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TEST BANK for Principles of Economics 2nd Edition, by Gregory Mankiw

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TEST BANK for Principles of Economics 2nd Edition, by Gregory Mankiw

399PAGES. All Questions and Answers

Chapter 1

Ten Principles of Economics

Test A

i. Economics deals primarily with the concept of

ii. Scarcity exists when

iii. Economics is defined as the study of

iv. A good definition of equity would be

v. When government policies are being designed,

vi. The opportunity cost of an item is

vii. Ryan spends an hour studying instead of going for a bike ride. The opportunity cost to him of studying is

viii. A rational decision maker takes an action only if the

ix. A marginal change is a

x. Economists understand that people respond to

xi. Which is the most accurate statement about trade?

xii. If Canada is better than the United States at producing hockey sticks, but the United States is better than Canada at producing roller blades, the United States should

xiii. In a market economy, economic activity is guided by

xiv. One advantage market economies have over central planning is that market economies

xv. The term market failure refers to

xvi. An externality is the impact of

xvii.If a copper refinery does NOT bear the entire cost of the smoke it emits, it will

xviii. The two best reasons for a government to intervene in a market are to

xix. Market power refers to the

xx. The income of a typical worker in a country is most closely linked to which of the following?

xxi. Almost all variation in living standards is attributable to differences in countries’

xxii.Productivity is defined as the

xxiii. Inflation is defined as

xxiv. Inflation causes

Which of the following is the most correct statement about the relationship between inflation and unemployment?

Scarcity is the result of

-----Continues--------

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The test bank supplements Mankiwís Principles of Economics, Second Edition and the original test bank volumes. It contains approximately 50 questions for each chapter of the textbook. For each chapter, the Alternate Test Bank provides two tests (A and B) of about 25 multiple choice questions each. Test A in each chapter consists of original questions. Test B contains questions that are picked up from previous test banks and online quizzes. Questions that are repeated from online quizzes are noted with bold letters for convenience in selecting appropriate test questions. Each test is designed to offer comprehensive coverage of the textbook chapter. Chapter 1 Ten Principles of Economics Test A i. Economics deals primarily with the concept of a. change. b. power. c. poverty. d. scarcity. ANSWER: d. scarcity. TYPE: M KEY1: D OBJECTIVE: 1 RANDOM: Y ii. Scarcity exists when a. the price of a good rises. b. society can meet the wants of every individual. c. there is less of a good or resource available than people wish to have. d. there is less than an infinite amount of a resource or good. ANSWER: c. there is less of a good or resource available than people wish to have. TYPE: M KEY1: D OBJECTIVE: 1 RANDOM: Y iii. Economics is defined as the study of a. how society manages its scarce resources. b. business. c. central planning. d. government regulation. ANSWER: a. how society manages its scarce resources. TYPE: M KEY1: D OBJECTIVE: 1 RANDOM: Y iv. A good definition of equity would be a. efficiency. b. eliminating extreme affluence. c. fairness. d. everyone receiving the same income. ANSWER: c. fairness. TYPE: M KEY 1: D SECTION: 1 OBJECTIVE: 3 RANDOM: Y Copyright © Harcourt, Inc. v. When government policies are being designed, a. increasing efficiency usually results in more equity. b. there is usually a tradeoff between equity and efficiency. c. equity can usually be achieved without an efficiency loss. d. equity and efficiency goals are usually independent of each other. ANSWER: b. there is usually a tradeoff between equity and efficiency. TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 3 RANDOM: Y vi. The opportunity cost of an item is a. what you give up to get that item. b. always equal to the dollar value of the item. c. always less than the dollar value of the item. d. the number of hours needed to earn the money to buy it. ANSWER: a. what you give up to get that item. TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 3 RANDOM: Y vii. Ryan spends an hour studying instead of going for a bike ride. The opportunity cost to him of studying is a. the improvement in his grades from studying for the hour. b. the enjoyment and exercise he would have received had he gone for a bike ride. c. the difference between the improvement in his grades from studying minus the enjoyment of a bi...

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