Test Bank For The Exploration of Economics International Edition 6th Edition by Robert L. Sexton
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Test Bank For The Exploration of Economics International Edition 6th Edition by Robert L. Sexton
Chapter 3—Scarcity, Trade-Offs, and Production Possibilities
TRUE/FALSE
1.In a market economy, government officials make most production decisions in a centralized manner.
ANS:FPTS:1REF:p. 75
TOP: 3.1 The Three Economic Questions Every Society Faces | What Goods and Services Will Be Produced?
2.Consumer sovereignty means that consumers vote with their dollars in a market economy, which helps determine what is produced.
ANS:TPTS:1REF:p. 75
TOP: 3.1 The Three Economic Questions Every Society Faces | What Goods and Services Will Be Produced?
3.In a market economy, prices help determine the distribution of goods and services but not the allocation of resources.
ANS:FPTS:1REF:p. 76
TOP: 3.1 The Three Economic Questions Every Society Faces | How Will the Goods and Services Be Produced?
4.An increase in production of one good will have zero opportunity cost only if the economy initially existed at a point inside the production possibilities curve.
ANS:TPTS:1REF:p. 82
TOP: 3.3 The Production Possibilities Curve | The Production Possibilities Curve
5.Capital-intensive production techniques tend to be utilized most commonly in countries where labor is relatively cheap.
ANS:FPTS:1REF:p. 76
TOP: 3.1 The Three Economic Questions Every Society Faces | How Will the Goods and Services Be Produced?
6.High wage countries like the United States tend to use less labor-intensive production methods than low wage countries like Mexico.
ANS:TPTS:1REF:p. 76
TOP: 3.1 The Three Economic Questions Every Society Faces | How Will the Goods and Services Be Produced?
7.An economy that has many unemployed workers and idle factories is not operating efficiently.
ANS:TPTS:1REF:p. 84
TOP: 3.3 The Production Possibilities Curve | Inefficiency and Efficiency
8.The production possibilities curve marks the boundary between attainable and unattainable combinations of output.
ANS:TPTS:1REF:p. 81
TOP: 3.3 The Production Possibilities Curve | The Production Possibilities Curve
9.Any output combination outside the production possibilities curve is attainable in the current period only if prices decrease.
ANS:FPTS:1REF:p. 81
TOP: 3.3 The Production Possibilities Curve | The Production Possibilities Curve
10.A decrease in the unemployment rate will shift an economy’s production possibilities curve outward.
ANS:FPTS:1REF:p. 84
TOP: 3.3 The Production Possibilities Curve | Inefficiency and Efficiency
11.An increase in available resources will tend to cause a society’s production possibilities curve to shift inward.
ANS:FPTS:1REF:p. 87
TOP: 3.4 Economic Growth and the Production Possibilities Curve | Generating Economic Growth
12.An improvement in technology will tend to cause a society’s production possibilities curve to shift outward.
ANS:TPTS:1REF:p. 87
TOP: 3.4 Economic Growth and the Production Possibilities Curve | Generating Economic Growth
13.The opportunity cost of a particular good tends to increase with its rate of output because some resources cannot be easily adapted from the production of one good or service to another.
ANS:TPTS:1REF:p. 84
TOP: 3.3 The Production Possibilities Curve | The Law of Increasing Opportunity Cost
14.The production possibilities curve for an economy that experiences a constant opportunity cost of production is linear (a straight line).
ANS:TPTS:1REF:p. 84
TOP: 3.3 The Production Possibilities Curve | The Production Possibilities Curve
15.The law of increasing opportunity costs implies that a society’s production possibilities curve will be a straight line.
ANS:FPTS:1REF:p. 84
TOP: 3.3 The Production Possibilities Curve | The Law of Increasing Opportunity Cost
Test Bank for “The Exploration of Economics,” International Edition, 6th Edition by Robert L. Sexton
Overview: The Exploration of Economics, 6th Edition by Robert L. Sexton offers an engaging introduction to fundamental economic concepts and principles. The textbook provides a comprehensive overview of microeconomic and macroeconomic theories, as well as practical applications of economics in real-world scenarios. The associated test bank is designed to enhance students’ understanding by offering a variety of questions that cover the textbook’s content in depth.
Content Details:
- Introduction to Economics:
- Overview of economics as a field, including basic economic concepts and principles.
- Examination of the role of economics in addressing societal issues and resource allocation.
- Supply and Demand:
- Detailed study of supply and demand theories, including shifts and market equilibrium.
- Analysis of factors affecting supply and demand, including price mechanisms and elasticity.
- Consumer Choice and Utility:
- Exploration of consumer behavior, utility, and the theory of rational choice.
- Examination of how consumers make decisions and the concept of marginal utility.
- Production and Costs:
- Overview of production processes, including short-run and long-run production functions.
- Study of costs associated with production, including fixed and variable costs, and economies of scale.
- Market Structures:
- Analysis of different market structures, including perfect competition, monopoly, monopolistic competition, and oligopoly.
- Discussion of pricing strategies and market outcomes in each market structure.
- Factor Markets:
- Examination of labor markets, capital markets, and the role of factors of production in economics.
- Analysis of wage determination, labor supply, and capital accumulation.
- Market Failures and Government Intervention:
- Study of market failures, including externalities, public goods, and information asymmetries.
- Discussion of the role of government in correcting market failures and implementing economic policies.
- Macroeconomic Concepts:
- Introduction to macroeconomic indicators, including GDP, inflation, and unemployment.
- Analysis of macroeconomic models and policies, including fiscal policy and monetary policy.
- International Trade and Finance:
- Examination of international trade theories, trade policies, and the impact of globalization.
- Study of international finance, including exchange rates, trade balances, and financial markets.
- Economic Growth and Development:
- Exploration of factors contributing to economic growth and development.
- Discussion of development economics, including poverty, inequality, and sustainable development.
Interactive Features of the Test Bank:
- Multiple-Choice Questions: Assess understanding of key economic concepts, theories, and applications.
- True/False Questions: Test knowledge of fundamental principles and definitions.
- Short Answer Questions: Encourage detailed explanations and critical thinking about economic issues.
- Problem-Solving Questions: Provide opportunities to apply economic theories to real-world scenarios and case studies.
- Essay Questions: Allow for in-depth analysis and discussion of complex economic topics and policy implications.
Conclusion:
The test bank for The Exploration of Economics, 6th Edition by Robert L. Sexton is a valuable educational tool designed to support students in mastering economic concepts and theories. By offering a range of question types, the test bank helps reinforce students’ comprehension, application, and critical analysis of economic principles. This comprehensive approach ensures students are well-prepared for exams and practical applications in the field of economics.
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