Test Bank for Microeconomics, 3rd Edition, Austan Goolsbee, Steven Levitt, Chad Syverson

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Chapter 01: Adventures in Microeconomics Copyright Macmillan Learning. Powered by Cognero. Page 1Multiple Choice 1. Which of the following is considered a microeconomic topic? a. unemployment b. i... nflation c. gross domestic product d. the telecommunications industry ANSWER: d 2. Which of the following is a microeconomic policy? a. fiscal policy b. monetary policy c. rent control d. tariffs imposed on all importing nations ANSWER: c 3. Which of the following is NOT a microeconomic topic? a. a tax on tobacco b. expansionary monetary policy c. a subsidy for solar power d. a quota on taxicabs ANSWER: b 4. To learn the intricacies of theories and models, economists use: a. graphs and mathematics. b. their best guess. c. Wikipedia. d. only the stock market. ANSWER: a 5. Examples of using theories and models include: a. understanding how members of OPEC choose how much oil to produce. b. explaining how the NBA sets salaries for rookies. c. A and B. d. none of the above. Name : Class : Dat e: Chapter 01: Adventures in Microeconomics Copyright Macmillan Learning. Powered by Cognero. Page 2ANSWER: c 6. The term ceteris paribus is an assumption that economists use implying: a. all else is equal. b. to the victor go the spoils. c. nothing can be said to be certain except death and taxes. d. the market is always efficient. ANSWER: a 7. On the demand side of the market, you would examine: a. the prices of inputs. b. the preferences of consumers. c. cost of production data. d. the number of firms. ANSWER: b 8. On the supply side of the market, you would examine: a. the decisions of firms. b. the preference of consumers. c. income of consumers. d. the number of consumers. ANSWER: a 9. Each of the following will impact the consumption decision EXCEPT the: a. price of the good. b. income of the consumer. c. price of a substitute good. d. fixed cost of production. ANSWER: d [Show More]

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