Test Bank For Fundamentals of Economics International Edition 6th Edition by Melvin Boyes

Test Bank For Fundamentals of Economics International Edition 6th Edition by Melvin Boyes

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Edition: 6th Edition

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Test Bank For Fundamentals of Economics International Edition 6th Edition by Melvin 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

NAT:  BPROG: Reflective Thinking         TOP:   Preface           KEY:  BLOOM’S: Knowledge

 

  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:    Moderate

NAT:  BPROG: Reflective Thinking         TOP:   Whole chapter

KEY:  BLOOM’S: Knowledge

 

  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:    Moderate

NAT:  BPROG: Reflective Thinking         TOP:   Ownership     KEY:  BLOOM’S: Knowledge

 

  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:    Moderate

NAT:  BPROG: Reflective Thinking         TOP:   Ownership     KEY:  BLOOM’S: Knowledge

 

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