TEST BANK FOR Macroeconomics 3rd Edition Daron Acemoglu, David Laibson, John List (CHAPTER 1-15)
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Test Bank Macroeconomics 3rd Edition Daron Acemoglu, David Laibson, John List (CHAPTER 1-15)
Macroeconomics Third Edition Test Bank / Test bank for Macroeconomics 3rd Edition.
Test Bank For 9780135771167, 9780137386123 / Macroeconomics 3E Test Bank.
Macroeconomics 3rd Edition, each chapter begins with an empirical, relevant question
that is later answered using data in the Evidence-Based Economics features that deals with
the performance, structure, behavior, and decision-making of an economy as a whole. It
focuses on aggregates such as national income, unemployment rates, inflation, economic
growth, and overall economic stability.
,Macroeconomics 3rd Edition presents real economic questions and Answers
Chapter 1 : The Principles and Practice of Economics .
1.1 The Scope of Economics
1) Which of the following statements is TRUE?
A) All economic agents are necessarily individuals.
B) A worker who shirks work is not an economic agent.
C) A government is an example of an economic agent.
D) A street gang is not an economic agent.
Answer: C
Difficulty: Easy
AACSB: Analytical Thinking
Topic: Economic Agents and Economic Resources
2) Which of the following best describes scarce resources?
A) Resources that most people cannot afford to buy
B) Resources that can only be distributed efficiently by the government
C) Resources for which the quantity demanded is the same for all economic agents
D) Resources for which the quantity that people want exceeds the quantity that is freely available
Answer: D
Difficulty: Easy
AACSB: Analytical Thinking
Topic: Economic Agents and Economic Resources
3) Which of the following is NOT a scarce resource?
A) Gold
B) Pollution
C) Petroleum
D) iPhones
Answer: B
Difficulty: Easy
AACSB: Application of Knowledge
Topic: Economic Agents and Economic Resources
4) In economics, scarcity refers to the situation of ________.
A) making the best use of limited information
B) having more wants than the amount of available resources
C) the government rationing available goods and services
D) sellers setting the prices of their products too high for people to be able to afford them
Answer: B
Difficulty: Medium
AACSB: Analytical Thinking
Topic: Economic Agents and Economic Resources
1
, 5) Which of the following statements is TRUE?
A) Gold is not a scarce resource.
B) Both life-saving drugs and ice cream are examples of scarce goods.
C) If a scarce resource is given away for free, everyone will be able to consume it.
D) Scarcity means that there is an imbalance between unlimited resources and limited wants.
Answer: B
Difficulty: Easy
AACSB: Analytical Thinking
Topic: Economic Agents and Economic Resources
6) What are scarce resources? Why are economic agents concerned with the allocation of these resources?
Answer: Scarce resources are resources for which the quantity that agents want exceeds the quantity
that is freely available. Economic agents need to satisfy their unlimited wants in a world of limited
resources. This makes it important for them to understand how these scarce resources are to be used and
distributed in order to optimize allocation.
Difficulty: Easy
AACSB: Analytical Thinking
Topic: Economic Agents and Economic Resources
7) Define economics. Who are economic agents?
Answer: Economics is the study of how agents choose to allocate scarce resources and how these choices
affect society. An economic agent is an individual or a group that makes choices.
Difficulty: Easy
AACSB: Analytical Thinking
Topic: Economic Agents and Economic Resources
8) Economics is primarily the study of ________.
A) the mental functions and behavior of individuals and groups
B) the state, nation, government, and politics and policies of governments
C) the problems related to the existence and evolution of society
D) how agents choose to allocate scarce resources and how these choices affect society
Answer: D
Difficulty: Easy
AACSB: Analytical Thinking
Topic: Definition of Economics
9) Economics is primarily the study of ________.
A) the relationship between matter and its motion
B) agents' choices and their impact on society
C) events of the past and how these events affect present human behavior
D) the different types of governments and the impact of their policies on a nation
Answer: B
Difficulty: Easy
AACSB: Analytical Thinking
Topic: Definition of Economics
2
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