TEST BANK FOR PRINCIPLES OF MACROECONOMICS 7TH EDITION BY GREGORY MANKIW

TEST BANK FOR PRINCIPLES OF
MACROECONOMICS 7TH EDITION
BY GREGORY MANKIW

,
, TEST BANK FOR PRINCIPLES OF MACROECONOMICS 7TH EDITION BY GREGORY
MANKIW



Thinking Like an Economist

Multiple Choice – Section 00: Introduction

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 allterms
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 wayof
thinking about the world in which you live.

ANSWER: b
POINTS: 1
DIFFICULTY: Difficulty: Moderate
LEARNING OBJECTIVES: ECON.MANK.15.5 - LO: 2-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
KEYWORDS: BLOOM'S: Comprehension

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

, POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.5 - LO: 2-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
KEYWORDS: BLOOM'S: Comprehension