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Test Bank for The Macro Economy Today 15th Edition By Bradley Schiller

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Test Bank for The Macro Economy Today 15th Edition By Bradley Schiller TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) Scarcity results when available resources c ... annot satisfy all desired uses of those resources. ⊚ true ⊚ false 2) Critics of government regulation argue that government interference in the marketplace stifles the "animal spirits" of entrepreneurship. ⊚ true ⊚ false 3) Opportunity cost is a theoretical concept with no practical application. ⊚ true ⊚ false 4) Every time we use scarce resources in one way, we give up the opportunity to use them in other ways. ⊚ true ⊚ false 5) Production possibilities in an economy decrease as more resources and better technology are utilized. ⊚ true ⊚ false 6) All output combinations that lie outside a production possibilities curve are attainable with available resources and technology. ⊚ true ⊚ false Version 1 3 7) Output combinations that lie inside the production possibilities curve are characterized by efficient use of resources. ⊚ true ⊚ false 8) If the economy is inside the production possibilities curve, then more output can be produced using existing resources. ⊚ true ⊚ false 9) All economies must make decisions concerning what to produce, how to produce it, and for whom to produce. ⊚ true ⊚ false 10) The essential feature of the market mechanism is the price signal. ⊚ true ⊚ false. [Show More]

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