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Type: Multiple Choice Difficulty: Easy Category: Understand
4. Because of their relatively small national economies, which of the following is most likely considered to
be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization?
A. division of labour
B. international trade
C. economies of scale
D. command economy
Answer: B
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Analyze
5. In a discussion of economics, which of the following would exert the most influence on an individual
firm's decision to hire workers?
A. wage levels
B. the macroeconomy
C. the firm's income
D. household income
Answer: B
Reference:
Explanation:
Type: Multiple Choice Difficulty: Easy Category: Analyze
6. In a , most economic decisions about what to produce, how to produce it,

and for whom to produce it are made by buyers and sellers.
A. market-oriented economy
B. macroeconomy
C. microeconomy
D. command economy
Answer: A
Reference:
Explanation:
Type: Multiple Choice Difficulty: Easy Category: Remember

7. Which of the following best denotes the reason for the existence of substantial black markets?
A. a market-oriented economy
B. a command economy
C. government laws and rules
D. the microeconomy
Answer: B
Reference:
Explanation:
8. Which of the following is generally accepted as a valid criticism of the production of useful goods and
services?
A. government involvement
B. the black market
C. environmental pollution
D. economic freedom
Answer: C
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Evaluate
9. In the first chapter of The Wealth of Nations, Smith introduces the idea of the , which
means the way in which the work required to produce a good or service is divided into a number of tasks
that are performed by different workers.
A. division of labor
B. interconnected economy
C. task economy
D. modern economy
Answer: A
Reference:
Explanation:
10. If macroeconomics looks at the economy as a whole, it focuses on which of the following?

A. households
B. business firms
C. unemployed people
D. the division of labor
Answer: C
Reference:
Explanation:
11. In the , households work and receive payment from firms.
A. financial investment market

B. financial capital market
C. labor market
D. savings market
Answer: C
Reference:
Explanation:
12. In the , households receive goods and services and pay firms for them.
A. labor market
B. financial capital market
C. goods and services market
D. savings market
Answer: C
Reference:
Explanation:
13. Which of the following best describes a monetary policy tool?
A. interest rates
B. taxes
C. household savings
D. government spending

Answer: A
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Remember
14. Which of the following best describes a fiscal policy tool?
A. government spending
B. bank lending
C. financial capital markets
D. household spending
Answer: A
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Remember
15. The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which involves
spending.
A. business
B. government
C. household
D. capital market
Answer: B
Reference:
Explanation:
16. When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being:
A. balanced budget
B. prudent monetary policy
C. low inflation
D. assuring competition between firms
Answer: C
Reference:

Explanation:
17. The basic difference between macroeconomics and microeconomics is:
A. microeconomics concentrates on individual markets while macroeconomics focuses primarily on

international trade.
B. microeconomics concentrates on the behaviour of individual consumers while macroeconomics focuses
on the behaviour of firms.
C. microeconomics concentrates on the behaviour of individual consumers and firms while
macroeconomics focuses on the performance of the entire economy.
D. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of
unemployment.
Answer: C
Reference:
Explanation:
18. Which of the following is most likely a topic of discussion in macroeconomics?
A. an increase in the price of a hamburger

B. a decrease in the production of DVD players by a consumer electronics company
C. an increase in the wage rate paid to automobile workers
D. a decrease in the unemployment rate
Answer: D
Reference:
Explanation:
19. Which of the following statements most likely lies within the realm of microeconomics?
A. Unemployment rises during a recession and falls during an expansion.

B. An increase in government spending will increase the aggregate demand for goods and services in the
economy.
C. A rapid acceleration of the supply of money may create inflation.
D. An increase in labor costs will increase the additional cost of producing another bus.
Answer: D
Reference:

Explanation:
20. Macroeconomic topics do not usually include:
A. the profit maximizing decisions of an individual manufacturer.

B. the rate of inflation.
C. the rate of unemployment.
D. economic growth.
Answer: A
Reference:
Explanation:
21. Macroeconomics primarily examines:
A. the behaviour of individual households and firms.

B. how prices are determined within individual markets.
C. broad issues such as national output, employment and inflation.
D. the output levels that maximize the profits of business firms
Answer: C
Reference:
Explanation:
22. Specialization:
A. leads to greater self-sufficiency.

B. can lead to an increase in overall production.
C. allows workers to develop skills by working on a large number of tasks
D. is always the result of an inefficient use of resources
Answer: B
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Understand

23. In a market-oriented economy, the amount of a good that is produced is primarily decided by the
interaction of:
A. all consumers.
B. buyers and sellers.
C. producers and input suppliers.
D. producers and government planning committees.
Answer: B
Reference:
Explanation:
24. Which of the following statements most likely lies within the realm of macroeconomics?
A. An increase in the price of automobiles will lead to a decrease in the quantity of automobiles
demanded.
B. Due to process innovations in computer chip manufacturing, the market supply of computers
increased.
C. Due to an economic recession, manufacturing firms began implementing layoffs of their workforces.
D. Anticipating that the benefits would outweigh costs involved, an undergraduate student purchases the
course textbook.
Answer: C
Reference:
Explanation:
25. Which of the following lies primarily within the realm of macroeconomics?
A. a study of the demand for gasoline

B. a study of how tax cuts stimulate aggregate production
C. an analysis of supply and demand conditions in the electricity market
D. a study of the impact of "mad cow" disease on the price of beef worldwide
Answer: B
Reference:
Explanation:

26. Macroeconomics:
A. is concerned with the expansion of a small business into a large corporation.

B. is narrower in scope than microeconomics.
C. analyzes mergers and acquisitions between firms.
D. is concerned with the expansion and contraction of the overall economy.
Answer: D
Reference:
Explanation:
27. The basic difference between macroeconomics and microeconomics is that:
A. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees
(individual markets).
B. macroeconomics is concerned with groups of individuals while microeconomics is concerned with
single countries.
C. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned
with the forest (aggregate markets).
D. macroeconomics is concerned with generalization while microeconomics is concerned with
specialization.
Answer: C
Reference:
Explanation:
28. The circular flow diagram of economic activity is a model of the:
A. flow of goods, services, and payments between households and firms.

B. influence of government on business behaviour.
C. role of unions and government in the economy.
D. interaction among taxes, prices, and profits.
Answer: A
Reference:
Explanation:
29. Which of the following best characterizes the circular flow of income?

A. Businesses buy resources from the government, and households buy goods and services from
businesses.
B. Businesses buy resources from households, and households use their income from the sale of resources
to buy goods and services from businesses.
C. The government purchases resources from businesses and households and then sells goods and
services to businesses and households.
D. Households buy factors of production from businesses, and businesses buy goods and services from
households.
Answer: B
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Understand
30. In the circular flow diagram model:
A. households receive income from businesses in exchange for providing inputs and use that income to
buy goods and services from businesses.
B. businesses receive revenues from households in exchange for providing goods and services and use
those revenues to buy inputs from households.
C. households receive revenue for selling goods and services to businesses, and use that revenue to buy
inputs from businesses.
D. Both (a) and (b) are correct.
Answer: D
Reference:
Explanation:
Type: Multiple Choice Difficulty: Hard Category: Understand
31. Regardless of whether you are looking through the microeconomics microscope or the
macroeconomics telescope, the fundamental subject material of the interconnected doesn’t
change.
A. market
B. economy
C. production
D. firm
Answer: B
Reference:
Explanation:

32. - a term referring to the fact that for many goods, as the level of production
increases, the average cost of producing each individual unit declines.
A. Skill
B. Specialization
C. Economies of scale
D. Division of labor
Answer: C
Reference:
Explanation:
33. Economic models like the are not physical models, but instead are diagrams
or graphs or even mathematical equations that represent economic patterns or theories.
A. financial capital market

B. circular flow diagram
C. financial investment market
D. Specialization Model
Answer: B
Reference:
Explanation:

Essay Questions
1. What is a black market, and under what economic condition is it most likely to thrive?
Reference:
Explanation: Even the most command-oriented economies operate with substantial black markets, or
underground economies, which are markets where the buyers and sellers make transactions without the
government’s approval.
Type: Essay Difficulty: Medium Category: Understand
2. When nations desire a healthy macroeconomy, they typically focus on several goals:. Three are:
Reference:
Explanation: Growth in the standard of living, a low level of unemployment, low inflation, and a
sustainable balance of trade between countries.
Type: Essay Difficulty: Medium Category: Remember
3. How does microeconomics relate to macroeconomics?
Reference:
Explanation: Microeconomics primarily examines the behaviour of individual households and firms,
whereas macroeconomics concentrates on the behaviour of consumers and firms in the aggregate.
Macroeconomics studies economic problems as they influence the whole of society.
Type: Essay Difficulty: Medium Category: Understand
4. Clem Oatley could grow wheat and barley. He could grow 75 bushels of wheat or 125 bushels of barley
using the same resources on an acre of his land. The price of wheat is $2.00 per bushel and the price of
barley $ 0.80. Show the benefits to Clem from specialization. What should he specialize in?
Reference:
Explanation: Clem could make $150 if he grew only wheat and just $100 if he grew only barley. By
specializing in wheat production he will be better off. Even though he can produce more bushels of barley
than he can bushels of wheat.
Type: Essay Difficulty: Hard Category: Apply
5. The two main tools of macroeconomic policy include monetary policy and fiscal policy. Briefly describe
the main components of each.
Reference:

Explanation: The two main tools of macroeconomic policy include monetary policy, which involves policies
that affect bank lending, interest rates and financial capital markets, and fiscal policy, which involves
government spending and taxes.
Type: Essay Difficulty: Easy Category: Remember
6. Recent decades have seen a trend toward globalization, which means that buying and selling in markets
have crossed national borders to an increasing extent. As a result, firms and workers from different
countries are increasingly interconnected. Globalization has occurred for a number of reasons. List three
reasons and briefly describe their effect contributing toward globalization.
Reference:
Explanation: Improvements in shipping and air cargo have driven down transportation costs. Innovations
in computing and telecommunications have made it easier and cheaper to manage long-distance
economic connections of production and sales. Many valuable products and services in the modern
economy can take the form of information. These products and many others can be transported over
telephones and computer networks at ever-lower costs. Finally, international agreements and treaties
between countries have encouraged greater trade.
Type: Essay Difficulty: Hard Category: Understand
7. Each year, researchers at the Heritage Foundation and the Wall Street Journal look at 50 different
categories of economic freedom for countries around the world. In each category, they give each nation a
score based on extent of economic freedom in that category. What sorts of questions regarding the level
of economic freedom might these researchers have asked within this survey which would help rank
nations' economic freedom? Please list at least three questions.
Reference:
Explanation: Who’s in control of economic decisions? Are people free to do what they want and to work
where they want? Are businesses free to produce when they want and what they choose, and to hire and
fire as they wish? Are banks free to choose who will receive loans? Or does the government control
these kinds of choices?
8. How can a group of workers, each specializing in certain tasks, produce so much more than the same
number of workers who try to produce the entire good or service by themselves? Adam Smith offered
three reasons. List them and briefly describe the rationale behind each.
Reference:
Explanation: First, specialization in a particular small job allows workers to focus on the types of
production where they have an advantage. People have different skills, talents, and interests, so they will
be better at some jobs than others. The particular advantages workers may be based on educational
choices, which are in turn shaped by interests and talents: for example, only those with medical degrees
qualify to become doctors. Second, workers who specialize in certain tasks often learn to produce more
quickly and with higher quality. This pattern holds true for many workers, including assembly line laborers
who build cars, stylists who cut hair, and doctors who perform heart surgery. Third, specialization allows

economic agents, or actors, to take advantage of economies of scale, a term referring to the fact that for
many goods, as the level of production increases, the average cost of producing each individual unit
declines.
9. The formal study of economics began when Adam Smith (1723-1790) published his famous book The
Wealth of Nations in 1776. In the first chapter of The Wealth of Nations, Smith introduces the idea of the
division of labor. Define "division of labor" and illustrate with an example.
Reference:
Explanation: Division of labor means the way in which the work required to produce a good or service is
divided into a number of tasks that are performed by different workers.
To illustrate the division of labor, Adam Smith used the example of how the tasks of making a pin were
divided in a pin factory. He counted the multiple tasks involved with making a pin, including the steps
involved in drawing out a piece of wire, cutting it to the right length, straightening it, putting a head on
one end and a point on the other, and packaging pins for sale. In observing pin factories, Smith counted
18 distinct tasks that were often done by different people. Students can use a restaurant example or a
modern factory example as well.
Type: Essay Difficulty: Easy Category: Apply

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WHEN THOU ART NEAR
A SONG
When thou art near no other face I see,

Thy voice is all the music I can hear;
My heart’s desire is granted unto me
When thou art near.
When thou art near I am content, nay more,

I’m blest in breathing the same atmosphere.
To higher heights my aspirations soar
When thou art near.
When thou art near, though yet I dare not lay

My lips on those I hold so very dear,
I know that heaven is not so far away
When thou art near.
A PORTRAIT
A sadness lingers round her lips,

A shadow ever haunts her eyes;
Like dusky pools are they on which
The mystery of the moonlight lies.
Her voice is sweet, but grave in tone,

No ring hath it of joyous mirth;
Yet somehow when she speaks, methinks
A benediction falls on earth.
A sense of rest her presence brings,

She moves with such a quiet grace;
And ’tis the pitying soul within
Makes tender twilight of her face.
Methinks the Virgin-mother must

Have looked like this when to her breast
The Babe, who was to save a world,
With mingled joy and pain she pressed.
DOROTHY
Dorothy is debonair;
Little count hath she or care;
All her gold is in her hair.
And the freshness of the Spring

Round this old world seems to cling
When you hear her laugh or sing.
On her sunny way she goes;

Much she wonders—little knows,
Love’s as yet a folded rose.
All her smiles in dimples die;

Glad is she, nor knows she why:
Just to live is ecstasy!
Lightly lie the chains, methinks,

That have daisies for their links;
Youth’s the fount where Pleasure drinks.
Dorothy is debonair;
Little count hath she or care,
Sunshine in her heart and hair.
DAFFODILS
Oh, wild is the daffodils’ dance

To the tune that the March pipes blow,
Heads a-tossing—lances crossing,
Curtsies sweeping and low.
Like waves in a flaming sunset

They tumble, and twist, and turn,
What tho’ from its slender pillar
Droppeth one golden urn?
Short-lived is their joy and reckless,

Never a pause for breath.
Ah, well!—are we too not whirling
As blind, in our “dance of death”?
THE BLACKBIRD
When baby buds begin to shoot

Then hey! the blackbird’s golden flute;
All steeped in love seems every note
Let loose from his mellifluous throat.
No wild rhapsodic bursts proclaim

What rapture thrills his tiny frame,
His heart is like a brimming cup,
Where pearls of joy keep bubbling up.
The lark like some delirious thing

At heaven’s far gate may soar and sing,
But oh, methinks the blackbird brings
Heaven down to earth what time he sings!
“WHOM THE GODS LOVE DIE YOUNG”
Her voice is hushed, her hands are still,

I, from the summit of the hill,
Look down, and marvel at God’s will.
Her foot was planted at the base

All eager for the upward race,
Her genius shining in her face.
She felt the soul within her leap,

She yearned to scale the steepest steep,
And now—she’s fallen upon sleep!
God knoweth best!—I must descend

The downward slope. Good-bye, sweet friend,
Life’s myriad ways meet in the end.
GRANNIE’S BAIRN
When oor wee Elspeth’s in the hoose
I scarce hae use for hauns or feet—
An’ after a’, why should I fash
When she’s sae nimble an’ sae fleet?
“I wonner whaur I laid my specs!”

The words hae haurdly left ma mooth
Afore I fin’, across my nose,
She has them set astride forsooth.
She threeds ma needle, winds ma woo’,

Picks up the steeks that whiles will drap—
She slips aboot like some wee moose
For fear she’ll wauke me frae ma nap.
Her wee three-leggit stool ye’ll aye

Fin’ drawn up close tae granny’s chair;
She learns her task an’ sews her seam,
An’ sups her cog o’ parritch there.
An’ mony’s the lang crack we twa hae;

But whiles, sic puzzlin’ things she’ll spier,
The verra Meenister himsel’
Waud be dumbfounded could he hear.
She has her bit camsterie turns,

But just eneuch tae show that she
Is no a being that is made
O’ diff’rent clay tae you an’ me.
But that she’s no by-ord’nar wean

The neebors roon aboot agree,
And sae ye ken it is na just
Ma ain opeenion that I gie.
LOVE’S POWER
When you did leave me, love,

The whole world seem’d with you to ebb away,
And like a broken stranded wreck I lay.
But you returned; and lo!

A fresh tide thrill’d my life’s deserted shore;
And Love was conqueror over Death once more.
A JUNE MEMORY
’Twas June, the roses were reigning
In regalest splendour and pride.
Sweet peas, like butterflies tethered,
Were flutt’ring on every side.
Like smouldering fires the wallflowers

Burned dull in the sun’s strong glow,
And the yellow bees, like meteors,
Went flashing to and fro.
No lordly pleasaunce was it,

But an old-world garden wild,
Where purple-hooded pansies
And long-lashed daisies smiled.
And there in June we parted;

And the sad years hurtle by
Like birds whose wings are broken
When they just have learned to fly.
And I think,—Do you remember

In the life that’s yours to-day,
That garden and its glamour,
And the time that would not stay!
Oh, amid the faces around you,

Does one face never arise
And for a moment hold you
With the old spell of its eyes?
Ah no! You men forget us,

And we!—we must be dumb.
And life’s June goes for ever
And the snows of winter come.
A MESSAGE
In a little broken flower-pot

High up on a window-sill,
’Mid grime and gloom and squalor,
Grew a golden daffodil.
It seem’d in the gloom of the alley

Like a sunbeam that had strayed
Out from the light of heaven
Into a land of shade.
And close in a cage beside it

A skylark sweetly sang
Till all the narrow alley
With its wild rapture rang.
And one poor weary sinner

Paused, as her wild eyes turned
To where, on its humble altar,
The flower-flame upward burned.
And something stirred in her bosom;

’Twas the heart that had long lain dead,
As the bird’s song rose from its prison
In the shadow overhead.
God’s angels are birds and flowers,

And oh! methinks they preach
At times with a power and pathos
We men can never reach.
HER WINDOW
Up the gable the roses creep,

Eager to get a little peep
Behind the curtain of snowy lace
That hangs, like a bridal veil, over the face
Of a shy wee window, whose panes glint through
A network of creepers, like eyes of blue.
I needs must stand below, below,

And see them high and higher go
Till their lips are kissing the lattice sill,
And their tendrils toy at their own sweet will
With the casement, so full of tender charms
Since her shadow has lain within its arms.
SHATTERED HOPES
This morn upon the birken tree

The mavis carolled blithe and free;
But—ah, his song was not for me!
Each wild note of his glad refrain

Pierced like an arrow thro’ my brain;
I could have cursed him for his strain.
I saw the sunshine and the flowers,

Each proof of a Creator’s powers;
Yet dull and hateful were the hours.
I cannot weep—the fever dries

The tears within my burning eyes—
The past before my vision flies.
Once more I feel his deep-drawn kiss;

Once more my being thrills with bliss;
Once more I melt with tenderness.
I hear the trembling words that hung

Deep fraught with passion on his tongue,
Till heart and soul with pain are wrung.
All nature smiles—and yet to-day

In memory’s grave I’ve laid away
My idol that has turned to clay.
HAND IN HAND
Hand in hand through the flow’ry ways

Went Dora and I in the bygone days;
A wee girl she, her boy lover I,
Ready to fight for her and die.
Hand in hand through this vale of tears

Went Dora and I in the after-years;
She was my wife and her husband I
Ready to fight for her and die.
Hand in hand to the very last

As her dear eyes dimmed, and her spirit passed;
An angel is she,—alone am I
Ready, O, God! and I cannot die.
“AND FOR THE WEARY, REST”
Of all God’s precious promises

The sweetest and the best
Is, that to weary laden ones
Who come, He giveth rest.
’Tis not of glad Hosannas

And streets of shining gold
We think so much when we are sick
And sorrowful and old.
Ah! there are times we feel too sad

To contemplate the joy,
The great and glorious themes of heaven
That angel-minds employ.
And weak, and worn, and weary,

We long to lay us down,
Feeling we scarce could bear the weight
Of e’en a glory-crown.
That He is “very man,” I need

None other proof than this,—
That He has “rest” for those who feel
Almost too tired for bliss.
IN AN OLD ORCHARD
Sweet avalanches of scented snow

Bury one deep, as I lie below
The laden white boughs abloom and ablow
In the dear old orchard, where long ago
My grand-dame dreamed, as I’m dreaming now,
With love in her heart and youth on her brow.
O, blossom-time passes too soon, too soon!

And grey night follows the golden noon,
And Autumn though ruddy brings ruin and rune,
And passion ne’er warms the cold heart of the moon.
So let me dream on, ’mid the apple-blooms sweet,
For noontide and bloomtide are fair as they’re fleet.
And then when the blue of the sky is o’ercast,

And Summer is ended, and harvest is past,
And the loosened leaves earthward are fluttering fast,
And the sleep that is dreamless is mine at last,
O, make my grave here; and lay me to rest
Where the sweet-scented snow shall fall light on my breast.
BY THE SEA
I think, as the white sails come and go,

Of the welcomes loud, and the farewells low;
Of the meeting lips, and the parting tears,
Of the new-born hopes, and the growing fears,
Of the eyes that glow, and the cheeks that pale,
As the hazy horizon’s mystic veil
Is silently parted, and to and fro
The white sails come and the white sails go.
And a grey mist gathers, and all grows dim

As I watch alone by the ocean’s rim.
For a dream is mine—ah me! ah me!
That salt with tears is the salt salt sea.
O, yearning eyes and outstretched hands!
O, divided lives, and divided lands!
As long as the waters ebb and flow
Shall the white sails come and the white sails go.
REGRET
“It might have been,” is the sad refrain

That forever haunts my weary brain,
Till heart and soul grow weak with pain.
“It might have been,” are the words I hear

In the curlew’s cry from the lonely mere;
In the whisper of leaves when woods are sere.
“It might have been,” says the sea’s long moan,

As if a breaking heart of its own
Wailed out in that strange low undertone.
“It might have been.” Ah, the hungry cry

As the leaden years crawl slowly by!
It will ring through my life till I die, I die.
WAE’S ME
Aroun’ my bit bieldie the cauld win’ is soughing,

The dull rain is patt’ring amang the deid leaves,
The mist-wreaths are swirling about the grey mountains,
The wee drookit birds huddle close ’neath the eaves.
Alang the bleak shore the lane sea gangs a sobbin’

Like some wander’d bairnie that fain wad win hame,
Aye seekin’ an’ seekin’, an’ never yet findin’,—
Sure man, in his pilgrimage here, is the same.
The sky has nae promise, the earth hauds nae pleesure.
I look north an’ south, an’ I look east an’ west,
An’ I envy the folk i’ the kirk-yaird out yonder,
For there, ’mang the mools, there is rest—there is rest!

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Full Download PDF of Test Bank For Principles of Micro-Economics 2nd by Openstax All Chapter

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Test Bank for Principles of

Micro-Economics 2nd by Openstax

Test Bank for Principles of Economics 2nd by Openstax

Test Bank for Introduction to Sociology 2nd by Openstax

Test Bank for Principles of Economics 2nd Edition

Test Bank for ECON Micro, 2nd Edition: McEachern

Test Bank for Principles of Economics, 5th Edition

Principles of Economics Mankiw 6th Edition Test Bank

Principles of Economics Mankiw 7th Edition Test Bank

Test Bank for Principles of Economics Version: 3.0

This file is copyright 2018, Rice University. All Rights Reserved.

Type: Multiple Choice Difficulty: Medium Category: Analyze

Type: Multiple Choice Difficulty: Easy Category: Analyze

6. In a , most economic decisions about what to produce, how to produce it,

Type: Multiple Choice Difficulty: Easy Category: Remember

This file is copyright 2018, Rice University. All Rights Reserved.

Type: Multiple Choice Difficulty: Easy Category: Remember

Type: Multiple Choice Difficulty: Medium Category: Evaluate

Type: Multiple Choice Difficulty: Medium Category: Analyze

This file is copyright 2018, Rice University. All Rights Reserved.

Type: Multiple Choice Difficulty: Easy Category: Understand

11. In the , households work and receive payment from firms.

A. financial investment market

Type: Multiple Choice Difficulty: Easy Category: Understand

Type: Multiple Choice Difficulty: Easy Category: Understand

13. Which of the following best describes a monetary policy tool?

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Type: Multiple Choice Difficulty: Medium Category: Remember

14. Which of the following best describes a fiscal policy tool?

Type: Multiple Choice Difficulty: Medium Category: Remember

Type: Multiple Choice Difficulty: Easy Category: Remember

This file is copyright 2018, Rice University. All Rights Reserved.

Type: Multiple Choice Difficulty: Easy Category: Remember

17. The basic difference between macroeconomics and microeconomics is:

A. microeconomics concentrates on individual markets while macroeconomics focuses primarily on

Type: Multiple Choice Difficulty: Easy Category: Understand

18. Which of the following is most likely a topic of discussion in macroeconomics?

A. an increase in the price of a hamburger

Type: Multiple Choice Difficulty: Medium Category: Analyze

A. Unemployment rises during a recession and falls during an expansion.

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Type: Multiple Choice Difficulty: Easy Category: Analyze

20. Macroeconomic topics do not usually include:

A. the profit maximizing decisions of an individual manufacturer.

Type: Multiple Choice Difficulty: Easy Category: Understand

21. Macroeconomics primarily examines:

A. the behaviour of individual households and firms.

Type: Multiple Choice Difficulty: Easy Category: Understand

A. leads to greater self-sufficiency.

Type: Multiple Choice Difficulty: Medium Category: Understand

This file is copyright 2018, Rice University. All Rights Reserved.

Type: Multiple Choice Difficulty: Easy Category: Remember

Type: Multiple Choice Difficulty: Easy Category: Analyze

A. a study of the demand for gasoline

Type: Multiple Choice Difficulty: Medium Category: Analyze

This file is copyright 2018, Rice University. All Rights Reserved.

A. is concerned with the expansion of a small business into a large corporation.

Type: Multiple Choice Difficulty: Easy Category: Understand