Test Bank for Microeconomics 16TH Edition by Campbell Mcconnell , Complete Guide A+

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Test Bank for Microeconomics
By Campbell Mcconnell

16th Edition
ANSWERS AT THE END OF THIS DOCUMENT (All Verified)
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Rational individuals may make different choices because their information and
circumstances differ.
AP

⊚ true
⊚ false

Question Details
EX
Accessibility : Keyboard Navigation
Learning Objective : 01-02 Define economics and the features of the economic way of thinking.
Topic : 01-05 Marginal Analysis: Comparing Benefits and Costs
Difficulty : Easy
SO
2) Certain inherently desirable products such as education and health care should be
produced so long as resources are available.

⊚ true
⊚ false
LU
Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-02 Define economics and the features of the economic way of thinking.
Topic : 01-07 Microeconomics and Macroeconomics
Difficulty : Medium
TI

3) Marginal analysis means that decision-makers compare the extra benefits with the extra
O
costs of a specific choice.

⊚ true
N
⊚ false

Question Details
S
Accessibility : Keyboard Navigation
Learning Objective : 01-02 Define economics and the features of the economic way of thinking.
Difficulty : Easy
Topic : 01-08 Microeconomics



4) Choices entail marginal costs because resources are scarce.

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⊚ true
⊚ false
AP
EX
SO
LU
TI
O
N
S

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Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-02 Define economics and the features of the economic way of thinking.
Difficulty : Easy
Topic : 01-08 Microeconomics
AP
5) If economic theories are solidly based on relevant facts, then there can be no question as
to the character of appropriate economic policy.

⊚ true
⊚ false
EX
Question Details
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-03 Describe the role of economic theory in economics.
Topic : 01-09 Macroeconomics
SO

6) The fact that economic generalizations are abstract renders them impractical and useless.

⊚ true
LU
⊚ false

Question Details
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-03 Describe the role of economic theory in economics.
TI
Topic : 01-09 Macroeconomics
O
7) Macroeconomics explains the behaviour of individual households and business firms;
microeconomics is concerned with the behaviour of aggregates or the economy as a whole.
N
⊚ true
⊚ false
S
Question Details
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-04 Distinguish microeconomics from macroeconomics and positive economics from
Topic : 01-12 Limited Income

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8) Positive statements are expressions of value judgments.

⊚ true
⊚ false

Question Details
AP
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-04 Distinguish microeconomics from macroeconomics and positive economics from
Topic : 01-13 Unlimited Wants
EX

9) Normative statements are expressions of facts.

⊚ true
⊚ false
SO
Question Details
Accessibility : Keyboard Navigation
Difficulty : Easy
Learning Objective : 01-04 Distinguish microeconomics from macroeconomics and positive economics from
Topic : 01-13 Unlimited Wants
LU

10) Individuals face an economic problem but society does not.

⊚ true
TI
⊚ false

Question Details
Accessibility : Keyboard Navigation
O
Difficulty : Easy
Topic : 01-12 Limited Income
Learning Objective : 01-06 List the categories of scarce resources and explain the economic problem.
N

11) The entrepreneur's sole function is to combine other resources (land, labour, and capital)
S
in the production of some good or service.

⊚ true
⊚ false