MACROECONOMICS PRINCIPLES FOR A
CHANGING WORLD 6TH EDITION ERIC
CHIANG TEST BANK ALL CHAPTERS 100%
ORIGINAL VERIFIED A+ ACTUAL
EXAMINATION 2026 QUESTIONS WITH
SOLUTIONS GRADED A+
⫸ As the circular flow diagram highlights, in the labor market, firms are
______. Answer: buyers
⫸ Full specialization in the production of a good or service is
represented on the PPF curve by Answer: the points in which PPF
intersects the axes
⫸ Which of the following are opportunity costs (but not direct costs or
out-of-pocket costs) of attending college?
I. The cost of tuition for the full period of enrollment
II. The cost of all books, supplies, and housing for the full period of
enrollment
III. The value of forgone wages that could be earned if that time was
spent working rather than in school Answer: III only
⫸ Suppose Julia has a budget of $144 that she spends on movies (Q1)
and roller skating (Q2). The price of movie tickets recently increased
from $9 per person to $12per person, and the price of roller skating
, decreased from $7 to $6 per person. What is Julia's new budget
constraint? Answer: 144$= 12$ x Q1 + 6$ x Q2
⫸ In marginal analysis, the point at which MC=MB represents the
____________. Answer: optimal outcome
⫸ If a family spends its entire budget in a given time frame, the family
can afford either 65 cans of beans or 45 frozen dinners. Assuming the
family spends its entire budget on just these two goods, what is the
opportunity cost of one can of beans in the time frame? (Round your
answer to two decimal places.) Answer: .69 frozen dinners
⫸ Which of the following illustrate examples of scarcity? Answer:
Crude oil was in short supply in the 1970s, leading to a quantity
demanded of gasoline being greater than the quantity supplied.
Millions of chickens in Mexico were wiped out by a severe case of avian
flu in 2012 resulting in a shortage of eggs.
⫸ A model in economics is always _____________. Answer: based on
assumed conditions that are simpler than those in the real world
⫸ Suppose that three points are on the production possibilities curve.
These points Answer: are productively efficient
⫸ As additional increments of resources are added to a certain purpose,
the _________ benefit will __________. Answer: marginal; decline
CHANGING WORLD 6TH EDITION ERIC
CHIANG TEST BANK ALL CHAPTERS 100%
ORIGINAL VERIFIED A+ ACTUAL
EXAMINATION 2026 QUESTIONS WITH
SOLUTIONS GRADED A+
⫸ As the circular flow diagram highlights, in the labor market, firms are
______. Answer: buyers
⫸ Full specialization in the production of a good or service is
represented on the PPF curve by Answer: the points in which PPF
intersects the axes
⫸ Which of the following are opportunity costs (but not direct costs or
out-of-pocket costs) of attending college?
I. The cost of tuition for the full period of enrollment
II. The cost of all books, supplies, and housing for the full period of
enrollment
III. The value of forgone wages that could be earned if that time was
spent working rather than in school Answer: III only
⫸ Suppose Julia has a budget of $144 that she spends on movies (Q1)
and roller skating (Q2). The price of movie tickets recently increased
from $9 per person to $12per person, and the price of roller skating
, decreased from $7 to $6 per person. What is Julia's new budget
constraint? Answer: 144$= 12$ x Q1 + 6$ x Q2
⫸ In marginal analysis, the point at which MC=MB represents the
____________. Answer: optimal outcome
⫸ If a family spends its entire budget in a given time frame, the family
can afford either 65 cans of beans or 45 frozen dinners. Assuming the
family spends its entire budget on just these two goods, what is the
opportunity cost of one can of beans in the time frame? (Round your
answer to two decimal places.) Answer: .69 frozen dinners
⫸ Which of the following illustrate examples of scarcity? Answer:
Crude oil was in short supply in the 1970s, leading to a quantity
demanded of gasoline being greater than the quantity supplied.
Millions of chickens in Mexico were wiped out by a severe case of avian
flu in 2012 resulting in a shortage of eggs.
⫸ A model in economics is always _____________. Answer: based on
assumed conditions that are simpler than those in the real world
⫸ Suppose that three points are on the production possibilities curve.
These points Answer: are productively efficient
⫸ As additional increments of resources are added to a certain purpose,
the _________ benefit will __________. Answer: marginal; decline
