20/09/2020 Test Bank Principles of Macroeconomics, 8th Canadian Edition Mankiw
Test Bank Principles of Macroeconomics, 8th Canadian Edition
Mankiw
Quantity:
https://www.coursesexams.com/test-bank-principles-of-macroeconomics-8th-canadian-edition-mankiw/ 1/55
,20/09/2020 Test Bank Principles of Macroeconomics, 8th Canadian Edition Mankiw
1
1. Which word comes from the Greek word for “one who manages a household”?
2. market b. bank
c. government d. economy
ANSWER: d
1. From which of the following is the word “economy” derived?
2. one who consumes goods b. one who manages a household
c. one who participates in a market d. one who governs a country
ANSWER: b
1. What do households and economies have in common?
2. They both must allocate scarce resources.
3. They both face difficulties saving money.
4. They both must sell the goods and services they produce.
5. They both must have a central decision maker.
ANSWER: a
https://www.coursesexams.com/test-bank-principles-of-macroeconomics-8th-canadian-edition-mankiw/ 2/55
,20/09/2020 Test\Bank\Principles\of\Macroeconomics,\8th\Canadian\Edition\Mankiw
1.\What\concept\does\economics\primarily\deal\with?
2.\scarcity b.\poverty
c.\change d.\power
ANSWER:\a
1. What\is\ NOT\ included\ in\the\ decisions\ that\ every\ society\ must\ make?
2. what\goods\will\be\produced b.\who\will\produce\the\goods
c.\what\determines\consumer\preferences\\ d.\who\will\consume\the\goods
ANSWER:\c
1. Why\do\both\households\and\societies\face\many\decisions?
2. Resources\are\scarce.
3. Populations\may\fluctuate\over\time.
4. Wages\for\households\and\therefore\society\fluctuate\with\business\cycles.
5. People,\by\nature,\tend\to\disagree.
ANSWER:\a
1. When\is\a\good\considered\scarce\in\a\society?
2. when\more\output\of\the\good\is\possible
3. when\everyone\in\that\society\cannot\have\all\they\want\of\the\good
4. when\the\government\restricts\production\of\the\good
5. when\only\the\richest\people\in\the\economy\can\buy\all\they\want\of\the\good
ANSWER:\b
1. When\does\scarcity\exist?
2. when\there\is\less\than\an\infinite\amount\of\a\resource\or\good
3. when\society\can\meet\the\wants\of\every\individual
4. when\there\is\less\of\a\good\or\resource\available\than\people\wish\to\have
5. when\the\government\fails\to\produce\goods
ANSWER:\c
https://www.coursesexams.com/test-bank-principles-of-macroeconomics-8th-canadian-edition-mankiw/ 3/55
, 1.\How\are\goods\and\services\allocated\in\a\market\economy?
2.\by\government\decisions
20/09/2020 Test\Bank\Principles\of\Macroeconomics,\8th\Canadian\Edition\Mankiw
3.\by\giving\each\individual\just\enough\for\a\decent\standard\of\living
4. by\the\actions\of\all\firms\and\consumers
5. by\inherited\rights\and\properties
ANSWER:\c
10. Approximately\what\percentage\of\the\world’s\economies\experience\scarcity?\a.\30\\\ b.\45\
c.\60 d.\100
ANSWER:\d
11. What\is\an\economy\experiencing \when\a\society\cannot\produce\all\the\goods\and\services\people\wish\to\have?
1.\scarcity b.\economic\growth
c.\competition d.\market\failure
ANSWER:\a
12.For\society,\when\is\a\good\NOT\scarce?
1. if\at\least\one\individual\in\society\can\obtain\all\he\or\she\wants\of\the\good
2. if\firms\are\producing\at\full\capacity
3. if\all\members\of\society\can\have\all\they\want\of\the\good
4. if\those\who\have\enough\income\can\buy\all\they\want\of\the\good
ANSWER:\c
13.Which\good\best\meets\the\definition\of\scarcity?
1. air b.\water\in\the\ocean
c.\electricity\in\a\city\\\ d.\wood\in\a\forest
ANSWER:\c
https://www.coursesexams.com/test-bank-principles-of-macroeconomics-8th-canadian-edition-mankiw/ 4/55
Test Bank Principles of Macroeconomics, 8th Canadian Edition
Mankiw
Quantity:
https://www.coursesexams.com/test-bank-principles-of-macroeconomics-8th-canadian-edition-mankiw/ 1/55
,20/09/2020 Test Bank Principles of Macroeconomics, 8th Canadian Edition Mankiw
1
1. Which word comes from the Greek word for “one who manages a household”?
2. market b. bank
c. government d. economy
ANSWER: d
1. From which of the following is the word “economy” derived?
2. one who consumes goods b. one who manages a household
c. one who participates in a market d. one who governs a country
ANSWER: b
1. What do households and economies have in common?
2. They both must allocate scarce resources.
3. They both face difficulties saving money.
4. They both must sell the goods and services they produce.
5. They both must have a central decision maker.
ANSWER: a
https://www.coursesexams.com/test-bank-principles-of-macroeconomics-8th-canadian-edition-mankiw/ 2/55
,20/09/2020 Test\Bank\Principles\of\Macroeconomics,\8th\Canadian\Edition\Mankiw
1.\What\concept\does\economics\primarily\deal\with?
2.\scarcity b.\poverty
c.\change d.\power
ANSWER:\a
1. What\is\ NOT\ included\ in\the\ decisions\ that\ every\ society\ must\ make?
2. what\goods\will\be\produced b.\who\will\produce\the\goods
c.\what\determines\consumer\preferences\\ d.\who\will\consume\the\goods
ANSWER:\c
1. Why\do\both\households\and\societies\face\many\decisions?
2. Resources\are\scarce.
3. Populations\may\fluctuate\over\time.
4. Wages\for\households\and\therefore\society\fluctuate\with\business\cycles.
5. People,\by\nature,\tend\to\disagree.
ANSWER:\a
1. When\is\a\good\considered\scarce\in\a\society?
2. when\more\output\of\the\good\is\possible
3. when\everyone\in\that\society\cannot\have\all\they\want\of\the\good
4. when\the\government\restricts\production\of\the\good
5. when\only\the\richest\people\in\the\economy\can\buy\all\they\want\of\the\good
ANSWER:\b
1. When\does\scarcity\exist?
2. when\there\is\less\than\an\infinite\amount\of\a\resource\or\good
3. when\society\can\meet\the\wants\of\every\individual
4. when\there\is\less\of\a\good\or\resource\available\than\people\wish\to\have
5. when\the\government\fails\to\produce\goods
ANSWER:\c
https://www.coursesexams.com/test-bank-principles-of-macroeconomics-8th-canadian-edition-mankiw/ 3/55
, 1.\How\are\goods\and\services\allocated\in\a\market\economy?
2.\by\government\decisions
20/09/2020 Test\Bank\Principles\of\Macroeconomics,\8th\Canadian\Edition\Mankiw
3.\by\giving\each\individual\just\enough\for\a\decent\standard\of\living
4. by\the\actions\of\all\firms\and\consumers
5. by\inherited\rights\and\properties
ANSWER:\c
10. Approximately\what\percentage\of\the\world’s\economies\experience\scarcity?\a.\30\\\ b.\45\
c.\60 d.\100
ANSWER:\d
11. What\is\an\economy\experiencing \when\a\society\cannot\produce\all\the\goods\and\services\people\wish\to\have?
1.\scarcity b.\economic\growth
c.\competition d.\market\failure
ANSWER:\a
12.For\society,\when\is\a\good\NOT\scarce?
1. if\at\least\one\individual\in\society\can\obtain\all\he\or\she\wants\of\the\good
2. if\firms\are\producing\at\full\capacity
3. if\all\members\of\society\can\have\all\they\want\of\the\good
4. if\those\who\have\enough\income\can\buy\all\they\want\of\the\good
ANSWER:\c
13.Which\good\best\meets\the\definition\of\scarcity?
1. air b.\water\in\the\ocean
c.\electricity\in\a\city\\\ d.\wood\in\a\forest
ANSWER:\c
https://www.coursesexams.com/test-bank-principles-of-macroeconomics-8th-canadian-edition-mankiw/ 4/55
