经济学原理微观第五版测试题库
微观经济学(第五版)习题
《微观经济学》（第五版)习题集第一章引论一、选择题1．经济学是研究（)。
A．企业如何赚钱的问题；B．如何实现稀缺资源的有效配置问题；C．用数学方法建立理论模型；D．政府如何管制的问题。
2．经济资源与非经济资源的区别主要在于（）。
A．它们是否有用；B．获取它们时，是否要付出一定的费用；C．它们价格的高低；D．它们的效用高低。
3．资源稀缺性的含义是指( ）.A．资源的数量较少；B．获得一定量资源所必须耗费的成本相当高; C．相对于人类无限的欲望来说，再多的资源也显不足; D．资源的价格很高。
4．微观经济学主要研究（).A．一国资源的充分利用问题；B．收入的短期波动;C．收入的长期增长；D．一国资源的合理配置问题。
5．宏观经济学主要研究（）。
A．一国资源的充分利用问题；B．一国资源的合理配置问题；C．如何生产；D．为谁生产.6．微观经济学的中心理论是（）.A．价值理论；B．生产理论; C．价格理论；D．分配理论。
7．下列事物中哪些不具备稀缺性( )A．空气；B．矿泉水；C．食物; D．安全保卫。
8．人们在资源有限而需求无限时必须( ）A．使个人利益优于公共利益；B．做出选择;C．降低期望; D．以国家利益为重。
9．下列问题是经济学研究不会涉及的问题（)。
A．在稀缺资源约束条件下，实现资源有效配置的方法；B．如何实现中国人均收入水平翻两翻；C．中国传统文化的现代化问题; D．充分就业和物价水平的稳定。
10．微观经济学的创始人是（）.A．亚当·斯密；B．约翰·梅纳德·凯恩斯；C．米尔顿·弗里德曼；D．阿弗里德·马歇尔。
二、判断题（对的划√，错的划×)1．经济学是研究如何实现稀缺资源有效配置科学。
( ）2．经济理论揭示了经济现象之间的因果关联。
（ )3．经济学根源于资源的稀缺性与人类欲望的无限性之间的矛盾。
（ )4．微观经济学主要研究一国稀缺资源的充分利用问题.（）5．资源的合理配置问题涉及生产什么、如何生产和为谁生产等三大基本经济问题.（）6．市场机制就是亚当·斯密所说的“看不见的手”.（ )7．微观经济学是宏观经济学的基础。
曼昆《经济学原理》(微观)第五版测试题库(10)
ANS: TDIF: 2 REF: 10-0 NAT: An alytic TOP:Exter nalities LOC: Markets, market failure, and exter nalities MSC:In terpretive 4. In a market characterized by externalities, the market equilibrium fails to maximize the total ben efit to society as a whole.ANS:T DIF: NAT:An alytic LOC: TOP: Exter nalities MSC: 1 REF: 10-0 Markets, market failure, and exter nalities Defin iti onal5. In a market with positive externalities, the market equilibrium quantity maximizes the welfare of society as a whole.ANS: FNAT: An alytic TOP:Exter nalities DIF: 1 REF: 10-0 LOC: Markets, market failure, and exter nalities MSC: In terpretive6. Barking dogs cannot be con sidered an exter nality because exter nalities must be associated with some form of market excha nge. ANS: FNAT: An alytic TOP:Exter nalities DIF: 1 REF: 10-0 LOC: Markets, market failure, and exter nalities MSC: Applicative 7. The social cost of pollution includes the private costs of the producers plus the costs to those bystandersadversely affected by the polluti on. ANS:T DIF: 1 REF: 10-1 NAT:An alytic LOC: Markets, market failure, and exter nalities TOP: Exter nalities MSC: Defin iti onal8. Orga ni zers of an outdoor con cert in a park surrou nded by reside ntial n eighborhoods are likely to con sider the no iseand traffic cost to reside ntial n eighborhoods whe n they assess the finan cial viability of the con certven ture.ANS:F DIF: 1 REF: 10-1 NAT:An alytic LOC: Markets, market failure, and exter nalities TOP:Negative exter nalities MSC: Applicative 9. Whe n a driver en ters a crowded highway he in creases the travel times of all other drivers on the highway. This is anexample of a n egative exter nality.ANS:T DIF: 1 REF: 10-0 NAT:An alytic LOC: Markets, market failure, and exter nalities TOP:Exter nalities MSC: In terpretive 10. When firms internalize a negative externality, the market supply curve shifts to the left.Chapter 10 Exter nalitiesTRUE/FALSE1. Markets sometimes fail to allocate resources efficie ntly.ANS: T DIF:2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Market failureMSC: In terpretive 2. Whe n a tran sacti on betwee n a buyer and seller directly affects a third party, the effect is called an exter nality.DIF: 1 REF: 10-0 LOC: Markets, market failure, and exter nalities MSC: Defin itio nal3. Buyers and sellers n eglect the exter nal effects of their acti ons whe n decid ing how much to dema nd or supply.ANS: TNAT: An alytic TOP:Exter nalities11. Gover nment subsidized scholarships are an example of a gover nment policy aimed at correct ing n egative exter nalities associatedwith educati on.ANS:F DIF: 1 REF: 10-1 NAT:An alytic LOC: Markets, market failure, and exter nalities TOP:Positive exter nalities MSC: Applicative 12. A con gesti on toll imposed on a highway driver to force the driver to take into accou nt the in crease in travel time she imposeson all other drivers is an example of internalizing the externality.ANS:T DIF: 2REF: 10-1 NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Corrective taxesMSC: In terpretive 13. Negative externalities lead markets to produce a smaller quantity of a good than is socially desirable, while positive externalities lead markets to produce a larger qua ntity of a good tha n is socially desirable.ANS:F DIF: 2 REF: 10-1 NAT:An alytic LOC: Markets, market failure, and exter nalities TOP:Negative exter nalities | Positive exter nalities MSC: In terpretive 14. The gover nment can intern alize exter nalities by tax ing goods that have n egative exter nalities and subsidiz inggoods that have positive exter nalities.ANS:T DIF: 2 REF: 10-1NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Negative exter nalities | Positive externalitiesMSC: Applicative 15. If the social value of producing robots is greater than the private value of producing robots, the private market produces too fewrobots.ANS:T DIF: 2 REF: 10-1 NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Positive exter nalities | Tech no logy spillovers MSC:An alytical 16. The pate nt system gives firms greater incen tive to en gage in research and other activities that adva neetech no logy.ANS:T DIF: 2 REF: 10-1NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Tech nology spillovers MSC:Applicative 17. Gover nment in terve nti on in the economy with the goal of promot ing tech no logy-produc ing in dustries isknown as pate nt policy.ANS: F DIF:1REF: 10-1 NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: In dustrial policyMSC: Defi nitio nal 18. A tech no logy spillover is a type of n egative exter nality.2 REF: 10-1 Markets, market failure, and exter nalities MSC: In terpretive 19. Even if possible, it would be inefficient to prohibit all polluting activity.DIF: 2 REF: 10-2LOC: Markets, market failure, and exter nalities MSC: Applicative20. Whe n correct ing for an exter nality, comma nd-a nd-c on trol policies are always preferable tomarket-based policies.ANS: FDIF: NAT:An alytic LOC: TOP:Tech no logy spillovers ANS: T NAT: An alytic TOP: Exter nalities21.Corrective taxes enhance efficie ncy, but the cost to adm ini ster them exceeds the reve nue they raise for the gover nment. ANS: F DIF:1REF: 10-2 NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Corrective taxesMSC: In terpretive 22. Corrective taxes cause deadweight losses, reduc ing econo mic efficie ncy.2 REF: 10-2 Markets, market failure, and exter nalitiesMSC: In terpretive 23. Most econo mists prefer regulati on to taxati on because regulati on corrects market in efficie ncies at a lower cost tha n taxation does.2 REF: 10-2 Markets, market failure, and exter nalitiesMSC: Applicative 24.A corrective tax places a price on the right to pollute. ANS:T DIF: 2REF: 10-2 NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Corrective taxesMSC: In terpretive 25.According to recent research, the gas tax in the United States is lower than the optimal level. ANS:T DIF: 2REF: 10-2 NAT: An alytic LOC: Markets, market failure, and exter nalities KEY: Corrective taxesMSC: Applicative 26.The least expensive way to clean up the environment is for all firms to reduce pollution by an equal perce ntage. ANS:F DIF: 2REF: 10-2 NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Corrective taxesMSC: In terpretive 27.Corrective taxes are more efficie nt tha n regulati ons for keep ing the en vir onment clea n. ANS:T DIF: 1 REF: 10-2NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Corrective taxes | Tradable polluti on permits MSC:Applicative 28.A market for pollution permits can efficiently allocate the right to pollute by using the forces of supply and dema nd. ANS:T DIF: 1 REF: 10-2 NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Tradable pollution permitsMSC: Applicative 29.Econo mists believe that the optimal level of polluti on is zero. ANS:F DIF: 2 REF: 10-2NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Tradable pollution permitsMSC: In terpretive 30. The Environmental Protection Agency (EPA) cannot reach a target level of pollution through the use ofpolluti on permits.ANS:F DIF: 1 REF: 10-2NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Tradable pollution permitsMSC: Applicative 31.Social welfare can be enhanced by allowing firms to trade their rights to pollute. 32.Firms that can reduce pollution easily would be willing to sell their pollution permits. ANS: T DIF: 2 REF: 10-2ANS: F DIF:NAT: An alytic LOC: TOP: Corrective taxesANS: F DIF:NAT: An alytic LOC: TOP: Corrective taxesNAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Tradable pollution permits MSC: Applicative33.One example of a real-world market for tradable polluti on permits is the market for carb on permits in Europe.ANS: T DIF: 1 REF: 10-2NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Tradable pollution permits MSC: Applicativeer nment can be used to solve exter nality problems that are too costly for private parties to solve.ANS: T DIF: 1 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: In terpretiveer nment in terve nti on is n ecessary to correct all exter nalities.ANS: F DIF: 2 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative36.According to the Coase theorem, if private parties can bargain without cost, then the private market will solve the problem ofexter nalities.ANS: T DIF: 1 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Coase theorem MSC: Defi nitio nal37.Accord ing to the Coase theorem, the private market will n eed gover nment in terve nti on in order to reach an efficie ntoutcome.ANS: F DIF: 1 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Coase theorem MSC: Defi nitio nal38.Despite the appealing logic of the Coase theorem, private actors often fail to resolve on their own the problems caused by externalities.ANS: T DIF: 1 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Coase theorem MSC: Applicative39.Accord ing to the Coase Theore m, in dividuals can always work out a mutually ben eficial agreeme nt to solve the problems ofexter nalities eve n whe n high tra nsacti on costs are in volved.ANS: F DIF: 2 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Coase Theorem MSC: In terpretive40.According to the Coase theorem, whatever the initial distribution of rights, the interested parties can bargain to an efficie ntoutcome.ANS: T DIF: 1 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Coase theorem MSC: Defi nitio nal41.Private parties may choose not to solve an exter nality problem if the tran sacti on costs are large eno ugh.ANS: T DIF: 2 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Coase theorem MSC: In terpretive42.Many charities like the Sierra Club are established to deal with externalities.SHORT ANSWERi ng a supply and dema nd diagram, dem on strate how a n egative exter nality leads to market in efficie ncy.How might the government help to eliminate this inefficiency?When a n egative exter nality exists, the private cost (or supply curve) is less tha n the social cost. The market equilibrium quantity of Q 0 will be greater than the socially optimal quantity of Q 1. The government could help elimi nate this in efficie ncy by tax ing the product. In this example, the size of the per-u nit tax would be P 3 - P1 (or P2 - P o).DIF: 2 REF: 10-1 NAT: An alyticLOC: Markets, market failure, and exter nalities TOP: Negative exter nalitiesMSC: An alyticali ng a supply and dema nd diagram, dem on strate how a positive exter nality leads to market in efficie ncy. How might thegovernment help to eliminate this inefficiency?When a positive externality exists, the private value (or dema nd curve) is less tha n the social value. The market equilibrium qua ntity will be less tha n the socially optimal qua ntity. The gover nment could help elim in ate this in efficie ncy by subsidiz ing the product. In this example, the size of the per-u nit subsidy would be P 3 - P1.DIF: 2 REF: 10-1 NAT: An alyticLOC: Markets, market failure, and exter nalitiesTOP: Positive exter nalitiesMSC: An alytical3.Why are efficie ncy taxes preferred to regulatory policies as methods remedy exter nalities?ANS:Efficie ncy taxes allow markets to coord in ate optimal resource allocati on .In order for regulati ons to be efficie nt, the gover nment n eeds detailed in formati on about specific in dustries, in clud ing in formati on about the alter native tech no logies that those in dustries could adopt. Thus, taxes are likely to reduce polluti on at a lower cost to society.DIF: 2 REF: 10-2 NAT: An alyticLOC: Markets, market failure, and exter nalitiesTOP: Comma nd-a nd-c on trol policies | Corrective taxes MSC: Applicativee a graph to illustrate the quantity of pollution that would be emitted (a) after a corrective tax has been imposed and (b)after tradable pollution permits have been imposed. Could these two quantities ever be equivale nt?ANS:(a) (b)BYes, these two quantities could be equal. For example, P could be equal to the amount of the corrective tax.DIF: 2 REF: 10-2 NAT: An alyticLOC: Markets, market failure, and exter nalitiesTOP: Corrective taxes | Tradable pollution permits MSC: An alytical5.To produce hon ey, beekeepers place hives of bees in the fields of farmers. As bees gather n ectar, they poll in ate the crops inthe fields, which in creases the yields of these fields at no additi onal cost to the farmer. What might be a reas on able private soluti on to this extern ality, and how might the soluti on be reached?ANS:One solution would be to have one person own both the farm fields and the beehives, in which case the externality is in ter nalized. Ano ther soluti on would be to have the farmer and beekeeper en ter into a con tract so that they can coord in ate the n umber of bee hives and acres of crops to maintain an efficie nt outcome.DIF: 1 REF: 10-3 NAT: An alyticLOC: Markets, market failure, and exter nalities TOP: Exter nalitiesMSC: Applicative6.The Coase theorem suggests that efficie nt soluti ons to exter nalities can be determ ined through barga ining.Under what circumstances will private bargaining fail to produce a solution?ANS:Private parties may fail to bargain to an efficient solution under a variety of circumstances. First, the transaction costs of bargaining may be so high that one or both of the parties decides not to barga in. Second, the barga ining may not take place if one or bothof the parties believes that the agreeme nt cannot be en forced. Third, one or both of the parties may try to hold out for a better deal, in which case the bargaining process breaks down. Fourth, if there are a large n umber of parties tak ing part in the n egotiati ons, the costs of coord in ati on may be so great that the barga ining is not successful.SecOOMULTIPLE CHOICE1.In a market economy, gover nment in terve nti ona.will always improve market outcomes.b.reduces efficie ncy in the prese nee of exter nalities.c.may improve market outcomes in the prese nee of exter nalities.d.is n ecessary to con trol in dividual greed.ANS: C DIF: 1 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Exter nalities MSC: Applicative2.In the absence of externalities, the "invisible hand" leads a market to maximizea.producer profit from that market.b.total ben efit to society from that market.c.both equality and efficie ncy in that market.d.output of goods or services in that market.ANS: B DIF: 1 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Exter nalities MSC: Applicative3.The term market failure refers toa. a market that fails to allocate resources efficie ntly.b.an un successful advertis ing campaig n which reduces dema nd.c.ruthless competiti on among firms.d. a firm that is forced out of bus in ess because of losses.ANS: A DIF: 1 REF: 10-0NAT: An alytic TOP:Exter nalities LOC: Markets, market failure, and exter nalities MSC: Defin itio nal4. Market failure can be caused bya.too much competiti on.b.exter nalities.c.low con sumer dema nd.d.scarcity.ANS: B DIF: NAT: An alytic LOC: TOP: Exter nalities MSC: 1 REF: 10-0Markets, market failure, and exter nalities In terpretive5.An exter nality is an example ofa. a corrective tax.b. a tradable polluti on permit.c. a market failure.d.Both a and b are correct.ANS: C DIF: 1 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Exter nalities MSC: Applicative6.An exter nality is the impact ofa.society's decisi ons on the well-be ing of society.b. a pers on's acti ons on that pers on's well-be ing.c.one pers on's acti ons on the well-be ing of a bysta nder.d.society's decisi ons on the poorest pers on in the society.8. An exter nalitya.results in an equilibrium that does not maximize the total ben efits to society. b.causes dema nd to exceed supply. c.strengthens the role of the “ invisible hand ” in the marketplace. d. affects buyers but not sellers. ANS: A DIF:1 REF: 10-0 NAT: An alytic LOC:Markets, market failure, and exter nalities TOP:Exter nalities MSC:In terpretive 9. An exter nality isa.the costs that parties in cur in the process of agree ing and follow ing through on a barga in. b.the un compe nsated impact of one pers on's acti ons on the well-be ing of a bysta nder. c.the propositi on that private parties can barga in without cost over the allocati on of resources. d. a market equilibrium tax.ANS: B DIF:1 REF: 10-0 NAT: An alytic LOC:Markets, market failure, and exter nalities TOP:Exter nalities MSC: Defi ni tio nal 10. A cost imposed on some one who is n either the con sumer nor the producer is called aa.corrective tax. b.comma nd and con trol policy. c.positive exter nality. d. n egative exter nality.1 REF: 10-0 Markets, market failure, and exter nalities Defin iti onal11. An exter nality arises whe n a pers on en gages in an activity that in flue nces the well-be ing ofa.buyers in the market for that activity and yet n either pays nor receives any compe nsati on for that effect. b.sellers in the market for that activity and yet n either pays nor receives any compe nsati on for that effect. c.bysta nders in the market for that activity and yet n either pays nor receives any compe nsati on for that effect. d.Both (a) and (b) are correct. ANS:C DIF: 1 REF: 10-0 NAT:An alytic LOC: Markets, market failure, and exter nalities TOP:Exter nalities MSC: Defi ni tio nal 12. An exter nality exists whe nevera.the economy cannot ben efit from gover nment in terve nti on. b.markets are not able to reach equilibrium. c.a firm sells its product in a foreig n market. d. a pers on en gages in an activity that in flue nces the well-be ing of a bysta nder and yet n either pays nor receivespayme nt for that effect.DIF: 2 REF: 10-0 LOC: Markets, market failure, and exter nalities MSC: Defin itio nal 13. When externalities are present in a market, the well-being of market participantsa.and market bysta nders are both directly affected. b. and market bysta nders are both in directly affected.7. The impact of one pers on's acti ons on the well-be ing of a bysta nder is calleda.an econo mic dilemma. b.deadweight loss. c.a multi-party problem. d. an exter nality.ANS: D DIF:NAT: An alytic LOC:TOP: Exter nalitiesMSC: 1 REF: 10-0 Markets, market failure, and exter nalities Applicative ANS: D DIF:NAT: An alytic LOC: TOP: Exter nalities KEY:ANS: DNAT: An alytic TOP:Exter nalitiesc.is directly affected, and market bysta nders are in directly affected.d.is in directly affected, and market bysta nders are directly affected.ANS: C DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: An alytical14.Dog own ers do not bear the full cost of the no ise their bark ing dogs create and often take too few precauti ons to prevent their dogs from bark ing. Local gover nments address this problem bya.making it illegal to "disturb the peace."b.hav ing a well-fu nded ani mal con trol departme nt.c.subsidiz ing local ani mal shelters.d.en couragi ng people to adopt cats.ANS: A DIF: 1 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative15.Which of the followi ng stateme nts about a well-mai ntai ned yard best con veys the gen eral n ature of the externality?a. A well-ma intained yard con veys a positive exter nality because it in creases the home's market value.b. A well-mai ntai ned yard con veys a n egative exter nality because it in creases the property tax liability of theowner.c. A well-ma intained yard con veys a positive exter nality because it in creases the value of adjace nt properties inthe n eighborhood.d. A well-ma intained yard cannot provide any type of exter nality.ANS: C DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative16.Since restored historic build ings con vey a positive exter nality, local gover nments may choose toa.regulate the demoliti on of them.b.provide tax breaks to own ers who restore them.c.in crease property taxes in historic areas.d.Both a and b are correct.ANS: D DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative17.All externalitiesa.cause markets to fail to allocate resources efficie ntly.b.cause equilibrium prices to be too high.c.ben efit producers at the expe nse of con sumers.d.cause equilibrium prices to be too low.ANS: A DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative18.Whe n exter nalities exist, buyers and sellersa.n eglect the exter nal effects of their acti ons, but the market equilibrium is still efficie nt.b.do not neglect the external effects of their actions, and the market equilibrium is efficient.c.n eglect the exter nal effects of their acti ons, and the market equilibrium is not efficie nt.d.do not neglect the external effects of their actions, and the market equilibrium is not efficient.19.Dioxin emission that results from the production of paper is a good example of a negative externality becausea.self-i nterested paper firms are gen erally un aware of en viro nmen tal regulati ons.b.there are fines for produc ing too much diox in.c.self- in terested paper producers will not con sider the full cost of the diox in polluti on they create.d.toxic emissi ons are the best example of an exter nality.ANS: C DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative20.If a paper man ufacturer does not bear the en tire cost of the diox in it emits, it willa.emit a lower level of dioxin than is socially efficient.b.emit a higher level of dioxin than is socially efficient.c.emit an acceptable level of diox in.d.not emit any diox in in an attempt to avoid pay ing the en tire cost.ANS: B DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative21.Which of the following is an example of an externality?a.cigarette smoke that permeates an en tire restaura ntb. a flu shot that preve nts a stude nt from tran smitt ing the virus to her roommatec. a beautiful flower garde n outside of the local post officed.All of the above are correct.ANS: D DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative22.Which of the followi ng stateme nts is n ot correct?er nment policies may improve the market's allocati on of resources whe n n egative exter nalities are prese nt.er nment policies may improve the market's allocati on of resources whe n positive exter nalities are prese nt.c. A positive exter nality is an example of a market failure.d.Without gover nment in terve nti on, the market will tend to un dersupply products that produce n egative externalities.ANS: D DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: In terpretive23.Which of the follow ing represe nts a way that a gover nment can help the private market to in ter nalize an externality?a.tax ing goods that have n egative exter nalitiesb.subsidiz ing goods that have positive exter nalitiesc.The gover nment cannot improve upon the outcomes of private markets.d.Both a and b are correct.ANS: D DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative24.Which of the followi ng is n ot correct?a.Markets allocate scarce resources with the forces of supply and dema nd.b.The equilibrium of supply and dema nd is typically an efficie nt allocati on of resources.er nments can sometimes improve market outcomes.d.Exter nalities cannot be positive.25. A n egative externality arises whe n a pers on en gages in an activity that hasa.an adverse effect on a bysta nder who is not compe nsated by the pers on who causes the effect.b.an adverse effect on a bysta nder who is compe nsated by the pers on who causes the effect.c. a ben eficial effect on a bysta nder who pays the pers on who causes the effect.d. a ben eficial effect on a bysta nder who does not pay the pers on who causes the effect.ANS: A DIF: 1 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Negative exter nalities MSC: Defi nitio nal26. A positive externality arises when a person engages in an activity that hasa.an adverse effect on a bysta nder who is not compe nsated by the pers on who causes the effect.b.an adverse effect on a bysta nder who is compe nsated by the pers on who causes the effect.c. a ben eficial effect on a bysta nder who pays the pers on who causes the effect.d. a ben eficial effect on a bysta nder who does not pay the pers on who causes the effect.ANS: D DIF: 1 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Positive exter nalities MSC: Defi nitio nal27.When an externality is present, the market equilibrium isa.efficie nt, and the equilibrium maximizes the total ben efit to society as a whole.b.efficie nt, but the equilibrium does not maximize the total ben efit to society as a whole.c.in efficie nt, but the equilibrium maximizes the total ben efit to society as a whole.d.in efficie nt, and the equilibrium does not maximize the total ben efit to society as a whole. ANS: D DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: In terpretiveSec01-Exter nalities and Market In efficie ncyMULTIPLE CHOICE1. If an exter nality is prese nt in a market, econo mic efficie ncy may be enhan ced bya.in creased competiti on.b.weake ning property rights.c.better in formed market participa nts.er nment in terve nti on.ANS: D DIF: 1 REF: 10-1NAT: An alytical LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative2. Exter nalities tend to cause markets to bea. in efficie nt.b. un equal.c. unn ecessary.d. overwhelmed.ANS: A DIF: 1 REF: 10-1NAT: An alytical LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative3.If a sawmill creates too much no ise for local reside nts,a.no ise restricti ons will force reside nts to move out of the area.b. a sense of social responsibility will cause owners of the mill to reduce noise levels.c.the gover nment can raise econo mic well-bei ng through no ise-c on trol regulati ons.d.the gover nment should avoid in terve ning because the market will allocate resources efficie ntly. ANS: C DIF: 2 REF: 10-1NAT: An alytical LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative。
曼昆《经济学原理》(微观)第五版测试题库 (05)
曼昆《经济学原理》(微观)第五版测试题库(05)Chapter 5 Elasticity and Its Application TRUE/FALSE 1. Elasticity measures how responsive quantity is to changes in : T DIF: 1 REF: 5-0 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional 2. Measures of elasticity enhance our ability to study the magnitudes of : T DIF: 1 REF: 5-0 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional 3. The demand for bread is likely to be more elastic than the demand for solid-gold bread : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive 4. In general, demand curves for necessities tend to be price : F DIF: 1 REF:5-1 LOC: Elasticity TOP: Price elasticity of demand 5. In general, demand curves for luxuries tend to be price : T DIF: 1 REF: 5-1 LOC: Elasticity TOP: Price elasticity of demand NAT: Analytic MSC: InterpretiveNAT: Analytic MSC: Interpretive 6. Necessities tend to have inelastic demands, whereas luxuries have elastic : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive7. Goods with close substitutes tend to have more elastic demands than do goods without close : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive8. The demand for Rice Krispies is more elastic than the demand for cereal in : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive9. The demand for soap is more elastic than the demand for Dove : FDIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive10. The demand for gasoline will respond more to a change in price over a period of five weeks than over a period of five : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive 11. Even the demand for a necessity such as gasoline will respond to a change in price, especially over a longer time : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive12. The price elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional13. The price elasticity of demand is defined as the percentage change in price divided by thepercentage change in quantity : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional288 Chapter 5 /Elasticity and Its Application ? 289 14. Suppose that when the price rises by 20% for a particular good, the quantity demanded of that good falls by 10%. The price elasticity of demand for this good is equal to : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Analytical 15. Suppose that when the price rises by 10% for a particular good, the quantity demanded of that good falls by 20%. The price elasticity of demand for this good is equal to : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Analytical 16. If the price of calculators increases by 15 percent and the quantity demanded per week falls by 45 percent as a result,then the price elasticity of demand is : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Applicative17. Demand is inelastic if the price elasticity of demand is greater than : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Inelastic demand MSC: Definitional18. A linear, downward-sloping demand curve has a constant elasticity but a changing : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive19. Price elasticity of demand along a linear, downward-sloping demand curve increases as price : F DIF: 3 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive 20. If the price elasticity of demand is equal to 0, then demand is unit : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC:Definitional21. If the price elasticity of demand is equal to 1, then demand is unit : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional22. Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price falls by a small : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Inelastic demand MSC: Definitional23. The midpoint method is used to calculate elasticity between two points because it gives the same answer regardless of the direction of the : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Midpoint method MSC: Interpretive24. The flatter the demand curve that passes through a given point, the more inelastic the : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive25. Theflatter the demand curve that passes through a given point, the more elastic the : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive26. If demand is perfectly inelastic, the demand curve is vertical, and the price elasticity of demand equals : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Perfectly inelastic demand MSC: Interpretive27. If demand is perfectly elastic, the demand curve is horizontal, and the price elasticity of demand equals : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Perfectly elastic demand MSC: Interpretive290 ? Chapter 5 /Elasticity and Its Application 28. Along the elastic portion of a linear demand curve, total revenue rises as price : F DIF: 3 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Total revenue | Price elasticity of demand MSC: Interpretive29. If a firm is facing elastic demand, then the firm should decrease price to increase : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Total revenue | Price elasticity of demand MSC: Applicative 30. If a firm is facing inelastic demand, then the firm should decrease price to increase : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Total revenue | Price elasticity of demand MSC: Applicative31. When demand is inelastic, a decrease in price increases total : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Inelastic demand | Total revenue MSC: Interpretive32. The income elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Income elasticity of demand MSC: Definitional 33. The income elasticity of demand isdefined as the percentage change in quantity demanded divided by the percentage change in : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Income elasticity of demand MSC: Definitional34. Normal goods have negative income elasticities of demand, while inferior goods have positive income elasticities of : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Income elasticity of demand MSC: Interpretive 35. If the income elasticity of demand for a good is negative, then the good must be an inferior : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Income elasticity of demand MSC: Interpretive36. If the cross-price elasticity of demand for two goods is negative, then the two goods are : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive37. If the cross-price elasticity of demand for twogoods is negative, then the two goods are : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive38. Cross-price elasticity of demand measures how the quantity demanded of one good changes as the price of another good : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Definitional39. Cross-price elasticity is used to determine whether goods are inferior or normal : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive40. Cross-price elasticity is used to determine whether goods are substitutes or : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive Chapter 5 /Elasticity and Its Application ? 291 41. The cross-price elasticity of garlic saltand onion salt is -2, which indicates that garlic salt and onion salt are : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive42. Price elasticity of supply measures how much the quantity supplied responds to changes in the : T DIF: 1 REF: 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticity of supply MSC: Definitional43. Supply and demand both tend to be more elastic in the long run and more inelastic in the short : T DIF: 2 REF: 5-1 | 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticities of demand and supply MSC: Interpretive 44. If the price elasticity of supply is 2 and the quantity supplied decreases by 6%, then the price must have decreased by 3%.ANS: T DIF: 2 REF: 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticity of supply MSC: Applicative 45. Supply is said to be inelastic if thequantity supplied responds substantially to changes in the price, and elastic if the quantity supplied responds only slightly to : F DIF: 1 REF: 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticity of supply MSC: Definitional46. Supply tends to be more elastic in the short run and more inelastic in the long : F DIF: 2 REF: 5-2 NAT: Analytic TOP: Price elasticity of supply MSC: Interpretive47. When the price of knee braces increased by 25 percent, the Brace Yourself Company increased its quantity supplied of knee braces per week by 75 percent. BYC’s price elasticity of supply of knee braces is : F DIF: 2 REF: 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticity of supply MSC: Applicative 48. If a supply curve is horizontal, then supply is said to be perfectly elastic, and the price elasticity of supply approaches : T DIF: 2 REF: 5-2 NAT:Analytic LOC: Elasticity TOP: Perfectly elastic supply MSC: Interpretive49. A government program that reduces land under cultivation hurts farmers but helps : F DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity TOP: Total revenue MSC: Applicative50. OPEC failed to maintain a high price of oil in the long run, partly because both the supply of oil and the demand for oil are more elastic in the long run than in the short : T DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity TOP: OPEC | Price elasticity of demand | Price elasticity of supply MSC: Applicative51. Drug interdiction, which reduces the supply of drugs, may decrease drug-related crime because the demand for drugs is : F DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Applicative292 ? Chapter 5 /Elasticity and Its ApplicationSHORT ANSWER1. Consider the following pairs of goods. For which of the two goods would you expect the demand to be more price elastic? Why? a. water or diamonds b. insulin or nasal decongestant spray c. food in general or breakfast cereal d. gasoline over the course of a week or gasoline over the course of a year e. personal computers or IBM personal computers ANS: a. Diamonds are luxuries, and water is a necessity. Therefore, diamonds have the more elastic demand. b. Insulin has no close substitutes, but decongestant spray does. Therefore, nasal decongestant spray has the more elastic demand. c. Breakfast cereal has more substitutes than does food in general. Therefore, breakfast cereal has the more elastic demand.d. The longer the time period, the more elastic demand is. Therefore, gasoline over the course of a year has the moreelastic demand. e. There are more substitutes for IBM personal computers than there are for personal computers. Therefore, IBM personal computers have the more elastic demand. DIF: 2 REF: 5-1 TOP: Price elasticity of demand NAT: Analytic MSC: Applicative LOC: ElasticityChapter 5 /Elasticity and Its Application ? 293 2. You own a small town movie theatre. You currently charge $5 per ticket for everyone who comes to your movies. Your friend who took an economics course in college tells you that there may be a way to increase your total revenue. Given the demand curves shown, answer the following questions. 10987654321102030405060708090100Qu antityPriceAdult Demand 10987654321510152025303540455055606570QuantityPriceChild Demanda. b. c. d.e. f. What is your current total revenue for both groups? The elasticity of demand is more elastic in which market? Which market has the more inelastic demand? What is the elasticity of demand between the prices of $5 and $2 in the adult market? Is this elastic or inelastic? What is the elasticity of demand between $5 and $2 in the children’s market? Is this elastic or inelastic? Given the graphs and what your friend knows about economics, he recommends you increase the price of adult tickets to $8 each and lower the price of a child’s ticket to $3. How much could you increase total revenue if you take his advice? ANS: a. Total revenue from children’s tickets is $100 and from adult tickets is $250. Total revenue from all sales would be $350. b. The demand for children’s tickets is moreelastic. c. The adult ticket market has the more inelastic demand. d. The elasticity of demand between $5 and $2 is , which is inelastic. e. The elasticity of demand between $5 and $2 is , which is unit elastic. f. Total revenue in the adult market would be $320. Total revenue in the children’s market would be $120, so total revenue for both groups would be $440. $440 - $350 is an increase in total revenue of $90. DIF: 2 REF: 5-1 NAT: Analytic TOP: Price elasticity of demand | Total revenue LOC: Elasticity MSC: Applicative 294 ? Chapter 5 /Elasticity and Its Application 3. Use the graph shown to answer the following questions. Put the correct letter(s) in the blank. APriceBDemandCQuantity a.b. c. d. The elastic section of the graph is represented by section from _______. The inelastic section of the graphis represented by section from _______. The unit elastic section of the graph is represented by section _______. The portion of the graph in which a decrease in price would cause total revenue to fall would be from _________. e. The portion of the graph in which a decrease in price would cause total revenue to rise would be from _________. f. The portion of the graph in which a decrease in price would not cause a change in total revenue would be _________. g. The section of the graph in which total revenue would be at a maximum would be _______. h. The section of the graph in which elasticity is greater than 1 is _______. i. The section of the graph in which elasticity is equal to 1 is ______. j. The section of the graph in which elasticity is less than 1 is _______.A toB B toC B B to C A to B B B A to BB B toC LOC: Elasticity MSC:Applicative ANS: a. b. c. d. e. f.g. h. i. j. DIF: 2 REF: 5-1 NAT: Analytic TOP: Price elasticity of demand | Total revenue Chapter 5 /Elasticity and Its Application ? 295 4. Using the midpoint method, compute the elasticity of demand between points A and B. Is demand along this portion of the curve elastic or inelastic? Interpret your answer with regard to price and quantity demanded. Now compute the elasticity of demand between points B and C. Is demand along this portion of the curve elastic or inelastic? Price222018161412108642CBADemand1 00200300400500600700800900QuantityA NS: In the section of the demand curve from A to B, the elasticity of demand would be This would be an elastic portion of the curve. This would mean that for every 1 percent change in price, quantity demanded would change bypercent. In the section of the demand curve from B to C, the elasticity of demand would be .75. This would be an inelastic portion of the curve. This would mean that for every 1 percent change in price, quantity demanded would change by percent.DIF: 2 REF: 5-1 TOP: Price elasticity of demand 5. NAT: Analytic MSC: Applicative LOC: Elasticity When the Shaffers had a monthly income of $4,000, they usually ate out 8 times a month. Now that the couple makes $4,500 a month, they eat out 10 times a month. Compute the couple’s income elasticity of demand using the midpoint method. Explain your answer. (Is a restaurant meal a normal or inferior good to the couple?)ANS: The income elasticity of demand for the Shaffers is Since the income elasticity of demand is positive, eating out would be interpreted as a normal good.DIF: 2 REF: 5-1 TOP:Income elasticity of demand 6. NAT: Analytic MSC: Applicative LOC: Elasticity Recently, in Smalltown, the price of Twinkies fell from $ to $ As a result, the quantity demanded of Ho-Ho’s decreased from 120 to 100. What would be the appropriate elasticity to compute? Using the midpoint method, compute this elasticity. What does your answer tell you?ANS: The appropriate elasticity to compute would be cross-price elasticity. The cross-price elasticity for this example would be The two goods are substitutes because the cross-price elasticity is positive.DIF: 2 REF: 5-1 TOP: Cross-price elasticity of demand NAT: Analytic MSC: Applicative LOC: Elasticity 296 ? Chapter 5 /Elasticity and Its Application Sec00 - Elasticity and Its Application MULTIPLE CHOICE1. In general, elasticity is a measure of a. the extentto which advances in technology are adopted by producers. b. the extent to which a market is competitive. c. how firms’profits respond to changes in market prices. d. how much buyers and sellers respond to changes in market conditions. DIF: 1 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Definitional ANS: D NAT: Analytic 2. Elasticity is a. a measure of how much buyers and sellers respond to changes in market conditions. b. the study of how the allocation of resources affects economic well-being. c. the maximum amount that a buyer will pay for a good.d. the value of everything a seller must give up to produce a good. DIF: 1 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Definitional ANS: A NAT: Analytic 3. When studying how some event or policyaffects a market, elasticity provides information on the a. equity effects on the market by identifying the winners and losers. b. magnitude of the effect on the market. c. speed of adjustment of the market in response to the event or policy.d. number of market participants who are directly affected by the event or policy. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Interpretive ANS: B NAT: Analytic 4. How does the concept of elasticity allow us to improve upon our understanding of supply and demand? a. Elasticity allows us to analyze supply and demand with greater precision than would be the case in the absence of the elasticity concept. b. Elasticity provides us with a better rationale for statements such as “an increase in x will lead to a decrease in y” than we would have in the absence of the elasticityconcept. c. Without elasticity, we would not be able to address the direction in which price is likely to move in response to a surplus or a shortage. d. Without elasticity, it is very difficult to assess the degree of competition within a market. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Interpretive ANS: A NAT: Analytic 5. When consumers face rising gasoline prices, they typically a. reduce their quantity demanded more in the long run than in the short run. b. reduce their quantity demanded more in the short run than in the long run. c. do not reduce their quantity demanded in the short run or the long run. d. increase their quantity demanded in the short run but reduce their quantity demanded in the long run. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Applicative ANS: A NAT:Analytic 6. A 10 percent increase in gasoline prices reduces gasoline consumption by about a. 6 percent after one year and percent after five years. b. percent after one year and 6 percent after five years. c. 10 percent after one year and 20 percent after five years. d. 0 percent after one year and 1 percent after five years. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Applicative ANS: B NAT: Analytic Chapter 5 /Elasticity and Its Application ? 297 7. Which of the following statements about the consumers’responses to rising gasoline prices is correct? a. About 10 percent of the long-run reduction in quantity demanded arises because people drive less and about 90 percent arises because they switch to more fuel-efficient cars. b. About 90 percent of the long-run reduction in quantity demanded arises becausepeople drive less and about 10 percent arises because they switch to more fuel-efficient cars. c. About half of the long-run reduction in quantity demanded arises because people drive less and about half arises because they switch to more fuel-efficient cars. d. Because gasoline is a necessity, consumers do not decrease their quantity demanded in either the short run or the long run. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Applicative ANS: C NAT: Analytic Sec01 - Elasticity and Its Application - The Elasticity of Demand MULTIPLE CHOICE1. The price elasticity of demand measures how much a. quantity demanded responds to a change in price. b. quantity demanded responds to a change in income. c. price responds to a change in demand. d. demand responds to a change in supply. DIF: 1 LOC:Elasticity ANS: A NAT: Analytic MSC: Definitional2. REF: 5-1 TOP: Price elasticity of demand The price elasticity of demand measures a. buyers’responsiveness to a change in the price of a good. b. the extent to which demand increases as additional buyers enter the market. c. how much more of a good consumers will demand when incomes rise. d. the movement along a supply curve when there is a change in demand. DIF: 1 LOC: Elasticity ANS: A NAT: Analytic MSC: Definitional3. REF: 5-1 TOP: Price elasticity of demand The price elasticity of demand for a good measures the willingness of a. consumers to buy less of the good as price rises.b. consumers to avoid monopolistic markets in favor of competitive markets.c. firms to produce more of a good as price rises.d. firms to cater to the tastes ofconsumers. DIF: 1 LOC: Elasticity ANS: A NAT: Analytic MSC: Interpretive4. REF: 5-1 TOP: Price elasticity of demand Which of the following statements about the price elasticity of demand is correct?a. The price elasticity of demand for a good measures the willingness of buyers of the good to buy less of the good as its price increases.b. Price elasticity of demand reflects the many economic, psychological, and social forces that shape consumer tastes.c. Other things equal, if good x has close substitutes and good y does not have close substitutes, then the demand for good x will be more elastic than the demand for good y.d. All of the above are correct. DIF: 2 LOC: Elasticity ANS: D NAT: Analytic MSC: Interpretive REF: 5-1 TOP: Price elasticity of demand308 ? Chapter 5 /Elasticity and Its Application Figure 5-2 PricePaPbD1D3D2Quantity59. Refer to Figure 5-2. As price falls from Pa to Pb, which demand curve represents the most elastic demand? a. D1 b. D2 c. D3 d. All of the above are equally elastic. ANS: A NAT: Analytic MSC: Applicative DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 60. Refer to Figure 5-2. As price falls from Pa to Pb, we could use the three demand curves to calculate three different values of the price elasticity of demand. Which of the three demand curves would produce the smallest elasticity? a. D1 b. D2 c. D3 d. All of the above are equally elastic. ANS: C NAT: Analytic MSC: Applicative DIF: 2 LOC:Elasticity REF: 5-1 TOP: Price elasticity of demand Table 5-1 Good Price Elasticity of Demand A B 61. Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-2? a. A is a luxury and B is a necessity. b. A is a good several years after a price increase, and B is that same good several days after the price increase. c. A is a Kit Kat bar and B is candy. d. A has fewer substitutes than B. ANS: D NAT: Analytic MSC: Analytical DIF: 3 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand Chapter 5 /Elasticity and Its Application ? 309 62. Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-2? a. A is grapes and B is fruit. b. A is T-shirts and B is socks.c. A is train tickets before cars were invented, and B is train tickets after carswere invented. d. A is diamond necklaces and B is beds. ANS: C NAT: Analytic MSC: Analytical DIF: 3 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 63. Studies indicate that the price elasticity of demand for cigarettes is about A government policy aimed at reducing smoking changed the price of a pack of cigarettes from $2 to $6. According to the midpoint method, the government policy should have reduced smoking by a. 30%. b. 40%. c. 80%. d. 250%. ANS: B NAT: Analytic MSC: Applicative DIF: 3 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 64. If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is a. b. c. d. ANS: C NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1TOP: Price elasticity of demand 65. If a 20% increase in price for a good results in a 15% decrease in quantity demanded, the price elasticity of demand is a. b. c. d. ANS: A NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 66. If a 10% decrease in price for a good results in a 20% increase in quantity demanded, the price elasticity of demand is a. b. 1. c. d. 2. ANS: D NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 67. If a 6% decrease in price for a good results in a 2% increase in quantity demanded, the price elasticity of demand is a. b.c. 3.d. 4. ANS: B NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 310 ?Chapter 5 /Elasticity and Its Application 68. Suppose that quantity demand rises by 10% as a result of a 15% decrease in price. The price elasticity of demand for this good is a. inelastic and equal to b. elastic and equal to c. inelastic and equal to d. elastic and equal to ANS: A NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 69. Suppose that quantity demand falls by 30% as a result of a 5% increase in price. The price elasticity of demand for this good is a. inelastic and equal to 6. b. elastic and equal to 6. c. inelastic and equal to d. elastic and equal to ANS: B NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand Table 5-2 The following table shows a portion of the demand schedule for aparticular good at various levels of income. Price $24 $20 $16 $12 $8 $4 Quantity Demanded (Income = $5,000) 2 4 6 8 10 12 Quantity Demanded (Income = $7,500) 3 6 9 12 15 18 Quantity Demanded (Income = $10,000) 4 8 12 16 20 24 70. Refer to Table 5-2. Using the midpoint method, when income equals $7,500, what is the price elasticity of demand between $16 and $20? a. b. c. d. ANS: D NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 71. Refer to Table 5-2. Using the midpoint method, when income equals $5,000, what is the price elasticity of demand between $8 and $12? a. b. c. d. ANS: A NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand Chapter 5 /Elasticity and Its Application ?311 72. Refer to Table 5-2. Using the midpoint method, at a price of $16, what is the income elasticity of demand when income rises from $5,000 to $10,000?a. b. c. d. ANS: C NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Income elasticity of demand 73. Refer to Table 5-2. Using the midpoint method, at a price of $8, what is the income elasticity of demand when income rises from $7,500 to $10,000? a.b. c. d. ANS: C NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Income elasticity of demand 74. Refer to Table 5-2. Using the midpoint method, at a price of $12, what is the income elasticity of demand when income rises from $5,000 to $10,000? a.b. c. d. ANS: C NAT: Analytic MSC: Analytical DIF: 2。
曼昆《经济学原理》（微观）第五版测试题库（21）
曼昆《经济学原理》（微观）第五版测试题库（21）Chapter 21The Theory of Consumer ChoiceTRUE/FALSE1. The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles of Economics.ANS: T DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Definitional2. A consumer’s budget constraint for goods X and Y is determined by how much the consumer likes good X relative to good Y.ANS: F DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Definitional3. The slope of the budget constraint reveals the relative price of good X compared to good Y.ANS: T DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative4. A budget constraint illustrates bundles that a consumer prefers equally, while an indifference curve illustrates bundles that are equally affordable to a consumer.ANS: F DIF: 2 REF: 21-1 | 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative5. For a typical consumer, most indifference curves are bowed inward.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive6. For a typical consumer, most indifference curves are downward sloping.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive7. For a typical consumer, indifference curves can intersect if they satisfy the property of transitivity.ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive8. When two goods are perfect complements, the indifference curves are right angles.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complementsMSC: Interpretive9. The indifference curves for left shoes and right shoes are right angles.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complementsMSC: Applicative10. The indifference curves for perfect substitutes are straight lines.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect substitutesMSC: Applicative1406Chapter 21/The Theory of Consumer Choice 1407 11. The indifference curves for nickels and dimes are straight lines. ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect substitutesMSC: Applicative12. When two goods are perfect substitutes, the indifference curves are right angles.ANS: F DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complements | Perfect substitutesMSC: Interpretive13. If goods A and B are perfect substitutes, then the marginal rate of substitution of good A for good B isconstant.ANS: T DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitution | Perfect substitutesMSC: Interpretive14. The slope at any point on an indifference curve equals the absolute price at which a consumer is willing tosubstitute one good for the other.ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Interpretive15. The marginal rate of substitution between goods A and B measures the price of A relative to the price of B. ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional16. The marginal rate of substitution is the slope of the budget constraint.LOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional17. The marginal rate of substitution is the slope of the indifference curve.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional18. At a consumer’s optimal choice, the consumer chooses the combinati on of goods that equates the marginal rate of substitution and the price ratio.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: OptimizationMSC: Interpretive19. At a consumer’s optimal choice, the consumer chooses the combin ation of goods such that the ratio of the marginal utilities equals the ratio of the prices.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: OptimizationMSC: Interpretive20. If consumers purchase more of a good when their income rises, the good is a normal good.ANS: T DIF: 1 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Normal goods | Inferior goodsMSC: Definitional21. If a consumer purchases more of good B when his income rises, good B is an inferior good.ANS: F DIF: 1 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Normal goods | Inferior goodsMSC: Definitional22. If a consumer purchases more of good A when her income falls, good A is an inferior good.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Inferior goodsMSC: Definitional23. The income effect of a price change is unaffected by whether the good is a normal or inferior good. ANS: F DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Income effectMSC: Interpretive24. The income effect of a price change is the change in consumption that results from the movement to a new indifference curve.LOC: Utility and consumer choice TOP: Income effectMSC: Interpretive25. The direction of the substitution effect is not influenced by whether the good is normal or inferior.ANS: T DIF: 3 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice KEY: Substitution effectMSC: Analytical26. The substitution effect of a price change is the change in consumption that results from the movement to a new indifference curve.ANS: F DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Substitution effectMSC: Interpretive27. All points on a demand curve are optimal consumption points.ANS: T DIF: 3 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Demand MSC: Analytical28. Economists use the term Giffen good to describe a good that violates the law of demand.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Interpretive29. Giffen goods are inferior goods for which the income effect dominates the substitution effect.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Definitional30. Economists have found evidence of a Giffen good when studying the consumption of rice in the Chinese province of Hunan.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Applicative31. Katie wins $1 million in her state’s lottery. If Katie drastically reduces the number of hours she works after she wins the money, we can infer that the income effect is larger than the substitution effect for her.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive32. Susie wins $1 million in her state’s lottery. If Susie keeps working after she wins the money, we can inferthat the income effect is larger than the substitution effect for her.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive33. A rational person can have a negatively-sloped labor supply curve.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Applicativeword⽂档可⾃由复制编辑Chapter 21/The Theory of Consumer Choice 1409 34. The substitution effect in the work-leisure model induces a person to work less in response to higher wages,which tends to make the labor-supply curve slope upward.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive35. The income effect in the work-leisure model induces a person to work less in response to higher wages, whichtends to make the labor-supply curve slope backward.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive36. Some economists have advocated reducing the taxation of interest and other capital income, arguing that sucha policy change would raise the after-tax interest rate that savers can earn and would thereby encourage peopleto save more.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: Interpretive37. A rise in the interest rate will generally result in people consuming more when they are old if the substitutioneffect outweighs the income effect.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: Interpretive38. A rise in the interest rate will generally result in people consuming less when they are old if the substitutioneffect outweighs the income effect.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: InterpretiveSHORT ANSWER1. Answer the following questions based on the table. A consumer is able to consume the following bundles ofrice and beans when the price of rice is $2 and the price of beans is $3.RICE BEANS1206408a.How much is this consumer's income?b.Draw a budget constraint given this information. Label it B.c.Construct a new budget constraint showing the change if the price of rice falls $1. Label this C.d.Given the original prices for rice ($2) and beans ($3), construct a new budget constraint if thisconsumer's income increased to $48. Label this D.ANS:a.$24b.c.d.DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicativeword⽂档可⾃由复制编辑Chapter 21/The Theory of Consumer Choice 1411 2. Draw a budget constraint that is consistent with the following prices and income.Income = 200P Y = 50P X = 25a.Demonstrate how your original budget constraint would change if income increases to 500.b.Demonstrate how your original budget constraint would change if P Y decreases to 20.c.Demonstrate how your original budget constraint would change if P X increases to 40.ANS:DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicativeword ⽂档可⾃由复制编辑3.Assume that a consumer faces the following budget constraints.a. Assuming that income is the same on both occasions, describe the difference in relative pricesbetween Panel A and Panel B.b. If income in Panel B is $126, what is the price of good X?c. If income in Panel A is $84, what is the price of good Y?d. Assuming that the price of good X is the same on both occasions, describe the difference inincome and price of good Y between Panel A and Panel B.ANS:a. The price of good Y is relatively higher in Panel A than Panel B. Said another way, the price ofX is relatively lower in Panel A than Panel B.b. $9c. $12d. Income in Panel A is twice the income in Panel B, and the price of "Y" in Panel B is 1/18 theprice of "Y" in Panel A.DIF: 2 REF: 21-1NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative 4. Evaluate the following statement, "Warren Buffet is the second richest person in the world. He doesn't faceany constraint on his ability to purchase commodities he wants."ANS:Everyone faces scarcity of resources, regardless of how rich they are because wants are assumed to be infinite.DIF: 1 REF: 21-1NAT: Analytic LOC: Utility and consumer choiceTOP: Budget constraint MSC: Interpretive 5. List and briefly explain each of the four properties of indifference curves.ANS:1: Higher indifference curves are preferred to lower ones, because consumers usually prefer more of something to less of it. 2: Indifference curves are downward sloping. The slope of an indifference curve reflects the rate at which the consumer is willing to substitute one good for another. If the quantity of one good is reduced, the quantity of the other good must increase in order for the consumer to be equally happy. 3: Indifference curves do not cross. Ifindifference curves did cross, the same point could be on two different curves, thus contradicting the assumption that consumers prefer more of both goods to less. 4: Indifference curves are bowed inward. This is because people are more willing to trade away goods that they have in abundance and less willing to trade away goods of which they have less.DIF: 1 REF: 21-2NAT: Analytic LOC: Utility and consumer choiceTOP: Indifference curves MSC: InterpretiveChapter 21/The Theory of Consumer Choice 14136. Draw indifference curves that reflect the following preferences.a.pencils with white erasers and pencils with pink erasersb.left shoes and right shoesc.potatoes and riced.income and polluted waterANS:DIF: 2 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Indifference curves MSC: Applicative7. Graphically demonstrate the conditions associated with a consumer optimum. Carefully label all curves andaxes.ANS:Where M=IncomeDIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Optimization MSC: Applicative8. Explain the relationship between the budget const raint and indifference curve at a consumer’s optimum. ANS:Since the budget constraint is tangent to the indifference curve at a consumer’s optimum, the slope of the budget constraint (relative market prices) and the slope of the indifference curve (the marginal rate of substitution) are equal at the optimal consumption point.DIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Interpretiveword⽂档可⾃由复制编辑Chapter 21/The Theory of Consumer Choice 1415 9. Assume that a person consumes two goods, Coke and Snickers. Use a graph to demonstrate how the consumeradjusts his/her optimal consumption bundle when the price of Coke decreases. Carefully label all curves and axes. What will happen to consumption if Coke is a normal good? What will happen to consumption if Coke is an inferior good? (Remember to explain the possible change when the income effect dominates and when the substitution effect dominates.)ANS:If Coke is a normal good, the consumption of Coke will increase when the price decreases. If Coke is an inferior good and the substitution effect dominates, the consumption of Coke will increase when the price decreases. If Coke is an inferior good and the income effect dominates, the consumption of Coke will decrease when the price decreases. If consumption decreases, the demand curve is upward sloping, and Coke would be a Giffen good. Giffen goods are very rare in the real world, and Coke is not likely to be one.DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Applicative。
1-1、微观经济学第五版试题1
试卷（一）一、单项选择题（本大题共20小题，每小题 1 分，共20分） 1. 经济学中的“资源的稀缺性”是指（ ）。
A. 世界上大多数人生活在贫困中 B. 世界上的资源终将被人类消耗殆尽 C. 使用资源必须考虑下一代 D. 相对于人类无限的欲望而言，资源总是不足的 2.下列命题中哪个是规范经济学的命题?（ ）。
A. 2011年中国GDP 增长了8.9% B. 近几年中国大学生就业率不断下降 C. 政府正在想办法帮助大学生就业 D. 政府应该采取措施帮助大学生就业 3. 航空公司经常打折出售飞机票，说明飞机旅行需求（ ）。
A. 富有价格弹性 B. 缺乏价格弹性 C. 价格弹性不足 D. 缺乏收入弹性4. 边际替代率递减意味着消费者偏好满足下列哪个假定条件？（ ）A. 非饱和性B. 凸性C. 完全性D. 可传递性5. 某商品的需求曲线向右上方倾斜，说明（ ）。
A. 商品是正常物品，而且收入效应大于替代效应B. 收入效应等于替代效应C. 商品是吉芬物品，而且收入效应大于替代效应D. 以上都不对6. 微观经济学中短期与长期的划分取决于（ ）。
A. 时间长短B. 企业可否调整生产规模C. 企业可否调整产品价格D. 企业可否调整产量7. 当平均产量为正且递减时，边际产量可以是（ ）。
A. 递减且为正B. 递减且为负C. 为零D. 上述任何一种情况。
8. 如果厂商在生产过程中减少了其中一种生产要素的投入量，这种要素的边际产量上升，这意味着生产函数表现出（ ）的规律。
A. 产量保持不变B. 边际产量递减 C .平均产量递减 D. 边际产量递增9. 假设100万元资金可以用于开商店和投资房地产，则将这100万元资金投资房地产的机会成本是（ ）。
A. 资金投资房地产要花费的成本B. 资金投资房地产可能带来的收益C. 资金用于开商店可能花费的成本D. 资金用于开商店可能带来的收益10. 在存在规模经济的情况下，边际成本与平均成本的关系应该是（ ）。
5学原理》(微观)第五版测试题库 (05曼昆经济学原理第五版测试题库(微观)
5学原理》（微观）第五版测试题库第一章：经济学原理1.经济学的主要研究对象是什么？2.什么是稀缺性原则？3.请解释机会成本是如何计算的。
4.什么是边际分析原理？5.请解释机会成本递增的概念。
第二章：供求和市场机制1.什么是需求曲线？2.请解释需求量和需求曲线之间的区别。
3.供给曲线如何表示？4.请解释市场均衡的概念。
5.什么是价格弹性？第三章：消费者行为1.什么是边际效用？2.请解释效用最大化的概念。
3.什么是收入效应？4.请解释替代效应和收入效应如何影响需求变化。
5.什么是边际替代率？第四章：生产和成本1.请解释生产函数的概念。
2.什么是边际产品？3.请解释固定成本和可变成本之间的区别。
4.什么是边际成本？5.请解释长期平均成本和短期平均成本之间的区别。
第五章：利润、市场结构和行为1.请解释利润最大化的概念。
2.什么是垄断市场？3.请解释寡头垄断和垄断竞争之间的区别。
4.什么是欧元区？5.请解释价格歧视的概念。
第六章：劳动市场1.什么是劳动力市场？2.请解释劳动需求和劳动供给之间的关系。
3.什么是劳动力市场均衡？4.请解释工资刚性的概念。
5.什么是人力资本？以上是《5学原理》（微观）第五版的测试题库，涵盖了经济学原理、供求和市场机制、消费者行为、生产和成本、利润、市场结构和行为以及劳动市场等多个方面的知识点。
在准备考试或者复习课程内容时，使用这些题目进行测试可以帮助您巩固知识，检验自己的学习成果。
祝您取得好成绩！。
曼昆《经济学原理》(微观)第五版测试题库 (17)
TRUE/FALSE
1. The essence of an oligopolistic market is that there are only a few sellers.
ANS: T NAT: Analytic
DIF: 1 LOC: Oligopoly
ANS: F NAT: Analytic
DIF: 2 LOC: Oligopoly
REF: 17-1 TOP: Collusion
MSC: Interpretive
6. If firms in an oligopoly agree to produce according to the monopoly outcome, they will produce the same level of output as they would produce in a Nash equilibrium.
ANS: T NAT: Analytic
DIF: 2 LOC: Oligopoly
REF: 17-1 TOP: Oligopoly
MSC: Interpretive
10. If all of the firms in an oligopoly successfully collude and form a cartel, then total profit for the cartel is equal to what it would be if the market were a monopoly.
ANS: F NAT: Analytic MSC: Interpretive
DIF: 2 LOC: Oligopoly
REF: 17-0 TOP: Oligopoly | Game theory
曼昆《经济学原理》(微观)第五版测试题库 (21)
Chapter 21The Theory of Consumer ChoiceTRUE/FALSE1. The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles ofEconomics.ANS: T DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Definitional2. A consumer’s budget constraint for goods X and Y is determined by how much the consumer likes good Xrelative to good Y.ANS: F DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Definitional3. The slope of the budget constraint reveals the relative price of good X compared to good Y.ANS: T DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative4. A budget constraint illustrates bundles that a consumer prefers equally, while an indifference curve illustratesbundles that are equally affordable to a consumer.ANS: F DIF: 2 REF: 21-1 | 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative5. For a typical consumer, most indifference curves are bowed inward.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive6. For a typical consumer, most indifference curves are downward sloping.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive7. For a typical consumer, indifference curves can intersect if they satisfy the property of transitivity.ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive8. When two goods are perfect complements, the indifference curves are right angles.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complementsMSC: Interpretive9. The indifference curves for left shoes and right shoes are right angles.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complementsMSC: Applicative10. The indifference curves for perfect substitutes are straight lines.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect substitutesMSC: Applicative1406Chapter 21/The Theory of Consumer Choice ❖1407 11. The indifference curves for nickels and dimes are straight lines.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect substitutesMSC: Applicative12. When two goods are perfect substitutes, the indifference curves are right angles.ANS: F DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complements | Perfect substitutesMSC: Interpretive13. If goods A and B are perfect substitutes, then the marginal rate of substitution of good A for good B isconstant.ANS: T DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitution | Perfect substitutesMSC: Interpretive14. The slope at any point on an indifference curve equals the absolute price at which a consumer is willing tosubstitute one good for the other.ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Interpretive15. The marginal rate of substitution between goods A and B measures the price of A relative to the price of B. ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional16. The marginal rate of substitution is the slope of the budget constraint.ANS: F DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional17. The marginal rate of substitution is the slope of the indifference curve.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional18. At a consumer’s optimal choice, the consumer chooses the combinati on of goods that equates the marginalrate of substitution and the price ratio.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: OptimizationMSC: Interpretive19. At a consumer’s optimal choice, the consumer chooses the combin ation of goods such that the ratio of themarginal utilities equals the ratio of the prices.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: OptimizationMSC: Interpretive20. If consumers purchase more of a good when their income rises, the good is a normal good.ANS: T DIF: 1 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Normal goods | Inferior goodsMSC: Definitional21. If a consumer purchases more of good B when his income rises, good B is an inferior good.ANS: F DIF: 1 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Normal goods | Inferior goodsMSC: Definitional22. If a consumer purchases more of good A when her income falls, good A is an inferior good.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Inferior goodsMSC: Definitional23. The income effect of a price change is unaffected by whether the good is a normal or inferior good.ANS: F DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Income effectMSC: Interpretive24. The income effect of a price change is the change in consumption that results from the movement to a newindifference curve.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Income effectMSC: Interpretive25. The direction of the substitution effect is not influenced by whether the good is normal or inferior.ANS: T DIF: 3 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice KEY: Substitution effectMSC: Analytical26. The substitution effect of a price change is the change in consumption that results from the movement to a newindifference curve.ANS: F DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Substitution effectMSC: Interpretive27. All points on a demand curve are optimal consumption points.ANS: T DIF: 3 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Demand MSC: Analytical28. Economists use the term Giffen good to describe a good that violates the law of demand.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Interpretive29. Giffen goods are inferior goods for which the income effect dominates the substitution effect.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Definitional30. Economists have found evidence of a Giffen good when studying the consumption of rice in the Chineseprovince of Hunan.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Applicative31. Katie wins $1 million in her state’s lottery. If Katie drastically reduces the number of hours she works aftershe wins the money, we can infer that the income effect is larger than the substitution effect for her.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive32. Susie wins $1 million in her state’s lottery. If Susie keeps working after she wins the money, we can inferthat the income effect is larger than the substitution effect for her.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive33. A rational person can have a negatively-sloped labor supply curve.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Applicativeword文档可自由复制编辑Chapter 21/The Theory of Consumer Choice ❖1409 34. The substitution effect in the work-leisure model induces a person to work less in response to higher wages,which tends to make the labor-supply curve slope upward.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive35. The income effect in the work-leisure model induces a person to work less in response to higher wages, whichtends to make the labor-supply curve slope backward.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive36. Some economists have advocated reducing the taxation of interest and other capital income, arguing that sucha policy change would raise the after-tax interest rate that savers can earn and would thereby encourage peopleto save more.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: Interpretive37. A rise in the interest rate will generally result in people consuming more when they are old if the substitutioneffect outweighs the income effect.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: Interpretive38. A rise in the interest rate will generally result in people consuming less when they are old if the substitutioneffect outweighs the income effect.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: InterpretiveSHORT ANSWER1. Answer the following questions based on the table. A consumer is able to consume the following bundles ofrice and beans when the price of rice is $2 and the price of beans is $3.RICE BEANS1206408a.How much is this consumer's income?b.Draw a budget constraint given this information. Label it B.c.Construct a new budget constraint showing the change if the price of rice falls $1. Label this C.d.Given the original prices for rice ($2) and beans ($3), construct a new budget constraint if thisconsumer's income increased to $48. Label this D.ANS:a.$24b.c.d.DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicativeword文档可自由复制编辑Chapter 21/The Theory of Consumer Choice ❖1411 2. Draw a budget constraint that is consistent with the following prices and income.Income = 200P Y = 50P X = 25a.Demonstrate how your original budget constraint would change if income increases to 500.b.Demonstrate how your original budget constraint would change if P Y decreases to 20.c.Demonstrate how your original budget constraint would change if P X increases to 40.ANS:DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicative3. Assume that a consumer faces the following budget constraints.a.Assuming that income is the same on both occasions, describe the difference in relative pricesbetween Panel A and Panel B.b.If income in Panel B is $126, what is the price of good X?c.If income in Panel A is $84, what is the price of good Y?d.Assuming that the price of good X is the same on both occasions, describe the difference inincome and price of good Y between Panel A and Panel B.ANS:a.The price of good Y is relatively higher in Panel A than Panel B. Said another way, the price ofX is relatively lower in Panel A than Panel B.b.$9c.$12d.Income in Panel A is twice the income in Panel B, and the price of "Y" in Panel B is 1/18 theprice of "Y" in Panel A.DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicative4. Evaluate the following statement, "Warren Buffet is the second richest person in the world. He doesn't faceany constraint on his ability to purchase commodities he wants."ANS:Everyone faces scarcity of resources, regardless of how rich they are because wants are assumed to be infinite. DIF: 1 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Interpretive5. List and briefly explain each of the four properties of indifference curves.ANS:1: Higher indifference curves are preferred to lower ones, because consumers usually prefer more of something to less of it. 2: Indifference curves are downward sloping. The slope of an indifference curve reflects the rate at which the consumer is willing to substitute one good for another. If the quantity of one good is reduced, the quantity of the other good must increase in order for the consumer to be equally happy. 3: Indifference curves do not cross. If indifference curves did cross, the same point could be on two different curves, thus contradicting the assumption that consumers prefer more of both goods to less. 4: Indifference curves are bowed inward. This is because people are more willing to trade away goods that they have in abundance and less willing to trade away goods of which they have less.DIF: 1 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Indifference curves MSC: Interpretiveword文档可自由复制编辑Chapter 21/The Theory of Consumer Choice ❖14136. Draw indifference curves that reflect the following preferences.a.pencils with white erasers and pencils with pink erasersb.left shoes and right shoesc.potatoes and riced.income and polluted waterANS:DIF: 2 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Indifference curves MSC: Applicative7. Graphically demonstrate the conditions associated with a consumer optimum. Carefully label all curves andaxes.ANS:Where M=IncomeDIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Optimization MSC: Applicative8. Explain the relationship between the budget const raint and indifference curve at a consumer’s optimum. ANS:Since the budget constraint is tangent to the indifference curve at a consumer’s optimum, the slope of the budget constraint (relative market prices) and the slope of the indifference curve (the marginal rate of substitution) are equal at the optimal consumption point.DIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Interpretiveword文档可自由复制编辑Chapter 21/The Theory of Consumer Choice ❖1415 9. Assume that a person consumes two goods, Coke and Snickers. Use a graph to demonstrate how the consumeradjusts his/her optimal consumption bundle when the price of Coke decreases. Carefully label all curves and axes. What will happen to consumption if Coke is a normal good? What will happen to consumption if Coke is an inferior good? (Remember to explain the possible change when the income effect dominates and when the substitution effect dominates.)ANS:If Coke is a normal good, the consumption of Coke will increase when the price decreases. If Coke is an inferior good and the substitution effect dominates, the consumption of Coke will increase when the price decreases. If Coke is an inferior good and the income effect dominates, the consumption of Coke will decrease when the price decreases. If consumption decreases, the demand curve is upward sloping, and Coke would be a Giffen good. Giffen goods are very rare in the real world, and Coke is not likely to be one.DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Applicative10. Using the graph shown, construct a demand curve for M&M's given an income of $10.ANS:DIF: 3 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Demand MSC: Analyticalword文档可自由复制编辑11. Using indifference curves and budget constraints, graphically illustrate the substitution and income effect thatwould result from a change in the price of a normal good.ANS:The graph above illustrates a price decrease for potato chips. Moving from point A to point B illustrates the substitution effect, while moving from point B to point C illustrates the income effect.DIF: 3 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Income effect | Substitution effect MSC: Applicative12. Explain the difference between inferior and normal goods. As a developing economy experiences increases inincome (measured by GDP), what would you predict to happen to demand for inferior goods?ANS:Normal goods are those for which consumption increases as income rises. Inferior goods are those for which consumption decreases as income rises. We would expect the demand for inferior goods to decrease as developing countries experience increases in income.DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Inferior goods | Normal goods MSC: Interpretive13. Janet knows that she will ultimately face retirement. Assume that Janet will experience two periods in her life,one in which she works and earns income, and one in which she is retired and earns no income. Janet can earn$250,000 during her working period and nothing in her retirement period. She must both save and consume inher work period and can earn 10 percent interest on her savings.e a graph to demonstrate Janet's budget constraint.b.On your graph, show Janet at an optimal level of consumption in the work period equal to$150,000. What is the implied optimal level of consumption in her retirement period?c.Now, using your graph from part b above, demonstrate how Janet will be affected by an increasein the interest rate on savings to 14 percent. Discuss the role of income and substitution effects indetermining whether Janet will increase, or decrease her savings in the work period.ANS:a.see graph belowb.see graph belowc.see graph belowSubstitution effect: Retirement spending becomes less costly, so she should increase saving.Income effect: As income increases she should increase consumption in both periods (thus reducing her saving in the work period.)DIF: 3 REF: 21-4 NAT: Analytic LOC: Utility and consumer choiceTOP: Consumption-saving decision MSC: ApplicativeSec 00 - The Theory of Consumer ChoiceMULTIPLE CHOICE1. Which of the following does not represent a tradeoff facing a consumer?a.choosing to purchase more of all goodsb.choosing to spend more leisure time and less working timec.choosing to spend more now and consume less in the futured.choosing to purchase less of one good in order to purchase more of another goodANS: A DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Applicativeword文档可自由复制编辑2. How are the following three questions related: 1) Do all demand curves slope downward? 2) How dowages affect labor supply? 3) How do interest rates affect household saving?a.They all relate to macroeconomics.b.They all relate to monetary economics.c.They all relate to the theory of consumer choice.d.They are not related to each other in any way.ANS: C DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Applicative3. Just as the theory of the competitive firm provides a more complete understanding of supply, the theory ofconsumer choice provides a more complete understanding ofa.demand.b.profits.c.production possibility frontiers.d.wages.ANS: A DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Interpretive4. Which of the following statements is correct?a.The theory of consumer choice provides a more complete understanding of supply, just as thetheory of the competitive firm provides a more complete understanding of demand.b.The theory of consumer choice provides a more complete understanding of demand, just as thetheory of the competitive firm provides a more complete understanding of supply.c.Monetary theory provides a more complete understanding of demand, just as the theory of thecompetitive firm provides a more complete understanding of supply.d.The theory of public choice provides a more complete understanding of supply, just as the theory ofthe competitive firm provides a more complete understanding of demand.ANS: B DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Interpretive5. When a consumer spends less time enjoying leisure and more time working, she hasa.lower income and therefore cannot afford more consumption.b.lower income and therefore can afford more consumption.c.higher income and therefore cannot afford more consumption.d.higher income and therefore can afford more consumption.ANS: D DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Interpretive6. The theory of consumer choice provides the foundation for understanding thea.structure of a firm.b.profitability of a firm.c.demand for a firm's product.d.supply of a firm's product.ANS: C DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Definitional7. The theory of consumer choice examinesa.the determination of output in competitive markets.b.the tradeoffs inherent in decisions made by consumers.c.how consumers select inputs into manufacturing production processes.d.the determination of prices in competitive markets.ANS: B DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Definitional8. The theory of consumer choice most closely examines which of the following Ten Principles of Economics?a.People face trade-offs.b.The cost of something is what you give up to get it.c.Trade can make everyone better off.d.Markets are usually a good way to organize economic activity.ANS: A DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: InterpretiveSec 01- The Theory of Consumer Choice - The Budget Constraint: What the Consumer Can AffordMULTIPLE CHOICE1. Karen, Tara, and Chelsea each buy ice cream and paperback novels to enjoy on hot summer days. Ice creamcosts $5 per gallon, and paperback novels cost $8 each. Karen has a budget of $80, Tara has a budget of $60,and Chelsea has a budget of $40 to spend on ice cream and paperback novels. Who can afford to purchase 8gallons of ice cream and 5 paperback novels?a.Karen, Tara, and Chelseab.Karen onlyc.Tara and Chelsea but not Karend.none of the womenANS: B DIF: 1 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative2. Karen, Tara, and Chelsea each buy ice cream and paperback novels to enjoy on hot summer days. Ice creamcosts $5 per gallon, and paperback novels cost $8 each. Karen has a budget of $80, Tara has a budget of $60,and Chelsea has a budget of $40 to spend on ice cream and paperback novels. Who can afford to purchase 5gallons of ice cream and 8 paperback novels?a.Karen, Tara, and Chelseab.Karen onlyc.Tara and Chelsea but not Karend.none of the womenANS: D DIF: 1 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative3. Karen, Tara, and Chelsea each buy ice cream and paperback novels to enjoy on hot summer days. Ice creamcosts $5 per gallon, and paperback novels cost $8 each. Karen has a budget of $80, Tara has a budget of $60,and Chelsea has a budget of $40 to spend on ice cream and paperback novels. Who can afford to purchase 4gallons of ice cream and 5 paperback novels?a.Karen, Tara, and Chelseab.Karen onlyc.Karen and Tara but not Chelsead.none of the womenANS: C DIF: 1 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicativeword文档可自由复制编辑4. Karen, Tara, and Chelsea each buy ice cream and paperback novels to enjoy on hot summer days. Ice creamcosts $5 per gallon, and paperback novels cost $8 each. Karen has a budget of $80, Tara has a budget of $60, and Chelsea has a budget of $40 to spend on ice cream and paperback novels. Which of the followingstatements is correct?a.Each woman faces the same budget constraint.b.The slope of the budget constraint is the same for each woman.c.The area underneath the budget constraint is larger for Chelsea than for Karen.d.All of the above are correct.ANS: B DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative5. Suppose a consumer has an income of $800 per month and that she spends her entire income each month onbeer and bratwurst. The price of a pint of beer is $5, and the price of a bratwurst is $4. Which of thefollowing combinations of beers and bratwursts represents a point that would lie to the interior of theconsumer’s budget constraint?a.160 beers and 200 bratwurstsb.40 beers and 50 bratwurstsc.80 beers and 100 bratwurstsd.160 beers and 0 bratwurstsANS: B DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Analytical6. Suppose a consumer has an income of $800 per month and that she spends her entire income each month onbeer and bratwurst. The price of a pint of beer is $5, and the price of a bratwurst is $4. Which of thefollowing combinations of beers and bratwursts represents a point that would lie to the exterior of theconsumer’s budget constraint?a.160 beers and 200 bratwurstsb.40 beers and 50 bratwurstsc.80 beers and 100 bratwurstsd.160 beers and 0 bratwurstsANS: A DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Analytical7. Suppose a consumer has an income of $800 per month and that she spends her entire income each month onbeer and bratwurst. The price of a pint of beer is $5, and the price of a bratwurst is $4. Which of thefollowing combinations of beers and bratwursts represents a point that would lie directly on the consumer’s budget constraint?a.160 beers and 200 bratwurstsb.40 beers and 50 bratwurstsc.80 beers and 100 bratwurstsd.80 beers and 0 bratwurstsANS: C DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Analytical8. Consider two goods, books and hamburgers. The slope of the consumer's budget constraint is measured by thea.consumer's income divided by the price of hamburgers.b.relative price of books and hamburgers.c.consumer's marginal rate of substitution.d.number of books purchased divided by the number of hamburgers purchased.ANS: B DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Interpretive9. Suppose a consumer spends his income on CDs and DVDs. If his income decreases, the budget constraintfor CDs and DVDs willa.shift outward, parallel to the original budget constraint.b.shift inward, parallel to the original budget constraint.c.rotate outward along the CD axis because he can afford more CDs.d.rotate outward along the DVD axis because he can afford more DVDs.ANS: B DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Analytical10. When the price of a shirt falls, thea.quantity of shirts demanded falls.b.quantity of shirts demanded rises.c.quantity of shirts supplied rises.d.demand for shirts falls.ANS: B DIF: 1 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Demand MSC: Analytical11. A budget constraint illustrates thea.prices that a consumer chooses to pay for products he consumes.b.purchases made by consumers.c.consumption bundles that a consumer can afford.d.consumption bundles that give a consumer equal satisfaction.ANS: C DIF: 1 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Definitional12. Assume that a college student spends her income on books and pizza. The price of a pizza is $8, and the priceof a book is $15. If she has $100 of income, she could choose to consumea.8 pizzas and 4 books.b. 4 pizzas and 5 books.c.9 pizzas and 3 books.d. 4 pizzas and 3 books.ANS: D DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative13. Assume that a college student spends her income on mac-n-cheese and CDs. The price of one box ofmac-n-cheese is $1, and the price of one CD is $12. If she has $100 of income, she could choose to consumea.15 boxes of mac-n-cheese and 6 CDs.b.20 boxes of mac-n-cheese and 7 CDs.c.10 boxes of mac-n-cheese and 8 CDs.d.30 boxes of mac-n-cheese and 6 CDs.ANS: A DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative14. A consumer who doesn't spend all of her incomea.would be at a point outside of her budget constraint.b.would be at a point inside her budget constraint.c.must not be consuming positive quantities of all goods.d.must be consuming at a point where her budget constraint touches one of the axes.ANS: B DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Interpretiveword文档可自由复制编辑。
2-1、微观经济学第五版试题2
试题2一、 单项选择题（每题只有一项正确答案，每题0.5分， 共0.5×30=15分，将答案填写在答题纸上） 1、在得出某人的需求曲线时，下列因素除哪种外均保持常数？（ ） A 、个人收入 ； B 、其余商品价格； C 、个人偏好 ； D 、所考虑商品的价格 2、建筑工人工资提高将使（ ） A 、使新房子的供给曲线右移并使价格上升 ； B 、使新房子的供给曲线左移并使价格上升 C 、使新房子的供给曲线右移并使价格下降 ； D 、使新房子的供给曲线左移并使价格下降 3、如果x 与y 商品是替代品，x 价格下降，将使y （ ） A 、需求量增加； B 、需求增加； C 、需求量减少 ； D 、需求减少 4、如果人们对茶叶的偏好增强，则可预期（ ） A 、茶叶的需求增加； B 、茶叶的需求量增加 C 、茶叶的供给与需求均增加 ； D 、茶叶的供给量和需求量都增加 5、随着人们对电脑的需求增加，根据供求原理，电脑的价格将上升，事实却是电脑的价格下降了，这说明（ ） A 、供求原理不成立； B 、这是供求原理的一个例外 C 、供求原理能够解释这一现象 ； D 、这与供求原理无关，完全是技术变革引起的６、冰棒的需求价格弹性（ ）药品的需求价格弹性A 、大于；B 、小于；C 、等于 ；D 、大于或等于7、如果消费者的预算收入为46美元，商品X 和Y 的价格分别为5美元和4美元，消费者打算购买6单位X 和4单位Y ，商品X 、Y 的边际效用分别为30和20，那么，要达到效用最大化，他应该（ ）A 、 按原计划购买 ；B 、 减少X 和Y 的购买量；C 、 增加X 、Y 的购买量；D 、 增加X 的同时减少Y 的量8、某低档商品的价格下降而其他情况不变时（ ）A 、替代效应和收入效应相互加强导致该商品的需求量增加B 、替代效应和收入效应相互加强导致该商品的需求量减少C 、替代效应倾向于增加该商品的需求量，而收入效应倾向于减少其需求量D 、替代效应倾向于减少该商品的需求量，而收入效应倾向于增加其需求量9、某个消费者的无差异曲线图包含无数条无差异曲线，因为（ ）A 、 收入有时高，有时低 ；B 、 欲望是无限的C 、 消费者人数是无限的 ；D 、 商品的数量是无限的10、某人消费苹果和香蕉。
最新经济学原理 微观 第五版测试题库 (07)
Chapter 7Consumers, Producers, and the Efficiency of MarketsTRUE/FALSE1. Welfare economics is the study of the welfare system.ANS: F DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Welfare MSC: Definitional2. The willingness to pay is the maximum amount that a buyer will pay for a good and measures how much thebuyer values the good.ANS: T DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Willingness to payMSC: Definitional3. For any given quantity, the price on a demand curve represents the marginal buyer's willingness to pay. ANS: T DIF: 2 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Willingness to payMSC: Interpretive4. A buyer is willing to buy a product at a price greater than or equal to his willingness to pay, but would refuseto buy a product at a price less than his willingness to pay.ANS: F DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Willingness to payMSC: Definitional5. Consumer surplus is the amount a buyer actually has to pay for a good minus the amount the buyer is willingto pay for it.ANS: F DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Definitional6. Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually hasto pay for it.ANS: T DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Definitional7. Consumer surplus measures the benefit to buyers of participating in a market.ANS: T DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Interpretive8. Consumer surplus can be measured as the area between the demand curve and the equilibrium price.ANS: T DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Interpretive9. Consumer surplus can be measured as the area between the demand curve and the supply curve.ANS: F DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Interpretive10. Joel has a 1966 Mustang, which he sells to Susie, an avid car collector. Susie is pleased since she paid $8,000for the car but would have been willing to pay $11,000 for the car. Susie's consumer surplus is $2,000. ANS: F DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Interpretive11. If Darby values a soccer ball at $50, and she pays $40 for it, her consumer surplus is $10.ANS: T DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Applicative12. If Darby values a soccer ball at $50, and she pays $40 for it, her consumer surplus is $90.ANS: F DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Applicative13. All else equal, an increase in supply will cause an increase in consumer surplus.ANS: T DIF: 2 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Applicative14. Suppose there is an increase in supply that reduces market price. Consumer surplus increases because (1)consumer surplus received by existing buyers increases and (2) new buyers enter the market.ANS: T DIF: 2 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Interpretive15. If the government imposes a binding price floor in a market, then the consumer surplus in that market willincrease.ANS: F DIF: 2 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Applicative16. If the government imposes a binding price floor in a market, then the consumer surplus in that market willdecrease.ANS: T DIF: 2 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Applicative17. Each seller of a product is willing to sell as long as the price he or she can receive is greater than theopportunity cost of producing the product.ANS: T DIF: 1 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Opportunity costMSC: Interpretive18. At any quantity, the price given by the supply curve shows the cost of the lowest-cost seller.ANS: F DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Opportunity costMSC: Interpretive19. In a competitive market, sales go to those producers who are willing to supply the product at the lowest price. ANS: T DIF: 1 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive20. Producer surplus is the amount a seller is paid minus the cost of production.ANS: T DIF: 1 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Definitional21. Producer surplus is the cost of production minus the amount a seller is paid.ANS: F DIF: 1 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Definitional22. All else equal, an increase in demand will cause an increase in producer surplus.ANS: T DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative23. All else equal, a decrease in demand will cause an increase in producer surplus.ANS: F DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative24. If producing a soccer ball costs Jake $5, and he sells it for $40, his producer surplus is $45.ANS: F DIF: 1 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative25. If producing a soccer ball costs Jake $5, and he sells it for $40, his producer surplus is $35.ANS: T DIF: 1 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative26. Connie can clean windows in large office buildings at a cost of $1 per window. The market price forwindow-cleaning services is $3 per window. If Connie cleans 100 windows, her producer surplus is $100. ANS: F DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative27. Connie can clean windows in large office buildings at a cost of $1 per window. The market price forwindow-cleaning services is $3 per window. If Connie cleans 100 windows, her producer surplus is $200. ANS: T DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative28. The area below the price and above the supply curve measures the producer surplus in a market.ANS: T DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Interpretive29. The area below the demand curve and above the supply curve measures the producer surplus in a market. ANS: F DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Interpretive30. If the government imposes a binding price ceiling in a market, then the producer surplus in that market willincrease.ANS: F DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative31. When demand increases so that market price increases, producer surplus increases because (1) producersurplus received by existing sellers increases, and (2) new sellers enter the market.ANS: T DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Interpretive32. Total surplus in a market is consumer surplus minus producer surplus.ANS: F DIF: 1 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Total surplusMSC: Definitional33. Total surplus = Value to buyers - Costs to sellers.ANS: T DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Total surplusMSC: Interpretive34. Total surplus in a market can be measured as the area below the supply curve plus the area above the demandcurve, up to the point of equilibrium.ANS: F DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Total surplusMSC: Interpretive35. Producing a soccer ball costs Jake $5. He sells it to Darby for $35. Darby values the soccer ball at $50.For this transaction, the total surplus in the market is $40.ANS: F DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Total surplusMSC: Applicative36. The equilibrium of supply and demand in a market maximizes the total benefits to buyers and sellers ofparticipating in that market.ANS: T DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive37. Efficiency refers to whether a market outcome is fair, while equality refers to whether the maximum amountof output was produced from a given number of inputs.ANS: F DIF: 1 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency | EqualityMSC: Definitional38. Efficiency is related to the size of the economic pie, whereas equality is related to how the pie gets sliced anddistributed.ANS: T DIF: 1 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency | EqualityMSC: Definitional39. Free markets allocate (a) the supply of goods to the buyers who value them most highly and (b) the demandfor goods to the sellers who can produce them at least cost.ANS: T DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive40. Economists generally believe that, although there may be advantages to society from ticket-scalping, the coststo society of this activity outweigh the benefits.ANS: F DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive41. Economists argue that restrictions against ticket scalping actually drive up the cost of many tickets.ANS: T DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive42. If the United States legally allowed for a market in transplant organs, it is estimated that one kidney would sellfor at least $100,000.ANS: F DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency | EqualityMSC: Interpretive43. Even though participants in the economy are motivated by self-interest, the "invisible hand" of themarketplace guides this self-interest into promoting general economic well-being.ANS: T DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Invisible handMSC: Interpretive44. The current policy on kidney donation effectively sets a price ceiling of zero.ANS: T DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive45. Unless markets are perfectly competitive, they may fail to maximize the total benefits to buyers and sellers. ANS: T DIF: 2 REF: 7-4 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive46. In order to conclude that markets are efficient, we assume that they are perfectly competitive.ANS: T DIF: 2 REF: 7-4 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Applicative47. Markets will always allocate resources efficiently.ANS: F DIF: 2 REF: 7-4 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Applicative48. When markets fail, public policy can potentially remedy the problem and increase economic efficiency. ANS: T DIF: 2 REF: 7-4 NAT: AnalyticLOC: Supply and demand TOP: Market failureMSC: Interpretive49. Market power and externalities are examples of market failures.ANS: T DIF: 2 REF: 7-4 NAT: AnalyticLOC: Supply and demand TOP: Market failureMSC: InterpretiveSHORT ANSWER1. Answer each of the following questions about demand and consumer surplus.a.What is consumer surplus, and how is it measured?b.What is the relationship between the demand curve and the willingness to pay?c.Other things equal, what happens to consumer surplus if the price of a good falls? Why? Illustrateusing a demand curve.d.In what way does the demand curve represent the benefit consumers receive from participating in amarket? In addition to the demand curve, what else must be considered to determine consumersurplus?ANS:a.Consumer surplus measures the benefit to buyers of participating in a market. It is measured as theamount a buyer is willing to pay for a good minus the amount a buyer actually pays for it. For anindividual purchase, consumer surplus is the difference between the willingness to pay, as shownon the demand curve, and the market price. For the market, total consumer surplus is the area under the demand curve and above the price, from the origin to the quantity purchased.b.Because the demand curve shows the maximum amount buyers are willing to pay for a givenmarket quantity, the price given by the demand curve represents the willingness to pay of themarginal buyer.c.When the price of a good falls, consumer surplus increases for two reasons. First, those buyerswho were already buying the good receive an increase in consumer surplus because they arepaying less (area B). Second, some new buyers enter the market because the price of the good isnow lower than their willingness to pay (area C); hence, there is additional consumer surplusgenerated from their purchases. The graph should show that as price falls from P2 to P1,consumer surplus increases from area A to area A+B+C.d.Since the demand curve represents the maximum price the marginal buyer is willing to pay for agood, it must also represent the maximum benefit the buyer expects to receive from consumingthe good. Consumer surplus must take into account the amount the buyer actually pays for thegood, with consumer surplus measured as the difference between what the buyer is willing to payand what he/she actually paid. Consumer surplus, then, measures the benefit the buyer didn't haveto "pay for."P2P1Q2Q1DemandABCD FQuantityPriceDIF: 2 REF: 7-1 NAT: Analytic LOC: Supply and demand TOP: Consumer surplus MSC: Interpretive2. Tammy loves donuts. The table shown reflects the value Tammy places on each donut she eats:a. Use this information to construct Tammy's demand curve for donuts.b. If the price of donuts is $0.20, how many donuts will Tammy buy?c. Show Tammy's consumer surplus on your graph. How much consumer surplus would she haveat a price of $0.20?d. If the price of donuts rose to $0.40, how many donuts would she purchase now? What wouldhappen to Tammy's consumer surplus? Show this change on your graph.ANS: a. 123456780.10.20.30.40.50.60.70.80.91b. At a price of $0.20, Tammy would buy 5 donuts.c. The figure below shows Tammy's consumer surplus. At a price of $0.20, Tammy's consumer surpluswould be $1.00.123456780.10.20.30.40.50.60.70.80.91d. If the price of donuts rose to $0.40, Tammy's consumer surplus would fall to $0.30 and she wouldpurchase only 3 donuts.123456780.10.20.30.40.50.60.70.80.91DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Consumer surplusMSC: Applicative 3. Answer each of the following questions about supply and producer surplus.a. What is producer surplus, and how is it measured?b. What is the relationship between the cost to sellers and the supply curve?c. Other things equal, what happens to producer surplus when the price of a good rises? Illustrateyour answer on a supply curve.ANS:a. Producer surplus measures the benefit to sellers of participating in a market. It is measured as theamount a seller is paid minus the cost of production. For an individual sale, producer surplus ismeasured as the difference between the market price and the cost of production, as shown on thesupply curve. For the market, total producer surplus is measured as the area above the supplycurve and below the market price, between the origin and the quantity sold.b. Because the supply curve shows the minimum amount sellers are willing to accept for a givenquantity, the supply curve represents the cost of the marginal seller.c. When the price of a good rises, producer surplus increases for two reasons. First, those sellerswho were already selling the good have an increase in producer surplus because the price theyreceive is higher (area A). Second, new sellers will enter the market because the price of the goodis now higher than their willingness to sell (area B); hence, there is additional producer surplusgenerated from their sales. The graph should show that as price rises from P1 to P2, producersurplus increases from area C to area A+B+C.SupplyP1P2Q1Q2AC BDG QuantityPriceDIF: 2 REF: 7-2NAT: Analytic LOC: Supply and demandTOP: Producer surplus MSC: Interpretive4. Given the following equations two equations:1)Total Surplus = Consumer Surplus + Producer Surplus2)Total Surplus = Value to Buyers - Cost to SellersShow how equation (1) can be used to derive equation (2).ANS:Start with the equation: Total Surplus = Consumer Surplus + Producer Surplus. Then, since Consumer Surplus = Value to buyers - Amount paid by buyers, and since Producer Surplus = Amount received by sellers - Costs of sellers, then Total Surplus can be written as: Value to buyers - Amount paid by buyers + Amount received by sellers - Costs of sellers. Since the Amount paid by buyers equals the Amount received by sellers, the middle two terms cancel out and the result is:Total Surplus = Value to buyers - Costs of sellers.DIF: 2 REF: 7-3 NAT: Analytic LOC: Supply and demandTOP: Total surplus MSC: Analytical5. Answer the following questions based on the graph that represents J.R.'s demand for ribs per week of ribs atJudy's rib shack.a.At the equilibrium price, how many ribs would J.R. be willing to purchase? b.How much is J.R. willing to pay for 20 ribs? c.What is the magnitude of J.R.'s consumer surplus at the equilibrium price? d.At the equilibrium price, how many ribs would Judy be willing to sell? e.How high must the price of ribs be for Judy to supply 20 ribs to the market? f.At the equilibrium price, what is the magnitude of total surplus in the market? g.If the price of ribs rose to $10, what would happen to J.R.'s consumer surplus? h.If the price of ribs fell to $5, what would happen to Judy's producer surplus?i. Explain why the graph that is shown verifies the fact that the market equilibrium (quantity)maximizes the sum of producer and consumer surplus.510203040506070802468101214161820ANS:a.40 b.$10.00 c.$80.00. d.40 e.$5 f.$200 g.It would fall from $80 to only $20. h.It would fall from $120 to only $30.i. At quantities less than the equilibrium quantity, the marginal value to buyers exceeds the marginalcost to sellers. Increasing the quantity in this region raises total surplus until equilibrium quantityis reached. At quantities greater than the equilibrium quantity, the marginal cost to sellers exceedsthe marginal value to buyers and total surplus falls.DIF: 3 REF: 7-3 NAT: Analytic LOC: Supply and demandTOP: Consumer surplus | Producer surplus | Total surplusMSC: Analytical Sec00 - Consumers, Producers, and the Efficiency of MarketsMULTIPLE CHOICE1. Welfare economics is the study of howa. the allocation of resources affects economic well-being.b. a price ceiling compares to a price floor.c. the government helps poor people.d. a consumer’s optimal choice affects h er demand curve.ANS: A DIF: 1 REF: 7-0NAT: AnalyticLOC: Supply and demand TOP: WelfareMSC: Definitional2. Welfare economics is the study ofa.taxes and subsidies.b.how technology is best put to use in the production of goods and services.ernment welfare programs for needy people.d.how the allocation of resources affects economic well-being.ANS: D DIF: 1 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Definitional3. Welfare economics is the study ofa.the well-being of less fortunate people.b.welfare programs in the United States.c.how the allocation of resources affects economic well-being.d.the effect of income redistribution on work effort.ANS: C DIF: 1 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Definitional4. The study of how the allocation of resources affects economic well-being is calleda.consumer economics.b.macroeconomics.c.willingness-to-pay economics.d.welfare economics.ANS: D DIF: 1 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Definitional5. An example of positive analysis is studyinga.how market forces produce equilibrium.b.whether equilibrium outcomes are fair.c.whether equilibrium outcomes are socially desirable.d.if income distributions are fair.ANS: A DIF: 1 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: Positive statements MSC: Definitional6. An example of normative analysis is studyinga.how market forces produce equilibrium.b.surpluses and shortages.c.whether equilibrium outcomes are socially desirable.d.income distributions.ANS: C DIF: 1 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: Normative statements MSC: Definitional7. Which of the Ten Principles of Economics does welfare economics explain more fully?a.The cost of something is what you give up to get it.b.Markets are usually a good way to organize economic activity.c.Trade can make everyone better off.d. A country’s standard of living depends on its ability to produce goods a nd services.ANS: B DIF: 2 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Interpretive8. Which of the Ten Principles of Economics does welfare economics explain more fully?a.The cost of something is what you give up to get it.b.Rational people think at the margin.c.Markets are usually a good way to organize economic activity.d.People respond to incentives.ANS: C DIF: 2 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Interpretive9. One of the basic principles of economics is that markets are usually a good way to organize economic activity.This principle is explained by the study ofa.factor markets.b.energy markets.c.welfare economics.bor economics.ANS: C DIF: 1 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Interpretive10. A result of welfare economics is that the equilibrium price of a product is considered to be the best pricebecause ita.maximizes both the total revenue for firms and the quantity supplied of the product.b.maximizes the combined welfare of buyers and sellers.c.minimizes costs and maximizes output.d.minimizes the level of welfare payments.ANS: B DIF: 2 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Interpretive11. The particular price that results in quantity supplied being equal to quantity demanded is the best price becauseita.maximizes costs of the seller.b.maximizes tax revenue for the government.c.maximizes the combined welfare of buyers and sellers.d.minimizes the expenditure of buyers.ANS: C DIF: 2 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Interpretive12. Welfare economics explains which of the following in the market for DVDs?a.The government sets the price of DVDs; firms respond to the price by producing a specific level ofoutput.b.The government sets the quantity of DVDs; firms respond to the quantity by charging a specificprice.c.The market equilibrium price for DVDs maximizes the total welfare to DVD buyers and sellers.d.The market equilibrium price for DVDs maximizes consumer welfare but minimizes producerwelfare.ANS: C DIF: 2 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: InterpretiveSec01 - Consumers, Producers, and the Efficiency of Markets - Consumer Surplus MULTIPLE CHOICE1. The maximum price that a buyer will pay for a good is called thea.cost.b.willingness to pay.c.equity.d.efficiency.ANS: B DIF: 1 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to payMSC: Definitional2. Suppose Larry, Moe and Curly are bidding in an auction for a mint-condition video of Charlie Chaplin's firstmovie. Each has in mind a maximum amount that he will bid. This maximum is calleda. a resistance price.b.willingness to pay.c.consumer surplus.d.producer surplus.ANS: B DIF: 1 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to payMSC: Definitional3. Suppose Chris and Laura attend a charity benefit and participate in a silent auction. Each has in mind amaximum amount that he or she will bid for an oil painting by a locally famous artist. This maximum is calleda.deadweight loss.b.willingness to pay.c.consumer surplus.d.producer surplus.ANS: B DIF: 1 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to payMSC: Definitional4. Willingness to paya.measures the value that a buyer places on a good.b.is the amount a seller actually receives for a good minus the minimum amount the seller is willingto accept.c.is the maximum amount a buyer is willing to pay minus the minimum amount a seller is willing toaccept.d.is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. ANS: A DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to payMSC: Definitional5. A consumer's willingness to pay directly measuresa.the extent to which advertising and other external forces have influenced the consumer’spreferences.b.the cost of a good to the buyer.c.how much a buyer values a good.d.consumer surplus.ANS: C DIF: 2 REF: 7-1NAT: Analytic TOP: Willingness to pay MSC: Interpretive6. When a buyer’s willingness to pay for a good is equal to the price of the good, thea.buyer’s consumer surplus for that goo d is maximized.b.buyer will buy as much of the good as the buyer’s budget allows.c.price of the good exceeds the value that the buyer places on the good.d.buyer is indifferent between buying the good and not buying it.ANS: D DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to pay MSC: Interpretive7. In which of the following circumstances would a buyer be indifferent about buying a good?a.The amount of consumer surplus the buyer would experience as a result of buying the good is zero.b.The price of the good is equal to the buyer’s willingness to pay for the good.c.The price of the good is equal to the value the buyer places on the good.d.All of the above are correct.ANS: D DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to pay MSC: Interpretive8. A demand curve reflects each of the following except thea.willingness to pay of all buyers in the market.b.value each buyer in the market places on the good.c.highest price buyers are willing to pay for each quantity.d.ability of buyers to obtain the quantity they desire.ANS: D DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to pay MSC: Interpretive9. Consumer surplus isa.the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.b.the amount a buyer is willing to pay for a good minus the cost of producing the good.c.the amount by which the quantity supplied of a good exceeds the quantity demanded of the good.d. a buyer's willingness to pay for a good plus the price of the good.ANS: A DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Consumer surplusMSC: Definitional10. Consumer surplusa.is the amount of a good that a consumer can buy at a price below equilibrium price.b.is the amount a consumer is willing to pay minus the amount the consumer actually pays.c.is the number of consumers who are excluded from a market because of scarcity.d.measures how much a seller values a good.ANS: B DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Consumer surplusMSC: Definitional11. Consumer surplus is thea.amount of a good consumers get without paying anything.b.amount a consumer pays minus the amount the consumer is willing to pay.c.amount a consumer is willing to pay minus the amount the consumer actually pays.d.value of a good to a consumer.ANS: C DIF: 1 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Consumer surplusMSC: Definitional。
经济学原理 微观 第五版测试题库 (06)
Chapter 6Supply, Demand, and Government PoliciesTRUE/FALSE1. Economic policies often have effects that their architects did not intend or anticipate.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Public policy MSC: Definitional2. Rent-control laws dictate a minimum rent that landlords may charge tenants.ANS: F DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional3. Minimum-wage laws dictate the lowest wage that firms may pay workers.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional4. Price controls are usually enacted when policymakers believe that the market price of a good or service isunfair to buyers or sellers.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional5. Price controls can generate inequities.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional6. Policymakers use taxes to raise revenue for public purposes and to influence market outcomes.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional7. If a good or service is sold in a competitive market free of government regulation, then the price of the good orservice adjusts to balance supply and demand.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Definitional8. At the equilibrium price, the quantity that buyers want to buy exactly equals the quantity that sellers want tosell.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Definitional9. A price ceiling is a legal minimum on the price at which a good or service can be sold.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Definitional10. A price ceiling set above the equilibrium price is not binding.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive371372 ❖Chapter 6/Supply, Demand, and Government Policies11. If a price ceiling is not binding, then it will have no effect on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive12. To be binding, a price ceiling must be set above the equilibrium price.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive13. A price ceiling set below the equilibrium price is binding.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive14. A price ceiling set below the equilibrium price causes quantity demanded to exceed quantity supplied. ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive15. A price ceiling set above the equilibrium price causes quantity demanded to exceed quantity supplied. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive16. A binding price ceiling causes quantity demanded to be less than quantity supplied.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive17. A price ceiling set below the equilibrium price causes a shortage in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive18. A price ceiling set above the equilibrium price causes a surplus in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive19. A binding price ceiling causes a shortage in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive20. When a binding price ceiling is imposed on a market for a good, some people who want to buy the goodcannot do so.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive21. Long lines and discrimination are examples of rationing methods that may naturally develop in response to abinding price ceiling.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive22. Price ceilings are typically imposed to benefit buyers.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: InterpretiveChapter 6/Supply, Demand, and Government Policies ❖373 23. Binding price ceilings benefit consumers because they allow consumers to buy all the goods they demand at alower price.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive24. All buyers benefit from a binding price ceiling.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive25. A binding price ceiling may not help all consumers, but it does not hurt any consumers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive26. When the government imposes a binding price ceiling on a competitive market, a surplus of the good arises,and sellers must ration the scarce goods among the large number of potential buyers.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | ShortagesMSC: Definitional27. The rationing mechanisms that develop under binding price ceilings are usually inefficient.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | EfficiencyMSC: Interpretive28. Price is the rationing mechanism in a free, competitive market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive29. Prices are inefficient rationing devices.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Prices | EfficiencyMSC: Interpretive30. When free markets ration goods with prices, it is both efficient and impersonal.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Prices | EfficiencyMSC: Interpretive31. When a free market for a good reaches equilibrium, anyone who is willing and able to pay the market pricecan buy the good.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive32. If a price ceiling of $2 per gallon is imposed on gasoline, and the market equilibrium price is $1.50, then theprice ceiling is a binding constraint on the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative33. If a price ceiling of $1.50 per gallon is imposed on gasoline, and the market equilibrium price is $2, then theprice ceiling is a binding constraint on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative374 ❖Chapter 6/Supply, Demand, and Government Policies34. A price ceiling caused the gasoline shortage of 1973 in the United States.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive35. One common example of a price ceiling is rent control.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional36. The goal of rent control is to help the poor by making housing more affordable.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional37. Economists argue that rent control is a highly efficient way to help the poor raise their standard of living. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists | Rent control MSC: Interpretive38. Because supply and demand are inelastic in the short run, the initial shortage caused by rent control is large. ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent control | Elasticity MSC: Definitional39. The primary effect of rent control in the short run is to reduce rents.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional40. The housing shortages caused by rent control are larger in the long run than in the short run because both thesupply of housing and the demand for housing are more elastic in the long run.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent control | ElasticityMSC: Interpretive41. The effects of rent control in the long run include lower rents and lower-quality housing.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Interpretive42. Rent control may lead to lower rents for those who find housing, but the quality of the housing may also belower.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Interpretive43. In a free market, the price of housing adjusts to eliminate the shortages that give rise to undesirable landlordbehavior.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional44. A price floor is a legal minimum on the price at which a good or service can be sold.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: DefinitionalChapter 6/Supply, Demand, and Government Policies ❖375 45. A price floor set above the equilibrium price is not binding.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive46. If a price floor is not binding, then it will have no effect on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive47. To be binding, a price floor must be set above the equilibrium price.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive48. A price floor set below the equilibrium price is binding.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive49. A price floor set below the equilibrium price causes quantity supplied to exceed quantity demanded.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive50. A price floor set above the equilibrium price causes quantity supplied to exceed quantity demanded.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive51. A binding price floor causes quantity supplied to be less than quantity demanded.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive52. A price floor set below the equilibrium price causes a surplus in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive53. A price floor set above the equilibrium price causes a surplus in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive54. A binding price floor causes a shortage in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive55. When a binding price floor is imposed on a market for a good, some people who want to sell the good cannotdo so.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive56. Discrimination is an example of a rationing mechanism that may naturally develop in response to a bindingprice floor.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive376 ❖Chapter 6/Supply, Demand, and Government Policies57. Price floors are typically imposed to benefit buyers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive58. Binding price floors benefit sellers because they allow sellers to sell all the goods they want at a higher price. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive59. Not all sellers benefit from a binding price floor.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive60. A binding price floor may not help all sellers, but it does not hurt any sellers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive61. The rationing mechanisms that develop under binding price floors are usually efficient.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | EfficiencyMSC: Interpretive62. When a free market for a good reaches equilibrium, anyone who is willing and able to sell at the market pricecan sell the good.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive63. If the equilibrium price of an airline ticket is $400 and the government imposes a price floor of $500 on airlinetickets, then fewer airline tickets will be sold than at the market equilibrium.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative64. If the equilibrium price of an airline ticket is $500 and the government imposes a price floor of $400 on airlinetickets, then fewer airline tickets will be sold than at the market equilibrium.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative65. One common example of a price floor is the minimum wage.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional66. The goal of the minimum wage is to ensure workers a minimally adequate standard of living.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional67. The United States is the only country in the world with minimum-wage laws.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: InterpretiveChapter 6/Supply, Demand, and Government Policies ❖377 68. States in the U.S. may mandate minimum wages above the federal level.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive69. In the labor markets, workers determine the supply of labor and firms determine the demand.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor marketsTOP: Labor demand | Labor supply MSC: Definitional70. In an unregulated labor market, the wage adjusts to balance labor supply and labor demand.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: WagesMSC: Interpretive71. A binding minimum wage causes the quantity of labor demanded to exceed the quantity of labor supplied. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive72. A binding minimum wage creates unemployment.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor marketsTOP: Minimum wage | Unemployment MSC: Interpretive73. A binding minimum wage may not help all workers, but it does not hurt any workers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive74. A binding minimum wage raises the incomes of those workers who have jobs, but it lowers the incomes ofworkers who cannot find jobs.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional75. The economy contains many labor markets for different types of workers.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Labor marketsMSC: Definitional76. The impact of the minimum wage depends on the skill and experience of the worker.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional77. Workers with high skills and much experience are not typically affected by the minimum wage.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive78. The minimum wage has its greatest impact on the market for teenage labor.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional79. The minimum wage is more often binding for teenagers than for other members of the labor force.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional378 ❖ Chapter 6/Supply, Demand, and Government Policies80. Studies by economists have found that a 10 percent increase in the minimum wage decreases teenageemployment 10 percent.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional81. A large majority of economists favor eliminating the minimum wage.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Economists | Minimum wage MSC: Interpretive82. Advocates of the minimum wage admit that it has some adverse effects, but they believe that these effects aresmall and that a higher minimum wage makes the poor better off.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional83. If the equilibrium wage is $4 per hour and the minimum wage is $5.15 per hour, then a shortage of labor willexist.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: ApplicativeFigure 6-1710203040506070809010010203040506070809010084. Refer to Figure 6-17. A price ceiling set at $30 would result in a shortage of 20 units.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative85. Refer to Figure 6-17. A price ceiling set at $70 would result in a shortage of 40 units.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative86. Refer to Figure 6-17. A price floor set at $60 would result in a surplus of 20 units.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative87. Refer to Figure 6-17. A price floor set at $40 would result in a surplus of 20 units.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: ApplicativeChapter 6/Supply, Demand, and Government Policies ❖379 88. Most economists are in favor of price controls as a way of allocating resources in the economy.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Economists | Price controls MSC: Interpretive89. When policymakers set prices by legal decree, they obscure the signals that normally guide the allocation ofsociety’s resources.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional90. Price controls often hurt those they are trying to help.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional91. Rent subsidies and wage subsidies are better than price controls at helping the poor because they have no costsassociated with them.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: SubsidiesMSC: Interpretive92. The term tax incidence refers to how the burden of a tax is distributed among the various people who make upthe economy.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Definitional93. A tax on sellers shifts the supply curve but not the demand curve.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive94. A tax on sellers shifts the supply curve to the left.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive95. A tax on sellers increases supply.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive96. A tax on sellers and an increase in input prices affect the supply curve in the same way.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive97. A tax of $1 on sellers shifts the supply curve upward by exactly $1.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative98. A tax of $1 on sellers always increases the equilibrium price by $1.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative380 ❖Chapter 6/Supply, Demand, and Government Policies99. A tax on sellers reduces the size of a market.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive100. A tax on sellers increases the quantity of the good sold in the market.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive101. If a tax is imposed on the sellers of a product, then the tax burden will fall entirely on the sellers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive102. A tax on sellers usually causes buyers to pay more the good and sellers to receive less for the good than they did before the tax was levied.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive103. A tax on buyers shifts the demand curve and the supply curve.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive104. A tax on buyers shifts the demand curve to the right.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive105. A tax on buyers decreases demand.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive106. A tax of $1 on buyers shifts the demand curve downward by exactly $1.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative107. A tax of $1 on buyers always decreases the equilibrium price by $1.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative108. A tax on buyers increases the size of a market.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive109. A tax on buyers decreases the quantity of the good sold in the market.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive110. If a tax is imposed on the buyers of a product, then the tax burden will fall entirely on the buyers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive111. A tax on buyers usually causes buyers to pay more the good and sellers to receive less for the good than they did before the tax was levied.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive112. Whether a tax is levied on sellers or buyers, taxes discourage market activity.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional113. Whether a tax is levied on sellers or buyers, taxes encourage market activity.ANS: F DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional114. Whether a tax is levied on sellers or buyers, buyers and sellers usually share the burden of taxes.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Definitional115. Taxes levied on sellers and taxes levied on buyers are equivalent.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional116. The wedge between the buyers’ price and the sellers’ price is the same, regardless of whether the tax is levied on buyers or sellers.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional117. The tax incidence depends on whether the tax is levied on buyers or sellers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive118. Lawmakers can decide whether the buyers or the sellers must send a tax to the government, but they cannot legislate the true burden of a tax.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive119. A tax on golf clubs will cause buyers of golf clubs to pay a higher price, sellers of golf clubs to receive a lower price, and fewer golf clubs to be sold.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative120. FICA is an example of a payroll tax, which is a tax on the wages that firms pay their workers.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Labor markets TOP: FICA taxMSC: Definitional121. Since half of the FICA tax is paid by firms and the other half is paid by workers, the burden of the tax must fall equally on firms and workers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Labor markets TOP: FICA tax incidenceMSC: Interpretive122. Buyers and sellers always share the burden of a tax equally.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive123. Buyers and sellers rarely share the burden of a tax equally.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive124. Who bears the majority of a tax burden depends on whether the tax is placed on the buyers or the sellers. ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive125. Who bears the majority of a tax burden depends on the relative elasticity of supply and demand.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Interpretive126. If the demand curve is very elastic and the supply curve is very inelastic in a market, then the sellers will beara greater burden of a tax imposed on the market, even if the tax is imposed on the buyers.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Interpretive127. If the demand curve is very inelastic and the supply curve is very elastic in a market, then the sellers will beara greater burden of a tax imposed on the market, even if the tax is imposed on the buyers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Interpretive128. A tax burden falls more heavily on the side of the market that is less elastic.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Definitional129. The tax burden falls more heavily on the side of the market that is more inelastic.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Definitional130. A tax on a market with elastic demand and elastic supply will shrink the market more than a tax on a market with inelastic demand and inelastic supply will shrink the market.ANS: T DIF: 3 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Taxes | ElasticityMSC: Analytical131. Most labor economists believe that the supply of labor is much more elastic than the demand.ANS: F DIF: 1 REF: 6-2NAT: Analytic LOC: Labor markets TOP: ElasticityMSC: Definitional132. Workers, rather than firms, bear most of the burden of the payroll tax.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Labor markets TOP: Payroll tax incidenceMSC: Definitional。
曼昆经济学原理微观第五版测试题库【整理版】.doc
曼昆经济学原理微观第五版测试题库【整理版】Chapter 14Firms in Competitive MarketsTRUE/FALSE1. For a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue are all equal.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenue | Marginal revenueMSC: Interpretive2. For a firm operating in a perfectly competitive industry, marginal revenue and average revenue are equal.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenue | Marginal revenueMSC: Interpretive3. If a firm notices that its average revenue equals the current market price, that firm must be participating in a competitive market.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenueMSC: Interpretive4. A profit-maximizing firm in a competitive market will increase production when average revenue exceeds marginal cost.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenueMSC: Interpretive9295. Because there are many buyers and sellers in a perfectly competitive market, no one seller can influence the market price.ANS: T DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional6. Firms operating in perfectly competitive markets try to maximize profits.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Applicative7. In competitive markets, firms that raise their prices are typically rewarded with larger profits.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive8. When an individual firm in a competitive market increases its production, it is likely that the market price will fall.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive9. In a competitive market, firms are unable to differentiate their product from that of other producers.ANS: T DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive10. Firms in a competitive market are said to be price takers because there are many sellers in the market and the goods offered by the firms are very similar if not identical.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive11. A firm's incentive to compare marginal revenue and marginal cost is an application of the principle that rational people think at the margin. ANS: T DIF: 1 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive12. By comparing the marginal revenue and marginal cost from each unit produced, a firm in a competitive market can determine theprofit-maximizing level of production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive13. Firms operating in perfectly competitive markets produce an output level where marginal revenue equals marginal cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Marginal revenueMSC: Applicative14. A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $4.75. The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical15. A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $5. The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical16. A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the unit for $6. The firm should produce more than 100 units in order to maximize its profits (or minimize its losses). ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical17. A dairy farmer must be able to calculate sunk costs in order to determine how much revenue the farm receives for the typical gallon of milk.ANS: F DIF: 1 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive18. Because nothing can be done about sunk costs, they are irrelevant to decisions about business strategy.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive19. A miniature golf course is a good example of where fixed costs become relevant to the decision of when to open and when to close for the season.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive20. A popular resort restaurant will maximize profits if it chooses to stay open during the less-crowded “off season” when its total revenues exceed its variable costs.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive21. All firms maximize profits by producing an output level where marginal revenue equals marginal cost; for firms operating in perfectly competitive industries, maximizing profits also means producing an output level where price equals marginal cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive22. A firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less than that firm’s average total cost but greater than the firm’s average variable cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive23. A firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less than that fir m’s average variable cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive24. A firm operating in a perfectly competitive industry will shut down in the short run but earn losses if the market price is less than that firm’s average variable cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive25. In the short run, a firm should exit the industry if its marginal cost exceeds its marginal revenue.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive26. In making a short-run profit-maximizing production decision, the firm must consider both fixed and variable cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive27. A firm will shut down in the short run if revenue is not sufficient to cover its variable costs of production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive28. Suppose a firm is considering producing zero units of output. We call this shutting down in the short run and exiting an industry in the long run.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive29. Suppose a firm is considering producing zero units of output. We call this exiting an industry in the short run and shutting down in the long run.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive30. A firm will shut down in the short run if revenue is not sufficient to cover all of its fixed costs of production.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive31. The supply curve of a firm in a competitive market is the average variable cost curve above the minimum of marginal cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive32. When a profit-maximizing firm in a competitive market experiences rising prices, it will respond with an increase in production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive33. The marginal firm in a competitive market will earn zero economic profit in the long run.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Economic profitMSC: Interpretive34. A profit-maximizing firm in a competitive market will earn zero accounting profits in the long run.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Accounting profitMSC: Interpretive35. In the long run, when price is less than average total cost for all possible levels of production, a firm in a competitive market will choose to exit (or not enter) the market.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive36. In the long run, when price is greater than average total cost, some firms in a competitive market will choose to enter the market.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive37. In the long run, a firm should exit the industry if its total costs exceed its total revenues.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive38. When a resource used in the production of a good sold in a competitive market is available in only limited quantities, the long-run supply curve is likely to be upward sloping.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive39. A firm operating in a perfectly competitive industry will continue to operate if it earns zero economic profits because it is likely to be earning positive accounting profits.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive40. A firm operating in a perfectly competitive industry will shut down in the short run if its economic profits fall to zero because it is likely to be earning negative accounting profits.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive41. A firm operating in a perfectly competitive market may earn positive, negative, or zero economic profit in the long run.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Long-run supply curveMSC: Interpretive42. A firm operating in a perfectly competitive market may earn positive, negative, or zero economic profit in the short run.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Long-run supply curveMSC: Interpretive43. A firm operating in a perfectly competitive market earns zero economic profit in the long run but remains in business because the firm’s revenues cover the business owners’ opportunity costs.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive44. A competitive market will typically experience entry and exit until accounting profits are zero.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive45. The long-run equilibrium in a competitive market characterized by firms with identical costs is generally characterized by firms operating at efficient scale.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive46. In the long run, a competitive market with 1,000 identical firms will experience an equilibrium price equal to the minimum of each firm's average total cost.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive47. In a long-run equilibrium where firms have identical costs, it is possible that some firms in a competitive market are making a positive economic profit.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive48. When economic profits are zero in equilibrium, the firm's revenue must be sufficient to cover all opportunity costs.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive49. The short-run supply curve in a competitive market must be more elastic than the long-run supply curve.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive50. The long-run supply curve in a competitive market is more elastic than the short-run supply curve.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: InterpretiveSHORT ANSWER1. Describe the difference between average revenue and marginal revenue. Why are both of these revenue measures important to aprofit-maximizing firm?ANS:Average revenue is total revenue divided by the quantity of output. Marginal revenue is the change in total revenue from the sale of each additional unit of output. Marginal revenue is used to determine the profit-maximizing level of production, and average revenue is used to help determine the level of profits. Note that for all firms, price equals average revenue because AR=(PxQ)/Q=P. But only for a firm operating in a perfectly competitive industry does price also equal marginal revenue.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Price MSC: Definitional2. List and describe the characteristics of a perfectly competitive market.ANS:There are many buyers and sellers in the market. The goods offered by the various sellers are largely the same. Firms can freely enter or exit the market.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Competitive markets MSC: Definitional3. Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market?ANS:The firm could not sell any more of its product at a lower price than it could sell at the market price. As a result, it would needlessly forgo revenue if it set a price below the market price. If the firm set a higher price, it would not sell anything at all because a competitive market has many sellers who would supply the product at the market price.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical4. Use a graph to demonstrate the circumstances that would prevail ina competitive market where firms are earning economic profits. Can this scenario be maintained in the long run? Explain your answer.ANS:In a competitive market where firms are earning economic profits, new firms will have an incentive to enter the market. This entry will expand the number of firms, increase the quantity of the good supplied, and drive down prices and profits. Entry will cease once firms are producing the output level where price equals the minimum of the average total costcurve, meaning that each firm earns zero economic profits in the long run.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical5. Explain how a firm in a competitive market identifies theprofit-maximizing level of production. When should the firm raise production, and when should the firm lower production?ANS:The firm selects the level of output at which marginal revenue is equal to marginal cost. If MR > MC, profit will increase if the firm increases Q. If MR < MC, profit will increase if the firm decreases Q.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical6. News reports from the western United States occasionally report incidents of cattle ranchers slaughtering a large number of newborn calves and burying them in mass graves rather than transporting them to markets. Assuming that this is rational behavior by profit-maximizing "firms," explain what economic factors may influence such behavior. ANS:If the selling price is not sufficient to cover the variable cost of sending the calves to market, this (potentially emotionally upsetting) behavior makes economic sense.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical7. Use a graph to demonstrate the circumstances that would prevail ina perfectly competitive market where firms are experiencing economic losses. Identify costs, revenue, and the economic losses on your graph. Using your graph, determine whether an individual firm will shut down in the short run, or choose to remain in the market. Explain your answer.ANS:The losses and revenues are identified on the individual firm's graph. Total cost is equal to the sum of the losses and revenue (becauseprofit/loss=TR-TC, so TC=TR+profit/loss). The decision about whether this firm shuts down or remains in the market depends upon the position of average variable cost. If average variable cost is below P0 at output level Q0, the firm will remain in the market. If average variable cost is above P0 at output level Q0 the firm will shut down in the short run.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical8. At its current level of production a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm'smarginal cost curve crosses the marginal revenue curve at an output level of 1,000 units. What is the firm's current profit? What is likely to occur in this market and why?ANS:$2,500; firms are likely to enter this market since existing firms are earning economic profits.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit MSC: Analytical9. Give two reasons why the long-run industry supply curve may slope upward. Use an example to demonstrate your reasons.ANS:1) Some resource used in production may be available only in limited quantities. 2) Firms may have different cost structures. The example provided in the text for the first reason is the market for farm products. As more people become farmers, the price of land is bid up since its supply is limited. As the price of farm land is bid up, the costs to all farmers in the market rise. The example used to support the second reason is the market for painters. Anyone can enter the market for painting services, but not everyone has the same costs because some painters work faster than others.DIF: 3 REF: 14-3 NAT: Analytic LOC: Perfect competitionTOP: Supply curve MSC: Interpretive10. If identical firms that remain in a competitive market over the long run make zero economic profit, why do these firms choose to remain in the market?ANS:Because a normal rate of return on their investment is included as part of the opportunity cost of production.DIF: 2 REF: 14-3 NAT: Analytic LOC: Perfect competitionTOP: Economic profit MSC: InterpretiveSec00 - Firms in Competitive MarketsMULTIPLE CHOICE1. A firm has market power if it cana. maximize profits.b. minimize costs.c. influence the market price of the good it sells.d. hire as many workers as it needs at the prevailing wage rate.ANS: C DIF: 1 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Market powerMSC: Definitional2. The analysis of competitive firms sheds light on the decisions that lie behind thea. demand curve.b. supply curve.c. way firms make pricing decisions in the not-for-profit sector ofthe economy.d. way financial markets set interest rates.ANS: B DIF: 1 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketMSC: Interpretive3. For any competitive market, the supply curve is closely related to thea. preferences of consumers who purchase products in thatmarket.b. income tax rates of consumers in that market.c. firms’ costs of production in that market.d. interest rates on government bonds.ANS: C DIF: 1 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketMSC: Interpretive4. Suppose that firms in each of the two markets listed below were to increase their prices by 20 percent. Which pair represents the example where customers would decrease their quantity purchased dramatically in one market and only slightly in the other market due to differences in market structure?a. corn and soybeansb. gasoline and restaurantsc. water and cable televisiond. spiral notebooks and college textbooksANS: D DIF: 2 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketMSC: InterpretiveSec01 - Firms in Competitive Markets - What is a Competitive Market? MULTIPLE CHOICE1. A key characteristic of a competitive market is thata. government antitrust laws regulate competition.b. producers sell nearly identical products.c. firms minimize total costs.d. firms have price setting power.ANS: B DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional2. Which of the following is not a characteristic of a competitive market?a. Buyers and sellers are price takers.b. Each firm sells a virtually identical product.c. Free entry is limited.d. Each firm chooses an output level that maximizes profits.ANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional3. In a perfectly competitive market,a. no one seller can influence the price of the product.b. price exceeds marginal revenue for each unit sold.c. average revenue exceeds marginal revenue for each unit sold.d. administrative barriers can make it difficult for firms to enter anindustry.ANS: A DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive4. Who is a price taker in a competitive market?a. buyers onlyb. sellers onlyc. both buyers and sellersd. neither buyers nor sellersANS: C DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional5. Competitive markets are characterized bya. a small number of buyers and sellers.b. unique products.c. the interdependence of firms.d. free entry and exit by firms.ANS: D DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional6. A market is competitive if(i) firms have the flexibility to price their own product.(ii) each buyer is small compared to the market.(iii) each seller is small compared to the market.a. (i) and (ii) onlyb. (i) and (iii) onlyc. (ii) and (iii) onlyd. (i), (ii), and (iii)ANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive7. When a firm has little ability to influence market prices it is said to be in aa. competitive market.b. strategic market.c. thin market.d. power market.ANS: A DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional8. In a competitive market, the actions of any single buyer or seller willa. have a negligible impact on the market price.b. have little effect on market equilibrium quantity but will affectmarket equilibrium price.c. affect marginal revenue and average revenue but not price.d. adversely affect the profitability of more than one firm in themarket.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive9. Because the goods offered for sale in a competitive market are largely the same,a. there will be few sellers in the market.b. there will be few buyers in the market.c. only a few buyers will have market power.d. sellers will have little reason to charge less than the goingmarket price.ANS: D DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive10. Which of the following is not a characteristic of a perfectly competitive market?a. Firms are price takers.b. Firms have difficulty entering the market.c. There are many sellers in the market.d. Goods offered for sale are largely the same.ANS: B DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets11. Which of the following is not a characteristic of a perfectly competitive market?a. Firms are price takers.b. Firms can freely enter the market.c. Many firms have market power.d. Goods offered for sale are largely the same.ANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets MSC: Interpretive12. Free entry means thata. the government pays any entry costs for individual firms.b. no legal barriers prevent a firm from entering an industry.c. a firm's marginal cost is zero.d. a firm has no fixed costs in the short run.ANS: B DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets MSC: Interpretive13. Which of the following industries is most likely to exhibit the characteristic of free entry?a. nuclear powerb. municipal water and sewerc. dairy farmingd. airport securityANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets14. When buyers in a competitive market take the selling price as given, they are said to bea. market entrants.b. monopolists.c. free riders.d. price takers.ANS: D DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional15. When firms are said to be price takers, it implies that if a firm raises its price,a. buyers will go elsewhere.b. buyers will pay the higher price in the short run.c. competitors will also raise their prices.d. firms in the industry will exercise market power.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive16. Which of the following statements best reflects a price-taking firm?a. If the firm were to charge more than the going price, it wouldsell none of its goods.b. The firm has an incentive to charge less than the market priceto earn higher revenue.c. The firm can sell only a limited amount of output at the marketprice before the market price will fall.d. Price-taking firms maximize profits by charging a price abovemarginal cost.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive17. Why does a firm in a competitive industry charge the market price?a. If a firm charges less than the market price, it loses potentialrevenue.b. If a firm charges more than the market price, it loses all itscustomers to other firms.c. The firm can sell as many units of output as it want to at themarket price.d. All of the above are correct.ANS: D DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive18. In a competitive market, no single producer can influence the market price becausea. many other sellers are offering a product that is essentiallyidentical.b. consumers have more influence over the market price thanproducers do.c. government intervention prevents firms from influencing price.d. producers agree not to change the price.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive19. A competitive firm would benefit from charging a price below the market price because the firm would achievea. higher average revenue.。
经济学原理 微观 第五版测试题库 (04)
Chapter 4The Market Forces of Supply and DemandTRUE/FALSE1. Prices allocate a market economy’s scarce resources.ANS: T DIF: 1 REF: 4-0NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Market economies MSC: Definitional2. In a market economy, supply and demand determine both the quantity of each good produced and the price atwhich it is sold.ANS: T DIF: 1 REF: 4-0NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Market economies MSC: Definitional3. A market is a group of buyers and sellers of a particular good or service.ANS: T DIF: 1 REF: 4-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Markets MSC: Definitional4. Sellers as a group determine the demand for a product, and buyers as a group determine the supply of aproduct.ANS: F DIF: 1 REF: 4-1NAT: Analytic LOC: Supply and demand TOP: Demand | SupplyMSC: Definitional5. A yard sale is an example of a market.ANS: T DIF: 2 REF: 4-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Markets MSC: Applicative6. A newspaper’s classified ads are an example of a market.ANS: T DIF: 2 REF: 4-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Markets MSC: Applicative7. Most markets in the economy are highly competitive.ANS: T DIF: 1 REF: 4-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Markets MSC: Definitional8. In a competitive market, the quantity of each good produced and the price at which it is sold are notdetermined by any single buyer or seller.ANS: T DIF: 1 REF: 4-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Competitive markets MSC: Definitional9. In a competitive market, there are so few buyers and so few sellers that each has a significant impact on themarket price.ANS: F DIF: 1 REF: 4-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Competitive markets MSC: Definitional10. In a perfectly competitive market, the goods offered for sale are all exactly the same.ANS: T DIF: 1 REF: 4-1NAT: Analytic LOC: Perfect competition TOP: Perfect competitionMSC: Definitional202Chapter 4 /The Market Forces of Supply and Demand ❖203 11. In a perfectly competitive market, buyers and sellers are price setters.ANS: F DIF: 1 REF: 4-1NAT: Analytic LOC: Perfect competition TOP: Perfect competitionMSC: Definitional12. All goods and services are sold in perfectly competitive markets.ANS: F DIF: 1 REF: 4-1NAT: Analytic LOC: Perfect competition TOP: Perfect competitionMSC: Definitional13. If a good or service has only one seller, then the seller is called a monopoly.ANS: T DIF: 1 REF: 4-1NAT: Analytic LOC: Monopoly TOP: Monopoly MSC: Definitional14. Monopolists are price takers.ANS: F DIF: 2 REF: 4-1NAT: Analytic LOC: Monopoly TOP: Monopoly MSC: Interpretive15. Local cable TV companies frequently are monopolists.ANS: T DIF: 1 REF: 4-1NAT: Analytic LOC: Monopoly TOP: Monopoly MSC: Definitional16. The quantity demanded of a product is the amount that buyers are willing and able to purchase at a particularprice.ANS: T DIF: 1 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Quantity demandedMSC: Definitional17. The law of demand is true for most goods in the economy.ANS: T DIF: 1 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Law of demandMSC: Definitional18. The law of demand states that, other things equal, when the price of a good rises, the quantity demanded of thegood rises, and when the price falls, the quantity demanded falls.ANS: F DIF: 1 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Law of demandMSC: Definitional19. The demand curve is the upward-sloping line relating price and quantity demanded.ANS: F DIF: 1 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Demand curveMSC: Definitional20. Individual demand curves are summed horizontally to obtain the market demand curve.ANS: T DIF: 1 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Market demand curveMSC: Definitional21. The market demand curve shows how the total quantity demanded of a good varies as the income of buyersvaries, while all the other factors that affect how much consumers want to buy are held constant.ANS: F DIF: 1 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Market demand curveMSC: Definitional22. If something happens to alter the quantity demanded at any given price, then the demand curve shifts.ANS: T DIF: 1 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Demand curveMSC: Definitional204 ❖Chapter 4 /The Market Forces of Supply and Demand23. A movement upward and to the left along a given demand curve is called a decrease in demand..ANS: F DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Demand curveMSC: Interpretive24. An increase in demand shifts the demand curve to the left.ANS: F DIF: 1 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Demand curveMSC: Definitional25. If the demand for a good falls when income falls, then the good is called an inferior good.ANS: F DIF: 1 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Normal goodsMSC: Definitional26. When Mario's income decreases, he buys more pasta. For Mario, pasta is a normal good.ANS: F DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Inferior goodsMSC: Applicative27. A decrease in income will shift the demand curve for an inferior good to the right.ANS: T DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Inferior goodsMSC: Interpretive28. An increase in the price of a substitute good will shift the demand curve for a good to the right.ANS: T DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: SubstitutesMSC: Interpretive29. Baseballs and baseball bats are substitute goods.ANS: F DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: ComplementsMSC: Applicative30. A decrease in the price of a complement will shift the demand curve for a good to the left.ANS: F DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: ComplementsMSC: Interpretive31. When an increase in the price of one good lowers the demand for another good, the two goods are calledcomplements.ANS: T DIF: 1 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: ComplementsMSC: Definitional32. Cocoa and marshmallows are complements, so a decrease in the price of cocoa will cause an increase in thedemand for marshmallows.ANS: T DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: ComplementsMSC: Applicative33. If a pe rson expects the price of socks to increase next month, then that person’s current demand for socks willincrease.ANS: T DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: ExpectationsMSC: ApplicativeChapter 4 /The Market Forces of Supply and Demand ❖205 34. A decrease in the price of a product and an increase in the number of buyers in the market affect the demandcurve in the same general way.ANS: F DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Demand curveMSC: Interpretive35. Whenever a determinant of demand other than price changes, the demand curve shifts.ANS: T DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Demand curveMSC: Interpretive36. An increase in the price of pizza will shift the demand curve for pizza to the left.ANS: F DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Demand curveMSC: Applicative37. Public service announcements, mandatory health warnings on cigarette packages, and the prohibition ofcigarette advertising on television are all policies aimed at shifting the demand curve for cigarettes to the right. ANS: F DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: Demand curveMSC: Applicative38. Most studies have found that tobacco and marijuana are complements rather than substitutes.ANS: T DIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demand TOP: ComplementsMSC: Applicative39. The quantity supplied of a good or service is the amount that sellers are willing and able to sell at a particularprice.ANS: T DIF: 1 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Quantity suppliedMSC: Definitional40. When the price of a good is high, selling the good is profitable, and so the quantity supplied is large.ANS: T DIF: 1 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Law of supplyMSC: Definitional41. When the price of a good is low, selling the good is profitable, and so the quantity supplied is large.ANS: F DIF: 1 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Law of supplyMSC: Definitional42. Price cannot fall so low that some sellers choose to supply a quantity of zero.ANS: F DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Quantity suppliedMSC: Interpretive43. The law of supply states that, other things equal, when the price of a good rises, the quantity supplied of thegood falls.ANS: F DIF: 1 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Law of supplyMSC: Definitional44. The law of supply states that, other things equal, when the price of a good falls, the quantity supplied falls aswell.ANS: T DIF: 1 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Law of supplyMSC: Definitional206 ❖Chapter 4 /The Market Forces of Supply and Demand45. If a higher price means a greater quantity supplied, then the supply curve slopes upward.ANS: T DIF: 1 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Supply curveMSC: Definitional46. Individual supply curves are summed vertically to obtain the market supply curve.ANS: F DIF: 1 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Market supply curveMSC: Definitional47. The market supply curve shows how the total quantity supplied of a good varies as input prices vary, holdingconstant all the other factors that influence producers’ decisions about how much to sell.ANS: F DIF: 1 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Market supply curveMSC: Definitional48. If something happens to alter the quantity supplied at any given price, then we move along the fixed supplycurve to a new quantity supplied.ANS: F DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Supply curveMSC: Interpretive49. A movement along a supply curve is called a change in supply while a shift of the supply curve is called achange in quantity supplied.ANS: F DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Supply | Quantity supplied MSC: Interpretive50. A decrease in supply shifts the supply curve to the left.ANS: T DIF: 1 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Supply curveMSC: Definitional51. A reduction in an input price will cause a change in quantity supplied, but not a change in supply.ANS: F DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Input pricesMSC: Interpretive52. An increase in the price of ink will shift the supply curve for pens to the left.ANS: T DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Input pricesMSC: Applicative53. If there is an improvement in the technology used to produce a good, then the supply curve for that good willshift to the left.ANS: F DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: TechnologyMSC: Interpretive54. Advances in production technology typically reduce firms’ costs.ANS: T DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: TechnologyMSC: Interpretive55. If a company making frozen orange juice expects the price of its product to be higher next month, it willsupply more to the market this month.ANS: F DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: ExpectationsMSC: ApplicativeChapter 4 /The Market Forces of Supply and Demand ❖207 56. When a seller expects the price of its product to decrease in the future, the seller's supply curve shifts left now. ANS: F DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: ExpectationsMSC: Interpretive57. An increase in the price of a product and an increase in the number of sellers in the market affect the supplycurve in the same general way.ANS: F DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Supply curveMSC: Interpretive58. Whenever a determinant of supply other than price changes, the supply curve shifts.ANS: T DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Supply curveMSC: Interpretive59. A decrease in the price of pizza will shift the supply curve for pizza to the left.ANS: F DIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demand TOP: Supply curveMSC: Applicative60. Supply and demand together determine the price and quantity of a good sold in a market.ANS: T DIF: 1 REF: 4-4NAT: Analytic LOC: Supply and demand TOP: EquilibriumMSC: Definitional61. A market’s equilibrium is the point at which the supply and demand curves intersect.ANS: T DIF: 1 REF: 4-4NAT: Analytic LOC: Supply and demand TOP: EquilibriumMSC: Definitional62. At the equilibrium price, quantity demanded is equal to quantity supplied.ANS: T DIF: 1 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Definitional63. The equilibrium price is the same as the market-clearing price.ANS: T DIF: 1 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Definitional64. At the equilibrium price, buyers have bought all they want to buy, but sellers have not sold all they want tosell.ANS: F DIF: 1 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Definitional65. The actions of buyers and sellers naturally move markets toward equilibrium.ANS: T DIF: 1 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Definitional66. When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantitysupplied.ANS: F DIF: 1 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Definitional67. When the market price is above the equilibrium price, suppliers are unable to sell all they want to sell.ANS: T DIF: 1 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Definitional68. A surplus is the same as an excess demand.ANS: F DIF: 1 REF: 4-4NAT: Analytic LOC: Supply and demand TOP: SurplusMSC: Definitional208 ❖Chapter 4 /The Market Forces of Supply and Demand69. Sellers respond to a surplus by cutting their prices.ANS: T DIF: 1 REF: 4-4NAT: Analytic LOC: Supply and demand TOP: SurplusMSC: Definitional70. Price will rise to eliminate a surplus.ANS: F DIF: 2 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Surplus MSC: Interpretive71. When quantity supplied exceeds quantity demanded at the current market price, the market has a surplus andmarket price will likely rise in the future to eliminate the surplus.ANS: F DIF: 2 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Surplus MSC: Interpretive72. When the market price is below the equilibrium price, the quantity of the good demanded exceeds the quantitysupplied.ANS: T DIF: 1 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Definitional73. When the market price is below the equilibrium price, suppliers are unable to sell all they want to sell. ANS: F DIF: 1 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Definitional74. A shortage is the same as an excess demand.ANS: T DIF: 1 REF: 4-4NAT: Analytic LOC: Supply and demand TOP: ShortageMSC: Definitional75. Sellers respond to a shortage by cutting their prices.ANS: F DIF: 1 REF: 4-4NAT: Analytic LOC: Supply and demand TOP: ShortageMSC: Definitional76. Price will rise to eliminate a shortage.ANS: T DIF: 2 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Shortage MSC: Interpretive77. When quantity demanded exceeds quantity supplied at the current market price, the market has a shortage andmarket price will likely rise in the future to eliminate the shortage.ANS: T DIF: 2 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Shortage MSC: Interpretive78. Surpluses drive price up while shortages drive price down.ANS: F DIF: 2 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Shortage | SurplusMSC: Interpretive79. A shortage will occur at any price below equilibrium price and a surplus will occur at any price aboveequilibrium price.ANS: T DIF: 2 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Shortage | SurplusMSC: Interpretive80. In a market, the price of any good adjusts until quantity demanded equals quantity supplied.ANS: T DIF: 2 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Interpretive81. When a supply curve or a demand curve shifts, the equilibrium price and equilibrium quantity change. ANS: T DIF: 1 REF: 4-4NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: DefinitionalChapter 4 /The Market Forces of Supply and Demand ❖209 82. Demand refers to the amount buyers wish to buy, whereas the quantity demanded refers to the position of thedemand curve.ANS: F DIF: 1 REF: 4-4NAT: Analytic LOC: Supply and demandTOP: Demand | Quantity demanded MSC: Definitional83. Supply refers to the position of the supply curve, whereas the quantity supplied refers to the amount supplierswish to sell.ANS: T DIF: 1 REF: 4-4NAT: Analytic LOC: Supply and demand TOP: Supply | Quantity supplied MSC: Definitional84. It is not possible for demand and supply to shift at the same time.ANS: F DIF: 2 REF: 4-4NAT: Analytic LOC: Supply and demand TOP: Supply | DemandMSC: Interpretive85. A decrease in demand will cause a decrease in price, which will cause a decrease in supply.ANS: F DIF: 2 REF: 4-4NAT: Analytic LOC: Supply and demand TOP: EquilibriumMSC: Interpretive86. An increase in demand will cause an increase in price, which will cause an increase in quantity supplied. ANS: T DIF: 2 REF: 4-4NAT: Analytic LOC: Supply and demand TOP: EquilibriumMSC: Interpretive87. An increase in supply will cause a decrease in price, which will cause an increase in demand.ANS: F DIF: 2 REF: 4-4NAT: Analytic LOC: Supply and demand TOP: EquilibriumMSC: Interpretive88. A decrease in supply will cause an increase in price, which will cause a decrease in quantity demanded. ANS: T DIF: 2 REF: 4-4NAT: Analytic LOC: Supply and demand TOP: EquilibriumMSC: Interpretive89. In a market economy, prices are the signals that guide the allocation of scarce resources.ANS: T DIF: 1 REF: 4-5NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Market economies MSC: Definitional210 ❖ Chapter 4 /The Market Forces of Supply and DemandSHORT ANSWER1.a. What is the difference between a "change in demand" and a "change in quantity demanded?"Graph your answer.b. For each of the following changes, determine whether there will be a change in quantity demandedor a change in demand.i. a change in the price of a related goodii. a change in tastesiii. a change in the number of buyersiv. a change in pricev. a change in consumer expectationsvi. a change in incomeANS:a. A change in demand refers to a shift of the demand curve. A change in quantity demanded refersto a movement along a fixed demand curve.b. A change in price causes a change in quantity demanded. All of the other changes listed shift thedemand curve.A change in quantity demanded A change in demandDquantity price D D'quantitypriceDIF: 2 REF: 4-2NAT: Analytic LOC: Supply and demandTOP: Demand | Quantity demandedMSC: InterpretiveChapter 4 /The Market Forces of Supply and Demand ❖ 2112.a. What is the difference between a "change in supply" and a "change in quantity supplied?"Graph your answer.b. For each of the following changes, determine whether there will be a change in quantity suppliedor a change in supply.i. a change in input costsii a change in producer expectationsiii. a change in priceiv. a change in technologyv. a change in the number of sellers ANS:a. A change in supply refers to a shift of the supply curve. A change in quantity supplied refers toa movement along a fixed supply curve.b. A change in price causes a change in quantity supplied. All of the other changes listed shift thesupply curve.A change in quantity supplied A change in supplyS quantity price S S'quantitypriceDIF: 2 REF: 4-3NAT: Analytic LOC: Supply and demandTOP: Supply | Quantity supplied MSC: Interpretive3.a. Given the table below, graph the demand and supply curves for flashlights. Make certain tolabel the equilibrium price and equilibrium quantity.b. What is the equilibrium price and the equilibrium quantity?c. Suppose the price is currently $5. What problem would exist in the market? What would youexpect to happen to price? Show this on your graph.d. Suppose the price is currently $2. What problem would exist in the market? What would youexpect to happen to price? Show this on your graph.ANS:a.PeQe1000200030004000500060007000800090001000011000120000.511.522.533.544.55b. The equilibrium price (Pe) is $4 and the equilibrium quantity (Qe) is 8,000.c. A surplus of 4,000 flashlights would be the problem in the market, and we would expect the priceto fall.d. A shortage of 8,000 flashlights would be the problem in the market, and we would expect the priceto rise.DIF: 2 REF: 4-4 NAT: AnalyticLOC: Supply and demand TOP: Equilibrium | Shortage | SurplusMSC: Applicative4. Fill in the table below, showing whether equilibrium price and equilibrium quantity go up, go down, stay thesame, or change ambiguously.DIF: 2 REF: 4-4 NAT: AnalyticLOC: Supply and demand TOP: Demand | SupplyMSC: Interpretive5.Suppose we are analyzing the market for hot chocolate. Graphically illustrate the impact each of the following would have on demand or supply. Also show how equilibrium price and equilibrium quantity would change.a. Winter starts and the weather turns sharply colder.b. The price of tea, a substitute for hot chocolate, falls.c. The price of cocoa beans decreases.d. The price of whipped cream falls.e. A better method of harvesting cocoa beans is introduced.f. The Surgeon General of the U.S. announces that hot chocolate cures acne.g. Protesting farmers dump millions of gallons of milk, causing the price of milk to rise.h. Consumer income falls because of a recession, and hot chocolate is considered a normal good. i. Producers expect the price of hot chocolate to increase next month. j. Currently, the price of hot chocolate is $0.50 per cup above equilibrium.ANS:(a)(b)D D'S Pe'PeQe Qe'quantitypriceD'D SPe Pe'Qe'Qequantityprice(c)(d)DS'S Pe'Pe Qe Qe'quantitypriceDD'SPe'PeQe Qe'quantityprice(e) (f)DS'S Pe'Pe QeQe'quantitypriceDD'SPe'PeQe Qe'quantityprice(g)(h)DS S'PePe'Qe'Qe quantitypriceD'D SPePe'Qe'Qequantityprice(i)(j)DS S'PePe'Qe'Qe quantitypriceDSPePe+Qd Qe $0.50QsSurplusquantitypriceIn (j), a price above equilibrium will affect both quantity demanded and quantity supplied and will cause a surplus in the market. It will not cause either demand or supply to shift.DIF: 2 REF: 4-4 NAT: AnalyticLOC: Supply and demand TOP: Demand | SupplyMSC: ApplicativeSec00 - The Market Forces of Supply and DemandMULTIPLE CHOICE1. The two words most often used by economists area.prices and quantities.b.resources and allocation.c.supply and demand.d.efficiency and equity.ANS: C DIF: 1 REF: 4-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists MSC: Definitional2. The forces that make market economies work area.work and leisure.b.politics and religion.c.supply and demand.d.taxes and government spending.ANS: C DIF: 1 REF: 4-0NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Market economies MSC: Definitional3. In a market economy, supply and demand determinea.both the quantity of each good produced and the price at which it is sold.b.the quantity of each good produced, but not the price at which it is sold.c.the price at which each good is sold, but not the quantity of each good produced.d.neither the quantity of each good produced nor the price at which it is sold.ANS: A DIF: 1 REF: 4-0NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Market economies MSC: Definitional4. In a market economy, supply and demand are important because theya.play a critical role in the allocation of the economy’s scarce resources.b.determine how much of each good gets produced.c.can be used to predict the impact on the economy of various events and policies.d.All of the above are correct.ANS: D DIF: 1 REF: 4-0NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Market economies MSC: Definitional5. In a market economy,a.supply determines demand and demand, in turn, determines prices.b.demand determines supply and supply, in turn, determines prices.c.the allocation of scarce resources determines prices and prices, in turn, determine supply anddemand.d.supply and demand determine prices and prices, in turn, allocate the economy’s scarce resources. ANS: D DIF: 1 REF: 4-0NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Market economies MSC: DefinitionalSec01 - The Market Forces of Supply and Demand - Markets and Competition MULTIPLE CHOICE1. A group of buyers and sellers of a particular good or service is called a(n)a.coalition.b.economy.c.market.petition.ANS: C DIF: 1 REF: 4-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Markets MSC: Definitional2. Which of the following statements is correct?a.Buyers determine supply and sellers determine demand.b.Buyers determine demand and sellers determine supply.c.Buyers determine both demand and supply.d.Sellers determine both demand and supply.ANS: B DIF: 1 REF: 4-1NAT: Analytic LOC: Supply and demand TOP: Demand | Supply MSC: Definitional3. The demand for a good or service is determined bya.those who buy the good or service.b.the government.c.those who sell the good or service.d.both those who buy and those who sell the good or service.ANS: A DIF: 1 REF: 4-1NAT: Analytic LOC: Supply and demand TOP: DemandMSC: Definitional4. The supply of a good or service is determined bya.those who buy the good or service.b.the government.c.those who sell the good or service.d.both those who buy and those who sell the good or service.ANS: C DIF: 1 REF: 4-1NAT: Analytic LOC: Supply and demand TOP: SupplyMSC: Definitional5. For a market for a good or service to exist,a.there must be a group of buyers and sellers.b.there must be a specific time and place at which the good or service is traded.c.there must be a high degree of organization present.d.All of the above are correct.ANS: A DIF: 1 REF: 4-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Markets MSC: Definitional6. Which of the following is an example of a market?a. a gas stationb. a garage salec. a barber shopd.All of the above are examples of markets.ANS: D DIF: 2 REF: 4-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Markets MSC: Applicative。
经济学原理 微观 第五版测试题库 (07)
Chapter 7Consumers, Producers, and the Efficiency of MarketsTRUE/FALSE1. Welfare economics is the study of the welfare system.ANS: F DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Welfare MSC: Definitional2. The willingness to pay is the maximum amount that a buyer will pay for a good and measures how much thebuyer values the good.ANS: T DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Willingness to payMSC: Definitional3. For any given quantity, the price on a demand curve represents the marginal buyer's willingness to pay. ANS: T DIF: 2 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Willingness to payMSC: Interpretive4. A buyer is willing to buy a product at a price greater than or equal to his willingness to pay, but would refuseto buy a product at a price less than his willingness to pay.ANS: F DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Willingness to payMSC: Definitional5. Consumer surplus is the amount a buyer actually has to pay for a good minus the amount the buyer is willingto pay for it.ANS: F DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Definitional6. Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually hasto pay for it.ANS: T DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Definitional7. Consumer surplus measures the benefit to buyers of participating in a market.ANS: T DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Interpretive8. Consumer surplus can be measured as the area between the demand curve and the equilibrium price.ANS: T DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Interpretive9. Consumer surplus can be measured as the area between the demand curve and the supply curve.ANS: F DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Interpretive10. Joel has a 1966 Mustang, which he sells to Susie, an avid car collector. Susie is pleased since she paid $8,000for the car but would have been willing to pay $11,000 for the car. Susie's consumer surplus is $2,000. ANS: F DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Interpretive453454 Chapter 7/Consumers, Producers, and the Efficiency of Markets11. If Darby values a soccer ball at $50, and she pays $40 for it, her consumer surplus is $10.ANS: T DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Applicative12. If Darby values a soccer ball at $50, and she pays $40 for it, her consumer surplus is $90.ANS: F DIF: 1 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Applicative13. All else equal, an increase in supply will cause an increase in consumer surplus.ANS: T DIF: 2 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Applicative14. Suppose there is an increase in supply that reduces market price. Consumer surplus increases because (1)consumer surplus received by existing buyers increases and (2) new buyers enter the market.ANS: T DIF: 2 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Interpretive15. If the government imposes a binding price floor in a market, then the consumer surplus in that market willincrease.ANS: F DIF: 2 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Applicative16. If the government imposes a binding price floor in a market, then the consumer surplus in that market willdecrease.ANS: T DIF: 2 REF: 7-1 NAT: AnalyticLOC: Supply and demand TOP: Consumer surplusMSC: Applicative17. Each seller of a product is willing to sell as long as the price he or she can receive is greater than theopportunity cost of producing the product.ANS: T DIF: 1 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Opportunity costMSC: Interpretive18. At any quantity, the price given by the supply curve shows the cost of the lowest-cost seller.ANS: F DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Opportunity costMSC: Interpretive19. In a competitive market, sales go to those producers who are willing to supply the product at the lowest price. ANS: T DIF: 1 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive20. Producer surplus is the amount a seller is paid minus the cost of production.ANS: T DIF: 1 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Definitional21. Producer surplus is the cost of production minus the amount a seller is paid.ANS: F DIF: 1 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: DefinitionalChapter 7/Consumers, Producers, and the Efficiency of Markets 455 22. All else equal, an increase in demand will cause an increase in producer surplus.ANS: T DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative23. All else equal, a decrease in demand will cause an increase in producer surplus.ANS: F DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative24. If producing a soccer ball costs Jake $5, and he sells it for $40, his producer surplus is $45.ANS: F DIF: 1 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative25. If producing a soccer ball costs Jake $5, and he sells it for $40, his producer surplus is $35.ANS: T DIF: 1 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative26. Connie can clean windows in large office buildings at a cost of $1 per window. The market price forwindow-cleaning services is $3 per window. If Connie cleans 100 windows, her producer surplus is $100. ANS: F DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative27. Connie can clean windows in large office buildings at a cost of $1 per window. The market price forwindow-cleaning services is $3 per window. If Connie cleans 100 windows, her producer surplus is $200. ANS: T DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative28. The area below the price and above the supply curve measures the producer surplus in a market.ANS: T DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Interpretive29. The area below the demand curve and above the supply curve measures the producer surplus in a market. ANS: F DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Interpretive30. If the government imposes a binding price ceiling in a market, then the producer surplus in that market willincrease.ANS: F DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Applicative31. When demand increases so that market price increases, producer surplus increases because (1) producersurplus received by existing sellers increases, and (2) new sellers enter the market.ANS: T DIF: 2 REF: 7-2 NAT: AnalyticLOC: Supply and demand TOP: Producer surplusMSC: Interpretive32. Total surplus in a market is consumer surplus minus producer surplus.ANS: F DIF: 1 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Total surplusMSC: Definitional456 Chapter 7/Consumers, Producers, and the Efficiency of Markets33. Total surplus = Value to buyers - Costs to sellers.ANS: T DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Total surplusMSC: Interpretive34. Total surplus in a market can be measured as the area below the supply curve plus the area above the demandcurve, up to the point of equilibrium.ANS: F DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Total surplusMSC: Interpretive35. Producing a soccer ball costs Jake $5. He sells it to Darby for $35. Darby values the soccer ball at $50.For this transaction, the total surplus in the market is $40.ANS: F DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Total surplusMSC: Applicative36. The equilibrium of supply and demand in a market maximizes the total benefits to buyers and sellers ofparticipating in that market.ANS: T DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive37. Efficiency refers to whether a market outcome is fair, while equality refers to whether the maximum amountof output was produced from a given number of inputs.ANS: F DIF: 1 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency | EqualityMSC: Definitional38. Efficiency is related to the size of the economic pie, whereas equality is related to how the pie gets sliced anddistributed.ANS: T DIF: 1 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency | EqualityMSC: Definitional39. Free markets allocate (a) the supply of goods to the buyers who value them most highly and (b) the demandfor goods to the sellers who can produce them at least cost.ANS: T DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive40. Economists generally believe that, although there may be advantages to society from ticket-scalping, the coststo society of this activity outweigh the benefits.ANS: F DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive41. Economists argue that restrictions against ticket scalping actually drive up the cost of many tickets.ANS: T DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive42. If the United States legally allowed for a market in transplant organs, it is estimated that one kidney would sellfor at least $100,000.ANS: F DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency | EqualityMSC: Interpretive43. Even though participants in the economy are motivated by self-interest, the "invisible hand" of themarketplace guides this self-interest into promoting general economic well-being.ANS: T DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Invisible handMSC: InterpretiveChapter 7/Consumers, Producers, and the Efficiency of Markets 457 44. The current policy on kidney donation effectively sets a price ceiling of zero.ANS: T DIF: 2 REF: 7-3 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive45. Unless markets are perfectly competitive, they may fail to maximize the total benefits to buyers and sellers. ANS: T DIF: 2 REF: 7-4 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Interpretive46. In order to conclude that markets are efficient, we assume that they are perfectly competitive.ANS: T DIF: 2 REF: 7-4 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Applicative47. Markets will always allocate resources efficiently.ANS: F DIF: 2 REF: 7-4 NAT: AnalyticLOC: Supply and demand TOP: Efficiency MSC: Applicative48. When markets fail, public policy can potentially remedy the problem and increase economic efficiency. ANS: T DIF: 2 REF: 7-4 NAT: AnalyticLOC: Supply and demand TOP: Market failureMSC: Interpretive49. Market power and externalities are examples of market failures.ANS: T DIF: 2 REF: 7-4 NAT: AnalyticLOC: Supply and demand TOP: Market failureMSC: Interpretive458 Chapter 7/Consumers, Producers, and the Efficiency of MarketsSHORT ANSWER1. Answer each of the following questions about demand and consumer surplus.a.What is consumer surplus, and how is it measured?b.What is the relationship between the demand curve and the willingness to pay?c.Other things equal, what happens to consumer surplus if the price of a good falls? Why? Illustrateusing a demand curve.d.In what way does the demand curve represent the benefit consumers receive from participating in amarket? In addition to the demand curve, what else must be considered to determine consumersurplus?ANS:a.Consumer surplus measures the benefit to buyers of participating in a market. It is measured as theamount a buyer is willing to pay for a good minus the amount a buyer actually pays for it. For anindividual purchase, consumer surplus is the difference between the willingness to pay, as shownon the demand curve, and the market price. For the market, total consumer surplus is the area under the demand curve and above the price, from the origin to the quantity purchased.b.Because the demand curve shows the maximum amount buyers are willing to pay for a givenmarket quantity, the price given by the demand curve represents the willingness to pay of themarginal buyer.c.When the price of a good falls, consumer surplus increases for two reasons. First, those buyerswho were already buying the good receive an increase in consumer surplus because they arepaying less (area B). Second, some new buyers enter the market because the price of the good isnow lower than their willingness to pay (area C); hence, there is additional consumer surplusgenerated from their purchases. The graph should show that as price falls from P2 to P1,consumer surplus increases from area A to area A+B+C.d.Since the demand curve represents the maximum price the marginal buyer is willing to pay for agood, it must also represent the maximum benefit the buyer expects to receive from consumingthe good. Consumer surplus must take into account the amount the buyer actually pays for thegood, with consumer surplus measured as the difference between what the buyer is willing to payand what he/she actually paid. Consumer surplus, then, measures the benefit the buyer didn't haveto "pay for."P2P1Q2Q1DemandABCD FQuantityPriceDIF: 2 REF: 7-1 NAT: Analytic LOC: Supply and demand TOP: Consumer surplus MSC: InterpretiveChapter 7/Consumers, Producers, and the Efficiency of Markets 4592. Tammy loves donuts. The table shown reflects the value Tammy places on each donut she eats:a. Use this information to construct Tammy's demand curve for donuts.b. If the price of donuts is $0.20, how many donuts will Tammy buy?c. Show Tammy's consumer surplus on your graph. How much consumer surplus would she haveat a price of $0.20?d. If the price of donuts rose to $0.40, how many donuts would she purchase now? What wouldhappen to Tammy's consumer surplus? Show this change on your graph.ANS: a. 123456780.10.20.30.40.50.60.70.80.91b. At a price of $0.20, Tammy would buy 5 donuts.c. The figure below shows Tammy's consumer surplus. At a price of $0.20, Tammy's consumer surpluswould be $1.00.123456780.10.20.30.40.50.60.70.80.91d. If the price of donuts rose to $0.40, Tammy's consumer surplus would fall to $0.30 and she wouldpurchase only 3 donuts.460 Chapter 7/Consumers, Producers, and the Efficiency of Markets123456780.10.20.30.40.50.60.70.80.91DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Consumer surplusMSC: Applicative 3. Answer each of the following questions about supply and producer surplus.a. What is producer surplus, and how is it measured?b. What is the relationship between the cost to sellers and the supply curve?c. Other things equal, what happens to producer surplus when the price of a good rises? Illustrateyour answer on a supply curve.ANS:a. Producer surplus measures the benefit to sellers of participating in a market. It is measured as theamount a seller is paid minus the cost of production. For an individual sale, producer surplus ismeasured as the difference between the market price and the cost of production, as shown on thesupply curve. For the market, total producer surplus is measured as the area above the supplycurve and below the market price, between the origin and the quantity sold.b. Because the supply curve shows the minimum amount sellers are willing to accept for a givenquantity, the supply curve represents the cost of the marginal seller.c. When the price of a good rises, producer surplus increases for two reasons. First, those sellerswho were already selling the good have an increase in producer surplus because the price theyreceive is higher (area A). Second, new sellers will enter the market because the price of the goodis now higher than their willingness to sell (area B); hence, there is additional producer surplusgenerated from their sales. The graph should show that as price rises from P1 to P2, producersurplus increases from area C to area A+B+C.SupplyP1P2Q1Q2AC BDG QuantityPriceDIF: 2 REF: 7-2NAT: Analytic LOC: Supply and demand TOP: Producer surplus MSC: InterpretiveChapter 7/Consumers, Producers, and the Efficiency of Markets 461 4. Given the following equations two equations:1)Total Surplus = Consumer Surplus + Producer Surplus2)Total Surplus = Value to Buyers - Cost to SellersShow how equation (1) can be used to derive equation (2).ANS:Start with the equation: Total Surplus = Consumer Surplus + Producer Surplus. Then, since Consumer Surplus = Value to buyers - Amount paid by buyers, and since Producer Surplus = Amount received by sellers - Costs of sellers, then Total Surplus can be written as: Value to buyers - Amount paid by buyers + Amount received by sellers - Costs of sellers. Since the Amount paid by buyers equals the Amount received by sellers, the middle two terms cancel out and the result is:Total Surplus = Value to buyers - Costs of sellers.DIF: 2 REF: 7-3 NAT: Analytic LOC: Supply and demandTOP: Total surplus MSC: Analytical462 Chapter 7/Consumers, Producers, and the Efficiency of Markets5. Answer the following questions based on the graph that represents J.R.'s demand for ribs per week of ribs atJudy's rib shack.a.At the equilibrium price, how many ribs would J.R. be willing to purchase? b.How much is J.R. willing to pay for 20 ribs? c.What is the magnitude of J.R.'s consumer surplus at the equilibrium price? d.At the equilibrium price, how many ribs would Judy be willing to sell? e.How high must the price of ribs be for Judy to supply 20 ribs to the market? f.At the equilibrium price, what is the magnitude of total surplus in the market? g.If the price of ribs rose to $10, what would happen to J.R.'s consumer surplus? h.If the price of ribs fell to $5, what would happen to Judy's producer surplus?i. Explain why the graph that is shown verifies the fact that the market equilibrium (quantity)maximizes the sum of producer and consumer surplus.510203040506070802468101214161820ANS:a.40 b.$10.00 c.$80.00. d.40 e.$5 f.$200 g.It would fall from $80 to only $20. h.It would fall from $120 to only $30.i. At quantities less than the equilibrium quantity, the marginal value to buyers exceeds the marginalcost to sellers. Increasing the quantity in this region raises total surplus until equilibrium quantityis reached. At quantities greater than the equilibrium quantity, the marginal cost to sellers exceedsthe marginal value to buyers and total surplus falls.DIF: 3 REF: 7-3 NAT: Analytic LOC: Supply and demandTOP: Consumer surplus | Producer surplus | Total surplusMSC: Analytical Sec00 - Consumers, Producers, and the Efficiency of MarketsMULTIPLE CHOICE1. Welfare economics is the study of howa. the allocation of resources affects economic well-being.b. a price ceiling compares to a price floor.c. the government helps poor people.d. a consumer’s optimal choice affects h er demand curve.ANS: A DIF: 1 REF: 7-0NAT: AnalyticLOC: Supply and demand TOP: Welfare MSC: Definitional2. Welfare economics is the study ofa.taxes and subsidies.b.how technology is best put to use in the production of goods and services.ernment welfare programs for needy people.d.how the allocation of resources affects economic well-being.ANS: D DIF: 1 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Definitional3. Welfare economics is the study ofa.the well-being of less fortunate people.b.welfare programs in the United States.c.how the allocation of resources affects economic well-being.d.the effect of income redistribution on work effort.ANS: C DIF: 1 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Definitional4. The study of how the allocation of resources affects economic well-being is calleda.consumer economics.b.macroeconomics.c.willingness-to-pay economics.d.welfare economics.ANS: D DIF: 1 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Definitional5. An example of positive analysis is studyinga.how market forces produce equilibrium.b.whether equilibrium outcomes are fair.c.whether equilibrium outcomes are socially desirable.d.if income distributions are fair.ANS: A DIF: 1 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: Positive statements MSC: Definitional6. An example of normative analysis is studyinga.how market forces produce equilibrium.b.surpluses and shortages.c.whether equilibrium outcomes are socially desirable.d.income distributions.ANS: C DIF: 1 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: Normative statements MSC: Definitional7. Which of the Ten Principles of Economics does welfare economics explain more fully?a.The cost of something is what you give up to get it.b.Markets are usually a good way to organize economic activity.c.Trade can make everyone better off.d. A country’s standard of living depends on its ability to produce goods a nd services.ANS: B DIF: 2 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Interpretive8. Which of the Ten Principles of Economics does welfare economics explain more fully?a.The cost of something is what you give up to get it.b.Rational people think at the margin.c.Markets are usually a good way to organize economic activity.d.People respond to incentives.ANS: C DIF: 2 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Interpretive9. One of the basic principles of economics is that markets are usually a good way to organize economic activity.This principle is explained by the study ofa.factor markets.b.energy markets.c.welfare economics.bor economics.ANS: C DIF: 1 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Interpretive10. A result of welfare economics is that the equilibrium price of a product is considered to be the best pricebecause ita.maximizes both the total revenue for firms and the quantity supplied of the product.b.maximizes the combined welfare of buyers and sellers.c.minimizes costs and maximizes output.d.minimizes the level of welfare payments.ANS: B DIF: 2 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Interpretive11. The particular price that results in quantity supplied being equal to quantity demanded is the best price becauseita.maximizes costs of the seller.b.maximizes tax revenue for the government.c.maximizes the combined welfare of buyers and sellers.d.minimizes the expenditure of buyers.ANS: C DIF: 2 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: Interpretive12. Welfare economics explains which of the following in the market for DVDs?a.The government sets the price of DVDs; firms respond to the price by producing a specific level ofoutput.b.The government sets the quantity of DVDs; firms respond to the quantity by charging a specificprice.c.The market equilibrium price for DVDs maximizes the total welfare to DVD buyers and sellers.d.The market equilibrium price for DVDs maximizes consumer welfare but minimizes producerwelfare.ANS: C DIF: 2 REF: 7-0NAT: Analytic LOC: Supply and demand TOP: WelfareMSC: InterpretiveSec01 - Consumers, Producers, and the Efficiency of Markets - Consumer Surplus MULTIPLE CHOICE1. The maximum price that a buyer will pay for a good is called thea.cost.b.willingness to pay.c.equity.d.efficiency.ANS: B DIF: 1 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to payMSC: Definitional2. Suppose Larry, Moe and Curly are bidding in an auction for a mint-condition video of Charlie Chaplin's firstmovie. Each has in mind a maximum amount that he will bid. This maximum is calleda. a resistance price.b.willingness to pay.c.consumer surplus.d.producer surplus.ANS: B DIF: 1 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to payMSC: Definitional3. Suppose Chris and Laura attend a charity benefit and participate in a silent auction. Each has in mind amaximum amount that he or she will bid for an oil painting by a locally famous artist. This maximum is calleda.deadweight loss.b.willingness to pay.c.consumer surplus.d.producer surplus.ANS: B DIF: 1 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to payMSC: Definitional4. Willingness to paya.measures the value that a buyer places on a good.b.is the amount a seller actually receives for a good minus the minimum amount the seller is willingto accept.c.is the maximum amount a buyer is willing to pay minus the minimum amount a seller is willing toaccept.d.is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. ANS: A DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to payMSC: Definitional5. A consumer's willingness to pay directly measuresa.the extent to which advertising and other external forces have influenced the consumer’spreferences.b.the cost of a good to the buyer.c.how much a buyer values a good.d.consumer surplus.ANS: C DIF: 2 REF: 7-1NAT: Analytic TOP: Willingness to pay MSC: Interpretive6. When a buyer’s willingness to pay for a good is equal to the price of the good, thea.buyer’s consumer surplus for that goo d is maximized.b.buyer will buy as much of the good as the buyer’s budget allows.c.price of the good exceeds the value that the buyer places on the good.d.buyer is indifferent between buying the good and not buying it.ANS: D DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to pay MSC: Interpretive7. In which of the following circumstances would a buyer be indifferent about buying a good?a.The amount of consumer surplus the buyer would experience as a result of buying the good is zero.b.The price of the good is equal to the buyer’s willingness to pay for the good.c.The price of the good is equal to the value the buyer places on the good.d.All of the above are correct.ANS: D DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to pay MSC: Interpretive8. A demand curve reflects each of the following except thea.willingness to pay of all buyers in the market.b.value each buyer in the market places on the good.c.highest price buyers are willing to pay for each quantity.d.ability of buyers to obtain the quantity they desire.ANS: D DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Willingness to pay MSC: Interpretive9. Consumer surplus isa.the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.b.the amount a buyer is willing to pay for a good minus the cost of producing the good.c.the amount by which the quantity supplied of a good exceeds the quantity demanded of the good.d. a buyer's willingness to pay for a good plus the price of the good.ANS: A DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Consumer surplusMSC: Definitional10. Consumer surplusa.is the amount of a good that a consumer can buy at a price below equilibrium price.b.is the amount a consumer is willing to pay minus the amount the consumer actually pays.c.is the number of consumers who are excluded from a market because of scarcity.d.measures how much a seller values a good.ANS: B DIF: 2 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Consumer surplusMSC: Definitional11. Consumer surplus is thea.amount of a good consumers get without paying anything.b.amount a consumer pays minus the amount the consumer is willing to pay.c.amount a consumer is willing to pay minus the amount the consumer actually pays.d.value of a good to a consumer.ANS: C DIF: 1 REF: 7-1NAT: Analytic LOC: Supply and demand TOP: Consumer surplusMSC: Definitional。
经济学原理 微观 第五版测试题库 (03)
Chapter 3Interdependence and the Gains from TradeTRUE/FALSE1. In most countries today, many goods and services consumed are imported from abroad, and many goods andservices produced are exported to foreign customers.ANS: T DIF: 1 REF: 3-0NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Trade MSC: Definitional2. Interdependence among individuals and interdependence among nations are both based on the gains fromtrade.ANS: T DIF: 2 REF: 3-0NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive3. If a person chooses self-sufficiency, then she can only consume what she produces.ANS: T DIF: 1 REF: 3-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Self-sufficiency MSC: Definitional4. If Wrex can produce more math problems per hour and more book reports per hour than Maxine can, thenWrex cannot gain from trading math problems and book reports with Maxine.ANS: F DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative5. It is possible for the U.S. to gain from trade with Germany even if it takes U.S. workers fewer hours toproduce every good than it takes German workers.ANS: T DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative6. A production possibilities frontier is a graph that shows the combination of outputs that an economy shouldproduce.ANS: F DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive7. Production possibilities frontiers cannot be used to illustrate tradeoffs.ANS: F DIF: 1 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Definitional8. An economy can produce at any point on or inside its production possibilities frontier, but it cannot produce atpoints outside its production possibilities frontier.ANS: T DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive9. Trade allows a country to consume outside its production possibilities frontier.ANS: T DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier | Trade MSC: Interpretive10. Opportunity cost refers to how many inputs a producer requires to produce a good.ANS: F DIF: 1 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Definitional128Chapter 3 /Interdependence and the Gains from Trade ❖129 11. Opportunity cost measures the trade-off between two goods that each producer faces.ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Definitional12. For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunitycost of the other good.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Interpretive13. Henry can make a bird house in 3 hours and he can make a bird feeder in 1 hour. The opportunity cost toHenry of making a bird house is 1/3 bird feeder.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative14. Suppose that in one hour Dewey can produce either 10 bushels of corn or 20 yards of cloth. Then Dewey’sopportunity cost of producing one bushel of corn is 1/2 yard of cloth.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative15. Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can completean oil change in 30 minutes and she can write a poem in 90 minutes. Jake's opportunity cost of writing a poem is lower than Ming-la's opportunity cost of writing a poem.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative16. Harry is a computer company executive, earning $200 per hour managing the company and promoting itsproducts. His daughter Quinn is a high school student, earning $6 per hour helping her grandmother on the farm. Harry's computer is broken. He can repair it himself in one hour. Quinn can repair it in 10 hours.Harry’s opportunity cost of repairing the computer is lower than Quinn’s.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative17. If one producer has the absolute advantage in the production of all goods, then that same producer will havethe comparative advantage in the production of all goods as well.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Interpretive18. If a country has the comparative advantage in producing a product, then that country must also have theabsolute advantage in producing that product.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Interpretive19. In an economy consisting of two people producing two goods, it is possible for one person to have theabsolute advantage and the comparative advantage in both goods.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Interpretive20. If one producer is able to produce a good at a lower opportunity cost than some other producer, then theproducer with the lower opportunity cost is said to have an absolute advantage in the production of that good. ANS: F DIF: 1 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Comparative advantage MSC: Definitional130 ❖Chapter 3 /Interdependence and the Gains from Trade21. Unless two people who are producing two goods have exactly the same opportunity costs, then one person willhave a comparative advantage in one good, and the other person will have a comparative advantage in the other good.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Comparative advantage MSC: Interpretive22. Zora can produce 4 quilts in a week and she can produce 1 corporate website in a week. Lou can produce 9quilts in a week and he can produce 2 corporate websites in a week. Zora has the comparative advantage in quilts and the absolute advantage in neither good, while Lou has the comparative advantage in corporatewebsites and the absolute advantage in both goods.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Applicative23. Timmy can edit 2 pages in one minute and he can type 80 words in one minute. Olivia can edit 1 page in oneminute and she can type 100 words in one minute. Timmy has an absolute advantage and a comparativeadvantage in editing, while Olivia has an absolute advantage and a comparative advantage in typing.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Applicative24. Suppose Hank and Tony can both produce corn. If Hank’s opportunity cost of producing a bushel of corn is2 bushels of soybeans and Tony’s opportunity cos t of producing a bushel of corn is3 bushels of soybeans,then Hank has the comparative advantage in the production of corn.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Comparative advantage MSC: Applicative25. It takes Anne 3 hours to make a pie and 4 hours to make a shirt. It takes Mary 2 hours to make a pie and 5hours to make a shirt. Anne should specialize in making shirts and Mary should specialize in making pies, and they should trade.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Specialization MSC: Applicative26. The principle of comparative advantage states that, regardless of the price at which trade takes place, everyonewill benefit from trade if they specialize in the production of the good for which they have a comparativeadvantage.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Comparative advantage MSC: Interpretive27. The gains from specialization and trade are based on absolute advantage.ANS: F DIF: 1 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Definitional28. Trade can benefit everyone in society because it allows people to specialize in activities in which they have acomparative advantage.ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Definitional29. Two countries can achieve gains from trade even if one country has an absolute advantage in the production ofboth goods.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: InterpretiveChapter 3 /Interdependence and the Gains from Trade ❖131 30. It takes Ross 6 hours to produce a bushel of corn and 2 hours to wash and polish a car. It takes Courtney 6hours to produce a bushel of corn and 1 hour to wash and polish a car. Courtney and Ross cannot gain from specialization and trade, since it takes each of them 6 hours to produce 1 bushel of corn.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative31. Differences in opportunity cost allow for gains from trade.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive32. As long as two people have different opportunity costs, each can gain from trade with the other, since tradeallows each person to obtain a good at a price lower than his or her opportunity cost.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive33. Trade allows a person to obtain goods at prices that are less than that person's opportunity cost because eachperson specializes in the activity for which he or she has the lower opportunity cost.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive34. When each person specializes in producing the good in which he or she has a comparative advantage, eachperson can gain from trade but total production in the economy is unchanged.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive35. For both parties to gain from trade, the price at which they trade must lie exactly in the middle of the twoopportunity costs.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive36. Adam Smith was the author of the 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations. ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists MSC: Definitional37. David Ricardo was the author of the 1817 book Principles of Political Economy and Taxation.ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists MSC: Definitional38. Adam Smith wrote that a person should never attempt to make at home what it will cost him more to makethan to buy.ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists MSC: Definitional39. Adam Smith developed the theory of comparative advantage as we know it today.ANS: F DIF: 1 REF: 3-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists | Comparative advantage MSC: Definitional132 ❖Chapter 3 /Interdependence and the Gains from Trade40. Goods produced abroad and sold domestically are called exports and goods produced domestically and soldabroad are called imports.ANS: F DIF: 1 REF: 3-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Exports | Imports MSC: Definitional41. International trade may make some individuals in a nation better off, while other individuals are made worseoff.ANS: T DIF: 2 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive42. For international trade to benefit a country, it must benefit all citizens of that country.ANS: F DIF: 2 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive43. Some countries win in international trade, while other countries lose.ANS: F DIF: 2 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive44. Trade can make some individuals worse off, even as it makes the country as a whole better off.ANS: T DIF: 1 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Definitional45. Trade allows all countries to achieve greater prosperity.ANS: T DIF: 1 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: DefinitionalSHORT ANSWER1. Explain the difference between absolute advantage and comparative advantage. Which is more important indetermining trade patterns, absolute advantage or comparative advantage? Why?ANS:Absolute advantage refers to productivity, as in the producer who can produce a product at a lower cost in terms of the resources used in production. Comparative advantage refers to the producer who can produce a product at a lower opportunity cost. Comparative advantage is the principle upon which trade patterns are based. Comparative advantage is based on opportunity cost, and opportunity cost measures the real cost to an individual or country of producing a particular product. Opportunity cost is therefore the information necessary for an individual or nation to determine whether to produce a good or buy it from someone else.DIF: 2 REF: 3-2 NAT: AnalyticLOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage | Trade MSC: InterpretiveChapter 3 /Interdependence and the Gains from Trade ❖ 1332. The only two countries in the world, Alpha and Omega, face the following production possibilities frontiers.Alpha’s Production Possibilities FrontierOmega’s Production Possibilities Frontier255075100125150175200225250255075100125150175200225250275300255075100125150175200225255075100125150175200225250275300a. Assume that each country decides to use half of its resources in the production of each good.Show these points on the graphs for each country as point A.b. If these countries choose not to trade, what would be the total world production of popcorn andpeanuts?c. Now suppose that each country decides to specialize in the good in which each has acomparative advantage. By specializing, what is the total world production of each product now?d. If each country decides to trade 100 units of popcorn for 100 units of peanuts, show on thegraphs the gain each country would receive from trade. Label these points B.ANS: Alpha’s Production Possibilities Frontier Omega’s Production Possibilities Frontier255075100125150175200225250255075100125150175200225250275300255075100125150175200225255075100125150175200225250275300134 ❖Chapter 3 /Interdependence and the Gains from Tradea.Alpha would be producing 125 units of peanuts and 75 units of popcorn (point A on its productionpossibilities frontier) and Omega would be producing 50 units of peanuts and 150 units of popcorn(point A on its production possibilities frontier).b.The total world production of peanuts would be 175 units and the total world production of popcornwould be 225 units.c.The total world production of peanuts would now be 250 units and the total world production ofpopcorn would now be 300 units.d.Alpha would be producing 250 units of peanuts and would trade 100 of them to Omega, leavingAlpha with 150 units of peanuts. Alpha would then receive 100 units of popcorn from Omega.Omega would be producing 300 units of popcorn and would trade 100 of them to Alpha, leavingOmega with 200 units of popcorn. Omega would then receive 100 units of peanuts from Alpha.DIF: 2 REF: 3-2 NAT: AnalyticLOC: Gains from trade, specialization and tradeTOP: Production possibilities frontier | Gains from trade MSC: Applicative3. Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind ofmeal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix her meals? Explain.ANS:Since Julia's opportunity cost of preparing a meal is $50, and Jacque's opportunity cost of preparing a meal is $40, each of them will be better off by $5 per meal if this arrangement is made.DIF: 2 REF: 3-2 NAT: AnalyticLOC: Gains from trade, specialization and trade TOP: Gains from tradeMSC: Applicative4. Gary and Diane must prepare a presentation for their marketing class. As part of their presentation, they mustdo a series of calculations and prepare 50 PowerPoint slides. It would take Gary 10 hours to do the required calculation and 10 hours to prepare the slides. It would take Diane 12 hours to do the calculations and 20 hours to prepare the slides.a.How much time would it take the two to complete the project if they divide the calculations equally andthe slides equally?b.How much time would it take the two to complete the project if they use comparative advantage andspecialize in calculating or preparing slides?c.If Diane and Gary have the same opportunity cost of $5 per hour, is there a better solution than for eachto specialize in calculating or preparing slides?ANS:a.If both tasks are divided equally, it will take 11 hours for the calculations and 15 hours for the writing,for a total of 26 hours.b.If Diane specializes in calculating and Gary specializes in preparing slides, it will take 22 hours tocomplete the project.c.If Diane specializes in calculating, her opportunity cost will be $60; hence, Diane would be better off ifshe paid Gary any amount less than $60 to do the calculating. Since Gary's opportunity cost of doing thecalculations is only $50, he would be better off if Diane paid him between $50 and $60 dollars to do thecalculations. In this case, the total time spent on the project would be 20 hours.DIF: 2 REF: 3-2 NAT: AnalyticLOC: Gains from trade, specialization and trade TOP: Gains from tradeMSC: ApplicativeChapter 3 /Interdependence and the Gains from Trade ❖135 Sec00 - Interdependence and the Gains from TradeMULTIPLE CHOICE1. People who provide you with goods and servicesa.are acting out of generosity.b.do so because they get something in return.c.have chosen not to become interdependent.d.are required to do so by the government.ANS: B DIF: 1 REF: 3-0NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Trade MSC: Definitional2. When an economist points out that you and millions of other people are interdependent, he or she is referringto the fact that we alla.rely upon the government to provide us with the basic necessities of life.b.rely upon one another for the goods and services we consume.c.have similar tastes and abilities.d.are concerned about one another’s well-being.ANS: B DIF: 1 REF: 3-0NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Interdependence MSC: DefinitionalSec01 - Interdependence and the Gains from Trade - A Parable for the Modern EconomyMULTIPLE CHOICE1. Which of the following is not a reason people choose to depend on others for goods and services?a.to improve their livesb.to allow them to enjoy a greater variety of goods and servicesc.to consume more of each good without working any more hoursd.to allow people to produce outside their production possibilities frontiersANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Trade MSC: Interpretive2. When can two countries gain from trading two goods?a.when the first country can only produce the first good and the second country can only produce thesecond goodb.when the first country can produce both goods, but can only produce the second good at great cost,and the second country can produce both goods, but can only produce the first good at great costc.when the first country is better at producing both goods and the second country is worse atproducing both goodsd.Two countries could gain from trading two goods under all of the above conditions.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive3. Regan grows flowers and makes ceramic vases. Jayson also grows flowers and makes ceramic vases, butRegan is better at producing both goods. In this case, trade coulda.benefit both Jayson and Regan.b.benefit Jayson, but not Regan.c.benefit Regan, but not Jayson.d.benefit neither Jayson nor Regan.ANS: A DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative136 ❖Chapter 3 /Interdependence and the Gains from Trade4. Ben bakes bread and Shawna knits sweaters. Ben and Shawna both like to eat bread and wear sweaters. Inwhich of the following cases is it impossible for both Ben and Shawna to benefit from trade?a.Ben cannot knit sweaters and Shawna cannot bake bread.b.Ben is better than Shawna at baking bread and Shawna is better than Ben at knitting sweaters.c.Ben is better than Shawna at baking bread and at knitting sweaters.d.Both Ben and Shawna can benefit from trade in all of the above cases.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative5. Shannon bakes cookies and Justin grows vegetables. In which of the following cases is it impossible for bothShannon and Justin to benefit from trade?a.Shannon does not like vegetables and Justin does not like cookies.b.Shannon is better than Justin at baking cookies and Justin is better than Shannon at growingvegetables.c.Justin is better than Shannon at baking cookies and at growing vegetables.d.Both Shannon and Justin can benefit from trade in all of the above cases.ANS: A DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative6. The production possibilities frontier illustratesa.the combinations of output that an economy should produce.b.the combinations of output that an economy should consume.c.the combinations of output that an economy can produce.d.All of the above are correct.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive7. An economy’s production possibilities frontier is also its consumption possibilities frontiera.under all circumstances.b.under no circumstances.c.when the economy is self-sufficient.d.when the rate of tradeoff between the two goods being produced is constant.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive8. A production possibilities frontier is bowed outward whena.the more resources the economy uses to produce one good, the fewer resources it has available toproduce the other good.b.an economy is self-sufficient instead of interdependent and engaged in trade.c.the rate of tradeoff between the two goods being produced is constant.d.the rate of tradeoff between the two goods being produced depends on how much of each good isbeing produced.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: InterpretiveChapter 3 /Interdependence and the Gains from Trade ❖1379. A production possibilities frontier is a straight line whena.the more resources the economy uses to produce one good, the fewer resources it has available toproduce the other good.b.an economy is interdependent and engaged in trade instead of self-sufficient.c.the rate of tradeoff between the two goods being produced is constant.d.the rate of tradeoff between the two goods being produced depends on how much of each good isbeing produced.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive10. The following table contains some production possibilities for an economy for a given month.If the production possibilities frontier is bowed outward, then “?” could bea.100.b.150.c.200.d.250.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative11. The following table contains some production possibilities for an economy for a given month.If the production possibilities frontier is a straight line, then “?” must bea.100.b.150.c.200.d.250.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative12. The following table contains some production possibilities for an economy for a given year.If the production possibilities frontier is bowed outward, then “?” could bea.340.b.330.c.320.d.310.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative13. The following table contains some production possibilities for an economy for a given year.If the production possibilities frontier is a straight line, then “?” must bea.340.b.330.c.320.d.310.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative14. The following table contains some production possibilities for an economy for a given month.If the production possibilities frontier is bowed outward, then “?” could bea.50.b.75.c.100.d.125.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative15. The following table contains some production possibilities for an economy for a given month.If the production possibilities frontier is a straight line, then “?” must bea.50.b.75.c.100.d.125.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Chapter 6Supply, Demand, and Government PoliciesTRUE/FALSE1. Economic policies often have effects that their architects did not intend or anticipate.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Public policy MSC: Definitional2. Rent-control laws dictate a minimum rent that landlords may charge tenants.ANS: F DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional3. Minimum-wage laws dictate the lowest wage that firms may pay workers.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional4. Price controls are usually enacted when policymakers believe that the market price of a goodor service is unfair to buyers or sellers.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional5. Price controls can generate inequities.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional6. Policymakers use taxes to raise revenue for public purposes and to influence market outcomes. ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional7. If a good or service is sold in a competitive market free of government regulation, then theprice of the good or service adjusts to balance supply and demand.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Definitional8. At the equilibrium price, the quantity that buyers want to buy exactly equals the quantitythat sellers want to sell.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Definitional9. A price ceiling is a legal minimum on the price at which a good or service can be sold.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Definitional10. A price ceiling set above the equilibrium price is not binding.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive11. If a price ceiling is not binding, then it will have no effect on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive12. To be binding, a price ceiling must be set above the equilibrium price.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive13. A price ceiling set below the equilibrium price is binding.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive14. A price ceiling set below the equilibrium price causes quantity demanded to exceed quantitysupplied.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive15. A price ceiling set above the equilibrium price causes quantity demanded to exceed quantitysupplied.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive16. A binding price ceiling causes quantity demanded to be less than quantity supplied.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive17. A price ceiling set below the equilibrium price causes a shortage in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive18. A price ceiling set above the equilibrium price causes a surplus in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive19. A binding price ceiling causes a shortage in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive20. When a binding price ceiling is imposed on a market for a good, some people who want to buythe good cannot do so.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive21. Long lines and discrimination are examples of rationing methods that may naturally developin response to a binding price ceiling.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive22. Price ceilings are typically imposed to benefit buyers.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive23. Binding price ceilings benefit consumers because they allow consumers to buy all the goodsthey demand at a lower price.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive24. All buyers benefit from a binding price ceiling.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive25. A binding price ceiling may not help all consumers, but it does not hurt any consumers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive26. When the government imposes a binding price ceiling on a competitive market, a surplus ofthe good arises, and sellers must ration the scarce goods among the large number of potential buyers.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Definitional27. The rationing mechanisms that develop under binding price ceilings are usually inefficient. ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Efficiency MSC: Interpretive28. Price is the rationing mechanism in a free, competitive market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive29. Prices are inefficient rationing devices.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Prices | EfficiencyMSC: Interpretive30. When free markets ration goods with prices, it is both efficient and impersonal.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Prices | EfficiencyMSC: Interpretive31. When a free market for a good reaches equilibrium, anyone who is willing and able to pay themarket price can buy the good.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive32. If a price ceiling of $2 per gallon is imposed on gasoline, and the market equilibrium priceis $1.50, then the price ceiling is a binding constraint on the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative33. If a price ceiling of $1.50 per gallon is imposed on gasoline, and the market equilibriumprice is $2, then the price ceiling is a binding constraint on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative34. A price ceiling caused the gasoline shortage of 1973 in the United States.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive35. One common example of a price ceiling is rent control.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional36. The goal of rent control is to help the poor by making housing more affordable.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional37. Economists argue that rent control is a highly efficient way to help the poor raise theirstandard of living.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists | Rent control MSC: Interpretive38. Because supply and demand are inelastic in the short run, the initial shortage caused by rentcontrol is large.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent control | Elasticity MSC: Definitional39. The primary effect of rent control in the short run is to reduce rents.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional40. The housing shortages caused by rent control are larger in the long run than in the shortrun because both the supply of housing and the demand for housing are more elastic in the long run.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent control | Elasticity MSC: Interpretive41. The effects of rent control in the long run include lower rents and lower-quality housing. ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Interpretive42. Rent control may lead to lower rents for those who find housing, but the quality of the housingmay also be lower.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Interpretive43. In a free market, the price of housing adjusts to eliminate the shortages that give rise toundesirable landlord behavior.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional44. A price floor is a legal minimum on the price at which a good or service can be sold. ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Definitional45. A price floor set above the equilibrium price is not binding.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive46. If a price floor is not binding, then it will have no effect on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive47. To be binding, a price floor must be set above the equilibrium price.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive48. A price floor set below the equilibrium price is binding.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive49. A price floor set below the equilibrium price causes quantity supplied to exceed quantitydemanded.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive50. A price floor set above the equilibrium price causes quantity supplied to exceed quantitydemanded.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | Surpluses MSC: Interpretive51. A binding price floor causes quantity supplied to be less than quantity demanded.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | Surpluses MSC: Interpretive52. A price floor set below the equilibrium price causes a surplus in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive53. A price floor set above the equilibrium price causes a surplus in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | Surpluses MSC: Interpretive54. A binding price floor causes a shortage in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | Surpluses MSC: Interpretive55. When a binding price floor is imposed on a market for a good, some people who want to sellthe good cannot do so.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | Surpluses MSC: Interpretive56. Discrimination is an example of a rationing mechanism that may naturally develop in responseto a binding price floor.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive57. Price floors are typically imposed to benefit buyers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive58. Binding price floors benefit sellers because they allow sellers to sell all the goods theywant at a higher price.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive59. Not all sellers benefit from a binding price floor.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive60. A binding price floor may not help all sellers, but it does not hurt any sellers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive61. The rationing mechanisms that develop under binding price floors are usually efficient.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | Efficiency MSC: Interpretive62. When a free market for a good reaches equilibrium, anyone who is willing and able to sellat the market price can sell the good.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive63. If the equilibrium price of an airline ticket is $400 and the government imposes a price floorof $500 on airline tickets, then fewer airline tickets will be sold than at the market equilibrium.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative64. If the equilibrium price of an airline ticket is $500 and the government imposes a price floorof $400 on airline tickets, then fewer airline tickets will be sold than at the market equilibrium.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative65. One common example of a price floor is the minimum wage.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional66. The goal of the minimum wage is to ensure workers a minimally adequate standard of living.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional67. The United States is the only country in the world with minimum-wage laws.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive68. States in the U.S. may mandate minimum wages above the federal level.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive69. In the labor markets, workers determine the supply of labor and firms determine the demand.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor marketsTOP: Labor demand | Labor supply MSC: Definitional70. In an unregulated labor market, the wage adjusts to balance labor supply and labor demand.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: WagesMSC: Interpretive71. A binding minimum wage causes the quantity of labor demanded to exceed the quantity of laborsupplied.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive72. A binding minimum wage creates unemployment.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor marketsTOP: Minimum wage | Unemployment MSC: Interpretive73. A binding minimum wage may not help all workers, but it does not hurt any workers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive74. A binding minimum wage raises the incomes of those workers who have jobs, but it lowers theincomes of workers who cannot find jobs.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional75. The economy contains many labor markets for different types of workers.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Labor marketsMSC: Definitional76. The impact of the minimum wage depends on the skill and experience of the worker.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional77. Workers with high skills and much experience are not typically affected by the minimum wage.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive78. The minimum wage has its greatest impact on the market for teenage labor.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional79. The minimum wage is more often binding for teenagers than for other members of the labor force.ANS: T DIF: 1 REF: 6-1 NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional80. Studies by economists have found that a 10 percent increase in the minimum wage decreasesteenage employment 10 percent.ANS: F DIF: 1 REF: 6-1 NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional81. A large majority of economists favor eliminating the minimum wage.ANS: F DIF: 2 REF: 6-1 NAT: Analytic LOC: Labor markets TOP: Economists | Minimum wageMSC: Interpretive82. Advocates of the minimum wage admit that it has some adverse effects, but they believe thatthese effects are small and that a higher minimum wage makes the poor better off.ANS: T DIF: 1 REF: 6-1 NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional83. If the equilibrium wage is $4 per hour and the minimum wage is $5.15 per hour, then a shortageof labor will exist.ANS: FDIF: 2 REF: 6-1 NAT: Analytic LOC: Labor marketsTOP: Minimum wageMSC: ApplicativeFigure 6-1710203040506070809010010203040506070809010084. Refer to Figure 6-17. A price ceiling set at $30 would result in a shortage of 20 units.ANS: FDIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demandTOP: Price ceilingsMSC: Applicative85. Refer to Figure 6-17. A price ceiling set at $70 would result in a shortage of 40 units.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative86. Refer to Figure 6-17. A price floor set at $60 would result in a surplus of 20 units.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative87. Refer to Figure 6-17. A price floor set at $40 would result in a surplus of 20 units. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative88. Most economists are in favor of price controls as a way of allocating resources in the economy. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Economists | Price controls MSC: Interpretive89. When policymakers set prices by legal decree, they obscure the signals that normally guideth e allocation of society’s resources.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional90. Price controls often hurt those they are trying to help.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional91. Rent subsidies and wage subsidies are better than price controls at helping the poor becausethey have no costs associated with them.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: SubsidiesMSC: Interpretive92. The term tax incidence refers to how the burden of a tax is distributed among the variouspeople who make up the economy.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Definitional93. A tax on sellers shifts the supply curve but not the demand curve.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive94. A tax on sellers shifts the supply curve to the left.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: InterpretiveNAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive96. A tax on sellers and an increase in input prices affect the supply curve in the same way.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive97. A tax of $1 on sellers shifts the supply curve upward by exactly $1.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative98. A tax of $1 on sellers always increases the equilibrium price by $1.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative99. A tax on sellers reduces the size of a market.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive100. A tax on sellers increases the quantity of the good sold in the market.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive101. If a tax is imposed on the sellers of a product, then the tax burden will fall entirely on the sellers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive102. A tax on sellers usually causes buyers to pay more the good and sellers to receive less for the good than they did before the tax was levied.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive103. A tax on buyers shifts the demand curve and the supply curve.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive104. A tax on buyers shifts the demand curve to the right.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: InterpretiveNAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive106. A tax of $1 on buyers shifts the demand curve downward by exactly $1.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative107. A tax of $1 on buyers always decreases the equilibrium price by $1.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative108. A tax on buyers increases the size of a market.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive109. A tax on buyers decreases the quantity of the good sold in the market.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive110. If a tax is imposed on the buyers of a product, then the tax burden will fall entirely on the buyers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive111. A tax on buyers usually causes buyers to pay more the good and sellers to receive less for the good than they did before the tax was levied.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive112. Whether a tax is levied on sellers or buyers, taxes discourage market activity.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional113. Whether a tax is levied on sellers or buyers, taxes encourage market activity.ANS: F DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional114. Whether a tax is levied on sellers or buyers, buyers and sellers usually share the burden of taxes.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Definitional115. Taxes levied on sellers and taxes levied on buyers are equivalent.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional116. The wedge between the buyers’ price and the sellers’ price is the same, regardless of whether the tax is levied on buyers or sellers.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional117. The tax incidence depends on whether the tax is levied on buyers or sellers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive118. Lawmakers can decide whether the buyers or the sellers must send a tax to the government, but they cannot legislate the true burden of a tax.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive119. A tax on golf clubs will cause buyers of golf clubs to pay a higher price, sellers of golf clubs to receive a lower price, and fewer golf clubs to be sold.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative120. FICA is an example of a payroll tax, which is a tax on the wages that firms pay their workers.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Labor markets TOP: FICA taxMSC: Definitional121. Since half of the FICA tax is paid by firms and the other half is paid by workers, the burden of the tax must fall equally on firms and workers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Labor markets TOP: FICA tax incidenceMSC: Interpretive122. Buyers and sellers always share the burden of a tax equally.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive123. Buyers and sellers rarely share the burden of a tax equally.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive124. Who bears the majority of a tax burden depends on whether the tax is placed on the buyers or the sellers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive125. Who bears the majority of a tax burden depends on the relative elasticity of supply and demand. ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Interpretive126. If the demand curve is very elastic and the supply curve is very inelastic in a market, then the sellers will bear a greater burden of a tax imposed on the market, even if the tax is imposed on the buyers.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Interpretive127. If the demand curve is very inelastic and the supply curve is very elastic in a market, then the sellers will bear a greater burden of a tax imposed on the market, even if the tax is imposed on the buyers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Interpretive128. A tax burden falls more heavily on the side of the market that is less elastic.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Definitional129. The tax burden falls more heavily on the side of the market that is more inelastic.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Definitional130. A tax on a market with elastic demand and elastic supply will shrink the market more thana tax on a market with inelastic demand and inelastic supply will shrink the market.ANS: T DIF: 3 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Taxes | ElasticityMSC: Analytical131. Most labor economists believe that the supply of labor is much more elastic than the demand. ANS: F DIF: 1 REF: 6-2NAT: Analytic LOC: Labor markets TOP: ElasticityMSC: Definitional132. Workers, rather than firms, bear most of the burden of the payroll tax.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Labor markets TOP: Payroll tax incidenceMSC: Definitional133. Most of the burden of a luxury tax falls on the middle class workers who produce luxury goods rather than on the rich who buy them.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Luxury tax incidenceMSC: InterpretiveSHORT ANSWER1. Using a supply and demand diagram, show a labor market with a binding minimum wage. Use thediagram to show those who are helped by the minimum wage and those who are hurt by the minimum wage.ANS:Those who are helped by the minimum wage are the workers who are still employed and now receive the higher wage. In the diagram, those would be measured by the quantity of labor demanded at the minimum wage, q0. The minimum wage creates unemployment equal to the difference between the quantity of labor supplied and the quantity demanded at the minimum wage, q2-q0. The perceptive student might note that the unemployed group can be divided into those who lose their jobs as a result of the minimum wage (the competitive equilibrium quantity of labor minus the quantity demanded at the minimum wage, q1-q0), and those who enter the market as a result of the higher wage but cannot find employment (quantity of labor supplied at the minimum wage minus the competitive equilibrium quantity, q2-q1). The buyers of the labor (employers) are also worse off because they have to pay a higher wage for labor and, hence, hire a smaller quantity.DIF: 2 REF: 6-1 NAT: AnalyticLOC: Labor markets TOP: Minimum wageMSC: Interpretive。