Test Bank For The Exploration of Economics International Edition 5th Edition by Robert L. Sexton

The Test Bank for The Exploration of Economics, International Edition, 5th Edition by Robert L. Sexton aims at ensuring that students grasp and are able to use the key economic ideas. This ready-made test bank goes as far as covering basic concepts in economics such as market structures and supply and demand, consumer choice, government policies, and many more.

How His Test Bank is A Step Forward to the Learning Process

The study of economics, for example, poses to students intricate ways in which societies make choices. With this test battery, students can appreciate some key concepts such as opportunity cost, scarcity, and the concept of the production possibilities frontier. There are many types of questions provided in this course, for example, fill-in-the-blanks, multiple choice questions, true/false questions, and short answer questions so that the students can be able to rehearse and examine themselves frequently.

Essential Topics Covered

Questions on critical topics like the following will be asked in the test bank:

• Consumer Demand: How does it shape price in the market?
• What role does the government play in shaping economic structure via supply and demand?
• Why is elasticity important?
• How does the economy work and how effective is government intervention?
• What are the different forms of Market systems, and in what way do they answer the questions “What to produce?”, “How to produce?”, “For whom to produce?”
• What are the trade benefits of comparative advantage in a global economy?

Simplified and Practical Question Sets

Breaking down difficult concepts can be achieved by asking students projects that relate markets to their practical beliefs. For example, how about students being able to research on:

• Economists Theory and its implications: Price ceilings and their effects on markets
• How do different economic systems allocate resources effectively?
• How does consumer sovereignty impact production decisions within a firm?
• In what ways do competitive markets allocate resources?

These questions allow students to apply economics in practical ways and help them in understanding real-world economics applications.

Why Use This Test Bank?

The test bank previously mentioned is a vital tool in a student’s preparation since it outlines every topic with questions and answers. The test makes them have structured practice enabling the core ideas to be stored in memory and critical thinking to be enhanced.

Get Ahead with Targeted Practice

Students need to comprehend a lot of issues such as excessive profits and market adjustment, comparison of monopoly, and perfect competition among other issues. This test bank enables students to manage their revision time for these areas in a more organized manner improving their overall performance.

Summary

This test bank is more than just a tool for revision, it is a handbook that enables a student to understand economics. It gives an opportunity starting from the small things such as consumer preferences up to the major issues like state economic indicators and policies.

Test Bank For The Exploration of Economics International Edition 5th Edition by Robert L. Sexton

Chapter 3—Scarcity, Trade-Offs and Production Possibilities

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. An increase in the production of one good will have zero opportunity cost only if the economy initially existed at a point inside the production possibilities curve.

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. A straight-line production possibilities curve implies increasing opportunity costs.

ANS: F PTS: 1