Solution Manual for Principles of Microeconomics, 8th Edition canada N. Mankiw, Ronald Kneebone, Kenneth McKenzie

Fullgfilegatghttps://testbankuniv.eu/Principles-of-Microeconomics-8th-Edition-Mankiw-Test-
Bank1. Whichgofgthegfollowinggisgnotgcorrect?
a. Economistsgusegsomegfamiliargwordsgingspecializedgways.
b. Economicsghasgitsgownglanguagegandgitsgowngwaygofgthinking,gbutgfewgothergfieldsgofgstudygdo.
c. Supply,gdemand,gelasticity,gcomparativegadvantage,gconsumergsurplus,gandgdeadweightglossgaregallgtermsgth
atgaregpartgofgthegeconomist’sglanguage.
d. Thegvaluegofgthegeconomist’sglanguagegliesgingitsgabilitygtogprovidegyougwithgagnewgandgusefulgwaygofgthink
inggaboutgthegworldgingwhichgyouglive.
ANSWER: b
DIFFICULTY: Moderate
LEARNINGgOBJECTIVES:g ECON.MANK.012g-
gApplygbasic,geconomicgprinciplesgofgindividualgdecisiongmakinggthatgdeterminegh
owgangeconomyggenerallygworks.
TOPICS: Economicgthinking
KEYWORDS: BLOOM'S:gComprehension
CUSTOMgID: 001.02.0g-gMCg-gMANK08

2. Economistsgusegsomegfamiliargtermsgingspecializedgways
a. togmakegthegsubjectgsoundgmoregcomplexgthangitgis.
b. becausegeverygrespectablegfieldgofgstudyghasgitsgownglanguage.
c. togprovidegagnewgandgusefulgwaygofgthinkinggaboutgthegworld.
d. becausegitgwasgtoogdifficultgtogcomegupgwithgnewgterms.
ANSWER: c
DIFFICULTY: Easy
LEARNINGgOBJECTIVES:g ECON.MANK.024g-gClassifygthegdifferentgfunctionsgangeconomistgmaygserve.
TOPICS: Economicgthinking
KEYWORDS: BLOOM'S:gComprehension
CUSTOMgID: 002.02.0g-gMCg-gMANK08

3. Theglanguagegofgeconomicsgis
a. needlesslygarcane.
b. valuablegbecausegitgprovidesgagnewgandgusefulgwaygofglearninggaboutgthegworld.
c. easygtoglearngwithingagday.
d. unnecessarygtoglearngforgagthoroughgunderstandinggofgeconomics.
ANSWER: b
DIFFICULTY: Easy
LEARNINGgOBJECTIVES:g ECON.MANK.012g-
gApplygbasic,geconomicgprinciplesgofgindividualgdecisiongmakinggthatgdeterminegh
owgangeconomyggenerallygworks.
TOPICS: Economicgthinking
KEYWORDS: BLOOM'S:gComprehension
CUSTOMgID: 003.02.0g-gMCg-gMANK08

4. Studyinggwhichgofgthegfollowinggisghelpfulginglearninggtogthinkglikegangeconomist?
a. theory.
b. casegstudies.
c. examplesgofgeconomicsgingthegnews.
d. allgofgthegabove.
ANSWER: d

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Fullgfilegatghttps://testbankuniv.eu/Principles-of-Microeconomics-8th-Edition-Mankiw-Test-
Bank

,Fullgfilegatghttps://testbankuniv.eu/Principles-of-Microeconomics-8th-Edition-Mankiw-Test-
BankDIFFICULTY: Easy
LEARNINGgOBJECTIVES:g ECON.MANK.024g-gClassifygthegdifferentgfunctionsgangeconomistgmaygserve.
TOPICS: Economicgthinking
KEYWORDS: BLOOM'S:gKnowledge
CUSTOMgID: 004.02.0g-gMCg-gMANK08




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Fullgfilegatghttps://testbankuniv.eu/Principles-of-Microeconomics-8th-Edition-Mankiw-Test-
Bank

,Fullgfilegatghttps://testbankuniv.eu/Principles-of-Microeconomics-8th-Edition-Mankiw-Test-
Bank1. Economists,glikegmathematicians,gphysicists,gandgbiologists,
a. makegusegofgthegscientificgmethod.
b. trygtogaddressgtheirgsubjectgwithgagscientist’sgobjectivity.
c. devisegtheories,gcollectgdata,gandgthenganalyzegthesegdatagingangattemptgtogverifygorgrefutegtheirgtheories.
d. Allgofgthegabovegaregcorrect.
ANSWER: d
DIFFICULTY: Moderate
LEARNINGgOBJECTIVES:g ECON.MANK.024g-gClassifygthegdifferentgfunctionsgangeconomistgmaygserve.
TOPICS: Economicgthinking
KEYWORDS: BLOOM'S:gComprehension
CUSTOMgID: 001.02.1g-gMCg-gMANK08

2. Thegessencegofgsciencegis
a. theglaboratorygexperiment.
b. thegscientificgmethod.
c. thegstudygofgnature,gbutgnotgthegstudygofgsociety.
d. Allgofgthegabovegaregcorrect.
ANSWER: b
DIFFICULTY: Easy
LEARNINGgOBJECTIVES:g ECON.MANK.024g-gClassifygthegdifferentgfunctionsgangeconomistgmaygserve.
KEYWORDS: BLOOM'S:gKnowledge
CUSTOMgID: 002.02.1g-gMCg-gMANK08

3. Thegscientificgmethodgis
a. thegusegofgmoderngtechnologygtogunderstandgthegwaygthegworldgworks.
b. thegusegofgcontrolledglaboratorygexperimentsgtogunderstandgthegwaygthegworldgworks.
c. thegdispassionategdevelopmentgandgtestinggofgtheoriesgaboutghowgthegworldgworks.
d. thegsearchgforgevidencegtogsupportgpreconceivedgtheoriesgaboutghowgthegworldgworks.
ANSWER: c
DIFFICULTY: Easy
LEARNINGgOBJECTIVES:g ECON.MANK.024g-gClassifygthegdifferentgfunctionsgangeconomistgmaygserve.
KEYWORDS: BLOOM'S:gKnowledge
CUSTOMgID: 003.02.1g-gMCg-gMANK08

4. Thegscientificgmethodgisgapplicablegtogstudying
a. naturalgsciences,gbutgnotgsocialgsciences.
b. socialgsciences,gbutgnotgnaturalgsciences.
c. bothgnaturalgsciencesgandgsocialgsciences.
d. Nonegofgthegabovegisgcorrect.
ANSWER: c
DIFFICULTY: Moderate
LEARNINGgOBJECTIVES:g ECON.MANK.024g-gClassifygthegdifferentgfunctionsgangeconomistgmaygserve.
KEYWORDS: BLOOM'S:gComprehension
CUSTOMgID: 004.02.1g-gMCg-gMANK08

5. Whogsaid,g"Thegwholegofgsciencegisgnothinggmoregthangthegrefinementgofgeverydaygthinking"?
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Fullgfilegatghttps://testbankuniv.eu/Principles-of-Microeconomics-8th-Edition-Mankiw-Test-
Bank

, Fullgfilegatghttps://testbankuniv.eu/Principles-of-Microeconomics-8th-Edition-Mankiw-Test-
Bank a. IsaacgNewton
b. AlbertgEinstein
c. AdamgSmith
d. BenjamingFranklin
ANSWER: b
DIFFICULTY: Easy
LEARNINGgOBJECTIVES:g ECON.MANK.024g-gClassifygthegdifferentgfunctionsgangeconomistgmaygserve.
KEYWORDS: BLOOM'S:gKnowledge
CUSTOMgID: 005.02.1g-gMCg-gMANK08

6. AlbertgEinsteingoncegmadegthegfollowinggobservationgaboutgscience:
a. "Thegwholegofgsciencegisgnothinggmoregthangthegrefinementgofgeverydaygthinking."
b. "Thegwholegofgsciencegisgnothinggmoregthanganginterestinggintellectualgexercise."
c. "Ingordergtogunderstandgscience,gonegmustgrelygsolelygongabstraction."
d. "Ingordergtogunderstandgscience,gonegmustgtranscendgeverydaygthinking."
ANSWER: a
DIFFICULTY: Easy
LEARNINGgOBJECTIVES:g ECON.MANK.024g-gClassifygthegdifferentgfunctionsgangeconomistgmaygserve.
KEYWORDS: BLOOM'S:gKnowledge
CUSTOMgID: 006.02.1g-gMCg-gMANK08

7. SirgIsaacgNewton'sgdevelopmentgofgthegtheorygofggravitygaftergobservinggangapplegfallgfromgagtreegisgangexamplegof
a. agcontrolledgexperimentgthatgleadgtogthegformulationgofgagscientificgtheory.
b. beinggingthegrightgplacegatgthegrightgtime.
c. angideagwhosegtimeghadgcome.
d. theginterplaygbetweengobservationgandgtheorygingscience.
ANSWER: d
DIFFICULTY: Moderate
LEARNINGgOBJECTIVES:g ECON.MANK.024g-gClassifygthegdifferentgfunctionsgangeconomistgmaygserve.
KEYWORDS: BLOOM'S:gComprehension
CUSTOMgID: 007.02.1g-gMCg-gMANK08

8. Whichgofgthegfollowinggstepsgdoesgangeconomistgtakegwhengstudyinggthegeconomy?
a. devisegtheories
b. collectgdata
c. analyzegdata
d. Allgofgthegabovegaregcorrect.
ANSWER: d
DIFFICULTY: Easy
LEARNINGgOBJECTIVES:g ECON.MANK.024g-gClassifygthegdifferentgfunctionsgangeconomistgmaygserve.
TOPICS: Economicgthinking
KEYWORDS: BLOOM'S:gComprehension
CUSTOMgID: 008.02.1g-gMCg-gMANK08

9. Whichgofgthegfollowinggisgangexamplegofgusinggthegscientificgmethodgwithgagnaturalgexperiment?
a. measuringghowglonggitgtakesgagmarblegtogfallgfromgagtengstorygbuilding
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Fullgfilegatghttps://testbankuniv.eu/Principles-of-Microeconomics-8th-Edition-Mankiw-Test-
Bank