Macroeconomics Principles and Policy 13th Edition by William J. Baumol – Test Bank
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Edition: 13th Edition
Format: Downloadable ZIP File
Resource Type: Test bank
Duration: Unlimited downloads
Delivery: Instant Download
Macroeconomics Principles and Policy 13th Edition by William J. Baumol – Test Bank
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1. Scarcity and choice are the basic problems of economics; the supply and demand mechanism is the basic investigative tool of economics. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Supply and demand NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Supply and demand TOPICS: The Invisible Hand KEYWORDS: BLOOM’S: Knowledge |
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2. Governments of market-oriented economies never tamper with the price mechanism. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: The role of government NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: The role of government TOPICS: The Invisible Hand KEYWORDS: BLOOM’S: Knowledge |
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3. George Washington’s troops at Valley Forge were almost destroyed by price controls. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: The role of government NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: The role of government TOPICS: The Invisible Hand KEYWORDS: BLOOM’S: Knowledge |
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4. Very few societies have used price controls. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: The role of government NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: The role of government TOPICS: The Invisible Hand KEYWORDS: BLOOM’S: Knowledge |
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5. The laws of supply and demand did not apply to elephant tusks. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: Supply and demand NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Supply and demand TOPICS: The Invisible Hand KEYWORDS: BLOOM’S: Knowledge |
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6. “Demand” is a series of quantities demanded, one for each person in the market. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Supply and demand NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Supply and demand TOPICS: Demand and Quantity Demanded KEYWORDS: BLOOM’S: Comprehension |
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