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Test Bank For Essential Foundations of Economics 6th Edition By Robin Bade Michael Parkin (All Chapters

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Test Bank For Essential Foundations of Economics 6th Edition By Robin Bade Michael Parkin (All Chapters

Name: Test Bank For Essential Foundations of Economics 6th Edition By Robin Bade Michael Parkin (All Chapters
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Test Bank For Essential Foundations of Economics 6th Edition By Robin Bade Michael Parkin (All Chapters

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DOWNLOAD THE Test Bank for Economics 12th Edition Arnold
l l l l l l l l

Truel/lFalse

1. AldecreaselinlunemploymentlcauseslthelPPFltolshiftloutwardl(tolthelright).
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lComprehension

2. Thellawloflincreasinglopportunitylcostlresultslfromlthelvaryinglabilityloflresourcesltoladaptltolthelproductionlofldiffer
entlgoodslandlitlhelpsltolexplainlwhylproductionlpossibilitieslcurveslareltypicallylbowedloutward.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lComprehension

3. Productionlpossibilitieslcurveslcanlshiftloutwardlbutltheyldolnotlshiftlinward.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lKnowledge

4. WithlrespectltolalPPFlforlgoodslXlandlY,lproductivelefficiencylimplieslthatlinlorderltolproducelmoreloflgoodlXltherelwilllbel
alreductionlinlproductionloflgoodlY.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lEfficiencylandlequity
KEYWORDS: Bloom's:lKnowledge

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l l l l l l l l

5. IflthelPPFlforltwolgoodslislaldownward-
slopinglstraightlline,lthelresourceslusedltolproducelthoselgoodslarelequallylwelllsuitedltolthelproductionloflbothlgoods.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lComprehension

6. Inlalsituationlwhereltwolgoodslcanlbelproducedlbyltwoldifferentlpeople,litlislpossiblelforlonelpersonltolhavelalcomparati
veladvantagelinlthelproductionloflbothlgoodslandlthelotherlpersonltolhavelthelcomparativeladvantagelinlthelproductionlofln
eitherlgood.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lComprehension

7. AldecreaselinlthelquantityloflresourceslavailablelcauseslalmovementldownlalonglalgivenlPPF.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lComprehension

8. ThellawloflincreasinglopportunitylcostlhelpsltolexplainlwhylPPF’slareltypicallylbowed-outward.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lComprehension

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, DOWNLOAD THE Test Bank for Economics 12th Edition Arnold
l l l l l l l l

9. InlalPPFlgraphloflgoodslXlandlY,lpointslthatllielbeyondl(tolthelrightlof)lthelPPFlrepresentlcombinationslofltheltwolgoodslt
hatlarelcurrentlylunattainable.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lKnowledge

10. Alproductionlpossibilitieslfrontierlseparateslanlattainablelregionlfromlanlunattainablelregion.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lKnowledge

11. Itlislpossiblelthroughltradelforlalcountryltolconsumelalcombinationloflgoodslthatllieslbeyondlitslproductionlpossi
bilitieslfrontier.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lComprehension

12. Whenlanleconomylislnotlusinglallloflitslresources,litlislproducinglatlalpointlbelowlitslproductionlpossibilitieslfrontier.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lComprehension
NOTES: New

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, DOWNLOAD THE Test Bank for Economics 12th Edition Arnold
l l l l l l l l

MultiplelChoice

13. Pointslthatllieloutsidel(orlbeyond)lthelPPFlare
a. attainable.
b. unattainable.
c. efficient.
d. inefficient.
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lComprehension

14. Whichloflthelfollowinglstatementslisltrue?
a. Inlalworldloflefficientlylusedlscarcelresources,lmoreloflonelgoodlnecessarilylmeansllessloflsomelotherlgood.
b. Thellawloflincreasinglopportunitylcostslassumeslthatlalllpeoplelhavelthelsamelabilityltolproducelgoods.
c. Efficiencylimplieslthatlitlislimpossibleltolgetlmoreloflonelgoodlwithoutlgettingllessloflanother.
d. Evenliflalcountrylhaslunemployedlresources,litlcanlstilllbeloperatinglonlitslproductionlpossibilitieslfrontierl(PPF
).
e. alandlc
ANSWER: e
POINTS: 1
DIFFICULTY: Challenging
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lEfficiencylandlequity
KEYWORDS: Bloom's:lComprehension

15. Throughlwar,lmanyloflthelfactorieslinlcountryl1lareldestroyedlandlmanyloflitslpeoplelarelkilled.lAslalresult,lthelcountr
y's
a. productionlpossibilitieslfrontierl(PPF)lafterlthelwarlhaslprobablylshiftedltolthelrightlcomparedltolitslPPFlpriorltolthe
lwar.

b. PPFlafterlthelwarlhaslprobablylshiftedltolthelleftlcomparedltolitslPPFlpriorltolthelwar.
c. PPFlafterlthelwarlislprobablylthelsamelPPFlaslbeforelthelwar.
d. abilityltolproducelgoodslandlserviceslhaslincreased.
e. blandld
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
NATIONALlSTANDARDS:l UnitedlStatesl-lBUSPROG:lAnalytic
LOCALlSTANDARDS: UnitedlStatesl-lOHl-lDefaultlCityl-lDISC:lScarcity,ltradeoffs,landlol-
lDISC:lScarcity,ltradeoffs,landlopportunitylcost

KEYWORDS: Bloom's:lApplication

16. TheleconomylmoveslfromlpointlA,lwherelitlproducesl100lunitsloflXlandl200lunitsloflY,ltolpointlB,lwherelitlproducesl200luni
tsloflXlandl150lunitsloflY.lItlfollowslthat

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Robin Bade, Michael Parkin Essential Foundations of Economics

Publisher: 2003 ISBN: 9780201748802 Edition: Unknown

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