Test Bank For Essentials of Economics International Edition 5th Edition N. Gregory Mankiw

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Edition:  5th Edition

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Resource Type: Test bank

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Test Bank For Essentials of Economics International Edition 5th Edition N. Gregory Mankiw

Chapter 1

Ten Principles of Economics

TRUE/FALSE

  1. 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

  1. 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

  1. 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

  1. 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

  1. 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

  1. 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

  1. 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

  1. Government policies that improve equality usually increase efficiency at the same time.

ANS:    F                           DIF:      1                           REF:     1-1

NAT:    Analytic              LOC:    Efficiency and Equity                                 TOP:     Efficiency | Equality

MSC:   Interpretive

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