Summary ECON 211 Principles of Microeconomics Test Item File 1 econ 211 Test Banks 2021

Summary ECON 211 Principles of Microeconomics Test Item File 1 econ 211 Test Banks 2021 Test Item File to Accompany Principles of Microeconomics Test Item File 1 Ninth Edition by Case/Fair/Oster Prentice Hall c.2009 10/30/08 Contents Chapter 1 The Scope and Method of Economics 1 Chapter 2 The Economic Problem: Scarcity and Choice 28 Chapter 3 Demand, Supply, and Market Equilibrium 55 Chapter 4 Demand and Supply Applications 95 Chapter 5 Elasticity 116 Chapter 6 Household Behavior and Consumer Choice 136 Chapter 7 The Production Process: The Behavior of Profit-Maximizing Firms 173 Chapter 8 Short-Run Costs and Output Decisions 209 Chapter 9 Long-Run Costs and Output Decisions 254 Chapter 10 Input Demand: The Labor and Land Markets 296 Chapter 11 Input Demand: The Capital Markets and Investment Decision 327 Chapter 12 General Equilibrium and the Efficiency of Perfect Competition 351 Chapter 13 Monopoly and Antitrust 380 Chapter 14 Oligopoly 427 Chapter 15 Monopolistic Competition 451 Chapter 16 Externalities, Public Goods, Imperfect Information, and Social Choice 478 Chapter 17 Uncertainty and Asymmetric Information 519 Chapter 18 Income Distribution and Poverty 537 Chapter 19 Public Finance: The Economics of Taxation 566 Chapter 20 International Trade, Comparative Advantage, and Protectionism 595 Chapter 21 Economic Growth in Developing and Transitional Economies 632 Chapter 1 The Scope and Method of Economics 1.1 Why Study Economics? 1 Multiple Choice 1) Which of the following is NOT listed in the book as a reason to study economics? A) to learn a way of thinking B) to understand society and global affairs C) to be an informed voter D) to learn how to make lots of money Answer: D Diff: 1 Topic: Why Study Economics? Skill: Fact 2) Among the fundamental concepts in economics are A) opportunity cost. B) marginalism. C) efficient markets. D) all of the above Answer: D Diff: 1 Topic: Why Study Economics? Skill: Fact 3) Which of the following is the best definition of economics? A) the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided B) the study of how consumers spend their income C) the study of how business firms decide what inputs to hire and what outputs to produce D) the study of how the federal government allocates tax dollars Answer: A Diff: 2 Topic: Why Study Economics? Skill: Definition 4) The rise of the modern factory system in England during the late eighteenth and early nineteenth centuries is known as the A) Great Migration. B) Industrial Revolution. C) Wealth of Nations. D) Dark Ages. Answer: B Diff: 1 Topic: Why Study Economics? Skill: