Test Bank For Principles and Applications of Economics International Edition 6th Edition by Marc Lieberman

Have you heard about the book Principles and Applications of Economics written by Marc Lieberman? Well, not everybody seems to understand it. But don’t worry. We have a special test bank to help you out. In case you don’t know, our test bank is put together to have practice questions for Ch 6 mc 8 and many others for efficient revision of the crucial areas in the book. The use of our test bank helps to ease some stress and avoid cramming while reading.

What’s Inside the Test Bank?

We have included some things in our test bank and they include;

• Questions for each chapter: This means you can widen your scope on what you are covering, as there are accompanying questions to every chapter in the book, thus breaking it down Don’t be afraid that there will be too much material.
• Comprehensive answers: Every question gets clarifications and reasons, meaning you can see why the answer is correct and learn from your mistakes.
• Most question types are represented: True or false and multiple choice, the latter are all commonly used to get you ready for your exams.

How Can You Use the Test Bank?

So, how can you use our test bank? Well, here is how:

• Buy and download it conveniently: No need to take any unique steps! Just buy the test bank and you get it there and then, no need to wait around for it.
• Choose your schedule: You set the time and the place. Makes it simple to incorporate into your timetable.
• Practice consistently: Certain memory development studies assert that recall is improved through spaced repetition of information. The use of test banks by students is recommended for self-testing at least a week before final examinations.

Advantages of Makings use of Our Test Bank

• Improve your scores: With increased effort, additional economics concepts comprehension will also help with the economics grades.
• Enhance self-image: Such a person may have a greater self-image when sitting for the exams because he or she is familiar with the material.
• Reduce effort: Our test bank has the benefit of allowing you to concentrate on what is necessary thus minimizing the time spent studying.

Conclusion

To conclude, one can make use of the Test Bank For Principles and Applications of Economics International Edition 6th Edition which is prepared by Marc Lieberman if one is an economics student and needs help. The student can find it chapter by chapter along with the answers and can study at his or her convenience. To improve your grades and confidence, you can rely on our test bank!

Test Bank For Principles and Applications of Economics International Edition 6th Edition by Marc Lieberman

CHAPTER 2—SCARCITY, CHOICE, AND ECONOMIC SYSTEMS

MULTIPLE CHOICE

1. W hen opportunity costs rise as more of a good is consumed, the production possibilities frontier will be concave (bowed out) concerning wconcerningthe origin.

ANS:APTS:1DIF:Difficulty: Easy

NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost

TOP: Society’s Production Choices KEY: Bloom’s: Comprehension

2. B y better utilizing existing resources, an economy can produce at a point outside of its current production possibilities frontier.

ANS:BPTS:1DIF:Difficulty: Easy

NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost

TOP:S society’s Production ChoicesKEY:B loom’s: Knowledge

3.T he production possibilities frontier is useful for demonstrating both scarcity and productive inefficiency.

ANS:APTS:1DIF:Difficulty: Moderate

NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost

TOP: The Search for a Free LunchKEY:B loom’s: Knowledge

4. A n economy’s production possibilities frontier is fixed in the long run.

ANS:BPTS:1DIF:Difficulty: Easy

NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost

TOP:S society’s Production ChoicesKEY:B loom’s: Knowledge

5. I f capital is not being used efficiently, an economy cannot be operating at a point along its production possibilities frontier.

ANS:APTS:1DIF:Difficulty: Easy

NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost

TOP: Society’s Production Choices KEY: Bloom’s: Comprehension

                  Figure 2-1

6. F igure 2-1 illustrates the trade-off for a particular student between time spent studying per week and income per week from working partdoes the opportunity costrtunity cost for to move fromoto movefrom point aAto point b?

ANS:BPTS:1DIF:Difficulty: Moderate

NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost

TOP:S society’s Production ChoicesKEY: B loom’s: Application

7 .F igure 2-1 illustrates the trade-off for a particular student between time spent studying per week and income per week from working part-time. What does the opportunity cost for this person to move from point b to point aA

ANS:CPTS:1DIF:Difficulty: Moderate

NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost

TOP:S society’s Production ChoicesKEY:B loom’s: Application

8 .F igure 2-1 illustrates the trade-off for a particular student between time spent studying per week and income per week from working part-time. If this student does not study at all, how much income can they earn?

ANS:DPTS:1DIF:Difficulty: Moderate

NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost

TOP:Ssociety’ss Production ChoicesKEY:B loom’s: Application

9. Production possibilities frontiers are typically concave (bowed out) from the origin because

ANS:DPTS:1DIF:Difficulty: Moderate

NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost

TOP: Society’s Production Choices KEY: Bloom’s: Comprehension

10. Combinations of goods on the production possibilities frontier

ANS:BPTS:1DIF:Difficulty: Moderate

NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost

TOP:S ociety’s Production ChoicesKEY:B loom’s: Knowledge