Test Bank for Macroeconomics, 16th Canadian Edition by Campbell R. McConnell

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,Chapter 01 16ce McConnell
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Rational individuals may make different choices because their information and circumstances
differ.
1) ______
⊚ true
⊚ false

Question Details
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-02 Define economics and the features of the economic way of thinking.
Topic : 01-05 Marginal Analysis: Comparing Benefits and Costs
Source : Chapter 01 Test Bank > TB 01-01 Rational individuals may make different choi...


2) Certain inherently desirable products such as education and health care should be produced
so long as resources are available.
2) ______
⊚ true
⊚ false

Question Details
Accessibility : Keyboard Navigation
Difficulty : Medium
Learning Objective : 01-02 Define economics and the features of the economic way of thinking.
Topic : 01-07 Microeconomics and Macroeconomics
Source : Chapter 01 Test Bank > TB 01-02 Certain inherently desirable products such a...


3) Marginal analysis means that decision-makers compare the extra benefits with the extra costs
of a specific choice.
3) ______
⊚ true
⊚ false

Question Details
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-02 Define economics and the features of the economic way of thinking.
Topic : 01-08 Microeconomics
Source : Chapter 01 Test Bank > TB 01-03 Marginal analysis means that decision-makers...




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, 4) Choices entail marginal costs because resources are scarce.
4) ______
⊚ true
⊚ false

Question Details
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-02 Define economics and the features of the economic way of thinking.
Topic : 01-08 Microeconomics
Source : Chapter 01 Test Bank > TB 01-04 Choices entail marginal costs because resour...


5) If economic theories are solidly based on relevant facts, then there can be no question as to
the character of appropriate economic policy.
5) ______
⊚ true
⊚ false

Question Details
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-03 Describe the role of economic theory in economics.
Topic : 01-09 Macroeconomics
Source : Chapter 01 Test Bank > TB 01-05 If economic theories are solidly based on re...


6) The fact that economic generalizations are abstract renders them impractical and useless.
6) ______
⊚ true
⊚ false

Question Details
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-03 Describe the role of economic theory in economics.
Topic : 01-09 Macroeconomics
Source : Chapter 01 Test Bank > TB 01-06 The fact that economic generalizations are a...




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