DOWNLOAD THE Test Bank for Principles of Microeconomics 8th Edition
Mankiw
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.
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
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,DOWNLOAD THE Test Bank for Principles of Microeconomics 8th Edition
Mankiw
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist may serve.
TOPICS: Economic thinking
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 004.02.0 - MC - MANK08
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,DOWNLOAD THE Test Bank for Principles of Microeconomics 8th Edition
Mankiw
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.
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"?
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, DOWNLOAD THE Test Bank for Principles of Microeconomics 8th Edition
Mankiw
a. Isaac Newton
b. Albert Einstein
c. Adam Smith
d. Benjamin Franklin
ANSWER: b
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist may serve.
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 005.02.1 - MC - MANK08
6. Albert Einstein once made the following observation about science:
a. "The whole of science is nothing more than the refinement of everyday thinking."
b. "The whole of science is nothing more than an interesting intellectual exercise."
c. "In order to understand science, one must rely solely on abstraction."
d. "In order to understand science, one must transcend everyday thinking."
ANSWER: a
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist may serve.
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 006.02.1 - MC - MANK08
7. Sir Isaac Newton's development of the theory of gravity after observing an apple fall from a tree is an example of
a. a controlled experiment that lead to the formulation of a scientific theory.
b. being in the right place at the right time.
c. an idea whose time had come.
d. the interplay between observation and theory in science.
ANSWER: d
DIFFICULTY: Moderate
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist may serve.
KEYWORDS: BLOOM'S: Comprehension
CUSTOM ID: 007.02.1 - MC - MANK08
8. Which of the following steps does an economist take when studying the economy?
a. devise theories
b. collect data
c. analyze data
d. All of the above are correct.
ANSWER: d
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist may serve.
TOPICS: Economic thinking
KEYWORDS: BLOOM'S: Comprehension
CUSTOM ID: 008.02.1 - MC - MANK08
9. Which of the following is an example of using the scientific method with a natural experiment?
a. measuring how long it takes a marble to fall from a ten story building
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Mankiw
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.
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
Copyright Cengage Learning. Powered by Cognero. Page 1
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Microeconomics 8th Edition
Mankiw
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist may serve.
TOPICS: Economic thinking
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 004.02.0 - MC - MANK08
Copyright Cengage Learning. Powered by Cognero. Page 2
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Microeconomics 8th Edition
Mankiw
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.
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"?
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mynursytest.store
, DOWNLOAD THE Test Bank for Principles of Microeconomics 8th Edition
Mankiw
a. Isaac Newton
b. Albert Einstein
c. Adam Smith
d. Benjamin Franklin
ANSWER: b
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist may serve.
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 005.02.1 - MC - MANK08
6. Albert Einstein once made the following observation about science:
a. "The whole of science is nothing more than the refinement of everyday thinking."
b. "The whole of science is nothing more than an interesting intellectual exercise."
c. "In order to understand science, one must rely solely on abstraction."
d. "In order to understand science, one must transcend everyday thinking."
ANSWER: a
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist may serve.
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 006.02.1 - MC - MANK08
7. Sir Isaac Newton's development of the theory of gravity after observing an apple fall from a tree is an example of
a. a controlled experiment that lead to the formulation of a scientific theory.
b. being in the right place at the right time.
c. an idea whose time had come.
d. the interplay between observation and theory in science.
ANSWER: d
DIFFICULTY: Moderate
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist may serve.
KEYWORDS: BLOOM'S: Comprehension
CUSTOM ID: 007.02.1 - MC - MANK08
8. Which of the following steps does an economist take when studying the economy?
a. devise theories
b. collect data
c. analyze data
d. All of the above are correct.
ANSWER: d
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.024 - Classify the different functions an economist may serve.
TOPICS: Economic thinking
KEYWORDS: BLOOM'S: Comprehension
CUSTOM ID: 008.02.1 - MC - MANK08
9. Which of the following is an example of using the scientific method with a natural experiment?
a. measuring how long it takes a marble to fall from a ten story building
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