Microeconomics, 9th Edition Robert Pindyck, MIT Daniel Rubinfeld Test bankMicroeconomics, 9th Edition Robert Pindyck, MIT Daniel Rubinfeld Test bank
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Microeconomics, 9th Edition Robert Pindyck, MIT Daniel Rubinfeld Test bank
Author Name: Robert Pindyck, MIT Daniel Rubinfeld
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Microeconomics, 9e (Pindyck/Rubinfeld)
Chapter 1 Preliminaries
1.1 The Themes of Microeconomics
1) Microeconomics is the branch of economics that deals with which of the following topics?
- A) The behavior of individual consumers
- B) Unemployment and interest rates
- C) The behavior of individual firms and investors
- D) B and C
- E) A and C
2) A Rolling Stones song goes: “You can’t always get what you want.” This echoes an important theme from microeconomics. Which of the following statements is the best example of this theme?
- A) Consumers must make the best purchasing decisions they can, given their limited incomes.
- B) Workers do not have as much leisure as they would like, given their wages and working conditions.
- C) Workers in planned economies, such as North Korea, do not have much choice over jobs.
- D) Firms in market economies have limited financial resources.
3) This textbook is about microeconomics because it deals mainly with the behavior of variables such as:
- A) national output, interest rates, unemployment and inflation.
- B) individual economic units, such as consumers, firms, workers and investors.
- C) national and international markets, exchange rates and economic treaties.
- D) economic sectors, the business cycle and monetary and fiscal policies.
4) The problem of scarcity means that people face trade-offs. Which of the following trade-offs are the concern of microeconomics?
- A) Trade-offs faced by consumers in the purchase of goods
- B) Trade-offs faced by workers between work and leisure
- C) Trade-offs faced by firms in what goods to produce
- D) all of the above
5) The textbook argues that one of the trade-offs workers make is working for a small company or a large company. The small companies offer:
- A) job security but limited potential for advancement.
- B) more potential for advancement but limited job security.
- C) both job security and ample potential for advancement.
- D) benefits that appeal to the workers that do not include job security or career advancement.
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