Exam (elaborations)
ESSENTIAL OF FOUNDATIONS OF ECONOMICS 7TH EDITION BY BADE - TEST BANK
- Course
- Institution
Complete Test Bank (with Questions Answers)
[Show more]
Seller
Follow
premiumbiz379
Reviews received
Content preview
, Test Bank to AccompanyFoundations of
Macroeconomics
Volume 1
Seventh Edition
by
Bade/Parkin
Pearson Education
c.2015
6/9/14
,Contents
Chapter 1 Getting Started ..................................................................................................................... 1
Chapter 2 The U.S. and Global Economies..................................................................................... 143
Chapter 3 The Economic Problem ................................................................................................... 212
Chapter 4 Demand and Supply ....................................................................................................... 324
Chapter 5 GDP: A Measure of Total Production and Income ..................................................... 452
Chapter 6 Jobs and Unemployment ................................................................................................ 540
Chapter 7 The CPI and the Cost of Living...................................................................................... 635
, Chapter 1 Getting Started
1.1 Definition and Questions
1) Scarcity exists because
A) human wants exceed the resources available to satisfy them.
B) some individuals have low income.
C) the costs of production are high.
D) some people make bad economic decisions.
E) people take too much leisure time.
Answer: A
Topic: Scarcity
Skill: Level 1: Definition
Section: Checkpoint 1.1
Status: Old
AACSB: Reflective thinking
2) Scarcity
A) is the inability to satisfy all our wants.
B) leads to higher prices.
C) applies only to people living in poverty.
D) is not something that affects very rich people.
E) used to exist everywhere but has been eliminated in advanced economies.
Answer: A
Topic: Scarcity
Skill: Level 1: Definition
Section: Checkpoint 1.1
Status: Old
AACSB: Reflective thinking
3) Scarcity requires that we
A) produce efficiently.
B) learn to limit our wants.
C) have the most rapid economic growth possible.
D) have unlimited resources.
E) make choices about what goods and services to produce.
Answer: E
Topic: Scarcity
Skill: Level 1: Definition
Section: Checkpoint 1.1
Status: Old
AACSB: Reflective thinking
Page 1
Copyright © 2015 Pearson Education, Inc.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller premiumbiz379. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $27.09. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now