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TESTBANK TO ACCOMPANY MACROECONOMICS: An Introduction,  Internet  Edition Copyright  © 2000- 2009  by Charles  R. Nelson Dated  Mar. 30,  2009 Consumer  Warning  Notice!  This  testbank  is  provided  as  a  resource  for  teachers  of macroeconomics   and  should  not  be  provided  to  students.  It is not  a  suitable  study  guide  and  is  not   intended   to   be.   The   questions   have   been   used   in   the   past,   so   some   are   outdated  or  the  given  answer  is  no  longer  applicable  (for  example,  those  that   ask  about  current  conditions).  You  should  not  use  any  question  without  first   reading  it carefully  and  being  sure  that  you  have  the  correct  answer.  Following   many  multiple  choice  questions  is the  difficulty  rating,  Easy,  Medium,  or Hard. Instructors  can  obtain  this  testbank  on  the  web  and  download  it for easy   cut- and- paste  into  tests.  You should  find  it at: http:/ /www.econ.washington.edu / u ser /c nelson /TESTBNK.doc Note  the  missing  A in  TESTBNK! If you  have  trouble  finding  it  online,  please   contact  the  author  at  cnelson@u.washington.edu. Chapter  1: An Overview of Economics Section  1.1  Basic  Concepts The  terms  “economics”  and  “economist”  have  their  origin  in __ . a) Latin,  b)  philosophy,  c) biology,  d) ancient  Greek,  e) Olde  English . D An “economist”  was  originally  the  ____ . a) manager  of an  estate,  b) town   mayor,  c) ship  owner,  d) local  banker,  e) chief priest. A The  factor  of production  that  brings  together  the  other  three  is ____ . a) capital,   b) energy,  c) natural  resources,  d) the  ROW, e) entrepreneurship. E Which  of the  following  is not  an  example  of capital  as  a factor  of production?  A)  a ship,  b) an  office building,  c) the  source  code  for Microsoft  “Windows,”  d)  undeveloped  land,  e) the  internet. 1
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D 1.  Which  of the  following  is not  among  the  four  factors  of production?:  a) land,   b) transfer  payments,  c) entrepreneurship,  d) labor,  e) capital. b, E 2.   Factors  of production  are  also  referred  to  as  ___ . a) outputs,   b) inputs,   c)  natural  resources,   d) sectors,   e) rules  of the  game. b,M 19.    William  Gates  III is  an  example  of which  kind  of factor  of production:    a)  land,   b) labor,   c) capital,   d) entrepreneurship,  e) services. d, E
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