Ten Principles of Economics
Multiple Choice – Section 00: Introduction
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.
ANSWER: d
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: General
Principles
KEYWORDS: BLOOM'S: Knowledge
2. 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.”
ANSWER: c
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: General
Principles
KEYWORDS: BLOOM'S: Knowledge
© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
,2 Ten Principles of Economics
3. 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.
ANSWER: c
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
Scarcity
KEYWORDS: BLOOM'S: Comprehension
4. 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 are correct.
ANSWER: d
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
Scarcity
KEYWORDS: BLOOM'S: Comprehension
© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
,Ten Principles of Economics 3
5. Economics deals primarily with the concept of
a. scarcity.
b. money.
c. poverty.
d. banking.
ANSWER: a
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
Scarcity
KEYWORDS: BLOOM'S: Knowledge
6. Which of the following is correct?
a. The word economy comes from the Greek word for “rational thinker.”
b. Economists study the management of scarce resources.
c. Because economists believe that people pursue their best interests, they are not interested in how
people interact.
d. All of the above are correct.
ANSWER: b
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
Scarcity
KEYWORDS: BLOOM'S: Knowledge
© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
, 4 Ten Principles of Economics
7. The overriding reason why households and societies face many decisions is that
a. resources are scarce.
b. goods and services are not scarce.
c. incomes fluctuate with business cycles.
d. people, by nature, tend to disagree.
ANSWER: a
POINTS: 1
DIFFICULTY: Difficulty: Moderate
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
Scarcity
KEYWORDS: BLOOM'S: Comprehension
8. A society allocates its scarce resources to various jobs. These scarce resources include
a. land.
b. people.
c. machines.
d. All of the above are correct.
ANSWER: d
POINTS: 1
DIFFICULTY: Difficulty: Moderate
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
Scarcity
KEYWORDS: BLOOM'S: Comprehension
NOTES: n
© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Multiple Choice – Section 00: Introduction
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.
ANSWER: d
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: General
Principles
KEYWORDS: BLOOM'S: Knowledge
2. 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.”
ANSWER: c
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: General
Principles
KEYWORDS: BLOOM'S: Knowledge
© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
,2 Ten Principles of Economics
3. 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.
ANSWER: c
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
Scarcity
KEYWORDS: BLOOM'S: Comprehension
4. 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 are correct.
ANSWER: d
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
Scarcity
KEYWORDS: BLOOM'S: Comprehension
© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
,Ten Principles of Economics 3
5. Economics deals primarily with the concept of
a. scarcity.
b. money.
c. poverty.
d. banking.
ANSWER: a
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
Scarcity
KEYWORDS: BLOOM'S: Knowledge
6. Which of the following is correct?
a. The word economy comes from the Greek word for “rational thinker.”
b. Economists study the management of scarce resources.
c. Because economists believe that people pursue their best interests, they are not interested in how
people interact.
d. All of the above are correct.
ANSWER: b
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
Scarcity
KEYWORDS: BLOOM'S: Knowledge
© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
, 4 Ten Principles of Economics
7. The overriding reason why households and societies face many decisions is that
a. resources are scarce.
b. goods and services are not scarce.
c. incomes fluctuate with business cycles.
d. people, by nature, tend to disagree.
ANSWER: a
POINTS: 1
DIFFICULTY: Difficulty: Moderate
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
Scarcity
KEYWORDS: BLOOM'S: Comprehension
8. A society allocates its scarce resources to various jobs. These scarce resources include
a. land.
b. people.
c. machines.
d. All of the above are correct.
ANSWER: d
POINTS: 1
DIFFICULTY: Difficulty: Moderate
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
Scarcity
KEYWORDS: BLOOM'S: Comprehension
NOTES: n
© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
