TEST BANK FOR #gy #gy
MICROECONOMICS
#gy
PRINCIPLES FOR A CHANGING
#gy #gy #gy #gy
WORLD, 5TH EDITION, ERIC
#gy #gy #gy #gy
CHIANG #gy
SCHOLARVAULT
,Indicate the answer choice that best completes the statement or answers the question.
1. Ceteris paribus means
a. everything changes.
b. everything is held constant.
c. other things being equal.
d. nothing changes.
2. When economists say that all societies face scarcity, they are describing
a. free lunches.
b. unlimited resources.
c. unlimited wants.
d. tradeoffs societies must make.
3. Stylized economic models must include
a. assumptions.
b. inflation.
c. money.
d. complexity.
4. Time series graphs
a. show data that can be split into percentages that, when combined, make up the whole.
b. show the relative importance of some variable's components as a share of the whole.
c. include the value of a variable on the horizontal axis and minutes, hours, days, months, quarters, or
years on the vertical axis.
d. include the value of a variable on the vertical axis and minutes, hours, days, months, quarters, or
years on the horizontal axis.
5. Suppose Mike has three hours of time to spend so he ranks the following activities in order of priority: (1) see
a movie, (2) attend a ball game, (3) study economics. Assume that each activity takes three hours. What is
Mike's opportunity cost of seeing a movie?
a. attending a ball game and studying economics
b. studying economics
c. attending a ball game
d. either attending a ball game or studying economics
6. Economists like to use graphs and equations primarily because
a. these tools efficiently express economic concepts.
b. economics should be difficult.
c. mathematical aptitude is necessary to understand economics.
d. the use of mathematics reduces rigor.
SCHOLARVAULT
,7. The #gyopportunity #gycost #gyof #gyundertaking #gyan #gyactivity #gyis #gydefined #gyas #gythe #gy activity.
a. cost #gyforgone #gyby #gynot #gyundertaking #gyanother
b. monetary #gycost #gyof #gyundertaking #gythat
c. benefit #gyforgone #gyby #gynot #gyundertaking #gythe
#gynext #gybest
d. monetary #gybenefit #gyof #gyundertaking #gythat
8. (Figure: #gyGraph #gyExamples) #gyWhich #gygraph #gyis #gyan #gyexample #gyof #gya #gybar #gychart?
a. graph
#gyA
b. graph
#gyB
c. graph
#gyC
d. graph
#gyD
9. Microeconomics #gyis #gyconcerned #gywith #gyissues #gysuch #gyas
a. inflation.
SCHOLARVAULT
, b. unemployment.
c. which #gyjob #gyto
#gytake.
d. interest #gyrates.
SCHOLARVAULT
MICROECONOMICS
#gy
PRINCIPLES FOR A CHANGING
#gy #gy #gy #gy
WORLD, 5TH EDITION, ERIC
#gy #gy #gy #gy
CHIANG #gy
SCHOLARVAULT
,Indicate the answer choice that best completes the statement or answers the question.
1. Ceteris paribus means
a. everything changes.
b. everything is held constant.
c. other things being equal.
d. nothing changes.
2. When economists say that all societies face scarcity, they are describing
a. free lunches.
b. unlimited resources.
c. unlimited wants.
d. tradeoffs societies must make.
3. Stylized economic models must include
a. assumptions.
b. inflation.
c. money.
d. complexity.
4. Time series graphs
a. show data that can be split into percentages that, when combined, make up the whole.
b. show the relative importance of some variable's components as a share of the whole.
c. include the value of a variable on the horizontal axis and minutes, hours, days, months, quarters, or
years on the vertical axis.
d. include the value of a variable on the vertical axis and minutes, hours, days, months, quarters, or
years on the horizontal axis.
5. Suppose Mike has three hours of time to spend so he ranks the following activities in order of priority: (1) see
a movie, (2) attend a ball game, (3) study economics. Assume that each activity takes three hours. What is
Mike's opportunity cost of seeing a movie?
a. attending a ball game and studying economics
b. studying economics
c. attending a ball game
d. either attending a ball game or studying economics
6. Economists like to use graphs and equations primarily because
a. these tools efficiently express economic concepts.
b. economics should be difficult.
c. mathematical aptitude is necessary to understand economics.
d. the use of mathematics reduces rigor.
SCHOLARVAULT
,7. The #gyopportunity #gycost #gyof #gyundertaking #gyan #gyactivity #gyis #gydefined #gyas #gythe #gy activity.
a. cost #gyforgone #gyby #gynot #gyundertaking #gyanother
b. monetary #gycost #gyof #gyundertaking #gythat
c. benefit #gyforgone #gyby #gynot #gyundertaking #gythe
#gynext #gybest
d. monetary #gybenefit #gyof #gyundertaking #gythat
8. (Figure: #gyGraph #gyExamples) #gyWhich #gygraph #gyis #gyan #gyexample #gyof #gya #gybar #gychart?
a. graph
#gyA
b. graph
#gyB
c. graph
#gyC
d. graph
#gyD
9. Microeconomics #gyis #gyconcerned #gywith #gyissues #gysuch #gyas
a. inflation.
SCHOLARVAULT
, b. unemployment.
c. which #gyjob #gyto
#gytake.
d. interest #gyrates.
SCHOLARVAULT
