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Microeconomic: Theory & Apps w/ Calculus, 5e (Perloff) Chapter 1 Introduction 1.1 Microeconomics: The Allocation of Scarce Resources 1) Microeconomics studies the allocation of A) decision makers. B) scarce resources. C) models. D) unlimited resources. Answer: B Topic: Microeconomics: The Allocation of Scarce Resources Skill: Analytical thinking Status: Old 2) Microeconomics is often called A) price theory. B) decision science. C) scarcity. D) resource theory. Answer: A Topic: Microeconomics: The Allocation of Scarce Resources Skill: Analytical thinking Status: Old 3) Society faces trade -offs because of A) government regulations. B) greedy corporations. C) faceless bureaucrats. D) scarcity. Answer: D Topic: Microeconomics: The Allocation of Scarce Resources Skill: Analytical thinking Status: Old 4) 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 lo cation. D) has no influence on prices. Answer: B Topic: Microeconomics: The Allocation of Scarce Resources Skill: Analytical thinking Status: Old 5) What links the decisions of consumers and firms in a market? A) the government B) prices C) coordinat ion officials D) microeconomics Answer: B Topic: Microeconomics: The Allocation of Scarce Resources Skill: Analytical thinking Status: Old 6) 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 Topic: Microeconomics: The Allocation of Scarce Resources Skill: Analytical thinking Status: Old 7) The twinkie tax example in Section 1.1 of the textbook is an example of how policies may affect A) which goods are produced. B) how goods are produced. C) who gets these goods. D) All of the above. Answer: D Topic: Microeconomics: The Allocation of Scarce Resources Skill: Application of knowledge Status: New 8) Who or what is responsible for the allocation of scarce resources into the production of most goods in the U.S.? A) the American government B) the UN C) the Federal Reserve Bank D) markets and prices Answer: D Topic: Microeconomics: The Allocation of Scarce Resources Skill: Application of knowledge Status: Old
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