Microeconomics: Theory and Applications with Calculus,
3e (Perloff) Chapter 1 Introduction
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Microeconomics studies the allocation of
A) decision makers.
B) scarce resources.
C) models.
D) unlimited resources. - (correct Answer) - Answer: B
Microeconomics is often called
A) price theory.
B) decision science.
C) scarcity.
D) resource theory. - (correct Answer) - Answer: A
Most microeconomic models assume that decision makers wish to
A) make themselves as well off as possible.
B) act selfishly.
C) make others as well off as possible.
D) None of the above. - (correct Answer) - Answer: A
Society faces trade-offs because of
A) government regulations.
B) greedy corporations.
C) faceless bureaucrats.
D) scarcity. - (correct Answer) - Answer: D
, A market
A) always involves the personal exchange of goods for money.
B) allows interactions between consumers and firms.
C) always takes place at a physical location.
D) has no influence on prices. - (correct Answer) - Answer: B
What links the decisions of consumers and firms in a market?
A) the government
B) prices
C) coordination officials
D) microeconomics - (correct Answer) - Answer: B
The price of a good is
A) always equal to the cost of producing the good.
B) never affected by the number of buyers and sellers.
C) usually determined in a market.
D) None of the above - (correct Answer) - Answer: C
) The flu vaccination example in Section 1.1 of the textbook is an example of how policy makers may
cope with
A) scarcity of medical treatment.
B) scarcity of patients.
C) scarcity of policy makers.
D) answering the question of how to produce. - (correct Answer) - Answer: A
) Who or what is responsible for the allocation of scarce resources into the production of most goods in
the U.S.?
A) the American government
B) the UN
C) the Federal Reserve Bank
D) markets and prices - (correct Answer) - Answer: D
Which one of the following is NOT a key trade-off a society faces?
3e (Perloff) Chapter 1 Introduction
Save
Microeconomics studies the allocation of
A) decision makers.
B) scarce resources.
C) models.
D) unlimited resources. - (correct Answer) - Answer: B
Microeconomics is often called
A) price theory.
B) decision science.
C) scarcity.
D) resource theory. - (correct Answer) - Answer: A
Most microeconomic models assume that decision makers wish to
A) make themselves as well off as possible.
B) act selfishly.
C) make others as well off as possible.
D) None of the above. - (correct Answer) - Answer: A
Society faces trade-offs because of
A) government regulations.
B) greedy corporations.
C) faceless bureaucrats.
D) scarcity. - (correct Answer) - Answer: D
, A market
A) always involves the personal exchange of goods for money.
B) allows interactions between consumers and firms.
C) always takes place at a physical location.
D) has no influence on prices. - (correct Answer) - Answer: B
What links the decisions of consumers and firms in a market?
A) the government
B) prices
C) coordination officials
D) microeconomics - (correct Answer) - Answer: B
The price of a good is
A) always equal to the cost of producing the good.
B) never affected by the number of buyers and sellers.
C) usually determined in a market.
D) None of the above - (correct Answer) - Answer: C
) The flu vaccination example in Section 1.1 of the textbook is an example of how policy makers may
cope with
A) scarcity of medical treatment.
B) scarcity of patients.
C) scarcity of policy makers.
D) answering the question of how to produce. - (correct Answer) - Answer: A
) Who or what is responsible for the allocation of scarce resources into the production of most goods in
the U.S.?
A) the American government
B) the UN
C) the Federal Reserve Bank
D) markets and prices - (correct Answer) - Answer: D
Which one of the following is NOT a key trade-off a society faces?
