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Test Bank For Principles of Economics 6th Edition By N. Gregory Mankiw

  • ISBN-10 ‏ : ‎ 1435462122
  • ISBN-13 ‏ : ‎ 978-1435462120
  • Publisher ‏ : ‎ South Western Educational Publishing; 6th edition
  • Author: University N Gregory Mankiw

$25.00

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SKU:TB0001281

Test Bank For Principles of Economics 6th Edition By N. Gregory Mankiw

Multiple Choice

1. The two words most often used by economists are

a.

prices and quantities.

b.

resources and allocation.

c.

supply and demand.

d.

efficiency and equity.

ANS: C PTS: 1 DIF: 1 REF: 4-0

NAT: Analytic LOC: Supply and demand TOP: Economists

MSC: Definitional

2. The two words economists use most often are

a.

inflation and trade.

b.

supply and demand.

c.

competition and prices.

d.

markets and equilibrium.

ANS: B PTS: 1 DIF: 1 REF: 4-0

NAT: Analytic LOC: Supply and demand TOP: Markets

MSC: Interpretive

3. The forces that make market economies work are

a.

work and leisure.

b.

politics and religion.

c.

supply and demand.

d.

taxes and government spending.

ANS: C PTS: 1 DIF: 1 REF: 4-0

NAT: Analytic LOC: Supply and demand TOP: Market economies

MSC: Definitional

4. In a market economy, supply and demand determine

a.

both the quantity of each good produced and the price at which it is sold.

b.

the quantity of each good produced but not the price at which it is sold.

c.

the price at which each good is sold but not the quantity of each good produced.

d.

neither the quantity of each good produced nor the price at which it is sold.

ANS: A PTS: 1 DIF: 1 REF: 4-0

NAT: Analytic LOC: Supply and demand TOP: Market economies

MSC: Definitional

5. In a market economy, supply and demand are important because they

a.

play a critical role in the allocation of the economy’s scarce resources.

b.

determine how much of each good gets produced.

c.

can be used to predict the impact on the economy of various events and policies.

d.

All of the above are correct.

ANS: D PTS: 1 DIF: 1 REF: 4-0

NAT: Analytic LOC: Supply and demand TOP: Market economies

MSC: Definitional

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