Micro economics, Principles of Micro economics Test Bank
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Course
Microe conomics
Institution
Microe Conomics
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 and global affairs
C) to be an informed voter D) to learn how to make lots of money Answer: D
Diff: 1
Topic: Why Study Economics? Skill: Fact
1) WhichkiofkithekifollowingkiiskiNOTkilistedkiinkithekibookkiaskiakireasonkitokistudykieconomics?
A) tokilearnkiakiwaykiofkithinking
B)k i toki understandki societyki andki globalki affairs
C)ki tokibekiankiinformedkivoter
D)kitokilearnkihowkitokimakekilotskiofk
imoneykiAnswer:k i D
Diff:ki1
Topic:k i WhykiStudykiEconomi
cs?kiSkill:k i Fact
2) Amongki theki fundamentalki conceptski ink i economicski are
A) opportunitykicost. B)kimarginalism.
C)ki efficientkimarkets.
D)kiallkiofkithekiab
ovekiAnswer:k i D
Diff:ki1
Topic:k i WhykiStudykiEconomi
cs?kiSkill:k i Fact
3) Whichkiofkithekifollowingkiiskithekibestkidefinitionkiofkieconomics?
A) theki studyki ofki howki individualski andki societieski chooseki toki useki theki scarceki resour
ceski thatki naturekiandkipreviouskigenerationskihavekiprovided
B) theki studyki ofki howki consumerski spendki theirki income
C) thekistudykiofkihowkibusinesskifirmskidecidekiwhatkiinputskitokihirekiandkiwhatkioutputskitok
iproduce
D) theki studyki ofki howki theki federalki governmentki allocateski t
axki dollarskiAnswer:k i A
Diff:ki2
Topic:k i WhykiStudykiEconomi
cs?kiSkill:k i Definition
4) Theki riseki ofki theki modernki factoryki systemki inki Englandki duringki theki lateki eighte
enthki andki earlykinineteenth kicenturieskiiskiknownkiaskithe
A) GreatkiMigration. B)k i Industrialki Revolution.
C)ki WealthkiofkiNations.
D)kiDarkkiAg
es.kiAnswer:k i B
Diff:ki1
Topic:k i WhykiStudykiEconomi
cs?kiSkill:k i Fact
1
, 5) Whichki ofki theki followingki statementski iski NOTki correct?
A) Economicski iski aki behavioralki science.
B) Inki largeki measure,ki economicski iski theki studyki ofki howki peopleki makeki choices.
C) Ifki povertyki waski eliminatedki thereki wouldki beki noki reasonki toki studyki economics.
D) Economicki analysiski canki beki usedki toki explainki howki bothki individualski andki s
ocietieski makekidecisions.
Answer:k i C
Diff:ki1
Topic:k i WhykiStudykiEconomi
cs?kiSkill:k i Fact
6) Thekistudykiofkieconomics
A) iskiakiverykinarrowkiendeavor.
B) iskiakiwaykiofkianalyzingkidecision-makingkiprocesseskicausedkibykiscarcity.
C) iski concernedki withki provingki thatki capitalismki iski betterki thanki socialism.
D) focuseski onki howki aki businesski shouldki f
unction.kiAnswer:k i B
Diff:ki2
Topic:k i WhykiStudykiEconomi
cs?kiSkill:k i Definition
7) Sunkkicostskiare
A) costski thatki cannotki beki avoided,ki becauseki theyki haveki alreadyki beenki incurred.
B) thekicostskiofkiwhatkiwekigivekiupkiwhenkiwekimakekiakichoicekiorkiakidecision.
C) theki additionalki costski ofki producingki anki additionalki unitki ofki aki product.
D) theki additionalki costski ofki consumingki anki additionalki unitki ofk
i aki product.kiAnswer:k i A
Diff:ki2
Topic:k i WhykiStudykiEconomi
cs?kiSkill:k i Definition
8) Supposekithatkiyoukipurchasedkiakiticketkitokiakijazzkifestivalkiforki$100kiakimonthkiago.ki
Lastkiweekkisomeonekiinvitedkiyoukitokiakihockeykigamekionkithekisamekinightkiaskithekijazzki
festival.kiYoukiwouldkimuchkiratherkigokitokithekihockeykigamekithankithekijazzkifestival.kiY
oukihavekitriedkiunsuccessfullykitokisellkithekijazzkifestivalkiticket.kiWhichkiofkithekifollowin
gkistatementskiregardingkithiskisituationkiiskicorrect?
A) Theki$100kiyoukipaidkiforkithekijazzkifestivalkiticketkiiskirelevantkitokithekidecision,kiaskit
hiskirepresentskithekiopportunitykicostkiofkiattendingkithekihockeykigame.
B) Youkishouldkibasekiyourkidecisionkionkiwhetherkiorkinotkithekihockeykigamekiwillkiprovi
dekiyoukiwithkimorekithanki$100kiinkisatisfaction.
C) Theki$100kiyoukipaidkiforkithekijazzkifestivalkiticketkishouldkibekiirrelevantkiinkiy
ourkidecisionkimaking,kibecausekiitkiiskiakisunkkicost.
D) Theki $100ki jazzki festivalki ticketki shouldki beki irrelevantki inki yourki decisionki maki
ng,ki becauseki itkirepresentskithekimarginalkicostkiofkiattendingkithekihockeykigam
e.
Answer:k i C
Diff:ki2
Topic:k i WhykiStudykiEconomi
cs?kiSkill:k i Conceptual
AACSB:k i ReflectivekiThinking
2
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