TEST BANK FOR MICROENOMICS 7TH EDITION BY JEFFRY M. PERLOFF.

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TEST BANK FOR
MICROENOMICS 7TH EDITION BY
JEFFRY M. PERLOFF




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Test Bank of Microeconomics 7th Edition Jeffrey
M. Perloff

Microeconomics, 7e (Perloff)

Chapter 1 Introduction




1.1 Microeconomics: The Allocation of Scarce Resources




1) Microeconomics studies the allocation of

1. A) decision makers.




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2. B) scarce resources.

3. C) models.

4. D) unlimited resources.




2) Microeconomics is often called

1. A) price theory.

2. B) decision science.

3. C) scarcity.

4. D) resource theory.




3) Most microeconomic models assume that decision makers wish to

1. A) make themselves as well off as possible.

2. B) act selfishly.

3. C) make others as well off as possible.




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4. D) None of the above.




4) Society faces trade-offs because of

1. A) government regulations.

2. B) profit motive.

3. C) faceless bureaucrats.

4. D) scarcity.




5) A market

1. A) always involves the personal exchange of goods for money.

2. B) allows interactions between consumers and firms.

3. C) always takes place at a physical location.

4. D) has no influence on prices.




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