Principles of Economics 11th Edition Case Test Bank
Principles of Economics 11th Edition Case Test Bank
Principles of Economics 11th Edition Case Test Bank
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Copyright © 2014 Pearson Education, Inc.
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Copyright © 2014 Pearson Education, Inc.
8) Suppose you are deciding whether to spend your tax rebate check on a new iPod player or a new
digital camera. You are dealing with the concept of
A) equity.
B) comparative advantage.
C) opportunity costs.
D) the fallacy of composition.
Answer: C
Diff: 2
Topic: Scarcity, Choice, and Opportunity Cost
Skill: Conceptual
AACSB: Reflective Thinking
Learning Outcome: Micro-20
9) According to the theory of comparative advantage, specialization and free trade will benefit
A) only that trading party that has both an absolute advantage and a comparative advantage in the
production of all goods.
B) all trading parties, even when some are absolutely more efficient producers than others.
C) only that trading party that has an absolute advantage in the production of all goods.
D) only that trading party that has a comparative advantage in the production of all goods.
Answer: B
Diff: 2
Topic: Scarcity, Choice, and Opportunity Cost
Skill: Conceptual
AACSB: Reflective Thinking
Learning Outcome: Micro-3
Refer to the information provided in Table 2.1 below to answer the following questions.
Table 2.1
Krystal Mark
Writing Poems 8 12
Writing TV Commercials 2 4
10) Refer to Table 2.1. For Krystal, the opportunity cost of writing one TV commercial is
A) 1/4 of a poem.
B) 2 poems.
C) 4 poems.
D) 6 poems.
Answer: C
Diff: 2
Topic: Scarcity, Choice, and Opportunity Cost
Skill: Analytical
AACSB: Analytic Skills
Learning Outcome: Micro-20
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Copyright © 2014 Pearson Education, Inc.
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Upon a time with his route1518 Qualiter Hellicanus
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This lord to pleie goth him oute, veniens
And in his weie of Tyr he mette Appolinum de
A man, the which on knees him insidiis Antiochi
premuniuit.1517
grette,1519
And Hellican be name he hihte,
Which preide his lord to have insihte
Upon himself, and seide him thus,
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Awaiteth if he mihte him spille.
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That he in Tharse him hadde sein.
Fortune hath evere be muable Qualiter Appolinus
portum Tharsis
And mai no while stonde stable: relinquens, cum
For now it hiheth, now it loweth, ipse per mare
Now stant upriht, now overthroweth, nauigio securiorem
quesiuit,
Now full of blisse and now of bale, superueniente
590 As in the tellinge of mi tale1521 tempestate nauis
Hierafterward a man mai liere, cum omnibus
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Withinne himself hath litel reste, periclitabatur.