Test Bank For Essentials of Economics 6th Edition By N. Gregory Mankiw

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Edition:  6th Edition

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Resource Type: Test bank

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Test Bank For Essentials of Economics 6th Edition By N. Gregory Mankiw

ISBN-10: 0538453052, ISBN-13: 9780538453059

Chapter 1 Ten Principles of Economics

Multiple Choice

  1. 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

  1. 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

  1. 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

  1. 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

  1. 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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