Solutions Test Bank For Issues in Economics Today 9th Edition By Guell PDF

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Test Bank, Solutions Manual, ebook, CONNECT Assignments and Learn Smart Quizzes for Issues in Economics Today 9th Edition By Robert Guell
ISBN10: 1260225321 , ISBN13: 9781260225327...

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Assignment Print View

5/19/2020

1.

Award: 10.00 points

Economics is the study of

 how much people should buy and the prices they should be willing to pay.

 how much people should sell and the prices they should be willing to accept.

 the allocation of the world's freely available resources and who should get them.   the allocation and use of scarce resources to satisfy unlimited human wants.

References Multiple Choice Difficulty: 1 Easy key

Learning Objective: 01-01 Define the terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

https://ezto.mheducation.com/hm.tpx

1 /9

5/19/2020

2.

Assignment Print View

Award: 10.00 points

The one word in the definition of economics that focuses on the fact that it is impossible to provide all of the goods and services that everyone wants is



scarcity.



resources.



study.



allocation.

References Multiple Choice Difficulty: 1 Easy key

Learning Objective: 01-01 Define the terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

3.

Award: 10.00 points

The one word in the definition of economics that focuses on the fact that we have to make choices about who gets what and how much is



scarcity.



resources.



study.



allocation.

References Multiple Choice Difficulty: 1 Easy key

Learning Objective: 01-01 Define the terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

4.

Assignment Print View

Award: 10.00 points

Economists focus on "unlimited human wants", rather than , to describe our pursuit of goods and services.



needs



prices



output

 physical

requirements

References Multiple Choice Difficulty: 1 Easy key

Learning Objective: 01-01 Define the terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5.

Award: 10.00 points

Scarcity implies that the allocation scheme chosen by society can

 not make more of any one

good.

 typically make more of a good but at the expense of making less of another.

  always make more of all goods, simultaneously. References Multiple Choice Difficulty: 1 Easy key

Learning Objective: 01-01 Define the terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

6.

Assignment Print View

Award: 10.00 points

Production possibilities frontier models

 the choices we make in setting prices. 

the choices we make in setting output alternatives.

 the choices we make in setting wages.  the choices we make in setting incomes. References Multiple Choice Difficulty: 1 Easy key

Learning Objective: 01-01 Define the terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

7.

Award: 10.00 points

A production possibilities frontier is a simple model of

  scarcity and  prices and

allocation. output.

 production and  inputs and

costs.

outputs.

References Multiple Choice Difficulty: 1 Easy key

Learning Objective: 01-01 Define the terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

8.

Assignment Print View

Award: 10.00 points

A simplifying assumption is typically made so as to

  make a point clearer by stripping away excess detail.  make a point clearer by adding sufficient detail to get things precise.  divert attention from the real

problem.

 make things look better than they really are. References Multiple Choice Difficulty: 1 Easy key

Learning Objective: 01-01 Define the terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

9.

Award: 10.00 points

Something is scarce as long as

 there is a price that the market puts on the item.   there is no freely available infinite source of the item.



the government provides it.

 the market provides

it.

References Multiple Choice Difficulty: 1 Easy key

Learning Objective: 01-01 Define the terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

10.

Assignment Print View

Award: 10.00 points

A resource

 must come from the earth.  only includes physical things.   is anything that we consume directly or use to make things we will ultimately consume. 

must come from the earth and is anything that we consume directly or use to make things we will ultimately consume.

References Multiple Choice Difficulty: 1 Easy key

Learning Objective: 01-01 Define the terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

11.

Award: 10.00 points

The underlying reason that there are unattainable points on a production possibilities frontier diagram is that there

 is

government.

 are always choices that have to be made.   is a scarcity of resources within a fixed level of technology.  is unemployment of resources. References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

12.

Assignment Print View

Award: 10.00 points

The underlying reason production possibilities frontiers are likely to be bowed out (rather than linear) is

 choices have consequences.  there is always opportunity costs. some resources and people can be better used producing one good rather than another.



 there is always some level of unemployment. References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

13.

Award: 10.00 points

The optimization assumption suggests that people make

 irrational

decisions.

 unpredictable

decisions.

  decisions to make themselves as well off as possible.  decisions without thinking very

hard.

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

14.

Assignment Print View

Award: 10.00 points

The fact that we are operating at a point inside a bowed out production possibilities frontier indicates there is

  

scarcity. constant opportunity cost. unemployment.

 increasing opportunity

cost.

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

15.

Award: 10.00 points

If the production possibilities frontier is not bowed out, but is a line, there is

  

scarcity. constant opportunity cost. unemployment.

 increasing opportunity

cost.

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-02 Distinguish between increasing and constant opportunity cost and understand why each might happen in the real world.

5/19/2020

16.

Assignment Print View

Award: 10.00 points

The fact that the production possibilities frontier is bowed out indicates there is



scarcity.



constant opportunity cost.



unemployment.



increasing opportunity cost.

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-02 Distinguish between increasing and constant opportunity cost and understand why each might happen in the real world.

17.

Award: 10.00 points

The fact that we cannot operate at a point outside a production possibilities frontier indicates there is



scarcity.



constant opportunity cost.



unemployment.

 increasing opportunity

cost.

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

18.

Assignment Print View

Award: 10.00 points

Points on the Production Possibilities Frontier are

 

attainable. unattainable.

 associated with some unemployment  both attainable and

unattainable.

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

19.

Award: 10.00 points

Points inside the Production Possibilities Frontier are



attainable.



unattainable.

 associated with some unemployment. 

both attainable and unattainable.

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

https://ezto.mheducation.com/hm.tpx

10/ 93

5/19/2020

20.

Assignment Print View

Award: 10.00 points

Points outside the Production Possibilities Frontier are

 

attainable. unattainable.

 associated with some unemployment.  both attainable and

unattainable.

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

https://ezto.mheducation.com/hm.tpx

11 /9

5/19/2020

21.

Assignment Print View

Award: 10.00 points

In Figure 1.1, which labeled points are attainable?



only A

 only B and 

C

only D

  A, B, and

C

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

22.

Assignment Print View

Award: 10.00 points

In Figure 1.1, which labeled points are unattainable?



only A

 only B and 

C

only D

 A, B, and C References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

23.

Assignment Print View

Award: 10.00 points

In Figure 1.1, which labeled points represent the existence of unemployment?



only A

 only B and 

C

only D

 A, B, and C References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

24.

Assignment Print View

Award: 10.00 points

In Figure 1.1, which labeled point indicates that there are sufficient resources and technology to produce the combination of goods represented by that point?



only A

 only B and 

C

only D

  A, B, and

C

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

25.

Assignment Print View

Award: 10.00 points

In Figure 1.1, which labeled point indicates that there are insufficient resources or technology to produce the combination of goods represented by that point?



only A

 only B and 

C

only D

 A, B, and C References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

26.

Assignment Print View

Award: 10.00 points

In Figure 1.2, which labeled points are attainable?



only A

 only B and 

C

only D

  A, B, and

C

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

27.

Assignment Print View

Award: 10.00 points

In Figure 1.2, which labeled points are unattainable?



only A

 only B and 

C

only D

 A, B, and C References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

28.

Assignment Print View

Award: 10.00 points

In Figure 1.2, which labeled points represent the existence of unemployment?



only A

 only B and 

C

only D

 A, B, and C References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

29.

Assignment Print View

Award: 10.00 points

In Figure 1.2, which labeled point indicates that there are sufficient resources and technology to produce the combination of goods represented by that point?



only A

 only 

C

only D

  A, B, and

C

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

https://ezto.mheducation.com/hm.tpx

20/ 93

5/19/2020

22.

Assignment Print View

Award: 10.00 points

In Figure 1.1, which labeled points are unattainable?



only A

 only B and 

only D

 A, B, and C References

C

Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

23.

Assignment Print View

Award: 10.00 points

In Figure 1.1, which labeled points represent the existence of unemployment?



only A

 only B and 

C

only D

 A, B, and C References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

24.

Assignment Print View

Award: 10.00 points

In Figure 1.1, which labeled point indicates that there are sufficient resources and technology to produce the combination of goods represented by that point?



only A

 only B and 

C

only D

  A, B, and

C

References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

25.

Assignment Print View

Award: 10.00 points

In Figure 1.1, which labeled point indicates that there are insufficient resources or technology to produce the combination of goods represented by that point?



only A

 only B and 

C

only D

 A, B, and C References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade- offs that exist in life.

5/19/2020

26.

Assignment Print View

Award: 10.00 points

In Figure 1.2, which labeled points are attainable?



only A

 only B and 

C

only D

  A, B, and

C

References Multiple Choice Difficulty: 2 Medium Learning O...