Microeconomics A Contemporary Introduction 11Th Edition Mceachern 1305505530 9781305505537 Test Bank Full Chapter PDF

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a. technology is fixed at any point in time.

b. the law of comparative advantage is working.
c. resources are scarce but wants are unlimited.
d. the value of lost opportunities varies from person to person.
e. efficiency is measured by the monetary cost of an activity.
ANSWER: c
FEEDBACK: a. Incorrect. The opportunity cost of an action is the value of the best alternative
forgone. Because of scarcity, whenever we make a choice, we incur an
opportunity cost. See 2-1: Choice and Opportunity Cost
b. Incorrect. The opportunity cost of an action is the value of the best alternative
c. Correct. The opportunity cost of an action is the value of the best alternative
d. Incorrect. The opportunity cost of an action is the value of the best alternative
e. Incorrect. The opportunity cost of an action is the value of the best alternative
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: MACR.MCEACH.17.02.01 - Describe the relationship between choice and opportunity cost
NATIONAL STANDARDS: United States - BUSPROG: Analytic - Communication Abilities
TOPICS: Choice and Opportunity Cost
KEYWORDS: Bloom's: Understand
2. Opportunity cost is defined as the:

a. dollar cost of what is purchased.
b. value of all alternatives not chosen.
c. value of the best alternative not chosen.
d. difference between the benefits from a choice and the benefits from the next best alternative.
e. difference between the benefits from a choice and the costs of that choice.
ANSWER: c
forgone. See 2-1: Choice and Opportunity Cost
c. Correct. The opportunity cost of an action is the value of the best alternative
POINTS: 1
KEYWORDS: Bloom's: Remember
3. Suppose you have an hour before your next class starts. You can either read a book, get something to eat, or take a nap.
The opportunity cost of getting something to eat is:
a. the cost of what you eat.
b. the value of reading and sleeping.
c. the loss of value from not reading or sleeping.
d. the net benefit of sleeping for another hour.
e. impossible to determine because the most preferred alternative is not known.
ANSWER: e
c. Incorrect. The opportunity cost of an action is the value of the best alternative
e. Correct. The opportunity cost of an action is the value of the best alternative
POINTS: 1
4. The opportunity cost of an activity:

a. depends on an individual's subjective values and opinions.
b. is the same for everyone.
c. must be calculated and known before undertaking that activity.
d. is irrelevant to decision making.
e. is not related to time.
ANSWER: a
FEEDBACK: a. Correct. The opportunity cost of an action is the value of the best alternative
forgone. The value of an opportunity lost is a subjective measure. See 2-1:
Choice and Opportunity Cost
POINTS: 1
DIFFICULTY: Easy
5. The opportunity cost of choosing a particular activity:

a. can be easily and accurately calculated.
b. cannot be estimated.
c. does not change over time.
d. varies depending on time and circumstances.
e. is measured by the money spent on the activity.
ANSWER: d
forgone. It is a subjective measure, requires time and information, and varies with
circumstance. See 2-1: Choice and Opportunity Cost
d. Correct. The opportunity cost of an action is the value of the best alternative
POINTS: 1
DIFFICULTY: Easy
6. Suppose you have a choice of working full-time during the summer or going full-time to summer school. Summer
tuition and books are $2,200. If you worked, you could make $7,000. Your rent is $1,000 for the summer, regardless of
your choice. If these are the only relevant costs to consider, the opportunity cost of going to summer school is:
a. $2,200.
b. $7,000.
c. $8,000.
d. $9,200.
e. $10,200.
ANSWER: d
forgone. The cost of attending summer school takes into account wages forgone
Copyright Cengage Learning. Powered by Cognero. Page 4
by not working and current expenses since the money could have been used for
something else, but it excludes room and board costs because these are incurred
regardless of the alternative. See 2-1: Choice and Opportunity Cost
POINTS: 1
DIFFICULTY: Challenging
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking
KEYWORDS: Bloom's: Apply
7. A test is scheduled for Monday morning, and you went to a party on Sunday night. If you hadn't attended the party, you
could have studied for the test or gone to a movie. Which of the following is true regarding your opportunity cost?
a. The opportunity cost of going to the movie is studying for the test.
b. The opportunity cost of going to the party is watching the movie.
c. The opportunity cost of going to the party is both watching the movie and the study time.
d. Because you could go to the party only that night, but could go to a movie any time, the opportunity cost of the
party is the study time.
e. From the above information, it's not possible to determine the opportunity cost of attending the party.
ANSWER: e
POINTS: 1
8. The term opportunity cost suggests that:

a. in any exchange situation where one person gains, someone else must lose.
b. not all individuals make the most of life's opportunities.
c. executives do not always recognize opportunities for profit as quickly as they should.
d. the only factor that is important in decision making is cost.
e. because goods are scarce, in order to get some good you must give up some other good in return.
ANSWER: e
circumstance. Because of scarcity, we have to choose among available actions,
and we must incur an opportunity cost. See 2-1: Choice and Opportunity Cost
POINTS: 1
9. If you enjoy playing golf, the opportunity cost of cleaning your room:
a. is greater on sunny days than it is on rainy days.
b. is the same on sunny days as it is on rainy days.
c. is smaller on sunny days than it is on rainy days.
d. does not change with weather conditions.
e. is equal to the opportunity cost of any other chore you have to do that day.
ANSWER: a
FEEDBACK: a. Correct. The opportunity cost of an action is the value of the best alternative
POINTS: 1
DIFFICULTY: Easy
10. Melissa is a self-employed lawyer who chooses a higher-priced restaurant 2 miles from home over a cheaper
restaurant 15 miles from home. Which of the following is the most likely explanation for her behavior?
a. The opportunity cost of her time is very low.
b. She doesn't take travel time into consideration.
c. She doesn't like to cook or doesn't know how to cook.
d. The prices at the more expensive restaurant understate the opportunity cost of eating there.
e. The higher monetary cost of the more expensive restaurant is offset by the higher opportunity cost of the
lower-priced restaurant.
ANSWER: e
forgone. After considering all costs, including time and information, a rational
decision maker will choose the alternative she values the most. See 2-1: Choice
and Opportunity Cost
POINTS: 1

11. The opportunity cost of an activity is best measured:

a. only by the monetary costs.
b. by the number of alternative activities that were forgone.
c. by the cost difference between the chosen activity and the next best alternative.
d. by the value expected from the best alternative that is forgone.
e. as the time wasted choosing among various activities.
ANSWER: d
POINTS: 1
12. Suppose you have purchased a nonrefundable plane ticket and, at the last moment, cannot take the trip. You can,
however, sell the ticket. If you paid $700 for the ticket, the cost of sending the ticket to someone through overnight mail is
$20, and you spend $10 on a courier to get the ticket to the post office for overnight delivery, what is the minimum you
should accept for the ticket?
a. $700 because that is what the ticket cost
b. $720 because that is the cost of the ticket and of getting it to the buyer
c. $730 because that is the total cost of the ticket and getting it to the buyer
d. More than $730, so that you can make a profit
e. $30 because the $700 is a sunk cost
ANSWER: e
FEEDBACK: a. Incorrect. A sunk cost is a cost that has already been incurred and cannot be
recovered. Sunk costs should be ignored when making economic choices. See 2-
1: Choice and Opportunity Cost
b. Incorrect. A sunk cost is a cost that has already been incurred and cannot be
c. Incorrect. A sunk cost is a cost that has already been incurred and cannot be

d. Incorrect. A sunk cost is a cost that has already been incurred and cannot be
e. Correct. A sunk cost is a cost that has already been incurred and cannot be
POINTS: 1
13. Sunk costs:

a. can only be measured in monetary terms.
b. are opportunity costs.
c. should influence a person’s choice if that person is a marginal decision maker.
d. lower the efficiency of production.
e. should not be considered when making economic decisions.
ANSWER: e
FEEDBACK: a. Incorrect. A sunk cost is a cost that has already been incurred and cannot be
b. Incorrect. A sunk cost is a cost that has already been incurred and cannot be
c. Incorrect. A sunk cost is a cost that has already been incurred and cannot be
d. Incorrect. A sunk cost is a cost that has already been incurred and cannot be
e. Correct. A sunk cost is a cost that has already been incurred and cannot be
POINTS: 1
DIFFICULTY: Easy
14. The law of comparative advantage says that a person should produce a good if he or she:
a. has the greatest desire to consume that good.
b. has the lowest opportunity cost of producing that good.
c. has an absolute advantage in a related activity.
d. has a comparative advantage in a related activity.
e. is equally good at producing this good as someone else is.
ANSWER: b
FEEDBACK: a. Incorrect. According to the law of comparative advantage, the person with the
lowest opportunity cost of producing a good should specialize in producing it. See
2-2: Comparative Advantage, Specialization, and Exchange
b. Correct. According to the law of comparative advantage, the person with the
c. Incorrect. According to the law of comparative advantage, the person with the
d. Incorrect. According to the law of comparative advantage, the person with the
e. Incorrect. According to the law of comparative advantage, the person with the
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: MACR.MCEACH.17.02.02 - Explain how comparative advantage, specialization, and
exchange affect economic outcomes (output)
TOPICS: Comparative Advantage, Specialization, and Exchange
15. The law of comparative advantage does not apply to:

a. entire nations.
b. natural resources like air and sunshine.
c. individuals.
d. firms.
e. regions of a country.
ANSWER: b
FEEDBACK: a. Incorrect. The law of comparative advantage focuses on who can produce with
the lowest opportunity cost. See 2-2: Comparative Advantage, Specialization, and
Exchange
b. Correct. The law of comparative advantage focuses on who can produce with the
lowest opportunity cost. See 2-2: Comparative Advantage, Specialization, and
Exchange
c. Incorrect. The law of comparative advantage focuses on who can produce with
Exchange
d. Incorrect. The law of comparative advantage focuses on who can produce with
Exchange
e. Incorrect. The law of comparative advantage focuses on who can produce with
Exchange
POINTS: 1
DIFFICULTY: Easy

16. The law of comparative advantage says that:

a. the individual with the lowest opportunity cost of producing a particular good should produce it.
b. comparative advantage exists only when one person has an absolute advantage in the production of two goods.
c. whoever has a comparative advantage in producing a good also has an absolute advantage in producing that
good.
d. whoever has an absolute advantage in producing a good also has a comparative advantage in producing that
good.
e. gains from trade are possible only when one person has a comparative advantage in producing both goods.
ANSWER: a
FEEDBACK: a. Correct. According to the law of comparative advantage, the person with the
b. Incorrect. According to the law of comparative advantage, the person with the
POINTS: 1
17. Comparative advantage refers to:

a. the ability of an individual to specialize and produce a greater amount of some good than another individual.
b. the number of units of a good given up in order to acquire something.
c. the ability of an individual to produce a good at a lower opportunity cost than some other individual can.
d. the amount of labor a particular individual needs to produce a fixed amount of capital goods.
e. the ability of an individual to produce a good using fewer labor hours than other individuals.
ANSWER: c
FEEDBACK: a. Incorrect. A producer has a comparative advantage in the production of a good if
he or she can produce that good at a lower opportunity cost than other producers.
See 2-2: Comparative Advantage, Specialization, and Exchange
b. Incorrect. A producer has a comparative advantage in the production of a good if
c. Correct. A producer has a comparative advantage in the production of a good if

d. Incorrect. A producer has a comparative advantage in the production of a good if
e. Incorrect. A producer has a comparative advantage in the production of a good if
POINTS: 1
DIFFICULTY: Easy
18. The law of comparative advantage states that the person who should produce a good is the person who:
a. has the lowest opportunity cost of producing that good.
b. can produce that good using the fewest resources.
c. will produce that good using the most expensive resources.
d. has the most desire for that good.
e. has produced that good in the past.
ANSWER: a
FEEDBACK: a. Correct. According to the law of comparative advantage, the person with the
b. Incorrect. According to the law of comparative advantage, the person with the
POINTS: 1
19. John takes 10 minutes to iron a shirt and 20 minutes to type a paper. Harry takes 10 minutes to iron a shirt and 30
minutes to type a paper. Which of the following statements is correct?
a. Harry has a comparative advantage in ironing.
b. Harry has a comparative advantage in typing.
c. Harry has an absolute advantage in typing.

d. Harry has an absolute advantage in ironing.
e. Neither can gain from specialization and exchange.
ANSWER: a
FEEDBACK: a. Correct. Absolute advantage is the ability to produce a good using fewer
resources than other producers, whereas comparative advantage is the ability to
produce a good at a lower opportunity cost. See 2-2: Comparative Advantage,
Specialization, and Exchange
b. Incorrect. Absolute advantage is the ability to produce a good using fewer
c. Incorrect. Absolute advantage is the ability to produce a good using fewer
d. Incorrect. Absolute advantage is the ability to produce a good using fewer
e. Incorrect. Absolute advantage is the ability to produce a good using fewer
POINTS: 1
20. Don can produce 10 pens or 20 pencils in one hour while Bob can produce 5 pencils or 15 pens in one hour. Which of
the following statements is correct?
a. Bob has an absolute advantage over Don in the production of pencils.
b. Bob has an absolute advantage over Don in the production of pens.
c. Bob has a comparative advantage over Don in the production of pencils.
d. Don has a comparative advantage over Bob in the production of pens.
e. Don does not have a comparative advantage in the production of either good.
ANSWER: b
FEEDBACK: a. Incorrect. Absolute advantage is the ability to produce a good using fewer
b. Correct. Absolute advantage is the ability to produce a good using fewer
d. Incorrect. Absolute advantage is the ability to produce a good using fewer
POINTS: 1
21. If Jason can wash a car in 20 minutes and wash a dog in 10 minutes and Megan can wash a car in 15 minutes and
wash a dog in 15 minutes, which of the following statements is true?
a. The opportunity cost of washing a car is greater for Megan.
b. The opportunity cost of washing a car is one dog bath for Jason.
c. Megan could wash two cars in the time it takes Josh to wash a dog.
d. Jason has both a comparative and an absolute advantage in washing a dog.
e. The opportunity cost of washing a dog is lower for Jason.
ANSWER: d
FEEDBACK: a. Incorrect. Absolute advantage is the ability to produce a good using fewer
produce a good at a lower opportunity cost. The opportunity cost of an action is
the value of the best alternative forgone, or the opportunity lost. See 2-2:
Comparative Advantage, Specialization, and Exchange
b. Incorrect. Absolute advantage is the ability to produce a good using fewer
d. Correct. Absolute advantage is the ability to produce a good using fewer
POINTS: 1

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[270] Crévier, Hist. de l’Université de Paris, vii., 92.
[272] Ibid., 23.
[273] Ibid., 24.
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[275] Fournier, i., 8, cited by Compayré.
[276] Chevillier, Preface.
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Corrections
The first line indicates the original, the second the correction:
p. xvi
The Inventon of Printing and the Work of the First Printers of Holland and
Germany
The Invention of Printing and the Work of the First Printers of Holland and
Germany
p. xx
British Monachisn; Manners and Customs of Monks and Nuns

British Monachism; Manners and Customs of Monks and Nuns
p. xxiv
Geschichte der Enstehung u. Entwickelung der hohen Schulen

Geschichte der Entstehung u. Entwickelung der hohen Schulen
Zeitschrift fur Gesch. des Oberrheins.

Zeitschrift für Gesch. des Oberrheins.
p. xxvi
Iter Litterarium in Alsatiant

Iter Litterarium in Alsatiam
p. xxvii
Geschichte der Erfindung der Buchdrückerkunst

Geschichte der Erfindung der Buchdruckerkunst
p. 7
“... should stigmatise him as a dangerous and heterodox author.”

“... should stigmatise him as a dangerous and heterodox author.”[5]
p. 15
for the purpose of my narrrative,

for the purpose of my narrative,
p. 144
forms an important contribution to the monastic history of the country and

contain not a few references
forms an important contribution to the monastic history of the country and
contains not a few references
p. 166
as a guide for the same, a work entited Biblionomia.

as a guide for the same, a work entitled Biblionomia.
p. 213
conservés en la jouissance de tours les droicts;

conservés en la jouissance de tous les droicts;
p. 217
found themselves very largely dependent upon the scholary interests

found themselves very largely dependent upon the scholarly interests
p. 221
As Savigny puts its:

As Savigny puts it:
p. 227
In 658, S. Gertrud
In 658, S. Gertrude
p. 238
Di Sasso who, in 1481, came into asssociation with the Brothers Brushi
Di Sasso who, in 1481, came into association with the Brothers Brushi
p. 245
This codex was completed in the stall of Master Valiaric, bookseller;

This codex was completed in the stall of Master Viliaric, bookseller;
p. 291
and among the citzen class an earlier interest

and among the citizen class an earlier interest
p. 297
between the scholars of Italy and the instructtors

between the scholars of Italy and the instructors
p. 300
At the end of the fourteeth century

At the end of the fourteenth century
p. 302
very largely by means of reciters or ministrels.

very largely by means of reciters or minstrels.
p. 309
prepare plentiful stores of provisons

prepare plentiful stores of provisions
p. 311
with the book-trade by its use as an appelation

with the book-trade by its use as an appellation
p. 390
censorship upon the press which occured

censorship upon the press which occurred
p. 408
Jenson was afforded any opportunity for excercising his art in Paris
Jenson was afforded any opportunity for exercising his art in Paris
Footnote 320
Grimm, Kleine Schrifter, v., 191.

Grimm, Kleine Schriften, v., 191.
Footnote 452
Lorck, C. B., Handbuch der Gesch. der Buchdrücker-Kunst, 13, Leipzig,

1882.
Lorck, C. B., Handbuch der Gesch. der Buchdrucker-Kunst, 13, Leipzig,
1882.
Errata
p. 255
Ibun-l-abbáns and Ibun-l-abbar should read Ibn al-Abbar
p. xxviii, Footnote 254, 303, 375
Bibliothèque de l’École de Chartres should read Bibliothèque de l’École de
Chartes
p. 462, 463
The address New York: 29 West 23d St. London: 24 Bedford St., Strand
should read New York: 27 West 23d St. London: 24 Bedford St., Strand
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British Monachisn; Manners and Customs of Monks and Nuns

Geschichte der Enstehung u. Entwickelung der hohen Schulen

Zeitschrift fur Gesch. des Oberrheins.

Iter Litterarium in Alsatiant

Geschichte der Erfindung der Buchdrückerkunst

“... should stigmatise him as a dangerous and heterodox author.”

for the purpose of my narrrative,

forms an important contribution to the monastic history of the country and

as a guide for the same, a work entited Biblionomia.

conservés en la jouissance de tours les droicts;

found themselves very largely dependent upon the scholary interests

As Savigny puts its:

This codex was completed in the stall of Master Valiaric, bookseller;

and among the citzen class an earlier interest

between the scholars of Italy and the instructtors

At the end of the fourteeth century

very largely by means of reciters or ministrels.

prepare plentiful stores of provisons

with the book-trade by its use as an appelation

censorship upon the press which occured

Grimm, Kleine Schrifter, v., 191.

Lorck, C. B., Handbuch der Gesch. der Buchdrücker-Kunst, 13, Leipzig,

Updated editions will replace the previous one—the old editions

Creating the works from print editions not protected by U.S.

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