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ACCESS Test Bank for Macroeconomics 14th Edition Arnold
p p p p p p p




Name: Class: Date:

Chapter 01 What Economics Is About
p p p p p



Truep/pFalse

1. Thepbranchpofpeconomicspthatpstudiespthepdecisionspmadepbypindividualspandpfirmspispcalledpmacroeconomics.
a. True
b. False
ANSWER:p False

2. Macroeconomicspdealspwithpissuespinvolvingplargepcorporations,pwhilepmicroeconomicspexclusivelypdealspwithpissuesp
involvingpsmallpbusinesses.
a. True
b. False
ANSWER:p False

3. Thepeffectpofpapdecreasepinpinterestpratespuponpeconomicpgrowthpispanpexamplepofppositivepeconomics.
a. True
b. False
ANSWER:p True

4. Economistspusepthepwordputilityptopdescribepthepsatisfactionponepreceivespfrompapgood.
a. True
b. False
ANSWER:p True

5. IfpvariablepXprisespaspapresultpofpvariablepYpfalling,pthenpXpandpYphavepanpinverseprelationship.
a. True
b. False
ANSWER:p True

6. Inptheptextbook,peconomicspispdefinedpaspthep"sciencepofpscarcity."
a. True
b. False
ANSWER:p True

7. Inpeconomics,pcapitalpispdefinedpaspapfinancialpassetpsuchpaspstockspandpbonds.
a. True
b. False
ANSWER:p False

8. Aprationingpdevicepispapmethodpusedptopresolvepwhopgetspwhatpofpavailablepgoodspandpresources.
a. True
b. False
ANSWER:p True

9. Whenpappersonpispmakingpapdecisionpatpthepmarginpheporpshepispcomparingptheptotalpbenefitspfrompthatpactivityptoptheptotalpc
ostspofpthepproposedpaction.
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, ACCESS Test Bank for Macroeconomics 14th Edition Arnold
p p p p p p p




Name: Class: Date:

Chapter 01 What Economics Is About
p p p p p



a. True
b. False
ANSWER:p False

10. Economistspuseptheptermspresourcepandpinputpaspsynonyms.
a. True
b. False
ANSWER:p True

11. Topanpeconomist,ptheptermspfactorpandpoutputparepsynonyms.
a. True
b. False
ANSWER:p False

12. Accordingptopeconomists,ponepofpthepfourpbroadpcategoriespofpresourcespispmoney.
a. True
b. False
ANSWER:p False

13. Thephigherpthepopportunitypcostpofpdoingpsomething,pthepmoreplikelypitpwillpbepdone.
a. True
b. False
ANSWER:p False

14. Pricepisptheponlyprationingpdevicepthatpcanpbepusedpinpapmodernpeconomy.
a. True
b. False
ANSWER:p False

15. Thepresourceptermedplaborpconsistspofpthepphysical,pbutpnotpthepmental,ptalentspthatppeoplepcontributeptopthepproductionp
process.
a. True
b. False
ANSWER:p False

16. Thepslopepofpapstraightplinepispalwayspequalptopeitherp1.0porp-1.0.
a. True
b. False
ANSWER:p False

17. Economistspsometimespreferptopthepresourcepcategoryplandpaspnaturalpresources.
a. True
b. False
ANSWER:p True

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, ACCESS Test Bank for Macroeconomics 14th Edition Arnold
p p p p p p p




Name: Class: Date:

Chapter 01 What Economics Is About
p p p p p



18. Scarcitypaffectspeveryone,pevenpbillionaires.
a. True
b. False
ANSWER:p True

19. Ifpsomeonepgivespyoupapfreepticketptopthepmovies,pthenptherepispnopopportunitypcostpinvolvedpwithpgoingptopthepmovies.
a. True
b. False
ANSWER:p False

20. Somepeconomicpstudiesphavepshownpthatpmandatorypseatpbeltplawspdopnotpleadptopapreductionpinptrafficpfatalities.
a. True
b. False
ANSWER:p True

21. Thepslopepofpaphorizontalplinepispalwayspequalptopzero.
a. True
b. False
ANSWER:p True

22. Thepslopepofpap(nonlinear)pcurvepvariespfromponeppointptopanother.
a. True
b. False
ANSWER:p True

23. Scarcitypoccurspinpbothpwealthypsocietiespandppoorpsocieties.
a. True
b. False
ANSWER:p True

24. Thephigherpthepopportunitypcostpofpmakingpapnewpfriend,pthepmoreplikelyponepisptopmakepapnewpfriend,pceterispparibus.
a. True
b. False
ANSWER:p False

25. Economistspuseptheptermspresourcepandpinputpaspsynonyms.
a. True
b. False
ANSWER:p True

MultiplepChoice

26. Thepauthorpofptheptextbookpdefinespeconomicspaspthe
a. sciencepofpefficiency.
b. sciencepofpscarcity.
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, ACCESS Test Bank for Macroeconomics 14th Edition Arnold
p p p p p p p




Name: Class: Date:

Chapter 01 What Economics Is About
p p p p p



c. studypofpmarkets.
d. studypofphumanpactivity.
ANSWER:p b

27. Whenpeconomistspspeakpofpscarcity,ptheyparepreferringptopthe
a. conditionpinpwhichpsocietypispnotpemployingpallpitspresourcespinpanpefficientpway.
b. conditionpinpwhichppeople'spwantspoutstripptheplimitedpresourcespavailableptopsatisfypthosepwants.
c. economicpconditionpthatpexistspinponlypveryppoorpcountriespofpthepworld.
d. conditionpinpwhichpsocietypproducesptoopmanypfrivolouspgoodspandpnotpenoughpsociallypdesirablepgoods.
ANSWER:p b

28. Whichpofpthepfollowingpispnotponepofpthepfourpbroadpcategoriespofpresources?
a. labor
b. government
c. capital
d. entrepreneurship
ANSWER:p b

29. Producedpgoodspusedpaspinputspforpthepproductionpofpotherpgoodspcomprisepthepresourcepknownpas
a. naturalpresources.
b. services.
c. capital.
d. entrepreneurship.
ANSWER:p c

30. Entrepreneurshippis
a. theptalentpforporganizingpthepusepofpland,plaborpandpcapital,pamongpotherpthings.
b. skillpinpinfluencingpgovernmentpregulatorspandplegislators.
c. accumulatedptechnicalpknowledgepinpusingplaborpandpcapital.
d. knowledgepofpthepparticularpnaturalpresourcesptopbepfoundpinpapgivenparea.
ANSWER:p a

31. Manypyearspago,pchemistspatp3MpCorporationpwereptryingptopcreatepapsuper-
strongpglue.pSomehowptheypgotptheirpmoleculesptwistedpandpcamepuppwithponepofpthepweakestpgluespeverpmade.pBut,pratherp
thanppouringpitpdownpthepdrain,ptheyptriedpcoatingpsomeppaperpwithpit,pandpthep"Post-
ItpNote"pwaspborn.pInpthispcase,p3Mpwaspactingpasp a(n)
a. utility.
b. rationer.
c. entrepreneur.
d. abstraction.
ANSWER:p c

32. Thepphysicalpandpmentalptalentsppeoplepbringptopproductionpprocessespcomprisepthepresourcepcalled
a. entrepreneurship.

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