Exam (elaborations)
Macroeconomics 21st Ed by Campbell McConnell - Test Bank
- Course
- Institution
- Book
Test Bank For Macroeconomics 21st Ed by Campbell McConnell Complete Test Bank
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Official© Solutions Manual to Accompany Macroeconomics, Mcconnell,21e
-
Simplify Learning in 2023-2024 with [Macroeconomics, Mcconnell,21e] Study Guide
-
Complete Test Bank Macroeconomics 21st Edition McConnell Questions & Answers with rationales
Seller
Follow
ExamsExpert
Reviews received
Content preview
, Chapter 01 Limits, Alternatives, and Choices Answer KeyMultiple Choice Questions
1. For economists, the word "utility" means
A. versatility and flexibility.
B. rationality.
C. pleasure or satisfaction.
D. purposefulness.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u l t y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
T o p i c : The Economic Perspective
2. In economics, the pleasure, happiness, or satisfaction received from a product is called
A. marginal cost.
B. rational outcome.
C. status fulfillment.
D. utility.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u l t y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
T o p i c : The Economic Perspective
3. When economists say that people act rationally in their self-interest, they mean that
individuals
A. look for and pursue opportunities to increase their utility.
B. generally disregard the interests of others.
C. are mainly creatures of habit.
D. are usually impulsive and unpredictable.
1-1
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-
Hill Education.
, AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u lt y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
T o p i c : The Economic Perspective
4. According to Emerson: "Want is a growing giant whom the coat of Have was never
large enough to cover." According to economists, "Want" exceeds "Have" because
A. people are greedy.
B. productive resources are limited.
C. human beings are inherently insecure.
D. people are irrational.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u l t y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
To p i c : The Economic Perspective
5. According to economists, economic self-interest
A. is a reality that underlies economic behavior.
B. has the same meaning as selfishness.
C. means that people never make wrong decisions.
D. is usually self-defeating.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u l t y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
T o p i c : The Economic Perspective
6. Joe sold gold coins for $1,000 that he bought a year ago for $1,000. He says, "At least
I didn't lose any money on my financial investment." His economist friend points out
that in effect he did lose money because he could have received a 3 percent return on the
$1,000 if he had bought a bank certificate of deposit instead of the coins.
1-2
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-
Hill Education.
, The economist's analysis in this case incorporates the idea of
A. opportunity costs.
B. marginal benefits that exceed marginal costs.
C. imperfect information.
D. normative economics.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u lt y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
T o p i c : The Economic Perspective
7. A person should consume more of something when its marginal
A. benefit exceeds its marginal cost.
B. cost exceeds its marginal benefit.
C. cost equals its marginal benefit.
D. benefit is still better.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u lt y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
T o p i c : The Economic Perspective
8. Economics may best be defined as the
A. interaction between macro and micro considerations.
B. social science concerned with how individuals, institutions, and society make optimal
choices under conditions of scarcity.
C. empirical testing of value judgments through the use of logic.
D. study of why people are rational.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
1-3
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-
Hill Education.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamsExpert. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $29.96. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78252 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
Recently viewed by you
