曼昆Chapter 1 Test Bank_final.docVIP

Chapter 1 Ten Principles of Economics Multiple Choice 1. The English word that comes from the Greek word for one who manages a household is a. market. b. consumer. c. producer. d. economy. ANS: D PTS: 1 DIF: 1 REF: 1-0 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Economy MSC: Definitional 2. The word “economy” comes from the Greek word oikonomos, which means a. “environment.” b. “production.” c. “one who manages a household.” d. “one who makes decisions.” ANS: C PTS: 1 DIF: 1 REF: 1-0 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Economy MSC: Definitional 3. Resources are a. scarce for households but plentiful for economies. b. plentiful for households but scarce for economies. c. scarce for households and scarce for economies. d. plentiful for households and plentiful for economies. ANS: C PTS: 1 DIF: 1 REF: 1-0 NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost TOP: Resources | Scarcity MSC: Interpretive 4. In considering how to allocate its scarce resources among its various members, a household considers a. each member’s abilities. b. each member’s efforts. c. each member’s desires. d. all of the above ANS: D PTS: 1 DIF: 1 REF: 1-0 NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost TOP: Scarcity MSC: Interpretive 5. Economics deals primarily with the concept of a. scarcity. b. money. c. poverty. d. banking. ANS: A PTS: 1 DIF: 1 REF: 1-0 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Scarcity MSC: Definitional 6. Which of the following is correct? a. The word economy comes from the Greek word for “rational thinker.” b. Economists study the management of scarce resources. c. Because economists believe that people pursue their best interests, they are not interested in how people interact. d. All of the above are correct. ANS: B PTS: 1 DIF: 1 REF: 1-0 NAT: Analytic LOC: The study of economics and definitions in economics T