Exam (elaborations)
ESSENTIAL OF FOUNDATIONS OF ECONOMICS 7TH EDITION BY BADE - TEST BANK
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, 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.
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