparativegadvantage
ging

thegproductiongofgallggoods.g
B)gallgtradinggparties,gevengwhengsomegaregabsolutelygmoregefficientgproducersgthangothers.g
C)gonlygthatgtradinggpartygthatghasgangabsolutegadvantagegingthegproductiongofgallggoods.g
D)gonlygthatgtradinggpartygthatghasgagcomparativegadvantagegingthegproductiongofgallggoods.g
Answer:ggBg
Diff:g2g
Topic:ggScarcity,gChoice,gandgOpportunitygCostg
Skill:ggConceptualg
AACSB:ggReflectivegThinkingg
LearninggOutcome:ggMicro-3g
g

RefergtogtheginformationgprovidedgingTableg2.1gbelowgtoganswergthegfollowinggquestion(s).g
g
g

Tableg2.1g
g

Krystalg
Markg
WritinggPoemsg
8g

, 12g
WritinggTVgCommercialsg
2g
4g
g

10)gRefergtogTableg2.1.gForgKrystal,gthegopportunitygcostgofgwritinggonegTVgcommercialgisg
A)g1/4gofgagpoem.g
B)g2gpoems.g
C)g4gpoems.g
D)g6gpoems.g
Answer:ggCg
Diff:g2g
Topic:ggScarcity,gChoice,gandgOpportunitygCostg
Skill:ggAnalyticalg
AACSB:ggAnalyticalgThinkingg
LearninggOutcome:ggMicro-20g
g

DOWNLOADgTHEgTestgBankgforgPrinciplesgofgMacroeconomicsg13thgEdition
ggggggggggggggggggggggggggggggggCase

nursytestbank.store
4g
Copyrightg©g2020gPearsongEducation,gInc.g
11)gRefergtogTableg2.1.gForgMark,gthegopportunitygcostgofgwritinggonegTVgcommercialgisg
A)g1/3gofgagpoem.g
B)g2gpoems.g
C)g3gpoems.g
D)g8gpoems.g
Answer:ggCg
Diff:g2g
Topic:ggScarcity,gChoice,gandgOpportunitygCostg
Skill:ggAnalyticalg
AACSB:ggAnalyticalgThinkingg
LearninggOutcome:ggMicro-20g
g

12)gRefergtogTableg2.1.gWhichgofgthegfollowinggstatementsgisgtrue?g
A)gKrystalghasgagcomparativegadvantagegingbothgwritinggTVgcommercialsgandgwritinggpoems.
g

B)gMarkghasgagcomparativegadvantagegingbothgwritinggTVgcommercialsgandgwritinggpoems.g
C)gKrystalghasgagcomparativegadvantagegingwritinggTVgcommercials,gandgMarkghasgagcompara
tiveg
advantagegingwritinggpoems.g
D)gMarkghasgagcomparativegadvantagegingwritinggTVgcommercials,gandgKrystalghasgagcompar
ativeg
advantagegingwritinggpoems.g
Answer:ggDg
Diff:g2g