Test Bank for Microeconomics Seventh Edition Pindyck Rubinfeld - All chapters - 2023 COMPLETE A+ GUIDE
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Test Bank for Microeconomics Seventh Edition Pindyck Rubinfeld - All chapters - 2023 COMPLETE A+ GUIDE
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
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