Macroeconomics Principles and Policy 13th Edition by William J. Baumol – Test Bank

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Edition: 13th Edition

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Resource Type: Test bank

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Macroeconomics Principles and Policy 13th Edition by William J. Baumol – Test Bank

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

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

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

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

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

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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