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ANSWER: a POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECONMANK.IS.1 - LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: General Principles KEYWORDS: BLOOMS: Knowledge 2. The word “economy” comes from the Greck word oikonomos, which means a, “environment . “production.” ‘©. “one who manages a household.” 4. “one who makes decisions." ANSWER: © POINTS: 1 DIFFICULTY: Ditticuty: Easy LEARNING OBJECTIVES: ECONMANK.1S.1 = LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS. DISC: General Principles KEYWORDS: BLOOMS: Knowledge Principles of Economics Mankiw 7th Edition Test BankPr f Economics Mankiw 7th Edition Test Bank 3. Resources are 4, scarce for households but plentiful for economies. ». plentiful for houscholds but scarce for economics, c. scatee For households and scarce for economies. 4, plentiful for houssholds and plentiful for economies. ANSWER} © POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON MANK.15.1 - LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic ToPICs: DISC: Thinking Like an Economist Scarcity KEYWORDS: BLOOM'S: Comprehension 4 In considering how to allocate its saree resources among its various members, a household considers a each member's abilities beach member's efforts each member's desires 4d. All of the above are correct. ANSWER: a POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON MANK.1S.1 = LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic Topics: DISC: Thinking Like an Economist Scarcity KEYWORDS: BLOOMS: Comprehension Principles of Economics Mankiw 7th Edition Test Bank$5. Economics deals primasily with the concept of a. scarcity. bb. money, . poveny. 4, banking, ANSWER. a POINTS: 1 DIFFICULTY: Ditticaty: Easy LEARNING OBJECTIVES: ECONMANK.1S.1 - LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist Scarcity KEYWORDS: BLOOMS: Knowledge 6, Which of the following is correct?” 1. The word economy comes from the Greek word for “rational thinker.” b. Economists study the management of scarce resources, ‘c. Because economists believe that people pursue their best interests, they are not interested in how people interact 4. All of the above are correct. ANSWER. POINTS: 1 DIFFICULTY: Ditticalty: Easy LEARNING OBJECTIVES: ECONMANK.IS.1 - LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS. DISC: Thinking Economist Scarcity KEYWORDS: BLOOMS: Knowledge Principles of Economics Mankiw 7th Edition Test BankPr f Economics Mankiw 7th Edition Test Bank 7. The overriding reason why households and societies face many decisions is that b. goods and services are not scarce . incomes fluctuate with business cycles, 4. people, by nature, tend to disagree. ANSWER: a POINTS: I DIFFICULTY: Difficulty: Moderate LEARNING OBJECTIVES: ECON MANK.15.1 = LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist Scarci KEYWORDS: BLOOMS: Comprehension 8..A society allocates its scarce resources to various jobs. These scarce resources include a. land, ». people, . machines, 4. All of the above are correct. ANSWER: d POINTS: 1 DIFFICULTY: Dilficukty: Moderate LEARNING OBJECTIVES: ECON MANK.15.1 - LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Eeonomist Se, KEYWORDS: BLOOMS: Compret NOTES: a Principles of Economics Mankiw 7th Edition Test Bank9. The phenomenon of scarcity stems from the fact that ‘4. most economies” production methods are not very good. b. in most economies, wealthy people consume disproportionate quantities of goods and services. . governments restrict production of to0 many goods and services. 4. resources are limited ANSWER: 4 POINTS: 1 DIFFICULTY: Diticulty: Moderate LEARNING OBJECTIVES: ECONMANK.1S.1 - LO: 1-0. NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist Scarcity KEYWORDS: BLOOMS: Comprehension 10, Approximately what percentage of the world’s economies experience scarcity? a. 10% b. 40% ©. 85% 100% ANSWER: a POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON MANK.15.1 = LO: 1-0. NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist Scarcity KEYWORDS: BLOOM'S: Comprehension Principles of Economics Mankiw 7th Edition Test BankPrinciples of Econ Mankiw 7th E n Test Bank 11 When a society cannot produce all the goods and services people wish to have, itis said thatthe ‘economy is experiencing b. surpluses. . inefficiencies, 4. inequalities. ANSWER: a POINTS: 1 DIFFICULTY: Difficulty: Moderate LEARNING OBJECTIVES: ECONMANK.15.1 - LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist Scarcity KEYWORDS. BLOOMS: Compretiension 12. Which of the following products would be considered scarce? a. bread b, baseballs autographed by Babe Ruth , motoreyeles 4, All of the above are correct. ANSWER: a POINTS: 1 DIFFICULTY: Difficulty: Moderate LEARNING OBJECTIVES: ECONMANK.15.1 - LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist Scarcity KEYWORDS: BLOOMS: Comprehension NOTES: r Principles of Economics Mankiw 7th Edition Test Bank13, Eeonomies is the study of «a, production methods bb. how society manages its searce resources. cc. how households decide who performs which task. dd. the interaction of business and goverment ANSWER: POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON MANK.15.1 - LO: 10. NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist Scarcity ‘KEYWORDS: BLOOMS: Knowledge 14, "The study of how society manages its searce resources is most closely associated with which field of study? a. environmental studies economics cc. management <4. accounting ANSWER: POINTS: 1 DIFFICULTY: Ditticulty: Easy LEARNING OBJECTIVES: ECON MANK.IS.1 - LO: 0. NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist Scarcity ‘KEYWORDS: BLOOMS: Knowledge NOTES: 0 Principles of Economics Mankiw 7th Edition Test BankPr f Economics Mankiw 7th Edition Test Bank 15. In most societies, resources ate allocated by 1. a single central planner. b. a small number of central planners, «. those firms that use resources 10 provide goouls and services, 4 the combined setions of millions of households ancl firms, ANSWER. a POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECONMANK.15.1 -LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: General Principles KEYWORDS: BLOOMS: Comprehension 16. Coal is considered to be a non-renewable energy source. Which of the following statements is comet? a. Coal is an unlimited resource. b. Coal isa scarce resource. Coal is @ non-productive resource. 4. Coal is not a resource. ANSWER: b POINTS: 1 DIFFICULTY: Ditticuty: Easy LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: Like an Economist KEYWORDS: NOTES: r Application Principles of Economics Mankiw 7th Edition Test Bank17. Which of the following is nor an example of scatcity? ‘a, Only some people can alford to buy a BMW automobile. bb. Every individual in society cannot attain the highest standard of living to which he or she might aspire . Miranda has an unlimited supply of oranges in her orchard dd. Each member of a household cannot get everything he or she wants. ANSWER: c POINTS: 1 DIFFICULTY: Ditticulty: Easy LEARNING OBJECTIVES: ECONMANK.15.1 - LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist Scarcity KEYWORDS: BLOOMS: Application NOTES: r 18, Economics is the study of how society: manages its 2, Timited wants ancl unlimited resources, ’. unlimited wants and unlimited resources. c. limited wants and limited resources. unlimited wants ancl limited resources. ANSWER: q POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON MANK.1S.1 - LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS. DISC: Thinking Like an Economist Scarcity KEYWORDS: BLOOMS: Knowledge Principles of Economics Mankiw 7th Edition Test BankPr f Economics Mankiw 7th Edition Test Bank 19. Which ofthe following isa decision that economists study? 1. how much people work b. what people buy ‘c. how much money people save 4, All of the above are correct. ANSWER. 4 POINTS: IL DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECONMANK.15.1 -LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: General Principles KEYWORDS: BLOOMS: Comprehension 20. Which ofthe following is an example of something economists study? 8. Mitch chooses to work overtime to eam extra income for his family ». Megan sells her physics textbook from last semester to her roommate for half the price of ‘new textbook. ¢. The unemployment rate inthe United States has fallen by two percentage points inthe last few yours 4. All of the above are correct ANSWER, 4 POINTS: 1 DIFFICULTY: Difficulty: Moderate LEARNING OBJECTIVES: ECONMANK.15.1 - LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic ToPICS: DISC: General Principles KEYWORDS: BLOOMS: Comprehension NOTES: r Principles of Economics Mankiw 7th Edition Test Bank21, What teem refers to the property that society has limited resources and therefore cannot produce all the goods and services people wish to have? 2. inefficiency b. inequality . scarcity dd. market failure ANSWER: c POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECONMANK.15.1 - LO: 1-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist Scarcity KEYWORDS: BLOOMS: Knowledge 22. Which of the following is 1 subject that economists study? 2. the growih in average income: ’. the fraction of the population that cannot find work the rate at which prices are rising 4. All of the above are correct. ANSWER: q POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON MANK.1S.1 - LO: 10 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: General Principles ‘KEYWORDS: BLOOM'S: Comprehension Principles of Economics Mankiw 7th Edition Test BankPr f Economics Mankiw 7th Edition Test Bank Multiple Choice - Section 0 low People Make Decisions 1 The adage, "There is no such thing as a free lunch,” means 4. even people on welfare have to pay for Food. b. the cost of living is always increasing €. people face tradeofts d.all costs are included in the price of a product. ANSWER: © POINTS: I DIFFICULTY: Ditticulty: Easy LEARNING OBJECTIVES: ECONMANK.15.2 - LO: 1-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS DISC: Thinking Like an Economist Tradeotts KEYWORDS. BLOOM'S: Knowledge 2. The adage, "There is no such thing asa free lunch," is used to illustrate the principle that A. goods are scarce, b. people face tradeoffs c. income must be eared, 4. households face many decisions. ANSWER} > POINTS: I DIFFICULTY: Difficulty: Moderate LEARNING OBJECTIVES: ECONMANK.15.2 - LO: 1-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist ‘Tradeotls KEYWORDS. BLOOM'S: Comprehension Principles of Economics Mankiw 7th Edition Test Bank3. The phase “no such thing as a free lunch” means 1. people must face tradeotls b. rational people think at the margin. «people respond to incentives, trade can make everyone better off. ANSWER. a POINTS. 1 DIFFICULTY: Difticuly: Easy LEARNING OBJECTIVES: ECON MANK.15.2 - LO: I-l NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist “Tradeotis KEYWORDS: BLOOMS: Comprehension 4. Which of the following statements best represents the principle represented by the adage, "There is no such thing as free lunch”? 4, Michelle can attend the concert only if she takes her sister with her. bb, Michaelis hungry and homeless. c. Andrea must repair the tie on her bike before she can rie it to class 4, Dani must decide between going to Florida or Brazil for spring break. ANSWER: d POINTS: 1 DIFFICULTY: Difficulty: Challenging LEARNING OBJECTIVES: ECON MANK.1S.2 - LO: 1-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist Tradeofis KEYWORDS: BLOOMS: Appl NOTES: r Principles of Economics Mankiw 7th Edition Test BankPr f Economics Mankiw 7th Edition Test Bank '5. Which of the following examples does not illustrate the principle represented by the adage, is no such thing as a free lunch"? 4, Melissa needs to pay her rent and her electric bil. "There >, Kevin must choose between buying a new flat screen television and buying his textbooks for this semester, c. Robert must decide between studying for his psychology exam and working at his parttime job, 4. Lisa ean spend her money on a new smart phone or on a weekend trp. ANSWER, a POINTS: l DIFFICULTY: Diticuly: Challenging LEARNING OBJECTIVES: ECON MANK.15.2 - LO: 1-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist ‘Tradeotts KEYWORDS. BLOOMS: Application NOTES: r 6. The principle that "people face tradcofls” applies to individuals, bi. families . societies 4. All of the above ate correct. ANSWER: a POINTS: It DIFFICULTY: Diticulty: Easy LEARNING OBJECTIVES: ECON.MANK.15.2 - LO: 1-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist Tradeotts KEYWORDS. BLOOMS: Application Principles of Economics Mankiw 7th Edition Test Bank