Exam (elaborations)
Test Bank For Economics 10th Edition by William Boyes
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- Economics - Test Bank
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- Economics - Test Bank
Economics, 10th Edition by William Boyes - Test Bank
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,1. According to the text, as compared to rich countries, most of the poor countries do not fare well because:a. they have no oil.
b. the people in these countries have limited property rights.
c. access to education in these countries is very limited.
d. high tariffs in these countries prevent international trade.
e. they do not have any natural resources.
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARD United States - BPROG: Reflective Thinking - BPROG: Analysis
S:
STATE STANDARDS: United States - PA - DISC: The study of economics and - DISC: The study of economics and
definitions in ec
TOPICS: Whole chapter
KEYWORDS: BLOOM'S: Knowledge
2. _____ is the primary reason that explains why some nations are richer than the others.
a. A democratic government
b. A strong judicial system
c. Access to education
d. Private ownership
e. A stable currency
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARD United States - BPROG: Reflective Thinking - BPROG: Analysis
S:
STATE STANDARDS: United States - PA - DISC: The study of economics and - DISC: The study of economics and
definitions in ec
TOPICS: Ownership
KEYWORDS: BLOOM'S: Knowledge
3. In spite of having no natural resources, a country like _____ was able to make itself one of the wealthiest countries in
the world because it allowed private ownership.
a. India
b. Poland
c. Hungary
d. Hong Kong
e. China
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIV MICR.BOYE.16.01.01 - ch 1, 1
ES:
NATIONAL STANDARD United States - Analytic - BB-Legal
S:
,STATE STANDARDS: United States - PA - DISC: - The study of economics and - DISC: The study of economics and
definitions in ec
TOPICS: Ownership
KEYWORDS: BLOOM'S: Knowledge
NOTES: New
4. It can be said that ____ laid the foundation for the Industrial Revolution.
a. the discovery of the Americas
b. private property rights
c. the invention of the cotton gin
d. the discovery of gold
e. the development of a strong judicial system
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARD United States - BPROG: Reflective Thinking - BPROG: Analysis
S:
STATE STANDARDS: United States - PA - DISC: The study of economics and - DISC: The study of economics and
definitions in ec
TOPICS: Ownership
KEYWORDS: BLOOM'S: Knowledge
5. Private property rights are important because:
a. they create incentives for people to improve their standard of living.
b. the Constitution says so.
c. they allow students to choose their major field of study in college.
d. an economy cannot function without them.
e. goods cannot be produced without them.
ANSWER: a
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARD United States - BPROG: Reflective Thinking - BPROG: Analysis
S:
STATE STANDARDS: United States - PA - DISC: The study of economics and - DISC: The study of economics and
definitions in ec
TOPICS: Ownership
KEYWORDS: BLOOM'S: Knowledge
NOTES: Revised
6. GDP per capita is one way to measure an economy's growth. China and India began to progress when they allowed
private ownership, around ____. Since then, there has been steady, strong growth in these economies.
a. 1960
b. 1970
c. 1980
d. 1990
e. 2000
ANSWER: d
, POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States - BPROG: Reflective Thinking - BPROG: Analysis
STATE STANDARDS: United States - PA - DISC: Measuring the economy
TOPICS: Ownership
KEYWORDS: BLOOM'S: Knowledge
7. Overfishing and extinction of species arise because of:
a. an abundance of natural resources.
b. communist countries.
c. the lack of incentive to take care of these species.
d. private ownership of these resources.
e. a high degree of economic freedom in all countries.
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
NATIONAL STANDARDSUnited States - BPROG: Reflective Thinking - BPROG: Analysis
:
STATE STANDARDS: United States - PA - DISC: Markets, market failure an - DISC: Markets, market failure and
externalities
TOPICS: Ownership
KEYWORDS: BLOOM'S: Application
NOTES: Revised
8. Sonia works at a restaurant where tips are pooled and divided equally. Anna works at a different restaurant where she
keeps the tips her customers leave for her. Which of the following is true?
a. Both work equally hard because their hourly wage from the employer is low, and they can make up for this
with tips.
b. Sonia works harder, because she receives the same amount of tips as other workers.
c. Anna works harder, because she works at an expensive restaurant.
d. Anna works harder, because her tips are her private property.
e. Neither of them has an incentive to work hard because tips are a small part of their earnings.
ANSWER: d
POINTS: 1
DIFFICULTY: Challenging
NATIONAL STANDARDS: United States - BPROG: Reflective Thinking - BPROG: Analysis
STATE STANDARDS: United States - PA - DISC:Labor markets
TOPICS: Ownership
KEYWORDS: BLOOM'S: Application
9. Villagers in Xiaogang, China, produced more rice than those in surrounding villages because:
a. they had better farmland.
b. they were given better seeds.
c. they were able to keep the output they produced individually.
d. they made each family responsible for a certain, higher quota of rice production.
e. they had common ownership over the rice produced.
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