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Full download Economics 11th Edition Michael Parkin Test Bank all chapter 2024 pdf
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Test Item File 3
Chapters 10–15
for
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writing style established in the book because this style on each other; other times the questions are independ-
has been carefully crafted for maximum student com- ent. These questions can be used on exam. However,
prehension. I also arranged the questions so that they they may also be given to the students and used as
are in the same order that the topics are presented with- homework. I think the best way to view these questions
in the textbook. Among questions dealing with a simi- is as a valuable supplement to the outstanding ques-
lar topic, the questions are ordered with non-numerical tions already in the textbook.
questions first, questions dealing with a numerical table
second, and questions dealing with a figure third.
Final Comments
In addition to questions drawn directly from the text,
there also are multiple choice questions that are either I have been teaching principles classes for over two
the same as or else closely related to the questions in decades, have written hundreds of exams, and won
the Study Guide and on the MyEconLab student website several teaching awards. Nonetheless, I was stunned by
for the book. Each of these questions is identified as to the quality of the questions in the test banks. I lost
its source. If you have assigned these student supple- count of the number of times that I marveled at a ques-
ments to your class, you have the means to reward stu- tion and wished that I had thought of it. While creat-
dents who are using them by asking questions drawing ing this test bank took significantly more effort than
on what they have been studying. preparing an ordinary test bank, I am sure that the
quality you will find made the task worthwhile.
Each chapter has “News Based Questions.” These ques-
tions feature a brief news clip or a sentence with some Just as Sir Isaac Newton stood on the shoulders of the
news or facts and then question(s) based on that infor- giants who came before him, so, too do these test banks
mation. These are practical questions that stress apply- reflect the superb work of the authors who initially
ing the economics the students are learning to events wrote and compiled them. It is entirely fitting to thank
taking place in the world around them. them:
The questions in each section of the chapter are based Peter von Allmen of Moravian College
on the material covered only in that section. However Sue Bartlett of the University of South Florida
we have also included “Part Review” multiple choice Kevin Carey of American University
questions. These sections feature questions that are Leo Chan of the University of Kansas
drawn from material covered in more than one chapter Carol Dole of Jacksonville University
in each Part. You can use these questions if you want Donald H. Dutkowsky of Syracuse University
more integrative questions that lead students to think
Andrew Foshee of McNeese State University
about broader issues.
James Giordano of Villanova University
John Graham of Rutgers University
Other Styles of Questions Jill Boylston Herndon of the University of Florida
In addition to multiple choice questions, each chapter Gary Hoover of the University of Alabama
also features essay questions, numeric questions, gra- Veronica Z. Kalich of Baldwin-Wallace College
phing questions, true or false questions, and extended Sang Lee of Southeastern Louisiana University
problems. Within each chapter, you will find each type Barbara Moore of the University of Central
of question grouped together—that is, the essay ques- Florida
tions for each chapter are first, followed by the numer- William Mosher of Clark University
ic/graphing questions for each chapter, and so on. In
Melinda Nish of Salt Lake Community College
this fashion, if you want to write a strictly essay ques-
tion exam, it will be easy to do so. Of course, within Constantin Oglobin of Georgia Southern
each chapter, the questions are arranged in the same University
order that the topics appear in the textbook. Terry Olson of Truman State University
For each chapter there are 3 to 5 extended problems. Ed Price of Oklahoma State University
These questions are, as the name implies, longer ques- Jeff Reynolds of Northern Illinois University
tions. Sometimes the questions for a chapter build up- Rochelle L. Ruffer of Youngstown State University
Virginia Shingleton of Valparaiso University in the Study Guide asking students who find any errors
Della Sue of Marist College to notify me and promising that I will acknowledge
Nora Underwood of the University of California, them in all future editions of the Study Guide. I will
Davis make the same offer here: If you find any errors or have
Robert Whaples of Wake Forest University any comments or questions, please let me know and, if
you want, I will note your help in all future editions of
Peter A. Zaleski of Villanova University
the test banks. And so keeping this promise:
Contributing questions for the Eleventh edition are: Dr. B. N. Ghosh of Eastern Mediterranean Uni-
Luke Armstrong of Lee College versity in North Cyprus. Dr. Ghosh found several
Svitlana Maksymenko of the University of errors and I greatly appreciate his efforts!
Pittsburgh
Robert Martel of the University of Connecticut
Katherine McClain of the University of Georgia My address is below, or you can reach me via e-mail at
James K. Self of the University of Indiana, MARK.RUSH@WARRINGTON.UFL.EDU.
Bloomington
Rebecca Stein of the University of Pennsylvania Mark Rush
Economics Department
Working with Luke, Svitlana, Robert, Katherine, Jim, University of Florida
and Rebecca was quite enjoyable. The questions they Gainesville, Florida 32611
contributed were often innovative and remarkable! January 2013
I have tried to make these Test Item Files as helpful and
useful as possible. Undoubtedly I have made some mis-
takes; mistakes that you may see. I have a standing offer
1 Aggregate Supply
1) The supply of real GDP is a function of
A) the total expenditures of consumers, investors and government.
B) the sum of wages, salaries, corporate profits, rents and interest.
C) only the state of technology.
D) the quantities of labor, capital and the state of technology.
Answer: D
Topic: Aggregate Supply Fundamentals
Skill: Conceptual
Status: Old
AACSB: Reflective Thinking
6) We distinguish between the long-run aggregate supply curve and the short-run aggregate
supply curve. In the long run
A) technology is fixed but not in the short run.
B) the price level is constant but in the short run it fluctuates.
C) the aggregate supply curve is horizontal while in the short run it is upward sloping.
D) real GDP equals potential GDP.
Answer: D
Topic: Macroeconomic Long Run and Short Run
Skill: Recognition
Status: Old
AACSB: Reflective Thinking
9) In the long-run
A) the aggregate supply curve is upward sloping.
B) real GDP is equal to potential GDP.
C) aggregate supply depends on the price level.
D) All of the above answers are correct.
Answer: B
Topic: Macroeconomic Long Run and Short Run
Skill: Recognition
Status: Old
AACSB: Reflective Thinking
15) The long-run aggregate supply curve is ________ because along it, as prices rise, the money
wage rate ________.
A) vertical; falls B) vertical; rises
C) upward sloping; falls D) upward sloping; stays constant
Answer: B
Topic: Long-Run Aggregate Supply
Skill: Recognition
Status: Old
AACSB: Reflective Thinking
17) The long-run aggregate supply curve is the relationship between the quantity of real GDP
supplied and ________ when ________.
A) the price level; real GDP equals potential GDP
B) real GDP demanded; the wage rate is constant
C) the price level; real GDP equals nominal GDP
D) real GDP demanded; the price level does not change
Answer: A
Topic: Long-Run Aggregate Supply
Skill: Recognition
Status: Old
AACSB: Reflective Thinking
18) When the price level rises, the long-run aggregate supply curve ________.
A) shifts rightward B) does not shift
C) slopes upward D) shifts leftward
Answer: B
Topic: Long-Run Aggregate Supply Curve
Skill: Conceptual
Status: Old
AACSB: Reflective Thinking
21) Which of the following is true about the long-run aggregate supply curve?
A) It is vertical at the level of potential GDP.
B) It shows the relationship between the price level and real GDP when the economy is at full
employment.
C) It does not shift in response to temporary changes in aggregate demand.
D) All of the above are true.
Answer: D
Topic: Long-Run Aggregate Supply
Skill: Conceptual
Status: Old
AACSB: Reflective Thinking
22) Which of the following events will increase long-run aggregate supply?
A) an increase in the interest rate B) an increase in resource prices
C) a decrease in expected profit D) an advance in technology
Answer: D
Topic: Long-Run Aggregate Supply
Skill: Recognition
Status: Old
AACSB: Reflective Thinking
24) The curve labeled A in the above figure will shift rightward when
A) the price level falls. B) technology increases.
C) population falls. D) the price level rises.
Answer: B
Topic: Changes in Aggregate Supply, Technology
Skill: Analytical
Status: Old
AACSB: Analytical Skills
27) The short-run aggregate supply curve is upward sloping because in the short run the
A) money wage rate changes but the price level does not.
B) price level changes but the money wage rate does not.
C) both the money wage rate and the price level change.
D) neither the money wage rate nor the price level can change.
Answer: B
Topic: Short-Run Aggregate Supply
Skill: Recognition
Status: Old
AACSB: Reflective Thinking
28) The positive relationship between short-run aggregate supply and the price level indicates that,
in the short run,
A) firms produce more output as the price level falls.
B) firms produce more output as the price level rises.
C) the money wage rate increases when moving along the short -run aggregate supply curve.
D) lower price levels are more profitable for firms.
Answer: B
Topic: Short-Run Aggregate Supply
Skill: Recognition
Status: Old
AACSB: Reflective Thinking
29) Moving upward along the SAS curve results in a ________ in the price level and ________ in real
GDP.
A) rise; an increase B) rise; a decrease
C) fall; an increase D) fall; a decrease
Answer: A
Topic: Short-Run Aggregate Supply
Skill: Recognition
Status: Revised
AACSB: Reflective Thinking
33) Along a short-run aggregate supply curve, a decrease in the price level means that
A) more output is produced as consumer demand increases.
B) less output is produced as firms decrease production.
C) more output is produced as firms increase production because wages fall more than the
price level falls, making it profitable to hire more workers.
D) output does not change because firms do not change the quantity they produce.
Answer: B
Topic: Short-Run Aggregate Supply
Skill: Recognition
Status: Old
AACSB: Reflective Thinking
34) In the short run, firms expand their production when the price level rises because
A) the money wage rate remains constant so the higher prices for their products makes it
profitable for firms to expand production.
B) each firm must keep its production up to the level of its rivals, and some firms will expand
production as the price level increases.
C) the higher prices allow the firm to hire more workers by offering higher wages, thereby
increasing productivity and profits.
D) firms can increase their profits by increasing their maintenance.
Answer: A
Topic: Short-Run Aggregate Supply
Skill: Conceptual
Status: Old
AACSB: Reflective Thinking
36) If the money wage rate and other resource prices do not change when the price level rises by 10
percent, ________.
A) the long-run aggregate supply curve shifts leftward
B) the short-run aggregate supply curve shifts leftward
C) the long-run aggregate supply curve shifts rightward
D) there is movement along the short-run aggregate supply curve
Answer: D
Topic: Movements Along the SAS Curve
Skill: Conceptual
Status: Old
AACSB: Reflective Thinking
37) A change in ________ results in a movement along the short -run aggregate supply curve but
does not shift the short-run aggregate supply curve.
A) the money wage rate B) technology
C) the quantity of capital D) the price level
Answer: D
Topic: Movements Along the SAS Curve
Skill: Conceptual
Status: Old
AACSB: Reflective Thinking
38) Which of the following does NOT shift the short-run aggregate supply curve?
A) a change in the money wage rate
B) technological progress
C) a reduction in the price of a raw material
D) a change in the price level
Answer: D
Topic: Movements Along the SAS Curve
Skill: Conceptual
Status: Old
AACSB: Reflective Thinking
39) Which of the following occurs while moving along a short-run aggregate supply curve?
A) The money wage rate and the price level change by the same percentage.
B) The money wage rate changes and the price level is constant.
C) The price level changes and the money wage rate is constant.
D) Neither the price level nor the money wage rate changes.
Answer: C
Topic: Movements Along the SAS Curve
Skill: Recognition
Status: Old
AACSB: Reflective Thinking
41) Moving along a short-run aggregate supply curve, resource prices ________, the money rate
wage ________, and potential GDP ________.
A) do not change; changes; does not change
B) do not change; does not change; changes
C) change; does not change; does not change
D) do not change; does not change; does not change
Answer: D
Topic: Movements Along the SAS Curve
Skill: Conceptual
Status: Old
AACSB: Reflective Thinking
42) A decrease in the price level accompanied by no change in the money wage rate leads to
________ movement along the ________ aggregate supply curve.
A) a downward; short-run B) an upward; short-run
C) a downward; long-run D) an upward; long-run
Answer: A
Topic: Movements Along the SAS Curve
Skill: Conceptual
Status: Old
AACSB: Reflective Thinking
44) Suppose the price level, the money wage, and the price of all other resources rise by 10 percent.
This set of changes leads to
A) an upward movement along the LAS curve.
B) a downward movement along the LAS curve.
C) an upward movement along the SAS curve.
D) a leftward shift of the LAS curve.
Answer: A
Topic: Movements Along the LAS and SAS Curves
Skill: Recognition
Status: Old
AACSB: Reflective Thinking
45) Suppose the price level rises and the money wage remains constant. This set of changes leads to
A) an upward movement along the LAS curve.
B) an upward movement along the SAS curve.
C) a leftward shift of the SAS curve.
D) a leftward shift of the SAS curve and the LAS curve.
Answer: B
Topic: Movements Along the LAS and SAS Curves
Skill: Recognition
Status: Old
AACSB: Reflective Thinking
46) Which of the following statements regarding aggregate supply are correct?
A) Moving along the long-run aggregate supply curve, both the price level and the money
wage rate change by the same percentage.
B) Moving along the short-run aggregate supply curve, both the price level and the money
wage rate change by the same percentage.
C) Moving along the long-run aggregate supply curve, the money wage rate changes but the
price level is constant.
D) Moving along the short-run aggregate supply curve, the money wage rate changes but the
price level is constant.
Answer: A
Topic: Movements Along the LAS and SAS Curves
Skill: Recognition
Status: Old
AACSB: Reflective Thinking
Editor: J. A. Allen
Language: English
OF THE
VOLUME VII.
Editor.
J. A. ALLEN.
Associate Editors.
S. F. BAIRD AND ELLIOTT COUES.
CAMBRIDGE, MASS.:
PUBLISHED BY THE CLUB.
1882
W. H. Wheeler, Printer,
15 & 17 Brighton Street, Cambridge, Mass.
1882.
CONTENTS OF VOLUME VII.
NUMBER I.
Page.
On an apparently New Heron from Florida. By Robert Ridgway. 1
List of Birds observed at Houston, Harris Co., Texas, and Vicinity,
and in the Counties Montgomery, Galveston, and Ford Bend. By
H. Nehrling. 6
On the Sesamoid at the front of the Carpus in Birds. By F. Amory
Jeffries. 13
Notes on Some of the Birds observed near Wheatland, Knox Co.,
Indiana, in the Spring of 1881. By Robert Ridgway. 15
Notes on the Habits and Changes of Plumage of the Acadian Owl
(Nyctale acadica), with some additional Records of its Breeding
in Massachusetts. By William Brewster. 23
Description of a New Race of Peucæa ruficeps from Texas. By
Nathan Clifford Brown. 26
On Kennicott’s Owl and some of its Allies, with a Description of
a proposed New Race. By William Brewster. 27
A Reconnoissance in Southwestern Texas. By Nathan Clifford
Brown. 33
RECENT LITERATURE.
GENERAL NOTES.
The Tufted Titmouse on Staten Island, N. Y., 52; Nesting of the White-
bellied Wren (Thryothorus bewicki leucogaster), 52; An Erroneous
Record of the Orange-crowned Warbler (Helminthophaga celata) in
New Hampshire, 53; On the Generic Name Helminthophaga, 53;
Dendræca palmarum again in Massachusetts, 54; Ampelis cedrorum
as a Sap-sucker, 54; Capture of Plectrophanes lapponicus in Chester,
S. C., 54; Occurrence of Coturniculus lecontei in Chester County,
South Carolina, 54; The Sharp-tailed Finch in Kansas, 55; Note on
Mitrephanes, a New Generic Name, 55; Nesting of Empidonax
minimus and Helmintherus vermivorus in Pennsylvania and New
Jersey, 55; Cuckoos laying in the Nests of other Birds, 56;
Melanerpes erythrocephalus about Boston, 57; The Barn Owl in
Maine; a Retraction, 58; The Snowy Owl at Fort Walla Walla, W. T.,
58; Capture of the Golden Eagle in Crawford County, Pennsylvania,
58; The Swallow-tailed Kite in Dakota, 59; A Remarkable Specimen
of the Pinnated Grouse (Cupidonia cupido), 59; Wilson’s Plover
(Ægialites wilsonius) in New England, 59; Capture of Baird’s
Sandpiper on Long Island, N. Y., 60; An Addition to the Maine
Fauna, 60; Capture of Larus leucopterus near Boston, 60; The Great
Black-backed Gull (Larus marinus) from a new Locality, 60; The
Snake-bird in Kansas, 61; Capture of the Sea Dove 150 Miles from the
Sea, 61; Additions to the Catalogue of North American Birds, 61;
Notes on Some Birds of the Belt Mountains, Montana Territory, 61;
Remarks on Some Western Vermont Birds, 63.
Erratum 64
NUMBER II.
RECENT LITERATURE.
Dr. Coues’ New Check List and Dictionary, 111; Nests and Eggs of Ohio
Birds, 112; Professor Macoun’s Report of Exploration, 113;
Knowlton’s Revised List of the Birds of Brandon, Vermont, 113;
Krukenberg on the Coloring Matter of Feathers, 114; Minor
Ornithological Papers, 115.
GENERAL NOTES.
Errata 128
NUMBER III.
RECENT LITERATURE.
GENERAL NOTES.
Note on Mimus polyglottus, 180; The Nest of the House Wren, 180;
Remarkable plumage of the Orchard Oriole, 181; The Nest and Eggs
of Perisoreus canadensis, 181; Notes on the Plumage of Nephæcetes
niger borealis, 182; Plumage of the Young of Eclectus polychlorus,
183; An Owl’s Egg laid in Confinement, 183; Buteo brachyurus—a
Correction, 184; The Turkey Buzzard in New Hampshire, 184;
Rapacious Birds in Confinement, 184; Note on Mareca americana,
185; Destruction of Birds by the Cold Wave of May 21st and 22d, 185;
More Definite Statistics needed in regard to the Abundance of Birds,
186; Remarks on Five Maine Birds, 189; Maine Notes, 190; Stray
Notes from Lookout Mountain, Tenn., 191.
Errata 192
NUMBER IV.
RECENT LITERATURE.
GENERAL NOTES.
Index 259
BULLETIN
OF THE
NUTTALL ORNITHOLOGICAL CLUB.
VOL. VII. January, 1882. No. I.