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Test Bank for Exploring Macroeconomics, 8th Edition by Robert L. Sexton R528,98   Add to cart

Exam (elaborations)

Test Bank for Exploring Macroeconomics, 8th Edition by Robert L. Sexton

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  • Course
  • Macroeconomics
  • Institution
  • Macroeconomics

Test Bank for Exploring Macroeconomics 8e 8th Edition by Robert L. Sexton. Full Chapters test bank included Chapter 1: The Role and Method of Economics 1.1 Economics: A Brief Introduction 1.2 Economic Behavior 1.3 Economic Theories and Models 1.4 Pitfalls to Avoid in Scientific T...

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  • December 15, 2022
  • 1169
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
  • Macroeconomics
  • Macroeconomics
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Sexton, Exploring Macroeconomics, 8e
Test Bank

Chapter 1: The Role and Method of Economics
Test Bank

Multiple Choice

1. Which of the following is an accurate definition of a resource?
a. an export of goods and services
b. an import of goods and services
c. an input used to produce goods and services
d. an output made from the production of goods and services
Ans: C
KEY: Learning Objective: 1.1: Define and describe what is meant by the term
economics.
REF: Cognitive Domain: Knowledge
Answer Location: Economics—A Word with Many Different Meanings
Difficulty Level: Easy

2. Robert uses his drawing skill to create medical illustrations for a company that makes
medical equipment. Robert’s drawing skill is an example of ______.
a. scarcity
b. a resource
c. an output
d. an aggregate
Ans: B
KEY: Learning Objective: 1.1: Define and describe what is meant by the term
economics.
REF: Cognitive Domain: Comprehension
Answer Location: Economics—A Word with Many Different Meanings
Difficulty Level: Medium

3. The situation that exists because our unlimited wants exceed our limited resources is
called ______.
a. a correlation
b. an input
c. a shortage
d. scarcity
Ans: D
KEY: Learning Objective: 1.1: Define and describe what is meant by the term
economics.
REF: Cognitive Domain: Knowledge
Answer Location: Economics—A Word with Many Different Meanings
Difficulty Level: Easy

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