Test Bank For The Exploration of Economics International Edition 4th Edition by Robert L. Sexton

Here’s an appropriately worded overview of the Test Bank for The Exploration of Economics, International Edition, 4th Edition by Robert L. Sexton. This test bank is quite useful for students who want to ensure that they have a good grasp of economics concepts. It supplements the textbook authored by Robert L. Sexton and provides them with practical questions and answers that make difficult topics easier to understand. This edition narrows down its subjects to the use of economic principles in today’s world by enabling learners to understand issues related to supply and demand, market structures, and international trade among other things.

Main Features of This Test Bank

• Inclusion and Exclusion: Each chapter of the leading textbook, 4th Edition, is included in the Test Bank. It encompasses pertinent economic ideas often asked in examinations to guarantee that the learners will do great.
• Various Format of Questions: The test bank covers various forms of questions, multiple-choice tests, true or false tests, and short answer quizzes to aid the learners prepare for all possible questions that may be asked in tests.
• Application in Real Life: Bridging Theory with Real Life: Thematic areas include macroeconomic indicators, inflation, and consumer behavior – are all covered with real-world instances in order to connect theory and practice.
• Castrated Learning: Students can engage with concepts that include elasticity, market equilibrium, and government intervention whilst being allowed to experiment with how they fully understand the aforementioned concepts.

Why Choose To Use This Test Bank?

One of the best advantages that any student can have when using a test bank is how effective it is when it comes to studying. With the help of these materials, students can practice and build confidence in those areas that may be considered hard. This particular test bank covers plenty of material when it comes to economics concepts as well, so can be beneficial for preparation as well as self-testing before the examination.

What Are The Benefits Of Using This Test Bank?

• Saves time: There are plenty of practice questions provided for each of the chapter’s contents, which enables students to efficiently concentrate on areas needing to be revised.
• Revision made effective: Not only aids learning by practicing but aids in locating weak points as well.
• Flexibility: The test bank is quite flexible in that it can be used in conjunction with other resources and integrated into the study strategy in different ways when reviewing economic concepts.

Final thoughts

As stated further in this article, The Exploration of Economics by Robert L. Sexton test bank has been able to serve as a useful and greatly supportive assistant to students in better comprehending the concepts. This is especially true for students who plan to not just succeed in their exams but wish to grasp economics. It’s a great tool for students who want to master and be skilled in applications in real life.

Test Bank For The Exploration of Economics International Edition 4th Edition by Robert L. Sexton

Chapter 3—Scarcity, Trade-Offs and Economic Growth

TRUE/FALSE

1. In a market economy, government officials make most production decisions in a centralized manner.

ANS: F PTS: 1

2. Consumer sovereignty means that consumers vote with their dollars in a market economy, which helps determine what is produced.

ANS: T PTS: 1

3. In a market economy, prices help determine the distribution of goods and services but not the allocation of resources.

ANS: F PTS: 1

4. There are four factors of production: land, labor, capital, and entrepreneurship.

ANS: T PTS: 1

5. Capital-intensive production techniques tend to be utilized most commonly in countries where labor is relatively cheap.

ANS: F PTS: 1

6.  High-wage countries like the United States tend to use less labor-intensive production methods than low-wage countries like Mexico.

ANS: T PTS: 1

7. An economy that has many unemployed workers and idle factories is not operating efficiently.

ANS: T PTS: 1

8. The production possibilities curve marks the boundary between attainable and unattainable combinations of output.

ANS: T PTS: 1

9. Any output combination outside the production possibilities curve is attainable in the current period only if prices decrease.

ANS: F PTS: 1

10. A decrease in the unemployment rate will shift an economy’s production possibilities curve outward.

ANS: F PTS: 1

11. An increase in available resources will tend to cause a society’s production possibilities curve to shift inward.

ANS: F PTS: 1

12. An improvement in technology will tend to cause a society’s production possibilities curve to shift outward.

ANS: T PTS: 1

13. The opportunity cost of a particular good tends to increase with its rate of output because some resources cannot be easily adapted from the production of one good or service to another.

ANS: T PTS: 1

14. The production possibilities curve for an economy that experiences a constant opportunity cost of production is linear (a straight line).

ANS: T PTS: 1

15. The law of increasing opportunity costs implies that a society’s production possibilities curve will be a straight line.

ANS: F PTS: 1

16. Movement from one point on the production possibilities curve to another leads to more of both goods being produced.

ANS: F PTS: 1

17. An increase in an economy’s capital stock increases its future productive capacity.

ANS: T PTS: 1

18. Other things being constant, an economy must give up some consumer goods and services today to produce more capital goods to grow.

ANS: T PTS: 1

19. Capital accumulation causes the production possibilities curve to shift inward over time.

ANS: F PTS: 1

20. High economic growth can eventually eliminate the problem of scarcity.

ANS: F PTS: 1