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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
Principles
© 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.
2 Ten Principles of Economics
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
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
Scarcity
Ten Principles of Economics 3
5. Economics deals primarily with the concept of

a. scarcity.
b. money.
c. poverty.
d. banking.
ANSWER: a
POINTS: 1
Scarcity
6. Which of the following is correct?

a. The word economy comes from the Greek word for “rational thinker.”
b. Economists study the management of scarce resources.
c. Because economists believe that people pursue their best interests, they are not interested in how
people interact.
ANSWER: b
POINTS: 1
Scarcity
7. The overriding reason why households and societies face many decisions is that
a. resources are scarce.
b. goods and services are not scarce.
c. incomes fluctuate with business cycles.
d. people, by nature, tend to disagree.
ANSWER: a
POINTS: 1
DIFFICULTY: Difficulty: Moderate
Scarcity
8. A society allocates its scarce resources to various jobs. These scarce resources include
a. land.
b. people.
c. machines.
ANSWER: d
POINTS: 1
Scarcity
NOTES: n
9. The phenomenon of scarcity stems from the fact that

a. most economies’ production methods are not very good.
b. in most economies, wealthy people consume disproportionate quantities of goods and services.
c. governments restrict production of too many goods and services.
d. resources are limited.
ANSWER: d
POINTS: 1
Scarcity
10. Approximately what percentage of the world's economies experience scarcity?

a. 10%
b. 40%
c. 85%
d. 100%
ANSWER: d
POINTS: 1
Scarcity
11. When a society cannot produce all the goods and services people wish to have, it is said that the
economy is experiencing
a. scarcity.
b. surpluses.
c. inefficiencies.
d. inequalities.
ANSWER: a
POINTS: 1
Scarcity
12. Which of the following products would be considered scarce?

a. bread
b. baseballs autographed by Babe Ruth
c. motorcycles
ANSWER: d
POINTS: 1
Scarcity
NOTES: r
13. Economics is the study of

a. production methods.
b. how society manages its scarce resources.
c. how households decide who performs which tasks.
d. the interaction of business and government.
ANSWER: b
POINTS: 1
Scarcity
14. The study of how society manages its scarce resources is most closely associated with which
field of study?
a. environmental studies
b. economics
c. management
d. accounting
ANSWER: b
POINTS: 1
Scarcity
NOTES: n
15. In most societies, resources are allocated by

a. a single central planner.
b. a small number of central planners.
c. those firms that use resources to provide goods and services.
d. the combined actions of millions of households and firms.
ANSWER: d
POINTS: 1
Principles
16. Coal is considered to be a non-renewable energy source. Which of the following statements is
correct?
a. Coal is an unlimited resource.
b. Coal is a scarce resource.
c. Coal is a non-productive resource.
d. Coal is not a resource.
ANSWER: b
POINTS: 1
Scarcity
KEYWORDS: BLOOM'S: Application
NOTES: r
17. Which of the following is not an example of scarcity?

a. Only some people can afford to buy a BMW automobile.
b. Every individual in society cannot attain the highest standard of living to which he or she might
aspire.
c. Miranda has an unlimited supply of oranges in her orchard.
d. Each member of a household cannot get everything he or she wants.
ANSWER: c
POINTS: 1
Scarcity
NOTES: r
18. Economics is the study of how society manages its

a. limited wants and unlimited resources.
b. unlimited wants and unlimited resources.
c. limited wants and limited resources.
d. unlimited wants and limited resources.
ANSWER: d
POINTS: 1
Scarcity
19. Which of the following is a decision that economists study?

a. how much people work
b. what people buy
c. how much money people save
ANSWER: d
POINTS: 1
Principles
20. Which of the following is an example of something economists study?

a. Mitch chooses to work overtime to earn extra income for his family.
b. Megan sells her physics textbook from last semester to her roommate for half the price of a
new textbook.
c. The unemployment rate in the United States has fallen by two percentage points in the last few
years.
ANSWER: d
POINTS: 1
Principles
NOTES: r
21. What term refers to the property that society has limited resources and therefore cannot produce
all the goods and services people wish to have?
a. inefficiency
b. inequality
c. scarcity
d. market failure
ANSWER: c
POINTS: 1
Scarcity
22. Which of the following is a subject that economists study?

a. the growth in average income
b. the fraction of the population that cannot find work
c. the rate at which prices are rising
ANSWER: d
POINTS: 1
Principles
Multiple Choice – Section 01: How People Make Decisions
1. The adage, "There is no such thing as a free lunch," means

a. even people on welfare have to pay for food.
b. the cost of living is always increasing.
c. people face tradeoffs.
d. all costs are included in the price of a product.
ANSWER: c
POINTS: 1
Tradeoffs
2. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that
a. goods are scarce.
b. people face tradeoffs.
c. income must be earned.
d. households face many decisions.
ANSWER: b
POINTS: 1
Tradeoffs
3. The phrase “no such thing as a free lunch” means

a. people must face tradeoffs.
b. rational people think at the margin.
c. people respond to incentives.
d. trade can make everyone better off.
ANSWER: a
POINTS: 1
Tradeoffs
4. Which of the following statements best represents the principle represented by the adage, "There is
no such thing as a free lunch"?
a. Michelle can attend the concert only if she takes her sister with her.
b. Michael is hungry and homeless.
c. Andrea must repair the tire on her bike before she can ride it to class.
d. Dani must decide between going to Florida or Brazil for spring break.
ANSWER: d
POINTS: 1
DIFFICULTY: Difficulty: Challenging
Tradeoffs
NOTES: r
5. Which of the following examples does not illustrate the principle represented by the adage, "There
is no such thing as a free lunch"?
a. Melissa needs to pay her rent and her electric bill.
b. Kevin must choose between buying a new flat screen television and buying his textbooks for this
semester.
c. Robert must decide between studying for his psychology exam and working at his part-time job.
d. Lisa can spend her money on a new smart phone or on a weekend trip.
ANSWER: a
POINTS: 1
Tradeoffs
NOTES: r
6. The principle that "people face tradeoffs" applies to

a. individuals.
b. families.
c. societies.
ANSWER: d
POINTS: 1
Tradeoffs
7. Candice is planning her activities for a hot summer day. She would like to go to the local swimming
pool and see the latest blockbuster movie, but because she can only get tickets to the movie for the
same time that the pool is open she can only choose one activity. This illustrates the basic principle
that
a. people respond to incentives.
d. improvements in efficiency sometimes come at the expense of equality.
ANSWER: c
POINTS: 1
Tradeoffs
NOTES: r
8. Billie Jean has $120 to spend and wants to buy either a new amplifier for her guitar or a new mp3
player to listen to music while working out. Both the amplifier and the mp3 player cost $120, so she
can only buy one. This illustrates the basic concept that
a. trade can make everyone better off.
b. people face trade-offs.
c. rational people think at the margin.
d. decisions made at the margin are not particularly important.
ANSWER: b
POINTS: 1
Tradeoffs
NOTES: r
9. John is an athlete. He has $120 to spend and wants to buy either a heart rate monitor or new
running shoes. Both the heart rate monitor and running shoes cost $120, so he can only buy one.
This illustrates the principle that
d. people respond to incentives.
ANSWER: b
POINTS: 1
Tradeoffs
10. Lawrence is a photographer. He has $230 to spend and wants to buy either a flash for his camera
or a new tripod. Both the flash and tripod cost $230, so he can only buy one. This illustrates the
principle that
ANSWER: b
POINTS: 1
Tradeoffs
NOTES: r
11. Guns and butter are used to represent the classic societal tradeoff between spending on
a. durable and nondurable goods.
b. imports and exports.
c. national defense and consumer goods.
d. law enforcement and agriculture.
ANSWER: c
POINTS: 1
Tradeoffs
12. A tradeoff exists between a clean environment and a higher level of income in that
a. studies show that individuals with higher levels of income pollute less than low-income
individuals.
b. efforts to reduce pollution typically are not completely successful.
c. laws that reduce pollution raise costs of production and reduce incomes.
d. employing individuals to clean up pollution causes increases in employment and income.
ANSWER: c
POINTS: 1
Tradeoffs
13. While pollution regulations yield the benefit of a cleaner environment and the improved health that
comes with it, the regulations come at the cost of reducing the incomes of the regulated firms’
owners, workers, and customers. This statement illustrates the principle that
ANSWER: c
POINTS: 1
Tradeoffs
14. When society requires that firms reduce pollution, there is

a. a tradeoff because of reduced incomes to the firms' owners and workers.
b. a tradeoff only if some firms are forced to close.
c. no tradeoff, since the cost of reducing pollution falls only on the firms affected by the
requirements.
d. no tradeoff, since everyone benefits from reduced pollution.
ANSWER: a
POINTS: 1
Tradeoffs
15. Economists use the word equality to describe a situation in which

a. each member of society has the same income.
b. each member of society has access to abundant quantities of goods and services, regardless of
his or her income.
c. society is getting the maximum benefits from its scarce resources.
d. society's resources are used efficiently.
ANSWER: a
POINTS: 1
Equality
16. Efficiency means that

a. society is conserving resources in order to save them for the future.
b. society's goods and services are distributed equally among society's members.
c. society's goods and services are distributed fairly, though not necessarily equally, among
society's members.
d. society is getting the maximum benefits from its scarce resources.
ANSWER: d
POINTS: 1
Efficiency
17. The property of society getting the most it can from its scarce resources is called
a. efficiency.
b. equality.
c. externality.
d. productivity.
ANSWER: a
POINTS: 1
Efficiency
18. Efficiency
a. and equality both refer to how much a society can produce with its resources.
b. and equality both refer to how fairly the benefits from using resources are distributed between
members of a society.
c. refers to how much a society can produce with its resources. Equality refers to how evenly the
benefits from using resources are distributed among members of society.
d. refers to how evenly the benefits from using resources are distributed between members of
society. Equality refers to how much a society can produce with its resources
ANSWER: c
POINTS: 1
Efficiency
19. The terms equality and efficiency are similar in that they both refer to benefits to society.
However they are different in that
a. equality refers to uniform distribution of those benefits and efficiency refers to maximizing
benefits from scarce resources.
b. equality refers to maximizing benefits from scarce resources and efficiency refers to uniform
distribution of those benefits.
c. equality refers to everyone facing identical tradeoffs and efficiency refers to the opportunity
cost of the benefits.
d. equality refers to the opportunity cost of the benefits and efficiency refers to everyone facing
identical tradeoffs.
ANSWER: a
POINTS: 1
Equality
20. Which of the following phrases best captures the notion of efficiency?
a. absolute fairness
b. equal distribution
c. minimum waste
d. equitable outcome
ANSWER: c
POINTS: 1
Efficiency
21. Which of the following words and phrases best captures the notion of equality?
a. minimum waste
b. maximum benefit
c. sameness
d. efficiency
ANSWER: c
POINTS: 1
Equality
22. When society gets the most it can from its scarce resources, then the outcome is called
a. equitable.
b. efficient.
c. normal.
d. efficacious.
ANSWER: b
POINTS: 1
Efficiency
NOTES: r
23. A typical society strives to get the most it can from its scarce resources. At the same time, the
society attempts to distribute the benefits of those resources to the members of the society in a
fair manner. In other words, the society faces a tradeoff between
a. guns and butter.
b. efficiency and equality.
c. inflation and unemployment.
d. work and leisure.
ANSWER: b
POINTS: 1
Efficiency
24. When the government redistributes income from the wealthy to the poor,
a. efficiency is improved, but equality is not.
b. equality is improved, but efficiency is not.
c. both efficiency and equality are improved.
d. neither efficiency nor equality are improved.
ANSWER: b
POINTS: 1
Equality
25. Which of the following is true?

a. Efficiency refers to the size of the economic pie; equality refers to how the pie is divided.
b. Government policies usually improve upon both equality and efficiency.
c. As long as the economic pie continually gets larger, no one will have to go hungry.
d. Efficiency and equality can both be achieved if the economic pie is cut into equal pieces.
ANSWER: a
POINTS: 1
26. As a result of a successful attempt by government to cut the economic pie into more equal slices,
a. the pie gets larger, and there will be more pie overall.
b. the pie gets smaller, and there will be less pie overall.
c. it increases the reward for working hard, resulting in people producing more goods and services.
d. those who earn more income pay less in taxes.
ANSWER: b
POINTS: 1
Equality
KEYWORDS: BLOOM'S: Analysis
27. When the government redistributes income from the wealthy to the poor,
a. efficiency is improved, but equality is not.
b. both wealthy people and poor people benefit directly.
c. people work less and produce fewer goods and services.
d. the government collects more revenue in total.
ANSWER: c
POINTS: 1
Equality
28. When the government attempts to improve equality in an economy the result is often
a. an increase in overall output in the economy.
b. additional government revenue since overall income will increase.
c. a reduction in equality.
d. a reduction in efficiency.
ANSWER: d
POINTS: 1
Efficiency
29. When the government implements programs such as progressive income tax rates, which of the
following is likely to occur?
a. equality is increased and efficiency is increased.
b. equality is increased and efficiency is decreased.
c. equality is decreased and efficiency is increased.
d. equality is decreased and efficiency is decreased.
ANSWER: b
POINTS: 1
Equality
30. A likely effect of government policies that redistribute income and wealth from the wealthy to the
poor is that those policies
a. enhance equality.
b. reduce efficiency.
c. reduce the reward for working hard.
ANSWER: d
POINTS: 1
Equality
31. A likely effect of government policies that redistribute income and wealth from the wealthy to the
poor is that those policies
a. enhance equality.
b. enhance efficiency.
c. increase the reward for working hard.
ANSWER: a
POINTS: 1
Equality
NOTES: n
32. Government policies designed to equalize the distribution of economic well-being include
(i) the welfare system
(ii) unemployment insurance
(iii) progressive income tax
a. (i) only
b. (ii) only
c. (i) and (ii) only
d. (i), (ii), and (iii)
ANSWER: d
POINTS: 1
Equality
33. Government policies resulting in reduced efficiency include

(i) the welfare system
(ii) unemployment insurance
(iii) progressive income tax
a. (i) only
b. (ii) only
c. (i) and (ii) only
d. (i), (ii), and (iii)
ANSWER: d
POINTS: 1
Efficiency
34. When government policies are enacted,

a. equality can usually be enhanced without an efficiency loss, but efficiency can never be
enhanced without a reduction in equality.
b. efficiency can usually be enhanced without a reduction in equality, but equality can never be
enhanced without an efficiency loss.
c. it is always the case that either efficiency and equality are both enhanced, or efficiency and
equality are both diminished.
d. None of the above are correct.
ANSWER: d
POINTS: 1
35. Senator Brown wants to increase taxes on people with high incomes and use the money to help
the poor. Senator Johnson argues that such a tax will discourage successful people from working
and will therefore make society worse off. An economist would say that
a. we should agree with Senator Brown.
b. we should agree with Senator Johnson.
c. a good decision requires that we recognize both viewpoints.
d. there are no tradeoffs between equity and efficiency.
ANSWER: c
POINTS: 1
36. A certain state legislature is considering an increase in the state gasoline tax. Representative
Campbell argues that an increase in the gasoline tax would harm low-income drivers
disproportionately. Representative Richards responds by saying that low-income drivers own
smaller cars that use less gasoline, and that low-income drivers therefore would not be harmed
disproportionately.
a. Representative Campbell’s argument is based primarily on efficiency, while Representative
Richards’ argument is based primarily on equality.
b. Representative Campbell’s argument is based primarily on equality, while Representative
Richards’ argument is based primarily on efficiency.
c. Both representatives’ arguments are based primarily on efficiency.
d. Both representatives’ arguments are based primarily on equality.
ANSWER: d
POINTS: 1
Equality
NOTES: n
37. Senator Jackson argues that replacing the federal income tax with a national sales tax would
increase the level of output. Senator Feldman objects that this policy would benefit the rich at the
expense of the poor.
a. Both senators’ arguments are primarily about equality.
b. Both senators’ arguments are primarily about efficiency.
c. Senator Jackson’s argument is primarily about equality, while Senator Feldman’s argument is
primarily about efficiency.
d. Senator Jackson’s argument is primarily about efficiency, while Senator Feldman’s argument is
primarily about equality.
ANSWER: d
POINTS: 1
NOTES: r
38. Suppose the government taxes the wealthy at a higher rate than it taxes the poor and then
develops programs to redistribute the tax revenue from the wealthy to the poor. This
redistribution of wealth
a. is more efficient and more equal for society.
b. is more efficient but less equal for society.
c. is more equal but less efficient for society.
d. is less equal and less efficient for society.
ANSWER: c
POINTS: 1
Equality
Another random document with
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entered the park, strolling aimlessly along the walks, where the park-
loungers basked in the unexpected warmth, and nurse-maids and
children tried to make the best of each other’s company. Carlos,
deep in thought, paid little attention to anyone unless some child
inadvertently threatened to collide with him, when he would start,
step aside, and relapse again into his reverie.
It was during one of these lapses that Carlos failed to note the
appearance of a phenomenon. This consisted of a very dirty girl who
was leading—or being led by—a little white dog on a long rope, who,
strangely enough, was as clean as his mistress was dirty. The two
came charging down the path toward Carlos, evidently expecting to
go past him on the left. But just before they reached him, the little
dog with all the unexpectedness of little dogs darted to the right. The
next moment Carlos was startled to feel his feet being jerked
backward and wound up tightly in several yards of cotton clothesline
on one end of which was a little girl, who was the most striking
surprise of all. In spite of an evident absence of any recent ablution
her features had a peculiarly charming grace which was surprising
under the circumstances and so pleasant that Carlos found suddenly
that he wanted to paint it.
When the child straightened up from her task of unwinding the little
white dog, which she now held in her arms, she was adorable as she
tried confusedly to explain and apologize for what had happened.
“Never mind that—I don’t appear to be any the worse. But would
you mind telling me your name?”
The vision was entirely agreeable.
“It’s Rosalie,” she replied. “At least I think so. I haven’t no father or
mother. I live with Aunt Bess, but Toots is my dog.”
“I’d like to paint a picture of you, Rosalie. That’s my business, you
see; I’m an artist—or supposed to be. Do you think your aunt would
let you come up to my house to-morrow afternoon, and would you
like to?”
The child stared open eyed, but she quickly assimilated the facts.
Her reply was frank.
“Sure I would. Aunt Bess don’t care where I go. Will you have
some cookies? What do you want to paint me for?”
“Yes, there might be something to eat. Then you will come? That’s
fine. My house is at 16 West 5—th Street. Can you remember that,
Rosalie?” The child nodded. “Then I’ll expect you at two o’clock to-
morrow afternoon.”
Carlos walked home in high spirits. The child’s face had so
impressed him that it seemed as if he could never wait till the next
day. Eloise was still at the apartment. To her he recounted his find in
such glowing terms that she began to share his enthusiasm and help
him make his plans.
“We’ll have to give her a bath,” he said cheerfully. “She’s horribly
dirty. And we’ve got to find out whether she can come regularly. But
we can do that to-morrow. Let’s celebrate to-night. I know a
wonderful little restaurant. By the way, her name’s Rosalie.”
They were still talking about the child when they returned late in
the evening.
The next afternoon at a quarter of two the bell rang, and Rosalie
was announced by a shocked and protesting doorman. Shortly after
Rosalie herself appeared. Believing it her duty to do her best to
make the picture a success, and feeling that the occasion demanded
something out of the ordinary, the child had worn her best clothes
and even gone to the length of a somewhat tentative washing. The
dress—it was her Sunday one, she explained—was hideous, but
Eloise, who was as fascinated by the child as her husband had
been, with infinite tact persuaded her to put on some things they had
bought for her the afternoon before.
Posing the child presented little difficulty. All Carlos asked was to
have her sit in a little rocker with an open picture book in her lap,
which Rosalie did with such a natural grace and unembarrassed
manner that she might have been sitting in little rockers for her
picture all her life. Her hair, which Eloise had loosened, hung in long
curls that completely covered her shoulders, and from which the
exquisite little face looked out like an ivory miniature in a golden
frame. As he gazed speechless at the effect, Carlos knew that at last
he had found his inspiration. He began feverishly to sketch in the first
rough outlines of the portrait.
As long as the light lasted he worked rapidly, looking up at the
child on the platform where the chair had been placed and down to
the canvas, as he touched it with quick, sure strokes. Sometimes he
paused, seemingly forgetful of the picture, looking for long intervals
at the girl as if to draw her whole personality out of herself and place
it on the canvas. Finally Rosalie began to become more and more
restless, until Eloise was forced to interrupt the work.
“You’ll have to stop now, dear,” she said. “The poor child is tired
out and it’s too dark now, anyway.”
Carlos paid no attention, but went on painting. All he said was,
“Tell her to sit still. Can’t stop now.”
But at last she persuaded him to lay aside his brushes, so that
Rosalie could go home, after promising faithfully to return the next
afternoon. Carlos was triumphant.
“It’s going to be the best thing I ever did. The kid gets into me in a
way I can’t explain, but I’m putting it in the picture.”
For two weeks the child came almost every day and each time the
picture advanced further. Carlos had been right—it was the best
thing he had ever done, incomparably the best. To Eloise, who in the
months in Paris had gained a good critical knowledge of pictures, it
was evident that it was a masterpiece. The feeling of greatness was
in it; in the perfection of the body, in the grace of the pose, and most
of all in the face. There was something so compelling about the
personality of that face, that Eloise would often sit and look at it
alone when Carlos had gone out. It was the only time she was ever
alone with it, for if he were in the apartment, he spent all his time in
the studio.
Then one late afternoon after Rosalie had left, Carlos said:
“One more day, Eloise. Just one more day and it will be done. To-
morrow night I’ll be satisfied with it—I’ll even be a little proud of it,
because it is good, isn’t it?”
And Eloise nodded happily. For the past two weeks she had been
happier than she had ever been before, and now she was too
overcome to speak.
The next day Rosalie did not come, although they waited
impatiently all afternoon. Carlos tried to go on with the picture from
memory, but gave up in disgust. Without the child he was unable to
go any further. When she did not appear the next day, Carlos
became desperate. The picture was so tantalizingly near completion,
yet there was something to be added, something indefinite which he
could not name and the lack of which left him dissatisfied and
uneasy. He went to the house where she had said she lived, but
even the aunt had gone, and no one knew anything about either of
them. For a week, two weeks, Carlos alternately waited in the studio
and made fruitless attempts to locate the child. When Eloise, fearing
he would go mad with impatience, tried to make him work on other
pictures, he seemed unable to concentrate for long on anything. The
old indolence had returned with a new force which he was unable
and half-unwilling to overcome; for the child was the only thing that
could fill him with that burning desire to paint that had driven him on,
often in spite of himself.
Carlos refused to give up the hope that she might yet return. For
hours in the afternoon he would go up to the studio, and, putting on
his painting jacket, sit gazing hopelessly at the picture, or make
sudden attempts that were over almost as soon as begun to
complete the portrait. Fall passed—the fall that had so nearly
brought realization—and winter came. The studio became dark early
in the afternoons, and no childish laugh returned to lighten the dusk.
STANLEY MILLER COOPER.
The Dreamer
Pine tree, pine tree,

Pointing to the sky,
Your branches are all naked
And all your leaves are dry.

And did you reach too high,
And did your soul grow weary,
Leaving you to die?

In my heart I know
You are pointing out to us
The way we should not go.
WILLIAM TROY.
Book Reviews
The Chronicles of Rodriguez. By Lord Dunsany. (G.

P. Putnam’s Sons.)
“Be always drunken!” said Charles Baudelaire. “Be always and
forever drunken—with wine, with poetry, or with virtue, as you
choose.” Our best of all possible worlds has, indeed, run aground on
evil days since then. To become drunken by any of the means which
Baudelaire suggests, is to arouse comment, if not suspicion, in the
year nineteen twenty-two.
Only one last refuge is left to those who would be always and
forever drunken—the tales of Lord Dunsany. And, in his latest book,
this literary Bacchus has not failed us. For “The Chronicles of
Rodriguez” are apt to make all lovers of beauty in words very
drunken—as drunken as men used to grow in Merry England who
drank too deeply of the magic rymes of Spenser.
His real name was Rodriguez Trinidad Fernandez Concepcion
Henrique Maria—and, before the tale is done, even that stupendous
name has grown in stature by the breadth of a title or two, such is
the magic warmth of Golden Spain. His father, the old Lord of the
Valleys of Arguento Harez, from whose heights Angelico swore he
saw Valladolid once; his father was grieved, as he lay dying, to see
that Rodriguez’s younger brother had grown to manhood dull and
clever, one on whom those traits that women love had not been
bestowed by God. And so, knowing that the poor fellow could gain
nothing for himself, since women are the arbiters of all things here
on earth, and for aught he knew hereafter, the old Lord gave him all
his lands and goods, except only his ancient Castilian sword. This he
gave to Rodriguez, his eldest son, in the grand manner that they had
at that time in Spain, saying, “I leave you, my son, well content that
you have the two accomplishments that are most needful in a
Christian man, skill with the sword and a way with the mandolin.”
Then he gathered up his strength for the last time and looked at his
son. “The sword to the wars,” he said. “The mandolin to the
balconies.”
And now, since no one can hear of such a tale and rest content
until they know what further magic is in store, I leave you all, like the
old Lord, content that you will go to seek the wars and the balconies
—which is the business of a book reviewer.
L. S. G.
Shoes of the Wind. By Hilda Conkling. (Frederick

A. Stokes Co.)
Readers of “Poems by a Little Girl” who were surprised at the
extraordinarily beautiful poetry such a little girl could produce, will be
even more surprised and pleased by the contents of this second
volume. Hilda Conkling, with her childhood simplicity of ideas, seems
to have discovered unconsciously the most satisfactory content for
poems in verse libre. Naïveté is stilted in metrical form, but seems to
run truly like “shoes of the wind” along the irregularities of free verse,
whereas the vulgar aphorisms of some contemporaries would be
more likeable if they were better clothed with the conventionalities of
metre and rhyme.
Wordsworth would have loved Hilda Conkling. She would have
been ample proof for him that children come, “trailing clouds of
glory”. Here is her own expression of it:
I was thinking
The tenderness children need
Is in soft shadow-things;
Is a kind of magic ...
Petals of a dark pansy ...
Cloudy wings....
“Shoes of the Wind” will delight anyone who likes lyrical poetry of
the most beautiful sort.
D. C. C.
The Glimpses of the Moon. By Edith Wharton. (D.

Appleton & Company.)
At the moment of writing this review, Mrs. Wharton’s publishers
announce that the public continues to inconsiderately overtax and
distress them, by calling for “Glimpses of the Moon” at the rate of
three thousand copies a day. This, of course, is quite as it should be.
But we still venture to hope that at least one hundred persons per
day will join us in a courageous effort to forget all about it, and await
Mrs. Wharton’s next book, just as if nothing had happened. It is
evidently too much to hope for another “Age of Innocence” at once—
but one is only too glad to wait for it.
As for the immensely more important two thousand nine hundred,
they will find that they have purchased three hundred and sixty-four
pages of what looks like good solid reading matter, only to find it so
adroitly written that it slips away at almost a single sitting, and forces
one to decide what to read next.
Should they decide to turn out the light and pull up the covers,
however, they may do so secure in the knowledge that Susy and her
Nick at last realize that “this is love! This must be love!”, and
determined to call off the divorce that has been threatening all
through the book. It is all very splendid, for Nick could have married
the Hicks millions, and Susy might have been Lady Altringham five
minutes after the decree was issued. Lest anyone should be unduly
stampeded by this outline of the plot, we might mention that Mrs.
Wharton has carefully avoided “the tiny garments”, and that it is
while mothering the children of a stray acquaintance that she,
together with Nick, finally glimpses the moon, which has been
decidedly under a cloud during most of the book.
L. S. G.
Breath of Life. By Arthur Tuckerman. (G. P.
Putnam’s Sons.)
We learn from the jacket (that most entertaining part of so many
books; for there pure imagination soars into the literary empyrian—)
that Mr Tuckerman is “a new American writer of twenty-five”. Warned
by that designation to expect one of the precocious works of cynical
sophistication of the terrible “younger school”, we cannot be anything
but agreeably surprised when that turns out to be an erroneous
supposition. In its early chapters “Breath of Life” does not treat of the
collegiate youth who sits out dances with worldly-wise and
unsurpriseable débutantes, and gets drunk in fashionable cafés; but
that sort of thing has been done so much in “first novels” of late that
the aspect is negligible. The main part of the story is frankly given
over to that type which calls for gallant action, and gay, not too-
analytically-treated romance; as such it makes for easy, delightful
reading.
Everett Gail has left college—“New Haven”—after two lazy,
profitless years, to see whether business cannot end his
restlessness and give purpose to his existence. He soon finds that
office work makes him an automaton, and the incidental round of
parties bores him. He disgraces himself before the one girl he cares
at all about by getting drunk, and it is while in this condition that he
climbs aboard a ship bound for the Caribbean. The harsh realities of
the work on shipboard end when he dives overboard in the harbor of
Santa Palina, and there he finds the life of excitement which he
craves. Days of adventurous intrigue and revolutionary plots follow,
with the necessary love-element in the person of an insurgent
leader’s charming daughter. In the end he saves an astonishing
number of American Marines’ lives, receives the thanks of his
government,—and sails back home.
“Breath of Life” is not a profound book; it propounds no unsolvable
problems; and there are certain banalities and traces of a still
immature style evident. These are the natural signs of a new
author’s development. But it is the sort of book that you will enjoy
reading. Mr. Tuckerman’s characterizations are rather good; his
sense of scene is excellent. For those of us who desire an
occasional respite from the rigors of Yale’s iron-clad curriculum,
“Breath of Life” offers pleasant relaxation.
C. G. P.
Editor’s Table
The Climax.
It was past twelve, on make-up night. Two hundred odd contributors
were clustered about the window of the Lit. office in which the Table
of Contents was to be posted. The Yale Literary Renaissance had
converted into a mob-scene what had been formerly a nocturne
embracing a window, a lamp-post and a deserted middle-ground.
A general tensity prevailed. There was, to be sure, a certain
amount of thoughtless jostling and crowding. The Yale Literary
Magazine seldom publishes more than ten pieces, of which
approximately seven are by the editors. This fact tends to whet
outside competition, and introduces an element of curiosity and
despair.
The Anti-Climax.
Inside the office, Richard Cory, Ahaseurus, Bukis, The Egoist, and
Mr. Benson were all sound asleep. In this unguarded moment of
repose there was little if anything about their countenances which
indicated the Intellegensia. I am glad to say that the only one of
these gentlemen who was superior enough not to snore was
Mr. Benson.
Yale Lit. Advertiser.
Compliments
of
The Chase National Bank
HARRY RAPOPORT
University Tailor
Established 1884
Every Wednesday at Park Avenue Hotel,
Park Ave. and 33rd St., New York
1073 CHAPEL STREET NEW HAVEN, CONN.
New York Stock of
Chains and Anchors

Winches—Windlasses and other Auxiliary Marine Machinery
EASTERN SALES AGENTS FOR DRAKE ENGINE CO.
A. JUDSON BROWN & CO.

Incorporated
59 PEARL STREET, NEW YORK
Phones: Whitehall 2634-2635
The Knox-Ray Company

Jewelers, Silversmiths, Stationers
Diamonds and Precious Stones
Watches, Jewelry, Silverware
Social Stationery
Agents
THE GORHAM CO.
Silversmiths
PATEK PHILIPPE & CO.
Watches
970 CHAPEL STREET
(Formerly with the Ford Co.)
P. RING
217 ELM STREET
Sanitary Soda Fountain
Perfect Service
Cigars, Cigarettes, Pipes, Magazines,
Confectionery Fruit
NEW ENLARGED STORE
The Best Stores Everywhere Show
INCORPORATED
ELM STREET AT YALE CAMPUS
English Accessories for men who appreciate quality and value
NEW YORK OFFICE: 220 BROADWAY
The Brick Row Book Shop, Inc.

Announces that Subscriptions are being taken for:
The Manaton Edition of the Works of John

Galsworthy
Limited to 750 copies to be sold in this country, and printed on
specially water-marked rag paper. Mr. Galsworthy has written
sixteen new prefaces for this edition, and will inscribe the first
volume of each set.
The Collected Works of Herman Melville

Limited to 650 copies, of which 300 only are to be sold in the
United States. This edition will appear in twelve volumes, six
dollars the volume.
As Individual as You Are

From the bolt of cloth to the finished suit, we tailor your clothes
perfectly to the contour of your form. Every suit and overcoat
tailored to your individual measurements. Only through such
service can you receive such fine quality for so little cost.
E. V. PRICE & CO.

Tailoring for Men
We’re now showing an impressive display of new Fall fabrics.
Come in early and make your selection.
$45.00 UP TO $65.00
SHOP OF JENKINS
Haberdashery—Knox Hats—Clothing Specialists
940 Chapel Street, New Haven, Conn.
The Nonpareil Laundry Co.

The Oldest Established Laundry to Yale
We darn your socks, sew your buttons on, and make all repairs
without extra charge.
PACH BROS.
College Photographers
1024 CHAPEL STREET
NEW HAVEN, CONN.
CHAS. MEURISSE & CO.

4638 Cottage Grove Ave., Chicago, Ill.
POLO MALLETS, POLO BALLS, POLO SADDLES and POLO
EQUIPMENT of every kind
Catalog with book of rules on request
CHASE AND COMPANY

Clothing
GENTLEMEN’S FURNISHING GOODS
1018-1020 Chapel St., New Haven, Conn.
Complete Outfittings for Every Occasion. For Day or Evening Wear. For Travel,
Motor or Outdoor Sport. Shirts, Neckwear, Hosiery, Hats and Caps. Rugs,
Bags, Leather Goods, Etc.
Tailors to College Men of Good Discrimination
1123 CHAPEL STREET NEW HAVEN, CONN.
Established 1852
I. KLEINER & SON

TAILORS
1098 Chapel Street
NEW HAVEN, CONN.
Up Stairs
BOOK
“The Beautiful and ... Artistic!”
for “her” Christmas pleasure.
Book a sitting to-day at the
Roger Sherman Studio

Hugh M. Beirne
227 Elm Street
Men’s Furnishings
“Next to the Gym.”
Foreign Sweaters, Golf Hose, Wool Half Hose, all of exclusive

and a great many original designs.
Our motto: “You must be pleased.”
John F. Fitzgerald
Hotel Taft Bldg.
NEW HAVEN, CONN.
Motor Mart Garage

OLIVE AND WOOSTER STS.
Oils and Gasoline
Turn-auto Repair Service
Authors’ Manuscripts Typewritten Accurately, Neatly and

Reasonably.
Maybelle E. Tolman
542 Grosvenor Bldg.
Providence, R. I.
THE NEW NASH SIX SEDAN
$2040
f.o.b. factory
NASH
Nash leadership in motor car values is strikingly emphasized,
again, in the new Nash Six Sedan for five passengers. All the
latest ideas in design, all the newest niceties of appointment are
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NEW HAVEN 522 FIFTH AVENUE
CONNECTICUT NEW YORK CITY
Disillusionment

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Test Bank for Essentials of Economics,

8th Edition, N. Gregory Mankiw

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Multiple Choice – Section 00: Introduction

5. Economics deals primarily with the concept of

6. Which of the following is correct?

9. The phenomenon of scarcity stems from the fact that

10. Approximately what percentage of the world's economies experience scarcity?

12. Which of the following products would be considered scarce?

13. Economics is the study of

15. In most societies, resources are allocated by

17. Which of the following is not an example of scarcity?

18. Economics is the study of how society manages its

19. Which of the following is a decision that economists study?

20. Which of the following is an example of something economists study?

22. Which of the following is a subject that economists study?

Multiple Choice – Section 01: How People Make Decisions

1. The adage, "There is no such thing as a free lunch," means

3. The phrase “no such thing as a free lunch” means

6. The principle that "people face tradeoffs" applies to

14. When society requires that firms reduce pollution, there is

15. Economists use the word equality to describe a situation in which

16. Efficiency means that

25. Which of the following is true?

33. Government policies resulting in reduced efficiency include

34. When government policies are enacted,

Pine tree, pine tree,

Pine tree, pine tree,

Pine tree, pine tree,

The Chronicles of Rodriguez. By Lord Dunsany. (G.

Shoes of the Wind. By Hilda Conkling. (Frederick

The Glimpses of the Moon. By Edith Wharton. (D.

New York Stock of

Chains and Anchors

A. JUDSON BROWN & CO.

The Knox-Ray Company

The Brick Row Book Shop, Inc.

The Manaton Edition of the Works of John

The Collected Works of Herman Melville

As Individual as You Are

E. V. PRICE & CO.

The Nonpareil Laundry Co.

CHAS. MEURISSE & CO.

CHASE AND COMPANY

1123 CHAPEL STREET NEW HAVEN, CONN.

I. KLEINER & SON

Book a sitting to-day at the

Roger Sherman Studio

Foreign Sweaters, Golf Hose, Wool Half Hose, all of exclusive

Motor Mart Garage

Authors’ Manuscripts Typewritten Accurately, Neatly and

THE NEW NASH SIX SEDAN

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