Brief Principles of Macroeconomics International Edition 5th Edition by N. Gregory Mankiw – Test Bank
Chapter 1
Ten Principles of Economics
TRUE/FALSE
- Scarcity means that there is less of a good or resource available than people wish to have.
ANS: T DIF: 1 REF: 1-0
NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost
TOP: Scarcity MSC: Definitional
- Economics is the study of how evenly goods and services are distributed within society.
ANS: F DIF: 1 REF: 1-0
NAT: Analytic LOC: The Study of economics, and definitions in economics
TOP: Economics MSC: Definitional
- Economics is the study of how society allocates its unlimited resources.
ANS: F DIF: 1 REF: 1-0
NAT: Analytic LOC: The Study of economics, and definitions in economics
TOP: Economics MSC: Definitional
- With careful planning, we can usually get something that we like without having to give up something else that we like.
ANS: F DIF: 2 REF: 1-1
NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost
TOP: Tradeoffs MSC: Interpretive
- Choosing not to attend a concert so that you can study for your exam is an example of a tradeoff.
ANS: T DIF: 2 REF: 1-1
NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost
TOP: Tradeoffs MSC: Applicative
- Efficiency means everyone in the economy should receive an equal share of the goods and services produced.
ANS: F DIF: 2 REF: 1-1
NAT: Analytic LOC: Efficiency and Equity TOP: Equality
MSC: Definitional
- Equality refers to how the pie is divided, and efficiency refers to the size of the economic pie.
ANS: T DIF: 2 REF: 1-1
NAT: Analytic LOC: Efficiency and Equity TOP: Equality | Efficiency
MSC: Definitional
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