Test bank for economics 2nd edition karlan

DOWNLOAD THE Test Bank for Economics 2nd Edition Karlan
m m m m m m m m




Chapter 02 Test Bank
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Student:mm



1. Theminvisiblemhandmrefersmtomthemcoordinationmthatmoccursmfrom:
A. everyonemworkingminmhismormhermownmself-interest.
B. amgovernmentmagencymfindingmefficiencies.
C. everyonemworkingmformthemoverallmgoodmofmsociety.
D. amgovernmentmcoordinatingmeconomicmactivity.

2. Themconceptsmofmspecializationmandmgainsmfrommtrademcanmbemappliedmto:
A. internationalmtrade.
B. whymglobalizationmhasmexpandedmrecently.
C. consumermdecisions.
D. householdmdecisions.

3. Themconceptmofmtheminvisiblemhandmwasmfirstmintroducedmtomeconomicsmby:
A. DavidmRicardo.
B. AdammSmith.
C. ThomasmMalthus.
D. MiltonmFriedman.

4. Amproductionmpossibilitiesmfrontiermismamlinemormcurvemthat:
A. showsmallmthempossiblemcombinationsmofmoutputsmthatmcanmbemproducedmusingmallmavailablemresources.
B. showsmwhatmcanmbemproducedmwhenmallmavailablemresourcesmaremefficientlymused.
C. showsmthembestmcombinationsmofmoutputsmthatmcanmbemproducedmusingmallmavailablemresources.
D. explainsmwhymsocietiesmmakemthemchoicesmtheymdo.




5.m




Considermthemproductionmpossibilitiesmfrontiermdisplayedminmthemfiguremshown.mThemfactmthatmthemlinemslopesmdow
nwardmdisplaysmwhichmeconomicmconcept?
A. Productionmpossibilities
B. Trade-offs

2-1
Copyrightm©m2017mMcGraw-
HillmEducation.mAllmrightsmreserved.mNomreproductionmormdistributionmwithoutmthempriormwrittenmconsentmofmMcGraw-
HillmEducation.

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C. Specialization
D. Efficiency




6.m

Considermthemproductionmpossibilitiesmfrontiermdisplayedminmthemfiguremshown.mAmsocietymfacedmwithmthismc
urvemcouldmchoosemtomproduce:
A. A,mB,mormD.
B. A,mB,mormC.
C. A,mD,mormC.
D. B,mC,mormD.




7.m

Considermthemproductionmpossibilitiesmfrontiermdisplayedminmthemfiguremshown.mWhichmpointsmaremefficientm
andmattainablemwithmexistingmresources?
A. OnlympointmB.
B. OnlympointmA.
C. PointsmAmandmD.
D. PointsmA,mC,mandmD.



2-2
Copyrightm©m2017mMcGraw-
HillmEducation.mAllmrightsmreserved.mNomreproductionmormdistributionmwithoutmthempriormwrittenmconsentmofmMcGraw-
HillmEducation.

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,DOWNLOAD THE Test Bank for Economics 2nd Edition Karlan
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8.

Considermthemproductionmpossibilitiesmfrontiermdisplayedminmthemfiguremshown.mAmsocietymfacedmwithmthismcurvemc
urrently:
A. cannotm obtainmpointmB.
B. canmonlymobtainmpointmC.
C. canmonlymobtainmpointmDmormpointmA.
D. cannotmobtainmpointmC.




9.m

Considermthemproductionmpossibilitiesmfrontiermdisplayedminmthemfiguremshown.mWhichmofmthemfollowingmstat
ementsmismtrue?
A. ProducingmatmpointmDmwouldmbeminefficient.
B. ProducingmatmpointmCmwouldmbeminefficient.
C. ProducingmatmpointmBmwouldmbeminefficient.
D. ProducingmatmpointmAmwouldmbeminefficient.




2-3
Copyrightm©m2017mMcGraw-
HillmEducation.mAllmrightsmreserved.mNomreproductionmormdistributionmwithoutmthempriormwrittenmconsentmofmMcGraw-
HillmEducation.

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, DOWNLOAD THE Test Bank for Economics 2nd Edition Karlan
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10.

Considermthemproductionmpossibilitiesmfrontiermdisplayedminmthemfiguremshown.mWhichmofmthemfollowingmstat
ementsmismcurrentlymtrue?
A. ProducingmatmpointmAmismthembestmchoice,mbecausemsomemofmbothmitemsmaremmade.
B. ProducingmatmpointmDmwouldmbeminefficient,msincemnombooksmwouldmbemproduced.
C. ProducingmatmpointmCmismthembestmchoice,mbecausemit'smclosestmtomthemmiddle.
D. ProducingmatmpointmBmismimpossible.

11.mThemslopemofmamproductionmpossibilitiesmfrontiermmeasures:
A. themopportunitymcostmofmproducingmonemgoodminmtermsmofmthemothermgood.
B. themtrade-offminmthemconsumptionofmonemgoodmversusmthemothermgood
C. howmmuchmofmthemresourcesmmustmbemusedminmordermtomproducemonemthemgoods.
D. inefficientmproductionmofmamgood.




12.m

Considermthemproductionmpossibilitiesmfrontiermdisplayedminmthemfiguremshown.mAmsocietymshouldmchoosemt
omproduce:
A. atmpointmCmbecausemitmismthemsafest.
B. atmpointmBmbecausemitmrepresentsmthemmostmthemsocietymcanmproduce.
C. atmanympointmthatmproducemsomemofmeachmgood.
D. atmanympointmonmthemfrontiermrathermthanminsidemit.




2-4
Copyrightm©m2017mMcGraw-
HillmEducation.mAllmrightsmreserved.mNomreproductionmormdistributionmwithoutmthempriormwrittenmconsentmofmMcGraw-
HillmEducation.

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