Test Bank for Microeconomics 16th Edition by Campbell Mcconnell , Guide A+

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Test Bank for Microeconomics
By Campbell Mcconnell

16th Edition
ANSWERS AT THE END OF THIS DOCUMENT (All Verified)
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.

⊚ true
⊚ false

Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-02 Define economics and the features of the economic way of thinking.
PR
Topic : 01-05 Marginal Analysis: Comparing Benefits and Costs
Difficulty : Easy



2) Certain inherently desirable products such as education and health care should be
O
produced so long as resources are available.

⊚ true
FD
⊚ false

Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-02 Define economics and the features of the economic way of thinking.
Topic : 01-07 Microeconomics and Macroeconomics
O
Difficulty : Medium
C
3) Marginal analysis means that decision-makers compare the extra benefits with the extra
costs of a specific choice.

⊚ true
⊚ false

Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-02 Define economics and the features of the economic way of thinking.
Difficulty : Easy
Topic : 01-08 Microeconomics



4) Choices entail marginal costs because resources are scarce.

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⊚ true
⊚ false




PR
O
FD
O
C

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Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-02 Define economics and the features of the economic way of thinking.
Difficulty : Easy
Topic : 01-08 Microeconomics



5) If economic theories are solidly based on relevant facts, then there can be no question as
to the character of appropriate economic policy.

⊚ true
⊚ false

Question Details
PR
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-03 Describe the role of economic theory in economics.
Topic : 01-09 Macroeconomics
O
6) The fact that economic generalizations are abstract renders them impractical and useless.

⊚ true
FD
⊚ false

Question Details
Accessibility : Keyboard Navigation
Difficulty : Easy
O
Learning Objective : 01-03 Describe the role of economic theory in economics.
Topic : 01-09 Macroeconomics
C

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.

⊚ true
⊚ false

Question Details
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-04 Distinguish microeconomics from macroeconomics and positive economics from
Topic : 01-12 Limited Income

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8) Positive statements are expressions of value judgments.

⊚ true
⊚ false

Question Details
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-04 Distinguish microeconomics from macroeconomics and positive economics from
Topic : 01-13 Unlimited Wants



9) Normative statements are expressions of facts.
PR

⊚ true
⊚ false

Question Details
O
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-04 Distinguish microeconomics from macroeconomics and positive economics from
Topic : 01-13 Unlimited Wants
FD

10) Individuals face an economic problem but society does not.

⊚ true
O
⊚ false

Question Details
C
Accessibility : Keyboard Navigation
Difficulty : Easy
Topic : 01-12 Limited Income
Learning Objective : 01-06 List the categories of scarce resources and explain the economic problem.



11) The entrepreneur's sole function is to combine other resources (land, labour, and capital)
in the production of some good or service.

⊚ true
⊚ false