Understanding Economics International Edition 13th Edition by Russell S. Sobel – Test Bank

There is a clear need to focus on the Test Bank of the book Understanding Economics International Edition 13th Edition by Russell S. Sobel. Test Bank is for individuals who seek to build their comprehension of the world economy. This test bank includes chapters’ answers and questions to practice and apply knowledge acquired from the textbook.

Main areas included in the Test Bank

Topics in the Understanding Economics test bank not only widen the coverage of economics but also attempt to explain the subject matter more vigorously online. Some of the key areas include:

• Scarcity and choice: It explains basic economic problems such as the basic facts of resources being scarce and people having to make choices in a world of scarcity.
• Supply and Demand: This unit looks at how prices and amounts of goods are determined by buyers and sellers in the market.
• Consumer Behavior: Factors that affect the decisions made by consumers and how demand curves are rung out are included.
• Market Equilibrium: How do markets achieve the point at which the quantity supplied equals the quantity demanded?
• Elasticity: The test bank also includes tests that elaborate on the impact of change in the price of a good, on the level of demand for the good in question.
• Market Types: Different configurations of market structures are discussed including perfect competition, monopoly, and oligopoly.
• Regulatory Policies: This part explains the issue of governance with special reference to the regulatory function of the government, price controls, and provision of public goods.
• Macroeconomic Issues: In the test bank also other considerable fields of macroeconomics such as inflation, unemployment, and national income are featured.

How the Test Bank Can Help You

The test bank serves as an excellent study tool for the students in preparation for the examination. By working on questions emanating from the 13th Edition of Understanding Economics, students will be able to comprehend each theme and broaden their applications of the various economic concepts to the outside world.

• Mock Tests: The test bank consists of designed multiple-choice, true or false, or problem-solving examination questions that replicate an actual examination. This helps students to understand the type of questions that will be asked.
• Quick Feedback: The test bank has provided model answers for all the questions, this makes it easier for candidates to know their strengths and weaknesses in their knowledge and the correct answer to the subject of concern.
• Dimensional and Extensive Coverage: If your basic need is preparing yourself to appear for a final examination then it will be a useful resource for an individual or if you just need some practice tests then from beginner to higher level all tests can be found in the test bank.

Why You Should Buy the Test Bank

If you are truly interested in topping your economics class, then buy the Understanding Economics International Edition 13th Edition Test Bank without a second thought. It guarantees that the material being studied is useful and that problem areas are identified, and most importantly, it provides a framework for how each core concept should be approached and used. With or without the test bank, students are likely to improve their performance on tests by using this resource. They will also be able to measure their level of progress on the learning continuum.

Summary

As an absolute must-have study aid for anyone attempting to grasp the principles of Commerce, the Understanding Economics International Edition 13th Edition by Russell S. Sobel Test Bank should also be recommended for students. It provides a straightforward sequence of relevant questions and answers needed to understand basic economic ideas such as the law of demand and supply, inflation, and micro and macro economy. With this test bank present in your activity schedule, students’ comprehension shall be enhanced and students’ performance in their economics course shall be greatly improved.

Understanding Economics International Edition 13th Edition by Russell S. Sobel – Test Bank

Understanding Economics Chapter 3—Supply, Demand, and the Market Process

MULTIPLE CHOICE

1. Which of the following would most likely increase the demand for peanut butter?

a.	a decrease in the price of jelly, a good that is often used with peanut butter
b.	the discovery that excessive consumption of peanut butter is harmful to one’s health
c.	crop failures that raise the price of peanuts
d.	the invention of a new product that consumers think is a good substitute for peanut butter

ANS:APTS:1OBJ:Suggested Quiz

2. Producers are willing to offer greater quantities for sale at higher prices because

a.	they have the incentive to pay the increasing opportunity cost of resources necessary to attract them from alternative uses
b.	they will decrease their profits by expanding production at higher prices
c.	the government orders them to do so
d.	lower prices attract new firms, which have higher costs of production
e.	they hire superior quality, higher-priced resources as production expands

ANS:APTS:1OBJ:Suggested Quiz

3. If Harry only pays $25,000 to purchase a new car even though he would have been willing to pay as much as $35,000 for the car, this indicates that

a.	Harry is an irrational consumer.
b.	The seller earned a $10,000 profit on the sale of the car.
c.	Harry reaped $10,000 of consumer surplus from the transaction.
d.	The seller received $10,000 worth of producer surplus on the transaction.

ANS:CPTS:1OBJ:Suggested Quiz

4. The number of people willing to buy tickets to the Super Bowl is invariably greater than the number of tickets (and seats) available. This is evidence that the price of the tickets is

a.	higher than the equilibrium price.
b.	equal to the equilibrium price since the number of tickets bought equals the number sold.
c.	lower than the equilibrium price.
d.	higher than the equilibrium price when the demand is inelastic but lower when the demand is elastic.

ANS:CPTS:1OBJ:Suggested Quiz

5.”A reduction in gasoline prices caused the demand for gasoline to increase. The lower gas prices also led to an increase in demand for large cars, causing their prices to rise.” These statements

a.	are essentially correct.
b.	contain one error; the lower gasoline prices would cause an increase in the quantity demanded of gasoline, not an increase in demand.
c.	contain one error; the lower gasoline prices would increase the quantity demanded of large cars, not the demand.
d.	contain two errors; the lower gasoline prices would cause the quantity of gasoline demanded (rather than the demand) to increase, and the lower gasoline price would cause an increase in quantity demanded (rather than the demand) for large cars.

ANS:BPTS:1OBJ:Suggested Quiz

6. A cold spell in Florida extensively reduced the orange crop, and as a result, California oranges commanded a higher price. Which of the following statements best explains the situation?

a.	The supply of Florida oranges fell, causing the supply of California oranges to increase as well as their price.
b.	The supply of Florida oranges fell, causing the supply of California oranges to decrease and their price to increase.
c.	The supply of Florida oranges fell, causing their price to increase and the demand for California oranges to increase.
d.	The demand for Florida oranges was reduced by the freeze, causing an increase in the price of California oranges and a greater demand for them.

ANS:CPTS:1OBJ:Suggested Quiz

7. When the market for a good is in equilibrium,

a.	consumer surplus will equal producer surplus.
b.	the total value created for consumers will equal the total cost of production for business firms.
c.	all units valued more highly than the opportunity cost of production will be supplied.
d.	all units that have value will be produced, regardless of their cost of production.

ANS:CPTS:1OBJ:Suggested Quiz

8. Assume that corn and soybeans are alternatives that could be grown by most farmers. An increase in the price of corn will

a.	increase the supply of corn.
b.	increase the supply of soybeans.
c.	decrease the supply of soybeans.
d.	decrease the supply of corn.
e.	do not affect the supplies of corn and soybeans.

ANS:CPTS:1OBJ:Suggested Quiz

9. If cable TV service and satellite TV service are substitutes,

a.	a decrease in the price of cable will decrease the demand for satellite TV.
b.	an increase in the price of cable will decrease the demand for satellite TV.
c.	an increase in the price of cable will generally not affect the demand for satellite TV.
d.	an increase in the price of cable will shift the demand curve for satellite TV to the left.

ANS:APTS:1OBJ:Suggested Quiz

10. The invisible hand principle indicates that competitive markets can help promote the efficient use of resources

a.	only if buyers and sellers care, personally, about economic efficiency.
b.	even when each market participant cares only about their self-interest rather than about the overall efficiency of resource use.
c.	even if business firms fail to produce goods efficiently.
d.	if, and only if, businesses recognize their social obligation to keep costs low and use resources wisely.

ANS:BPTS:1OBJ:Suggested Quiz