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DOWNLOAD THE Test Bank for Principles of Macroeconomics 13th EditionCase
n n n n n n n n n n




PrinciplesnofnMacroeconomics,n13en(Case/Fair/Oster)nCha
ptern2n ThenEconomicnProblem:nScarcitynandnChoice

2.1 Scarcity,nChoice,nandnOpportunitynCost

1) Thenprocessnbynwhichnresourcesnarentransformednintonusefulnformsnis
A) capitalization.
B) consumption.
C) production.
D) allocation.n
Answer:nCnDi
ff:n1
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Definition
LearningnOutcome:n Micro-1

2) Outputsninnthenproductionnprocessnare
A) pollution.
B) money.
C) goodsnandnservicesnofnvaluentonhouseholds.
D) resources.n
Answer:nCnD
iff:n1
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Definition
LearningnOutcome:n Micro-1

3) Whichnofnthenfollowingnisnnotnanresourcenasnthentermnisnusednbyneconomists?
A) land
B) labor
C) buildings
D) moneyn
Answer:n Dn
Diff:n1
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Conceptual
AACSB:n ReflectivenThinkingn
LearningnOutcome:n Micro-1




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,DOWNLOAD THE Test Bank for Principles of Macroeconomics 13th EditionCase
n n n n n n n n n n




4) Whichnofnthenfollowingnwouldnanneconomistnclassifynasncapital?
A) an$50nbill
B) ancorporatenbond
C) anpostnofficenemployee
D) anguitarnusednbynanmusiciann
Answer:n D
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Conceptual
AACSB:n ReflectivenThinkingn
LearningnOutcome:n Micro-1

5) Capital,nasneconomistsnusenthenterm,
A) isnthenmoneynthenfirmnspendsntonhirenresources.
B) isnmoneynthenfirmnraisesnfromnsellingnstock.
C) refersntonthenprocessnbynwhichnresourcesnarentransformednintonusefulnforms.
D) refersntonthingsnthatnhavenalreadynbeennproducednthatnareninnturnnusedntonproducenotherngoodsna
ndnservices.
Answer:n Dn
Diff:n3
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Definition
LearningnOutcome:n Micro-1

6) Thenconceptnofnopportunityncostnisnbasednonnthenprinciplenof
A) need.
B) consumption.
C) scarcity.
D) profit.n
Answer:n Cn
Diff:n1
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Conceptual
AACSB:n ReflectivenThinkingn
LearningnOutcome:n Micro-20

7) Thenconceptnofntrade-offsnwouldnbecomenirrelevantnif
A) wenwerendealingnwithnanverynsimple,none-personneconomy.
B) povertynwereneliminated.
C) scarcitynwereneliminated.
D) capitalnwereneliminated.n
Answer:n C
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Conceptual
AACSB:n ReflectivenThinkingn
LearningnOutcome:n Micro-4
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,DOWNLOAD THE Test Bank for Principles of Macroeconomics 13th EditionCase
n n n n n n n n n n




8) SupposenyounarendecidingnwhetherntonspendnyourntaxnrebatenchecknonnannewniPodnornannewnd
igitalncamera.nYounarendealingnwithnthenconceptnof
A) equity.
B) comparativenadvantage.
C) opportunityncosts.
D) thenfallacynofncomposition.n
Answer:n C
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Conceptual
AACSB:n ReflectivenThinkingn
LearningnOutcome:n Micro-20

9) Accordingntonthentheorynofncomparativenadvantage,nspecializationnandnfreentradenwillnbenefit
A) onlynthatntradingnpartynthatnhasnbothnannabsolutenadvantagenandnancomparativenadvantageninnt
henproductionnofnallngoods.
B) allntradingnparties,nevennwhennsomenarenabsolutelynmorenefficientnproducersnthannothers.
C) onlynthatntradingnpartynthatnhasnannabsolutenadvantageninnthenproductionnofnallngoods.
D) onlynthatntradingnpartynthatnhasnancomparativenadvantageninnthenproductionnofnallngoods.n
Answer:nB
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Conceptual
AACSB:n ReflectivenThinkingn
LearningnOutcome:n Micro-3

ReferntontheninformationnprovidedninnTablen2.1nbelowntonanswernthenfollowingnquestion(s).

Tablen2.1
Krystal Mark
WritingnPoems 8 12
WritingnTVnCommercials 2 4

10) ReferntonTablen2.1.nFornKrystal,nthenopportunityncostnofnwritingnonenTVncommercialnis
A) 1/4nofnanpoem.
B) 2npoems.
C) 4npoems.
D) 6npoems.n
Answer:nCn
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Analytical
AACSB:nAnalyticalnThinkingn
LearningnOutcome:n Micro-20


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, DOWNLOAD THE Test Bank for Principles of Macroeconomics 13th EditionCase
n n n n n n n n n n




11) ReferntonTablen2.1.nFornMark,nthenopportunityncostnofnwritingnonenTVncommercialnis
A) 1/3nofnanpoem.
B) 2npoems.
C) 3npoems.
D) 8npoems.n
Answer:nCn
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Analytical
AACSB:nAnalyticalnThinkingn
LearningnOutcome:n Micro-20

12) ReferntonTablen2.1.nWhichnofnthenfollowingnstatementsnisntrue?
A) KrystalnhasnancomparativenadvantageninnbothnwritingnTVncommercialsnandnwritingnpoems.
B) MarknhasnancomparativenadvantageninnbothnwritingnTVncommercialsnandnwritingnpoems.
C) KrystalnhasnancomparativenadvantageninnwritingnTVncommercials,nandnMarknhasnancomparativena
dvantageninnwritingnpoems.
D) MarknhasnancomparativenadvantageninnwritingnTVncommercials,nandnKrystalnhasnancomparativena
dvantageninnwritingnpoems.
Answer:n Dn
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Analytical
AACSB:nAnalyticalnThinkingn
LearningnOutcome:n Micro-20

13) ReferntonTablen2.1.nTonmaximizentotalnproduction,
A) KrystalnshouldnspecializeninnwritingnTVncommercials,nandnMarknshouldnspecializeninnwritingnp
oems.
B) MarknshouldnspecializeninnwritingnTVncommercials,nandnKrystalnshouldnspecializeninnwritingnp
oems.
C) KrystalnandnMarknshouldnbothnsplitntheirntimenbetweennwritingnpoemsnandnwritingnTVnc
ommercials.
D) KrystalnshouldnwritenpoemsnandnwritenTVncommercials,nbutnMarknshouldnonlynwritenpoems.n
Answer:nB
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostn
Skill:n Analytical
AACSB:nAnalyticalnThinkingn
LearningnOutcome:n Micro-20




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mynursytest.store