The quality of the questions in the test banks. I lost count of the number of times that I marveled at a ques-tion and wished that I had thought of it. While creat-ing this test bank took significantly more effort than preparing an ordinary test bank, I am sure that the quality you will find made the task worthwhile. Econ Ch 1+2 Practice Test Multiple Choice Identify the choice that best completes the statement or answers the question. To arrive at an economic decision, a decision-making grid may be used to evaluate a. Alternative choices of action. Only durable goods. Only capital goods. Division of labor is a.
Chapter 1
What Is Economics?
1.1 | Scarcity and the Factors of Production | Section 1 Assessment | p.6 |
1.2 | Opportunity Cost | Section 2 Assessment | p.11 |
1.3 | Production Possibilities Curves | Section 3 Assessment | p.18 |
Chapter 1 Assessment | p.20 |
Chapter 2
![Economics Economics](/uploads/1/2/5/7/125752642/743661979.jpg)
Economic Systems
2.1 | Answering the Three Economic Questions | Section 1 Assessment | p.27 |
2.2 | The Free Market | Section 2 Assessment | p.32 |
2.3 | Centrally Planned Economies | Section 3 Assessment | p.38 |
2.4 | Modern Economies | Section 4 Assessment | p.44 |
Chapter 2 Assessment | p.46 |
Chapter 3
American Free Enterprise
3.1 | Benefits of Free Enterprise | Section 1 Assessment | p.55 |
3.2 | Promoting Growth and Stability | Section 2 Assessment | p.60 |
3.3 | Providing Public Goods | Section 3 Assessment | p.66 |
3.4 | Providing a Safety Net | Section 4 Assessment | p.70 |
Chapter 3 Assessment | p.72 |
Chapter 4
Demand
4.1 | Understanding Demand | Section 1 Assessment | p.83 |
4.2 | Shifts of the Demand Curve | Section 2 Assessment | p.88 |
4.3 | Elasticity of Demand | Section 3 Assessment | p.96 |
Chapter 4 Assessment | p.98 |
Chapter 5
Supply
5.1 | Understanding Supply | Section 1 Assessment | p.106 |
5.2 | Costs of Production | Section 2 Assessment | p.114 |
5.3 | Changes in Supply | Section 3 Assessment | p.120 |
Chapter 5 Assessment | p.122 |
Chapter 6
Prices
6.1 | Combining Supply and Demand | Section 1 Assessment | p.131 |
6.2 | Changes in Market Equilibrium | Section 2 Assessment | p.137 |
6.3 | The Role of Prices | Section 3 Assessment | p.144 |
Chapter 6 Assessment | p.146 |
Chapter 7
Market Structures
7.1 | Perfect Competition | Section 1 Assessment | p.154 |
7.2 | Monopoly | Section 2 Assessment | p.164 |
7.3 | Monopolistic Competition and Oligarchy | Section 3 Assessment | p.171 |
7.4 | Regulation and Deregulation | Section 4 Assessment | p.176 |
Chapter 7 Assessment | p.178 |
Chapter 8
Business Organizations
8.1 | Sole Proprietorships | Section 1 Assessment | p.188 |
8.2 | Partnerships | Section 2 Assessment | p.193 |
8.3 | Corporations, Mergers, and Multinationals | Section 3 Assessment | p.200 |
8.4 | Other Organizations | Section 4 Assessment | p.204 |
Chapter 8 Assessment | p.206 |
Chapter 9
Labor
9.1 | Labor Market Trends | Section 1 Assessment | p.217 |
9.2 | Labor and Wages | Section 2 Assessment | p.226 |
9.3 | Organized Labor | Section 3 Assessment | p.234 |
Chapter 9 Assessment | p.236 |
Chapter 10
Money And Banking
10.1 | Money | Section 1 Assessment | p.248 |
10.2 | The History of American Banking | Section 2 Assessment | p.256 |
10.3 | Banking Today | Section 3 Assessment | p.264 |
Chapter 10 Assessment | p.266 |
Chapter 11
Financial Markets
11.1 | Saving and Investing | Section 1 Assessment | p.275 |
11.2 | Bonds and Other Financial Assets | Section 2 Assessment | p.283 |
11.3 | The Stock Market | Section 3 Assessment | p.292 |
Chapter 11 Assessment | p.294 |
Chapter 12
Gross Domestic Product And Growth
12.1 | Gross Domestic Product | Section 1 Assessment | p.308 |
12.2 | Business Cycles | Section 2 Assessment | p.316 |
12.3 | Economic Growth | Section 3 Assessment | p.324 |
Chapter 12 Assessment | p.326 |
Chapter 13
Economic Challenges
13.1 | Unemployment | Section 1 Assessment | p.336 |
13.2 | Inflation | Section 2 Assessment | p.343 |
13.3 | Poverty | Section 3 Assessment | p.350 |
Chapter 13 Assessment | p.352 |
Chapter 14
Taxes And Government Spending
14.1 | What are Taxes? | Section 1 Assessment | p.363 |
14.2 | Federal Taxes | Section 2 Assessment | p.369 |
14.3 | Federal Spending | Section 3 Assessment | p.374 |
14.4 | State and Local Taxes and Spending | Section 4 Assessment | p.380 |
Chapter 14 Assessment | p.382 |
Chapter 15
![Action Action](/uploads/1/2/5/7/125752642/228711758.jpg)
Fiscal Policy
15.1 | Understanding Fiscal Policy | Section 1 Assessment | p.393 |
15.2 | Fiscal Policy Options | Section 2 Assessment | p.401 |
15.3 | Budget Deficits and the National Debt | Section 3 Assessment | p.408 |
Chapter 15 Assessment | p.410 |
Chapter 16
The Federal Reserve And Monetary Policy
16.1 | The Federal Reserve System | Section 1 Assessment | p.418 |
16.2 | Federal Reserve Functions | Section 2 Assessment | p.423 |
16.3 | Monetary Policy Tools | Section 3 Assessment | p.429 |
16.4 | Monetary Policy and Macroeconomic Stabilization | Section 4 Assessment | p.434 |
Chapter 16 Assessment | p.436 |
Chapter 17
International Trade
17.1 | Why Nations Trade | Section 1 Assessment | p.447 |
17.2 | Trade Barriers and Agreements | Section 2 Assessment | p.456 |
17.3 | Measuring Trade | Section 3 Assessment | p.464 |
Chapter 17 Assessment | p.466 |
Chapter 18
Economic Development And Transition
18.1 | Levels of Development | Section 1 Assessment | p.476 |
18.2 | Issues in Development | Section 2 Assessment | p.483 |
18.3 | Financing Development | Section 3 Assessment | p.488 |
18.4 | Transitions to Free Enterprise | Section 4 Assessment | p.494 |
Chapter 18 Assessment | p.496 |