Test Bank for Exploring Macroeconomics, 8th Edition Sexton (All Chapters included)
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Course
International Economics
Institution
International Economics
Complete Test Bank for Exploring Macroeconomics, 8th Edition by Robert L. Sexton ; ISBN13: 9781544337722. (Full Chapters included Ch 1 to 21).....Chapter 1: The Role and Method of Economics.
Chapter 2: Economics: Eight Powerful Ideas.
Chapter 3: Scarcity, Trade-Offs, and Production Possibilities....
Exploring Macroeconomics
8th Edition by Robert L. Sexton
Complete Chapters Test Bank
are included (Ch 1 to 21)
** Immediate Download
** Swift Response
** All Chapters included
,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
, 4. Which of the following are three key components of the economic problem?
a. scarcity; choice; giving up valuable opportunities
b. surplus; choice; competing opportunities
c. scarcity; competing opportunities; income
d. surplus; income; giving up valuable opportunities
Ans: A
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
5. Economics is sometimes called the study of choice. This means we all make choices
because of ______.
a. income
b. opportunities
c. scarcity
d. surplus
Ans: C
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
6. Which of the following examples best shows scarcity?
a. Clara buys a dress for a bargain price.
b. Juan decides to save 20 percent of his limited income.
c. Sosuke finds a quarter on the sidewalk.
d. Lucia runs out of dishwashing liquid right before a big party.
Ans: B
KEY: Learning Objective: 1.1: Define and describe what is meant by the term
economics.
REF: Cognitive Domain: Application
Answer Location: Economics—A Word with Many Different Meanings
Difficulty Level: Medium
7. Which of the following is the unifying issue of economics?
a. income
b. opportunities
c. resources
d. choices
Ans: D
KEY: Learning Objective: 1.1: Define and describe what is meant by the term
economics.
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