TEST BANK FOR PRINCIPLES OF MACROECONOMICS 7TH EDITION BY GREGORY

• / 4

TEST BANK FOR PRINCIPLES OF MACROECONOMICS 7TH EDITION BY GREGORY

MANKIW

Thinking Like an Economist

Multiple Choice – Section 00: Introduction

• Which of the following is not correct?
• Economists use some familiar words in specialized ways.
• Economics has its own language and its own way of thinking, but few other fields of study do.
• Supply, demand, elasticity, comparative advantage, consumer surplus, and deadweight loss are all terms

that are part of the economist’s language.

• The value of the economist’s language lies in its ability to provide you with a new and useful way of

thinking about the world in which you live.

ANSWER: b

POINTS: 1

DIFFICULTY: Difficulty: Moderate

LEARNING OBJECTIVES: ECON.MANK.15.5 - LO: 2-0

NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist KEYWORDS: BLOOM'S: Comprehension

• Economists use some familiar terms in specialized ways
• to make the subject sound more complex than it is.
• because every respectable field of study has its own language.
• to provide a new and useful way of thinking about the world.
• because it was too difficult to come up with new terms.

ANSWER: c 2 / 4

POINTS: 1

DIFFICULTY: Difficulty: Easy

LEARNING OBJECTIVES: ECON.MANK.15.5 - LO: 2-0

NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist KEYWORDS: BLOOM'S: Comprehension 3 / 4

204Thinking Like an Economist Thinking Like an Economist204

• The language of economics is
• needlessly arcane.
• valuable because it provides a new and useful way of learning about the world.
• easy to learn within a day.
• unnecessary to learn for a thorough understanding of economics.

ANSWER: b

POINTS: 1

DIFFICULTY: Difficulty: Easy

LEARNING OBJECTIVES: ECON.MANK.15.5 - LO: 2-0

NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist KEYWORDS: BLOOM'S: Comprehension

Multiple Choice – Section 01: The Economist as Scientist

• Economists, like mathematicians, physicists, and biologists,
• make use of the scientific method.
• try to address their subject with a scientist’s objectivity.
• devise theories, collect data, and then analyze these data in an attempt to verify or refute

their theories.

• All of the above are correct.

ANSWER: d

POINTS: 1

DIFFICULTY: Difficulty: Moderate

LEARNING OBJECTIVES: ECON.MANK.15.6 - LO: 2-1

NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist KEYWORDS: BLOOM'S: Comprehension

• / 4