Principles of Economics ED.7 by N. Gregory Mankiw - |Test bank| Reviewed/Updated for 2021

Principles of Economics ED.7 by N. Gregory Mankiw - |Test bank| Reviewed/Updated for 2021 The Test bank borrows from the elaborated text book fielding questions specially tailored to the text book topics to equip the student with what questions to expect in the quiz’s tests and exams Seventh Edition, continues to be the most popular and widely-used text in the economics classroom. A text by a superb writer and economist that stresses the most important concepts without overwhelming students with an excess of detail. A thorough update has been made to keep all chapters fresh and relevant with current Economic coverage Which word comes from the Greek word for “one who manages a household”? a. market b. consumer c. producer d. economyFrom which Greek word(s) is the word economy derived? a. environment b. one who manages a household c. one who participates in a market d. conservationWhat do households and economies have in common? a. They both must allocate scarce resources. b. They both face many decisions. c. They both must allocate the goods and services they produce. d. They both must have a central decision makerWhat concept does economics primarily deal with? a. scarcity b. poverty c. change d. poweWhy do both households and societies face many decisions? a. because resources are scarce b. because populations may increase or decrease over time c. because wages for households and therefore society fluctuate with business cycles d. because people, by nature, tend to disagreeWhen is a good considered scarce in a society? a. when more output of the good is possible b. when everyone in that society cannot have all they want of the good c. when the government restricts production of the good d. when only the richest people in the economy can buy all they want of the good