TEST BANK For Microeconomics, 9th edition by Jeffrey M. Perloff, Chapters 1 - 20

TEST BANK For Microeconomics, 9th edition
by Jeffrey M. Perloff, Chapters 1 - 20

,Table of contents

1. Introduction
2. Supply and Demand
3. Applying the Supply-and-Demand Model
4. Consumer Choice
5. Applying Consumer Theory
6. Firms and Production
7. Costs
8. Competitive Firms and Markets
9. Applying the Competitive Model
10. General Equilibrium and Economic Welfare
11. Monopoly
12. Pricing and Advertising
13. Oligopoly and Monopolistic Competition
14. Game Theory
15. Factor Markets
16. Interest Rates, Investments, and Capital Markets
17. Uncertainty
18. Externalities, Open-Access, and Public Goods
19. Asymmetric Information
20. Contracts and Moral Hazards

,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.
ANSWER: B
Section: The Allocation of Scarce Resources
Question Status: Old
AACSB: Analytic thinking


2) Microeconomics is often called

A) price theory.

B) decision science.

C) scarcity.

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


3) Most amicroeconomic amodels aassume athat adecision amakers awish ato

A) make athemselves aas awell aoff aas apossible.

B) act aselfishly.

C) make aothers aas awell aoff aas apossible.

D) None aof athe
aabove.aANSWER: A
Section: The aAllocation aof aScarce
aResourcesaQuestion aStatus: Old
AACSB: Analytic athinking
4) Society afaces atrade-­ ‑offs abecause aof

A) government aregulations.

B) profit amotive.

C) faceless abureaucrats.

, D) scarcity.
aANSWER: D

Section: The aAllocation aof aScarce
aResourcesaQuestion aStatus: Old
AACSB: Analytic athinking