100% tevredenheidsgarantie Direct beschikbaar na betaling Zowel online als in PDF Je zit nergens aan vast
logo-home
Test Bank for The Macroeconomy Today, 17th Edition by Bradley Schiller €28,92   In winkelwagen

Tentamen (uitwerkingen)

Test Bank for The Macroeconomy Today, 17th Edition by Bradley Schiller

1 beoordeling
 74 keer bekeken  1 keer verkocht
  • Vak
  • Macroeconomics
  • Instelling
  • Macroeconomics

Test Bank for The Macroeconomy Today 17e 17th Edition by Bradley Schiller, Karen Gebhardt. Full Chapters test bank are included with answers (Chapter 1 to 21) PART 1: THE ECONOMIC CHALLENGE Chapter 1: Economics: The Core Issues Appendix: Using Graphs Chapter 2: The U.S. Economy: A Global V...

[Meer zien]

Voorbeeld 4 van de 1057  pagina's

  • 25 mei 2024
  • 1057
  • 2023/2024
  • Tentamen (uitwerkingen)
  • Vragen en antwoorden
  • Macroeconomics
  • Macroeconomics

1  beoordeling

review-writer-avatar

Door: matthewbrookins • 2 maanden geleden

reply-writer-avatar

Door: Tutor247 • 2 maanden geleden

Thank you very much for your honest review. We are delighted to hear that you had a pleasant experience with us and we look forward to serving you further on your educational journey.

avatar-seller
All Chapters ✅

Answers Included ✅
Chap 01 17e Macro
1) Which of the following is not one of the three core economic issues that must be resolved?
A) how to produce the goods and services we select
B) what to produce with unlimited resources
C) who should get the goods and services we produce
D) what to produce with limited resources



2) The fundamental problem of economics is
A) the law of increasing opportunity costs.
B) the scarcity of resources relative to human wants.
C) how to get government to operate efficiently.
D) how to create employment for everyone.



3) In economics, scarcity means that
A) a shortage of a particular good will cause the price to fall.
B) a production possibilities curve cannot accurately represent the trade-off between two
goods.
C) society's desires exceed resources available.
D) the market mechanism has failed.



4) Given that resources are scarce,
A) a "free lunch" is possible, but only for a limited number of people.
B) opportunity costs are experienced whenever choices are made.
C) poor countries must make choices, but rich countries with abundant resources do not
have to make choices.
D) some choices involve opportunity costs while other choices do not.



5) The fact that there are too few resources to satisfy all our wants is attributed to
A) scarcity.
B) greed.
C) shortages.
D) lack of money.




1

,6) There is no such thing as a free lunch because
A) the producer must charge something to cover the cost of production.
B) resources used to produce the lunch could be used to produce other goods and
services.
C) the government must raise taxes to pay for the lunches.
D) no one would pay for lunch anymore if they could get it for free.



7) A consequence of the economic problem of scarcity is that
A) choices must be made about how resources are used.
B) there is never too much of any good or service produced.
C) the production of goods and services must be controlled by the government.
D) the production possibilities curve is bowed outward.



8) The basic factors of production are
A) land, labor, money, and capital.
B) land, labor, money, and inputs.
C) labor and money.
D) land, labor, capital, and entrepreneurship.



9) Factors of production are
A) scarce in every society.
B) scarce only in advanced countries.
C) scarce only in the poorest countries of the world.
D) unlimited in quantity.



10) Which of the following is not a factor of production?
A) The water used to make a soft drink.
B) A new pair of running shoes for someone that runs as a hobby.
C) An individual taking out a loan from a bank to finance the purchase of equipment for
their new factory.
D) The workers in a business department.




2

,11) Which of the following is not a factor of production?
A) a psychiatrist
B) $100,000 cash
C) a bulldozer
D) six thousand acres of farmland



12) With respect to factors of production, which of the following statements is not true?
A) Factors of production are also known as resources.
B) To produce any good or service, it is necessary to have factors of production.
C) Factors of production include land, labor, capital, and entrepreneurship.
D) Only those resources that are privately owned are counted as factors of production.



13) Which of the following is the best example of capital?
A) The oil reserves of a nation.
B) The education employees have received.
C) A factory that produces new goods and services.
D) An individual performing market research before starting a business.



14) Which of the following is the best example of land?
A) the ethanol refined from corn
B) a factory that produces new goods and services
C) the water used to make a soft drink
D) a barber's chair



15) Capital, as economists use the term, refers to
A) the cash needed to start a new business.
B) the costs of operating a business.
C) shares of stock issued by businesses.
D) final goods that are used to produce other goods and services.




3

, 16) Which economist argued that free markets unleashed the "animal spirits" of entrepreneurs,
propelling innovation, technology, and growth?
A) Lord Kelvin
B) Kenneth Olsen
C) Irving Fisher
D) John Maynard Keynes



17) The role of the entrepreneur in an economy is to
A) bring the factors of production together and assume the risk of production.
B) work with government planners to determine what goods are produced.
C) arrange bank financing for the owners of new businesses.
D) ensure full employment of labor.



18) Economics can be defined as the study of
A) for whom resources are allocated to increase efficiency.
B) how society spends the income of individuals.
C) how scarce resources are allocated.
D) how governments allocate scarce resources in all command economies.



19) Opportunity cost is
A) measured only in dollars and cents.
B) the total dollar cost to society of producing the goods.
C) the difficulty associated with using one good in place of another.
D) what is given up in order to get something else.



20) Opportunity cost may be defined as the
A) the most desired goods or services that are forgone in order to obtain something else.
B) dollar prices paid for final goods and services.
C) dollar cost of producing a particular product.
D) difference between wholesale and retail prices.




4

Voordelen van het kopen van samenvattingen bij Stuvia op een rij:

√  	Verzekerd van kwaliteit door reviews

√ Verzekerd van kwaliteit door reviews

Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!

Snel en makkelijk kopen

Snel en makkelijk kopen

Je betaalt supersnel en eenmalig met iDeal, Bancontact of creditcard voor de samenvatting. Zonder lidmaatschap.

Focus op de essentie

Focus op de essentie

Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper Tutor247. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor €28,92. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 67096 samenvattingen verkocht

Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen

Start met verkopen
€28,92  1x  verkocht
  • (1)
  Kopen