Macroeconomics International Edition 5th Edition by Stephen D. Williamson – Test Bank

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Edition: 5th Edition

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Macroeconomics International Edition 5th Edition by Stephen D. Williamson – Test Bank

Macroeconomics, 5e (Williamson)

Chapter 4   Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization

1) A dynamic decision is one that

A) is made very quickly.

B) involves only the present.

C) involves only the future.

D) involves planning over more than one time period.

Answer:  D

Question Status:  Previous Edition

2) A static decision is one that

A) is made very slowly.

B) involves planning over one time period.

C) involves planning over exactly two time periods.

D) involves planning over more than one time period.

Answer:  B

Question Status:  Previous Edition

3) The principle that consumers and firms optimize

A) is not helpful because some economic agents may behave irrationally.

B) is helpful because it allows us to analyze how economic agents respond to changes in their environment.

C) only applies to perfectly competitive markets.

D) is helpful because it determines the available technology.

Answer:  B

Question Status:  Previous Edition

4) It is useful to assume that there is a single representative consumer because

A) this is realistic.

B) this is a useful abstraction if we are interested in problems where distribution effects are not important.

C) this is the only model we know how to work with.

D) a model with one consumer is the same as one with many consumers.

Answer:  B

Question Status:  New

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