Test Bank For Fundamentals of Economics 5th Edition By William Boyes

Test Bank For Fundamentals of Economics 5th Edition By William Boyes

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Edition: 5th Edition

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Test Bank For Fundamentals of Economics 5th Edition By William Boyes

Chapter 1—Economics and the World Around You

MULTIPLE CHOICE

  1. Which of the following is a reason to study economics?
a. Economic analysis explains daily events.
b. It helps us understand why people, firms and government behave in a certain way.
c. We need to understand relevant economic applications and policy issues.
d. It provides useful logic for solving complex problems.
e. All of these

ANS:  E                    PTS:   1                    DIF:    Easy               REF:   Ch 1, Section 1: Preface

OBJ:   1.1                 TOP:   Economics     TYP:   Factual

 

  1. According to the text, why are some countries rich and others very poor?
a. Some countries have no oil.
b. People have no property rights.
c. Access to education is very limited.
d. High tariffs prevent international trade.
e. All of these.

ANS:  B                    PTS:   1                    DIF:    Medium         REF:   Ch 1, Whole chapter

OBJ:   1.1                 TOP:   Wealth           TYP:   Factual

 

  1. The primary reason to explain why some nations are rich and others poor is
a. A democratic government
b. A strong judicial system
c. Access to education
d. Private ownership
e. A stable currency

ANS:  D                    PTS:   1                    DIF:    Medium         REF:   Ch 1, Section 1: Ownership

OBJ:   1.1                 TOP:   Wealth           TYP:   Factual

 

  1. It can be said that ____ laid the foundation for the Industrial Revolution.
a. the discovery of the Americas
b. private property rights
c. the invention of the cotton gin
d. the discovery of gold
e. the development of a strong judicial system

ANS:  B                    PTS:   1                    DIF:    Medium         REF:   Ch 1, Section 1: Ownership

OBJ:   1.1                 TOP:   Private property rights                    TYP:   Factual

 

  1. Private property rights are important because
a. they create incentives for people to improve their standard of living.
b. the Constitution says so.
c. they allow students to choose their major field of study in college.
d. an economy cannot grow without them.
e. all of these

ANS:  A                    PTS:   1                    DIF:    Medium         REF:   Ch 1, Section 1: Ownership

OBJ:   1.1                 TOP:   Private property rights                    TYP:   Factual

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