Test Bank for Principles of Microeconomics 8th Edition Mankiw

Test Bank for Principles of Microeconomics 8th Edition  Mankiw

1 : While the scientific method is applicable to studying natural sciences, it is not useful in
studying an economic system.a. Trueb. False
A : true
B : false
Correct Answer : B
2 : Since natural experiments offered by history cannot be used in economics, carefully
constructed laboratory experiments must be used.a. Trueb. False
A : true
B : false
Correct Answer : B
3 : An economic model can accurately explain how the economy is organized because it is
designed to include every feature of the real world.a. Trueb. False
A : true
B : false
Correct Answer : B
4 : All scientific models, including economic models, simplify reality in order to improve our
understanding of it.a. Trueb. False
A : true
B : false
Correct Answer : A
5 : A circular-flow diagram is a visual model of how an economy is organized.a. Trueb. False
A : true
B : false
Correct Answer : A
6 : In a simple circular-flow diagram, firms own the factors of production and use them to
produce goods and services.a. Trueb. False
A : true
B : false
Correct Answer : B
7 : In a simple circular-flow diagram, the two types of markets in which households and firms
interact are the markets for goods and services and the markets for factors of production.a.
Trueb. False
A : true
B : false
Correct Answer : A
8 : In the markets for goods and services, as in the markets for the factors of production,

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