Test Bank For Principles of Economics (Asia Pacific Edition) 9e Joshua Gans, Stephen King, Martin Byford, Gregory Mankiw
9 views 0 purchase
Course
Principles of Economics
Institution
Principles Of Economics
Test Bank For Principles of Economics (Asia Pacific Edition) 9e Joshua Gans, Stephen King, Martin Byford, Gregory Mankiw
Test Bank For Principles of Economics (Asia Pacific Edition) 9e Joshua Gans, Stephen King, Martin Byford, Gregory Mankiw
Test Bank For Principles of Economics (Asia Pacific Edi...
Principles of Economics (Asia Pacific Edition) 9th Edition Joshua
Gans, Stephen King, Martin Byford, Gregory Mankiw
(Test Bank All Chapters, 100% Original Verified A+ Grade)
1 Ten lessons from economics
1. Scarcity means that society has less to offer than people wish to have.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Introduction
DATE CREATED: 10/27/2023 1:57 AM
DATE MODIFIED: 10/27/2023 1:57 AM
2. Economics is the study of the circulation of money between banks, taxpayers and the government.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Introduction
DATE CREATED: 10/27/2023 1:58 AM
DATE MODIFIED: 10/27/2023 1:58 AM
3. Economists study how individuals make decisions, how they interact with each other and the factors that affect the
economy as a whole.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Introduction
DATE CREATED: 10/27/2023 1:59 AM
DATE MODIFIED: 10/27/2023 1:59 AM
Copyright Cengage Learning. Powered by Cognero. Page 1
,1 Ten lessons from economics
4. With careful planning, we can usually get something that we like without having to give up something else that we like.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 1: People face trade-offs
DATE CREATED: 10/27/2023 1:59 AM
DATE MODIFIED: 10/27/2023 2:00 AM
5. When the government redistributes income from the rich to the poor, society benefits since there are more poor than
rich.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 1: People face trade-offs
DATE CREATED: 10/27/2023 2:00 AM
DATE MODIFIED: 10/27/2023 2:01 AM
6. Efficiency refers to the size of the economic pie and equity refers to how the pie is divided.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 1: People face trade-offs
DATE CREATED: 10/27/2023 2:01 AM
DATE MODIFIED: 10/27/2023 2:11 AM
Copyright Cengage Learning. Powered by Cognero. Page 2
,1 Ten lessons from economics
7. The opportunity cost of something refers to the price you pay to get it.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 2: The cost of something is what you give up to get it
DATE CREATED: 10/27/2023 2:14 AM
DATE MODIFIED: 10/27/2023 2:15 AM
8. The opportunity cost of consuming a unit of good X is the amount of resources that must be devoted to its production.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 2: The cost of something is what you give up to get it
DATE CREATED: 10/27/2023 2:15 AM
DATE MODIFIED: 10/27/2023 2:16 AM
9. The marginal cost of something is what you give up to get one extra unit of a good.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 3: Rational people think at the margin
DATE CREATED: 10/27/2023 2:16 AM
DATE MODIFIED: 10/27/2023 2:16 AM
Copyright Cengage Learning. Powered by Cognero. Page 3
, 1 Ten lessons from economics
10. Public policies to reduce emissions from cars do not affect the private costs and benefits of driving cars.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 4: People respond to incentives
DATE CREATED: 10/27/2023 2:17 AM
DATE MODIFIED: 10/27/2023 2:18 AM
11. A higher price on a good is a disincentive to buying it.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 4: People respond to incentives
DATE CREATED: 10/27/2023 2:18 AM
DATE MODIFIED: 10/27/2023 2:19 AM
12. In international trade, if one party gains, the other party loses.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
TOPICS: Principle 5: Trade can make everyone better off
DATE CREATED: 10/27/2023 2:19 AM
DATE MODIFIED: 10/27/2023 2:19 AM
Copyright Cengage Learning. Powered by Cognero. Page 4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller discountsmtb. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.99. You're not tied to anything after your purchase.
