Test Bank for Economics: Principles and Policy – 13th Edition (Baumol & Blinder) – Complete Chapter-by-Chapter Questions and Answers

,True / False

1. The United States is the largest national economy in the world.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: DISC: Measuring the Economy
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: The American Economy: A Thumbnail Sketch
KEYWORDS: BLOOM’S: Knowledge

2. The U.S. economy is unique for both its size and prosperity.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: DISC: Measuring the Economy
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: Measuring the Economy
TOPICS: The American Economy: A Thumbnail Sketch
KEYWORDS: BLOOM’S: Knowledge

3. The factors of production include all goods and services produced in an economy.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: DISC: The study of economics, an - DISC: The study of economics, and
definitions in economics
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: The American Economy: A Thumbnail Sketch
KEYWORDS: BLOOM’S: Knowledge

4. Outputs include goods but not services.
a. True
b. False
ANSWER: False

,POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: DISC: The study of economics, an - DISC: The study of economics, and
definitions in economics
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: The American Economy: A Thumbnail Sketch
KEYWORDS: BLOOM’S: Knowledge

5. Population density varies little between the fifty states.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: DISC: The study of economics, an - DISC: The study of economics, and
definitions in economics
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: The American Economy: A Thumbnail Sketch

6. Prosperity in the United States is evenly distributed across the fifty states.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: DISC: Measuring the Economy
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: Measuring the Economy
TOPICS: The American Economy: A Thumbnail Sketch
KEYWORDS: BLOOM’S: Comprehension

7. In the United States, all property is privately owned.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: DISC: The study of economics, an - DISC: The study of economics, and
definitions in economics
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics

, TOPICS: The American Economy: A Thumbnail Sketch
KEYWORDS: BLOOM’S: Knowledge

8. Gross domestic product is the money value of all final goods and services produced in an economy in a year.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: DISC: The study of economics, an - DISC: The study of economics, and
definitions in economics
NATIONAL STANDARDS: United States - Analytic - BB-Legal
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: The American Economy: A Thumbnail Sketch
KEYWORDS: BLOOM’S: Knowledge

9. Gross domestic product is the money value of manufacturing production in a year.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: DISC: The study of economics, an - DISC: The study of economics, and
definitions in economics
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: The American Economy: A Thumbnail Sketch
KEYWORDS: BLOOM’S: Comprehension

10. GDP is a measure of the total output of an economy.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: DISC: The study of economics, an - DISC: The study of economics, and
definitions in economics
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: The American Economy: A Thumbnail Sketch
KEYWORDS: BLOOM’S: Knowledge

11. Real GDP is the dollar value of all goods and services produced in an economy.