Test Bank for Macroeconomics, 9th Edition by Glenn Hubbard Chapter 1 -18 Fully Covered A+ Guide

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Chapter 02
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bResource Utilizatio
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n

MultiplebChoicebQuestions



1. Ourbeconomyb operatesbonbitsbproductionbpossibilitybcurve.
A. always
B. sometimes
C. never



2. Whichbstatementbisbtrue?
A. EntrepreneurialbabilitybisbinbshortbsupplybinbthebU.S.
B. Land,blaborbandbcapitalbmaybbebconsideredbpassivebresources.
C. Thebconceptbofbopportunitybcostbisbirrelevantbwhenbtherebisbscarcity.
D. Nonebofbthesebstatementsbarebtrue.



3. Whichbonebofbthebfollowingbisbthebmostbaccurate?
A. Inbrecentbyearsbourbeconomybwasbatbfullbemploymentbuntilb2010.
B. Ourbeconomyboperatedboutsidebofbitsbproductionbpossibilitiesbcurvebinb2009bandb2010.
C. Ourbeconomybisbcurrentlyboperatingbonbitsbproductionbpossibilitiesbcurve.
D. Ourbeconomybisbcurrentlyboperationbinsidebitsbproductionbpossibilitiesbcurve.



4. Inbourbeconomy
A. therebisbnobneedbtobeconomize.
B. webrarelybhavebtobeconomize.
C. onlybthebrichbhavebto.
D. nearlybeveryonebhasbtobeconomize.



5. Thebtermb"thebaffluentbsociety"bwasbcoinedbby
A. MichaelbHarrington.
B. JohnbKennethbGalbraith.
C. KarlbMarx.
D. AdambSmith.




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6. Eachbofbthebfollowingbisbanbexamplebofbanbeconomicbresourcebexcept
A. land.
B. money.
C. capital.
D. labor.



7. StatementbI.bEmploymentbdiscriminationbcausesbunderemployment.
StatementbII.bThebconceptbofbopportunitybcostbhasblittlebvaliditybinbthebglobalbeconomy.
A. StatementbIbisbtruebandbstatementbIIbisbfalse.
B. StatementbIIbisbtruebandbstatementbIbisbfalse.
C. Bothbstatementsbarebtrue.
D. Bothbstatementsbarebfalse.



8. Ourbeconomybwouldbbeboperatingbatbfullbemploymentbwithblaborbunemploymentbratebofb
percentbandbabcapacitybutilizationbratebofb percent.
A. 5;b95
B. 5;b85
C. 10;b95
D. 10;b85



9. Whichbstatementbisbtrue?
A. Onbthebproductionbpossibilitiesbfrontierbwebhavebzerobunemployment.
B. Onbthebproductionbpossibilitiesbfrontierb95bpercentbofbtheblaborbforcebisbemployed.
C. Tobgetboutbofbabrecession,bwebmustbproducebatbsomebpointbbeyondbourbproductionbp
ossibilitiesbfrontier.
D. Tobhavebeconomicbgrowth,bwebmustbpushbthebproductionbpossibilitiesbfrontierbinward.



10. Inborderbtobraisebourbratebofbeconomicbgrowthbwebwouldbneedbto
A. increasebtheblevelbofbcapital.
B. reducebtheblevelbofblabor.
C. spendbmorebonbmilitarybgoods.
D. spendbmorebonbconsumerbgoods.




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11. ThebmainbreasonbourbstandardbofblivingbisbsobmuchbhigherbthanbthatbofbIndiabandbChinabisbt
hatbwebhavebmore
A. land.
B. labor.
C. capital.
D. money.



12. Whichbstatementbisbtrue?
A. Itbisbeasierbtobattainbfullbemploymentbthanbfullbproduction.
B. EmploymentbdiscriminationbnoblongerbexistsbinbthebU.S.blaborbmarket.
C. Webarebusuallyboperatingbonbourbproductionbpossibilitiesbfrontier.
D. Nonebofbthesebstatementsbarebtrue.



13. Thebmainbeffectbofbemploymentbdiscriminationbis
A. Unemployment.
B. Underemployment.
C. Greaterbefficiency.
D. Greaterbproduction.



14. Webtemporarilyboperatedboutsidebourbproductionbpossibilitiesbfrontierbin
A. 1933.
B. 1943.
C. 1973.
D. 1982.



15. Whichbstatementbisbtrue?
A. Thebeconomicbproblembisblimitedbtobpoverty.
B. ScarcitybisbnoblongerbanbeconomicbproblembinbthebUnitedbStates.
C. Ifbweballbhadbmorebmoneybtherebwouldbbeblessbscarcity.
D. Nonebofbthesebstatementsbarebtrue.




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16. StatementbI.bWhenbU.S.bunemploymentbratebisbfivebpercent,bitbattainsbfullbemployment.b
StatementbII.bFullbemploymentbandbfullbproductionbmeanbvirtuallybthebsamebthing.
A. StatementbIbisbtruebandbstatementbIIbisbfalse.
B. StatementbIIbisbtruebandbstatementbIbisbfalse.
C. Bothbstatementsbarebtrue.
D. Bothbstatementsbarebfalse.



17. StatementbI.bEntrepreneurialbabilitybisbnotbabresource.
StatementbII.bVirtuallyballbofbourbresourcesbarebburiedbunderbthebground.
A. StatementbIbisbtruebandbstatementbIIbisbfalse.
B. StatementbIIbisbtruebandbstatementbIbisbfalse.
C. Bothbstatementsbarebtrue.
D. Bothbstatementsbarebfalse.



18. Whichbstatementbisbtrue?
A. Webarebusuallybinsidebourbproductionbpossibilitiesbcurve.
B. Webarebusuallyboutsidebourbproductionbpossibilitiesbcurve.
C. Webarebusuallybonbourbproductionbpossibilitiesbcurve.
D. Nonebofbthebstatementsbarebtrue.




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