Test Bank For The Exploration of Economics International Edition 4th Edition by Robert L. Sexton

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Test Bank For The Exploration of Economics International Edition 4th Edition by Robert L. Sexton

Chapter 3—Scarcity, Trade-Offs and Economic Growth

TRUE/FALSE

1.In a market economy, government officials make most production decisions in a centralized manner.

ANS: F PTS: 1

2.Consumer sovereignty means that consumers vote with their dollars in a market economy, which helps determine what is produced.

ANS: T PTS: 1

3.In a market economy, prices help determine the distribution of goods and services but not the allocation of resources.

ANS: F PTS: 1

4.There are four factors of production: land, labor, capital, and entrepreneurship.

ANS: T PTS: 1

5.Capital-intensive production techniques tend to be utilized most commonly in countries where labor is relatively cheap.

ANS: F PTS: 1

6.High wage countries like the United States tend to use less labor-intensive production methods than low wage countries like Mexico.

ANS: T PTS: 1

7.An economy that has many unemployed workers and idle factories is not operating efficiently.

ANS: T PTS: 1

8.The production possibilities curve marks the boundary between attainable and unattainable combinations of output.

ANS: T PTS: 1

9.Any output combination outside the production possibilities curve is attainable in the current period only if prices decrease.

ANS: F PTS: 1

10.A decrease in the unemployment rate will shift an economy’s production possibilities curve outward.

ANS: F PTS: 1

11.An increase in available resources will tend to cause a society’s production possibilities curve to shift inward.

ANS: F PTS: 1

12.An improvement in technology will tend to cause a society’s production possibilities curve to shift outward.

ANS: T PTS: 1

13.The opportunity cost of a particular good tends to increase with its rate of output because some resources cannot be easily adapted from the production of one good or service to another.

ANS: T PTS: 1

14.The production possibilities curve for an economy that experiences a constant opportunity cost of production is linear (a straight line).

ANS: T PTS: 1

15.The law of increasing opportunity costs implies that a society’s production possibilities curve will be a straight line.

ANS: F PTS: 1

16.Movement from one point on the production possibilities curve to another leads to more of both goods being produced.

ANS: F PTS: 1

17.An increase in an economy’s capital stock increases its future productive capacity.

ANS: T PTS: 1

18.Other things being constant, an economy must give up some consumer goods and services today to produce more capital goods in order to grow.

ANS: T PTS: 1

19.Capital accumulation causes the production possibilities curve to shift inward over time.

ANS: F PTS: 1

20.High economic growth can eventually eliminate the problem of scarcity.

ANS: F PTS: 1

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