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Test Bank For Microeconomics Principles and Policy 12th Edition International Edition by Baumol William J.

  • ISBN-10 ‏ : ‎ 8131528413
  • ISBN-13 ‏ : ‎ 978-8131528419
  • Publisher ‏ : ‎ Cengage Learning; 12th edition
  • Author: Baumol/ Blinder

Original price was: $55.00.Current price is: $28.00.

SKU:TB0001151

Test Bank For Microeconomics Principles and Policy 12th Edition International Edition by Baumol William J.

Chapter 2—The Economy: Myth and Reality

TRUE/FALSE

1.The United States is the largest national economy in the world.

ANS: T PTS: 1 DIF: Easy NAT: Analytic

LOC:The Study of economics, and definitions in economics

TOP: The American Economy: A Thumbnail Sketch

2.The U.S. economy is unique for both its size and prosperity.

ANS: T PTS: 1 DIF: Easy NAT: Analytic

LOC: Measuring the Economy TOP: The American Economy: A Thumbnail Sketch

3.The factors of production include all goods and services produced in an economy.

ANS: F PTS: 1 DIF: Easy NAT: Analytic

LOC:The Study of economics, and definitions in economics

TOP: The American Economy: A Thumbnail Sketch

4.Outputs include goods but not services.

ANS: F PTS: 1 DIF: Easy NAT: Analytic

LOC:The Study of economics, and definitions in economics

TOP: The American Economy: A Thumbnail Sketch

5.Population density varies little between the fifty states.

ANS: F PTS: 1 DIF: Moderate NAT: Analytic

LOC:The Study of economics, and definitions in economics

TOP: The American Economy: A Thumbnail Sketch

6.Prosperity in the United States is evenly distributed across the fifty states.

ANS: F PTS: 1 DIF: Moderate NAT: Analytic

LOC: Measuring the Economy TOP: The American Economy: A Thumbnail Sketch

7.In the United States, all property is privately owned.

ANS: F PTS: 1 DIF: Moderate NAT: Analytic

LOC:The Study of economics, and definitions in economics

TOP: The American Economy: A Thumbnail Sketch

8.Gross domestic product is the money value of all final goods and services produced in an economy in a year.

ANS: T PTS: 1 DIF: Moderate NAT: Analytic

LOC:The Study of economics, and definitions in economics

TOP: The American Economy: A Thumbnail Sketch

9.Gross domestic product is the money value of manufacturing production in a year.

ANS: F PTS: 1 DIF: Moderate NAT: Analytic

LOC:The Study of economics, and definitions in economics

TOP: The American Economy: A Thumbnail Sketch

10.GDP is a measure of the total output of an economy.

ANS: T PTS: 1 DIF: Easy NAT: Analytic

LOC:The Study of economics, and definitions in economics

TOP: The American Economy: A Thumbnail Sketch

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