Practice Quiz

FPGEE Foreign Pharmacy

Category - Social & Administrative

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Which of the following is not one of Mankiw’s 10 Principles of Economics?
  1. The cost of something is what you give up to get it
  2. Governments cannot improve market outcomes
  3. Prices rise when the government prints too much money
  4. People respond to incentives
Explanation
Answer: B - The statement “Governments cannot improve market outcomes” is not one of Mankiw’s 10 Principles of Economics. Governments can sometimes improve market outcomes, and this is one of Mankiw’s 10 Principles of Economics. Changes in public policy can change the way a market allocates resources, and this can improve market outcomes.
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