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© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Ten Principles of Economics
Multiple Choice – Section 00: Introduction
1. The English word that comes from the Greek word for "one who manages a household" is
a. market.
b. consumer.
c. producer.
d. economy.
ANSWER:
d
POINTS:
1
DIFFICULTY:
Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS:
DISC: General
Principles
KEYWORDS:
BLOOM'S: Knowledge
2. 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.”
ANSWER:
c
POINTS:
1
DIFFICULTY:
Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS:
DISC: General
Principles
KEYWORDS:
BLOOM'S: Knowledge
2
Ten Principles of Economics
© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
3. 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.
ANSWER:
c
POINTS:
1
DIFFICULTY:
Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARDS: United States - BUSPROG: Analytic
TOPICS:
DISC: Thinking Like an Economist
Scarcity
KEYWORDS:
BLOOM'S: Comprehension
4. In considering how to allocate its scarce resources among its various members, a household
considers
a. each member’s abilities.
b. each member’s efforts.
c. each member’s desires.
d. All of the above are correct.
ANSWER:
d
POINTS:
1
DIFFICULTY:
Difficulty: Easy
LEARNING OBJECTIVES: ECON.MANK.15.1 - LO: 1-0
NATIONAL STANDARD