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Test Bank for AP Macroeconomics Tests 11th Edition by N. Gregory Mankiw
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Test Bank for AP MacroeconomicsTests 11th Edition by N. Gregory Mankiw
A theory is not: - ANSsomething that models every aspect of reality at once
Which of the following is not true about markets - ANSThe product market is also called the
resource market
The force that Adam Smith felt drove any economic system was: - ANSThe invisible hand
The scientific method is: - ANSa four-step process; requires certain assumptions and
simplifications; is used in economics
People pursuing their own self-interest are: - ANSperhaps selfish, but perhaps not, depending
on their values and point of view
Taxes are an example of ______ elements in our economic system - ANScommand
When we talk about the slope of a line we mean: - ANSthe rise over the run
In the Wealth of Nations, Adam Smith advocated all of the following except - ANSabolishing
laissez-faire policies
Traditional economies - ANSBase their economic decisions on the customs or religious
practices of ancestors
Which of the following is not one of the four goals typically pursued by policy makers in
economic systems - ANSzero poverty
Four goals typically pursued by policy makers in economic systems - ANSfull employment;
efficient use of resources; stable prices; economic growth
A country with a pure capitalist economy is - ANSnone
Which of the following would be the focus of a macroeconomics study - ANSeconomy as a
whole
Capitalist economies depend on which of the following to allocate resources and finished goods
and services - ANSprice system
, Resources are typically divided into three types. These are: - ANSland, labor, and capital
The human resource involved in the production of any good is called - ANSlabor
Some economists believe there should be four categories of resources, in addition to land,
labor, and capital. What is the name of that category? - ANSentrepreunership
When developing theories, a scientist: - ANSthinks logically and collects evidence
Which of the following is true?
- a free good is not valued
- something that is rare is necessarily scarce
- a free good is scarce
- something is scarce if the quantity people want exceeds the resources available to make that
- something is necessarily scarce if people place value on it - ANSSomething is scarce if the
quantity people want exceeds the resources available to make that amount
Which of the following would a government operating in a laissez-faire economist not do -
ANSset prices
Which of the following is an economist's definition of economics? - ANSA social science that
examines human behavior in the face of scarcity
The basic assumption in economics is that ____ are limited and ______ are unlimited -
ANSresources, wants
In the factor market, resource owners receive - ANSrent for their land, wages for their labor, and
interest for their capital
One thing goods and services have in common is: - ANSthey both satisfy wants
Money acts as a rationing device for goods and services in a market economy. This means -
ANSconsumers who are willing and able to pay for a good are usually able to get the good
An economic system characterized by choices based on the decisions of central planners is: -
ANSa command economy
Which of the following falls into the category of microeconomics? - ANSTimber regulations
If I value a cookie at 1.50 and you value it at 2.00 this is an indication that: - ANSthe cookie is
relatively more scarce to you than it is to me
Which of the following is not a variable - ANSThe number of hydrogen atoms in a molecule of
water
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