TEST BANK For Microeconomics, 9th edition
by Jeffrey M. Perloff, Chapters 1 - 20
,Table of contents
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
,Chapter 1 Introduction
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.
B) act selfishly.
C) make others as well off as possible.
D) None of the above.
ANSWER: A
Section: The Allocation of Scarce Resources
Question Status: Old
AACSB: Analytic thinking
4) Society faces trade- ‑offs because of
A) government regulations.
B) profit motive.
C) faceless bureaucrats.
, D) scarcity.
ANSWER: D
Section: The iAllocation iof iScarce
iResourcesiQuestion iStatus: Old
AACSB: Analytic ithinking
5) A imarket
A) always iinvolves ithe ipersonal iexchange iof igoods ifor imoney.
B) allows iinteractions ibetween iconsumers iand ifirms.
C) always itakes iplace iat ia iphysical ilocation.
D) has ino iinfluence ion
iprices.iANSWER: B
Section: The iAllocation iof iScarce
iResourcesiQuestion iStatus: Old
AACSB: Analytic ithinking
6) What ilinks ithe idecisions iof iconsumers iand ifirms iin ia imarket?
A) the igovernment
B) prices
C) coordination iofficials
D) microeconomicsi
ANSWER: B
Section: The iAllocation iof iScarce
iResourcesiQuestion iStatus: Old
AACSB: Analytic ithinking
7) The iprice iof ia igood iis
A) always iequal ito ithe icost iof iproducing ithe igood.
B) never iaffected iby ithe inumber iof ibuyers iand isellers.
C) usually idetermined iin ia imarket.
D) None iof ithe
iabove.iANSWER: C
Section: The iAllocation iof iScarce
iResourcesiQuestion iStatus: Old
AACSB: Analytic ithinking
8) Who ior iwhat iis iresponsible ifor ibringing itogether iscarce iresources ito iproduce imost iof
itheigoods iand iservices iin ithe iU.S.?
A) the iU.S. igovernment
B) the iUnited iNations
by Jeffrey M. Perloff, Chapters 1 - 20
,Table of contents
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
,Chapter 1 Introduction
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.
B) act selfishly.
C) make others as well off as possible.
D) None of the above.
ANSWER: A
Section: The Allocation of Scarce Resources
Question Status: Old
AACSB: Analytic thinking
4) Society faces trade- ‑offs because of
A) government regulations.
B) profit motive.
C) faceless bureaucrats.
, D) scarcity.
ANSWER: D
Section: The iAllocation iof iScarce
iResourcesiQuestion iStatus: Old
AACSB: Analytic ithinking
5) A imarket
A) always iinvolves ithe ipersonal iexchange iof igoods ifor imoney.
B) allows iinteractions ibetween iconsumers iand ifirms.
C) always itakes iplace iat ia iphysical ilocation.
D) has ino iinfluence ion
iprices.iANSWER: B
Section: The iAllocation iof iScarce
iResourcesiQuestion iStatus: Old
AACSB: Analytic ithinking
6) What ilinks ithe idecisions iof iconsumers iand ifirms iin ia imarket?
A) the igovernment
B) prices
C) coordination iofficials
D) microeconomicsi
ANSWER: B
Section: The iAllocation iof iScarce
iResourcesiQuestion iStatus: Old
AACSB: Analytic ithinking
7) The iprice iof ia igood iis
A) always iequal ito ithe icost iof iproducing ithe igood.
B) never iaffected iby ithe inumber iof ibuyers iand isellers.
C) usually idetermined iin ia imarket.
D) None iof ithe
iabove.iANSWER: C
Section: The iAllocation iof iScarce
iResourcesiQuestion iStatus: Old
AACSB: Analytic ithinking
8) Who ior iwhat iis iresponsible ifor ibringing itogether iscarce iresources ito iproduce imost iof
itheigoods iand iservices iin ithe iU.S.?
A) the iU.S. igovernment
B) the iUnited iNations
