萨缪尔森宏观经济学选择题100道(含答案).docx

萨缪尔森宏观经济学选择题100道（含答案）
1. The scientific method is not applicable to the study of economics because economics is not a true scienee.
A) True B) False
2. Hypotheses derived from economic analysis can be validated through empirical analysis, but hardly ever with absolute certainty・
A) True B) False
3. Which of the following statements relates to the concept of efficiency?
A) The absenee of waste・
B) Using resources as effectively as possible・
C) Being able to produce more of one good only by producing less of something else・
D) All the above.
E) b. and c・ only.
Figure 1
4. Figure 1 displays the production-possibilities of two countries・ Given that both countries produce five units of x, which of the following best describes court try B's producti on of y?
A) Less than country A's production of y.
B) The same as country A*s production of y.
C) More than country A f s production of y.
D) Cannot be determined from the graph・
E) None of the above・
5・ Mass un employment of resources means society operates in side its production-possibility frontier.
A) True B) False
6. If two goods use the same resources and the same tech no logy, the producti on possibilities curve between the two goods will have a positive slope・
A) True B) False
7. It is scarcity that makes goods economic goods・
A) True B) False
8. Which of the following is the most basic of the subjects with which the study of economics must try to deal?
A) Markets.
B) Money ・
C) Profit seeking.
D) The price mechanism・
E) Scarcity ・
9・ Poor money management by the government, aside from increasing the unemployment rate, will have a relatively small effect on the economy.
A) True B) False
Figure 2
10. In Figure 2, what is Country B's cost of producing 1 unit of x in terms of y?
A) 10 units of y.
B) 1/2 units of y.
C) 5 units of y.
D) 2 units of y.
E) None of the above・
11 ・ Barter is inconvenient because:
A) bargaining power is unequal between rich and poor.
B) without money, who can define "fair" values?
C) my wants and supplies do not match your supplies and wants.
D) it leads to imperfect competition.
E) all of the above・
12. The econo mic role of gover nment in mixed econo mies can in elude:
A) provision of public goods・
B) tax collections.
C) in come redistributio n.
D) all of the above.
E) none of the above・
13. By the "in visible han d,n Smith meant the influe nee and lobbyi ng of the hidde n interest groups.
A) True B) False
14. A society which forgoes present consumption:
A) is forced to do so because of excessive consumption within the country in the past.
B) may be devoting new resources to new capital formation.
C) is merely devoting resources to the replacement of capital.
D) expects to consume only that amount tomorrow which was foregone today.
E) does none of the above・
15. An economic good is valued in part by its scarcity・
A) True B) False
1 6. The statement that roundabout methods of production are often more efficient than more direct methods:
A) means that roun dabout methods use the same in puts as more direct methods, except for time, which is not a scarce economic good・
B) means that consumers ought to choose those goods which most lend themselves to roundabout methods of production.
C) means that the most roundabout method is always the most efficient method of producing any output・
D) is false, for direct and indirect methods of production are usually the same in terms of efficiency.
E) suggests that foreg one consumpti on devoted to investme nt sometimes in creases future output in ways that more closely match individual and/or social desires.
17. Which of the following statements is true of specialization?
A) Specializati on is inc on siste nt with the idea of in dividual freedom ・
B) Economies that practice a division of labor are morally superior to those that do not.
C) In accepting specialization, a person sacrifices his or her own interests for the sake of society's interest・
D) While specialization has enormous advantages, the costs outweigh them・
E) In creased productivity is more likely to be achieved through specializati on.
18. In an affluent modern society, businesses may have to offer workers more fulfilling jobs ・
A) True B) False
1 9. Consumers vote their dollars primarily in:
A) labor markets.
B) land markets.
C) capital markets ・
D) goods markets ・
E) none of the above. 20. An example of legal limitations on property rights is the prohibition of pollution.
A) True B) False
21. Lower prices
coax out higher quantities demanded along a downward-sloping
demand curve ・
A) True B) False
22. An increase in price will lead to a lower quantity demanded because:
A) suppliers will supply only the smaller amount ・
B) quality deteriorates.
C) people will purchase less of the good ・
D) all of the above.
E) none of the above ・
Use the following to answer question 24:
Table 1
Use the follow!ng to answer question 23:
Quantity of Q
Figure 3
23. Let P* and Q* represent market clearing price and quantity, respective!y. Given the supply and demand curves drawn in Figure 3, a reduction in the price of an input used in the production of Q can be expected to cause:
A) P* and Q* to climb.
B) P* to climb while Q* falls.
C) P* to climb while Q* holds steady ・
D) P* to fall while Q* climbs.
E) P* and Q* to fall. o
The Market for Potato Chips
(quantities measured in bags per week)
Price Quantity Supplied Quantity Demanded
$1.00 500 2000
2.00 1000 1750
3.00 1500 1500
4.00 2000 1250
5.00 2500 1000
24. According to Table 1, the equilibrium price for potato chips is:
A) $1.00.
B) $2.00.
C) $2.50.
D) $3.00.
E) $4.00.
25. Upward-sloping supply curves are the result of:
A) increasing returns to scale・
B) increasing costs of production.
C) changes in government policies・
D) changes in technology・
E) none of the above
26. To say that a price "clears the market11 is to say that every one who wants that commodity is getting all they want.
A) True B) False
27. The position of the supply schedule for Americamade cars will not be directly affected by which of the following?
A) Union wage rates.
B) Car prices・
C) The possibility of strikes・
D) A cha nge in assembly tech no logy ・
E) All of the above will affect supply.
28. The demand curve for a normal good will shift to the right if:
A) in come in creases.
B) populati on in creases ・
C) the price of a substitute good in creases ・
D) all the above・
E) none of the above・
29. Given a fixed supply of lamb chops, a reduction in the price of pork chops (close substitutes) will tend to:
A) shift the dema nd curve for lamb chops to the right ・
B) shift the dema nd curve for pork chops to the right ・
C) shift the dema nd curve for pork chops to the left ・
D) raise the price of lamb chops・
E) lower the price of lamb chops・
30. One reason that supply curves display positive slope is that:
A) expanded production may require the use of superior resources・
B) people are not willing to pay a higher price for more goods・
C) expa nded industry output might cause a labor shortage and subseque ntly in crease the wage rate in eluded in the cost of producti on.
D) extra production brings in the more efficient, lower-cost producers.
E) the law of diminishing returns is important to producers・
31 ・ If a 1 percent change in price causes a 5 percent change in quantity demanded, then demand is price inelastic・
A) True B) False
32. Whenever total expenditure (i.e., total revenue) remains the same after a change in price, the elasticity of demand is:
A) greater than 1 ・
B) less than 1.
C) equal to 0.
D) equal to 1 ・
E) equal to infinity.
33. If price and quantity sold both decrease from one period to another, we may infer that the law of dow nward-sloping dema nd does not operate in that market ・
A) True B) False
34. In "tight” housing markets, rent controls are often applied to hold the price of hou sing to a ” reas on able" level. What is the immediate effect of this price policy with respect to the allocative functions of prices, and the relative in comes of ten ants and landlords?
A) The allocative function of prices is impaired, but the tenants are prevented from gaining at the expense of the landlords.
B) The allocative function of prices is not impaired, and the tenants are prevented from gaining at the expense of Iandlords・
C) The allocative function of prices is impaired, and the tenants who find housing gain at the expense of Iandlords・
D) The allocative function of prices is not impaired, but the Iandlords gain at the expense of tenants who do not find housing・
E) None of the above・
35. Which of the following in efficie ncies might be the result of mono poly power's destroying
a competitive equilibrium?
A) Prices too high・
B) Output too low.
C) Wages distorted across the economy.
D) In put prices distorted across the economy.
E) All of the above.
36. Dollar receipts for sellers of some commodities will be lower at higher prices・
A) True B) False
37. The quantity of a good which a person will purchase will not depend on which one of the following items?
A) The price of the good・
B) His or her tastes・
C) The prices of substitute goods・
D) His or her in come ・
E) The elasticity of supply.
Figure 4
38. Refer to Figure 4 once agai n. Suppose that now the dema nd curve has shifted to D'D'・ At what point along D'D' is price elasticity equal to 1 ?
A) G
B) between G and H.
C) H.
D) between H and I.
E) I-
39. Rank the supply curves in the figure below in order of greatest to least price elasticity at the common in tersection point ・
Q
A) C, A, B.
B) B, A, C.
C) B, C, A.
D) A, B, C.
E) None of the above・
40. A price subsidy of 20 cents per gallon on milk (which does not have a totally inelastic dema nd curve) will result in a:
A) change in consumer tastes・
B) drop in the equilibrium price of 20 cents per gall on.
C) drop in the equilibrium price of less than 20 cents per gall on.
D) drop in the equilibrium price of more than 20 cents per gallon.
41 ・The law of dim inishing marginal utility states that the:
A) ratio of MU to P for luxuries is lower than that for necessities・
B) utility derived from the last unit of the good consumed falls as the consumption of the good increases・
C) ratio of MU to P will be the same for all goods・
D) utility derived from total consumption of a good falls as consumption increases・
E) none of the above・
42. A consumer is said to be in equilibrium in his or her choice between two goods A and B when:
A) the purchase of good A gives the same satisfaction as the purchase of good B・
B) the last purchase of good A gives the same addition to satisfaction as the last purchase of good B.
C) each penny spent on good A gives the same satisfaction as each penny spent on good B.
D) the last penny spent on good A gives the same addition to satisfaction as the last penny spent on good B.
E) the last pennies spe nt on goods A and B gen erate no additions to satisfacti on.
43. A con sumer spe nds all of her income on two goods, coffee and dough nuts. She
purchases coffee at 25 cents a unit with a total utility of 800 and a marginal utility of 12・ Doughnuts are purchase at 75 cents a unit with a total utility of 200 and a marginal utility of 24. In order to reach consumer equilibrium, she should consume:
A) less doughnuts and more coffee・
B) more doughnuts but the same amount of coffee・
C) more coffee but the same amount of doughnuts・
D) more dough nuts and less coffee ・
E) the same amount of coffee and doughnuts.
44. If a person only consumes pickles and pea nut butter, he will consume peanut butter up to the point where the:
A) marginal utility of the last unit of pea nut butter con sumed equals that of the last unit of pickles consumed・
B) total utility of pea nut butter consumed equals the total utility of pickles con sumed ・
C) con sumer surplus of peanut butter con sumption equals the consumer surplus of pickle consumption・
D) last dollar spe nt on pea nut butter consumption provides the same marginal utility as the last dollar spent on pickle consumption.
E) none of the above・
45. Water tends to have a low marginal utility because substitutes for it are widely available ・
A) True B) False
46. A good which sells for a higher price than one which is more important for welfare reflects the concept of:
A) complementarity in demand・
B) substituti on.
C) marginal or total utility.
D) the paradox of value・
E) law of diminishing marginal utility.
47. The price of good X is $1.50 and that of good Y $1. A particular consumer who evaluates the marginal utility of Y to be 30 units, and is in equilibrium with respect to purchases of X and Y must consider the marginal utility of X to be:
A) 15 units.
B) 20 units.
C) 30 units.
D) 45 units.
E) none of the above・
48. It is possible to sum in dividual dema nd curves to get the market dema nd curve only whe n all con sumers are exactly alike in their dema nds.
A) True B) False
49. The paradox of value is not the result of declining marginal utility.
A) True B) False
50. In the figure below, which area represents consumer surplus at a price of 5?
A) OADC.
B) OBEC.
C) CEH.
D) OBEH.
E) CEGF.
51 ・ Both in nu mber and in dollar value of sales, the in dividual proprietorship is the
dominant form of American enterprise ・
A) True B) False
Use the following to answer question 52:
Figure 5
52. Suppose that two in puts, K and L, are variable and in crease at the same rate. Which one of the panels in Figure 5 represents Increasing Return to Scale (IRS)?
A) Panel a.
B) Panel b.
C) Panel c.
D) Panel d.
E) None of the above ・
53.
”Unlimited liability** in partnerships refers to the liability of each partner for her percentage (C) LabOr (L ) Quantity
Total Product Total Product
(b)
share of any losses incurred, without limit, except for some legal minimum of property she is permitted to keep・
A) True B) False
54. The employme nt of which of the following in puts might be adjusted in the short run?
A) Physical capital.
B) Number of hours worked by labor.
C) Units of energy required per unit output・
D) Units of material required per unit output・
E) None of the above・
55. Numerically, the bulk of businesses in the U.S. are:
A) corporati ons.
B) partnerships ・
C) sole proprietorships・
D) farms.
E) mom・and-pop retail shops・
56. If in comes were properly distributed, competitive general equilibrium would move resources to the best use for consumers1 satisfaction.
A) True B) False
Use the following to answer questions 57:
Total Product with
Various In put Combinations
Land 10 15 20
LaborO 0 0 0
1 20 20.67 20.5
2 38 39.3
3 40.0
3 5
4 57.00 58.5
4 68 72.67 76.0
5 80 87.33 92.5
6 90 102.00 108.0
57. Suppose that product!on were defined by the function recorded in the table above. For diminishing returns to continue to hold for the 7th unit of labor with land equal to 15 units, total product for the combi nation of [labor =7; la nd = 15] would have to be less tha n:
A) 0.
B) 116.67.
C) 115.67.
D) 114.67.
E) none of the above・
Use the following to answer questions 58-59:
Table 2 Total Product withVarious In put Combinati ons
Landl0 15 20
LaborO 0 0 0
1 20 20.67 20.5
2 38 39.3
3 40.0
3 5
4 57.00 58.5
4 68 72.67 76.0
5 80 87.33 92.5
6 90 102.00 10&0
58. The production process defined by the function recorded in Table 2 displays diminishing returns in both labor and land.
A) True B) False
59. The production process defined by the function recorded in Table 2 displays decreasing returns to scale for labor but not for land.
A) True B) False
60. Which of the following is an example of a project that could be observed in the short run?
A) The construction of a new assembly line to match an existing one・
B) The con structi on of a new assembly line to take adva ntage of a new tech no logy ・
C) The moving of an established assembly line to bring it geographically closer to a market ・
D) The sale of an existing assembly line on the scrap market to finance part of a new facility.
E) None of the above・
61 ・ Horizontal long-run MC is associated with constant returns to scale・
A) True B) False
62. A fixed cost is:
A) the cost of any in put whose per-u nit price has bee n fixed, whether by Ion g-term con tract or by some similar means.
B) a cost whose increases are exactly proportional to increases in output・
C) any comp orient included in average cost which enters in AC as the same fixed per-unit amount, no matter what the level of plant output may be.
D) a cost which the firm would in cur eve n if its output were zer o.
E) none of the above.
Use the follow!ng to answer questions 63・64:
Table 3
Quantity Variable Cost Total Cost
1 2 3 4 5 6 7 25 40 45 60 60 75 70 85 85 100 105 120 132 147
63.
A)
B)
C)
D)
E) What is MC between Q = 3 and Q = 4 in Table 3?
10
15
20
25
None of the above.
64.
A)
B)
C)
D)
E) What is AFC at Q = 5 in Table 3? 3
4
5
7.5
15
65. unit.
A) Total cost at " q + 1” minus total cost at “q " gives marginal cost for the 'q 'th True B) False
66.
A)
B) The balanee sheet always balances because:
by definition, profit is the residual between revenue and cost.
every proper official business statement is audited by a firm of independent
accounta nts.
C)
D)
E) accountants, like statisticians, know how to manipulate the truth・
by definition, net worth equals the difference between assets and liabilities・ none of
67. A driver wishes to buy gasoline and have her car washed・ She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free ・ Thus the margi nal cost of the twentieth gall on of gas is:
A)
B)
C)
D)
E) -$2.00.
$0.00.
$1.00.
$2.00.
none of the above.
68. If a firm produces more goods than it sells and buys more raw materials than it uses up during the year, an inventory adjustment must be made so as not to:
A) overstate earnings for the year.
B) understate earnings for the year.
C) overstate liabilities at the end of the year.
D) understate liabilities at the end of the year.
E) overstate assets at the end of the year.
69. Both the bala nee sheet and the in come statement in dicate the flow of sales, cost, and revenue over the accounting period.
A) True B) False
70. In calculati ng a firm's total costs, which of the following is not in eluded?
A) The owner's expertise・
B) The demand curve facing the firm.
C) The taxes paid by the firm.
D) Non・essential costs, such as advertising and entertainment experises・
E) In put prices ・
71. The zero・profit point for a perfectly competitive firm occurs where the price equals the minimum point of the:
A) A VC curve ・
B) AC curve.
C) MC curve.
D) AFC curve.
E) none of the above・
72・ In the long run, all costs:
A) lie along a perfectly elastic Iong-run supply curve・
B) are fixed costs・
C) are variable costs・
D) exhibit constant returns to scale・
E) depe nd upon the dema nd structure of the give n market ・
73. Pure economic rent is the price paid to a factor of production that is fixed in total supply
A) True B) False
74. If, in long run equilibrium, the competitive price of some good is $1 6.67, then, for each and every firm in the industry,
A) marginal cost > average cost = $16.67.
B) marginal cost < average cost = $16.67.
C) $16.67 = marginal cost = average cost・
D) $16.67 = marginal cost > average cost・
E) $16.67 = marginal cost < average cost・
75. A tax on the emission of a pollutant from the firms of a competitive industry can be expected to cause the equilibrium quantity demanded and supplied to decline・
A) True B) False
76・ In a market economy, the short・run reaction to an excess supply of a commodity after a decrease in dema nd is:
A) price will rise, but profits fall・
B) price and profits will fall・
C) price will fall, but profits will be unchanged.
D) price will fall, but profits will in crease ・
E) price and profits will both in crease ・
77. In the long run, any firm will eventually leave an industry if:
A) price does not cover at least average total cost・
B) price is not equal to marginal cost.
C) price is higher than average variable cost.
D) price is not at least equal to the minimum of the marginal cost curve.
E) other firms in the industry are leaving.
Figure 6
78. In Figure 6, the firm's economic profits will equal:
A) 0.
B) $40.
C) $100.
D) $150.
E) none of the above.
79・ Which of the following is incompatible with an efficient economic optimum?
A) Perfect competition.
B) Absenee of externalities・
C) Monopoly.
D) All of the above are incompatible.
E) None of the above is in compatible ・
80. Under conditions of decreasing cost:
A) externalities are irrelevant and in applicable ・
B) each of the firms in the industry will continue to produce more output at falling costs per unit・
C) a strong case can be made for supplanting complete individualism by some kind of group action.
D) a few large sellers may come to dom in ate the industry.
E) monopolization of the industry becomes impossible・
Use the following to answer questions 81 ・82:
Table 4
P Q
$5 8
$4 12
$3 17
$2 22
$1 27
81 ・ Suppose an imperfect competitor faces the dema nd curve defi ned in Table 4, and its MC is constant at $2.00・ If the firm is able to produce at any output level, then it maximizes profits at:
A) P =
£＞；q = 8
B) P= 4q = 12.
C) P=
G q = 17.
D) P= 2 !； q = 22.
E) none of the above if fixed costs are less than $1.00.
82. Consider the demand curve given in Table 4. If the imperfectly competitive firm is able to produce at any output level, then the price and quantity which maximize total revenue
A) P = £＞；8
B) P= 4 q = 12.
C) P= 3 q = 17.
D) P= 2 •: q = 22.
E) P= 1 ；q = 27.
83. Falling marginal reve nue faci ng an individual firm is in compatible with:
A) growth of the firm.
B) perfect competition.
C) oligopol y.
D) barriers to entry.
E) none of the above・
84. A percentage tax on a monopolist's profit has no effect on the profit-maximizing output as long as the tax is no greater than 100%.
A) True B) False
85. A profit・maximizing firm will always try to operate at the level of output at which its average costs are at a minimum, i.e., at the bottom of its U・shaped cost curve・
A) True B) False
86. Steel is an oligopolistic industry in the U.S.
A) True B) False
87. If all firms in an industry sell identical products, then it would never pay to advertise ・
A) True B) False
88. The marginal cost schedule faci ng an imperfect competitor is con st a nt at $12 ・ The dema nd curve is give n in Table 5. The profit maximizing output for this firm is:
Table 5
P Q
$20 6
$19 7
$18 8
$17 9
$16 IO
A) 6 units
B) 7 units
C) 8 units
D) 9 units
E) 10 units
89. If a firm*s dema nd curve is horiz on tai, then the firm's marginal revenue is:
A) less than the price of the product.
B) equal to the price of the product.
C) greater than the price of the product.
D) greater than, equal to, or less than the price of the product, depending on the particular circumstances・
E) not determ in able from the above inf ormati on.
90. An imperfect competitor is not willing to increase sales at the prevailing price because to
do so would reduce marginal revenue・
A) True B) False
91 ・ If price equals P1 for a monopolist good and P2 for a competitive good, then for any single consumer the ratio of marginal utilities, MU1/MU2:
A) is exactly 1, and equal to the ratios of marginal costs, MC1/MC2.
B) is exactly 1, and less than the ratios of marginal costs, MC1/MC2.
C) is exactly 1, and greater than the ratios of marginal costs, MC1/MC2.
D) is exactly 1, and MC1 = MC2
E) cannot be determined on data given.
Use the following to answer questions 92・93:
Figure 7
92. By the deadweight loss due to monopoly, we mean the area in Figure 7 labeled:
A) PAB.
B) ABCD.
C) FDEQ.
D) PCEB.
E) BDE.
93. Consider Figure 7. The cartel solution would occur at point:
A) B.
B) E.
C) H.
D) G.
E) none of the above.
94. The H separation of ownership and control H in the large corporation refers primarily
to:
A) government limitations on the rights of capital ownership・
B) the ability of a small minority of shareholders or management to exercise effective control.
C) the issuanee of voting warrants to management personnel.
D) the lack of diversification of stock ownership.
E) the fact that an officer of the company can sit on the board of directors, even though he
may not be a shareholder.
95. "There are thousands of 'Ma and Pa1 grocery stores in the United States that sell
very similar merchandise・Therefore, the retail grocery business must be perfectly competitive.H This statement is:
A) correct; grocery stores are like wheat farms, and if wheat farming is perfectly competitive, so is the grocery business・
B) incorrect; since the production of food is nearly perfectly competitive, the distribution of food must be perfectly competitive also.
C) in correct; grocery stores are best described as oligopolistic.
D) in correct; the thousands of separate retail grocery markets may best be described as monopolistically competitive with product differentiation determined by location.
E) correct; retail groceries are notoriously unprofitable・
96. A concentration ratio measures:
A) the number of firms in a perfectly competitive industry・
B) the rwmber of products sold in a monopolistically competitive market・
C) the ratio of the total number of firms in the market to the dollar value of industry revenues.
D) the percent of total industry output that is accounted for by the largest firms・
E) none of the above・
97. Monopolistic deviation from P = MC means that:
A) no body can be made better off without maki ng someone else worse off.
B) goods are being produced efficiently.
C) society is more able to achieve its welfare optimum.
D) someone can be made better off without maki ng some one else worse off.
E) none of the above・
98. Which of the following best explains why collusive oligopolies are not stable?
A) Compa nies are in here ntly hostile to each other.
B) Companies feel they have a moral responsibility not to collude・
C) Each company in the oligopoly can in crease its profits by deviating from the agreed upon price and/or quantity.
D) Oligopolies are not unstable; rather they are quite stable・
E) None of the above・
99. Many firms practice mark up pricing, since it allows for profit maximization.
A) True B) False
100.Strategic interaction is a term used to describe the condition in which a firm's business strategy depends upon its competitors1 actions・
A) True B) False。