Test Bank for Macroeconomics, 22nd Edition, Campbell McConnell, Stanley Brue Sean Flynn A+
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Macroeconomics, 22nd Edition, Campbell McConnell,
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Macroeconomics, 22nd Edition, Campbell McConnell,
Test Bank for Macroeconomics, 22nd Edition, Campbell McConnell, Stanley Brue Sean Flynn A+Test Bank for Macroeconomics, 22nd Edition, Campbell McConnell, Stanley Brue Sean Flynn A+Test Bank for Macroeconomics, 22nd Edition, Campbell McConnell, Stanley Brue Sean Flynn A+
Test Bank for Macroeconomics, 22nd
Edition, Campbell McConnell,
Stanley Brue Sean Flynn A+
, TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) An economic model is an ideal or utopian type of economy that society should strive to
obtain through economic policy.
⊚ true
⊚ false
2) Because economic generalizations are simplifications from reality, they are impractical
and useless.
⊚ true
⊚ false
3) If economic theories are solidly based on relevant facts, then appropriate economic policy
becomes obvious and uncontroversial.
⊚ true
⊚ false
4) Normative statements are expressions of facts.
⊚ true
⊚ false
5) Positive statements are expressions of value judgments.
⊚ true
,⊚ false
6) Macroeconomics explains the behavior of individual households and business firms;
microeconomics is concerned with the behavior of aggregates or the economy as a whole.
⊚ true
⊚ false
7) Purposeful behavior implies that everyone will make identical choices.
⊚ true
⊚ false
8) Marginal analysis means that decision makers compare the extra benefits with the extra
costs of a specific choice.
⊚ true
⊚ false
9) Rational individuals may make different choices because their preferences and
circumstances differ.
⊚ true
⊚ false
, 10) Choices entail marginal costs because resources are scarce.
⊚ true
⊚ false
11) The production possibilities curve shows various combinations of two products that an
economy can produce when achieving full employment.
⊚ true
⊚ false
12) The entrepreneur's sole function is to combine other resources (land, labor, and capital) in
the production of some good or service.
⊚ true
⊚ false
13) Products and services are scarce because resources are scarce.
⊚ true
⊚ false
14) An economy cannot produce at a point outside of its production possibilities curve
because human economic wants are insatiable.
⊚ true
⊚ false
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