,DOWNLOAD THE Test Bank for Exploring Macroeconomics 8th Edition Sexton
n n n n n n n n n
InstructornResourcenSexton
,nExploringnMacroeconomics,n8e
SAGEnPublishing,n2020
Chapter 1: The Role and Method of Economics Test
n n n n n n n n
nBank
MultiplenChoice
1. Which nof nthenfollowingnisnan naccuratendefinition nof nanresource?
a. an nexportnof ngoodsnandnservices
b. an nimportnof ngoodsnandnservices
c. an ninputnusedntonproducengoodsnandnservices
d. an noutputnmadenfromnthenproductionnofngoodsnandnservicesn
Ans:nC
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nKnowledge
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nEasy
2. Robertnusesnhisndrawingnskill ntoncreatenmedicalnillustrationsnfornancompanynthatnmakesn
medical nequipment.nRobert’sndrawingnskill nisnan nexamplenof n .
a. scarcity
b. anresource
c. an noutput
d. an naggregate
nAns:nB
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nComprehension
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nMedium
3. Thensituation nthatnexistsnbecausenournunlimitednwantsnexceednournlimitednresourcesnisnc
alledn .
a. ancorrelation
b. an ninput
c. anshortage
d. scarcity
nAns:nD
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nKnowledge
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nEasy
mynursytest.store
,DOWNLOAD THE Test Bank for Exploring Macroeconomics 8th Edition Sexton
n n n n n n n n n
InstructornResourcenSexton
,nExploringnMacroeconomics,n8e
SAGEnPublishing,n2020
4. Which nof nthenfollowingnarenthreenkeyncomponentsnof ntheneconomicnproblem?
a. scarcity;nchoice;ngivingnupnvaluablenopportunities
b. surplus;nchoice;ncompetingnopportunities
c. scarcity;ncompetingnopportunities;nincome
d. surplus;nincome;ngivingnupnvaluablenopportunitiesn
Ans:nA
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nComprehension
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nMedium
5. Economicsnisnsometimesncallednthenstudynof nchoice.nThisnmeansnwenallnmakenchoicesnb
ecausenof n .
a. income
b. opportunities
c. scarcity
d. surplus
nAns:nC
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nComprehension
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nMedium
6. Which nof nthenfollowingnexamplesnbestnshowsnscarcity?
a. Claranbuysnandressnfornanbargain nprice.
b. Juan ndecidesntonsaven20npercentnof nhisnlimitednincome.
c. Sosukenfindsnanquarternon nthensidewalk.
d. Lucianrunsnoutnofndishwashingnliquidnrightnbeforenanbignparty.n
Ans:nB
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nApplication
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nMedium
7. Which nof nthenfollowingnisnthenunifyingnissuenof neconomics?
a. income
b. opportunities
c. resources
d. choices
nAns:nD
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
mynursytest.store
, DOWNLOAD THE Test Bank for Exploring Macroeconomics 8th Edition Sexton
n n n n n n n n n
InstructornResourcenSexton
,nExploringnMacroeconomics,n8e
SAGEnPublishing,n2020
REF:nCognitivenDomain:nKnowledge
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nEasy
8. Which nof nthenfollowingnisnan naccuratenstatementnaboutneconomics?
a. Itnhelpsnusnunderstandnthenconsequencesnof nournchoices.
b. Itntellsnusnwhen ntonchoose.
c. Itntellsnusnhow ntonchoose.
d. Itnisnan nobjectivenguidenofnwhatntonchoose.n
Ans:nA
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nComprehension
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nMedium
9. In nmodern nculture,nwhichnofnthenfollowingnhasnprobablynbecomenthenmostnpreciousnr
esource?
a. water
b. time
c. oil
d. mathematics
nAns:nB
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nKnowledge
AnswernLocation:nEconomicsnIsnAllnAroundnUsnDi
fficultynLevel:nMedium
10. Thomasndecidesntonstudynlatenintonthennight.nHowever,nasnanresult,nhendoesn’tngetne
nough nsleepnandnisntirednthennextnday.nThisnexamplenshowsnthenscarcitynof n .
a. discipline
b. relaxation
c. time
d. ambition
nAns:nC
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nApplication
AnswernLocation:nEconomicsnIsnAllnAroundnUsnDi
fficultynLevel:nMedium
11. GeorgenBernardnShawnstated,n“Economynisnthenartnof nmakingnthenmostnofnlife.”nWhichno
f nthenfollowingnisnthenmostnaccuratenparaphrasenof nthisnquotation?
a. Economynisnaboutnearningnenough nmoney.
b. Economynisnaboutnmakingnenough nrelaxation ntime.
mynursytest.store
n n n n n n n n n
InstructornResourcenSexton
,nExploringnMacroeconomics,n8e
SAGEnPublishing,n2020
Chapter 1: The Role and Method of Economics Test
n n n n n n n n
nBank
MultiplenChoice
1. Which nof nthenfollowingnisnan naccuratendefinition nof nanresource?
a. an nexportnof ngoodsnandnservices
b. an nimportnof ngoodsnandnservices
c. an ninputnusedntonproducengoodsnandnservices
d. an noutputnmadenfromnthenproductionnofngoodsnandnservicesn
Ans:nC
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nKnowledge
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nEasy
2. Robertnusesnhisndrawingnskill ntoncreatenmedicalnillustrationsnfornancompanynthatnmakesn
medical nequipment.nRobert’sndrawingnskill nisnan nexamplenof n .
a. scarcity
b. anresource
c. an noutput
d. an naggregate
nAns:nB
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nComprehension
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nMedium
3. Thensituation nthatnexistsnbecausenournunlimitednwantsnexceednournlimitednresourcesnisnc
alledn .
a. ancorrelation
b. an ninput
c. anshortage
d. scarcity
nAns:nD
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nKnowledge
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nEasy
mynursytest.store
,DOWNLOAD THE Test Bank for Exploring Macroeconomics 8th Edition Sexton
n n n n n n n n n
InstructornResourcenSexton
,nExploringnMacroeconomics,n8e
SAGEnPublishing,n2020
4. Which nof nthenfollowingnarenthreenkeyncomponentsnof ntheneconomicnproblem?
a. scarcity;nchoice;ngivingnupnvaluablenopportunities
b. surplus;nchoice;ncompetingnopportunities
c. scarcity;ncompetingnopportunities;nincome
d. surplus;nincome;ngivingnupnvaluablenopportunitiesn
Ans:nA
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nComprehension
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nMedium
5. Economicsnisnsometimesncallednthenstudynof nchoice.nThisnmeansnwenallnmakenchoicesnb
ecausenof n .
a. income
b. opportunities
c. scarcity
d. surplus
nAns:nC
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nComprehension
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nMedium
6. Which nof nthenfollowingnexamplesnbestnshowsnscarcity?
a. Claranbuysnandressnfornanbargain nprice.
b. Juan ndecidesntonsaven20npercentnof nhisnlimitednincome.
c. Sosukenfindsnanquarternon nthensidewalk.
d. Lucianrunsnoutnofndishwashingnliquidnrightnbeforenanbignparty.n
Ans:nB
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nApplication
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nMedium
7. Which nof nthenfollowingnisnthenunifyingnissuenof neconomics?
a. income
b. opportunities
c. resources
d. choices
nAns:nD
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
mynursytest.store
, DOWNLOAD THE Test Bank for Exploring Macroeconomics 8th Edition Sexton
n n n n n n n n n
InstructornResourcenSexton
,nExploringnMacroeconomics,n8e
SAGEnPublishing,n2020
REF:nCognitivenDomain:nKnowledge
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nEasy
8. Which nof nthenfollowingnisnan naccuratenstatementnaboutneconomics?
a. Itnhelpsnusnunderstandnthenconsequencesnof nournchoices.
b. Itntellsnusnwhen ntonchoose.
c. Itntellsnusnhow ntonchoose.
d. Itnisnan nobjectivenguidenofnwhatntonchoose.n
Ans:nA
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nComprehension
AnswernLocation:nEconomics—
AnWordnwith nManynDifferentnMeaningsnDifficultynLevel:nMedium
9. In nmodern nculture,nwhichnofnthenfollowingnhasnprobablynbecomenthenmostnpreciousnr
esource?
a. water
b. time
c. oil
d. mathematics
nAns:nB
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nKnowledge
AnswernLocation:nEconomicsnIsnAllnAroundnUsnDi
fficultynLevel:nMedium
10. Thomasndecidesntonstudynlatenintonthennight.nHowever,nasnanresult,nhendoesn’tngetne
nough nsleepnandnisntirednthennextnday.nThisnexamplenshowsnthenscarcitynof n .
a. discipline
b. relaxation
c. time
d. ambition
nAns:nC
KEY:nLearningnObjective:n1.1:nDefinenandndescribenwhatnisnmeantnbynthenterm
economics.
REF:nCognitivenDomain:nApplication
AnswernLocation:nEconomicsnIsnAllnAroundnUsnDi
fficultynLevel:nMedium
11. GeorgenBernardnShawnstated,n“Economynisnthenartnof nmakingnthenmostnofnlife.”nWhichno
f nthenfollowingnisnthenmostnaccuratenparaphrasenof nthisnquotation?
a. Economynisnaboutnearningnenough nmoney.
b. Economynisnaboutnmakingnenough nrelaxation ntime.
mynursytest.store
