Test Bank for Foundations of MacroEconomics 9th Edition (Global Edition) By Robin Bade, Michael Parkin (All Chapters, 100% Original Verified, A+ Grade)

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FoundationsnofnMacroeconomics,n9en(Bade)n
Chaptern1nnGettingnStarted

1.1 DefinitionnandnQuestions

1) Scarcitynexistsnbecause
A) humannwantsnexceednthenresourcesnavailablentonsatisfynthem.
B) somenindividualsnhavenlownincome.
C) thencostsnofnproductionnarenhigh.
D) somenpeoplenmakenbadneconomicndecisions.
E) peoplentakentoonmuchnleisurentime.n
Answer:n A
Topic:n Scarcity
Skill:n Leveln1:nDefinitionn
Section:nCheckpointn1.1nS
tatus:n Old
AACSB:n Reflectiventhinking

2) Scarcity
A) isntheninabilityntonsatisfynallnournwants.
B) leadsntonhighernprices.
C) appliesnonlyntonpeoplenlivingninnpoverty.
D) isnnotnsomethingnthatnaffectsnverynrichnpeople.
E) usedntonexistneverywherenbutnhasnbeenneliminatedninnadvancedneconomies.n
Answer:n A
Topic:n Scarcity
Skill:nLeveln1:nDefinitionn
Section:nCheckpointn1.1nS
tatus:n Old
AACSB:n Reflectiventhinking

3) Scarcitynrequiresnthatnwe
A) producenefficiently.
B) learnntonlimitnournwants.
C) haventhenmostnrapidneconomicngrowthnpossible.
D) havenunlimitednresources.
E) makenchoicesnaboutnwhatngoodsnandnservicesntonproduce.n
Answer:n E
Topic:n Scarcity
Skill:n Leveln1:nDefinitionn
Section:nCheckpointn1.1nS
tatus:n Old
AACSB:n Reflectiventhinking




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4) Scarcitynmeansnthat
A) whatnwencannproducenwithnournresourcesnisngreaternthannournmaterialnwants.
B) resourcesnarenunlimited.
C) wantsnarengreaternthannwhatnwencannproducenwithnournresources.
D) governmentsnmustnmakenupnfornshortagesninnresources.
E) choicesnmadeninnself-
interestncannotnbenthensamenasnthosenmadeninnthensocialninterest.nAnswer:n C
Topic:n Scarcity
Skill:n Leveln1:nDefinitionn
Section:nCheckpointn1.1nS
tatus:n Old
AACSB:n Reflectiventhinking

5) Becausenhumannwantsnareninsatiablenandnunlimitednwhilenavailablenresourcesnarenlimited,np
eoplenarensaidntonfacenthenproblemnof
A) scarcity.
B) whyntonproduce.
C) macroeconomics.
D) microeconomics.
E) socialninterestnversusnself-
interest.nAnswer:n A
Topic:n Scarcity
Skill:n Leveln1:nDefinitionn
Section:nCheckpointn1.1nS
tatus:n Old
AACSB:n Reflectiventhinking

6) WhichnofnthenfollowingnstatementsnBESTndescribesnthenstudynofneconomics?nEconomicsns
tudiesnhow
A) tonorganizenproductionnsonthatnscarcityndoesnnotnoccur.
B) firmsnmakenprofits.
C) wenmakenchoicesninnthenfacenofnscarcity.
D) toncreatenincentivesnsonthatnscarcityndoesnnotnexist.
E) businessesnreachndecisions.n
Answer:n C
Topic:n Scarcity
Skill:n Leveln1:nDefinitionn
Section:nCheckpointn1.1nS
tatus:n Old
AACSB:n Reflectiventhinking




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7) Scarcitynforcesnpeoplento
A) choosenamongnavailablenalternatives.
B) cheatnandnsteal.
C) benunwillingntonhelpnothers.
D) livenatnanlownstandardnofnliving.
E) consumenasnmuchnasntheyncannasnquicklynasntheyncan.n
Answer:n A
Topic:n Scarcity
Skill:nLeveln2:nUsingndefinitionsnS
ection:n Checkpointn1.1
Status:n Old
AACSB:n Reflectiventhinking

8) Scarcitynmeansnwenmust
A) consumenless.
B) producenless.
C) makenchoices.
D) earnnmore.
E) worknmore.n
Answer:nCnTopi
c:n Scarcity
Skill:n Leveln1:nDefinitionn
Section:nCheckpointn1.1nS
tatus:n Old
AACSB:n Reflectiventhinking

9) Whatnisnthenreasonnthatnallneconomicnissuesnandnproblemsnoccur?
A) Allnnationsnusensomenformnofnmoneyntonbuynandnsellngoodsnandnservices.
B) Humansnarenalwaysnwastefulnandninefficientninnproductionnandnconsumption.
C) Powerfulngovernmentsnarenablentoncontrolnproductionnandnconsumption.
D) Humannwantsnexceednthenresourcesnavailablentonsatisfynthem.
E) Peoplenseeknonlyntheirnownnself-
interest.nAnswer:n D
Topic:n Scarcity
Skill:nLeveln2:nUsingndefinitionsnS
ection:n Checkpointn1.1
Status:n Old
AACSB:n Reflectiventhinking




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10) Thenstudynofneconomicsnisnbestndescribednasnanstudynof
A) thenfactorsnthatninfluencenthenstocknandnbondnmarkets.
B) capitalism.
C) thenchoicesnmadeninnproducingngoodsnandnservices.
D) copingnwithnscarcity,nandnchoicesnmadenasnanresultnofnscarcityninnansociety.
E) hownpeoplenearnnanliving.n
Answer:n D
Topic:n Definitionnofneconomicsn
Skill:nLeveln1:nDefinitionnSectio
n:n Checkpointn 1.1nStatus:n Old
AACSB:n Reflectiventhinking

11) WhichnofnthenfollowingnstatementsnBESTndescribesnthenstudynofneconomics?nEconomicsns
tudiesnhow
A) tonorganizenproductionnsonthatnscarcityndoesnnotnoccur.
B) firmsnmakenprofits.
C) wenmakenchoicesninnthenfacenofnscarcity.
D) toncreatenincentivesnsonthatnscarcityndoesnnotnexist.
E) businessesnreachndecisions.n
Answer:n C
Topic:n Definitionnofneconomicsn
Skill:nLeveln1:nDefinitionnSectio
n:n Checkpointn 1.1nStatus:n Old
AACSB:n Reflectiventhinking

12) WhichnofnthenfollowingnBESTndefinesneconomics?
A) Economicsnteachesnhowntonlimitnournwants.
B) Economicsnstudiesnhowntonchoosenthenbestnalternativenwhenncopingnwithnscarcity.
C) Economicsnhelpsnyounearnnasnmuchnmoneynasnpossible.
D) Economicsnanalyzesnallnaspectsnofnhumannbehaviorninngeneral.
E) Economicsnisnconcernednwithnpricesnandnquantitiesnofngoodsnandnservices,nbothnatntheni
ndividualnlevelnandnatnthenindustrynlevel.
Answer:n B
Topic:n Definitionnofneconomicsn
Skill:nLeveln1:nDefinitionnSectio
n:n Checkpointn 1.1nStatus:n Old
AACSB:n Reflectiventhinking




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