TEST BANK
Essentials of Econ by N. Gregory Mankiw All
Chapters 1 - 24omics 9th edition
Page 1
,Table of Contents.
Part I: INTRODUCTION.
1. Ten Principles of Economics.
2. Thinking Like an Economist.
3. Interdependence and the Gains from Trade.
Part II: HOW MARKETS WORK.
4. The Market Forces of Supply and Demand.
5. Elasticity and Its Application.
6. Supply, Demand, and Government Policies.
Part III: MARKETS AND WELFARE.
7. Consumers, Producers, and the Efficiency of Markets.
8. Application: The Costs of Taxation.
9. Application: International Trade.
Part IV: THE ECONOMICS OF THE PUBLIC SECTOR.
10. Externalities.
11. Public Goods and Common Resources.
Part V: Firm Behavior and the Organization of Industry.
Page 2
,12. The Costs of Production.
13. Firms in Competitive Markets.
14. Monopoly.
Part VI: THE DATA OF MACROECONOMICS.
15. Measuring a Nation’s Income.
16. Measuring the Cost of Living.
Part VII: THE REAL ECONOMY IN THE LONG RUN.
17. Production and Growth.
18. Saving, Investment, and the Financial System.
19. The Basic Tools of Finance.
20. Unemployment and Its Natural Rate.
Part VIII: MONEY AND PRICES IN THE LONG RUN.
21. The Monetary System.
22. Money Growth and Inflation.
Part IX: SHORT-RUN ECONOMIC FLUCTUATIONS.
23. Aggregate Demand and Aggregate Supply.
24. The Influence of Monetary and Fiscal Policy on Aggregate Demand.
Page 3
, 1. Ten Principles of Economics.
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
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 - Apply basic, economic principles of individual decision
making that determine how an economy generally works.
TOPICS: Economic thinking
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 001.01.0 - MC - MANK08
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
DIFFICULTY: Easy
LEARNING aOBJECTIVES: a ECON.MANK.012 a- aApply abasic, aeconomic aprinciples aof aindividual
adecision a making athat adetermine ahow aan aeconomy agenerally aworks.
TOPICS: Economic athinking
KEYWORDS: BLOOM'S: aKnowledge
CUSTOM aID: 002.01.0 a- aMC a- aMANK08
3. Resources aare
a. scarce afor ahouseholds abut aplentiful afor aeconomies.
b. plentiful afor ahouseholds abut ascarce afor aeconomies.
c. scarce afor ahouseholds aand ascarce afor aeconomies.
d. plentiful afor ahouseholds aand aplentiful afor aeconomies.
ANSWER: c
DIFFICULTY: Easy
LEARNING aOBJECTIVES: a ECON.MANK.012 a- aApply abasic, aeconomic aprinciples aof aindividual
adecision a making athat adetermine ahow aan aeconomy agenerally aworks.
TOPICS: Economic
athinking a Scarcity
KEYWORDS: BLOOM'S: aComprehension
Page 4
Essentials of Econ by N. Gregory Mankiw All
Chapters 1 - 24omics 9th edition
Page 1
,Table of Contents.
Part I: INTRODUCTION.
1. Ten Principles of Economics.
2. Thinking Like an Economist.
3. Interdependence and the Gains from Trade.
Part II: HOW MARKETS WORK.
4. The Market Forces of Supply and Demand.
5. Elasticity and Its Application.
6. Supply, Demand, and Government Policies.
Part III: MARKETS AND WELFARE.
7. Consumers, Producers, and the Efficiency of Markets.
8. Application: The Costs of Taxation.
9. Application: International Trade.
Part IV: THE ECONOMICS OF THE PUBLIC SECTOR.
10. Externalities.
11. Public Goods and Common Resources.
Part V: Firm Behavior and the Organization of Industry.
Page 2
,12. The Costs of Production.
13. Firms in Competitive Markets.
14. Monopoly.
Part VI: THE DATA OF MACROECONOMICS.
15. Measuring a Nation’s Income.
16. Measuring the Cost of Living.
Part VII: THE REAL ECONOMY IN THE LONG RUN.
17. Production and Growth.
18. Saving, Investment, and the Financial System.
19. The Basic Tools of Finance.
20. Unemployment and Its Natural Rate.
Part VIII: MONEY AND PRICES IN THE LONG RUN.
21. The Monetary System.
22. Money Growth and Inflation.
Part IX: SHORT-RUN ECONOMIC FLUCTUATIONS.
23. Aggregate Demand and Aggregate Supply.
24. The Influence of Monetary and Fiscal Policy on Aggregate Demand.
Page 3
, 1. Ten Principles of Economics.
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
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 - Apply basic, economic principles of individual decision
making that determine how an economy generally works.
TOPICS: Economic thinking
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 001.01.0 - MC - MANK08
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
DIFFICULTY: Easy
LEARNING aOBJECTIVES: a ECON.MANK.012 a- aApply abasic, aeconomic aprinciples aof aindividual
adecision a making athat adetermine ahow aan aeconomy agenerally aworks.
TOPICS: Economic athinking
KEYWORDS: BLOOM'S: aKnowledge
CUSTOM aID: 002.01.0 a- aMC a- aMANK08
3. Resources aare
a. scarce afor ahouseholds abut aplentiful afor aeconomies.
b. plentiful afor ahouseholds abut ascarce afor aeconomies.
c. scarce afor ahouseholds aand ascarce afor aeconomies.
d. plentiful afor ahouseholds aand aplentiful afor aeconomies.
ANSWER: c
DIFFICULTY: Easy
LEARNING aOBJECTIVES: a ECON.MANK.012 a- aApply abasic, aeconomic aprinciples aof aindividual
adecision a making athat adetermine ahow aan aeconomy agenerally aworks.
TOPICS: Economic
athinking a Scarcity
KEYWORDS: BLOOM'S: aComprehension
Page 4
