100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Test Bank for Principles of Microeconomics, 13th Edition Case (All Chapters included) $29.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. Microeconomics
  4.  
  5. Microeconomics

Exam (elaborations)

Test Bank for Principles of Microeconomics, 13th Edition Case (All Chapters included)
 0 purchase
  • Course
  • Microeconomics
  • Institution
  • Microeconomics

Complete Test Bank for Principles of Microeconomics, 13th Edition by Karl E. Case, Ray C Fair, Sharon Oster ; ISBN13: 9780135636756...(Full Chapters included Chapter 1 to 22)....1.The Scope and Method of Economics 2.The Economic Problem: Scarcity and Choice 3.Demand, Supply, and Market Equilibriu...

[Show more]

Preview 4 out of 1690  pages

Document information

  • May 20, 2024
  • 1690
  • 2020/2021
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • Microeconomics
  • Microeconomics

Seller

avatar-seller
mizhouubcca

Reviews received

Content preview

Principles of
Microeconomics
Thirteenth Edition



Karl E. Case
Ray C. Fair
Sharon M. Oster


Complete Chapter Test Bank
are included (Ch 1 to 22)




** Immediate Download
** Swift Response
** All Chapters included

,Principles of Microeconomics, 13e (Case/Fair/Oster)
Chapter 1 The Scope and Method of Economics

1.1 Why Study Economics?

1) Which of the following is not listed in the book as a reason to study economics?
A) to learn a way of thinking
B) to understand society
C) to be an informed citizen
D) to learn how to make lots of money
Answer: D
Diff: 1
Topic: Why Study Economics?
Skill: Fact
Learning Outcome: Micro-1

2) Among the fundamental concepts in economics is
A) opportunity cost.
B) marginalism.
C) efficient markets.
D) all of the above
Answer: D
Diff: 1
Topic: Why Study Economics?
Skill: Conceptual
AACSB: Reflective Thinking
Learning Outcome: Micro-1

3) Which of the following is the best definition of economics?
A) the study of how individuals and societies choose to use the scarce resources that nature and
previous generations have provided
B) the study of how consumers spend their income
C) the study of how business firms decide what inputs to hire and what outputs to produce
D) the study of how the federal government allocates tax dollars
Answer: A
Diff: 1
Topic: Why Study Economics?
Skill: Definition
Learning Outcome: Micro-1




1

,4) The rise of the modern factory system in England during the late eighteenth and early
nineteenth centuries is known as the
A) Great Migration.
B) Industrial Revolution.
C) Wealth of Nations.
D) Dark Ages.
Answer: B
Diff: 1
Topic: Why Study Economics?
Skill: Fact
Learning Outcome: Micro-1

5) Which of the following statements is not correct?
A) Economics is a behavioral science.
B) In large measure, economics is the study of how people make choices.
C) If poverty were eliminated, there would be no reason to study economics.
D) Economic analysis can be used to explain how both individuals and societies make decisions.
Answer: C
Diff: 1
Topic: Why Study Economics?
Skill: Conceptual
AACSB: Reflective Thinking
Learning Outcome: Micro-1

6) The study of economics
A) is a very narrow endeavor.
B) is a way of analyzing decision-making processes caused by scarcity.
C) is concerned with proving that capitalism is better than socialism.
D) focuses on how a business should function.
Answer: B
Diff: 1
Topic: Why Study Economics?
Skill: Definition
Learning Outcome: Micro-1

7) Which of the following is not one of the three fundamental concepts of economics?
A) profit maximization
B) marginalism
C) opportunity cost
D) the working of efficient markets
Answer: A
Diff: 1
Topic: Why Study Economics?
Skill: Conceptual
Learning Outcome: Micro-1




2

, 8) Suppose that you purchased a ticket to a jazz festival for $100 from an online ticket broker.
Once you arrived at the festival, you discovered that parking costs you an additional $15. In this
situation, the additional $15 you pay for parking is an example of
A) an economic loss.
B) opportunity cost.
C) marginal cost.
D) an inefficient cost.
Answer: C
Diff: 2
Topic: Why Study Economics?
Skill: Conceptual
AACSB: Reflective Thinking
Learning Outcome: Micro-1

9) You have decided that you want to attend a costume party as Black Panther. You estimate that
it will cost $40 to assemble your costume. After spending $40 on the costume, you realize that
the additional pieces you need will cost you $25 more. The marginal cost of completing the
costume is
A) $15.
B) $25.
C) $40.
D) $65.
Answer: B
Diff: 2
Topic: Why Study Economics?
Skill: Analytical
AACSB: Analytical Thinking
Learning Outcome: Micro-1

10) The concept of opportunity cost
A) is relevant only to economics.
B) can be applied to the analysis of any decision-making process.
C) applies to consumers but not to firms.
D) refers only to actual payments and incomes.
Answer: B
Diff: 1
Topic: Why Study Economics?
Skill: Conceptual
AACSB: Reflective Thinking
Learning Outcome: Micro-1




3

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller mizhouubcca. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $29.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68175 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$29.49
  • (0)
Add to cart
Added