Test Bank of Microeconomics 7th Edition Jeffrey M. Perloff

Test Bank of Microeconomics 7th Edition Jeffrey
M. Perloff

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Microeconomics, 7e (Perloff)

Chapter 1 Introduction




1.1 Microeconomics: The Allocation of Scarce Resources




1) Microeconomics studies the allocation of

1. A) decision makers.

,2. B) scarce resources.

3. C) models.

4. D) unlimited resources.




2) Microeconomics is often called

1. A) price theory.

2. B) decision science.

3. C) scarcity.

4. D) resource theory.




3) Most microeconomic models assume that decision makers wish to

1. A) make themselves as well off as possible.

2. B) act selfishly.

3. C) make others as well off as possible.

,4. D) None of the above.




4) Society faces trade-offs because of

1. A) government regulations.

2. B) profit motive.

3. C) faceless bureaucrats.

4. D) scarcity.




5) A market

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

2. B) allows interactions between consumers and firms.

3. C) always takes place at a physical location.

4. D) has no influence on prices.

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

1. A) the government

2. B) prices

3. C) coordination officials

4. D) microeconomics




7) The price of a good is

1. A) always equal to the cost of producing the good.

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

3. C) usually determined in a market.

4. D) None of the above.