,DOWNLOAD THE Test Bank for Economics 11th Edition Colander
Economics 11th Edition by Colander CH01
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) The answers to an economy's three central economic problems are determined by the
interaction of three forces: economic forces, political forces, and social forces.
1) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-03 Explain real-world events in terms of economic forces, social forces, and
Topic : Economic Forces, Social Forces, and Political Forces
Accessibility : Keyboard Navigation
2) Scarcity exists because economies cannot produce enough to meet the perceived desires
of all individuals.
2) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Define economics and identify its components.
Topic : What Economics Is
Accessibility : Keyboard Navigation
3) Only marginal costs, not sunk costs, affect economic decisions if individuals are rational.
3) ______
⊚ true
⊚ false
Version 1 1
mynursytest.store
,DOWNLOAD THE Test Bank for Economics 11th Edition Colander
Economics 11th Edition by Colander CH01
Question Details
AACSB : Reflective Thinking
Bloom's : Understand
Difficulty : 02 Medium
Learning Objective : 01-02 Discuss various ways in which economists use economic reasoning.
Topic : A Guide to Economic Reasoning
Accessibility : Keyboard Navigation
4) The economic decision rule is to undertake an action only when the marginal benefits of
that action are greater than its total costs.
4) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-02 Discuss various ways in which economists use economic reasoning.
Topic : A Guide to Economic Reasoning
Accessibility : Keyboard Navigation
5) The opportunity cost of undertaking an activity includes any sunk cost.
5) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-02 Discuss various ways in which economists use economic reasoning.
Topic : A Guide to Economic Reasoning
Accessibility : Keyboard Navigation
6) The "invisible hand" is the price mechanism that guides people’s actions in the market.
6) ______
Version 1 2
mynursytest.store
, DOWNLOAD THE Test Bank for Economics 11th Edition Colander
Economics 11th Edition by Colander CH01
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-03 Explain real-world events in terms of economic forces, social forces, and
Topic : Economic Forces, Social Forces, and Political Forces
Accessibility : Keyboard Navigation
7) Social and political forces affect the way in which the invisible hand works.
7) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-03 Explain real-world events in terms of economic forces, social forces, and
Topic : Economic Forces, Social Forces, and Political Forces
Accessibility : Keyboard Navigation
8) Macroeconomics is the study of how individual choices are affected by economic forces.
8) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Define economics and identify its components.
Topic : What Economics Is
Accessibility : Keyboard Navigation
9) Deciding what the distribution of income should be is an example of normative
economics.
Version 1 3
mynursytest.store
Economics 11th Edition by Colander CH01
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) The answers to an economy's three central economic problems are determined by the
interaction of three forces: economic forces, political forces, and social forces.
1) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-03 Explain real-world events in terms of economic forces, social forces, and
Topic : Economic Forces, Social Forces, and Political Forces
Accessibility : Keyboard Navigation
2) Scarcity exists because economies cannot produce enough to meet the perceived desires
of all individuals.
2) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Define economics and identify its components.
Topic : What Economics Is
Accessibility : Keyboard Navigation
3) Only marginal costs, not sunk costs, affect economic decisions if individuals are rational.
3) ______
⊚ true
⊚ false
Version 1 1
mynursytest.store
,DOWNLOAD THE Test Bank for Economics 11th Edition Colander
Economics 11th Edition by Colander CH01
Question Details
AACSB : Reflective Thinking
Bloom's : Understand
Difficulty : 02 Medium
Learning Objective : 01-02 Discuss various ways in which economists use economic reasoning.
Topic : A Guide to Economic Reasoning
Accessibility : Keyboard Navigation
4) The economic decision rule is to undertake an action only when the marginal benefits of
that action are greater than its total costs.
4) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-02 Discuss various ways in which economists use economic reasoning.
Topic : A Guide to Economic Reasoning
Accessibility : Keyboard Navigation
5) The opportunity cost of undertaking an activity includes any sunk cost.
5) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-02 Discuss various ways in which economists use economic reasoning.
Topic : A Guide to Economic Reasoning
Accessibility : Keyboard Navigation
6) The "invisible hand" is the price mechanism that guides people’s actions in the market.
6) ______
Version 1 2
mynursytest.store
, DOWNLOAD THE Test Bank for Economics 11th Edition Colander
Economics 11th Edition by Colander CH01
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-03 Explain real-world events in terms of economic forces, social forces, and
Topic : Economic Forces, Social Forces, and Political Forces
Accessibility : Keyboard Navigation
7) Social and political forces affect the way in which the invisible hand works.
7) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-03 Explain real-world events in terms of economic forces, social forces, and
Topic : Economic Forces, Social Forces, and Political Forces
Accessibility : Keyboard Navigation
8) Macroeconomics is the study of how individual choices are affected by economic forces.
8) ______
⊚ true
⊚ false
Question Details
AACSB : Reflective Thinking
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Define economics and identify its components.
Topic : What Economics Is
Accessibility : Keyboard Navigation
9) Deciding what the distribution of income should be is an example of normative
economics.
Version 1 3
mynursytest.store
