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TEST BANK FOR ECON MICRO 7th Edition by William A. McEachern & Veronika Dolar , ISBN: 9780357901960 ||Complete Guide A+ $17.99
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TEST BANK FOR ECON MICRO 7th Edition by William A. McEachern & Veronika Dolar , ISBN: 9780357901960 ||Complete Guide A+
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  • Microeconomics
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  • Microeconomics

Test Bank for ECON MICRO, 7e 7th Edition by William A. McEachern, Veronika Dolar. Full Chapters are included with answers (Chapter 1 to 22) Part I: INTRODUCTION TO ECONOMICS. 1. The Art and Science of Economic Analysis. 2. Economic Tools and Economic Systems. 3. Economic Decision Makers. 4. Demand,...

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  • September 23, 2024
  • 1292
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Microeconomics
  • Microeconomics

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TEST BANK
Test Bank for ECON MICRO, 7th Edition


KA
G
U
A




Page 1

, William A.: Econ Micro
Chapter 01

Indicate whether the statement is true or false.
1. Resources consist of labor and natural resources.
True
False

ANSWER: False

2. The ceteris paribus assumption is the other-things-constant assumption.
True
False

ANSWER: True

3. Scarcity occurs when the amount people desire is less than the amount available at a zero price.
True
False

ANSWER: False
KA
4. Resources are used only in the production of goods, not services.
True
False

ANSWER: False
G
5. "There should be less discrimination against women" is an example of a positive economic statement.
True
False
U

ANSWER: False
A
6. College graduates with history or literature as their major tend to earn more than those who choose more
quantitative disciplines like economics.
True
False

ANSWER: False

7. The fallacy of composition is the error of believing that a cause-and-effect relationship exists between two
events that are associated in time.
True
False

ANSWER: False




Page 2

,Name: Class: Date:

Chapter 01 ECON Micro7e

8. A marginal adjustment refers only to a minor change.
a. True
b. False

ANSWER: False

9. Rational self-interest is equivalent to pure selfishness.
True
False

ANSWER: False

10. "An increase in the price of cheese causes consumers to purchase more cheese" is an example of a positive
economic statement.
True
False
KA
ANSWER: True

11. Labor and capital are exchanged in the resource market.
True
False
G
ANSWER: True

12. Labor is the physical and mental effort used to produce goods and services.
U
True
False
A
ANSWER: True

13. An economist would classify 500 shares of stock in General Mills, Inc. as capital.
True
False

ANSWER: False

14. A good economic theory brings clarity to chaos.
True
False

ANSWER: True

15. The ceteris paribus assumption is a behavioral assumption.
True
False

ANSWER: False

Page 3

, Name: Class: Date:

Chapter 01 ECON Micro7e

16. It is always rational to acquire more information before making a decision.
a. True
b. False

ANSWER: True

17. Most economists consider a theory a good one if it predicts well.
True
False

ANSWER: True

18. A rational individual would make charitable contributions only if such contributions receive favorable tax
treatment.
True
False
KA
ANSWER: False

19. Economics is as much an art as it is a science.
True
False
G
ANSWER: True

20. Economic choice results from scarcity.
U
True
False
A
ANSWER: True

21. A rational decision maker compares the expected marginal cost to the expected marginal benefit of any activity.
True
False

ANSWER: True

22. Most real economic choices involve small (or marginal) changes rather than all-or-nothing decisions.
True
False

ANSWER: True

23. Profit is the payment made for land resources.
True
False

ANSWER: False

Page 3

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