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Macroeconomics 7th Edition Hubbard Test Bank
Macroeconomics 7th Edition Hubbard Test Bank
Test Bank
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Macroeconomics 7th Edition Hubbard Test Bank
1) ________ exists because unlimited wants exceed the limited resources available to fulfill
those wants.
A) Scarcity
B) Productive efficiency
C) The command economy
D) Economic growth
Answer: A
Diff: 2 Page Ref: 42/42
Topic: Scarcity
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
2) To compete in the automobile market, Tesla must make many strategic decisions such as
whether to introduce a new car model, how to sell and service its cars, and where to advertise. At
Tesla's Fremont, California plant, managers must decide on the monthly production quantities of
their S and X models. In making this decision, the managers
A) face no trade-off because the Fremont plant only produces these two models of the many
Tesla models produced worldwide.
B) face a trade-off, because producing more of one model means producing less of the other.
C) will choose to only produce the quantity of S and X models where marginal cost equals zero.
D) will always decide on production quantities in which revenues are maximized.
Answer: B
Diff: 2 Page Ref: 40/40
Topic: Opportunity Cost
Learning Outcome: Micro-3: Discuss different types of market systems and the gains that can be
made from trade
AACSB: Analytical thinking
Special Feature: Chapter Opener: Managers at Tesla Motors Face Trade-Offs
1
Copyright © 2019 Pearson Education, Inc.
5) ________ shows that if all resources are fully and efficiently utilized, more of one good can
be produced only by producing less of another good.
A) Comparative advantage
B) Absolute advantage
C) The mixed market system
D) The production possibilities frontier model
Answer: D
Diff: 2 Page Ref: 42/42
Topic: Production Possibilities Frontiers
*: Recurring
Learning Outcome: Micro-3: Discuss different types of market systems and the gains that can be
made from trade
AACSB: Analytical thinking
2
Copyright © 2019 Pearson Education, Inc.
6) The production possibilities frontier assumes all of the following except
A) labor, capital, land and natural resources are fixed in quantity.
B) the economy produces only two products.
C) any level of the two products that the economy produces is currently possible.
D) the level of technology is fixed and unchanging.
Answer: C
Diff: 2 Page Ref: 42/42
Topic: Production Possibilities Frontiers
*: Recurring
Learning Outcome: Micro-3: Discuss different types of market systems and the gains that can be
made from trade
AACSB: Analytical thinking
7) The ________ production points on a production possibilities frontier are the points along and
inside the production possibilities frontier.
A) attainable
B) unattainable
C) productively efficient
D) allocatively efficient
Answer: A
Diff: 1 Page Ref: 42/42
Topic: Production Possibilities Frontiers
*: Recurring
Learning Outcome: Micro-3: Discuss different types of market systems and the gains that can be
made from trade
AACSB: Analytical thinking
3
Copyright © 2019 Pearson Education, Inc.
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PARSONS, J . Entered Bengal army 1805; ensign 25 Bengal N.I. 19
Dec. 1806, lieut. 13 Aug. 1812; captain 50 N.I. 1 May 1824, major
22 April 1836 to 7 July 1842; lieut. col. of 18 N.I. 7 July 1842 to 1
March 1846, and of 66 N.I. 1 March 1846 to 1851; deputy
commissary general 12 April 1837 to 5 Jany. 1848; commanded
Gwalior contingent 5 Jany. 1848 to 29 July 1853; lieut. col. of 50
N.I. 1851–1852, and of 48 N.I. 1852–53; col. of 57 N.I. 31 March
1853–54, and of 50 N.I. 1854 to death; commandant at Rohilcund
29 July 1853 to 23 Nov. 1855; L.G. 18 March 1863; C.B. 3 April
1846; at the capture of the Isle of France 1810, in the Nepaul
campaign 1815, medal; in the Pindaree war 1817; wounded at
capture of Ghuznee; in the Sutlej campaign and present at Modkee,
Ferozeshur and Sobraon. d. Almorah, N.W. Province, India 9 Nov.
1868.
PARSONS, J (2 son of Edward Parsons, congregational minister
1762–1833). b. Leeds 10 April 1799; studied at the academy at Idle,
Yorkshire 1820–2; congregational minister at Lendal chapel, York
1822–39; minister of Salem chapel, York, opened 25 July 1839, he
retired to Harrogate 1870; chairman of the Congregational union
1849; the first president of the Yorkshire congregational union and
home missionary society 1873; the most remarkable pulpit orator of
his time; author of Excitements to exertion in the cause of God,
York, 3 ed. 1827; Sermons, critical and explanatory 1830, 4 ed.
1837; many of his sermons were published in The Pulpit 1824–64.
d. York 20 Oct. 1877. bur. York 26 Oct. The lamps of the temple, 3
ed. (1856) 282–323; Congregational year book (1878) 332–5;
Congregational magazine (1831) 229–40; Congregationalist (1877)
748–53; The Pulpit v (1826) portrait and xvi 250–2, 365; E. J.
Evans and W. Hurndall’s Pulpit memorials (1878) 343–80.
PARSONS, J M (youngest son of Thomas Parsons of
Newport, Shropshire). b. Newport 27 Oct. 1798; a member of the
Stock exchange, London; A.I.C.E. 5 Feb. 1839; a director of
London and Brighton railway company 9 Feb. 1843 to 21 Aug.
1848, chairman 19 June 1843 to 11 April 1844; a director of the
Shropshire union railway 1845–9; resided at 6 Raymond buildings,
Gray’s inn to 1869; collected a gallery of pictures of the German
and Dutch schools and of water-colour drawings by English artists;
bequeathed 92 oil and 47 water-colour paintings to South
Kensington museum 1870; he also gave three pictures to the
National gallery, and many fine engravings to British Museum. d.
45 Russell sq. Bloomsbury, London 25 March 1870. Min. of proc.
of Instit. of C.E. xxxi 252–3 (1871).
PARSONS, N T . b. 1 Nov. 1826; ensign 1 European
Bengal fusiliers 26 July 1845; captain 101 foot 12 March 1858,
major 15 Sept. 1869; lieut.-col. 103 foot 24 July 1872, placed on
h.p. 8 Dec. 1877; lieut.-col. regimental district 19 Dec. 1877 to 19
Dec. 1882; honorary M.G. 17 Nov. 1883; served in the Burmese
war 1852–3, the Indian mutiny 1857, and the Indian north west
frontier war 1863. d. Isle of Man 7 Aug. 1895.
PARSONS, P M (son of John Parsons of Seraptoft house,
Leics.) b. London 1819; under chief engineer Portsmouth dockyard
1834–6; articled to Braithwaite, Milner & co. 1836–40; engaged
laying out Eastern counties’ railway 1841–5; an engineer in London
from 1850; invented improved switches and axle-boxes; connected
with the Permanent way co.; designed a central railway station for
London on north bank of the Thames, near Charing Cross 1853;
patented an invention for rifled cannon which had occupied him 8
years; patented improved bolts Feb. 1867; engineer to the Bessemer
steel and ordnance co. 1871; invented white brass for shaft bearings,
and manganese bronze for propellers; M.I.C.E. 2 Dec. 1873; took
out 52 patents 1851–89; author of Proposed London railway 1853;
Guns versus armour plates 1863. d. Melbourne house, Blackheath,
Kent 5 Nov. 1892. Min. of proc. of Instit. of C.E. cxi 385–9 (1893).
PART, J . b. Wigan 1809; apprentice to Christopher Morris of
Wigan; educ. St. Bartholomew’s, Aldersgate sch. and Univ. coll.;
L.S.A. 1832; M.R.C.S. 1832, F.R.C.S. 1854; F.M.C. and C.S. 1851;
M.D. St. Andrew’s 1860; surgeon Artists’ annuity fund soc.;
president North London medical soc.; author of Medical and
surgical case book. d. 89 Camden road, London 1 Oct. 1875. Lancet
24 Dec. 1875 p. 931; Proc. of royal Med. and Chir. soc. viii 71
(1875).
PARTINGTON, C F . Lecturer on modern improvements
in mechanics and on other subjects at mechanics’ institutions;
published Lectures on select subjects in mechanics and hydrostatics
by J. Ferguson, F.R.S., adapted to the present state of science 1825;
The century of inventions by the Marquis of Worcester, with notes
and a biographical memoir 1825; edited The scientific gazette July
1825 to 4 Feb. 1826; edited with Wm. Newton the second series of
The London journal of arts and sciences, 9 vols. 1834–42; edited
with other authors The British cyclopædia of arts and sciences, 10
vols. 1835–8; author of An historical and descriptive account of the
steam engine 1822, 3 ed. 1826; A brief account of the royal
gardens, Vauxhall 1822; A manual of natural and experimental
philosophy, 2 vols. 1828; The builder’s complete guide 1852; he
was living in 1857.
PARTON, J . b. Canterbury 9 Feb. 1822; taken to America 1827; a
teacher in Philadelphia and New York; a contributor to the Home
journal 3 years; a public lecturer; resided in New York to 1875, then
at Newbury Port, Massachusetts; m. Jany. 1856 Sarah Payson Willis
(1811–72) widow of Charles H. Eldredge, she became a well known
author under the name of Fanny Fern; he was the author of The life
of Horace Greeley 1855; General Butler in New Orleans 1864; The
life of Aaron Burr 1861; Life of Benjamin Franklin, 2 vols. 1864;
Life of J. J. Astor 1865; Famous Americans of recent time 1867;
Eminent Women of the age 1868; People’s Book of biography
1869; Life of Thomas Jefferson 1874; Caricature and other comic
art in all times 1877; The humorous poetry from Chaucer to Saxe
1881; Life of Voltaire, 2 vols. 1881; Life of Andrew Jackson, 3
vols. 1883. d. Newbury port, Massachusetts 17 Oct. 1891.
Appleton’s American Biog. iv 665–6 (1888) portraits of J. and S. P.
Parton.
PARTRIDGE, J (son of Samuel Partridge). b. Glasgow 28 Feb.
1790; pupil of Thomas Phillips, R.A. about 1814; studied in France
and Italy 1823–7; a fashionable portrait painter in London 1827;
painted portraits of the queen and prince Albert 1840; portrait
painter extraordinary to the queen 1842; exhibited 72 pictures at
R.A. and 58 at B.I. 1815–61; presented to the National portrait
gallery 1872 his picture entitled Meeting of the fine art commission
at Gwydyr house, Whitehall in the year 1846; author of On the
constitution and management of the royal academy 1864. d. 60
Brook st. Grosvenor sq. London 25 Nov. 1872. Art Journal (1873)
44.
PARTRIDGE, R . b. 19 Jany. 1805; apprenticed to his uncle W. H.
Partridge of Birmingham 1821–7; entered St. Bartholomew’s
hospital 1827; M.R.C.S. 1827, F.R.C.S. 1843, member of council
1852, examiner 1854, Hunterian orator 1865, and president 1866;
L.S.A. 1827; demonstrator of anatomy at Kings’ college, London
1831–6, professor of descriptive and surgical anatomy 1836 to
death; assistant surgeon to Charing Cross hospital 23 Dec. 1836,
surgeon 8 Jany. 1838 to 13 April 1840; surgeon to Kings’ college
hospital 13 April 1840 to 1870; F.R.S. 23 Feb. 1837; professor of
anatomy at the royal academy 1853 to death; fellow of royal Med.
and Chir. soc. of London 1828, secretary 1832–6, member of
council 1837–8 and 1861–2, vice-pres. 1847–8, president 1863–4.
d. 18 Wimpole st. London 25 March 1873. Illust. times 4 Oct. 1869
p. 369 portrait; Lancet 29 March 1873 pp. 456, 464.
N .—The body of the murdered Italian boy Carlo Ferrari was brought to Kings’ coll.
hospital for dissection, and it was through Partridge’s astuteness that the murderers Bishop and
Williams were arrested, and executed 5 Dec. 1831.