大学专业试卷西方经济学A卷

西方经济学（双语）试题
（A卷）
注意：请在答题纸上作答，考试时间120分钟，可以翻阅纸质字典，不得携带电子词典及手机等。

Part 1: True-False question (10×1′=10′)
1. Economists use the word equity to describe a situation in which every member of society would have the same income. （）
2. When economists refer to people making decisions “at the margin” they mean that people compare the costs and benefits of each decision. ( )
3. If a good is “normal,” then an increase in income will result in a decrease in the demand for the good. ( )
4. When the price of Pokemon cards are $0.50, the quantity demanded is 400 cards per day. When the price falls to $0.40, the quantity demanded increases to 600. Given this information and using the midpoint method, you know that the demand for Pokemon cards is elastic. ( )
5. Payroll taxes cause wages received by workers to fall and wages paid by firms to rise. ( )
6. The relative price of two goods equals the marginal rate of substitution. ( )
7. If the price of apples increases more than the price of other goods, the weight of the apples in the CPI stays the same, but should decrease to accurately reflect the change in the cost-of-living. ( )
8. If the government wanted to decrease interest rates and increase investment it could reduce taxes on interest income. ( )
9. If an industry becomes unionized, wages in that industry tend to rise, while employment in that industry tends to fall. ( )
10. FOMC policy decisions have an important influence on the economy’s rate of inflation and level of employment in the long run. ( )
Part 2: Single Choice (40×1′=40′)
1. Economics deals primarily with the concept of （）
a. change
b. power
c. poverty
d. scarcity
2. The opportunity cost of an item is ( )
a. what you give up to get that item.
b. always equal to the dollar value of the item.
c. always less than the dollar value of the item.
d. the number of hours needed to earn the money to buy it.
3. A market is a ( )
a. place where only buyers come together.
b. place where only sellers meet.
c. group of people with common desires.
d. group of buyers and sellers of a particular good or servic
e.
4. In a free market system, what is the mechanism for rationing scarce resources? ( )
a. the government
b. prices
c. buyers
d. sellers
5. Economists compute the price elasticity of demand as ( )
a. percentage change in the price divided by the percentage change in quantity demanded.
b. change in quantity demanded divided by the change in the price.
c. percentage change in the quantity demanded divided by the percentage change in price.
d. percentage change in the quantity demanded divided by the percentage change in incom
e.
6. Suppose the price of product X is reduced from $1.45 to $1.25 and, as a result, the quantity of X demanded increases from 2,000 to 2,200. Using the midpoint method, the price elasticity of demand for X in the given price range is ( )
a. 0.64
b. 1.00
c. 1.55
d. 2.00
7. Price controls are ( )
a. established by firms with monopoly power.
b. used to make markets more efficient.
c. nearly always effective in eliminating inequities.
d. usually enacted when policymakers believe that the market price of a good or service is unfair to buyers or sellers.
8. What is true about the burden of a tax imposed on popcorn? ( )
a. Sellers bear the entire burden of the tax.
b. Buyers bear the entire burden of the tax.
c. Buyers and sellers share the burden of the tax.
d. The government bears the entire burden of the tax.
9. The equilibrium of supply and demand in a market ( )
a. maximizes the profits of producers.
b. minimizes the costs incurred by consumers.
c. maximizes the total benefits received by buyers and sellers.
d. minimizes the expenditures of buyers.
10. If a consumer is willing and able to pay $15.50 for a particular good but the price of the good is $16.00, then the ( )
a. market must not be a perfectly competitive market.
b. consumer would have consumer surplus of $0.50.
c. consumer would not purchase the good and would not have any consumer surplus.
d. consumer would increase his/her willingness and ability to pay by earning mor
e.
11. When a tax is levied on a good ( )
a. buyers are worse off but sellers are not.
b. sellers are worse off but buyers are not.
c. neither buyers nor sellers are worse off.
d. both buyers and sellers are worse off.
12. As the size of a tax increases ( )
a. the deadweight loss from the tax remains constant.
b. the deadweight loss from the tax declines.
c. the deadweight loss from the tax increases.
d. no one knows how the deadweight loss changes because no tax has ever been reduced.
13. Countries usually impose restrictions on free foreign trade to protect ( )
a. domestic consumers
b. foreign consumers
c. foreign producers
d. domestic producers
14. When a quota is imposed on a market the ( )
a. supply curve (above the world price) shifts to the left by the amount of the quota.
b. supply curve (above the world price) shifts to the right by the amount of the quota.
c. demand curve (above the world price) shifts to the right by the amount of the quota.
d. demand curve (above the world price) shifts to the left by the amount of the quota.
15. An example of an implicit cost of production would be the ( )
a. cost of raw materials for a printing company to print books.
b. income an entrepreneur could have earned working elsewhere.
c. cost of a delivery truck in a business that rarely makes deliveries.
d. All of the above are correct.
16. Economies of scale arise when ( )
a. an economy is self-sufficient in production.
b. individuals in a society are self-sufficient.
c. workers are able to specialize in a particular task.
d. fixed costs are large relative to variable costs.
17. In a competitive market, the actions of any single buyer or seller will ( )
a. have a negligible impact on the market price.
b. adversely affect the profitability of more than one firm in the market.
c. cause a noticeable change in market production and price.
d. have little effect on market production, but ultimately change pric
e.
18. In a perfectly competitive market, the process of entry or exit ends when ( )
a. firms are operating with excess capacity.
b. firms are making zero economic profit.
c. firms experience decreasing marginal revenue.
d. price is equal to marginal cost.
19. A monop oly’s marginal cost will most likely ( )
a. exceed its marginal revenue.
b. be less than average fixed cost.
c. be less than the market price of its goods.
d. equal average total cost.
20. OPEC often holds oil production below capacity in an effort to ( )
a. compel consumers to search for oil substitutes.
b. compel consumers to conserve oil.
c. keep prices above the competitive level.
d. create a shift in the demand for oil.
21. Because each oligopolist cares about its own profit rather than the collective profit of their industry ( )
a. society is worse-off.
b. they are unable to maintain monopoly power.
c. they are able to maximize industry profits.
d. All of the above are correct.
22. Very often, the reason that players can solve th e prisoners’ dilemma game and reach the most profitable outcome is that ( )
a. the game becomes more competitive.
b. they play the game not once, but many times.
c. each player tries to capture a large portion of the market share.
d. All of the abov e can solve the prisoners’ dilemma.
23. A budget constraint ( )
a. shows the consumption bundles that a consumer can afford.
b. reflects the desire by consumers to increase their income.
c. represents the bundles of consumption that make a consumer equally happy.
d. shows the prices that a consumer chooses to pay for products he consumes.
24. When indifference curves are bowed inward toward the origin, ( )
a. it is unlikely that consumers will be willing to engage in trade.
b. people can only increase satisfaction by consuming more of all commodities.
c. people are less inclined to trade away goods that they have an abundance of.
d. the marginal rate of substitution decreases as a consumer moves down an indifference curv
e.
25. National income is defined as ( )
a. all income produced within a country.
b. the income received by the national government.
c. the total income earned by a nation’s residents from the production of goods and services within the borders of the country.
d. the to tal income earned by a nation’s residents in the production of goods and services.
26. The best measure of a country’s production of goods and services is ( )
a. real GDP.
b. real NNP.
c. nominal GDP.
d. nominal GNP.
27. The inflation rate is defined as the ( )
a. cost of inflation.
b. cost of borrowing.
c. percentage change in real GDP from the previous perio
d.
d. percentage change in the price level from the previous period.
28. If the nominal interest rate is 8% and rate of inflation is 2%, the real interest rate is ( )
a. 16%.
b. 10%.
c. 6%.
d. 4%.
29. A certificate of indebtedness that specifies the obligations of the borrower to the holder is called a ( )
a. stock.
b. mutual fund.
c. bon
d. d. All of the above are correct.
30. An increase in the budget deficit shifts the ( )
a. demand for loanable funds left.
b. demand for loanable funds right.
c. supply of loanable funds left.
d. supply of loanable funds right.
31. Which of the following people is counted as unemployed according to official statistics? ( )
a. Nancy, who is on temporary layoff
b. Gary, who has retired and is not looking for work
c. Brian, a full-time student who is not looking for work
d. All of the above are correct.
32. Sectoral shifts in the economy ( )
a. create structural unemployment.
b. immediately reduce unemployment.
c. on net leave unemployment unchange
d.
d. increase unemployment due to job search.
33. Which of the following best illustrates the unit of account function of money? ( )
a. You list prices for candy sold on your Web site, , in dollars.
b. You pay for tickets to a WNBA game with dollars.
c. You keep $10 in your backpack for emergencies.
d. None of the above is correct.
34. If banks choose to hold more excess reserves, ( )
a. required reserves in the banking system increase.
b. the money multiplier will increase.
c. the discount rate will increase.
d. the money supply falls.
35. When the price level rises, the number of dollars needed to buy a representative basket of goods ( )
a. decreases, so the value of money rises.
b. decreases, so the value of money falls.
c. increases, so the value of money rises.
d. increases, so the value of money falls.
36. Given a nominal interest rate of 20 percent, in which case would you earn the highest after-tax real interest rate? ( )
a. Inflation is 5 percent; the tax rate is 20 percent.
b. Inflation is 4 percent; the tax rate is 30 percent.
c. Inflation is 3 percent; the tax rate is 40 percent.
d. The after-tax real interest rate is the same for all of the abov
e.
37. If the money supply growth rate permanently increased from 10 percent to 20 percent we would expect that inflation and nominal interest rates would both increase ( )
a. by more than 10 percentage points.
b. by 10 percentage points.
c. but by less than 10 percentage points.
d. None of the above is correct.
38. Economists understand that people respond to ( )
a. the wishes of policymakers.
b. tax breaks, but not tax hikes.
c. threats more than rewards.
d. incentives.
39. Which of the following is the most correct statement about the relationship between inflation and unemployment? ( )
a. In the long run, reducing inflation is associated with rising unemployment.
b. In the short run, reducing inflation is associated with falling unemployment.
c. In the long run, reducing inflation is associated with falling unemployment.
d. In the short run, reducing inflation is associated with rising unemployment.
40. Almost all variation in living standards is attributable to differences in countries’ ( )
a. population growth rates.
b. endowments of natural resources.
c. defense budgets.
d. productivity.
Part 3: Answer following questions (4×5′=20′)
1. Draw the circular flow diagram, mark the flow of goods and service, the flow of money according to the following events:
(1) Professor Zhang bought a new house by $500,000.
(2) Construction firm pay Tom (worker) $ 800 as the wage.
(3) Mr. Black got dividend $10,000 from a firm as one of the stock-holder.
2. How will following events influence the GDP of U.S. by expenditure method?
(1)Boeing Company sold a plane to the U.S. Air Force.
(2)Boeing Company sold a plane to the U.S. Air Company.
(3)Boeing Company sold a plane to the Franc Air Company.
(4)Boeing Company sold a plane to Mr. Cross.
(5)Boeing Company produced a plane which will be sold in the next half year.
3. Who control the money supply? How does it control?
4. Suppose Iran and Iraq both sell crude oil. If Iran affords a high production while Iraq affords a high production, Iran can get $40 billion. If Iran affords a low production while Iraq affords a high production, Iran can get $30 billion. If Iran affords a high production while Iraq affords a low production, Iran can get $60 billion. If Iran affords a low production while Iraq affords a low production, Iran can get $50 billion. If Iran affords a high production while Iraq affords a high production, Iraq can get $40 billion. If Iran affords a low production while Iraq affords a high production, Iraq can get $60 billion. If Iran affords a high production while Iraq affords a low production, Iraq can get $30 billion. If Iran affords a low production while Iraq affords a low production, Iraq can get $50 billion. Try to find the Nash equilibrium.
Part 4: Analyze following questions (15′×2=30′)
1． The equilibrium of orange market and orange-picking market （15′）
Suppose the bad weather decrease the harvest of orange in Florida.
（1） Try to analyze how orange price changes and how marginal product of orange-picking
changes.（3′）
（2） Suppose consumer ’
s demand for orange is perfect elastic. Try to analyze how the demand
for orange-picking change? How does the equilibrium wage of orange-pickers change?
(draw pictures of orange market and orange-picking market to analyze)（3′）
（3）Suppose consumer’s demand for orange is perfect inelastic. Try to analyze how the demand for orange-picking change? How does the equilibrium wage of orange-pickers change? (draw a picture of orange market and orange-picking market to analyze) (Reference: how does the equilibrium quantity change in orange market?)（3′）
（4）Suppose we take new technique in orange picking such as using machine. Can you analyze the change of equilibrium wage in orange picking? (Reference: Is it similar with the influence of bad weather?)（3′）
（5）Suppose the harvest of apple make some workers turn to pick apples. Can you analyze the change of equilibrium wage in orange picking? What is the influence to orange price?
Draw pictures to analyze.（3′）
2．Price discrimination and social welfare（15′）
Suppose you live in a town with 300 adults and 200 children. You are planning to hold a performance to earn money. The fixed cost of performance is $2,000, while the marginal cost of
（1）In order to get maximum profit, what price will you decide for adult ticket? How many adults and children will watch the performance? What price will you decide for children ticket? How much profit can you earn? How much is the social welfare? Is it an efficient result?（4′）
（2）If the government pass a law, and price discrimination is illegal now. What is your price now? How much profit can you earn? How many adults and children will watch the performance? How much is the social welfare?（2′）
（3）Price discrimination is illegal now. How do your welfare, adults’ welfare and children’s welfare change?（3′）
（4）If the fixed cost is $2,500 instead of $2,000. Will it change your decision on price in question (1)?（2′）
（5）If the fixed cost is $2,500 instead of $2,000. Will it change your decision on price in question (2)? If you choose to give up the performance, is it a good choice according to social welfare maximum?（4′）。