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Test Bank for Macroeconomics, Exam 1 (multiple choice) 11th Edition by N. Gregory Mankiw
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Test Bank for Macroeconomics, Exam 1 (multiple choice) 11th Edition by N. Gregory Mankiw
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Test Bank for Macroeconomics, Exam 1(multiple choice) 11th Edition by N.
Gregory Mankiw
Economics is the study of... - ANSHow people use scarce resources to satisfy unlimited wants
Oikonomia, the Greek word that is the root for Economics, might be best translated as... -
ANSStewardship
When choosing over the next best alternative due to trade offs faced, what is given up is called
the.. - ANSOpportunity Cost
What do economists mean when they say that a good is scarce? - ANSThe amount of the good
that people would like exceeds the supply freely available from nature.
How would an increase in consumer income affect the market for new furniture? - ANSDemand
would increase, leading to an increase in price and an increase in quantity sold.
If coffee and cream are compliments, a decrease in the price of coffee will cause... - ANSThe
demand for cream to increase
A nation's economy is growing at 3% per year. If GDP two years ago was $46 billion, what GDP
would you anticipate for this year? - ANS$48.8 billion
An economy with no growth is... - ANSLeast appealing to new workers who have limited
experience
Economist Joseph Schumpeter suggest the the decay and decline of old, obsolete industries is
a natural and necessary part of innovation and economic growth. This process is called... -
ANSCreative destruction
Which of the following does the Law of Demand specifically imply? - ANSIf the product price
increases, quantity demanded will decrease
If both the demand and supply of coffee increase, what will happen to the equilibrium price and
quantity in the coffee market? - ANSPrice is indeterminate, quantity increases
Lanier lost his computer programming job when it was out scored to a company abroad. After
looking unsuccessfully for a job for several months, he finally gave up and returned to school to
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