lOMoAR cPSD| 37668344
ECONOMICS: PRINCIPLES & POLICY 14TH EDITION BY
WILLIAMBAUMOL SOLUTIONS AND TEST BANK
QUESTIONS AND CORRECT ANSWERS 2024
,True / False
1. Both parties gain in a voluntary exchange.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: DISC: Scarcity, tradeoffs, and o - DISC: Scarcity, tradeoffs, and opportunity
cost
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: DISC: Gains from trade, specialization and trade
KEYWORDS: BLOOM'S: Knowledge
2. Even though international trade in undertaken voluntarily, a country that engages in trade may not benefit from it.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: DISC: Scarcity, tradeoffs, and o - DISC: Scarcity, tradeoffs, and opportunity
cost
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: DISC: Gains from trade, specialization and trade
KEYWORDS: BLOOM's: Knowledge
3. In international trade, one country's gain is another country's loss.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: DISC: Scarcity, tradeoffs, and o - DISC: Scarcity, tradeoffs, and opportunity
cost
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
, economics
TOPICS: DISC: Gains from trade, specialization and trade
KEYWORDS: BLOOM’S: Comprehension
TOPICS: DISC: Monetary and fiscal policy
KEYWORDS: BLOOM’S: Comprehension
4. The achievement of greater efficiency in the United States has been at the expense of growing inequality.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: Ideas for Beyond the Final Exam
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: DISC: Productivity and growth
KEYWORDS: BLOOM’S: Comprehension
5. One problem with the European Union's choice regarding equality versus efficiency is that it may inadvertently shrink
the size of its "economic pie".
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: Ideas for Beyond the Final Exam
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: DISC: Monetary and fiscal policy
KEYWORDS: BLOOM’S: Comprehension
6. The United States has been willing to trade off greater efficiency for greater wage equality.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: Ideas for Beyond the Final Exam
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: DISC: Productivity and growth
KEYWORDS: BLOOM’S: Comprehension
, ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: Ideas for Beyond the Final Exam
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: DISC: Productivity and growth
KEYWORDS: BLOOM’S: Comprehension
7. The high unemployment of 2008-2010 caused a substantial decrease in inflation which created fears of deflation.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: Ideas for Beyond the Final Exam
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: DISC: Productivity and growth
KEYWORDS: BLOOM’S: Comprehension
8. A small increase in productivity growth can have a huge impact on a country's standard of living.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: Ideas for Beyond the Final Exam
NATIONAL STANDARDS: United States - BPROG: Analytic
ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of
economics
TOPICS: DISC: Productivity and growth
KEYWORDS: BLOOM’S: Comprehension
9. Greater economic efficiency often leads to greater economic inequality.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: Ideas for Beyond the Final Exam
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