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

TESTBANK l




EssentialsofEconbyN.GregoryMankiwAllChapters
l l l l l l l l




l 1-24omics9thedition
l l l l




Page1
l

,TableofContents. l l




PartI:INTRODUCTION.
l l




1. Ten Principles of Economics.
l l l l




2. ThinkingLikean Economist.
l l l l




3. Interdependenceand theGainsfrom Trade.
l l l l l l




PartII:HOW MARKETS WORK.
l l l l




4. The Market Forcesof Supply andDemand.
l l l l l l l




5. ElasticityandIts Application.
l l l l




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




PartIII:MARKETSAND WELFARE.
l l l l




7. Consumers, Producers, andthe Efficiency of Markets.
l l l l l l l




8. Application:TheCosts of Taxation.
l l l l l




9. Application:International Trade.
l l l




PartIV:THE ECONOMICS OFTHEPUBLICSECTOR.
l l l l l l l




10. Externalities.
l




11. Public Goods andCommon Resources.
l l l l l




Part V:Firm Behaviorand theOrganization of Industry.
l l l l l l l l




Page2
l

,12. The Costs ofProduction.
l l l l




13. Firms inCompetitive Markets.
l l l l




14. Monopoly.
l




Part VI:THE DATAOFMACROECONOMICS.
l l l l l




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




16. Measuring theCost of Living.
l l l l l




Part VII:THEREAL ECONOMYIN THELONG RUN.
l l l l l l l l




17. Production andGrowth.
l l l




18. Saving, Investment, andthe FinancialSystem.
l l l l l l




19. The Basic Tools ofFinance.
l l l l l




20. Unemploymentand Its Natural Rate.
l l l l l




Part VIII:MONEYAND PRICES INTHE LONG RUN.
l l l l l l l l




21. The Monetary System.
l l l




22. Money Growth and Inflation.
l l l l




PartIX:SHORT-RUNECONOMIC FLUCTUATIONS.
l l l l




23. Aggregate Demand and Aggregate Supply.
l l l l l




24. The Influence ofMonetary andFiscalPolicy on AggregateDemand.
l l l l l l l l l l




Page3
l

, 1. Ten Principles of Economics.
l l l l




1. The Englishwordthat comesfrom the Greekwordfor "one whomanagesa household" is
l l l l l l l l l l l l l l l




a. market.
b. consumer.
c. producer.
d. economy.
ANSWER: d
DIFFICULTY: Easy
LEARNINGOBJECTIVES: ECON.MANK.012 -Apply basic, economic principlesof individual decision making
l l l l l l l l l l l




that determine how an economy generally works. l l l l l l l




TOPICS: Economicthinking l




KEYWORDS: BLOOM'S: Knowledge l




CUSTOM ID: l 001.01.0 -MC -MANK08 l l l l




2. The word“economy”comesfrom the Greekword oikonomos, whichmeans
l l l l l l l l l l




a. “environment.”
b. “production.”
c. “one whomanages a household.”
l l l l




d. “one whomakes decisions.”
l l l




ANSWER: c
DIFFICULTY: Easy
LEARNINGOBJECTIVES: ECON.MANK.012 -Apply basic, economic principlesof individual decision making
l l l l l l l l l l l




that determine how an economy generally works. l l l l l l l




TOPICS: Economicthinking l




KEYWORDS: BLOOM'S: Knowledge l




CUSTOM ID: l 002.01.0 -MC -MANK08 l l l l




3. Resources are l




a. scarcefor households but plentiful foreconomies.
l l l l l l




b. plentiful for households butscarceforeconomies.
l l l l l l




c. scarcefor households andscarce for economies.
l l l l l l




d. plentiful for households andplentiful for economies.
l l l l l l




ANSWER: c
DIFFICULTY: Easy
LEARNINGOBJECTIVES: ECON.MANK.012 -Apply basic, economic principlesof individual decision making
l l l l l l l l l l l




that determine how an economy generally works. l l l l l l l




TOPICS: Economicthinking l




Scarcity l




KEYWORDS: BLOOM'S: Comprehension l




Page4
l