Exam (elaborations) MANAGEMENT 3003 Test Bank Brief Principles of Macroeconomics 7th Edition by Gregory Mankiw (ALL COVERED)

Chapter 2
Test Bank Brief Principles of Macroeconomics 7th
Edition by Gregory Mankiw
Multiple Choice – Section 00: Introduction

Which of the following is not correct?
Economists use some familiar words in specialized ways.
Economics has its own language and its own way of thinking, but few
other fields of study do.
Supply, demand, elasticity, comparative advantage, consumer surplus, and
deadweight loss are all terms that are part of the economist’s language.
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
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

Economists use some familiar terms in specialized ways
to make the subject sound more complex than it is.
because every respectable field of study has its own language.
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

, The language of economics is
needlessly arcane.
valuable because it provides a new and useful way of learning about
the world.
easy to learn within a day.
unnecessary to learn for a thorough understanding of economics.
ANSWER: b
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

Multiple Choice – Section 01: The Economist as Scientist

Economists, like mathematicians, physicists,
and biologists,
make use of the scientific method.
try to address their subject with a scientist’s objectivity.
devise theories, collect data, and then analyze these data in an attempt
to verify or refute their theories.
All of the above are correct.
ANSWER: d
POINTS: 1
DIFFICULTY: Difficulty: Moderate
LEARNING OBJECTIVES: ECON.MANK.15.6 - LO: 2-1
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC: Thinking Like an Economist
KEYWORDS: BLOOM'S: Comprehension

, The essence of science is
the laboratory experiment.
the scientific method.
the study of nature, but not the study of society.
All of the above are correct.
ANSWER: b
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.6 - LO: 2-1
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC:
General
Principles
KEYWORDS: BLOOM'S: Knowledge

The scientific method is
the use of modern technology to understand the way the world works.
the use of controlled laboratory experiments to understand the way
the world works.
the dispassionate development and testing of theories about how the
world works.
the search for evidence to support preconceived theories about how
the world works.
ANSWER: c
POINTS: 1
DIFFICULTY: Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.6 - LO: 2-1
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS: DISC:
General
Principles
KEYWORDS: BLOOM'S: Knowledge