微观经济学 第八章

1. Assume all firms in a particular perfectly competitive industry areearning economic profits. This will cause firms to ______ theindustry, which will continue until ______.(2.50 points)Your response:b.enter; economic profits are zero(You answered correctly!)Feedback :Learning Objective: Responses to Profit and LossesLevel of Learning: ApplicationSource: UniqueType: Word Problem2.50 points awarded.The correct answer is:a. exit; economic losses occurb. enter; economic profits are zeroc. enter; accounting profits are zerod. exit; economic profits are zeroe. enter; economic profits are negative2. If you were to open a business in an industry that is approximatelyperfectly competitive, you would expect that(2.50 points)Your response:d.in the long run you would earn zero economic and accountingprofits.Feedback :Learning Objective: Responses to Profit and LossesLevel of Learning: ApplicationSource: UniqueType: Word Problem0 points awarded.The correct answer is:a. you would earn little to no profit in the short run, but higherprofits eventually.b. your competition would respond to your entry into theindustry by aggressively advertising.c. you would earn zero economic profits in the short run, andzero accounting profits in the long run.d. in the long run you would earn zero economic andaccounting profits.e. in the long run you would earn zero economic profits andpositive accounting profits.3. An example of an implicit cost is(2.50 points)Your response:d.the value of a spare bedroom turned into a home office.(You answered correctly!)Feedback :Learning Objective: 3 - types of profitLevel of Learning: KnowledgeSource: UniqueType: Word Problem2.50 points awarded.The correct answer is:a. interest paid on a bank loan.b. rent paid to a landlord.c. wages paid to a family memberd. the value of a spare bedroom turned into a home office.e. operating costs of a company-owned car.4. Assume that all firms in this industry have identical cost functions.Reference: 8-4Firms in this industry will shut down if the price is(2.50 points)Your response:c.less than or equal to $10.Feedback :Learning Objective: Responses to Profit and LossesLevel of Learning: ApplicationSource: UniqueType: Graphical Problem0 points awarded.The correct answer is:a. higher in the short run than in the long run.b. less than or equal to $15.c. less than or equal to $10.d. less than or equal to $5e. There is not enough information to know.5. Smith is a corn farmer earning economic profits and Wesson is awheat farmer receiving a normal profit. Wesson has an incentive to become a corn farmer because(2.50 points)Your response:a.his accounting profits are negative.Feedback :Learning Objective: Responses to Profit and LossesLevel of Learning: ApplicationSource: UniqueType: Word Problem0 points awarded.The correct answer is:a. his accounting profits are negative.b. he is not currently covering his opportunity costs.c. he could earn more than his next best alternative.d. his accounting profits are zero.e. he dislikes Smith and wants to undermine Smith's profit.6. The statement “If a deal is too good to be true, it p robably is nottrue” is most closely related to which principle?(2.50 points)Your response:d.The diminishing marginal returns principleFeedback :Learning Objective: Explain the Efficient Markets hypothesis Level of Learning: KnowledgeSource: UniqueType: Word Problem0 points awarded.The correct answer is:a. The low-hanging fruit principleb. The no-cash-on-the-table principlec. The cost-benefit principled. The diminishing marginal returns principlee. The comparative advantage principle7. In regulated markets,(2.50 points)Your response:d.the invisible hand continues to influence resource allocation.(You answered correctly!)Feedback :Learning Objective: The invisible hand in regulated marketsLevel of Learning: ComprehensionSource: UniqueType: Word Problem2.50 points awarded.The correct answer is:a. efficiency is easily achieved.b. the invisible had has no role.c. market outcomes are equitable.d. the invisible hand continues to influence resourceallocation.e. the interests of consumers are always protected.8. Assume that all firms in this industry have identical cost functions.Reference: 8-6A starting assumption about this industry was that all of the firmshad identical cost functions. This assumption(2.50 points)Your response:e.is unrealistic because competition forces all firms to seek themost efficient production processes.Feedback :Learning Objective: Responses to Profit and LossesLevel of Learning: ApplicationSource: UniqueType: Word Problem0 points awarded.The correct answer is:a. is unrealistic because all firms are unique.b. is realistic because any cost advantage of one firm will bequickly adopted by the others.c. is unrealistic because firms closely guard their productionprocess secrets.d. is realistic because all firms face increasing marginal costs.e. is unrealistic because competition forces all firms to seekthe most efficient production processes.9. If economic profits are positive, then(2.50 points)Your response:e.accounting profits must be positive.(You answered correctly!)Feedback :Learning Objective: 3 - types of profitLevel of Learning: ComprehensionSource: UniqueType: Word Problem2.50 points awarded.The correct answer is:a. firms will be exiting the industry.b. accounting profits can be either negative, zero, or positive.c. the firm is receiving exactly a normal profit.d. accounting profits are either zero or positive.e. accounting profits must be positive.10. Which of the following would be an example of the rationingfunction of price?(2.50 points)Your response:b.Bill Gates purchasing the Mona Lisa for $5 billion(You answered correctly!)Feedback :Learning Objective: Define the two functions of priceLevel of Learning: ApplicationSource: UniqueType: Word Problem2.50 points awarded.The correct answer is:a. Switching from a Ph.D. in economics to finance becausefinance salaries are higherb. Bill Gates purchasing the Mona Lisa for $5 billionc. A firm attempting to lower its explicit costsd. Government price controlse. Choosing to skip class and hang out11. If accounting profits are positive, then(2.50 points)Your response:d.economic profits can be negative, zero, or positive.(You answered correctly!)Feedback :Learning Objective: 3 - types of profitLevel of Learning: ComprehensionSource: UniqueType: Word Problem2.50 points awarded.The correct answer is:a. economic profits are also positive.b. economic profits are either zero or positive.c. the firm is receiving a normal profit.d. economic profits can be negative, zero, or positive.e. new firms must be entering the industry.12. The efficient-markets hypothesis states that(2.50 points)Your response:c.all relevant information about a company's current and futureearnings prospects is embodied in its stock price.(You answered correctly!)Feedback :Learning Objective: Explain the Efficient Markets hypothesisLevel of Learning: KnowledgeSource: UniqueType: Word Problem2.50 points awarded.The correct answer is:a. all markets produce an efficient outcome.b. production is always technically efficient.c. all relevant information about a company's current andfuture earnings prospects is embodied in its stock price.d. most of the relevant information about a company's currentand future earnings prospects is embodied in its stockprice.e. it is efficient to buy low and sell high.13. If buyers and sellers are free to pursue their own selfish interests,according to the invisible hand theory, the result would be(2.50 points)Your response:a.anarchy.Feedback :Learning Objective: Discuss the invisible hand theory Level of Learning: ComprehensionSource: UniqueType: Word Problem0 points awarded.The correct answer is:a. anarchy.b. exploitation of workers and natural resources.c. an equitable allocation of resources.d. poor consumer service.e. an efficient allocation of resources.14. A firm earning a normal profit(2.50 points)Your response:e.is covering implicit costs but not explicit costs.Feedback :Learning Objective: Responses to Profit and Losses Level of Learning: ApplicationSource: UniqueType: Word Problem0 points awarded.The correct answer is:a. should exit the industry.b. will shut down.c. has no incentive to leave the industry.d. is covering explicit costs but not implicit costs.e. is covering implicit costs but not explicit costs.15. If you were to start your own business, your implicit costs wouldinclude(2.50 points)Your response:b.the opportunity cost of your time.(You answered correctly!)Feedback :Learning Objective: 3 - types of profitLevel of Learning: KnowledgeSource: UniqueType: Word Problem2.50 points awarded.The correct answer is:a. rent that you have paid in advance for use of a building.b. the opportunity cost of your time.c. any profit that you make.d. profit over and above normal profite. interest that you pay on your business loans.16. In general, failure to use present values when calculating the priceof a stock leads to(2.50 points)Your response:e.possibly over or under valued share prices.Feedback :Learning Objective: Calculate a company's stock price & PV Level of Learning: ApplicationSource: UniqueType: Word Problem0 points awarded.The correct answer is:a. undervalued share prices.b. overvalued share prices.c. selling off shares when it would be better to keep them.d. accurate share prices.e. possibly over or under valued share prices.17. Economic rent(2.50 points)Your response:e.can be positive, zero, or negative.Feedback :Learning Objective: Economic profits vs economic rentsLevel of Learning: ComprehensionSource: UniqueType: Word Problem0 points awarded.The correct answer is:a. is always positive.b. is driven towards zero.c. can never be zero.d. can never be negative.e. can be positive, zero, or negative.18. Economic profit equals(2.50 points)Your response:a.total revenues minus explicit and implicit costs.(You answered correctly!)Feedback :Learning Objective: 3 - types of profitLevel of Learning: KnowledgeSource: UniqueType: Word Problem2.50 points awarded.The correct answer is:a. total revenues minus explicit and implicit costs.b. total revenues minus implicit costs.c. total revenues minus fixed and variable costs.d. accounting profits plus implicit costs.e. total revenues minus accounting profits.19. The statement, “price directs resources across different sectors ofthe economy” refers to the ______ function of price.(2.50 points)Your response:c.rationingFeedback :Learning Objective: Define the two functions of priceLevel of Learning: KnowledgeSource: UniqueType: Word Problem0 points awarded.The correct answer is:a. allocativeb. store of valuec. rationingd. transitivitye. associative20. Accounting profits are(2.50 points)Your response:c.the difference between total revenues and explicit costs.(You answered correctly!)Feedback :Learning Objective: 3 - types of profitLevel of Learning: KnowledgeSource: UniqueType: Word Problem2.50 points awarded.The correct answer is:a. the only measure of profitability.b. equal to total revenues minus implicit costs.c. the difference between total revenues and explicit costs.d. equal to total revenues minus explicit and implicit costs.e. less than economic profits.。