TEST BANK
Essentials of Economics 9th edition by N.
Gregory Mankiw All Chapters 1 - 24
Page 1
,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.
Page 2
,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 3
, 1. Ten Principles of Economics.
X5 X5 X5 X5
1. The English word that comes from the Greek word for "one who manages a household" is
X5 X5 X5 X5 X5 X5 X5 X5 X5 X5 X5 X5 X5 X5 X5
a. market.
b. consumer.
c. producer.
d. economy.
ANSWER: d
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 -
X5 X 5 X5
Apply basic, economic principles of individual decision making that determi
X5 X5 X5 X5 X5 X5 X5 X 5 X5 X5
ne how an economy generally works. X5 X5 X5 X5 X5
TOPICS: Economic thinking X5
KEYWORDS: BLOOM'S: Knowledge X5
CUSTOM ID: X5 001.01.0 - MC - MANK08 X5 X5 X5 X5
2. The word “economy” comes from the Greek word oikonomos, which means
X5 X5 X5 X5 X5 X5 X5 X5 X5 X5
a. “environment.”
b. “production.”
c. “one who manages a household.”
X5 X5 X5 X5
d. “one who makes decisions.”
X5 X5 X5
ANSWER: c
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 -
X5 X 5 X5
Apply basic, economic principles of individual decision making that determi
X5 X5 X5 X5 X5 X5 X5 X 5 X5 X5
ne how an economy generally works. X5 X5 X5 X5 X5
TOPICS: Economic thinking X5
KEYWORDS: BLOOM'S: Knowledge X5
CUSTOM ID: X5 002.01.0 - MC - MANK08 X5 X5 X5 X5
3. Resources are X5
a. scarce for households but plentiful for economies.
X5 X5 X5 X5 X5 X5
b. plentiful for households but scarce for economies.
X5 X5 X5 X5 X5 X5
c. scarce for households and scarce for economies.
X5 X5 X5 X5 X5 X5
d. plentiful for households and plentiful for economies.
X5 X5 X5 X5 X5 X5
ANSWER: c
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 -
X5 X 5 X5
Apply basic, economic principles of individual decision making that determi
X5 X5 X5 X5 X5 X5 X5 X 5 X5 X5
ne how an economy generally works. X5 X5 X5 X5 X5
TOPICS:
Page 4
Essentials of Economics 9th edition by N.
Gregory Mankiw All Chapters 1 - 24
Page 1
,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.
Page 2
,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 3
, 1. Ten Principles of Economics.
X5 X5 X5 X5
1. The English word that comes from the Greek word for "one who manages a household" is
X5 X5 X5 X5 X5 X5 X5 X5 X5 X5 X5 X5 X5 X5 X5
a. market.
b. consumer.
c. producer.
d. economy.
ANSWER: d
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 -
X5 X 5 X5
Apply basic, economic principles of individual decision making that determi
X5 X5 X5 X5 X5 X5 X5 X 5 X5 X5
ne how an economy generally works. X5 X5 X5 X5 X5
TOPICS: Economic thinking X5
KEYWORDS: BLOOM'S: Knowledge X5
CUSTOM ID: X5 001.01.0 - MC - MANK08 X5 X5 X5 X5
2. The word “economy” comes from the Greek word oikonomos, which means
X5 X5 X5 X5 X5 X5 X5 X5 X5 X5
a. “environment.”
b. “production.”
c. “one who manages a household.”
X5 X5 X5 X5
d. “one who makes decisions.”
X5 X5 X5
ANSWER: c
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 -
X5 X 5 X5
Apply basic, economic principles of individual decision making that determi
X5 X5 X5 X5 X5 X5 X5 X 5 X5 X5
ne how an economy generally works. X5 X5 X5 X5 X5
TOPICS: Economic thinking X5
KEYWORDS: BLOOM'S: Knowledge X5
CUSTOM ID: X5 002.01.0 - MC - MANK08 X5 X5 X5 X5
3. Resources are X5
a. scarce for households but plentiful for economies.
X5 X5 X5 X5 X5 X5
b. plentiful for households but scarce for economies.
X5 X5 X5 X5 X5 X5
c. scarce for households and scarce for economies.
X5 X5 X5 X5 X5 X5
d. plentiful for households and plentiful for economies.
X5 X5 X5 X5 X5 X5
ANSWER: c
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 -
X5 X 5 X5
Apply basic, economic principles of individual decision making that determi
X5 X5 X5 X5 X5 X5 X5 X 5 X5 X5
ne how an economy generally works. X5 X5 X5 X5 X5
TOPICS:
Page 4
