TEST BANK For Microeconomics, 9th edition by Jeffrey M. Perloff, Chapters 1 - 20

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 p Introduction
1.1 Microeconomics: The Allocation of Scarce Resources
p p p p p




1) Microeconomics pstudies pthe pallocation pof

A) decision pmakers.

B) scarce presources.

C) models.

D) unlimited presources.
ANSWER: B
p



Section: The pAllocation pof pScarce pResources
Question pStatus:
p Old
AACSB: Analytic pthinking


2) Microeconomics pis poften pcalled

A) price ptheory.

B) decision pscience.

C) scarcity.

D) resource ptheory.
ANSWER: A
p



Section: The pAllocation pof pScarce pResources
Question pStatus:
p Old
AACSB: Analytic pthinking


3) Most pmicroeconomic pmodels passume pthat pdecision pmakers pwish pto

A) make pthemselves pas pwell poff pas ppossible.

B) act pselfishly.

C) make pothers pas pwell poff pas ppossible.

D) None pof pthe pabove.
ANSWER: A
p



Section: The pAllocation pof pScarce pResources
Question pStatus:
p Old
AACSB: Analytic pthinking
4) Society p faces ptrade-­ ‑offs pbecause pof

A) government pregulations.

B) profit pmotive.

C) faceless pbureaucrats.

, D) scarcity.
p ANSWER: D
Section: The pAllocation pof pScarce pResources
Question pStatus:
p Old
AACSB: Analytic pthinking