TEST BANK
All Chapters Included
PRINCIPLES OF MICROECONOMICS
9TH EDITION
,PRINCIPLES OF MICROECNOMICS 9TH EDITION BY CASE-FAIR-OSTER
TABLE OF CONTENT
Chapter 1.1 Why Study Economics? .................................................................................... 4
Chapter 1.2 The Scope of Economics ................................................................................. 17
Chapter 1.3 The Method of Economics .............................................................................. 21
Chapter 1.4 Appendix: How to Read and Understand Graphs ...........................................45
Chapter 2.1 Scarcity, Choice, and Opportunity Cost .......................................................... 61
Chapter 2.2 Economic Systems ....................................................................................... 103
Chapter 3.1 Firms and Households: The Basic Decision Making Units ...........................114
Chapter 3.2 Input Markets and Output Markets: The Circular Flow .............................. 116
Chapter 3.3 Demand in Product / Output Markets ......................................................... 119
Chapter 3.4 Supply in Product / Output Markets .............................................................14
Chapter 3.5 Market Equilibrium ......................................................................................25
Chapter 4.1 The Price System: Rationing and Allocating Resources ................................. 58
Chapter 4.2 Supply and Demand Analysis ........................................................................ 84
Chapter 4.3 Supply and Demand and Market Efficiency ...................................................92
Chapter 5.1 Price Elasticity of Demand ........................................................................... 100
Chapter 5.2 Calculating Elasticities ................................................................................ 109
Chapter 5.3 The Determinants of Demand Elasticity ...................................................... 124
Chapter 5.4 Other Important Elasticities ........................................................................ 124
Chapter 6.1 Household Choice in Open Market ...............................................................140
Chapter 6.2 The Basis of Choice: Utility ..........................................................................168
Chapter 6.3 Income and Substitution Effects .................................................................. 193
Chapter 6.4 Household Choice in Input Markets .............................................................198
Chapter 6.5 Appendix ..................................................................................................... 202
Chapter Chapter 7The Production Process: The Behavior of Profit-Maximizing Firms . 211
Chapter 7.1 The Behavior of Profit Maximizing Firms .....................................................211
Chapter 7.2 The Production Process ................................................................................... 9
Chapter 8.1 Costs in the Short Run ................................................................................... 68
Chapter 8.2 Output Decisions: Revenues, Costs, and Profit Maximization ....................... 53
,Chapter 9.1 Short-Run Conditions and Long-Run Conditions ........................................... 89
Chapter 9.2 Long-Run Cost Economies and Diseconomies of Scale ................................... 11
Chapter 9.3 Long-Run Adjustments to Short-Run Conditions ...........................................23
Chapter 9.4 Appendix: External Economies and Diseconomies and the Long-Run Industry
Supply Curve .......................................................................................................................36
Principles of Microeconomics, 9e - Test Item File 2
(Case/Fair/Oster) Chapter 1 The Scope and Method of
, Economics
1.1 Why Study Economics?
1 Multiple Choice
1) The reasons to study economics include which of the following?
A) to be an informed voter
B) to understand society and global affairs
C) to learn a way of thinking
D) all of the
above ANSWER :
D
Diff: 1
Topic: Why Study Economics?
Skill: Fact
2) Marginalism is
A) the best alternative that we forego when making a decision.
B) the study of how societies choose to use scarce resources.
C) a market situation in which profit opportunities are eliminated almost
instantaneously.
D) the process of analyzing the additional costs or benefits arising from a
decision. ANSWER : D
Diff: 1
Topic: Why Study Economics?
Skill: Definition
3) Economics is best defined as the study of
A) financial decision-making.
B) how consumers make purchasing decisions.
C) choices made by people faced with scarcity.
D) inflation, unemployment, and economic
growth. ANSWER : C
Diff: 2
Topic: Why Study Economics?
Skill: Definition
4) The Industrial Revolution refers to the rise of the modern factory system in during
All Chapters Included
PRINCIPLES OF MICROECONOMICS
9TH EDITION
,PRINCIPLES OF MICROECNOMICS 9TH EDITION BY CASE-FAIR-OSTER
TABLE OF CONTENT
Chapter 1.1 Why Study Economics? .................................................................................... 4
Chapter 1.2 The Scope of Economics ................................................................................. 17
Chapter 1.3 The Method of Economics .............................................................................. 21
Chapter 1.4 Appendix: How to Read and Understand Graphs ...........................................45
Chapter 2.1 Scarcity, Choice, and Opportunity Cost .......................................................... 61
Chapter 2.2 Economic Systems ....................................................................................... 103
Chapter 3.1 Firms and Households: The Basic Decision Making Units ...........................114
Chapter 3.2 Input Markets and Output Markets: The Circular Flow .............................. 116
Chapter 3.3 Demand in Product / Output Markets ......................................................... 119
Chapter 3.4 Supply in Product / Output Markets .............................................................14
Chapter 3.5 Market Equilibrium ......................................................................................25
Chapter 4.1 The Price System: Rationing and Allocating Resources ................................. 58
Chapter 4.2 Supply and Demand Analysis ........................................................................ 84
Chapter 4.3 Supply and Demand and Market Efficiency ...................................................92
Chapter 5.1 Price Elasticity of Demand ........................................................................... 100
Chapter 5.2 Calculating Elasticities ................................................................................ 109
Chapter 5.3 The Determinants of Demand Elasticity ...................................................... 124
Chapter 5.4 Other Important Elasticities ........................................................................ 124
Chapter 6.1 Household Choice in Open Market ...............................................................140
Chapter 6.2 The Basis of Choice: Utility ..........................................................................168
Chapter 6.3 Income and Substitution Effects .................................................................. 193
Chapter 6.4 Household Choice in Input Markets .............................................................198
Chapter 6.5 Appendix ..................................................................................................... 202
Chapter Chapter 7The Production Process: The Behavior of Profit-Maximizing Firms . 211
Chapter 7.1 The Behavior of Profit Maximizing Firms .....................................................211
Chapter 7.2 The Production Process ................................................................................... 9
Chapter 8.1 Costs in the Short Run ................................................................................... 68
Chapter 8.2 Output Decisions: Revenues, Costs, and Profit Maximization ....................... 53
,Chapter 9.1 Short-Run Conditions and Long-Run Conditions ........................................... 89
Chapter 9.2 Long-Run Cost Economies and Diseconomies of Scale ................................... 11
Chapter 9.3 Long-Run Adjustments to Short-Run Conditions ...........................................23
Chapter 9.4 Appendix: External Economies and Diseconomies and the Long-Run Industry
Supply Curve .......................................................................................................................36
Principles of Microeconomics, 9e - Test Item File 2
(Case/Fair/Oster) Chapter 1 The Scope and Method of
, Economics
1.1 Why Study Economics?
1 Multiple Choice
1) The reasons to study economics include which of the following?
A) to be an informed voter
B) to understand society and global affairs
C) to learn a way of thinking
D) all of the
above ANSWER :
D
Diff: 1
Topic: Why Study Economics?
Skill: Fact
2) Marginalism is
A) the best alternative that we forego when making a decision.
B) the study of how societies choose to use scarce resources.
C) a market situation in which profit opportunities are eliminated almost
instantaneously.
D) the process of analyzing the additional costs or benefits arising from a
decision. ANSWER : D
Diff: 1
Topic: Why Study Economics?
Skill: Definition
3) Economics is best defined as the study of
A) financial decision-making.
B) how consumers make purchasing decisions.
C) choices made by people faced with scarcity.
D) inflation, unemployment, and economic
growth. ANSWER : C
Diff: 2
Topic: Why Study Economics?
Skill: Definition
4) The Industrial Revolution refers to the rise of the modern factory system in during
