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https://testbankfan.com/download/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.
Another random document with
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upon. Geo. W. Johnson was chosen Governor. Legislative Council
were: Willis B. Machen, John W. Crockett, James P. Bates, Jas. S.
Chrisman, Phil. B. Thompson, J. P. Burnside, H. W. Bruce, J. W.
Moore, E. M. Bruce, Geo. B. Hodge.
MARYLAND.
Nov. 27th, 1860. Gov. Hicks declined to call a special session of the
Legislature, in response to a request for such convening from
Thomas G. Pratt, Sprigg Harwood, J. S. Franklin, N. H. Green,
Llewellyn Boyle, and J. Pinkney.
December 19th. Gov. Hicks replied to A. H. Handy, Commissioner
from Mississippi, declining to accept the programme of Secession.
20th. Wm. H. Collins, Esq., of Baltimore, issued an address to the
people, in favor of the Union, and in March a second address.
31st. The “Clipper” denied the existence of an organization in
Maryland to prevent the inauguration of President Lincoln.
A. H. Handy of Mississippi addressed citizens of Baltimore in favor
of disunion.
January 3d, 1861. Henry Winter Davis issued an address in favor
of the Union.
3d. Numerous Union meetings in various part of the State. Gov.
Hicks issued an address to the people against secession.
11th. John C. Legrand in a letter to Hon. Reverdy Johnson replied
to the Union speech of the latter.
14th. James Carroll, former Democratic candidate for Governor,
announced his desire to go with the seceding States.
16th. Wm. A. Spencer, in a letter to Walter S. Cox, Esq., declared
against the right of Secession but for a Convention.
16. Marshal Kane, in a letter to Mayor Berrett, denied that any
organization exists to prevent the inauguration of President Lincoln,
and said that the President elect would need no armed escort in
passing through or sojourning within the limits of Baltimore and
Maryland.
24th. Coleman Yellott declared for a Convention.
30th. Messrs. John B. Brooke, President of the Senate, and E. G.
Kilbourn, Speaker of the House of Delegates, asked the Governor to
convene the Legislature in response to public meetings. Senator
Kennedy published his opinion that Maryland must go with Virginia.
February 18th. State Conference Convention held, and insisted
upon a meeting of the Legislature. At a meeting in Howard Co.,
which Speaker E. G. Kilbourn addressed, a resolution was adopted
that “immediate steps ought to be taken for the establishment of a
Southern Confederacy, by consultation and co-operation with such
other Southern and Slave States as may be ready therefor.”
April 21st. Gov. Hicks wrote to Gen. Butler, advising that he do not
land his troops at Annapolis. Butler replied that he intended to land
there and march thence to Washington. Gov. Hicks protested against
this and also against his having taken forcible possession of the
Annapolis and Elkridge railroad.
24th. A special election of ten delegates to the Legislature took
place at Baltimore. The total vote cast in all the wards was 9,249. The
total vote cast at the Presidential election in November, 1860, was
30,148.
26th. Legislature reassembled at Frederick, Annapolis being
occupied by Union troops.
29th. Gov. Hicks sent a message to the Legislature communicating
to them the correspondence between himself and Gen. Butler and
the Secretary of War relative to the landing of troops at Annapolis.
The House of Delegates voted against Secession, 53 to 13. Senate
unanimously.
May 2d. The Committee on Federal Relations, “in view of the
seizure of the railroads by the General Government and the erection
of fortifications,” presented resolutions appointing Commissioners to
the President to ascertain whether any becoming arrangements with
the General Government are practicable, for the maintenance of the
peace and honor of the State and the security of its inhabitants. The
report was adopted, and Otho Scott, Robt. M. McLane, and Wm. J.
Ross were appointed such Commissioners.
Mr. Yellott in the Senate introduced a bill to appoint a Board of
Public Safety. The powers given to the Board included the
expenditure of the two millions of dollars proposed by Mr. Brune for
the defence of the State, and the entire control of the military,
including the removal and appointment of commissioned officers. It
was ordered to a second reading by a vote of 14 to 8. The Board was
to consist of Ezekiel F. Chambers, Enoch Louis Lowe, John V. L.
MacMahon, Thomas G. Pratt, Walter Mitchell, and Thomas Winans.
Gov. Hicks was made ex-officio a member of the Board. This
measure was strongly pressed by the Disunionists for a long time,
but they were finally compelled to give way, and the bill never
passed.
6th. The Commissioners reported the result of their interview with
the President, and expressed the opinion that some modification of
the course of the General Government towards Maryland ought to be
expected.
10th. The House of Delegates passed a series of resolutions
reported by the Committee on Federal Relations by a vote of 43 to 12.
The resolutions declare that Maryland protests against the war, and
does earnestly beseech and implore the President of the United
States to make peace with the “Confederate” States; also, that “the
State of Maryland desires the peaceful and immediate recognition of
the independence of the Confederate States.” Those who voted in the
negative are Messrs. Medders, Lawson, Keene, Routzahn, Naill,
Wilson of Harford, Bayless, McCoy, Fiery, Stake, McCleary, and
Gorsuch.
13th. Both Houses adopted a resolution providing for a committee
of eight members, (four from each House) to visit the President of
the United States and the President of the Southern Confederacy.
The committee to visit President Davis were instructed to convey the
assurance that Maryland sympathizes with the Confederate States,
and that the people of Maryland are enlisted with their whole hearts
on the side of reconciliation and peace.
June 11th. Messrs. McKaig, Yellott and Harding, Commissioners to
visit President Davis, presented their report; accompanying which is
a letter from Jefferson Davis, expressing his gratification to hear that
the State of Maryland was in sympathy with themselves, was enlisted
on the side of peace and reconciliation, and avowing his perfect
willingness for a cessation of hostilities, and a readiness to receive
any proposition for peace from the United States Government.
20th. The House of Delegates, and June 22d, the Senate adopted
resolutions unqualifiedly protesting against the arrest of Ross
Winans and sundry other citizens of Maryland, as an “oppressive and
tyrannical assertion and exercise of military jurisdiction within the
limits of Maryland, over the persons and property of her citizens, by
the Government of the United States.”
MISSOURI.
South Carolina.
To Alabama, A. P. Calhoun.
To Georgia, James L. Orr, Ex-M. C.
To Florida, L. W. Spratt.
To Mississippi, M. L. Bonham, Ex-M. C.
To Louisiana, J. L. Manning.
To Arkansas, A. C. Spain.
To Texas, J. B. Kershaw.
To Virginia, John S. Preston.
Alabama.
Georgia.
Mississippi.
South Carolina.
Alabama.
W. P. Chilton.
Stephen F. Hale.
David P. Lewis.
Thomas Fearn.
Richard W. Walker.
Robert H. Smith.
Colin J. McRae.
John Gill Shorter.
J. L. M. Curry, Ex-M. C.
Florida.
Mississippi.
W. S. Wilson.
Wiley P. Harris, Ex-M. C.
James T. Harrison.
Walter Brooke, Ex-U. S. Senator.
William S. Barry, Ex-M. C.
A. M. Clayton.
Georgia.
Louisiana.
Duncan F. Kenner.
Charles M. Conrad, Ex-U. S. Senator.
Henry Marshall.
John Perkins, jr.
G. E. Sparrow.
E. De Clouet.
Texas.