, TEST BANK Principles of Microeconomics Test Item File 1
Ninth Edition by Case/Fair/Oster NEW UPDATE 2021
Test Item File to Accompany
Principles of
Microeconomics
Test Item File 1
Ninth Edition
by
Case/Fair/Oster
Prentice Hall
c.2009
10/30/08
,Contents
Chapter 1 The Scope and Method of Economics 1
Chapter 2 The Economic Problem: Scarcity and Choice 28
Chapter 3 Demand, Supply, and Market Equilibrium 55
Chapter 4 Demand and Supply Applications 95
Chapter 5 Elasticity 116
Chapter 6 Household Behavior and Consumer Choice 136
Chapter 7 The Production Process: The Behavior of Profit-Maximizing Firms 173
Chapter 8 Short-Run Costs and Output Decisions 209
Chapter 9 Long-Run Costs and Output Decisions 254
Chapter 10 Input Demand: The Labor and Land Markets 296
Chapter 11 Input Demand: The Capital Markets and Investment Decision 327
Chapter 12 General Equilibrium and the Efficiency of Perfect Competition 351
Chapter 13 Monopoly and Antitrust 380
Chapter 14 Oligopoly 427
Chapter 15 Monopolistic Competition 451
Chapter 16 Externalities, Public Goods, Imperfect Information,
and Social Choice 478
Chapter 17 Uncertainty and Asymmetric Information 519
Chapter 18 Income Distribution and Poverty 537
Chapter 19 Public Finance: The Economics of Taxation 566
Chapter 20 International Trade, Comparative Advantage, and Protectionism 595
Chapter 21 Economic Growth in Developing and Transitional Economies 632
, Chapter 1 The Scope and Method of Economics
1.1 Why Study Economics?
1 Multiple Choice
1) Which of the following is NOT listed in the book as a reason to study economics?
A) to learn a way of thinking B) to understand society and global affairs
C) to be an informed voter D) to learn how to make lots of money
Answer: D
Diff: 1
Topic: Why Study Economics?
Skill: Fact
2) Among the fundamental concepts in economics are
A) opportunity cost. B) marginalism.
C) efficient markets. D) all of the above
Answer: D
Diff: 1
Topic: Why Study Economics?
Skill: Fact
3) Which of the following is the best definition of economics?
A) the study of how individuals and societies choose to use the scarce resources that nature
and previous generations have provided
B) the study of how consumers spend their income
C) the study of how business firms decide what inputs to hire and what outputs to produce
D) the study of how the federal government allocates tax dollars
Answer: A
Diff: 2
Topic: Why Study Economics?
Skill: Definition
4) The rise of the modern factory system in England during the late eighteenth and early
nineteenth centuries is known as the
A) Great Migration. B) Industrial Revolution.
C) Wealth of Nations. D) Dark Ages.
Answer: B
Diff: 1
Topic: Why Study Economics?
Skill: Fact
1
Ninth Edition by Case/Fair/Oster NEW UPDATE 2021
Test Item File to Accompany
Principles of
Microeconomics
Test Item File 1
Ninth Edition
by
Case/Fair/Oster
Prentice Hall
c.2009
10/30/08
,Contents
Chapter 1 The Scope and Method of Economics 1
Chapter 2 The Economic Problem: Scarcity and Choice 28
Chapter 3 Demand, Supply, and Market Equilibrium 55
Chapter 4 Demand and Supply Applications 95
Chapter 5 Elasticity 116
Chapter 6 Household Behavior and Consumer Choice 136
Chapter 7 The Production Process: The Behavior of Profit-Maximizing Firms 173
Chapter 8 Short-Run Costs and Output Decisions 209
Chapter 9 Long-Run Costs and Output Decisions 254
Chapter 10 Input Demand: The Labor and Land Markets 296
Chapter 11 Input Demand: The Capital Markets and Investment Decision 327
Chapter 12 General Equilibrium and the Efficiency of Perfect Competition 351
Chapter 13 Monopoly and Antitrust 380
Chapter 14 Oligopoly 427
Chapter 15 Monopolistic Competition 451
Chapter 16 Externalities, Public Goods, Imperfect Information,
and Social Choice 478
Chapter 17 Uncertainty and Asymmetric Information 519
Chapter 18 Income Distribution and Poverty 537
Chapter 19 Public Finance: The Economics of Taxation 566
Chapter 20 International Trade, Comparative Advantage, and Protectionism 595
Chapter 21 Economic Growth in Developing and Transitional Economies 632
, Chapter 1 The Scope and Method of Economics
1.1 Why Study Economics?
1 Multiple Choice
1) Which of the following is NOT listed in the book as a reason to study economics?
A) to learn a way of thinking B) to understand society and global affairs
C) to be an informed voter D) to learn how to make lots of money
Answer: D
Diff: 1
Topic: Why Study Economics?
Skill: Fact
2) Among the fundamental concepts in economics are
A) opportunity cost. B) marginalism.
C) efficient markets. D) all of the above
Answer: D
Diff: 1
Topic: Why Study Economics?
Skill: Fact
3) Which of the following is the best definition of economics?
A) the study of how individuals and societies choose to use the scarce resources that nature
and previous generations have provided
B) the study of how consumers spend their income
C) the study of how business firms decide what inputs to hire and what outputs to produce
D) the study of how the federal government allocates tax dollars
Answer: A
Diff: 2
Topic: Why Study Economics?
Skill: Definition
4) The rise of the modern factory system in England during the late eighteenth and early
nineteenth centuries is known as the
A) Great Migration. B) Industrial Revolution.
C) Wealth of Nations. D) Dark Ages.
Answer: B
Diff: 1
Topic: Why Study Economics?
Skill: Fact
1
