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Pindyck 7th Ed Test Bank Essay

4897 words - 20 pages

Test Bank to Accompany

Microeconomics
Seventh Edition by Pindyck / Rubinfeld

Pearson Education
© 2009 8/12/2008

Contents
Chapter 1   Chapter 2   Chapter 3  Chapter 4  Chapter 5   Chapter 6   Chapter 7   Chapter 8  Chapter 9   Preliminaries ........................................................................................................................1  The Basics of Supply and Demand..................................................................................16  Consumer Behavior...........................................................................................................55  ...view middle of the document...

..............................................................................614  Chapter 15   Investment, Time and Capital Markets ........................................................................656  Chapter 16   General Equilibrium and Economic Efficiency ...........................................................698  Chapter 17   Markets with Asymmetric Information........................................................................743  Chapter 18   Externalities and Public Goods......................................................................................787 

Chapter 1 Preliminaries
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 Answer: E
Diff: 1 Section: 1.1

2) A Rolling Stones song goes:  ʺYou canʹt always get what you want.ʺ  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. Answer: A
Diff: 1 Section: 1.1

3) Economics is about the allocation of scarce resources.  Which of the following is NOT an example of economic scarcity? A) If Steve goes to see the movie Master and Commander on Saturday, he will not be able to afford buying ice cream. B) If Jenny studies for her economics quiz this evening, she will not have time to walk her dog. C) If General Motors increases its production of SUVs this year, it will have to spend more on advertising. D) If Borders Books increases the number of titles it carries, it will have to reallocate shelf space to accommodate the new titles. Answer: C
Diff: 2 Section: 1.1

4) A valid and useful theory of gold prices: A) helps to predict the movements of gold prices over time. B) may be founded on simplifying assumptions. C) need not exactly predict every change in gold prices. D) all of the above E) none of the above Answer: D
Diff: 1 Section: 1.1

1

5) Use the following two statements to answer this question: I.  Economic theories are developed to explain observed phenomena by deducing from a set of basic rules and assumptions. II. Economic theories use value judgments to determine which people ought to pay more taxes. A) Both I and II are true. B) I is true, and II is false. C) I is false, and II is true. D) Both I and II are false. Answer: B
Diff: 1 Section: 1.1

6) Which of the following is a positive statement? A) The President of the United States ought to be elected by a direct vote of the American people rather than the Electoral College. B)...

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