TESTBANKS BY TESTBANKSNERD
Test Bank for Principles of Microeconomics 2nd Edition
by Betsey Stevenson and Justin Wolfers
All Chapters and Parts | Expert Verified Answers | Graded A+
PAGE 1
,TESTBANKS BY TESTBANKSNERD
PAGE 2
, TESTBANKS BY TESTBANKSNERD
Table of Contents are Given Below
"Principles of Microeconomics, 2nd Edition" by Betsey Stevenson and Justin Wolfers is structured into five parts,
each focusing on different aspects of microeconomic theory and application. The chapters are as follows:
Part I: Foundations of Economics
1. The Core Principles of Economics
2. Demand: Thinking Like a Buyer
3. Supply: Thinking Like a Seller
4. Equilibrium: Where Supply Meets Demand
Part II: Analyzing Markets
5. Elasticity: Measuring Responsiveness
6. When Governments Intervene in Markets
7. Welfare and Efficiency
8. Gains from Trade
Part III: Applications and Policy Issues
9. International Trade
10. Externalities and Public Goods
11. The Labor Market
12. Wages, Workers, and Management
13. Inequality, Social Insurance, and Redistribution
Part IV: Market Structure and Business Strategy
14. Market Structure and Market Power
15. Entry, Exit, and Long-Run Profitability
16. Business Strategy
17. Sophisticated Pricing Strategies
18. Game Theory and Strategic Choices
Part V: Advanced Decisions
PAGE 3
, 19. Decisions Involving Uncertainty
20. Decisions Involving Private Information
This comprehensive structure provides a solid foundation for understanding microeconomic principles,
analyzing markets, and exploring various applications and policy issues.
Thought for a few seconds
Certainly! Below are 100 Multiple Choice Questions (MCQs) based on the "Principles of Microeconomics,
2nd Edition" by Stevenson, categorized into two main sections:
1. The Core Principles of Economics
2. Demand: Thinking Like a Buyer
Each question is accompanied by four options, the correct answer, and a brief explanation.
1. THE CORE PRINCIPLES OF ECONOMICS
Questions 1-50
1. What is the basic economic problem that arises because resources are limited?
o A) Inflation
o B) Scarcity
o C) Unemployment
o D) Trade deficits
Answer: B
Explanation: Scarcity refers to the fundamental economic problem of having seemingly unlimited
human wants in a world of limited resources.
2. Opportunity cost is best defined as:
o A) The monetary cost of an alternative.
o B) The benefit of the next best alternative foregone.
o C) The total cost of all alternatives.
o D) The cost of producing one more unit.
Answer: B
Explanation: Opportunity cost is the value of the next best alternative that is foregone when a choice is
made.
3. Which of the following is NOT considered a factor of production?
o A) Land
o B) Labor
o C) Capital
o D) Money
PAGE 4
Test Bank for Principles of Microeconomics 2nd Edition
by Betsey Stevenson and Justin Wolfers
All Chapters and Parts | Expert Verified Answers | Graded A+
PAGE 1
,TESTBANKS BY TESTBANKSNERD
PAGE 2
, TESTBANKS BY TESTBANKSNERD
Table of Contents are Given Below
"Principles of Microeconomics, 2nd Edition" by Betsey Stevenson and Justin Wolfers is structured into five parts,
each focusing on different aspects of microeconomic theory and application. The chapters are as follows:
Part I: Foundations of Economics
1. The Core Principles of Economics
2. Demand: Thinking Like a Buyer
3. Supply: Thinking Like a Seller
4. Equilibrium: Where Supply Meets Demand
Part II: Analyzing Markets
5. Elasticity: Measuring Responsiveness
6. When Governments Intervene in Markets
7. Welfare and Efficiency
8. Gains from Trade
Part III: Applications and Policy Issues
9. International Trade
10. Externalities and Public Goods
11. The Labor Market
12. Wages, Workers, and Management
13. Inequality, Social Insurance, and Redistribution
Part IV: Market Structure and Business Strategy
14. Market Structure and Market Power
15. Entry, Exit, and Long-Run Profitability
16. Business Strategy
17. Sophisticated Pricing Strategies
18. Game Theory and Strategic Choices
Part V: Advanced Decisions
PAGE 3
, 19. Decisions Involving Uncertainty
20. Decisions Involving Private Information
This comprehensive structure provides a solid foundation for understanding microeconomic principles,
analyzing markets, and exploring various applications and policy issues.
Thought for a few seconds
Certainly! Below are 100 Multiple Choice Questions (MCQs) based on the "Principles of Microeconomics,
2nd Edition" by Stevenson, categorized into two main sections:
1. The Core Principles of Economics
2. Demand: Thinking Like a Buyer
Each question is accompanied by four options, the correct answer, and a brief explanation.
1. THE CORE PRINCIPLES OF ECONOMICS
Questions 1-50
1. What is the basic economic problem that arises because resources are limited?
o A) Inflation
o B) Scarcity
o C) Unemployment
o D) Trade deficits
Answer: B
Explanation: Scarcity refers to the fundamental economic problem of having seemingly unlimited
human wants in a world of limited resources.
2. Opportunity cost is best defined as:
o A) The monetary cost of an alternative.
o B) The benefit of the next best alternative foregone.
o C) The total cost of all alternatives.
o D) The cost of producing one more unit.
Answer: B
Explanation: Opportunity cost is the value of the next best alternative that is foregone when a choice is
made.
3. Which of the following is NOT considered a factor of production?
o A) Land
o B) Labor
o C) Capital
o D) Money
PAGE 4
