Microeconomics and Behaviour 5th Edition Test Bank

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1Student: ___________________________________________________________________________1.Microeconomics is primarilyA.the study of how the stock market works.B.the study of how people choose under conditions of scarcity.C.the study ofhow businesses can increase profitability.D.the study of how the economy functions as a whole.2.If everyone had unlimited wealth but limited time, thenA.scarcity would not exist.B.scarcity would still exist.C.economicswould be irrelevant.D.one would need to study macroeconomics only.3.Under self-interest rationality, if the benefits to you of doing X exceed the costs of doing X, thenA.do X.B.don't do X.C.whether or not you do X has noeffect on your well-being.D.not enough information has been given.4.The reservation price of activity X isA.the price one must pay for a reservation to take part in activity X.B.the price one must pay to be sure one prefers X.C.the price at which one would be indifferent between doing X and not doing X.D.the price at which one gets the greatest satisfaction from doing X.5.Under self-interest rationality, if the benefit to you of doing X is $60 and the cost ofdoing X is$100, thenA.do X.B.don't do X.C.whether or not one does X has no effect on well-being.D.do X only if the benefit to others from doing X exceeds $40.

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Microeconomics And Behaviour by Rob...

Microeconomics and Behaviour 5th Edition Test Bank

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