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Table of contents
v v
tg
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1. Introduction
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2. Supply and Demand
v v
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3. Applying the Supply-and-Demand Model
v v v
4. Consumer Choice
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v
5. Applying Consumer Theory
v v
6. Firms and Production
v v
7. Costs
8. Competitive Firms and Markets v v v
9. Applying the Competitive Model
v v v
10. General Equilibrium and Economic Welfare v v v v
11. Monopoly
12. Pricing and Advertising v v
13. Oligopoly and Monopolistic Competition v v v
14. Game Theory v
15. Factor Markets v
16. Interest Rates, Investments, and Capital Markets
v v v v v
17. Uncertainty
18. Externalities, Open-Access, and Public Goods v v v v
19. Asymmetric Information v
20. Contracts and Moral Hazards v v v
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Chapter 1 v Introduction
1.1 Microeconomics: The Allocation of Scarce Resources
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v v v v v
1) Microeconomics studies the allocation of v v v v
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A) decision makers. v
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B) scarce resources. v
C) models.
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D) unlimited resources. v
ANSWER: B
v
Section: The Allocation of Scarce Resources
v v v v
Question Status:
v
AACSB:
v
Analytic thinking v
Old
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2) Microeconomics is often called v v v
A) price theory.
v
B) decision science. v
C) scarcity.
D) resource theory. v
ANSWER: A
v
Section: The Allocation of Scarce Resources
v v v v
Question Status:
v v Old
AACSB: Analytic thinking v
3) Most microeconomic models assume that decision makers wish to
v v v v v v v v
A) make themselves as well off as possible.
v v v v v v
B) act selfishly.
v
C) make others as well off as possible.
v v v v v v
D) None of the above.
v v v
ANSWER: A
v
Section: The Allocation of Scarce Resources
v v v v
Question Status:
v v Old
AACSB: Analytic thinking v
4) Society faces trade- ‑offs because of
v v v v
A) government regulations. v
B) profit motive.
v
C) faceless bureaucrats. v
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D) scarcity.
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v ANSWER: D
Section: The Allocation of Scarce Resources
v v v v
tg
Question Status:
v v Old
AACSB: Analytic thinking
v
n
lle
ce
ex
ce
lle
n tg
ui
de
, de
ui
Table of contents
v v
tg
n
1. Introduction
lle
2. Supply and Demand
v v
ce
3. Applying the Supply-and-Demand Model
v v v
4. Consumer Choice
ex
v
5. Applying Consumer Theory
v v
6. Firms and Production
v v
7. Costs
8. Competitive Firms and Markets v v v
9. Applying the Competitive Model
v v v
10. General Equilibrium and Economic Welfare v v v v
11. Monopoly
12. Pricing and Advertising v v
13. Oligopoly and Monopolistic Competition v v v
14. Game Theory v
15. Factor Markets v
16. Interest Rates, Investments, and Capital Markets
v v v v v
17. Uncertainty
18. Externalities, Open-Access, and Public Goods v v v v
19. Asymmetric Information v
20. Contracts and Moral Hazards v v v
, de
ui
Chapter 1 v Introduction
1.1 Microeconomics: The Allocation of Scarce Resources
tg
v v v v v
1) Microeconomics studies the allocation of v v v v
n
A) decision makers. v
lle
B) scarce resources. v
C) models.
ce
D) unlimited resources. v
ANSWER: B
v
Section: The Allocation of Scarce Resources
v v v v
Question Status:
v
AACSB:
v
Analytic thinking v
Old
ex
2) Microeconomics is often called v v v
A) price theory.
v
B) decision science. v
C) scarcity.
D) resource theory. v
ANSWER: A
v
Section: The Allocation of Scarce Resources
v v v v
Question Status:
v v Old
AACSB: Analytic thinking v
3) Most microeconomic models assume that decision makers wish to
v v v v v v v v
A) make themselves as well off as possible.
v v v v v v
B) act selfishly.
v
C) make others as well off as possible.
v v v v v v
D) None of the above.
v v v
ANSWER: A
v
Section: The Allocation of Scarce Resources
v v v v
Question Status:
v v Old
AACSB: Analytic thinking v
4) Society faces trade- ‑offs because of
v v v v
A) government regulations. v
B) profit motive.
v
C) faceless bureaucrats. v
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D) scarcity.
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v ANSWER: D
Section: The Allocation of Scarce Resources
v v v v
tg
Question Status:
v v Old
AACSB: Analytic thinking
v
n
lle
ce
ex
