Principles of Microeconomics (7th Edition) (Case/Fair Economics 7e Series)

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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following is the best definition of economics? A) The study of how consumers spend their income B) The study of how the federal government allocates tax dollars C) The study of how business firms decide what inputs to hire and what outputs to produce D) The study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided 1) 2) Economists use the phrase "ceteris paribus" to express the assumption, A) "scarcity is a fact of life." B) "everything affects everything else." C) "all else equal." D) "there is no such thing as a free lunch." 2) 3) The branch of economics that examines the functioning of individual industries and the behavior of individual decision-making units is 3) 4) Positive economics is an approach to economics that A) analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe preferred courses of action. B) seeks to understand behavior and the operation of systems while making judgments about their usefulness to society. C) applies statistical techniques and data to economic problems. D) examines the role of government in the economy. 4) 5) Rent control laws are imposed when city officials believe landlords have been exploiting tenants. Which of the following criteria are they using to guide their actions? 5) 6) Which of the following will NOT cause a shift in the demand curve for compact discs? 6) 7) As an individual consumes more of a product within a given period of time, it is likely that each additional unit consumed will yield A) successively more satisfaction. B) the same amount of satisfaction. C) successively less satisfaction. D) less satisfaction for a while and then start to add more satisfaction. 7) 1
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Refer to the information provided in Figure below to answer the questions that follow. Figure 3.2 8) Refer to Figure 3.2. Which of the following would be most likely to cause the demand for macaroni and cheese to shift from D 1 to D 0 ? 8) Refer to the information provided in Figure 3.14 below to answer the following questions. Figure 3.14
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