EducationMathematics education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial in many
industries, including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their problem-solving
abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of formulas, theorems, and
mathematical concepts. These exams may include:Problem Sets: Students are given a series of problems that test various mathematical skills, from basic calculations to more complex word problems. The
problems may require students to apply formulas, solve equations, or prove mathematical theorems.Theoretical Questions: In higher-level mathematics exams, students may be asked to demonstrate their
understanding of theoretical concepts, such as the proof of a mathematical theorem or the explanation of a mathematical concept.Multiple Choice Questions (MCQs): While less common, some
mathematics exams use MCQs to test students' quick recall of formulas, definitions, or theorems.3.3. Skills Tested in Mathematics ExamsProblem-Solving Ability: The core skill tested in mathematics
exams is problem-solving. Students must approach complex problems systematically, using appropriate methods to reach the correct solution.Logical Reasoning: Mathematics is rooted in logical
structures, and students are expected to demonstrate their ability to apply logic to prove statements or solve problems. This is especially important in subjects like proof-based mathematics.Calculation
and Accuracy: Mathematical exams test a student’s ability to perform accurate calculations and apply mathematical principles in the correct sequence to reach a solution.Understanding of Concepts:
Beyond solving problems, mathematics exams test students’ conceptual understanding of core
Test Bank for
Microeconomics
Randy Methenitis
Microeconomics
Ninth Edition
R. Glenn Hubbard
Anthony Patrick O’Brien
conditions to enhance their ability to structure responses effectively.________________________________________3. Mathematics Exams3.1. Overview of Mathematics EducationMathematics
education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial in many industries,
including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their problem-solving
abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of formulas, theorems,
and mathematical concepts. These exams may include:Problem Sets: Students are given a series of problems that test various mathematical skills, from basic calculations to more complex
word problems. The problems may require students to apply formulas, solve equations, or prove mathematical theorems.Theoretical Questions: In higher-level mathematics exams, students
may be asked to demonstrate their understanding of theoretical concepts, such as the proof of a mathematical theorem or the explanation of a mathematical concept.Multiple Choice
Questions (MCQs): While less common, some mathematics exams use MCQs to test students' quick recall of formulas, definitions, or theorems.3.3. Skills Tested in Mathematics
ExamsProblem-Solving Ability: The core skill tested in mathematics exams is problem-solving. Students must approach complex problems systematically, using appropriate methods to
reach the correct solution.Logical Reasoning: Mathematics is rooted in logical structures, and students are expected to demonstrate their ability to apply logic to prove statements or solve
problems. This is especially important in subjects like proof-based mathematics.Calculation and Accuracy: Mathematical exams test a student’s ability to perform accurate calculations and
apply mathematical principles in the correct sequence to reach a solution.Understanding of Concepts: Beyond solving problems, mathematics exams test students’ conceptual understanding
of core topics, such as algebra, geometry, calculus, or statistics.3.4. Preparing for Mathematics ExamsMathematics requires consistent practice. Students should focus on solving a wide
variety of problems to understand the different methods and strategies that can be applied. A solid foundation in theory is also necessary to grasp the underlying principles that guide
mathematical procedures. Regular practice of past exams and time management are crucial to ensure success.________________________________________4. Comparisons Between Business,
Law, and Mathematics ExamsWhile business, law, and mathematics exams differ significantly in content and structure, there are some overlapping features in the way they test
students:Critical
,Chapter 1 Economics: Foundations and Models
1.1 Three Key Economic Ideas
1) Apple assembles most iPhones in China and India because the lower wages earned by Chinese and
Indian workers and their experience in electronics manufacturing reduce the costs of assembling iPhones.
This is an example of Apple reacting to which of the three key economic ideas?
A) People are rational.
B) People respond to economic incentives.
C) Optimal decisions are made at the margin.
D) Firms attempt to maximize revenues.
Answer: B
Diff: 2
Topic: Scarcity
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
Special Feature: Chapter Opener: Should Apple Manufacture the iPhone in the United States?
EducationMathematics education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial
in many industries, including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their
problem-solving abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of
formulas, theorems, and mathematical concepts. These exams may include:Problem Sets: Students are given a series of problems that test various mathematical skills, from basic calculations
to more complex word problems. The problems may require students to apply formulas, solve equations, or prove mathematical theorems.Theoretical Questions: In higher-level mathematics
exams, students may be asked to demonstrate their understanding of theoretical concepts, such as the proof of a mathematical theorem or the explanation of a mathematical concept.Multiple
Choice Questions (MCQs): While less common, some mathematics exams use MCQs to test students' quick recall of formulas, definitions, or theorems.3.3. Skills Tested in Mathematics
ExamsProblem-Solving Ability: The core skill tested in mathematics exams is problem-solving. Students must approach complex problems systematically, using appropriate methods to
reach the correct solution.Logical Reasoning: Mathematics is rooted in logical structures, and students are expected to demonstrate their ability to apply logic to prove statements or solve
problems. This is especially important in subjects like proof-based mathematics.Calculation and Accuracy: Mathematical exams test a student’s ability to perform accurate calculations and
apply mathematical principles in the correct sequence to reach a solution.Understanding of Concepts: Beyond solving problems, mathematics exams test students’ conceptual understanding
of core
2) In economics, choices must be made because we live in a world of
A) unemployment.
B) scarcity.
C) greed.
D) unlimited resources.
Answer: B
Diff: 1
Topic: Scarcity
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
3) Which of the following statements about scarcity is true?
A) Scarcity refers to the situation in which unlimited wants exceed limited resources.
B) Scarcity is not a problem for the wealthy.
C) Scarcity is only a problem when a country has too large a population.
D) Scarcity only arises when there is a wide disparity in income distribution.
Answer: A
Diff: 1
Topic: Scarcity
*: Recurring
2
,Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
4) The basic economic problem of has always existed and will continue to exist.
A) scarcity
B) efficiency
C) inflation
D) recession
Answer: A
Diff: 1
Topic: Scarcity
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
EducationMathematics education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial
in many industries, including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their
problem-solving abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of
formulas, theorems, and mathematical concepts. These exams may include:Problem Sets: Students are given a series of problems that test various mathematical skills, from basic calculations
to more complex word problems. The problems may require students to apply formulas, solve equations, or prove mathematical theorems.Theoretical Questions: In higher-level mathematics
exams, students may be asked to demonstrate their understanding of theoretical concepts, such as the proof of a mathematical theorem or the explanation of a mathematical concept.Multiple
Choice Questions (MCQs): While less common, some mathematics exams use MCQs to test students' quick recall of formulas, definitions, or theorems.3.3. Skills Tested in Mathematics
ExamsProblem-Solving Ability: The core skill tested in mathematics exams is problem-solving. Students must approach complex problems systematically, using appropriate methods to
reach the correct solution.Logical Reasoning: Mathematics is rooted in logical structures, and students are expected to demonstrate their ability to apply logic to prove statements or solve
problems. This is especially important in subjects like proof-based mathematics.Calculation and Accuracy: Mathematical exams test a student’s ability to perform accurate calculations and
apply mathematical principles in the correct sequence to reach a solution.Understanding of Concepts: Beyond solving problems, mathematics exams test students’ conceptual understanding
of core
5) By definition, economics is the study of
A) how to make money in the stock market.
B) how to make money in a market economy.
C) the choices people make to attain their goals, given their scarce resources.
D) supply and demand.
Answer: C
Diff: 1
Topic: Scarcity
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
6) An economic is a simplified version of some aspect of economic life used to analyze an
economic issue.
A) market
B) trade-off
C) variable
D) model
Answer: D
3
, Diff: 1
Topic: Economic Models
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
7) Where do economic agents such as individuals, firms, and nations interact with each other?
A) in public locations monitored by the government
B) in any arena that brings together buyers and sellers
C) in any physical location where people can physically get together for selling goods, such as shopping
malls
D) in any location where transactions can be monitored by consumer groups and taxed by the
government
Answer: B
Diff: 1
Topic: Markets
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
EducationMathematics education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial
in many industries, including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their
problem-solving abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of
formulas, theorems, and mathematical concepts. These exams may include:Problem Sets: Students are given a series of problems that test various mathematical skills, from basic calculations
to more complex word problems. The problems may require students to apply formulas, solve equations, or prove mathematical theorems.Theoretical Questions: In higher-level mathematics
exams, students may be asked to demonstrate their understanding of theoretical concepts, such as the proof of a mathematical theorem or the explanation of a mathematical concept.Multiple
Choice Questions (MCQs): While less common, some mathematics exams use MCQs to test students' quick recall of formulas, definitions, or theorems.3.3. Skills Tested in Mathematics
ExamsProblem-Solving Ability: The core skill tested in mathematics exams is problem-solving. Students must approach complex problems systematically, using appropriate methods to
reach the correct solution.Logical Reasoning: Mathematics is rooted in logical structures, and students are expected to demonstrate their ability to apply logic to prove statements or solve
problems. This is especially important in subjects like proof-based mathematics.Calculation and Accuracy: Mathematical exams test a student’s ability to perform accurate calculations and
apply mathematical principles in the correct sequence to reach a solution.Understanding of Concepts: Beyond solving problems, mathematics exams test students’ conceptual understanding
of core
8) In economics, the term refers to a group of buyers and sellers of a product and the
arrangement by which they come together to trade.
A) collective
B) cooperative
C) market
D) trade-off
Answer: C
Diff: 1
Topic: Markets
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
9) Economists assume that individuals
A) behave in unpredictable ways.
B) will never take actions to help others.
C) prefer to live in a society that values fairness above all else.
D) are rational and respond to incentives.
Answer: D
4
industries, including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their problem-solving
abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of formulas, theorems, and
mathematical concepts. These exams may include:Problem Sets: Students are given a series of problems that test various mathematical skills, from basic calculations to more complex word problems. The
problems may require students to apply formulas, solve equations, or prove mathematical theorems.Theoretical Questions: In higher-level mathematics exams, students may be asked to demonstrate their
understanding of theoretical concepts, such as the proof of a mathematical theorem or the explanation of a mathematical concept.Multiple Choice Questions (MCQs): While less common, some
mathematics exams use MCQs to test students' quick recall of formulas, definitions, or theorems.3.3. Skills Tested in Mathematics ExamsProblem-Solving Ability: The core skill tested in mathematics
exams is problem-solving. Students must approach complex problems systematically, using appropriate methods to reach the correct solution.Logical Reasoning: Mathematics is rooted in logical
structures, and students are expected to demonstrate their ability to apply logic to prove statements or solve problems. This is especially important in subjects like proof-based mathematics.Calculation
and Accuracy: Mathematical exams test a student’s ability to perform accurate calculations and apply mathematical principles in the correct sequence to reach a solution.Understanding of Concepts:
Beyond solving problems, mathematics exams test students’ conceptual understanding of core
Test Bank for
Microeconomics
Randy Methenitis
Microeconomics
Ninth Edition
R. Glenn Hubbard
Anthony Patrick O’Brien
conditions to enhance their ability to structure responses effectively.________________________________________3. Mathematics Exams3.1. Overview of Mathematics EducationMathematics
education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial in many industries,
including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their problem-solving
abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of formulas, theorems,
and mathematical concepts. These exams may include:Problem Sets: Students are given a series of problems that test various mathematical skills, from basic calculations to more complex
word problems. The problems may require students to apply formulas, solve equations, or prove mathematical theorems.Theoretical Questions: In higher-level mathematics exams, students
may be asked to demonstrate their understanding of theoretical concepts, such as the proof of a mathematical theorem or the explanation of a mathematical concept.Multiple Choice
Questions (MCQs): While less common, some mathematics exams use MCQs to test students' quick recall of formulas, definitions, or theorems.3.3. Skills Tested in Mathematics
ExamsProblem-Solving Ability: The core skill tested in mathematics exams is problem-solving. Students must approach complex problems systematically, using appropriate methods to
reach the correct solution.Logical Reasoning: Mathematics is rooted in logical structures, and students are expected to demonstrate their ability to apply logic to prove statements or solve
problems. This is especially important in subjects like proof-based mathematics.Calculation and Accuracy: Mathematical exams test a student’s ability to perform accurate calculations and
apply mathematical principles in the correct sequence to reach a solution.Understanding of Concepts: Beyond solving problems, mathematics exams test students’ conceptual understanding
of core topics, such as algebra, geometry, calculus, or statistics.3.4. Preparing for Mathematics ExamsMathematics requires consistent practice. Students should focus on solving a wide
variety of problems to understand the different methods and strategies that can be applied. A solid foundation in theory is also necessary to grasp the underlying principles that guide
mathematical procedures. Regular practice of past exams and time management are crucial to ensure success.________________________________________4. Comparisons Between Business,
Law, and Mathematics ExamsWhile business, law, and mathematics exams differ significantly in content and structure, there are some overlapping features in the way they test
students:Critical
,Chapter 1 Economics: Foundations and Models
1.1 Three Key Economic Ideas
1) Apple assembles most iPhones in China and India because the lower wages earned by Chinese and
Indian workers and their experience in electronics manufacturing reduce the costs of assembling iPhones.
This is an example of Apple reacting to which of the three key economic ideas?
A) People are rational.
B) People respond to economic incentives.
C) Optimal decisions are made at the margin.
D) Firms attempt to maximize revenues.
Answer: B
Diff: 2
Topic: Scarcity
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
Special Feature: Chapter Opener: Should Apple Manufacture the iPhone in the United States?
EducationMathematics education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial
in many industries, including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their
problem-solving abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of
formulas, theorems, and mathematical concepts. These exams may include:Problem Sets: Students are given a series of problems that test various mathematical skills, from basic calculations
to more complex word problems. The problems may require students to apply formulas, solve equations, or prove mathematical theorems.Theoretical Questions: In higher-level mathematics
exams, students may be asked to demonstrate their understanding of theoretical concepts, such as the proof of a mathematical theorem or the explanation of a mathematical concept.Multiple
Choice Questions (MCQs): While less common, some mathematics exams use MCQs to test students' quick recall of formulas, definitions, or theorems.3.3. Skills Tested in Mathematics
ExamsProblem-Solving Ability: The core skill tested in mathematics exams is problem-solving. Students must approach complex problems systematically, using appropriate methods to
reach the correct solution.Logical Reasoning: Mathematics is rooted in logical structures, and students are expected to demonstrate their ability to apply logic to prove statements or solve
problems. This is especially important in subjects like proof-based mathematics.Calculation and Accuracy: Mathematical exams test a student’s ability to perform accurate calculations and
apply mathematical principles in the correct sequence to reach a solution.Understanding of Concepts: Beyond solving problems, mathematics exams test students’ conceptual understanding
of core
2) In economics, choices must be made because we live in a world of
A) unemployment.
B) scarcity.
C) greed.
D) unlimited resources.
Answer: B
Diff: 1
Topic: Scarcity
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
3) Which of the following statements about scarcity is true?
A) Scarcity refers to the situation in which unlimited wants exceed limited resources.
B) Scarcity is not a problem for the wealthy.
C) Scarcity is only a problem when a country has too large a population.
D) Scarcity only arises when there is a wide disparity in income distribution.
Answer: A
Diff: 1
Topic: Scarcity
*: Recurring
2
,Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
4) The basic economic problem of has always existed and will continue to exist.
A) scarcity
B) efficiency
C) inflation
D) recession
Answer: A
Diff: 1
Topic: Scarcity
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
EducationMathematics education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial
in many industries, including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their
problem-solving abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of
formulas, theorems, and mathematical concepts. These exams may include:Problem Sets: Students are given a series of problems that test various mathematical skills, from basic calculations
to more complex word problems. The problems may require students to apply formulas, solve equations, or prove mathematical theorems.Theoretical Questions: In higher-level mathematics
exams, students may be asked to demonstrate their understanding of theoretical concepts, such as the proof of a mathematical theorem or the explanation of a mathematical concept.Multiple
Choice Questions (MCQs): While less common, some mathematics exams use MCQs to test students' quick recall of formulas, definitions, or theorems.3.3. Skills Tested in Mathematics
ExamsProblem-Solving Ability: The core skill tested in mathematics exams is problem-solving. Students must approach complex problems systematically, using appropriate methods to
reach the correct solution.Logical Reasoning: Mathematics is rooted in logical structures, and students are expected to demonstrate their ability to apply logic to prove statements or solve
problems. This is especially important in subjects like proof-based mathematics.Calculation and Accuracy: Mathematical exams test a student’s ability to perform accurate calculations and
apply mathematical principles in the correct sequence to reach a solution.Understanding of Concepts: Beyond solving problems, mathematics exams test students’ conceptual understanding
of core
5) By definition, economics is the study of
A) how to make money in the stock market.
B) how to make money in a market economy.
C) the choices people make to attain their goals, given their scarce resources.
D) supply and demand.
Answer: C
Diff: 1
Topic: Scarcity
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
6) An economic is a simplified version of some aspect of economic life used to analyze an
economic issue.
A) market
B) trade-off
C) variable
D) model
Answer: D
3
, Diff: 1
Topic: Economic Models
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
7) Where do economic agents such as individuals, firms, and nations interact with each other?
A) in public locations monitored by the government
B) in any arena that brings together buyers and sellers
C) in any physical location where people can physically get together for selling goods, such as shopping
malls
D) in any location where transactions can be monitored by consumer groups and taxed by the
government
Answer: B
Diff: 1
Topic: Markets
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
EducationMathematics education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial
in many industries, including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their
problem-solving abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of
formulas, theorems, and mathematical concepts. These exams may include:Problem Sets: Students are given a series of problems that test various mathematical skills, from basic calculations
to more complex word problems. The problems may require students to apply formulas, solve equations, or prove mathematical theorems.Theoretical Questions: In higher-level mathematics
exams, students may be asked to demonstrate their understanding of theoretical concepts, such as the proof of a mathematical theorem or the explanation of a mathematical concept.Multiple
Choice Questions (MCQs): While less common, some mathematics exams use MCQs to test students' quick recall of formulas, definitions, or theorems.3.3. Skills Tested in Mathematics
ExamsProblem-Solving Ability: The core skill tested in mathematics exams is problem-solving. Students must approach complex problems systematically, using appropriate methods to
reach the correct solution.Logical Reasoning: Mathematics is rooted in logical structures, and students are expected to demonstrate their ability to apply logic to prove statements or solve
problems. This is especially important in subjects like proof-based mathematics.Calculation and Accuracy: Mathematical exams test a student’s ability to perform accurate calculations and
apply mathematical principles in the correct sequence to reach a solution.Understanding of Concepts: Beyond solving problems, mathematics exams test students’ conceptual understanding
of core
8) In economics, the term refers to a group of buyers and sellers of a product and the
arrangement by which they come together to trade.
A) collective
B) cooperative
C) market
D) trade-off
Answer: C
Diff: 1
Topic: Markets
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
9) Economists assume that individuals
A) behave in unpredictable ways.
B) will never take actions to help others.
C) prefer to live in a society that values fairness above all else.
D) are rational and respond to incentives.
Answer: D
4
