Test Bank For Essentials of Economics 7th Edition By N. Gregory Mankiw

Ten Principles of Economics

Multiple Choice – Section 00: Introduction

1. TheEnglishwordthatcomesfromtheGreekwordfor”onewhomanagesahousehold”is

ANSWER:                            d

POINTS:                             1

DIFFICULTY:                     Difficulty:Easy

LEARNINGOBJECTIVES: ECON.MANK.15.1-LO:1-0

NATIONALSTANDARDS:  UnitedStates-BUSPROG:Analytic

TOPICS:                             DISC:GeneralPrinciples

KEYWORDS:                       BLOOM’S:Knowledge

2. Theword“economy”comesfromtheGreekwordoikonomos,whichmeans
   1. “environment.”
   2. “production.”
   3. “onewhomanagesa”
   4. “onewhomakes”

ANSWER:                            c

POINTS:                             1

DIFFICULTY:                     Difficulty:Easy

LEARNINGOBJECTIVES: ECON.MANK.15.1-LO:1-0

NATIONALSTANDARDS:  UnitedStates-BUSPROG:Analytic

TOPICS:                             DISC:GeneralPrinciples

KEYWORDS:                       BLOOM’S:Knowledge

3. Resourcesare
   1. scarceforhouseholdsbutplentifulfor
   2. plentifulforhouseholdsbutscarcefor
   3. scarceforhouseholdsandscarcefor
   4. plentifulforhouseholdsandplentifulfor

ANSWER:                            c

POINTS:                             1

DIFFICULTY:                     Difficulty:Easy

LEARNINGOBJECTIVES: ECON.MANK.15.1-LO:1-0

NATIONALSTANDARDS:  UnitedStates-BUSPROG:Analytic

TOPICS:                             DISC:ThinkingLikeanEconomistScarcity

KEYWORDS:                       BLOOM’S:Comprehension

4. Inconsideringhowtoallocateitsscarceresourcesamongitsvariousmembers,ahouseholdconsiders
   1. eachmember’s
   2. eachmember’sefforts.
   3. eachmember’s
   4. Alloftheaboveare

ANSWER:                            d

POINTS:                             1

DIFFICULTY:                     Difficulty:Easy

LEARNINGOBJECTIVES: ECON.MANK.15.1-LO:1-0

NATIONALSTANDARDS:  UnitedStates-BUSPROG:Analytic

TOPICS:                             DISC:ThinkingLikeanEconomistScarcity

KEYWORDS:                       BLOOM’S:Comprehension

5. Economicsdealsprimarilywiththeconceptof

ANSWER:                            a

POINTS:                             1

DIFFICULTY:                     Difficulty:Easy

LEARNINGOBJECTIVES: ECON.MANK.15.1-LO:1-0

NATIONALSTANDARDS:  UnitedStates-BUSPROG:Analytic

TOPICS:                             DISC:ThinkingLikeanEconomistScarcity

KEYWORDS:                       BLOOM’S:Knowledge