, ACCESS Test Bank for Economics 12th Edition Colander
a a a a a a a
Economics Author: Colander Edition: 12e
a a a a
CORRECT ANSWERS ARE LOCATED IN THE 2ND HALF OF THIS DOC.
a a a a a a a a a a
TRUE/FALSEa-aWritea'T'aifatheastatementaisatrueaanda'F'aifatheastatementaisafalse.
1) Theaanswersatoaanaeconomy'sathreeacentralaeconomicaproblemsaareadeterminedabyatheain
teractionaofathreeaforces:aeconomicaforces,apoliticalaforces,aandasocialaforces.
⊚a true
⊚a false
2) Scarcityaexistsabecauseaeconomiesacannotaproduceaenoughatoameetatheaperceivedadesiresaofaal
laindividuals.
⊚a true
⊚a false
3) Onlyamarginalacosts,anotasunkacosts,aaffectaeconomicadecisionsaifaindividualsaarearational.
⊚a true
⊚a false
4) Theaeconomicadecisionaruleaisatoaundertakeaanaactionaonlyawhenatheamarginalabenefitsaofathataac
tionaareagreaterathanaitsatotalacosts.
⊚a true
⊚a false
5) Theaopportunityacostaofaundertakingaanaactivityaincludesaanyasunkacost.
⊚a true
⊚a false
6) Thea"invisibleahand"aisatheapriceamechanismathataguidesapeople’saactionsainatheamarket.
⊚a true
⊚a false
7) Socialaandapoliticalaforcesaaffectatheawayainawhichatheainvisibleahandaworks.
⊚a true
⊚a false
8) Macroeconomicsaisatheastudyaofahowaindividualachoicesaareaaffectedabyaeconomicaforces.
⊚a true
⊚a false
Versiona1 1
mynursytest.store
, ACCESS Test Bank for Economics 12th Edition Colander
a a a a a a a
Economics Author: Colander Edition: 12e
a a a a
9) Decidingawhatatheadistributionaofaincomeashouldabeaisaanaexampleaofanormativea economics.
⊚a true
⊚a false
MULTIPLEaCHOICEa-
aChooseatheaoneaalternativeathatabestacompletesatheastatementaoraanswersatheaquestion.
10) Sayaaapillaexistedathatamadeapeopleaselfless.aAfteratakingaitatheyawereaonlyainterestedainaot
hers,anotathemselves.aUnderatheacoordinationadefinitionaofaeconomics:
A) noaeconomicaproblemawouldaexist.
B) thereastillawouldabeaanaeconomicaproblem.
C) thereawouldabeaaapoliticalaproblemabutanotaanaeconomicaproblem.
D) thereawouldabeaaasocialaproblemabutanotaanaeconomicaproblem.
11) Accordingatoatheatext,aeconomicsaisatheastudyaofahow:
A) governmentsaallocatearesourcesainatheafaceaofaconstraints.
B) governmentapoliciesacanabeausedatoameetaindividuals'awantsaandadesires.
C) humanabeingsacoordinateatheirawantsaandadesires.
D) scarcearesourcesaareaallocatedabetweenacapitalistsaandaworkers.
12) Dormaroomsausuallyaareanotaallocatedabyamarkets.aAllocatingadormaroomsais:
A) notaanaeconomicaproblem.
B) anaeconomicaproblem.
C) notaaffectedabyaeconomicaforces.
D) determinedabyaprices.
13) Ifaallocatingadormaroomsachangesafromaallocationabyalotteryatoaallocationabyatheamarket:
A) itabecomesaanaeconomicaproblem.
B) itabecomesaaapoliticalaproblemabutanotaanaeconomicaproblem.
C) itabecomesaaasocialaproblemabutanotaanaeconomicaproblem.
D) theaallocationaproblemaisastillaanaeconomicaproblem.
14) Whichaofatheafollowingaisanotaoneaofatheathreeacentralacoordinationaproblemsaofatheaeconomyagi
venainatheabook?
A) What
B) Whether
C) Forawhom
D) How
Versiona1 2
mynursytest.store
, ACCESS Test Bank for Economics 12th Edition Colander
a a a a a a a
Economics Author: Colander Edition: 12e
a a a a
15) Theaquantityaofagoodsaandaservicesaavailableatoasociety:
A) isafixed.
B) dependsaonahumanaaction.
C) isanotaofaeconomicaimportance.
D) willaalwaysagrowatoameetaindividuals'awantsaandadesires.
16) Economicasystems:
A) canaeliminateascarcity.
B) addressatheaquestionsawhataisaproduced,ahowaitaisaproduced,aandaforawhomaitaisapr
oduced.
C) provideaallatheagoodsapeopleawantaandadesire.
D) provideaequaladistributionaofawell-beingaamongaitsaparticipants.
17) Scarcityaexistsabecause:
A) individualsacannotasolveatheathreeacentralacoordinationaproblems.
B) governmentsacannotasolveatheathreeacentralacoordinationaproblems.
C) theasupplyaofagoodsaisaalwaysalessathanatheademand.
D) newawantsacontinueatoadevelopaandawillingnessatoameetathemaisalimited.
18) Peopleacanareasonablyaexpectathataanaeconomicasystemawilladecideaallaofatheafollowing
except:
A) whatagoodsatoaproduce.
B) howatoaproduceatheagoods.
C) howatoaassignainitialapropertyarights.
D) forawhomatoaproduceatheagoods.
19) Toaengageainaeconomicareasoning,aoneamustacompare:
A) totalacostaandatotalabenefit.
B) marginalacost,asunkacost,aandatotalabenefit.
C) sunkacostaandamarginalacost.
D) marginalacostaandamarginalabenefit.
20) Alexandraahasadeterminedathatastudyingaanahouraforaheraeconomicsaquizawillaimproveaheragr
adeaonatheaquizafromaaa75atoaaa100.aSheaalsoadeterminesathatathisaimprovementaisaworth
$20.aToastudyaforaanahouraforaheraeconomicsaquiz,ahowever,asheawillahaveatoaworkaoneafeweraho
uraataherapart-timeajob.aAlexandraashould:
A) studyaforatheaquizaasalongaasaherahourlyawagearateaisalessathana$20.
B) studyaforatheaquizaasalongaasaherahourlyawagearateaisamoreathana$20.
C) studyaforatheaquizaonlyaifaherahourlyawagearateaisaexactlya$20.
D) notastudyaforatheaquizabecauseaearningaaahigheragradeacannotahaveaaadollaravalue.
Versiona1 3
mynursytest.store
a a a a a a a
Economics Author: Colander Edition: 12e
a a a a
CORRECT ANSWERS ARE LOCATED IN THE 2ND HALF OF THIS DOC.
a a a a a a a a a a
TRUE/FALSEa-aWritea'T'aifatheastatementaisatrueaanda'F'aifatheastatementaisafalse.
1) Theaanswersatoaanaeconomy'sathreeacentralaeconomicaproblemsaareadeterminedabyatheain
teractionaofathreeaforces:aeconomicaforces,apoliticalaforces,aandasocialaforces.
⊚a true
⊚a false
2) Scarcityaexistsabecauseaeconomiesacannotaproduceaenoughatoameetatheaperceivedadesiresaofaal
laindividuals.
⊚a true
⊚a false
3) Onlyamarginalacosts,anotasunkacosts,aaffectaeconomicadecisionsaifaindividualsaarearational.
⊚a true
⊚a false
4) Theaeconomicadecisionaruleaisatoaundertakeaanaactionaonlyawhenatheamarginalabenefitsaofathataac
tionaareagreaterathanaitsatotalacosts.
⊚a true
⊚a false
5) Theaopportunityacostaofaundertakingaanaactivityaincludesaanyasunkacost.
⊚a true
⊚a false
6) Thea"invisibleahand"aisatheapriceamechanismathataguidesapeople’saactionsainatheamarket.
⊚a true
⊚a false
7) Socialaandapoliticalaforcesaaffectatheawayainawhichatheainvisibleahandaworks.
⊚a true
⊚a false
8) Macroeconomicsaisatheastudyaofahowaindividualachoicesaareaaffectedabyaeconomicaforces.
⊚a true
⊚a false
Versiona1 1
mynursytest.store
, ACCESS Test Bank for Economics 12th Edition Colander
a a a a a a a
Economics Author: Colander Edition: 12e
a a a a
9) Decidingawhatatheadistributionaofaincomeashouldabeaisaanaexampleaofanormativea economics.
⊚a true
⊚a false
MULTIPLEaCHOICEa-
aChooseatheaoneaalternativeathatabestacompletesatheastatementaoraanswersatheaquestion.
10) Sayaaapillaexistedathatamadeapeopleaselfless.aAfteratakingaitatheyawereaonlyainterestedainaot
hers,anotathemselves.aUnderatheacoordinationadefinitionaofaeconomics:
A) noaeconomicaproblemawouldaexist.
B) thereastillawouldabeaanaeconomicaproblem.
C) thereawouldabeaaapoliticalaproblemabutanotaanaeconomicaproblem.
D) thereawouldabeaaasocialaproblemabutanotaanaeconomicaproblem.
11) Accordingatoatheatext,aeconomicsaisatheastudyaofahow:
A) governmentsaallocatearesourcesainatheafaceaofaconstraints.
B) governmentapoliciesacanabeausedatoameetaindividuals'awantsaandadesires.
C) humanabeingsacoordinateatheirawantsaandadesires.
D) scarcearesourcesaareaallocatedabetweenacapitalistsaandaworkers.
12) Dormaroomsausuallyaareanotaallocatedabyamarkets.aAllocatingadormaroomsais:
A) notaanaeconomicaproblem.
B) anaeconomicaproblem.
C) notaaffectedabyaeconomicaforces.
D) determinedabyaprices.
13) Ifaallocatingadormaroomsachangesafromaallocationabyalotteryatoaallocationabyatheamarket:
A) itabecomesaanaeconomicaproblem.
B) itabecomesaaapoliticalaproblemabutanotaanaeconomicaproblem.
C) itabecomesaaasocialaproblemabutanotaanaeconomicaproblem.
D) theaallocationaproblemaisastillaanaeconomicaproblem.
14) Whichaofatheafollowingaisanotaoneaofatheathreeacentralacoordinationaproblemsaofatheaeconomyagi
venainatheabook?
A) What
B) Whether
C) Forawhom
D) How
Versiona1 2
mynursytest.store
, ACCESS Test Bank for Economics 12th Edition Colander
a a a a a a a
Economics Author: Colander Edition: 12e
a a a a
15) Theaquantityaofagoodsaandaservicesaavailableatoasociety:
A) isafixed.
B) dependsaonahumanaaction.
C) isanotaofaeconomicaimportance.
D) willaalwaysagrowatoameetaindividuals'awantsaandadesires.
16) Economicasystems:
A) canaeliminateascarcity.
B) addressatheaquestionsawhataisaproduced,ahowaitaisaproduced,aandaforawhomaitaisapr
oduced.
C) provideaallatheagoodsapeopleawantaandadesire.
D) provideaequaladistributionaofawell-beingaamongaitsaparticipants.
17) Scarcityaexistsabecause:
A) individualsacannotasolveatheathreeacentralacoordinationaproblems.
B) governmentsacannotasolveatheathreeacentralacoordinationaproblems.
C) theasupplyaofagoodsaisaalwaysalessathanatheademand.
D) newawantsacontinueatoadevelopaandawillingnessatoameetathemaisalimited.
18) Peopleacanareasonablyaexpectathataanaeconomicasystemawilladecideaallaofatheafollowing
except:
A) whatagoodsatoaproduce.
B) howatoaproduceatheagoods.
C) howatoaassignainitialapropertyarights.
D) forawhomatoaproduceatheagoods.
19) Toaengageainaeconomicareasoning,aoneamustacompare:
A) totalacostaandatotalabenefit.
B) marginalacost,asunkacost,aandatotalabenefit.
C) sunkacostaandamarginalacost.
D) marginalacostaandamarginalabenefit.
20) Alexandraahasadeterminedathatastudyingaanahouraforaheraeconomicsaquizawillaimproveaheragr
adeaonatheaquizafromaaa75atoaaa100.aSheaalsoadeterminesathatathisaimprovementaisaworth
$20.aToastudyaforaanahouraforaheraeconomicsaquiz,ahowever,asheawillahaveatoaworkaoneafeweraho
uraataherapart-timeajob.aAlexandraashould:
A) studyaforatheaquizaasalongaasaherahourlyawagearateaisalessathana$20.
B) studyaforatheaquizaasalongaasaherahourlyawagearateaisamoreathana$20.
C) studyaforatheaquizaonlyaifaherahourlyawagearateaisaexactlya$20.
D) notastudyaforatheaquizabecauseaearningaaahigheragradeacannotahaveaaadollaravalue.
Versiona1 3
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