Test Bank for Microeconomics, 6th Edition Besanko (All Chapters included)
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Course
Microeconomics
Institution
Microeconomics
Complete Test Bank for Microeconomics, 6th Edition by David Besanko, Ronald Braeutigam ; ISBN13: 9781119554936. (Full Chapters included Chapter 1 to 17)....Chapter 1 Analyzing Economic Problems
Chapter 2 Demand and Supply Analysis
Chapter 3 Consumer Preferences and the Concept of Utility
Chapte...
Complete Chapters Test Bank
are included (Ch 1 to 17)
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** All Chapters included
,Chapter 1: Analyzing Economic Problems
Multiple Choice
1. The analytical tools underlying nearly all microeconomic studies are:
a) unconstrained optimization and comparative statics.
b) comparative statics and game theory.
c) opportunity cost and equilibrium analysis.
d) constrained optimization, equilibrium analysis, and comparative statics.
Ans: D
Difficulty: Easy
Heading: Why Study Microeconomics?
2. Economics is often described as:
a) the science of choice.
b) the science of constrained choice.
c) the science of supply and demand.
d) the science of market forces.
Ans: B
Difficulty: Easy
Heading: Why Study Microeconomics?
3. Microeconomics examines:
a) the economic behavior of an entire nation.
b) the economic behavior of individual economic decision units.
c) topics such as national income and inflation.
d) monetary policy.
Ans: B
Difficulty: Easy
Heading: Why Study Microeconomics?
,4. An endogenous variable is:
a) a variable that an economic agent chooses.
b) consumption, investment or government spending.
c) a variable determined within the economic system being studied.
d) a variable pertaining to the home country economy.
Ans: C
Difficulty: Easy
Heading: Why Study Microeconomics?
5. In general, economics is the study of:
a) the allocation of scarce wants to unlimited resources.
b) the allocation scarce resources to unlimited wants.
c) the allocation of resources between the government and the private sector.
d) the allocation of workers between firms.
Ans: B
Difficulty: Easy
Heading: Why Study Microeconomics?
6. Identifying the appropriate way to allocate an economy’s resources is an example ofL
a) a constrained optimization problem.
b) a comparative statics problem.
c) an equilibrium analysis.
d) marginal analysis.
Ans: A
Difficulty: Easy
Heading: Why Study Microeconomics?
, 7. Every society must answer which one of the following questions?
a) Which variables are exogenous and which are endogenous?
b) Who will receive the goods and services?
c) What goods and services will be produced, how much will be produced, who will produce
them and who will receive them?
d) How centralized should government bureaucracy be?
Ans: C
Difficulty: Easy
Heading: Why Study Microeconomics?
8. Which of the following statements regarding exogenous and endogenous variables is correct?
a) The set of exogenous variables in any economic model should take into account the rich detail
of the world and so should be limitless.
b) Endogenous variables will always be determined within the model.
c) Exogenous variables change as a result of changes in endogenous variables.
d) The only variables that are relevant to the market equilibrium are the endogenous variables, as
they are determined within the model.
Ans: B
Difficulty: Easy
Heading: Why Study Microeconomics?
9. The definition of an exogenous variable is:
a) a variable whose value is determined within the model under study.
b) a variable whose value is determined outside the model under study.
c) a variable whose value is determined through constrained optimization.
d) a variable whose value is determined through comparative statics.
Ans: B
Difficulty: Easy
Heading: Why Study Microeconomics?
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