100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Test Bank for Principles Of Macroeconomics, 11th Edition by John Sayre CA$43.82
Add to cart
Quickly navigate to
Preview
  2.  
  3. Macroeconomics
  4.  
  5. Macroeconomics
  6.  
  7. Macroeconomics

Exam (elaborations)

Test Bank for Principles Of Macroeconomics, 11th Edition by John Sayre
 35 views  1 purchase

Test Bank for Principles Of Macroeconomics 11ce 11th Canadian Edition by John Sayre, Alan Morris, Philippe Ghayad. Full Chapters test bank are included with answers (Chapter 1 to 13) CHAPTER 1 The Economic Problem CHAPTER 2 Demand and Supply: An Introduction CHAPTER 3 Measuring the Economy 1: ...

[Show more]

Preview 4 out of 703  pages

Document information

  • May 27, 2024
  • 703
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

All documents for this subject (472)

Seller

avatar-seller
Tutor247

Reviews received

Content preview

All Chapters ✅

Chap 01 11ce Macro Verified Answers ✅
1) Positive statements:
A) Are optimistic.
B) Can be verified by empirical data.
C) Are opinions.
D) Are based on people's beliefs and value systems and cannot be verified by facts.



2) Normative statements:
A) Can be verified by empirical data.
B) Refer only to numbers.
C) Are based on people's beliefs and value systems and cannot be verified by facts.
D) Are always true.



3) The statement, "the governments spends too much money on healthcare", can be defined as:
A) A normative statement.
B) A positive statement.
C) Both a positive and a normative statement.
D) Neither a normative nor a positive statement.



4) The statement, "the governments spends 24% of its budget on healthcare", can be defined as:
A) A normative statement.
B) A positive statement.
C) Both a positive and a normative statement.
D) Neither a normative nor a positive statement.



5) The statement, "water freezes at 40 degrees Celsius", can be defined as:
A) A normative statement.
B) A positive statement.
C) Both a positive and a normative statement.
D) Neither a normative nor a positive statement.
E) A correct statement.




1

,6) What do economists mean when they say that the economy faces scarcity?
A) There are fewer resources available than there were in the 1960s.
B) It is quite evident that the world is running out of resources.
C) The economy is producing far below its capacity to produce.
D) The resources available are not sufficient to produce all that everyone wants.



7) What do economists assume is true about human wants?
A) They are easily defined.
B) That we are on the verge of being able to satisfy them.
C) They are unlimited.
D) They haven't changed much over the centuries.



8) Which of the following terms describes the next best alternative that must be sacrificed as a
result of making a particular choice?
A) Microeconomics.
B) Opportunity cost.
C) Macroeconomics.
D) The law of increasing costs.
E) Scarcity.



9) What is the opportunity cost of a particular product?
A) The price paid for that product.
B) The value put on that product by the person who bought it.
C) The value of the next-best alternative that is given up as a result of buying that
particular product.
D) The combined value of all the other alternatives that are given up as a result of buying
that particular product.


10) Gwen had only $10 yesterday. She was uncertain whether to go out for lunch or to buy beer.
In the end, she bought beer. Which of the following statements is correct?
A) The choice of the beer and not lunch is an example of constant costs.
B) The cost of buying beer is less than lunch.
C) The opportunity cost of beer is lunch.
D) The opportunity cost of beer is $10.




2

,11) Which of the following is correct?
A) Scarcity forces choice which involves opportunity costs.
B) Choice causes scarcity which involves increasing costs.
C) Choice causes scarcity which involves opportunity costs.
D) Scarcity forces choice which involves increasing costs.



12) What can we say is true as a result of people engaging in voluntary trade?
A) One person gains and the other loses.
B) One person gains while there is a neutral effect on the other person.
C) Both people gain.
D) Neither person gains.



13) The maximum production possible in Rome and in Cathay are as follows:
Rome 40 bread Or 20 figs
Cathay 20 bread Or 40 figs



13.1) If each country is self-sufficient (no trade) and each allocates one half of its resources to
producing each of the two products, what will be the output in each country?
A) 40 bread and 20 figs in Rome and 20 bread and 40 figs in Cathay.
B) 40 bread and 0 figs in Rome and 20 bread and 0 figs in Cathay.
C) 0 bread and 20 figs in Rome and 0 bread and 40 figs in Cathay.
D) 20 bread and 10 figs in Rome and 10 bread and 20 figs in Cathay.



13.2) If each country is self-sufficient (no trade) and each allocates one half of its resources to
producing each of the two products, what is the combined output in the two counties?
A) 60 bread and 60 figs.
B) 60 bread and 0 figs.
C) 0 bread and 60 figs.
D) 30 bread and 30 figs.




3

, 13.3) If each country specializes in the production of what it does best and trades with the
other, what is the combined output?
A) 20 bread and 20 figs.
B) 30 bread and 30 figs.
C) 40 bread and 40 figs.
D) 60 bread and 60 figs.



13.4) If each country specializes in the production of what it does best, what are the gains from
trade?
A) There are no gains.
B) 20 bread.
C) 20 figs.
D) 10 bread and 10 figs.



14) What fundamental question is implied by the following statement: Should scarce resources
be devoted to persuading people to quit smoking or to developing a less harmful form of
tobacco?
A) What to produce?
B) How to produce?
C) For whom?
D) How much competition?
E) How much demand?



15) What fundamental question is implied by the following statement: The appropriate
technology in one country can be quite different from the appropriate technology in another
country.
A) What to produce?
B) How to produce?
C) For whom?
D) How much competition?
E) How much demand?




4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Tutor247. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$43.82. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

52355 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$43.82  1x  sold
  • (0)
Add to cart
Added