Normally, yes. But if you want to block a specific IP, and you know that address won't change (it's a server, or the user can't change it), then I'd block it only. It's always a good idea to permit only your network outbound, though.
access-list 101 deny ip host x.x.x.x any
access-list 101 permit ip <lan_net> <lan_mask> any
access-list 101 deny ip any any
The "deny ip any any" is optional, but I like to include it as a reminder.
Depending upon your topology, it might more sense to apply this to the external i/f as an outbound ACL.