, ACCESS Test Bank for Economics 12th Edition Colander
m m m m m m m
Economics Author: Colander Edition: 12e
m m m m
CORRECT ANSWERS ARE LOCATED IN THE 2ND HALF OF THIS DOC.
m m m m m m m m m m
TRUE/FALSE m-mWritem'T'mif mthemstatementmismtruemandm'F'mif mthemstatementmismfalse.
1) Themanswersmtomanmeconomy'smthreemcentralmeconomicmproblemsmaremdetermined mbymt
heminteractionmof mthreemforces:meconomicmforces,mpoliticalmforces,mand msocialmforces.
⊚m true
⊚m false
2) Scarcitymexistsmbecausemeconomiesmcannot mproducemenoughmtommeet mthemperceived mdesiresm
of mallmindividuals.
⊚m true
⊚m false
3) Onlymmarginalmcosts,mnot msunkmcosts,maffect meconomicmdecisionsmif mindividualsmaremrational.
⊚m true
⊚m false
4) Themeconomicmdecisionmrulemismtomundertakemanmactionmonlymwhenmthemmarginalmbenefitsmof mt
hat mactionmaremgreatermthanmitsmtotalmcosts.
⊚m true
⊚m false
5) Themopportunitymcost mof mundertakingmanmactivitymincludesmanymsunkmcost.
⊚m true
⊚m false
6) Them"invisiblemhand"mismthempricemmechanism mthat mguidesmpeople’smactionsminmthemmarket.
⊚m true
⊚m false
7) Socialmand mpoliticalmforcesmaffect mthemwayminmwhichmtheminvisiblemhand mworks.
⊚m true
⊚m false
8) Macroeconomicsmismthemstudymof mhow mindividualmchoicesmaremaffected mbymeconomicmforces.
⊚m true
⊚m false
Versionm1 1
mynursytest.store
, ACCESS Test Bank for Economics 12th Edition Colander
m m m m m m m
Economics Author: Colander Edition: 12e
m m m m
9) Decidingmwhat mthemdistributionmof mincomemshould mbemismanmexamplemof mnormativem economics.
⊚m true
⊚m false
MULTIPLEmCHOICEm-
mChoosemthemonemalternativemthatmbestmcompletesmthemstatementmormanswersmthemquestion.
10) Saymampillmexisted mthat mmadempeoplemselfless.mAftermtakingmit mtheymweremonlyminterested
minmothers,mnot mthemselves.mUndermthemcoordinationmdefinitionmof meconomics:
A) nomeconomicmproblemmwould mexist.
B) theremstillmwould mbemanmeconomicmproblem.
C) theremwould mbemampoliticalmproblemmbut mnot manmeconomicmproblem.
D) theremwould mbemamsocialmproblemmbut mnot manmeconomicmproblem.
11) Accordingmtomthemtext,meconomicsmismthemstudymof mhow:
A) governmentsmallocatemresourcesminmthemfacemof mconstraints.
B) government mpoliciesmcanmbemused mtommeet mindividuals'mwantsmand mdesires.
C) humanmbeingsmcoordinatemtheirmwantsmand mdesires.
D) scarcemresourcesmaremallocated mbetweenmcapitalistsmand mworkers.
12) Dormmroomsmusuallymaremnot mallocated mbymmarkets.mAllocatingmdormmroomsmis:
A) not manmeconomicmproblem.
B) anmeconomicmproblem.
C) not maffected mbymeconomicmforces.
D) determined mbymprices.
13) If mallocatingmdormmroomsmchangesmfrommallocationmbymlotterymtomallocationmbymthemmarket:
A) it mbecomesmanmeconomicmproblem.
B) it mbecomesmampoliticalmproblemmbut mnot manmeconomicmproblem.
C) it mbecomesmamsocialmproblemmbut mnot manmeconomicmproblem.
D) themallocationmproblemmismstillmanmeconomicmproblem.
14) Whichmof mthemfollowingmismnotmonemof mthemthreemcentralmcoordinationmproblemsmof mthemecono
mymgivenminmthembook?
A) What
B) Whether
C) Formwhom
D) How
Versionm1 2
mynursytest.store
, ACCESS Test Bank for Economics 12th Edition Colander
m m m m m m m
Economics Author: Colander Edition: 12e
m m m m
15) Themquantitymof mgoodsmand mservicesmavailablemtomsociety:
A) ismfixed.
B) dependsmonmhumanmaction.
C) ismnot mof meconomicmimportance.
D) willmalwaysmgrow mtommeet mindividuals'mwantsmand mdesires.
16) Economicmsystems:
A) canmeliminatemscarcity.
B) addressmthemquestionsmwhat mismproduced,mhow mit mismproduced,mandmformwhommit
ismproduced.
m
C) providemallmthemgoodsmpeoplemwant mand mdesire.
D) providemequalmdistributionmof mwell-beingmamongmitsmparticipants.
17) Scarcitymexistsmbecause:
A) individualsmcannot msolvemthemthreemcentralmcoordinationmproblems.
B) governmentsmcannot msolvemthemthreemcentralmcoordinationmproblems.
C) themsupplymof mgoodsmismalwaysmlessmthanmthemdemand.
D) new mwantsmcontinuemtomdevelopmand mwillingnessmtommeet mthemmismlimited.
18) Peoplemcanmreasonablymexpect mthat manmeconomicmsystemmwillmdecidemallmof mthemfollowing
except:
A) what mgoodsmtomproduce.
B) howmtomproducemthemgoods.
C) howmtomassignminitialmpropertymrights.
D) formwhommtomproducemthemgoods.
19) Tomengageminmeconomicmreasoning,monemmust mcompare:
A) totalmcost mand mtotalmbenefit.
B) marginalmcost,msunkmcost,mand mtotalmbenefit.
C) sunkmcost mand mmarginalmcost.
D) marginalmcost mand mmarginalmbenefit.
20) Alexandramhasmdetermined mthat mstudyingmanmhourmformhermeconomicsmquizmwillmimprovemh
ermgrademonmthemquizmfrommam75mtomam100.mShemalsomdeterminesmthat mthismimprovement mism
worth
$20.mTomstudymformanmhourmformhermeconomicsmquiz,mhowever,mshemwillmhavemtomworkmonemfe
wermhourmat mhermpart-timemjob.mAlexandramshould:
A) studymformthemquizmasmlongmasmhermhourlymwagemratemismlessmthanm$20.
B) studymformthemquizmasmlongmasmhermhourlymwagemratemismmoremthanm$20.
C) studymformthemquizmonlymif mhermhourlymwagemratemismexactlym$20.
D) not mstudymformthemquizmbecausemearningmamhighermgrademcannot mhavemamdollarmvalue.
Versionm1 3
mynursytest.store
m m m m m m m
Economics Author: Colander Edition: 12e
m m m m
CORRECT ANSWERS ARE LOCATED IN THE 2ND HALF OF THIS DOC.
m m m m m m m m m m
TRUE/FALSE m-mWritem'T'mif mthemstatementmismtruemandm'F'mif mthemstatementmismfalse.
1) Themanswersmtomanmeconomy'smthreemcentralmeconomicmproblemsmaremdetermined mbymt
heminteractionmof mthreemforces:meconomicmforces,mpoliticalmforces,mand msocialmforces.
⊚m true
⊚m false
2) Scarcitymexistsmbecausemeconomiesmcannot mproducemenoughmtommeet mthemperceived mdesiresm
of mallmindividuals.
⊚m true
⊚m false
3) Onlymmarginalmcosts,mnot msunkmcosts,maffect meconomicmdecisionsmif mindividualsmaremrational.
⊚m true
⊚m false
4) Themeconomicmdecisionmrulemismtomundertakemanmactionmonlymwhenmthemmarginalmbenefitsmof mt
hat mactionmaremgreatermthanmitsmtotalmcosts.
⊚m true
⊚m false
5) Themopportunitymcost mof mundertakingmanmactivitymincludesmanymsunkmcost.
⊚m true
⊚m false
6) Them"invisiblemhand"mismthempricemmechanism mthat mguidesmpeople’smactionsminmthemmarket.
⊚m true
⊚m false
7) Socialmand mpoliticalmforcesmaffect mthemwayminmwhichmtheminvisiblemhand mworks.
⊚m true
⊚m false
8) Macroeconomicsmismthemstudymof mhow mindividualmchoicesmaremaffected mbymeconomicmforces.
⊚m true
⊚m false
Versionm1 1
mynursytest.store
, ACCESS Test Bank for Economics 12th Edition Colander
m m m m m m m
Economics Author: Colander Edition: 12e
m m m m
9) Decidingmwhat mthemdistributionmof mincomemshould mbemismanmexamplemof mnormativem economics.
⊚m true
⊚m false
MULTIPLEmCHOICEm-
mChoosemthemonemalternativemthatmbestmcompletesmthemstatementmormanswersmthemquestion.
10) Saymampillmexisted mthat mmadempeoplemselfless.mAftermtakingmit mtheymweremonlyminterested
minmothers,mnot mthemselves.mUndermthemcoordinationmdefinitionmof meconomics:
A) nomeconomicmproblemmwould mexist.
B) theremstillmwould mbemanmeconomicmproblem.
C) theremwould mbemampoliticalmproblemmbut mnot manmeconomicmproblem.
D) theremwould mbemamsocialmproblemmbut mnot manmeconomicmproblem.
11) Accordingmtomthemtext,meconomicsmismthemstudymof mhow:
A) governmentsmallocatemresourcesminmthemfacemof mconstraints.
B) government mpoliciesmcanmbemused mtommeet mindividuals'mwantsmand mdesires.
C) humanmbeingsmcoordinatemtheirmwantsmand mdesires.
D) scarcemresourcesmaremallocated mbetweenmcapitalistsmand mworkers.
12) Dormmroomsmusuallymaremnot mallocated mbymmarkets.mAllocatingmdormmroomsmis:
A) not manmeconomicmproblem.
B) anmeconomicmproblem.
C) not maffected mbymeconomicmforces.
D) determined mbymprices.
13) If mallocatingmdormmroomsmchangesmfrommallocationmbymlotterymtomallocationmbymthemmarket:
A) it mbecomesmanmeconomicmproblem.
B) it mbecomesmampoliticalmproblemmbut mnot manmeconomicmproblem.
C) it mbecomesmamsocialmproblemmbut mnot manmeconomicmproblem.
D) themallocationmproblemmismstillmanmeconomicmproblem.
14) Whichmof mthemfollowingmismnotmonemof mthemthreemcentralmcoordinationmproblemsmof mthemecono
mymgivenminmthembook?
A) What
B) Whether
C) Formwhom
D) How
Versionm1 2
mynursytest.store
, ACCESS Test Bank for Economics 12th Edition Colander
m m m m m m m
Economics Author: Colander Edition: 12e
m m m m
15) Themquantitymof mgoodsmand mservicesmavailablemtomsociety:
A) ismfixed.
B) dependsmonmhumanmaction.
C) ismnot mof meconomicmimportance.
D) willmalwaysmgrow mtommeet mindividuals'mwantsmand mdesires.
16) Economicmsystems:
A) canmeliminatemscarcity.
B) addressmthemquestionsmwhat mismproduced,mhow mit mismproduced,mandmformwhommit
ismproduced.
m
C) providemallmthemgoodsmpeoplemwant mand mdesire.
D) providemequalmdistributionmof mwell-beingmamongmitsmparticipants.
17) Scarcitymexistsmbecause:
A) individualsmcannot msolvemthemthreemcentralmcoordinationmproblems.
B) governmentsmcannot msolvemthemthreemcentralmcoordinationmproblems.
C) themsupplymof mgoodsmismalwaysmlessmthanmthemdemand.
D) new mwantsmcontinuemtomdevelopmand mwillingnessmtommeet mthemmismlimited.
18) Peoplemcanmreasonablymexpect mthat manmeconomicmsystemmwillmdecidemallmof mthemfollowing
except:
A) what mgoodsmtomproduce.
B) howmtomproducemthemgoods.
C) howmtomassignminitialmpropertymrights.
D) formwhommtomproducemthemgoods.
19) Tomengageminmeconomicmreasoning,monemmust mcompare:
A) totalmcost mand mtotalmbenefit.
B) marginalmcost,msunkmcost,mand mtotalmbenefit.
C) sunkmcost mand mmarginalmcost.
D) marginalmcost mand mmarginalmbenefit.
20) Alexandramhasmdetermined mthat mstudyingmanmhourmformhermeconomicsmquizmwillmimprovemh
ermgrademonmthemquizmfrommam75mtomam100.mShemalsomdeterminesmthat mthismimprovement mism
worth
$20.mTomstudymformanmhourmformhermeconomicsmquiz,mhowever,mshemwillmhavemtomworkmonemfe
wermhourmat mhermpart-timemjob.mAlexandramshould:
A) studymformthemquizmasmlongmasmhermhourlymwagemratemismlessmthanm$20.
B) studymformthemquizmasmlongmasmhermhourlymwagemratemismmoremthanm$20.
C) studymformthemquizmonlymif mhermhourlymwagemratemismexactlym$20.
D) not mstudymformthemquizmbecausemearningmamhighermgrademcannot mhavemamdollarmvalue.
Versionm1 3
mynursytest.store
