Test Bank for Principles of Microeconomics, 13th Edition Case (All Chapters included)
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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...
Complete Chapter Test Bank
are included (Ch 1 to 22)
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** 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
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