Brief Principles of Macroeconomics 6th Edition by N. Gregory Mankiw – Test Bank
ISBN-10: 0538453052 | ISBN-13: 9780538453059
Chapter 1 Ten Principles of Economics
Multiple Choice
- The English word that comes from the Greek word for “one who manages a household” is
| a. | market. |
| b. | consumer. |
| c. | producer. |
| d. | economy. |
ANS: D PTS: 1 DIF: 1 REF: 1-0
NAT: Analytic LOC: The study of economics and definitions in economics
TOP: Economy MSC: Definitional
- The word “economy” comes from the Greek word oikonomos, which means
| a. | “environment.” |
| b. | “production.” |
| c. | “one who manages a household.” |
| d. | “one who makes decisions.” |
ANS: C PTS: 1 DIF: 1 REF: 1-0
NAT: Analytic LOC: The study of economics and definitions in economics
TOP: Economy MSC: Definitional
- Resources are
| a. | scarce for households but plentiful for economies. |
| b. | plentiful for households but scarce for economies. |
| c. | scarce for households and scarce for economies. |
| d. | plentiful for households and plentiful for economies. |
ANS: C PTS: 1 DIF: 1 REF: 1-0
NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost
TOP: Resources | Scarcity MSC: Interpretive
- In considering how to allocate its scarce resources among its various members, a household considers
| a. | each member’s abilities. |
| b. | each member’s efforts. |
| c. | each member’s desires. |
| d. | all of the above |
ANS: D PTS: 1 DIF: 1 REF: 1-0
NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost
TOP: Scarcity MSC: Interpretive
- Economics deals primarily with the concept of
| a. | scarcity. |
| b. | money. |
| c. | poverty. |
| d. | banking. |
ANS: A PTS: 1 DIF: 1 REF: 1-0
NAT: Analytic LOC: The study of economics and definitions in economics
TOP: Scarcity MSC: Definitional
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