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Test Bank for Essentials of Economics 9th Edition
by Mankiw
All Chapters (1-24) | Expert Verified Answers | Graded A+
Page 1
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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 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 2
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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 deter mine
how an economy generally works.
TOPICS: Economic thinking
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 001.01.0 - MCA- 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 deter mine
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 deter mine
how an economy generally works.
TOPICS:
Page 3
, TESTBANKS BY TESTBANKSNERD
Economic thinki
ng Scarcity
KEYWORDS: BLOOM'S: Comprehension
CUSTOM ID: 003.01.0 - MCA- MANK08
4. In considering how to allocate its scarce resources among its various members, a household considers
a. each member’s abilities.
b. each member’s efforts.
c. each member’s desires.
d. All of the above are correct.
ANSWER: d
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 -
Apply basic, economic principles of individual decision making that deter mine
how an economy generally works.
TOPICS:
Economic thinki
ng Scarcity
KEYWORDS: BLOOM'S: Comprehension
CUSTOM ID: 004.01.0 - MCA- MANK08
5. Fundamentally, economics deals with
a. scarcity.
b. money.
c. poverty.
d. banking.
ANSWER: a
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 -
Apply basic, economic principles of individual decision making that deter mine
how an economy generally works.
TOPICS:
Economic thinki
ng Scarcity
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 005.01.0 - MCA- MANK08
6. Which of the following is correct?
a. The word economy comes from the GreekAword for “rational thinker.”
b. Economists study the management of scarce resources.
c. Because economists believe that people pursue their best interests, they are not interest ed in
how people interact.
d. All of the above are correct.
ANSWER: b
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist may serve.
Page 4
Test Bank for Essentials of Economics 9th Edition
by Mankiw
All Chapters (1-24) | Expert Verified Answers | Graded A+
Page 1
, TESTBANKS BY TESTBANKSNERD
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 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 2
, TESTBANKS BY TESTBANKSNERD
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 deter mine
how an economy generally works.
TOPICS: Economic thinking
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 001.01.0 - MCA- 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 deter mine
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 deter mine
how an economy generally works.
TOPICS:
Page 3
, TESTBANKS BY TESTBANKSNERD
Economic thinki
ng Scarcity
KEYWORDS: BLOOM'S: Comprehension
CUSTOM ID: 003.01.0 - MCA- MANK08
4. In considering how to allocate its scarce resources among its various members, a household considers
a. each member’s abilities.
b. each member’s efforts.
c. each member’s desires.
d. All of the above are correct.
ANSWER: d
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 -
Apply basic, economic principles of individual decision making that deter mine
how an economy generally works.
TOPICS:
Economic thinki
ng Scarcity
KEYWORDS: BLOOM'S: Comprehension
CUSTOM ID: 004.01.0 - MCA- MANK08
5. Fundamentally, economics deals with
a. scarcity.
b. money.
c. poverty.
d. banking.
ANSWER: a
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 -
Apply basic, economic principles of individual decision making that deter mine
how an economy generally works.
TOPICS:
Economic thinki
ng Scarcity
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 005.01.0 - MCA- MANK08
6. Which of the following is correct?
a. The word economy comes from the GreekAword for “rational thinker.”
b. Economists study the management of scarce resources.
c. Because economists believe that people pursue their best interests, they are not interest ed in
how people interact.
d. All of the above are correct.
ANSWER: b
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist may serve.
Page 4
