Test Bank
The Macro Economy Today 15th Edition By
Bradley Schiller
Version 1 1
,Table Of Contents
Part 1: The Economic Challenge
1. Economics: The Core Issues
Appendix: Using Graphs
2. The U.S. Economy: A Global View
3. Supply And Demand
4. The Role Of Government
Part 2: Measuring Macro Outcomes
5. National Income Accounting
6. Unemployment
7. Inflation
Part 3: Cyclical Instability
8. The Business Cycle
9. Aggregate Demand
Appendix: The Keynesian Cross
10. Self-Adjustment Or Instability?
Part 4: Fiscal Policy Tools
11. Fiscal Policy
12. Deficits And Debt
Part 5: Monetary Policy Options
13. Money And Banks
14. The Federal Reserve System
15. Monetary Policy
Part 6: Supply-Side Options
16. Supply-Side Policy: Short-Run Options
17. Growth And Productivity: Long-Run Possibilities
Part 7: Policy Constraints
18. Theory Versus Reality
Part 8: International Economics
19. International Trade
20. International Finance
21. Global Poverty
Version 1 2
,Chapter 1:Economics: The Core Issues
True/False - Write 'T' If The Statement Is True And 'F' If The Statement Is False.
1) Scarcity Results When Available Resources Cannot Satisfy All Desired Uses Of
Those Resources.
⊚ True
⊚ False
2) Critics Of Government Regulation Argue That Government Interference In The
Marketplace Stifles The "Animal Spirits" Of Entrepreneurship.
⊚ True
⊚ False
3) Opportunity Cost Is A Theoretical Concept With No Practical Application.
⊚ True
⊚ False
4) Every Time We Use Scarce Resources In One Way, We Give Up The Opportunity To
Use Them In Other Ways.
⊚ True
⊚ False
5) Production Possibilities In An Economy Decrease As More Resources And Better
Technology Are Utilized.
⊚ True
⊚ False
6) All Output Combinations That Lie Outside A Production Possibilities Curve Are
Attainable With Available Resources And Technology.
⊚ True
⊚ False
Version 1 3
, 7) Output Combinations That Lie Inside The Production Possibilities Curve Are
Characterized By Efficient Use Of Resources.
⊚ True
⊚ False
8) If The Economy Is Inside The Production Possibilities Curve, Then More Output
Can Be Produced Using Existing Resources.
⊚ True
⊚ False
9) All Economies Must Make Decisions Concerning What To Produce, How To Produce
It, And For Whom To Produce.
⊚ True
⊚ False
10) The Essential Feature Of The Market Mechanism Is The Price Signal.
⊚ True
⊚ False
11) Government Failure Occurs When Government Intervention Fails To Improve
Economic Outcomes Or Makes Them Worse.
⊚ True
⊚ False
12) Microeconomics Is Concerned With Individual Performance As Well As The Economy
As A Whole.
⊚ True
⊚ False
Version 1 4
The Macro Economy Today 15th Edition By
Bradley Schiller
Version 1 1
,Table Of Contents
Part 1: The Economic Challenge
1. Economics: The Core Issues
Appendix: Using Graphs
2. The U.S. Economy: A Global View
3. Supply And Demand
4. The Role Of Government
Part 2: Measuring Macro Outcomes
5. National Income Accounting
6. Unemployment
7. Inflation
Part 3: Cyclical Instability
8. The Business Cycle
9. Aggregate Demand
Appendix: The Keynesian Cross
10. Self-Adjustment Or Instability?
Part 4: Fiscal Policy Tools
11. Fiscal Policy
12. Deficits And Debt
Part 5: Monetary Policy Options
13. Money And Banks
14. The Federal Reserve System
15. Monetary Policy
Part 6: Supply-Side Options
16. Supply-Side Policy: Short-Run Options
17. Growth And Productivity: Long-Run Possibilities
Part 7: Policy Constraints
18. Theory Versus Reality
Part 8: International Economics
19. International Trade
20. International Finance
21. Global Poverty
Version 1 2
,Chapter 1:Economics: The Core Issues
True/False - Write 'T' If The Statement Is True And 'F' If The Statement Is False.
1) Scarcity Results When Available Resources Cannot Satisfy All Desired Uses Of
Those Resources.
⊚ True
⊚ False
2) Critics Of Government Regulation Argue That Government Interference In The
Marketplace Stifles The "Animal Spirits" Of Entrepreneurship.
⊚ True
⊚ False
3) Opportunity Cost Is A Theoretical Concept With No Practical Application.
⊚ True
⊚ False
4) Every Time We Use Scarce Resources In One Way, We Give Up The Opportunity To
Use Them In Other Ways.
⊚ True
⊚ False
5) Production Possibilities In An Economy Decrease As More Resources And Better
Technology Are Utilized.
⊚ True
⊚ False
6) All Output Combinations That Lie Outside A Production Possibilities Curve Are
Attainable With Available Resources And Technology.
⊚ True
⊚ False
Version 1 3
, 7) Output Combinations That Lie Inside The Production Possibilities Curve Are
Characterized By Efficient Use Of Resources.
⊚ True
⊚ False
8) If The Economy Is Inside The Production Possibilities Curve, Then More Output
Can Be Produced Using Existing Resources.
⊚ True
⊚ False
9) All Economies Must Make Decisions Concerning What To Produce, How To Produce
It, And For Whom To Produce.
⊚ True
⊚ False
10) The Essential Feature Of The Market Mechanism Is The Price Signal.
⊚ True
⊚ False
11) Government Failure Occurs When Government Intervention Fails To Improve
Economic Outcomes Or Makes Them Worse.
⊚ True
⊚ False
12) Microeconomics Is Concerned With Individual Performance As Well As The Economy
As A Whole.
⊚ True
⊚ False
Version 1 4
