Test Bank For The Macro Economy Today 15th Edition By Bradley Schiller. All Chapters 1-21 Well Covered. Latest Version.

TEST BANK
The Macro Economy Today.
Author: Bradley Schiller
15th Edition.




Version 1 1

,Version 1 2

,Student Name:

TRUE/FALSE - Write 'T' If The Statement Is True And 'F' If The Statement Is False.
1) Scarcity Results When Available Resources Cannot Satisfy All Desired Uses Of Those
Resources.

⊚ True
⊚ False



2) Critics Of Government Regulation Argue That Government Interference In The Marketplace
Stifles The "Animal Spirits" Of Entrepreneurship.

⊚ True
⊚ False



3) Opportunity Cost Is A Theoretical Concept With No Practical Application.

⊚ True
⊚ False



4) Every Time We Use Scarce Resources In One Way, We Give Up The Opportunity To Use Them
In Other Ways.

⊚ True
⊚ False



5) Production Possibilities In An Economy Decrease As More Resources And Better Technology
Are Utilized.

⊚ True
⊚ False


6) All Output Combinations That Lie Outside A Production Possibilities Curve Are Attainable
With Available Resources And Technology.

⊚ True
⊚ False



Version 1 3

, 7) Output Combinations That Lie Inside The Production Possibilities Curve Are Characterized By
Efficient Use Of Resources.

⊚ True
⊚ False



8) If The Economy Is Inside The Production Possibilities Curve, Then More Output Can Be
Produced Using Existing Resources.

⊚ True
⊚ False


9) All Economies Must Make Decisions Concerning What To Produce, How To Produce It, And
For Whom To Produce.

⊚ True
⊚ False



10) The Essential Feature Of The Market Mechanism Is The Price Signal.

⊚ True
⊚ False



11) Government Failure Occurs When Government Intervention Fails To Improve Economic
Outcomes Or Makes Them Worse.

⊚ True
⊚ False



12) Microeconomics Is Concerned With Individual Performance As Well As The Economy As A
Whole.

⊚ True
⊚ False



Version 1 4