Summary COMPLETE TEST BANK: For Principles Of Macroeconomics, 6th Edition By N. Gregory Mankiw (Author) (Answers Key) Graded A+ Latest Update.

COMPLETE TEST BANK:
For Principles Of Macroeconomics, 6th Edition
By N. Gregory Mankiw (Author) (Answers Key)
Graded A+ Latest Update.




COMPLETE TEST BANK, ALL CHAPTER ARE INCLUDED
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, Chapter 01
1. An Economy As A Whole Faces Scarcity Because Of Limited National Income.

True False

2. The Three Fundamental Questions In Economics Are What, How, And How Many.

True False

3. Opportunity Cost Is The Value Of The Next-Best Alternative That Is Given Up As A
Result Of Making A Particular Choice.

True False

4. There Are Only Three Cs That Humankind Has Used To Coordinate Its
Economies: Cooperation, Custom, And Competition.

True False

5. Wages, Interest, Rent, And Profits Are The Four Factors Of Production.

True False

6. A Production Possibility Curve Is A Graphical Representation Of The
Various Combinations Of Output That Are Wanted.

True False

7. Macroeconomics Focuses On The Outcomes Of Decisions By People And Firms,
Whereas Microeconomics Is A Study Of How The Major Components Of An Economy
Interact.

True False

8. Technological Improvement Can Be Illustrated Graphically By A Rightward Shift In
The Production Possibilities Curve.

True False

9. Tax Policy, Tariff Policy, Budget Policy, Monetary Policy, And Exchange Rate Policy
Are All Examples Of Economic Policies.

True False

10. Canada's Highest Unemployment Rates Were Recorded In The 1930s.

True False

,11. 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.

12. What Do Economists Assume Is True About Human Wants?


A. They Are Easily
Defined.
B. That We Are On The Verge Of Being Able
To Satisfy Them.
C. They Are
Unlimited.
D. They Haven't Changed Much Over
The Centuries.

13. Which Of The Following Terms Describes The Next Best Alternative That Must
Be Sacrificed As A Result Of Making A Particular Choice?


A. Microeconomi
Cs.
B. Opportunity
Cost.
C. Macroeconomi
Cs.
D. The Law Of
Increasing Costs.
E. Scarcit
Y.

, 14. What Is The Opportunity Cost Of A Particular Product?


A. The Price Paid For
That Product.
B. The Value Put On That Product By The Person
Who Bought It.
C. The Value Of The Next-Best Alternative That Is Given Up As A Result Of Buying
That Particular Product.
D. The Combined Value Of All The Other Alternatives That Are Given Up As A
Result Of Buying That Particular Product.

15. Gwen Had Only $10 Yesterday. She Was Uncertain Whether To Go Out For Lunch Or
To Buy Beer. In The End She Bought Beer. Which Of The Following Statements Is
Correct?


A. The Choice Of The Beer And Not Lunch Is An Example
Of Constant Costs.
B. The Cost Of Buying Beer Is Less
Than Lunch.
C. The Opportunity Cost Of Beer
Is Lunch.
D. The Opportunity Cost Of Beer Is
$10.

16. Which Of The Following Is Correct?


A. Scarcity Forces Choice Which
Involves Opportunity Costs.
B. Choice Causes Scarcity Which Involves Increasing
Costs.
C. Choice Causes Scarcity Which Involves
Opportunity Costs.
D. Scarcity Forces Choice Which Involves Increasing
Costs.

17. What Can We Say Is True As A Result Of People Engaging In Voluntary Trade?


A. One Person Gains And The
Other Loses.
B. One Person Gains While There Is A Neutral Effect On
The Other Person.
C. Both People
Gain.
D. Neither Person
Gains.