Test Bank for Issues in Economics Today 8th Edition by Guell Questions with Accurate Right Answers Updated

TEST BANK FOR ISSUES IN ECONOMICS
TODAY 8TH EDITION BY GUELL QUESTIONS
WITH ACCURATE RIGHT ANSWERS
UPDATED 2025 - 2026.




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Multiple,Choice,
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1) The,mechanism,by,which,buyers,and,sellers,negotiate,an,exchange,is,called,a/an,A),equilibri
um.,
B) model.,
C) market.,
D) meeting.,
,
Answer:,C,
Learning,Objective:,02-01,
Topic:,Supply,and,Demand,Defined,
Blooms:,Remember,
AACSB:,Analytical,Thinking,
Difficulty:,1,Easy,
,
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2) The,supply,and,demand,model,examines,the,how,prices,and,quantities,are,determined,A),in,
markets.,
B) by,governments.,
C) by,churches.,

, D) by,monopolists.,
,
Answer:,A,
Learning,Objective:,02-01,
Topic:,Supply,and,Demand,Defined,
Blooms:,Remember,
AACSB:,Analytical,Thinking,
Difficulty:,1,Easy,
,
,
3) A,market,must,be,in,a,physical,location,
A) True,
B) False,
,
Answer:,B,
Learning,Objective:,02-01,
Topic:,Supply,and,Demand,Defined,
Blooms:,Understand,
AACSB:,Analytical,Thinking,
Difficulty:,1,Easy,
, ,

, 4) Ebay,does,not,qualify,as,a,market,for,the,good,being,sold,because,it,is,not,a,specific,physical,l
ocation.,
A) True,
B) False,
,
Answer:,B,
Learning,Objective:,02-01,
Topic:,Supply,and,Demand,Defined,
Blooms:,Apply,
AACSB:,Knowledge,Application,
Difficulty:,2,Medium,
,
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5) On,the,Heritage,Foundation's,scale,of,“Economic,Freedom,”,the,least,“free”,country,would,b
e,that,one,who's,economic,system,was,purely,A),capitalist.,
B) socialist.,
C) utilitarian.,
D) communist.,
,
Answer:,D,
Learning,Objective:,02-01,
Topic:,Supply,and,Demand,Defined,
Blooms:,Remember,
AACSB:,Analytical,Thinking,
Difficulty:,1,Easy,
,
,
,
,
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6) The,amount,of,money,that,must,be,paid,per,unit,of,output,is,called,the,A),market.,
B) equilibrium.,
C) wage.,
D) price.,
,
Answer:,D,
Learning,Objective:,02-01,
Topic:,Supply,and,Demand,Defined,
Blooms:,Remember,
AACSB:,Analytical,Thinking,
Difficulty:,1,Easy,
,
, ,
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7) The,quantity,demanded,is,the,amount,households,wish,to,purchase,A),at,all,possible,prices,d
uring,a,specified,period,of,time.,
B) at,a,particular,price,during,a,specified,period,of,time.,

, C) at,a,particular,price,(the,timeframe,is,irrelevant).,
D) at,all,possible,prices,(the,timeframe,is,irrelevant).,
,
Answer:,B,
Learning,Objective:,02-01,
Topic:,Supply,and,Demand,Defined,
Blooms:,Remember,
AACSB:,Analytical,Thinking,
Difficulty:,1,Easy,
,
,
8) Economists,argue,that,markets,serve,the,interests,of,society,primarily,because,A),consumers,
are,made,better,off,(regardless,of,whether,producers,are,made,better,off).,
B) producers,are,made,better,off,(regardless,of,whether,consumers,are,made,better,off).,
C) both,consumers,and,producers,are,made,better,off.,
D) money,is,made,available,for,government.,,
,
Answer:,C,
Learning,Objective:,02-02,
Topic:,Supply,and,Demand,Defined,
Blooms:,Remember,
AACSB:,Analytical,Thinking,
Difficulty:,1,Easy,
,
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9) Economists,know,that,consumers,and,producers,are,both,made,better,off,than,they,would,be,
without,free,exchange,because,the,exchanges,are,A),mandated,by,government.,
B) voluntary.,
C) able,to,make,consumers,better,off,by,an,amount,that,compensates,producers,for,their,losses.,
D) able,to,make,producers,better,off,by,an,amount,that,compensates,consumers,for,their,losses.,,
,
Answer:,C,
Learning,Objective:,02-02,
Topic:,Supply,and,Demand,Defined,
Blooms:,Remember,
AACSB:,Analytical,Thinking,
Difficulty:,1,Easy,
,
,
10) The,group,of,people,who,are,willing,to,provide,goods,and,services,in,exchange,for,money,ar
e,called,
A) profiteers.,
B) benefactors.,
C) consumers.,
D) producers.,
,