Test Bank – Microeconomics, Global Edition, 9th Edition (Jeffrey M. Perloff) – All Chapters 1–20 | Expert-Verified Questions and A+ Answers

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Test Bank for Microeconomics Global Edition 9th Edition

by Jeffrey M. Perloff

All Chapters (1 – 20)| Expert Verified Answers | Graded A+

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Chapter 1 Introduction
1.1 Microeconomics: The Allocation of Scarce Resources
1) Microeconomics studies the allocation of

A) decision makers.

B) scarce resources.

C) models.

D) unlimited resources.
TANSWER: B


Section:
The Allocation of Scarce
ResourcesQu estion Status: Old
AACSB: Analytic thinking


2) Microeconomics isToften called

A) price theory.

B) decision science.

C) scarcity.

D) resource
theory.
ANSWER: A
Section:
The Allocation of Scarce
ResourcesQu estion Status: Old
AACSB: Analytic thinking


3) Most microeconomic models assume thatTdecision makersTwish 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.
ANSWER: A
Section:
The Allocation of Scarce
ResourcesQu estion Status: Old
AACSB: Analytic thinking
4) Society faces trade---‑offs because of

A) government regulations.

B) profit motive.

C) faceless bureaucrats.

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D) scarcity.
ANSWER: D
Section:
The Allocation of Scarce
ResourcesQu estion Status: Old
AASB: Analytic thinking


5) A market

A) always involves the personal exchange of goods for money.

B) allowsTinteractions between consumers and firms.

C) always takes place at a physical location.

D) hasTno influence on prices.T

ANSWER: B
Section:
The Allocation of Scarce
ResourcesQu estion Status: Old
AACSB: Analytic thinking



6) What links the decisions of consumers and firms in a market?

A) the government

B) prices

C) coordination officials

D) microeconomic
s
ANSWER: B
Section:
The Allocation of Scarce
ResourcesQu estion Status: Old
AACSB: Analytic thinking



7) The price of a good is

A) always equal to the costTof producing the good.

B) never affected by the number of buyers and sellers.

C) usually determined in a market.

D) None of the above.
ANSWER: C
Section:
The Allocation of Scarce
ResourcesQu estion Status: Old
AACSB: Analytic thinking

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8) Who or what isTresponsible for bringing together scarce resources to produce most of
thegoods and services in the U.S.?
A) the U.S. government

B) the United Nations

C) the Federal Reserve Bank

D) markets and pricesT


ANSWER: D
Section:
The Allocation of Scarce
ResourcesQu estion Status: Revised
AACSB: Analytic thinking
9) Which of the following is a fundamental topic addressed by microeconomics?

A) whether to extend unemployment insurance

B) determiningThow many new iPhones the Apple company should produce

C) the level of inflation in the country

D) the impact of interest rates on savings in the economy

ANSWER: B
Section:
The Allocation of Scarce
ResourcesQu estion Status: Revised
AACSB: Analytic thinking



10) A "ʺtwinkie tax"ʺ on fatty foods would aim to

A) reduce the consumption of fatty foods.

B) reduce the production of fatty foods.

C) raise tax revenues for other uses.

D) All of the above.
ANSWER: D
Section:
The Allocation of Scarce
ResourcesQu estion Status: Old
AACSB: Analytic thinking



11) Which choice below illustrates the tradeoff faced by surfboard manufacturers after
Clarkfoam s hut down in 2005, eliminating 80% of the world'ʹs foam blanks used to shape
surfboards? The firms decide to
A) substitute foam blanks for balsa wood blanks as used in the 1940s.