Test Bank for Principles of Macroeconomics 8th Edition MANKIW Page 1 1 of 301
Test Bank for Principles of
Macroeconomics 8th Edition
Mankiw
Copyright Cengage Learning. Powered by Cognero.
Page 1
1. Which of the following is not correct?
a. Economists use some familiar words in specialized ways.
b. Economics has its own language and its own way of thinking, but few other fields of study
do.
c. Supply, demand, elasticity, comparative advantage, consumer surplus, and deadweight
loss are all terms that
are part of the economist’s language.
d. The value of the economist’s language lies in its ability to provide you with a new and
useful way of thinking
about the world in which you live.
ANSWER:
b
DIFFICULTY:
Moderate
LEARNING OBJECTIVES: ECON.MANK.012 - Apply basic, economic principles of individual
decision making
that determine how an economy generally works.
TOPICS:
Economic thinking
KEYWORDS:
BLOOM'S: Comprehension
CUSTOM ID:
001.02.0 - MC - MANK08
2. Economists use some familiar terms in specialized ways
a. to make the subject sound more complex than it is.
b. because every respectable field of study has its own language.
c. to provide a new and useful way of thinking about the world.
d. because it was too difficult to come up with new terms.
ANSWER:
c
DIFFICULTY:
Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist
may serve.
4/8/2026, 5:45:43 AM 1 Test Bank for Principles of Macroeconomics 8th Edition MANKIW.pdf
,Test Bank for Principles of Macroeconomics 8th Edition MANKIW Page 2 2 of 301
TOPICS:
Economic thinking
KEYWORDS:
BLOOM'S: Comprehension
CUSTOM ID:
002.02.0 - MC - MANK08
3. The language of economics is
a. needlessly arcane.
b. valuable because it provides a new and useful way of learning about the world.
c. easy to learn within a day.
d. unnecessary to learn for a thorough understanding of economics.
ANSWER:
b
DIFFICULTY:
Easy
LEARNING OBJECTIVES: ECON.MANK.012 - Apply basic, economic principles of individual
decision making
that determine how an economy generally works.
TOPICS:
Economic thinking
KEYWORDS:
BLOOM'S: Comprehension
CUSTOM ID:
003.02.0 - MC - MANK08
4. Studying which of the following is helpful in learning to think like an economist?
a. theory.
b. case studies.
c. examples of economics in the news.
d. all of the above.
ANSWER:
d
DOWNLOAD THE Test Bank for Principles of Macroeconomics 8th Edition
Mankiw
Copyright Cengage Learning. Powered by Cognero.
Page 2
DIFFICULTY:
Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist
may serve.
TOPICS:
Economic thinking
KEYWORDS:
4/8/2026, 5:45:43 AM 2 Test Bank for Principles of Macroeconomics 8th Edition MANKIW.pdf
,Test Bank for Principles of Macroeconomics 8th Edition MANKIW Page 3 3 of 301
BLOOM'S: Knowledge
CUSTOM ID:
004.02.0 - MC - MANK08
DOWNLOAD THE Test Bank for Principles of Macroeconomics 8th Edition
Mankiw
Copyright Cengage Learning. Powered by Cognero.
Page 1
1. Economists, like mathematicians, physicists, and biologists,
a. make use of the scientific method.
b. try to address their subject with a scientist’s objectivity.
c. devise theories, collect data, and then analyze these data in an attempt to verify or refute
their theories.
d. All of the above are correct.
ANSWER:
d
DIFFICULTY:
Moderate
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist
may serve.
TOPICS:
Economic thinking
KEYWORDS:
BLOOM'S: Comprehension
CUSTOM ID:
001.02.1 - MC - MANK08
2. The essence of science is
a. the laboratory experiment.
b. the scientific method.
c. the study of nature, but not the study of society.
d. All of the above are correct.
ANSWER:
b
DIFFICULTY:
Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist
may serve.
KEYWORDS:
BLOOM'S: Knowledge
CUSTOM ID:
002.02.1 - MC - MANK08
3. The scientific method is
a. the use of modern technology to understand the way the world works.
4/8/2026, 5:45:43 AM 3 Test Bank for Principles of Macroeconomics 8th Edition MANKIW.pdf
, Test Bank for Principles of Macroeconomics 8th Edition MANKIW Page 4 4 of 301
b. the use of controlled laboratory experiments to understand the way the world works.
c. the dispassionate development and testing of theories about how the world works.
d. the search for evidence to support preconceived theories about how the world works.
ANSWER:
c
DIFFICULTY:
Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist
may serve.
KEYWORDS:
BLOOM'S: Knowledge
CUSTOM ID:
003.02.1 - MC - MANK08
4. The scientific method is applicable to studying
a. natural sciences, but not social sciences.
b. social sciences, but not natural sciences.
c. both natural sciences and social sciences.
d. None of the above is correct.
ANSWER:
c
DIFFICULTY:
Moderate
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist
may serve.
KEYWORDS:
BLOOM'S: Comprehension
CUSTOM ID:
004.02.1 - MC - MANK08
5. Who said, "The whole of science is nothing more than the refinement of everyday
thinking"?
DOWNLOAD THE Test Bank for Principles of Macroeconomics 8th Edition
Mankiw
Copyright Cengage Learning. Powered by Cognero.
Page 2
a. Isaac Newton
b. Albert Einstein
c. Adam Smith
d. Benjamin Franklin
ANSWER:
b
DIFFICULTY:
Easy
4/8/2026, 5:45:43 AM 4 Test Bank for Principles of Macroeconomics 8th Edition MANKIW.pdf
Test Bank for Principles of
Macroeconomics 8th Edition
Mankiw
Copyright Cengage Learning. Powered by Cognero.
Page 1
1. Which of the following is not correct?
a. Economists use some familiar words in specialized ways.
b. Economics has its own language and its own way of thinking, but few other fields of study
do.
c. Supply, demand, elasticity, comparative advantage, consumer surplus, and deadweight
loss are all terms that
are part of the economist’s language.
d. The value of the economist’s language lies in its ability to provide you with a new and
useful way of thinking
about the world in which you live.
ANSWER:
b
DIFFICULTY:
Moderate
LEARNING OBJECTIVES: ECON.MANK.012 - Apply basic, economic principles of individual
decision making
that determine how an economy generally works.
TOPICS:
Economic thinking
KEYWORDS:
BLOOM'S: Comprehension
CUSTOM ID:
001.02.0 - MC - MANK08
2. Economists use some familiar terms in specialized ways
a. to make the subject sound more complex than it is.
b. because every respectable field of study has its own language.
c. to provide a new and useful way of thinking about the world.
d. because it was too difficult to come up with new terms.
ANSWER:
c
DIFFICULTY:
Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist
may serve.
4/8/2026, 5:45:43 AM 1 Test Bank for Principles of Macroeconomics 8th Edition MANKIW.pdf
,Test Bank for Principles of Macroeconomics 8th Edition MANKIW Page 2 2 of 301
TOPICS:
Economic thinking
KEYWORDS:
BLOOM'S: Comprehension
CUSTOM ID:
002.02.0 - MC - MANK08
3. The language of economics is
a. needlessly arcane.
b. valuable because it provides a new and useful way of learning about the world.
c. easy to learn within a day.
d. unnecessary to learn for a thorough understanding of economics.
ANSWER:
b
DIFFICULTY:
Easy
LEARNING OBJECTIVES: ECON.MANK.012 - Apply basic, economic principles of individual
decision making
that determine how an economy generally works.
TOPICS:
Economic thinking
KEYWORDS:
BLOOM'S: Comprehension
CUSTOM ID:
003.02.0 - MC - MANK08
4. Studying which of the following is helpful in learning to think like an economist?
a. theory.
b. case studies.
c. examples of economics in the news.
d. all of the above.
ANSWER:
d
DOWNLOAD THE Test Bank for Principles of Macroeconomics 8th Edition
Mankiw
Copyright Cengage Learning. Powered by Cognero.
Page 2
DIFFICULTY:
Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist
may serve.
TOPICS:
Economic thinking
KEYWORDS:
4/8/2026, 5:45:43 AM 2 Test Bank for Principles of Macroeconomics 8th Edition MANKIW.pdf
,Test Bank for Principles of Macroeconomics 8th Edition MANKIW Page 3 3 of 301
BLOOM'S: Knowledge
CUSTOM ID:
004.02.0 - MC - MANK08
DOWNLOAD THE Test Bank for Principles of Macroeconomics 8th Edition
Mankiw
Copyright Cengage Learning. Powered by Cognero.
Page 1
1. Economists, like mathematicians, physicists, and biologists,
a. make use of the scientific method.
b. try to address their subject with a scientist’s objectivity.
c. devise theories, collect data, and then analyze these data in an attempt to verify or refute
their theories.
d. All of the above are correct.
ANSWER:
d
DIFFICULTY:
Moderate
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist
may serve.
TOPICS:
Economic thinking
KEYWORDS:
BLOOM'S: Comprehension
CUSTOM ID:
001.02.1 - MC - MANK08
2. The essence of science is
a. the laboratory experiment.
b. the scientific method.
c. the study of nature, but not the study of society.
d. All of the above are correct.
ANSWER:
b
DIFFICULTY:
Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist
may serve.
KEYWORDS:
BLOOM'S: Knowledge
CUSTOM ID:
002.02.1 - MC - MANK08
3. The scientific method is
a. the use of modern technology to understand the way the world works.
4/8/2026, 5:45:43 AM 3 Test Bank for Principles of Macroeconomics 8th Edition MANKIW.pdf
, Test Bank for Principles of Macroeconomics 8th Edition MANKIW Page 4 4 of 301
b. the use of controlled laboratory experiments to understand the way the world works.
c. the dispassionate development and testing of theories about how the world works.
d. the search for evidence to support preconceived theories about how the world works.
ANSWER:
c
DIFFICULTY:
Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist
may serve.
KEYWORDS:
BLOOM'S: Knowledge
CUSTOM ID:
003.02.1 - MC - MANK08
4. The scientific method is applicable to studying
a. natural sciences, but not social sciences.
b. social sciences, but not natural sciences.
c. both natural sciences and social sciences.
d. None of the above is correct.
ANSWER:
c
DIFFICULTY:
Moderate
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist
may serve.
KEYWORDS:
BLOOM'S: Comprehension
CUSTOM ID:
004.02.1 - MC - MANK08
5. Who said, "The whole of science is nothing more than the refinement of everyday
thinking"?
DOWNLOAD THE Test Bank for Principles of Macroeconomics 8th Edition
Mankiw
Copyright Cengage Learning. Powered by Cognero.
Page 2
a. Isaac Newton
b. Albert Einstein
c. Adam Smith
d. Benjamin Franklin
ANSWER:
b
DIFFICULTY:
Easy
4/8/2026, 5:45:43 AM 4 Test Bank for Principles of Macroeconomics 8th Edition MANKIW.pdf
