Test Bank for Essentials of Economics 8th Edition by N. Gregory Mankiw – All Chapters Covered

TEST BANK h




Essentials of Econ by N. Gregory Mankiw All
h h h h h h h




Chapters 1 - 24omics 9th edition
h h h h h h




Page h1

,Table of Contents. h h




Part I: INTRODUCTION.
h h




1. Ten Principles of Economics.
h h h h




2. Thinking Like an Economist.
h h h h




3. Interdependence and the Gains from Trade.
h h h h h h




Part II: HOW MARKETS WORK.
h h h h




4. The Market Forces of Supply and Demand.
h h h h h h h




5. Elasticity and Its Application.
h h h h




6. Supply, Demand, and Government Policies.
h h h h h




Part III: MARKETS AND WELFARE.
h h h h




7. Consumers, Producers, and the Efficiency of Markets.
h h h h h h h




8. Application: The Costs of Taxation.
h h h h h




9. Application: International Trade.
h h h




Part IV: THE ECONOMICS OF THE PUBLIC SECTOR.
h h h h h h h




10. Externalities.
h




11. Public Goods and Common Resources.
h h h h h




Part V: Firm Behavior and the Organization of Industry.
h h h h h h h h




Page h2

,12. The Costs of Production.
h h h h




13. Firms in Competitive Markets.
h h h h




14. Monopoly.
h




Part VI: THE DATA OF MACROECONOMICS.
h h h h h




15. Measuring a Nation’s Income.
h h h h




16. Measuring the Cost of Living.
h h h h h




Part VII: THE REAL ECONOMY IN THE LONG RUN.
h h h h h h h h




17. Production and Growth.
h h h




18. Saving, Investment, and the Financial System.
h h h h h h




19. The Basic Tools of Finance.
h h h h h




20. Unemployment and Its Natural Rate.
h h h h h




Part VIII: MONEY AND PRICES IN THE LONG RUN.
h h h h h h h h




21. The Monetary System.
h h h




22. Money Growth and Inflation.
h h h h




Part IX: SHORT-RUN ECONOMIC FLUCTUATIONS.
h h h h




23. Aggregate Demand and Aggregate Supply.
h h h h h




24. The Influence of Monetary and Fiscal Policy on Aggregate Demand.
h h h h h h h h h h




Page h3

, 1. Ten Principles of Economics.
h h h h




1. The English word that comes from the Greek word for "one who manages a household" is
h h h h h h h h h h h h h h h


a. market.
b. consumer.
c. producer.
d. economy.
ANSWER: d
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 - Apply basic, economic principles of individual decision
h h h h h h h h h h


making that determine how an economy generally works.
h h h h h h h h



TOPICS: Economic thinking h



KEYWORDS: BLOOM'S: Knowledge h



CUSTOM ID: h 001.01.0 - MC - MANK08 h h h h




2. The word “economy” comes from the Greek word oikonomos, which means
h h h h h h h h h h


a. “environment.”
b. “production.”
c. “one who manages a household.”
h h h h



d. “one who makes decisions.”
h h h



ANSWER: c
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 - Apply basic, economic principles of individual decision
h h h h h h h h h h


making that determine how an economy generally works.
h h h h h h h h



TOPICS: Economic thinking h



KEYWORDS: BLOOM'S: Knowledge h



CUSTOM ID: h 002.01.0 - MC - MANK08 h h h h




3. Resources are h


a. scarce for households but plentiful for economies.
h h h h h h



b. plentiful for households but scarce for economies.
h h h h h h



c. scarce for households and scarce for economies.
h h h h h h



d. plentiful for households and plentiful for economies.
h h h h h h



ANSWER: c
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 - Apply basic, economic principles of individual decision
h h h h h h h h h h


making that determine how an economy generally works.
h h h h h h h h



TOPICS: Economic thinking h


Scarcity h



KEYWORDS: BLOOM'S: Comprehension h




Page h4