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TEST BANK
Essentials of Economics
N. Mankiw
10th Edition
Page 1
,@ProfdocDigitalLibraries <Best Online Study Materials>
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
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
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 2
,@ProfdocDigitalLibraries <Best Online Study Materials>
Chap 01: 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 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: 002.01.0 - MC - MANK08
3. Resources are
a. scarce for households but plentiful for economies.
b. plentiful for households but scarce for economies.
c. scarce for households and scarce for economies.
d. plentiful for households and plentiful for economies.
ANSWER: c
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
Scarcity
KEYWORDS: BLOOM'S: Comprehension
Page 3
, @ProfdocDigitalLibraries <Best Online Study Materials>
CUSTOM ID: 003.01.0 - MC - MANK08
4. In considering how to allocate its scarce resources among its various members, a household considers
Page 4
TEST BANK
Essentials of Economics
N. Mankiw
10th Edition
Page 1
,@ProfdocDigitalLibraries <Best Online Study Materials>
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
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
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 2
,@ProfdocDigitalLibraries <Best Online Study Materials>
Chap 01: 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 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: 002.01.0 - MC - MANK08
3. Resources are
a. scarce for households but plentiful for economies.
b. plentiful for households but scarce for economies.
c. scarce for households and scarce for economies.
d. plentiful for households and plentiful for economies.
ANSWER: c
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
Scarcity
KEYWORDS: BLOOM'S: Comprehension
Page 3
, @ProfdocDigitalLibraries <Best Online Study Materials>
CUSTOM ID: 003.01.0 - MC - MANK08
4. In considering how to allocate its scarce resources among its various members, a household considers
Page 4
