Students and teachers can get a better understanding of economics using the Test Bank for The Exploration of Economics as it is strategic in its formation. The test bank is structured to support deep learning in economics because it helps understand the core concepts through real-life case studies and practice questions. Students and international educators are provided with self-explanatory materials in the 6th Edition of the textbook by Robert L. Sexton as it reflects the changes in economics scenarios and trends.
Topics Covered in the Test Bank
This test bank contains essential questions covering various topics such as:
Micro and macroeconomics
Analysis of Demand and Supply
Different market structures including monopoly and oligopoly
Economics Profit and Loss
Short and long-run concepts of Production and Costs
Furthermore, these topics enable students to effectively revise for exams, quizzes, and even complete tests since understanding how to apply such basic concepts forms a good basis for more advanced topics in economics. Multiple-choice and open-ended questions have been included including true or false questions and answers all directed towards basic building concepts in economics.
Benefits of Using the Test Bank
The opportunities gained from the use of the Test Bank for The Exploration of Economics are vast including: Comprehensiveness – Versatile revision is achieved considering the essence of all economic topics and theories by a student.
Improved Understanding: Students are able to master material better and gain more out of it by practicing questions on topics such as diminished marginal productivity and economic choice.
Quick Assessment: With this resource, the instructors are able to draw out quizzes and exams in an easy way to make sure that students understand the key principles of economy in every chapter.
How Students Can Use the Test Bank to Study Effectively
Students do not have to rely on the entire chapter for studies; they can concentrate more on the topics like production decisions, cost estimation, etc. Types of exercises, such as fill-in-the-blanks and matching terms, can be helpful in term recall and application of concepts in different situations.
In fact, for instructors, the use of this test bank is an easy way of designing quizzes and preparing for examinations since there are textbook-related questions that can be easily added to the bank. Each question that is included in the bank of test questions corresponds to the sections of the textbook making it easy to identify memories on specific chapters for instance, economic profits, economic and non-economic market structures, and the cost of doing business strategies.
Conclusion
The Test Bank for The Exploration of Economics, International Edition, 6th Edition by Robert L. Sexton is suitable for all learners. It assists students in better understanding the economic concepts because practicing that students can meet expectations aimed by teachers and their working efforts are not wasted. It does not matter in what economic area a test taker is interested in, whether it is the analysis of market structures, the nature of demand and supply, or the economic profit, the test bank in all its components is effective in teaching economics on a global scale.
Test Bank For The Exploration of Economics International Edition 6th 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:FPTS:1REF:p. 75
TOP: 3.1 The Three Economic Questions Every Society Faces | What Goods and Services Will Be Produced?
2. Consumer sovereignty means that consumers vote with their dollars in a market economy, which helps determine what is produced.
ANS:TPTS:1REF:p. 75
TOP: 3.1 The Three Economic Questions Every Society Faces | What Goods and Services Will Be Produced?
3. In a market economy, prices help determine the distribution of goods and services but not the allocation of resources.
ANS:FPTS:1REF:p. 76
TOP: 3.1 The Three Economic Questions Every Society Faces | How Will the Goods and Services Be Produced?
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:TPTS:1REF:p. 82
TOP: 3.3 The Production Possibilities Curve | The Production Possibilities Curve
5. Capital-intensive production techniques tend to be utilized most commonly in countries where labor is relatively cheap.
ANS:FPTS:1REF:p. 76
TOP: 3.1 The Three Economic Questions Every Society Faces | How Will the Goods and Services Be Produced?
6. High-wage countries like the United States tend to use less labor-intensive production methods than low-wage countries like Mexico.
ANS:TPTS:1REF:p. 76
TOP: 3.1 The Three Economic Questions Every Society Faces | How Will the Goods and Services Be Produced?
7. An economy that has many unemployed workers and idle factories is not operating efficiently.
ANS:TPTS:1REF:p. 84
TOP: 3.3 The Production Possibilities Curve | Inefficiency and Efficiency
8. The production possibilities curve marks the boundary between attainable and unattainable combinations of output.
ANS:TPTS:1REF:p. 81
TOP: 3.3 The Production Possibilities Curve | The Production Possibilities Curve
9. Any output combination outside the production possibilities curve is attainable in the current period only if prices decrease.
ANS:FPTS:1REF:p. 81
TOP: 3.3 The Production Possibilities Curve | The Production Possibilities Curve
10. A decrease in the unemployment rate will shift an economy’s production possibilities curve outward.
ANS:FPTS:1REF:p. 84
TOP: 3.3 The Production Possibilities Curve | Inefficiency and Efficiency
11. An increase in available resources will tend to cause a society’s production possibilities curve to shift inward.
ANS:FPTS:1REF:p. 87
TOP: 3.4 Economic Growth and the Production Possibilities Curve | Generating Economic Growth
12. An improvement in technology will tend to cause a society’s production possibilities curve to shift outward.
ANS:TPTS:1REF:p. 87
TOP: 3.4 Economic Growth and the Production Possibilities Curve | Generating Economic Growth
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:TPTS:1REF:p. 84
TOP: 3.3 The Production Possibilities Curve | The Law of Increasing Opportunity Cost
14. The production possibilities curve for an economy that experiences a constant opportunity cost of production is linear (a straight line).
ANS:TPTS:1REF:p. 84
TOP: 3.3 The Production Possibilities Curve | The Production Possibilities Curve
15. The law of increasing opportunity costs implies that a society’s production possibilities curve will be a straight line.
ANS:FPTS:1REF:p. 84
TOP: 3.3 The Production Possibilities Curve | The Law of Increasing Opportunity Cost
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