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Microeconomics 7th Edition Perloff Test Bank
Microeconomics, 7e (Perloff)
Chapter 2 Supply and Demand
2.1 Demand
1) According to the Law of Demand, the demand curve for a good will
A) shift leftward when the price of the good increases.
B) shift rightward when the price of the good increases.
C) slope downward.
D) slope upward.
Answer: C
Section: Demand
Question Status: Old
AACSB: Analytic thinking
2) Assuming plasma TVs are a normal good, an increase in consumer incomes will lead to
A) a rightward shift of the demand curve for plasma TVs.
B) a movement upward along the demand curve for plasma TVs.
C) a rightward shift of the supply curve for plasma TVs.
D) no change of the demand curve for plasma TVs.
Answer: A
Section: Demand
Question Status: Revised
AACSB: Analytic thinking
3) Consider the demand function Qd = 150 - 2P. The effects of other determinants of Qd is reflected in
A) the intercept of the function.
B) the slope of the function.
C) neither the slope nor the intercept of the function.
D) in both the slope and the intercept of the function.
Answer: A
Section: Demand
Question Status: Old
AACSB: Analytic thinking
1
Copyright © 2015 Pearson Education, Inc.
6) As the price of a good increases, the change in the quantity demanded can be shown by
A) shifting the demand curve leftward.
B) shifting the demand curve rightward.
C) moving down along the same demand curve.
D) moving up along the same demand curve.
Answer: D
Section: Demand
Question Status: Old
AACSB: Analytic thinking
7) If the price of automobiles were to increase substantially, the demand curve for gasoline would most
likely
A) shift leftward.
B) shift rightward.
C) remain unchanged.
D) become steeper.
Answer: A
Section: Demand
Question Status: Old
AACSB: Analytic thinking
8) If the price of automobiles were to decrease substantially, the demand curve for automobiles would
most likely
A) shift rightward.
B) shift leftward.
C) remain unchanged.
D) become steeper.
Answer: C
Section: Demand
Question Status: Old
AACSB: Analytic thinking
2
Copyright © 2015 Pearson Education, Inc.
9) If the price of automobiles were to decrease substantially, the demand curve for public transportation
would most likely
A) shift right.
B) shift left.
C) remain unchanged.
D) remain unchanged while quantity demanded would change.
Answer: B
Section: Demand
Question Status: Revised
AACSB: Analytic thinking
10) An increase in the demand curve for orange juice would be illustrated as a
A) leftward shift of the demand curve.
B) rightward shift of the demand curve.
C) movement up along the demand curve.
D) movement down along the demand curve.
Answer: B
Section: Demand
Question Status: Old
AACSB: Analytic thinking
12) If the demand for oranges is written as Q = 100 - 5p, then the inverse demand function is
A) Q = 5p - 100.
B) Q = 20 - .2p.
C) p = 20 - 5Q.
D) p = 20 - .2Q.
Answer: D
Section: Demand
Question Status: Old
AACSB: Analytic thinking
3
Copyright © 2015 Pearson Education, Inc.
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hereditary affection, and not their political principles, in ranging
themselves under either standard. The Guelfs placed themselves in
opposition to the pope, to repel his Ghibelline candidate; and Milan,
Piacenza, and Brescia braved even excommunication to resist him;
while, on the contrary the Ghibellines of Pavia, Cremona, and of the
marches armed themselves with zeal against an emperor of the Guelf
blood.
During this period, while the minority of Frederick II left so much
time to the cities of Italy to consolidate their independence, and to form
real republics, the person most influential and most prominent in history
was the pope, Innocent III, who reigned from 1197 to 1216. He caused
his power to be felt in the remotest parts of Christendom, but he suffered
to be constituted at Rome, under his own eye, a republic, the liberty of
which he respected, and over which he assumed no authority. The
thirteen districts of Rome each named annually four representatives or
caporioni; their meeting formed the senate of the republic, who, with the
concurrence of the people, exercised the sovereignty, with the exception
of the judicial power. This power belonged as in other republics to a
foreign military chief, chosen for one year, and assisted by civil judges,
dependent on him, but bearing the name of senator, instead of podesta.
We have still extant the form of oath taken by the first of these senators,
named in 1207. By it he engages to guarantee security and liberty to the
pope as well as to his brothers the cardinals, but promises no submission
to him for himself.
In the beginning of the pontificate of Innocent III, two German
generals, to whom Henry VI had given the titles of duke of Spoleto and
marquis of Ancona, held in dependence and subjection the provinces
nearest Rome. Innocent, to revive the spirit of liberty, sent thither two
legates; and by their interference, the cities of these provinces, built for
the most part in the mountains, and without any means of becoming
either wealthy or populous, threw off the German yoke, and made
alliance with those cities which from the preceding period had entered
into the league of Lombardy; thus two Guelf leagues were formed, under
the protection of the pope; one in the marches, comprehending the cities
of Ancona, Fermo, Osimo, Camerino, Fano, Jesi, Sinigaglia, and Pesaro;
the other in the duchy, comprehending those of Spoleto, Rieti, Assisi,
Foligno, Nocera, Perugia, Agubbio, Todi, and Città di Castello. These
leagues, however, in accustoming the cities of these two provinces to
regard the pope as their protector, led them afterwards to submit without
resistance to the sovereignty of the church.
Other legates had been about the same time sent into Tuscany by the
pope; they convoked at St. Ginasio, a borough situated at the foot of the
mountain of San Miniato, the diet of the towns of that country. These
provincial diets were in the habit of assembling frequently, and had till
then been presided over by an officer belonging to the emperor, in
memory of whom the castle in which he resided is still called San
Miniato al Tedesco. These diets settled the differences which arose
between cities, and had succeeded in saving Tuscany from the civil wars
between the Guelfs and Ghibellines. Pisa, which had been loaded with
favours by the sovereigns of the house of Hohenstaufen, and which had
obtained from them the dominion of sixty-four castles or fortified towns
on the shores of Tuscany, and over the isles of Corsica, Elba, Capraia,
and Pianosa, proclaimed its determination of remaining faithful to the
Ghibelline party, and its consuls withdrew from the diet convoked at St.
Ginasio; but those of the cities of Florence, of Siena, of Arezzo, of
Pistoia, and of Lucca accepted the protection of the pope, offered by his
two legates, and promised to coalesce in defence of their common
liberty.b
FACTIONS IN FLORENCE
Disputes which had so long occupied the attention of Italy were not
without participation in Florence, where the quarrels of church and
empire did not fail to create two adverse opinions, but as yet confined to
words; the prevailing politics, being Guelfic and papal, while the
opposition led by Uberti was entirely imperial, were accidental
circumstances; but combined with and as it were grafted on local
politics, drew a distinct line between contending factions and boded
mischief.
In the year 1215, according to an ancient manuscript published from
the Buondelmonti library, Messer Mazzingo Tegrini de’ Mazzinghi
invited many Florentines of high rank to dine at his villa near Campi
about six miles from the capital; while at table the family jester snatched
a trencher of meat from Messer Uberto degli Infangati who, nettled at
this impertinence, expressed his displeasure in terms so offensive that
Messer Oddo Arrighi de’ Fifanti as sharply and unceremoniously
rebuked him; upon this Uberto gave him the lie and Oddo in return
dashed a trencher of meat in his face.
Everything was immediately in confusion; weapons were soon out,
and while the guests started up in disorder young Buondelmonte de’
Buondelmonti, the friend and companion of Uberto, severely wounded
Oddo Arrighi.
The party then separated and Oddo called a meeting of his friends to
consider the offence; amongst them were the counts Gangalandi, the
Uberti, Amidei, and Lamberti, who unanimously decided that the quarrel
should be quietly settled by a marriage between Buondelmonte and
Oddo’s niece, the daughter of Messer Lambertuccio di Capo di Ponte, of
the Amidei family. This proposition appears to have been unhesitatingly
accepted by the offender’s family as a day was immediately nominated
for the ceremony of plighting his troth to the destined bride.
During the interim Madonna Aldruda or Gualdrada, wife of Forese de’
Donati, sent privately for young Buondelmonte and thus addressed him:
“Unworthy knight! What! Hast thou accepted a wife through fear of the
Fifanti and Uberti? Leave her that thou hast taken, choose this damsel in
her place, and be henceforth a brave and honoured gentleman.” In so
saying she threw open the chamber door and exposed her daughter to his
view; the unexpected apparition of so much beauty, as it were soliciting
his love, had its usual consequence; Buondelmonte’s better reason was
overcome, yet he had resolution to answer, “Alas! it is now too late!”
“No,” replied Aldruda; “thou canst even yet have her; dare but to take
the step and let the consequences rest on my head.” “I do dare,” returned
the fascinated youth, and stepping forward again plighted a faith no
longer his to give.
Early on the 10th of February, the very day appointed for his original
nuptials, Buondelmonte passed by the Porta Santa Maria amidst all the
kinsfolk of his first betrothed, who had assembled near the dwellings of
the Amidei to assist at the expected marriage, yet not without certain
misgivings of his faithlessness. With a haughty demeanour he rode
forward through them all, bearing the marriage ring to the lady of his
choice and leaving her of the Amidei with the shame of an aggravated
insult by choosing the same moment for a violation of one contract and
the consummation of a second; for in those days, and for centuries after,
the old Roman custom of presenting a ring long before the marriage
ceremony took place was still in use.
Such insults were then impatiently borne; Oddo Arrighi assembled his
kindred in the no longer existing church of Santa Maria sopra Porta to
settle the mode of resenting this affront, and the moody aspect of each
individual marked the character of the meeting and all the vindictive
feeling of an injured family; there were, however, some of a more
temperate spirit that suggested personal chastisement or at most the
gashing of Buondelmonte’s face as the most reasonable and effectual
retribution. The assembly paused, but Mosca de’ Lamberti starting
suddenly forward exclaimed, “Beat or wound him as ye list, but first
prepare your own graves, for wounds bring equal consequences with
death.” “No. Mete him out his deserts and let him pay the penalty; but no
delay. Up and be doing.”
This turned the scale and Buondelmonte was doomed, but according
to the manners of that age, not in the field, which would have been
hazardous, but by the sure though inglorious means of noonday murder;
wherefore, at the very place where the insult was offered, beneath the
battlements of the Amidei, nay under the casement of the deserted
maiden, and in his way to a happy expecting bride, vengeance was
prepared by these fierce barons for the perjurer.
On Easter morning, 1215, the murderers
[1215-1239 . .] concealed themselves within the courts and towers
of the Amidei, which the young and heedless
bridegroom was sure to pass, and he was soon after seen at a distance
carelessly riding alone across the Ponte Vecchio on a milk-white palfrey,
attired in a vest of fine woollen cloth, a white mantle thrown across his
shoulders and the wedding garland on his head. The bridge was passed in
thoughtless gaiety, but scarcely had he reached the time-worn image of
the Roman Mars, the last relic of heathen worship then extant, when the
mace of Schiatto degli Uberti felled him to the ground, and at the base of
this grim idol the daggers of Oddo and his furious kinsmen finished the
savage deed; they met him gay and adorned for the altar, and left him
with the bridal wreath still dangling from his brow a bloody and ill-
omened sacrifice. The tidings of this murder spread rapidly, and
disordered the whole community of Florence; the people became more
and more excited, because both law and custom had awarded due
penalties for faithless men, and death was an unheard-of punishment.
Buondelmonte’s corpse was placed on a bier, with its head resting in
the lap of his affianced bride, the young and beautiful Donati, who hung
like a lily over the pallid features of her husband; and thus united were
they borne through the streets of Florence. It was the gloomy dawning of
a tempestuous day, for in that bloody moment was unchained the demon
of Florentine discord; the name of Guelf and Ghibelline were then for the
first time assumed by noble and commoner as the cry of faction; and
long after the original cause of enmity had ceased, they continued to
steep all Italy in blood.
It has been shown that there were already two parties existing in the
commonwealth; but it was not until after this outrage that the whole
community divided under the above appellations, one part siding with
the Buondelmonti, who were for the most part Guelfic chiefs and
adherents of the church; the other with the Uberti, leaders of the
Ghibellines and partisans of the empire. Of seventy-two powerful
families mentioned by Malespini, thirty-nine joined the Buondelmonti
banner and thirty-three fought under the colours of their enemies; but
many more houses of distinction took part in the civil war; many
afterwards changed sides through quarrels with their chiefs; many of the
Buondelmonti who before were Ghibellines now became Guelfs; the
former were stigmatised with the epithet of “Paterini,” and the latter
with that of “Traditori.”
Nevertheless an attempt at reconciliation was made in 1239, by
marrying Neri Piccolino degli Uberti to the daughter of Rinieri Zingani
de’ Buondelmonti, a lady celebrated for her wisdom, beauty, and talents.
Trusting to this tie the Uberti and some friends repaired with confidence
to visit Bertaldi de’ Buondelmonti of Campi, but were treacherously
attacked and beaten back with some bloodshed; this renewed the war
with greater violence and Neri dismissed his wife to her own relatives,
declaring that he disdained to become the propagator of a traitorous
brood from a deceitful stock. The unfortunate lady was then compelled
by her father to marry Count Pannochino de’ Pannochieschi, on whose
mercy she threw herself, imploring permission to retire into a convent;
for though abandoned by her husband she protested that she was still his
wife and therefore never could belong to another. Her motives were
respected, her prayer generously granted, and she immediately took the
veil in the convent of Montecelli.
Immediately after Buondelmonte’s death a low
[1215-1225 . .] and angry murmur rolled sullenly through the
whole Florentine population, and instinctive
preparations were everywhere in progress for some dimly apprehended
danger; as yet all was calm, but dark clouds were gathering around and
the echo of distant thunder marked the coming storm. Each house was
armed and fortified, towers were again mounted with warlike engines,
serragli (barricades) were erected, the shops all closed, the people in
painful doubt, and ancient citizens who remembered the troubles of other
times looked on and trembled. Nor was their apprehension vain; the
curse of heaven seemed to rest on this devoted city, and with but little
cessation during three and thirty years did Florence reek with the blood
of her children.c
The death of Innocent III [1216] and, two years afterwards, of Otto IV
broke the unnatural alliance between a pope and the heir of a Ghibelline
family. The Milanese, excommunicated by Innocent for having fought
against Frederick II, did not the less persist in making war on his
partisans; well convinced that the new pope, Honorius III, would soon
thank them for it. They refused Frederick the iron crown of Lombardy,
preserved at Monza, and contracted an alliance with the count Thomas of
Savoy, and with the cities of Crema, Piacenza, Lodi, Vercelli, Novara,
Tortona, Como, and Alessandria, to drive the Ghibellines from
Lombardy. The Ghibellines defeated them on the 6th of June, 1218, in a
great battle fought against the militias of Cremona, Parma, Reggio, and
Modena, before Ghibello. This reverse of fortune calmed for some time
their military ardour. The citizens of every town accused the nobles of
having led them into war from family enmities and interests foreign to
the city; at Milan, Piacenza, Cremona, and Modena, there were battles
between the nobles and the people. Laws were proposed to divide the
public magistracy in due proportions between them; finally the Milanese,
in the year 1221, expelled all the nobles from their city.
The young Frederick re-entered Italy; and, after some differences with
Honorius III, received from him, on the 22nd of November, 1220, the
crown of the empire. He afterwards occupied himself in establishing
order in his kingdom of the Two Sicilies, where, during his minority, the
popes had encouraged a universal insubordination. Born in the march of
Ancona, at Jesi, in December, 1194, he was Italian as well by language
as by affection and character. The Italian language, spoken at his court,
first rose above the patois in common use throughout Italy, regarded only
as a corruption of Latin; he expressed himself with elegance in this
language, which, from his time, was designated by the name of lingua
cortigiana; he encouraged the first poets, who employed it at his court,
and he himself made verses; he loved literature and encouraged learning;
he founded schools and universities; he promoted distinguished men; he
spoke, with equal facility, Latin, Italian, German, French, Greek, and
Arabic; he had the intellectual suppleness and finesse peculiar to the men
of the south, the art of pleasing, a taste for philosophy, and great
independence of opinion, with a leaning to infidelity; hence he is accused
of having written a book against the three revelations of Moses, Jesus,
and Mohammed, entitled De Tribus Impostoribus, which no one has ever
seen, and which perhaps never existed. His want of faith in the sacred
character of the Roman church, and the sanctity of popes, is less
doubtful; he was suspicious of them, and he employed all his address to
defend himself against their enterprises. Honorius III, desirous of
engaging him to recover the Holy Land from the Saracens, made him, in
1225, marry Yolande de Lusignan, heiress of the kingdom of Jerusalem;
after which, Honorius and his successor Gregory IX pressed him to pass
into Palestine. A malady stopped him, in 1227, just as he was about to
depart; the pope, to punish him for this delay, excommunicated him. He
still pursued him with his anathema when he went to the Holy Land the
year following, and haughtily testified his indignation, because
Frederick, in the year 1229, recovered Jerusalem from the hands of the
sultan by treaty, rather than exterminate the infidels with the sword.