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Test Bank For Macroeconomics Private and Public Choice 16th Edition by James D. Gwartney

  • ISBN-10 ‏ : ‎ 1305506758
  • ISBN-13 ‏ : ‎ 978-1305506756
  • Publisher ‏ : ‎ Cengage Learning; 16th edition
  • Authors: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Original price was: $55.00.Current price is: $25.00.

SKU:TB000993

Test Bank For Macroeconomics Private and Public Choice 16th Edition by James D. Gwartney

1. In an informed and voluntary exchange,

a. both parties receive something they value more than what they gave up.

b. both parties place an equal value on what they received and what they gave up.

c. neither party can gain more than the other.

d. one trader can gain only at the expense of the other.

ANSWER: a

POINTS: 1

DIFFICULTY: Easy

QUESTION TYPE: Multiple Choice

HAS VARIABLES: False

NATIONAL STANDARDS: United States – BUSPROG: Analytic – BUSPROG: Analytic

STATE STANDARDS: United States – AK – DISC: Gains from trade, speciali – DISC: Gains from trade, specialization and trade

TOPICS: Trade Creates Value

KEYWORDS: Bloom’s: Knowledge

DATE CREATED: 5/19/2016 3:05 PM

DATE MODIFIED: 5/19/2016 3:05 PM

2. In voluntary exchange, if the seller of a product gains,

a. the buyer will generally lose an amount greater than the gain to the seller.

b. the buyer must lose an amount equal to what the seller gains.

c. someone else must lose an equal amount.

d. the buyer must also gain; mutual gain provides the foundation for exchange.

ANSWER: d

POINTS: 1

DIFFICULTY: Easy

QUESTION TYPE: Multiple Choice

HAS VARIABLES: False

NATIONAL STANDARDS: United States – BUSPROG: Analytic – BUSPROG: Analytic

STATE STANDARDS: United States – AK – DISC: Gains from trade, speciali – DISC: Gains from trade, specialization and trade

TOPICS: Trade Creates Value

KEYWORDS: Bloom’s: Comprehension

DATE CREATED: 5/19/2016 3:05 PM

DATE MODIFIED: 5/19/2016 3:05 PM

3. Which of the following statements about exchange is false?

a. The expectation of gain motivates people to engage in trade.

b. If a party to a potential exchange does not believe that it will lead to personal gain, he or she can chose not to engage in the trade.

c. Voluntary exchange is generally mutually beneficial to the trading partners.

d. If one trading partner gains, the other must lose.

ANSWER: d

POINTS: 1

DIFFICULTY: Easy

QUESTION TYPE: Multiple Choice

HAS VARIABLES: False

NATIONAL STANDARDS: United States – BUSPROG: Analytic – BUSPROG: Analytic

STATE STANDARDS: United States – AK – DISC: Gains from trade, speciali – DISC: Gains from trade, specialization and trade

TOPICS: Trade Creates Value

KEYWORDS: Bloom’s: Comprehension

DATE CREATED: 5/19/2016 3:05 PM

DATE MODIFIED: 5/19/2016 3:05 PM

4. Isabella decides to buy a dress that Olivia has for sale; they agree on a price of $20. Which of the following best describes who gains and who loses from the transaction?

a. If the dress originally costs more than $20, Isabella gains and Olivia loses.

b. If the dress originally costs less than $20, Olivia gains and Isabella loses.

c. Both parties expect to gain from this transaction.

d. If Olivia gains from the transaction, Isabella must lose an equal amount.

ANSWER: c

POINTS: 1

DIFFICULTY: Moderate

QUESTION TYPE: Multiple Choice

HAS VARIABLES: False

NATIONAL STANDARDS: United States – BUSPROG: Analytic – BUSPROG: Analytic

STATE STANDARDS: United States – AK – DISC: Gains from trade, speciali – DISC: Gains from trade, specialization and trade

TOPICS: Trade Creates Value

KEYWORDS: Bloom’s: Application

DATE CREATED: 5/19/2016 3:05 PM

DATE MODIFIED: 5/19/2016 3:05 PM

5. If Sean sells Tom a tennis racket for $50, we would expect

a. both parties to gain from this transaction.

b. Sean to gain from the transaction, while Tom loses.

c. Tom to gain from the transaction, while Sean loses.

d. the well-being of both parties to be unchanged.

ANSWER: a

POINTS: 1

DIFFICULTY: Moderate

QUESTION TYPE: Multiple Choice

HAS VARIABLES: False

NATIONAL STANDARDS: United States – BUSPROG: Analytic – BUSPROG: Analytic

STATE STANDARDS: United States – AK – DISC: Gains from trade, speciali – DISC: Gains from trade, specialization and trade

TOPICS: Trade Creates Value

KEYWORDS: Bloom’s: Comprehension

DATE CREATED: 5/19/2016 3:05 PM

DATE MODIFIED: 5/19/2016 3:05 PM

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