Test Bank for Microeconomics, 17th Canadian Edition by Campbell R. McConnell

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Complete Answers
Chap 01 17ce - McConnell
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Rational individuals may make different choices because their information and circumstances
differ.
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Difficulty : Easy
Learning Objective : 01-02 Define economics and the economic perspective.
Topic : 01-02 The Economic Way of Thinking
Source : Chapter 01 Test Bank > TB 01-01 Rational individuals may make different choi...



2) Positive economics tells us that: Certain inherently desirable products such as education and
health care should be produced so long as resources are available.
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Difficulty : Medium
Learning Objective : 01-02 Define economics and the economic perspective.
Topic : 01-02 The Economic Way of Thinking
Source : Chapter 01 Test Bank > TB 01-02 Positive economics tells us that: Certain in...



3) Marginal analysis means that decision-makers compare the extra benefits with the extra costs
of a specific choice.
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Difficulty : Easy
Learning Objective : 01-02 Define economics and the economic perspective.
Topic : 01-02 The Economic Way of Thinking
Source : Chapter 01 Test Bank > TB 01-03 Marginal analysis means that decision-makers...




1

,4) Choices entail marginal costs because resources are scarce.
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Difficulty : Easy
Learning Objective : 01-02 Define economics and the economic perspective.
Topic : 01-02 The Economic Way of Thinking
Source : Chapter 01 Test Bank > TB 01-04 Choices entail marginal costs because resour...



5) If economic theories are solidly based on relevant facts, then there can be no question as to
the character of appropriate economic policy.
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Difficulty : Easy
Learning Objective : 01-03 Describe the role of economic theory in economics.
Topic : 01-03 Theories, Principles, and Models
Source : Chapter 01 Test Bank > TB 01-05 If economic theories are solidly based on re...



6) The fact that economic generalizations are abstract renders them impractical and useless.
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Difficulty : Easy
Learning Objective : 01-03 Describe the role of economic theory in economics.
Topic : 01-03 Theories, Principles, and Models
Source : Chapter 01 Test Bank > TB 01-06 The fact that economic generalizations are a...




2

,7) Macroeconomics explains the behaviour of individual households and business firms;
microeconomics is concerned with the behaviour of aggregates or the economy as a whole.
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Difficulty : Easy
Learning Objective : 01-04 Distinguish microeconomics from macroeconomics and positive economics from
Topic : 01-04 Microeconomics and Macroeconomics
Source : Chapter 01 Test Bank > TB 01-07 Macroeconomics explains the behaviour of ind...



8) Positive statements are expressions of value judgments.
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Difficulty : Easy
Learning Objective : 01-04 Distinguish microeconomics from macroeconomics and positive economics from
Topic : 01-04 Microeconomics and Macroeconomics
Source : Chapter 01 Test Bank > TB 01-08 Positive statements are expressions of value...



9) Normative statements are expressions of facts.
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Difficulty : Easy
Learning Objective : 01-04 Distinguish microeconomics from macroeconomics and positive economics from
Topic : 01-04 Microeconomics and Macroeconomics
Source : Chapter 01 Test Bank > TB 01-09 Normative statements are expressions of fact...




3

, 10) Individuals face an economic problem but society does not.
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Difficulty : Easy
Learning Objective : 01-06 List the categories of scarce resources and explain the economic problem.
Topic : 01-06 Society's Economic Problem
Source : Chapter 01 Test Bank > TB 01-10 Individuals face an economic problem but soc...



11) The entrepreneur's sole function is to combine other resources (land, labour, and capital) in
the production of some good or service.
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Difficulty : Easy
Learning Objective : 01-06 List the categories of scarce resources and explain the economic problem.
Topic : 01-06 Society's Economic Problem
Source : Chapter 01 Test Bank > TB 01-11 The entrepreneur's sole function is...



12) Products and services are scarce because resources are scarce.
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Difficulty : Easy
Learning Objective : 01-06 List the categories of scarce resources and explain the economic problem.
Topic : 01-06 Society's Economic Problem
Source : Chapter 01 Test Bank > TB 01-12 Products and services are scarce because res...




4