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Test Bank for Principles of Economics Arab World, 4th Edition by Gregory Mankiw $29.99   Add to cart
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Test Bank for Principles of Economics Arab World, 4th Edition by Gregory Mankiw

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Test Bank for Principles of Economics Arab World, 4th Edition by Gregory Mankiw, Mohamed H. Rashwan Full Chapters test bank included Part 1: Introduction Chapter 1: Ten Principles of Economics How People Make Decisions How People Interact How the Economy Works as a Whole Conclusion Chap...

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  • May 30, 2023
  • 648
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • Economics
  • Economics

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Chapter 1 Ten Principles of Economics

MULTIPLE CHOICE

INTRODUCTION

1. 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

2. 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

3. Economics deals primarily with the concept of
a. scarcity.
b. money.
c. poverty.
d. banking.
ANS: A PTS: 1 DIF: 1 REF: 1-0

4. The overriding reason why households and societies face many decisions is that
a. resources are scarce.
b. goods and services are not scarce.
c. incomes fluctuate with business cycles.
d. people, by nature, tend to disagree.
ANS: A PTS: 1 DIF: 2 REF: 1-0

5. The phenomenon of scarcity stems from the fact that
a. most economies’ production methods are not very good.
b. in most economies, wealthy people consume disproportionate quantities of goods and
services.
c. governments restrict production of too many goods and services.
d. resources are limited.
ANS: D PTS: 1 DIF: 2 REF: 1-0




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