Test_Bank_Principles_of_Macroeconomics__8th_Canadian_Edition_Mankiw latest bank complete A+ GRADED
10 views 0 purchase
Course
ECON 101 (ECON101)
Institution
University Of British Columbia (UBC
)
Test Bank Principles of Macroeconomics, 8th Canadian Edition Mankiw
Quantity:
1. Which word comes from the Greek word for “one who manages a household”?
2. market b. bank
c. government d. economy
ANSWER: d
1. From wh...
,20/09/2020 Test Bank Principles of Macroeconomics, 8th Canadian Edition Mankiw
1
1. Which word comes from the Greek word for “one who manages a household”?
2. market b. bank
c. government d. economy
ANSWER: d
1. From which of the following is the word “economy” derived?
2. one who consumes goods b. one who manages a household
c. one who participates in a market d. one who governs a country
ANSWER: b
1. What do households and economies have in common?
2. They both must allocate scarce resources.
3. They both face difficulties saving money.
4. They both must sell the goods and services they produce.
5. They both must have a central decision maker.
, 2. scarcity b. poverty
20/09/2020 Test Bank Principles of Macroeconomics, 8th Canadian Edition Mankiw
c. change d. power
ANSWER: a
1. What is NOT included in the decisions that every society must make?
2. what goods will be produced b. who will produce the goods
c. what determines consumer preferences d. who will consume the goods
ANSWER: c
1. Why do both households and societies face many decisions?
2. Resources are scarce.
3. Populations may fluctuate over time.
4. Wages for households and therefore society fluctuate with business cycles.
5. People, by nature, tend to disagree.
ANSWER: a
1. When is a good considered scarce in a society?
2. when more output of the good is possible
3. when everyone in that society cannot have all they want of the good
4. when the government restricts production of the good
5. when only the richest people in the economy can buy all they want of the good
ANSWER: b
1. When does scarcity exist?
2. when there is less than an infinite amount of a resource or good
3. when society can meet the wants of every individual
4. when there is less of a good or resource available than people wish to have
5. when the government fails to produce goods
, 1. How are goods and services allocated in a market economy?
2. by government decisions
20/09/2020 Test Bank Principles of Macroeconomics, 8th Canadian Edition Mankiw
3. by giving each individual just enough for a decent standard of living
4. by the actions of all firms and consumers
5. by inherited rights and properties
ANSWER: c
10. Approximately what percentage of the world’s economies experience scarcity? a. 30 b. 45
c. 60 d. 100
ANSWER: d
11. What is an economy experiencing when a society cannot produce all the goods and services people wish to have?
1. scarcity b. economic growth
c. competition d. market failure
ANSWER: a
12.For society, when is a good NOT scarce?
1. if at least one individual in society can obtain all he or she wants of the good
2. if firms are producing at full capacity
3. if all members of society can have all they want of the good
4. if those who have enough income can buy all they want of the good
ANSWER: c
13.Which good best meets the definition of scarcity?
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller docguru. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
