Tes
tBankofMi
croe
con
omi
cs7t
hEd
iti
on
Je
ffr
ey
b
ybl
ack
dol
l
ar4
IFYOUWANTMOREREQUESTSEMAI
LME:
carol
inewar
tz@gmai
l.
com
Mi
cro
eco
nomi
cs,
7e(
Per
lof
f)
Ch
apt
er1 I
ntr
odu
cti
on
1
.1 Mi
cr
oec
onomi
cs:
TheAl
l
oca
tionofSc
arc
eRe
sou
rce
s
1
)Mi
cr
oec
onomi
css
tud
iest
hea
ll
oca
tionof
1
. A)d
eci
si
onma
ker
s.
2
. B)s
car
cer
esou
rce
s.
3
. C)mod
els
.
,4
. D)u
nli
mit
edr
esou
rce
s.
2
)Mi
cr
oec
onomi
csi
sof
tenc
all
ed
1
. A)p
ric
eth
eor
y.
2
. B)d
eci
si
ons
cie
nce
.
3
. C)s
car
ci
ty
.
4
. D)r
esou
rcet
heor
y.
3)Mos
tmi
cr
oec
onomi
cmod
elsa
ssu
met
hatd
eci
si
onma
ker
s
wis
hto
1
. A)ma
ket
hems
elv
esa
swe
llof
fasp
oss
ibl
e.
2
. B)a
cts
elf
ish
ly.
,3
. C)ma
keot
her
saswe
llof
fasp
oss
ibl
e.
4
. D)Non
eoft
hea
bov
e.
4
)Soc
iet
yfa
cest
rad
e-of
fsb
eca
useof
1
. A)g
ove
rnme
ntr
egu
lat
ion
s.
2
. B)p
rof
itmot
iv
e.
3
. C)f
ace
les
sbu
rea
ucr
ats
.
4
. D)s
car
ci
ty
.
5
)Ama
rke
t
1
. A)a
lwaysi
nvol
vest
hep
ers
ona
lex
cha
ngeofg
ood
sfor
money
.
, 2
. B)a
ll
owsi
nte
rac
ti
onsb
etwe
enc
ons
ume
rsa
ndf
ir
ms.
3
. C)a
lwa
yst
ake
spl
acea
tap
hys
ica
lloc
ati
on.
4
. D)h
asn
oin
flu
enc
eonp
ric
es.
6
)Wh
atl
i
nkst
hed
eci
si
onsofc
ons
ume
rsa
ndf
ir
msi
nama
rke
t?
1
. A)t
heg
ove
rnme
nt
2
. B)p
ric
es
3
. C)c
oor
din
ati
onof
fi
ci
al
s
4
. D)mi
cr
oec
onomi
cs
7
)Th
epr
ic
eofag
oodi
s
1
. A)a
lwa
yse
qua
ltot
hec
ostofp
rod
uci
ngt
heg
ood
.
2
. B)n
eve
raf
fec
tedb
yth
enu
mbe
rofb
uye
rsa
nds
ell
ers
.
3
. C)u
sua
ll
yde
ter
min
edi
nama
rke
t.
4
. D)Non
eoft
hea
bov
e.
8
)Wh oorwha
tisr
esp
ons
iblef
orb
ring
ingt
oge
thersca
rce
r
esou
rcestop
rodu
cemostoft
hegoodsan
dser
vi
c e
sintheU.
S.?
tBankofMi
croe
con
omi
cs7t
hEd
iti
on
Je
ffr
ey
b
ybl
ack
dol
l
ar4
IFYOUWANTMOREREQUESTSEMAI
LME:
carol
inewar
tz@gmai
l.
com
Mi
cro
eco
nomi
cs,
7e(
Per
lof
f)
Ch
apt
er1 I
ntr
odu
cti
on
1
.1 Mi
cr
oec
onomi
cs:
TheAl
l
oca
tionofSc
arc
eRe
sou
rce
s
1
)Mi
cr
oec
onomi
css
tud
iest
hea
ll
oca
tionof
1
. A)d
eci
si
onma
ker
s.
2
. B)s
car
cer
esou
rce
s.
3
. C)mod
els
.
,4
. D)u
nli
mit
edr
esou
rce
s.
2
)Mi
cr
oec
onomi
csi
sof
tenc
all
ed
1
. A)p
ric
eth
eor
y.
2
. B)d
eci
si
ons
cie
nce
.
3
. C)s
car
ci
ty
.
4
. D)r
esou
rcet
heor
y.
3)Mos
tmi
cr
oec
onomi
cmod
elsa
ssu
met
hatd
eci
si
onma
ker
s
wis
hto
1
. A)ma
ket
hems
elv
esa
swe
llof
fasp
oss
ibl
e.
2
. B)a
cts
elf
ish
ly.
,3
. C)ma
keot
her
saswe
llof
fasp
oss
ibl
e.
4
. D)Non
eoft
hea
bov
e.
4
)Soc
iet
yfa
cest
rad
e-of
fsb
eca
useof
1
. A)g
ove
rnme
ntr
egu
lat
ion
s.
2
. B)p
rof
itmot
iv
e.
3
. C)f
ace
les
sbu
rea
ucr
ats
.
4
. D)s
car
ci
ty
.
5
)Ama
rke
t
1
. A)a
lwaysi
nvol
vest
hep
ers
ona
lex
cha
ngeofg
ood
sfor
money
.
, 2
. B)a
ll
owsi
nte
rac
ti
onsb
etwe
enc
ons
ume
rsa
ndf
ir
ms.
3
. C)a
lwa
yst
ake
spl
acea
tap
hys
ica
lloc
ati
on.
4
. D)h
asn
oin
flu
enc
eonp
ric
es.
6
)Wh
atl
i
nkst
hed
eci
si
onsofc
ons
ume
rsa
ndf
ir
msi
nama
rke
t?
1
. A)t
heg
ove
rnme
nt
2
. B)p
ric
es
3
. C)c
oor
din
ati
onof
fi
ci
al
s
4
. D)mi
cr
oec
onomi
cs
7
)Th
epr
ic
eofag
oodi
s
1
. A)a
lwa
yse
qua
ltot
hec
ostofp
rod
uci
ngt
heg
ood
.
2
. B)n
eve
raf
fec
tedb
yth
enu
mbe
rofb
uye
rsa
nds
ell
ers
.
3
. C)u
sua
ll
yde
ter
min
edi
nama
rke
t.
4
. D)Non
eoft
hea
bov
e.
8
)Wh oorwha
tisr
esp
ons
iblef
orb
ring
ingt
oge
thersca
rce
r
esou
rcestop
rodu
cemostoft
hegoodsan
dser
vi
c e
sintheU.
S.?
