Test Bank For Principles of Microeconomics, 12th Edition All Chapters - 9781264250387.pdf

Test Item File to Accompany
k k k k




Principles of Microe k k




conomics Test Item F k k k




ile 2 k




Ninth Edition b
k k




y Case/Fair/Ost
k




er




Prentice Hall k




c.2009
10/30/0
k

8

,Contents
k




Chapterk1 ThekScopekandkMethodkofkEconomics 1
Chapterk2 ThekEconomickProblem:kScarcitykandkChoice 29
Chapterk3 Demand,kSupply,kandkMarketkEquilibrium 55
Chapterk4 DemandkandkSupplykApplications 98
Chapterk5 Elasticity 117
Chapterk6 HouseholdkBehaviorkandkConsumerkChoice 135
Chapterk7 ThekProductionkProcess:kThekBehaviorkofkProfit-MaximizingkFirms 171
Chapterk8 Short-RunkCostskandkOutputkDecisions 207
Chapterk9 Long-RunkCostskandkOutputkDecisions 252
Chapterk10 InputkDemand:kThekLaborkandkLandkMarkets 292
Chapterk11 InputkDemand:kThekCapitalkMarketskandkInvestmentkDecision 323
Chapterk12 GeneralkEquilibriumkandkthekEfficiencykofkPerfectkCompetition 348
Chapterk13 MonopolykandkAntitrustkPolicy 377
Chapterk14 Oligopoly 425
Chapterk15 MonopolistickCompetition 449
Chapterk16 Externalities,kPublickGoods,kImperfectkInformation,kan
dkSocialkChoice 476
Chapterk17 UncertaintykandkAsymmetrickInformation 517
Chapterk18 IncomekDistributionkandkPoverty 535
Chapterk19 PublickFinance:kThekEconomicskofkTaxation 563
Chapterk20 InternationalkTrade,kComparativekAdvantage,kandkProtectionism 592
Chapterk21 EconomickGrowthkinkDevelopingkandkTransitionalkEconomies 628

,Chapter 1 The Scope and Method of Economics
k k k k k k




1.1 WhykStudykEconomics?
1k Multiplek Choice

1) Thek reasonsk tok studyk economicsk includek whichk ofk thek following?
A) tok bek ank informedk voter B)k tok understandk societyk andk globalk affairs
C)k toklearnkakwaykofkthinking
D)kallkofkthekabove
Answer:k D
k

Diff:k1
Topic:k WhykStudykEconomics?kS
kill:k Fact

2) Marginalismk is
A) thek bestk alternativek thatk wek foregok whenk makingk ak decision.
B) thek studyk ofk howk societiesk choosek tok usek scarcek resources.
C) ak marketk situationk ink whichk profitk opportunitiesk arek eliminatedk almostk instantaneously.
D) thekprocesskofkanalyzingkthekadditionalkcostskorkbenefitskarisingkfromkakdecision.k
Answer:k D
Diff:k1
Topic:k WhykStudykEconomics?kS
kill:k Definition

3) Economicsk isk bestk definedk ask thek studyk of
A) financialk decision-making.
B) howk consumersk makek purchasingk decisions.
C) choicesk madek byk peoplek facedk withk scarcity.
D) inflation,kunemployment,kandkeconomickgrowth.k
Answer:k C
Diff:k2
Topic:k WhykStudykEconomics?kS
kill:k Definition

4) ThekIndustrialkRevolutionkrefersktokthekrisekofkthekmodernkfactoryksystemkink
during
k

theklatekeighteenthkandkearlyknineteenthkcenturies.
k

A) thek Unitedk States B)k England
C)k France D)k Germany
Answer:k B
Diff:k1
Topic:k WhykStudykEconomics?kS
kill:k Fact




1

, 5) Whichk ofk thek followingk statementsk isk correct?
A) Economicsk isk ak naturalk science.
B) Ink largek measure,k economicsk isk thek studyk ofk howk peoplek makek choices.
C) Ifk povertyk wask eliminatedk therek wouldk bek nok reasonk tok studyk economics.
D) Economickanalysiskcankbekusedktokexplainkhowksocieties,kbutknotkindividuals,kmakek
decisions.
Answer:k B
Diff:k1
Topic:k WhykStudykEconomics?kS
kill:k Fact

6) Economicsk isk thek studyk of
A) howktok investk ink thek stockk market.
B) howk societyk usesk limitedk resources.
C) thek rolek ofk moneyk ink markets.
D) howkgovernmentkofficialskdecidekwhichkgoodskandkserviceskarekproduced.k
Answer:k B
Diff:k2
Topic:k WhykStudykEconomics?kS
kill:k Definition

7) Costsk thatk cannotk bek avoided,k becausek theyk havek alreadyk beenk incurredk arek knownk as
A) differentialk costs. B)k marginalk costs.
C)kopportunitykcosts.
D)ksunkkcosts.
kAnswer:k D
Diff:k2
Topic:k WhykStudykEconomics?kS
kill:k Definition

8) Supposekthatktwokweekskagokyoukpurchasedkakticketktoktheksymphonykfork$40.kLastkweekk someo
nekinvitedkyouktokgokcampingkonktheksameknightkasktheksymphonykconcert.kYoukwouldkmuchkrat
herkgokcampingkthankgoktoktheksymphony.kYoukhavektriedkunsuccessfullyktoksellktheksymphonykc
oncertkticket.kWhichkofkthekfollowingkstatementskregardingkthisksituationkiskcorrect?
A) Thek$40ksymphonykticketkshouldkbekirrelevantkinkyourkdecisionkmaking,kbecausekitk
representskthekmarginalkcostkofkgoingkcamping.
B) Thek$40kyoukpaidkforktheksymphonykticketkshouldkbekirrelevantkinkyourkdecisionkmaking,k
becausekitkiskaksunkkcost.
C) Thek$40kyoukpaidkforktheksymphonykticketkiskrelevantktokthekdecision,kaskthiskrepresentsk
thekopportunitykcostkofkgoingkcamping.
D) Youkshouldkbasekyourkdecisionkonkwhetherkorknotkgoingkcampingkwillkprovidekyoukwithk
morekthank$40kinksatisfaction.
Answer:k B
Diff:k2
Topic:k WhykStudykEconomics?kS
kill:k Conceptual
AACSB:k ReflectivekThinking




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