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TEST BANK FOR MICROECONOMICS 7TH EDITION By jeffrey M. Perloff - ComPlete All Chapters (VERIFIED)

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TEST BANK FOR MICROECONOMICS 7TH EDITION By jeffrey M. Perloff - ComPlete All Chapters (VERIFIED) 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 5) A market A) always involves the personal exchange of goods for money. B) allows interactions between consumers and firms. C) always takes place at a physical location. D) has no influence on prices. Answer: B Section: The Allocation of Scarce Resources Question Status: Old AACSB: Analytic thinking 6) What links the decisions of consumers and firms in a market? A) the government B) prices C) coordination officials D) microeconomics Answer: B Section: The Allocation of Scarce Resources Question Status: Old AACSB: Analytic thinking 7) The price of a good is A) always equal to the cost of producing the good. B) never affected by the number of buyers and sellers. C) usually determined in a market. D) None of the above. Answer: C Section: The Allocation of Scarce Resources Question Status: Old AACSB: Analytic thinking 8) Who or what is responsible for bringing together scarce resources to produce most of the goods and services in the U.S.? A) the U.S. government B) the United Nations C) the Federal Reserve Bank D) markets and prices Answer: D Section: The Allocation of Scarce Resources Question Status: Revised AACSB: Analytic thinking 9) Which of the following is a fundamental topic addressed by microeconomics? A) whether to extend unemployment insurance B) determining how many new iPhones the Apple company should produce C) the level of inflation in the country D) the impact of interest rates on savings in the economy Answer: B Section: The Allocation of Scarce Resources Question Status: Revised AACSB: Analytic thinking 10) A

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TEST BANK For Microeconomics, 9th edition
rx rx rx rx rx




by Jeffrey M. Perloff, Chapters 1 - 20
rx rx rx rx rx rx rx

,Table of contents
rx rx




1. Introduction
2. Supply and Demand
rx rx



3. Applying the Supply-and-Demand Model
rx rx rx



4. Consumer Choice rx



5. Applying Consumer Theory
rx rx



6. Firms and Production
rx rx



7. Costs
8. Competitive Firms and Markets rx rx rx



9. Applying the Competitive Model
rx rx rx



10. General Equilibrium and Economic Welfare
rx rx rx rx



11. Monopoly
12. Pricing and Advertising rx rx



13. Oligopoly and Monopolistic Competition
rx rx rx



14. Game Theory rx



15. Factor Markets rx



16. Interest Rates, Investments, and Capital Markets
rx rx rx rx rx



17. Uncertainty
18. Externalities, Open-Access, and Public Goods rx rx rx rx



19. Asymmetric Information rx



20. Contracts and Moral Hazards rx rx rx

,Chapter rx1 Introduction
1.1 Microeconomics: rxThe rxAllocation rxof rxScarce rxResources
1) Microeconomics rxstudies rxthe rxallocation rxof

A) decision rxmakers.

B) scarce rxresources.

C) models.

D) unlimited rxresources.
rxANSWER: B
Section: The rxAllocation rxof rxScarce
rxResourcesrxQuestion rxStatus: Old
AACSB: Analytic rxthinking


2) Microeconomics rxis rxoften rxcalled

A) price rxtheory.

B) decision rxscience.

C) scarcity.

D) resource rxtheory.
rxANSWER: A
Section: The rxAllocation rxof rxScarce
rxResourcesrxQuestion rxStatus: Old
AACSB: Analytic rxthinking


3) Most rxmicroeconomic rxmodels rxassume rxthat rxdecision rxmakers rxwish rxto

A) make rxthemselves rxas rxwell rxoff rxas rxpossible.

B) act rxselfishly.

C) make rxothers rxas rxwell rxoff rxas rxpossible.

D) None rxof rxthe
rxabove.rxANSWER: A
Section: The rxAllocation rxof rxScarce
rxResourcesrxQuestion rxStatus: Old
AACSB: Analytic rxthinking
4) Society rxfaces rxtrade-­ ‑offs rxbecause rxof

A) government rxregulations.

B) profit rxmotive.

C) faceless rxbureaucrats.

, D) scarcity.
rxANSWER: D
Section: The rxAllocation rxof rxScarce
rxResourcesrxQuestion rxStatus: Old
AACSB: Analytic rxthinking

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