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

TEST BANK For Microeconomics, 9th edition by Jeffrey M. Perloff, Chapters 1 - 20 DR ERIC DR ERIC TO GET ALL CHAPTERS EMAIL ME AT Table ofcontents 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 DR ERIC DR ERIC Chapter 1 Introduction TO GET ALL CHAPTERS EMAIL ME AT 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 microeconomic models assume that decision makers wish to A) make themselves as well off as possible. DR ERIC DR ERIC B) act selfishly. C) make others as well off as possible. D) None of the above. ANSWER: A Section: The Allocation of Scarce Resources DR ERIC DR ERIC Question Status: Old AACSB: Analytic thinking 4) Society faces trade----offs because of A) government regulations. B) profit motive. C) faceless bureaucrats. DR ERIC DR ERIC D) scarcity. ANSWER: D Section: The Allocation of Scarce Resources Question Status: Old AACSB: Analytic thinking DR ERIC DR ERIC 5) A market A) always involves the personal exchange of goods for money. B) allows interactions between consumers and firms. C) always takes place at a physical location. D) has no influence on prices. ANSWER: B Section: The Allocation of Scarce Resources Question 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) microeconomics ANSWER: B Section: The Allocation of Scarce Resources Question Status: Old AACSB: Analytic thinking 7) The price of a good is A) always equal to the cost of 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 Resources Question Status: Old AACSB: Analytic thinking 8) Who or what is responsible for bringing together scarce resources to produce most of the goods and services in the U.S.?