Microeconomic Principles
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Course Introduction
Microeconomic Principles introduces students to the fundamental concepts and analytical tools of microeconomics. The course examines how individuals, households, and firms make decisions regarding the allocation of scarce resources, and how these decisions interact in various types of markets to determine prices and outputs. Topics include supply and demand, elasticity, consumer and producer behavior, market structures such as competition and monopoly, and the role of government in addressing market failures. By the end of the course, students will understand how microeconomic theory can be applied to real-world situations to analyze economic behavior and policy.
Recommended Textbook
Modern Principles Microeconomics 3rd Edition by Tyler Cowen
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Chapter 1: The Big Ideas
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Sample Questions
Q1) North Korea and South Korea were equally poor in 1950, but today South Korea is ______ than North Korea.
A) 10 times richer
B) two times richer
C) two times poorer
D) 10 times poorer
Answer: A
Q2) Which of the following would be the most likely to cause inflation?
A) massive increases in government spending
B) sustained increases in the money supply
C) increases in interest rates
D) a decline in the purchasing power of the dollar
Answer: B
Q3) Adam Smith's "invisible hand" refers to:
A) people's pursuit of their own self-interest.
B) people's pursuit of the social interest.
C) social justice.
D) government control.
Answer: A
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Page 3
Chapter 2: The Power of Trade and Comparative
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Q1) One of the outcomes of specialization is that it leads to _____, which _____ the average cost of production.
A) smaller-scale production; lowers B) smaller-scale production; raises C) larger-scale production; raises D) larger-scale production; lowers
Answer: D
Q2) In a world with trade, no one can afford to specialize.
A)True
B)False
Answer: False
Q3) The human brain has no limits, so the division of knowledge decreases the total knowledge in society.
A)True
B)False
Answer: False
Q4) Trade makes rich people richer and poor people poorer.
A)True
B)False
Answer: False
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Chapter 3: Supply and Demand
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Sample Questions
Q1) Producer surplus is:
A) the difference between the market price and the minimum price at which producers are willing to sell a good.
B) the amount at which producers are willing to sell a good.
C) the amount at which producers sell a good.
D) the amount at which producers are willing to sell a good plus the amount at which they sell it.
Answer: A
Q2) The average age in the United States is _____, causing the demand for prescription drugs to _____.
A) increasing; decrease
B) increasing; increase
C) decreasing; increase
D) decreasing; decrease
Answer: B
Q3) NAFTA increased the supply curve of lumber in the United States.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Equilibrium
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Sample Questions
Q1) The government must subsidize firms to ensure that there are no unexploited gains from trade.
A)True
B)False
Q2) If the market for iPads experiences a surplus, then the:
A) supply of iPads will fall.
B) demand for iPads will rise.
C) price of iPads will rise.
D) price of iPads will fall.
Q3) The equilibrium price is unstable because sellers have an incentive to lower their price to sell more goods.
A)True
B)False
Q4) When the price of a good equals the equilibrium price:
A) there will still be some wasted resources.
B) gains from trade are minimized.
C) opportunity cost is minimized.
D) there are no unexploited gains from trade.
Q5) What is the difference between a "change in demand" and a "change in quantity demanded"? Graph your answer.
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Chapter 5: Elasticity and Its Applications
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Q1) The fundamental determinant of the elasticity of supply is how quickly per-unit costs increase with an increase in production.
A)True
B)False
Q2) The elasticity of demand measures:
A) how responsive quantity demanded is to a change in price.
B) the percent change in quantity demanded.
C) the percent change in price.
D) the percent change in quantity supplied divided by the percent change in price.
Q3) If demand is inelastic, a price ________ causes ________ in total revenue.
A) decrease; a decrease
B) decrease; an increase
C) increase; a decrease
D) increase; no change.
Q4) The most important determinant of the elasticity of demand is the:
A) number of consumers.
B) number of substitutes.
C) size of the population.
D) level of income in the economy.
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Chapter 6: Taxes and Subsidies
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Sample Questions
Q1) By law, workers pay half the Social Security tax and employers pay the other half. Is this a fair way to allocate the tax?
A) No, workers should pay the whole tax.
B) No, employers should pay the whole tax.
C) Yes, the legal responsibility for the tax has nothing to do with who ultimately pays, so it is as good an allocation as any other.
D) Economics cannot answer such a question.
Q2) A tax on the seller of a product:
A) causes the seller's take-home price to rise above that paid by the buyer.
B) causes the demand curve for the product to shift to the right.
C) causes the supply curve for the product to shift to the left.
D) always causes the equilibrium quantity traded in the market to increase.
Q3) A labor market is described by two very simple equations Q<sub>d</sub> = 60 - 2W, and Q<sub>s</sub> = 3W. A subsidy of $10 is installed such that the new demand equation becomes Q<sub>d</sub> = 70 - 2W. What is the total number of new workers that are hired in this labor market?
Q4) When demand is more elastic than supply, buyers bear more of the tax burden.
A)True B)False
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Chapter 7: The Price System
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Sample Questions
Q1) The market price of copper gives us information on:
A) the value of labor used to mine copper.
B) the value of copper in its next highest-valued use.
C) how much capital equipment was used in its production.
D) the competitiveness of the copper market.
Q2) Speculation tends to ______ volatility in prices over time.
A) increase
B) decrease
C) not affect
D) eliminate
Q3) The bankruptcy of firms:
A) should not occur in a well-functioning economy.
B) frees up resources to higher-valued uses, a vital role in capitalism.
C) is not possible in monopoly markets.
D) is pro-cyclical with economic activity, as measured by gross domestic product.
Q4) Oil futures prices are a noisy signal of war in the Middle East. Explain whether this statement is true or false.
Q5) Explain what Adam Smith meant when he said that the market operates as if "an invisible hand" is guiding the process.
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Chapter 8: Price Ceilings and Floors
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Sample Questions
Q1) One benefit of shortages is that they eliminate competition since buyers cannot compete for goods by paying higher prices.
A)True
B)False
Q2) The price floor regulation of the airline industry:
A) was the leading factor in the development of low-cost airlines.
B) led to a misallocation of resources by preventing the entry of innovative airlines.
C) allowed the middle class the opportunity to fly at reduced rates.
D) was based on the principle of low prices and low quality.
Q3) Raising the minimum wage is not an effective way to eliminate poverty because increases in the minimum wage:
A) do not increase incomes.
B) create incentives for workers to exit the labor force.
C) create higher unemployment.
D) tend to simply increase birth rates among low-income households.
Q4) Regulation of entry in the airline industry increased costs and reduced innovation.
A)True
B)False
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10
Chapter 9: International Trade
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Sample Questions
Q1) Taxes and quotas on imports can ______ jobs in industries that import and ________ jobs in industries that export.
A) decrease; increase
B) increase; increase
C) increase; decrease
D) decrease; decrease
Q2) As GDP per capita increases, child labor tends to A) increase.
B) decrease.
C) remain the same.
D) change unpredictably.
Q3) With the aid of demand and supply curves, compare the amounts of imports and the prices of goods under (i) free trade, (ii) trade with a tariff, and (iii) a closed economy without trade.
Q4) Removing tariffs and quotas will ensure that goods are sold by the low-cost producers and increase the sum of consumer and producer surplus.
A)True
B)False
Q5) What are the three major benefits of trade? Explain briefly.
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Chapter 10: Externalities-
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Q1) Suppose that the private cost of using antibiotics is less than its social cost-we would then expect people to ________ antibiotics, leading to an ________ market outcome.
A) overuse; inefficient
B) underuse; inefficient
C) overuse; efficient
D) make efficient use of; equilibrium
Q2) A beekeeper's hives are located in an orchard where the bees gather nectar to produce honey and simultaneously pollinate the orchard, which increases the yield of fruit. This benefits:
A) only the owner of the orchard.
B) only the beekeeper.
C) the beekeeper, but it creates a negative externality because the bees are a hazard to the orchard owner.
D) both the beekeeper and the orchard owner.
Q3) Markets with external costs are inefficient, whereas markets with external benefits are efficient.
A)True
B)False
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Chapter 11: Costs and Profit Maximization Under Competition
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Sample Questions
Q1) The short run is the period after all exit and entry has occurred.
A)True
B)False
Q2) The competitive firm's demand curve is horizontal at the market price.
A)True
B)False
Q3) Which of the following statements is FALSE?
A) AC = TC/Q
B) A firm that produces 100 units at a total cost of $500 has an average cost of $5 per unit.
C) Firms will earn positive profits if price exceeds average cost.
D) When marginal cost is below average cost, average cost is rising.
Q4) More potential sellers ______ the elasticity of ______ firm-level demand.
A) increase; short-run
B) decrease; short-run
C) increase; long-run
D) decrease; long-run
Q5) A firm should enter an industry if total revenue is equal to total cost.
A)True
B)False
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Chapter 12: Competition and the Invisible Hand
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Sample Questions
Q1) When the size of the production is the most efficient:
A) total cost is at the minimum.
B) average cost is at the minimum.
C) marginal cost is at the minimum.
D) fixed cost is at the minimum.
Q2) The invisible hand is Schumpeter's theory that firms gain an advantage over one another chiefly by innovating.
A)True
B)False
Q3) The value of output is maximized in a competitive market because:
A) entrepreneurs are always on the lookout to move resources into higher-value uses, in an effort to create more profit for themselves.
B) government taxation reduces the profit-motive of entrepreneurs.
C) social planners are better able to plan and make resource decisions when there are many buyers and sellers.
D) it is easy for an industry dominated by a single firm to achieve economies of scale, producing output at a low-cost.
Q4) Explain how market entry affects the profit level of a competitive firm.
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Page 14
Chapter 13: Monopoly
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Sample Questions
Q1) In which of the following scenarios will automobile prices be the lowest?
A) A monopoly automobile company buys its steel from a monopoly steel producer.
B) A monopoly automobile company buys its steel from a competitive steel producer.
C) A competitive automobile company buys its steel from a competitive steel producer.
D) A competitive automobile company buys its steel from a monopoly steel producer.
Q2) Deregulation of cable TV led to:
A) higher prices, higher quality, and more selection.
B) lower prices, higher quality, and more selection.
C) higher prices, lower quality, and less selection.
D) lower prices, lower quality, and less selection.
Q3) Economists believe that monopoly markets are "bad" because they raise prices for consumers.
A)True
B)False
Q4) A monopoly can be defined as a single firm in a given market.
A)True
B)False
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Chapter 14: Price Discrimination
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Sample Questions
Q1) (Figure: Price-Discriminating Monopolist) Refer to the figure. Based on the demand curves for a monopolist's product in two different markets-Market A and Market B-if the monopolist were to charge a uniform price P<sub>U</sub> between the two markets, in which range would the price fall?
A) $6 < P<sub>U </sub>< $14
B) $6 < P<sub>U </sub>< $10
C) $10 < P<sub>U </sub>< $16
D) $10 < P<sub>U </sub>< $14
Q2) Price discrimination is considered bad when:
A) total surplus increases.
B) total surplus decreases.
C) deadweight loss is diminished.
D) it is practiced by any firm.
Q3) Taking advantage of price differences for the same good by buying low in one market and selling high in another market is called:
A) sabotage.
B) fuselage.
C) arbitrage.
D) seigniorage.
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Page 16
Chapter 15: Oligopoly and Game Theory
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Sample Questions
Q1) Which of the following makes a cartel short-lived?
A) stable market demand
B) few firms in the cartel
C) cheating
D) contracting
Q2) Customers are _____ refusing to join the loyalty plan only if _____ of them refuse.
A) worse off; all or most
B) better off; all or most
C) better off; few
D) worse off; few
Q3) If women conspired together and demanded that any man wishing to take them on a date must take them to a nice restaurant, why would this be unsustainable?
A) Some women will secretly allow guys to take them to cheaper restaurants.
B) Some women will cheat on their boyfriends to go out to nice restaurants.
C) Some men will cheat and take dates out to an even more expensive restaurant than is required.
D) The government will arrest all women for conspiring against the public.
Q4) What are three reasons that cartels collapse? Provide an example of each.
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Chapter 16: Competing for Monopoly
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Sample Questions
Q1) Which is an example of a coordination game?
A) choosing a dress for a wedding while making sure no one is wearing the same thing
B) divvying up the parts of a group project so you don't have to do as much and everyone can work cohesively together
C) You're not sure where your study group is supposed to meet, but the library is the most likely place so you go there.
D) getting the roast beef at a restaurant-the same thing everyone else gets-because it is the best deal on the menu
Q2) If music is indeed a network good, the most popular musical groups:
A) are always the best.
B) always have the most musical training.
C) do not have to worry about contestability of their popularity.
D) might not be the best.
Q3) Network goods are usually sold by monopolies or oligopolies because:
A) the government doesn't enforce antitrust laws in network industries.
B) there is no benefit to using the product that other consumers use.
C) only the government is allowed to sell network goods.
D) consumers want to coordinate on the same standard.
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Page 18
Chapter 17: Monopolistic Competition and Advertising
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Sample Questions
Q1) Persuasive advertising:
A) is informative.
B) is wasteful.
C) can create market power for firms through brand differentiation.
D) has been shown to do little to increase sales.
Q2) Monopolistic competition is a very common industry structure. Firms in this industry face downward-sloping demand curves, but they only earn normal profits in the long run because potential firms can easily enter the industry.
A)True
B)False
Q3) Under monopolistic competition, small inefficiencies are the price we pay to get greater variety and innovation.
A)True
B)False
Q4) Perfectly competitive firms advertise:
A) somewhat.
B) extensively.
C) not at all.
D) only in their infant stage.
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Chapter 18: Labor Markets
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Sample Questions
Q1) The marginal product of labor generally increases as more labor is hired.
A)True
B)False
Q2) Your marginal product of labor reflects not just your abilities but the abilities of those around you.
A)True
B)False
Q3) A market labor supply curve:
A) is always positively sloped.
B) is always negatively sloped.
C) is always vertical.
D) can be positively sloped, vertical, or negatively sloped at different ranges.
Q4) Some workers have lower wages than others because:
A) they have more human capital labor market issues.
B) they have more access to physical capital.
C) they work harder than others.
D) there are variations in the difficulty of the work.
Q5) Explain how the impact of discrimination driven by customers may be different from that driven by employers.
Page 20
Q6) With the aid of a graph, explain how unions raise wages in unionized industries.
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Chapter
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Sample Questions
Q1) A college student who must pay fees toward a recreational facility that will be built after he has graduated and moved away is a:
A) free rider.
B) nonrider.
C) forced rider.
D) absent rider.
Q2) You can watch the show Spartacus on the premium cable television station Starz for about $10 a month.
A) Spartacus is inefficiently provided because it is a public good.
B) Spartacus is inefficiently provided because some people who don't watch the show are willing to pay more than the marginal cost of broadcasting the show to one more viewer.
C) Spartacus is efficiently provided because it is a private good that is rival and excludable.
D) Spartacus is efficiently provided because it is a nonrival private good.
Q3) Owned resources still face the tragedy of the commons.
A)True
B)False
Q4) Does equal sharing in farm output lead to free riders? Explain.
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Chapter 20: Political Economy and Public Choice
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Q1) When a policy is highly visible, appears often in the newspapers, and has a major effect on the lives of millions of Americans, very often:
A) special interests get their way.
B) voters get their way.
C) politicians get their way.
D) government gets its way.
Q2) (Figure: Economic Freedom and Living Standards) Refer to the figure. Based on the data in this chart, the country with the lowest level of economic freedom is:
A) Angola.
B) Venezuela.
C) Hong Kong.
D) Haiti.
Q3) Explain why economists say that voters are rationally ignorant about politics.
Q4) Some people argue that mainstream economics ignores important ethical values.
A)True
B)False
Q5) How do special interests affect tax policy in the United States?
Q6) Do "good politics" and "good economics" always coincide? Explain why or why not.
Q7) How are elections correlated to economic business cycles in the United States?
Page 22
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Chapter 21: Economics, Ethics, and Public Policy
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Sample Questions
Q1) Which is NOT a normative economic statement?
A) Import restrictions on sugar will increase sugar prices.
B) The government should limit imports of sugar.
C) Schools need to limit their students' sugar intake.
D) Import quotas on sugar are unfair to foreign sugar sellers.
Q2) Preferences about what other people do are often called meddlesome preferences.
A)True
B)False
Q3) It is sometimes difficult to see the difference between:
A) inequality and the distribution of wealth.
B) risk and fair treatment.
C) exploitation and exchange.
D) fair treatment and equality.
Q4) Presidential campaign speeches about economic policy are largely filled with:
A) poor economics.
B) normative economics.
C) positive economics.
D) false promises.
Q5) List the six practical problems of economic reasoning that need to be examined.
Page 23
Q6) Explain the central idea behind the Rawlsian maximin principle.
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Chapter 22: Managing Incentives
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Q1) Pirate captains had to make sure their crew would storm the enemy vessel en masse to ensure victory. Individual crew members, however, would want to hold back and let their fellow crew mates fight. To solve help solve this problem, captains would offer bonus pay to the first member of the crew aboard the ship. What kind of incentive structure is this?
A) hourly rates
B) tournaments
C) piece rates
D) corporate culture
Q2) When Safelite Glass Corporation switched to a piece rate system of compensation in 1994, productivity:
A) decreased by 44%.
B) decreased by 22%.
C) increased by 22%.
D) increased by 44%.
Q3) When designing an incentive scheme for workers, how can management insure that the incentive scheme actually results in workers working harder?
Q4) Explain tournament theory and include an example of the theory in practice.
Q5) What is meant by the term corporate culture?
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Chapter 23: Stock Markets and Personal Finance
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Q1) According to the efficient markets hypothesis, investors who trade stocks actively earn higher than average returns.
A)True
B)False
Q2) Financial returns on houses are _______ over long periods of time because part of the return on housing is from ________.
A) close to zero; the joys of ownership
B) about 7% per year; home owner improvements
C) about 12% per year; paying low property taxes
D) negative; depreciation
Q3) John Stossel's investment strategy of ______ beat 90% of the experts' portfolios.
A) buying low-priced but high-valued stocks
B) picking the highest-priced stocks
C) picking stocks by throwing darts at a newspaper's stock page
D) buying stocks of companies with newly released products
Q4) High returns reward savers for bearing high risks.
A)True
B)False
Q5) Discuss the different ways that a person can diversify.
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Chapter 24: Price Discrimination
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Q1) Explain why Hyundai Motor Company needed to signal that they were building a higher quality car and how they chose to signal. Were they successful?
Q2) In the market for used cars, half of the cars are of good quality and would sell for $8,000, while half of the cars are of poor quality and would sell for $6,000. If a buyer possessed no information about the quality of the car she was considering, what would she be willing to pay for it?
A) $8,000
B) $7,000
C) $6,000
D) The buyer would choose not to buy because of the lack of information.
Q3) Information asymmetry is the problem of:
A) an agent trying to exploit an information advantage in a dishonest way.
B) incentivizing an employee to work in the interest of the owner.
C) one party to an exchange having more information than the other party.
D) an offer conveying negative information about the product being offered.
Q4) The Affordable Care Act eliminates all information asymmetries in the health insurance market.
A)True
B)False
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Chapter 25: Consumer Choice
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Q1) As indifference curves move northeast or away from the origin, bundles of goods along indifference curves yield:
A) lower utility.
B) the same utility.
C) higher utility.
D) utility that is sometimes higher, sometimes the same, and sometimes lower.
Q2) (Figure: Indifference Curve) Refer to the figure. This figure represents the indifference curve of a consumer who purchases flip-flops and sneakers. Which point generates the highest level of utility for the consumer?
A) A
B) B
C) C
D) D
Q3) The opportunity cost of income is typically termed:
A) time at home.
B) time away from work.
C) leisure time.
D) avocation time.
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