Economics - Test Bank

Economics for Today 7th Edition by Irvin B. Tucker - Test Bank

Economics A Contemporary Introduction 10th Edition by William A. McEachern - Test Bank

Economics A Contemporary Introduction 9th Edition by McEachern - Test Bank

Chapter 2—Production Possibilities, Opportunity Cost, and Economic Growth MULTIPLE CHOICE 1. 2. Which of the following correctly lists the three fundamental economic questions? a. If to produce? Why to produce? When to produce? b. If to produce? What to produce? How to produce? c. Why to produce? What to produce? How to produce? 3. 4. 5. Three basic decisions must be made by all economies. What are they? a. How much will be produced, when it will be produced, and how much it will c...

Chapter 3—Supply and Demand: Theory MULTIPLE CHOICE 1. The law of demand states that price and quantity demanded are a. directly related, ceteris paribus. b. inversely related, ceteris paribus. c. independent. d. positively related, ceteris paribus. ANS: B PTS: 1 DIF: Easy NAT: Analytic LOC: Supplyanddemand 2. Which of the following illustrates the law of demand? a. Jorge buys fewer pencils at $2 per pencil than at $1 per pencil, ceteris paribus. b. Chen buys more ice cream at $4 per...

TEST BANK CHAPTER 3 The U.S. Economic System EXAMINATION QUESTIONS Multiple Choice d 1. Every society faces some basic economic choices such as b. private property rights interfere with the operation of the market system c. the market system functions best when the rights of private property are protected d. none of the above a. b. c. d. c 2. a. b. c. d. what to produce which resources to use who gets to have what share of the output all of the above An economic system is said to be ...

Chapter 4—Price: The Role of Demand and Supply MULTIPLE CHOICE 1. 2. 3. 4. 5. 6. For demand to exist, there must be a. a desire and an ability to buy. b. a supply of the product in the market. c. a price that is low enough to permit all consumers to afford the product. d. All of these. ANS: A PTS: 1 DIF: Easy NAT: TOP: B-Head: Law of Demand KEY: Bloom's: Knowledge The demand for a product at a given time is defined as the a. desire for it. b. sum spent on it. c. measure of to...

Chapter 4—Price: The Role of Demand and Supply MULTIPLE CHOICE 1. 2. 3. 4. 5. 6. For demand to exist, there must be a. a desire and an ability to buy. b. a supply of the product in the market. c. a price that is low enough to permit all consumers to afford the product. d. All of these. ANS: A PTS: 1 DIF: Easy NAT: TOP: B-Head: Law of Demand KEY: Bloom's: Knowledge The demand for a product at a given time is defined as the a. desire for it. b. sum spent on it. c. measure of to...

Managerial Economics, 7e (Keat) Chapter 3 Supply and Demand (Appendix 3A) Multiple-Choice Questions 1) How long is the "short-run" time period in the economic analysis of the market? A) three months or one business quarter B) total time in which sellers already in the market respond to changes in demand and equilibrium price C) total amount of time it takes new sellers to enter the market D) total amount of time it takes original sellers to leave the market Answer: B Diff: 2 ...

Chapter 01 The Economic Problem     
Multiple Choice Questions
  1. What do economists mean when they say that the economy faces scarcity? 
A. There are fewer resources available than there were in the 1960s.
B. It is quite evident that the world is running out of resources.
C. The economy is producing far below its capacity to produce.
D. The resources available are not sufficient to produce all that everyone wants.   
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Blooms:...