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 Introduction 1.1 Microeconomics: The Allocation of Scarce Resources 1) Microeconomics studies the allocation of A) decision makers. B) scarce resources. C) models. D) unlimited resources. ANSWER: B Section: The Allocation of Scarce Resources Question Status: Old AACSB: Analytic thinking 2) Microeconomics is often called A) price theory. B) decision science. C) scarcity. D) resource theory. ANSWER: A Section: The Allocation of Scarce Resources Question Status: Old AACSB: Analytic thinking 3) Most microeconomic models assume that decision makers wish to A) make themselves as well off as possible. B) act selfishly. C) make others as well off as possible. D) None of the above. ANSWER: A Section: The Allocation of Scarce Resources Question Status: Old AACSB: Analytic thinking 4) Society faces trade-­­‑offs because of A) government regulations. B) profit motive. C) faceless bureaucrats. D) scarcity. ANSWER: D Section: The Allocation of Scarce Resources Question Status: Old AACSB: Analytic thinking