Exam (elaborations)
Test Bank for Principles of microeconomics 9th edition by Case/Fair/Oster A+ 2024
- Course
- Institution
- Book
Test Bank for Principles of microeconomics 9th edition by Case/Fair/Oster A+ 2024..
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Macroeconomics Exam 1 – Complete Questions & Answers (100% Correct)
-
Principles of Macroeconomics, 9th Edition N. Gregory Mankiw Ronald D
-
Test Bank for Brief Principles of Macroeconomics 9/E Mankiw
Seller
Follow
ASolution
Reviews received
Content preview
Test Item File to AccompanyPrinciples of
Microeconomics
Test Item File 2
Ninth Edition
by
Case/Fair/Oster
Prentice Hall
c.2009
10/30/08
,Contents
Chapter 1 The Scope and Method of Economics 1
Chapter 2 The Economic Problem: Scarcity and Choice 29
Chapter 3 Demand, Supply, and Market Equilibrium 55
Chapter 4 Demand and Supply Applications 98
Chapter 5 Elasticity 117
Chapter 6 Household Behavior and Consumer Choice 135
Chapter 7 The Production Process: The Behavior of Profit-Maximizing Firms 171
Chapter 8 Short-Run Costs and Output Decisions 207
Chapter 9 Long-Run Costs and Output Decisions 252
Chapter 10 Input Demand: The Labor and Land Markets 292
Chapter 11 Input Demand: The Capital Markets and Investment Decision 323
Chapter 12 General Equilibrium and the Efficiency of Perfect Competition 348
Chapter 13 Monopoly and Antitrust Policy 377
Chapter 14 Oligopoly 425
Chapter 15 Monopolistic Competition 449
Chapter 16 Externalities, Public Goods, Imperfect Information,
and Social Choice 476
Chapter 17 Uncertainty and Asymmetric Information 517
Chapter 18 Income Distribution and Poverty 535
Chapter 19 Public Finance: The Economics of Taxation 563
Chapter 20 International Trade, Comparative Advantage, and Protectionism 592
Chapter 21 Economic Growth in Developing and Transitional Economies 628
,Chapter 1 The Scope and Method of Economics
1.1 Why Study Economics?
1 Multiple Choice
1) The reasons to study economics include which of the following?
A) to be an informed voter B) to understand society and global affairs
C) to learn a way of thinking D) all of the above
Answer: D
Diff: 1
Topic: Why Study Economics?
Skill: Fact
2) Marginalism is
A) the best alternative that we forego when making a decision.
B) the study of how societies choose to use scarce resources.
C) a market situation in which profit opportunities are eliminated almost instantaneously.
D) the process of analyzing the additional costs or benefits arising from a decision.
Answer: D
Diff: 1
Topic: Why Study Economics?
Skill: Definition
3) Economics is best defined as the study of
A) financial decision-making.
B) how consumers make purchasing decisions.
C) choices made by people faced with scarcity.
D) inflation, unemployment, and economic growth.
Answer: C
Diff: 2
Topic: Why Study Economics?
Skill: Definition
4) The Industrial Revolution refers to the rise of the modern factory system in ________ during
the late eighteenth and early nineteenth centuries.
A) the United States B) England
C) France D) Germany
Answer: B
Diff: 1
Topic: Why Study Economics?
Skill: Fact
1
, 5) Which of the following statements is correct?
A) Economics is a natural science.
B) In large measure, economics is the study of how people make choices.
C) If poverty was eliminated there would be no reason to study economics.
D) Economic analysis can be used to explain how societies, but not individuals, make
decisions.
Answer: B
Diff: 1
Topic: Why Study Economics?
Skill: Fact
6) Economics is the study of
A) how to invest in the stock market.
B) how society uses limited resources.
C) the role of money in markets.
D) how government officials decide which goods and services are produced.
Answer: B
Diff: 2
Topic: Why Study Economics?
Skill: Definition
7) Costs that cannot be avoided, because they have already been incurred are known as
A) differential costs. B) marginal costs.
C) opportunity costs. D) sunk costs.
Answer: D
Diff: 2
Topic: Why Study Economics?
Skill: Definition
8) Suppose that two weeks ago you purchased a ticket to the symphony for $40. Last week
someone invited you to go camping on the same night as the symphony concert. You would
much rather go camping than go to the symphony. You have tried unsuccessfully to sell the
symphony concert ticket. Which of the following statements regarding this situation is correct?
A) The $40 symphony ticket should be irrelevant in your decision making, because it
represents the marginal cost of going camping.
B) The $40 you paid for the symphony ticket should be irrelevant in your decision making,
because it is a sunk cost.
C) The $40 you paid for the symphony ticket is relevant to the decision, as this represents
the opportunity cost of going camping.
D) You should base your decision on whether or not going camping will provide you with
more than $40 in satisfaction.
Answer: B
Diff: 2
Topic: Why Study Economics?
Skill: Conceptual
AACSB: Reflective Thinking
2
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 ASolution. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53340 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now