Test bank for microeconomics 7th edition by jeffrey m perloff

TEST BANK For Microeconomics, 9th edition
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by Jeffrey M. Perloff, Chapters 1 - 20
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,Table of contents
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1. Introduction
2. Supply and Demand
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3. Applying the Supply-and-Demand Model
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4. Consumer Choice b




5. Applying Consumer Theory
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6. Firms and Production
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7. Costs
8. Competitive Firms and Markets b b b




9. Applying the Competitive Model
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10. General Equilibrium and Economic Welfare b b b b




11. Monopoly
12. Pricing and Advertising b b




13. Oligopoly and Monopolistic Competition b b b




14. Game Theory b




15. Factor Markets b




16. Interest Rates, Investments, and Capital Markets
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17. Uncertainty
18. Externalities, Open-Access, and Public Goods b b b b




19. Asymmetric Information b




20. Contracts and Moral Hazards b b b

,Chapter 1 b Introduction
1.1 Microeconomics: The Allocation of Scarce Resources b b b b b




1) Microeconomics studies the allocation of b b b b




A) decision makers. b




B) scarce resources. b




C) models.

D) unlimited resources. b




ANSWER: B
b




Section: The Allocation of Scarce Resources
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Question Status:
b b Old
AACSB: Analytic thinking b




2) Microeconomics is often called b b b




A) price theory.
b




B) decision science. b




C) scarcity.

D) resource theory. b




ANSWER: A
b




Section: The Allocation of Scarce Resources
b b b b




Question Status:
b b Old
AACSB: Analytic thinking b




3) Most microeconomic models assume that decision makers wish to
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A) make themselves as well off as possible.
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B) act selfishly.
b




C) make others as well off as possible.
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D) None of the above.
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ANSWER: A
b




Section: The Allocation of Scarce Resources
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Question Status:
b b Old
AACSB: Analytic thinking b




4) Society faces trade-­ ‑offs because of
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A) government regulations. b




B) profit motive.
b




C) faceless bureaucrats. b

, D) scarcity.
b ANSWER: D
Section: The Allocation of Scarce Resources
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Question Status:
b b Old
AACSB: Analytic thinking
b