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Full Exploring Microeconomics 7Th Edition Sexton Test Bank PDF Docx Full Chapter Chapter
Full Exploring Microeconomics 7Th Edition Sexton Test Bank PDF Docx Full Chapter Chapter
6. An entrepreneur organizes the other factors of production and bears the business risk.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: p. 36
TOPICS: 2.1 People Face Scarcity and Costly Trade-offs | Scarcity and Resources
9. If you made a wish list of things you wanted but did not now have, they you became able to have the things on that list,
scarcity would be eliminated.
a. True b. False
ANSWER: False
POINTS: 1
TOPICS: 2.1 People Face Scarcity and Costly Trade-offs | Does Everyone Face Scarcity?
11. A permanent change to a much higher price of gasoline would lead us to expect fewer gas guzzlers on the road, ceteris
paribus.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: p. 44
TOPICS: 2.2 People Engage in Rational Decision Making and Marginal Thinking | Many Choices We Face
Involve Marginal Thinking
12. Economists would predict that if salaries increased for engineers and decreased for MBAs, fewer people than before
would go to graduate school in business and more than before would go in engineering, ceteris paribus.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: p. 46-47
13. Marginal cost is the additional cost incurred as a result of making an economic decision.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: p. 42-43
TOPICS: 2.2 People Engage in Rational Decision Making and Marginal Thinking | Many Choices We Face
Involve Marginal Thinking
14. When considering whether or not to consume a second slice of cake, an individual is following marginal thinking if
she compares the total cost of consuming both the first and second slices with their total benefit before making a decision.
a. True
b. False
ANSWER: False
POINTS: 1
REFERENCES: p. 43
TOPICS: 2.2 People Engage in Rational Decision Making and Marginal Thinking | Many Choices We Face
Involve Marginal Thinking
15. If Xavier gives up a job in which he earns $23,000 per year in order to go to college full time, his foregone income is
part of the opportunity cost of going to college.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: p. 40
TOPICS: 2.1 People Face Scarcity and Costly Trade-offs | The Opportunity Cost of Going to College or Having a
Child
16. The opportunity cost of attending college is likely to be higher for a high school graduate who leaves a job grilling
hamburgers than it is for a high school dropout who leaves a job working as a computer network administrator.
a. True
b. False
ANSWER: False
POINTS: 1
REFERENCES: p. 40
TOPICS: 2.1 People Face Scarcity and Costly Trade-offs | The Opportunity Cost of Going to College or Having a
Child
17. The opportunity cost of a decision is the value of the best foregone alternative to the decision-maker.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: p. 39
18. The opportunity cost of a decision is the value of all of the available alternatives that were not chosen.
a. True
b. False
ANSWER: False
POINTS: 1
REFERENCES: p. 39
TOPICS: 2.1 People Face Scarcity and Costly Trade-offs | To Choose Is to Lose
19. Since it is possible to grow coffee in the United States, the U.S. would gain by creating a domestic coffee industry
rather than importing coffee from Brazil.
a. True
b. False
ANSWER: False
POINTS: 1
REFERENCES: p. 49
TOPICS: 2.4 Specialization and Trade Can Make Everyone Better Off | Specialization and Trade Lead to Greater
Wealth and Prosperity
20. A country has a comparative advantage in the production of DVD players if it can produce DVD players at a lower
opportunity cost than others.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: p. 48
TOPICS: 2.4 Specialization and Trade Can Make Everyone Better Off | Why Do People Specialize?
21. Small, developing countries must first become self-sufficient before they can benefit from international trade.
a. True
b. False
ANSWER: False
POINTS: 1
REFERENCES: p. 49
TOPICS: 2.4 Specialization and Trade Can Make Everyone Better Off | Specialization and Trade Lead to Greater
Wealth and Prosperity
22. Market failure is a term used to describe what happens when market arrangements do not allocate resources
efficiently.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: p. 54
TOPICS: 2.6 Appropriate Government Policies Can Improve Market Outcomes | Market Failure
Pettymyksiä.
*****
"Siitä olen jo kauvan ollut selvillä, isä. Kun poikasena kerran tein
huvihuoneen piirustukset, sanoit sinä että näyttää siltä kun Eskolla
olisi tulevaisuutta tällä alalla ja sitä minulla varmasti onkin! Saat
uskoa, isä, että minä kerran vien arkkitehtuuriamme loistavan
askeleen eteenpäin."
"Mutta minuthan sinä aivan syrjäytät, isä", muistutti Elli "vai eikö
sinua ollenkaan huvita tietää miksi minä aijon?
"Kiitä Luojaa, lapseni, että elät ajassa, joka sallii sinun nauttia työsi
hedelmiä", lausui äiti. "Minun nuoruudessani saimme tyytyä — ah
emmehän kaikkea uskaltaneet uneksiakaan — mitä te nyt saatte
todellisuudessa omistaa ja nauttia…"
"Et sinä toki henno särkeä Ellin tulevaisuutta", sanoi viimein äiti
pyytävän hellästi niinkuin ainakin.
"Ei isä, kyllä sinulta pitää riittää rahoja Ellillekin, Kaarlon ja minun
on elettävä sitä myöten. Muuten minäkin olen aivan onneton",
lämpeni Esko. "Sehän olisi muuten samaa, kuin jos riistettäisiin Elliltä
vaatteet meille pojille — ja hän työnnettäisiin alastomana pakkaseen!
Se ei saa tapahtua, isä!" —
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