Economics Private and Public Choice 14th Edition Macpherson Test Bank
Economics Private and Public Choice 14th Edition Macpherson Test Bank
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MULTIPLE CHOICE
1. Which of the following sayings best reflects the concept of opportunity cost?
a. "You can't teach an old dog new tricks."
b. "Time is money."
c. "I have a baker's dozen."
d. "There's no business like show business."
ANS: B PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: What Shall We Give Up?
KEY: Bloom's: Knowledge MSC: Suggested Quiz
3. The primary benefit that results when a nation employs its resources in accordance with the principle
of comparative advantage is
a. an expansion in investment resulting from a reallocation of resources away from
consumption.
b. a larger output resulting from a more efficient use of resources.
c. greater equality of income resulting from an increase in the number of workers.
d. an increase in the profitability of business enterprises resulting from an increase in
investment.
ANS: B PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
STA: DISC: Gains from trade, specialization and trade
TOP: Trade, Output, and Living Standards KEY: Bloom's: Comprehension
MSC: Suggested Quiz
4. The price of an airline ticket from Denver to Washington, D.C. costs $600. A bus ticket costs $150.
Traveling by plane takes 6 hours compared with 51 hours by bus. Other things constant, an individual
would gain by choosing air travel if, and only if, his time were valued at more than
a. $6 per hour.
b. $8 per hour.
c. $10 per hour.
d. $15 per hour.
ANS: C PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: What Shall We Give Up?
KEY: Bloom's: Comprehension MSC: Suggested Quiz
6. "Now that Blake paints the broad surfaces and I do the trim work, we can paint a house in
three-fourths the time that it took for each of us to do both." This statement most clearly reflects
a. the importance of secondary effects.
b. the fallacy of composition.
c. the law of comparative advantage.
d. behavior inconsistent with economizing.
ANS: C PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
STA: DISC: Gains from trade, specialization and trade
TOP: Trade, Output, and Living Standards KEY: Bloom's: Comprehension
MSC: Suggested Quiz
7. Which of the following will most likely occur under a system of clearly defined and enforced private
property rights?
a. Resource owners will fail to conserve vital resources, even if they expect their supply to
be highly limited in the future.
b. Resource owners will ignore the wishes of others, including others who would like to use
the resource that is privately owned.
c. Resource owners will fail to consider the wishes of potential future buyers when they
decide how to employ privately owned resources.
d. Resource owners will gain by discovering and employing their resources in ways that are
highly valued by others.
ANS: D PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
STA: DISC: The role of government TOP: The Importance of Property Rights
KEY: Bloom's: Comprehension MSC: Suggested Quiz
8. Three basic decisions must be made by all economies. What are they?
a. how much will be produced, when it will be produced, and how much it will cost
b. what the price of each good will be, who will produce each good, and who will consume
each good
c. what will be produced, how goods will be produced, and for whom goods will be
produced
d. how the opportunity cost principle will be applied, if and how the law of comparative
advantage will be utilized, and whether the production possibilities constraint will apply
ANS: C PTS: 1 DIF: Easy NAT: BUSPROG: Analytic
STA: DISC: Gains from trade, specialization and trade TOP: Economic Organization
KEY: Bloom's: Knowledge MSC: Suggested Quiz
9. If a firm or a nation desires to maximize its output, each productive assignment should be carried out
by those persons who
a. have the highest opportunity cost.
b. have a comparative advantage in the productive activity.
c. can complete the productive activity most rapidly.
d. least enjoy performing the productive activity.
ANS: B PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic
STA: DISC: Gains from trade, specialization and trade
TOP: Trade, Output, and Living Standards KEY: Bloom's: Comprehension
MSC: Suggested Quiz
CHAPITRE PREMIER
DE L’ÉDUCATION : PRINCIPES ET MOYENS D’ACTION
Pour améliorer une race, il ne faut guère compter sur les lois, qui
ne sont que l’enjeu des luttes de partis. Il faut agir directement sur
ses mœurs. C’est l’œuvre de chacun, qui tient ainsi un peu de
l’avenir dans ses mains. Et l’action la plus facile, la plus logique, la
plus urgente, ne doit-elle pas s’exercer sur l’éducation, par
l’éducation ?
Il faut insister sur cette idée qu’en ne punissant pas les enfants,
on leur évite de mentir. En effet, ils emploient le mensonge comme
un bouclier. Ils se dissimulent derrière lui. C’est un moyen de cacher
la faute et d’éviter le châtiment. Si, lorsqu’ils ont commis une
maladresse, cassé quelque objet, ils savent qu’en l’avouant on ne
les grondera pas, qu’on ne les frappera pas, qu’on leur dira
simplement : « Ce n’est pas bien. Tâche de faire attention », qu’on
leur représentera le prix des choses, le soin qu’il en faut avoir, dans
ce cas-là, ils avoueront, ils ne mentiront pas. Ils auront acquis, pour
l’avenir, le précieux bénéfice de la franchise.
Argent.
Cette formule d’un fort banquier m’a toujours frappé et vaut qu’on
la creuse et la médite : « Si je n’étais pas honnête par nature, je le
serais par intérêt. »
Oui, c’est notre intérêt d’être honnête. C’est l’habileté suprême,
quoi qu’il y paraisse.
Ménage.
Une femme doit connaître à peu près le prix des choses que sa
cuisinière achète. Sans quoi, comment modérer la danse du panier ?
Un excellent entraînement pour l’adolescente, c’est d’accompagner
parfois la domestique aux Halles.
Et puis, il faut pouvoir au besoin mettre la main à la pâte,
connaître des principes et un peu de pratique culinaires. La patronne
qui réprimande sa cuisinière sans rien savoir du métier, manque
autant de prestige et frise autant le ridicule qu’un ingénieur qui
reprend un ouvrier sans pouvoir saisir l’outil et lui montrer comment
s’en servir.
De la parure.