ECN 104 Microeconomics Krugman 3rd Edition Test Bank

ECN 104 Microeconomics
Krugman 3rd Edition Test Bank
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Microeconomics Test Bank
Microeconomics 3rd Test Bank


This is a sample chapter




Microeconomics Krugman 3rd Edition Test Bank

,ECN 104 Microeconomics
Krugman 3rd Edition Test Bank
1 Microeconomics deals with:

• the working of the entire economy or large sectors of
it. Incorrect
• economic growth. Incorrect
• individual decision makers in the economy. (True Answer
)Correct
• gross domestic product. Incorrect
2 The study of a single firm and how it determines prices would
fall under the study of:

• macroeconomics. Incorrect
• microeconomics. (True Answer )Correct
• economic growth. Incorrect
• fiscal policy. Incorrect


3 Macroeconomics deals with:

• bits and pieces of the economy. Incorrect
• the question of how a business unit should operate
profitably. Incorrect
• the working of the entire economy or large sectors of it. (True
Answer )Correct
• how individuals make decisions. Incorrect


4 The primary emphasis in macroeconomics is on:

• how firms set prices. Incorrect
• the national economy. (True Answer )Correct
• marginal analysis. Incorrect
• bits and pieces of the economy. Incorrect


5 Which of the following would be studied in macroeconomics?

• the change in automobile sales due to a change in the price of
automobiles Incorrect
• the impact of a tax reduction on the profits of an individual
business Incorrect

Microeconomics Krugman 3rd Edition Test Bank

,ECN 104 Microeconomics
Krugman 3rd Edition Test Bank
• recessions (True Answer )Correct
• the unemployment of workers displaced by technological




Microeconomics Krugman 3rd Edition Test Bank

, ECN 104 Microeconomics
Krugman 3rd Edition Test Bank
change in the typesetting industry Incorrect


6 Scarcity in economics means:

• We do not have sufficient resources to produce all the goods
and services we want. (True Answer )Correct
• The wants of people are limited. Incorrect
• There must be poor people in rich countries. Incorrect
• Shortages exist in nearly all markets. Incorrect


7 If resources are “scarce,” it means that they:

• cannot provide enough goods or services to satisfy all human
material wants and needs. (True Answer )Correct
• have no opportunity cost. Incorrect
• are probably not valued by consumers. Incorrect
• have an unlimited supply. Incorrect


8 A key theme fundamental to all of economics is:

• There are limited wants. Incorrect
• We are a rich country but are simply not aware of
it. Incorrect
• People have unlimited wants facing limited means to satisfy
them. (True Answer )Correct
• There are unlimited resources. Incorrect


9 The problem of scarcity is confronted by:

• industrialized societies only. Incorrect
• preindustrialized societies only. Incorrect
• societies governed by communist philosophies only. Incorrect
• all societies. (True Answer )Correct

10 When we are forced to make choices, we are facing the concept
of:

• ceteris paribus. Incorrect
• free goods. Incorrect

Microeconomics Krugman 3rd Edition Test Bank