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

Complete Chapters ✅

Chap 01 17ce - Macro Complete Answers ✅
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.
1) ______
⊚ 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
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > 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.
2) ______
⊚ 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
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB 01-02 Positive economics tells us that: Certain in...




1

,3) Marginal analysis means that decision-makers compare the extra benefits with the extra costs
of a specific choice.
3) ______
⊚ 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
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB 01-03 Marginal analysis means that decision-makers...



4) Choices entail marginal costs because resources are scarce.
4) ______
⊚ 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
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > 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.
5) ______
⊚ 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
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB 01-05 If economic theories are solidly based on re...




2

,6) The fact that economic generalizations are abstract renders them impractical and useless.
6) ______
⊚ 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
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB 01-06 The fact that economic generalizations are a...



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.
7) ______
⊚ 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
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB 01-07 Macroeconomics explains the behaviour of ind...



8) Positive statements are expressions of value judgments.
8) ______
⊚ 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
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB 01-08 Positive statements are expressions of value...




3

, 9) Normative statements are expressions of facts.
9) ______
⊚ 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
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB 01-09 Normative statements are expressions of fact...



10) Individuals face an economic problem but society does not.
10) ______
⊚ 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
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > 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.
11) ______
⊚ 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
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB 01-11 The entrepreneur's sole function is...




4