最新版微观经济学精品习题英文版ch15答案

合集下载

曼昆微观经济学课后练习英文答案完整版

曼昆微观经济学课后练习英文答案集团标准化办公室：[VV986T-J682P28-JP266L8-68PNN]the link between buyers’ willingness to pay for a good and the demandcurve.how to define and measure consumer surplus.the link between sellers’ costs of producing a good and the supply curve.how to define and measure producer surplus.that the equilibrium of supply and demand maximizes total surplus in amarket.CONTEXT AND PURPOSE:Chapter 7 is the first chapter in a three-chapter sequence on welfare economics and market efficiency. Chapter 7 employs the supply and demand model to develop consumer surplus and producer surplus as a measure of welfare and market efficiency. These concepts are then utilized in Chapters 8 and 9 to determine the winners and losers from taxation and restrictions on international trade.The purpose of Chapter 7 is to develop welfare economics—the study of how the allocation of resources affects economic well-being. Chapters 4 through 6 employed supply and demand in a positive framework, which focused on the question, “What is the equilibrium price and quantity in a market” This chapter now addresses the normative question, “Is the equilibrium price and quantity in a market the best possible solution to the resource allocation problem, or is it simply the price and quantity that balance supply and demand” Students will discover that under most circumstances the equilibrium price and quantity is also the one that maximizes welfare.KEY POINTS:Consumer surplus equals buyers’ willingness to pay for a good minus the amount they actually pay for it, and it measures the benefit buyers get from participating in a market. Consumer surplus can be computed by finding the area below the demand curve and above the price.Producer surplus equals the amount sellers receive for their goods minus their costs of production, and it measures the benefit sellers get from participating in a market. Producer surplus can be computed by finding the area below the price and above the supply curve.An allocation of resources that maximizes the sum of consumer and producer surplus is said to be efficient. Policymakers are often concerned with the efficiency, as well as the equality, of economic outcomes.The equilibrium of supply and demand maximizes the sum of consumer andproducer surplus. That is, the invisible hand of the marketplace leadsbuyers and sellers to allocate resources efficiently.Markets do not allocate resources efficiently in the presence of market failures such as market power or externalities.CHAPTER OUTLINE:I. Definition of welfare economics: the study of how the allocation of resources affects economic well-being.A. Willingness to Pay1. Definition of willingness to pay: the maximum amount that a buyer will pay for a good.2. Example: You are auctioning a mint-condition recording of Elvis Presley’s first album. Four buyers show up. Their willingness to pay is as follows:If the bidding goes to slightly higher than $80, all buyersdrop out except for John. Because John is willing to paymore than he has to for the album, he derives some benefitfrom participating in the market.3. Definition of consumer surplus: the amount a buyer is willing to payfor a good minus the amount the buyer actually pays for it.4. Note that if you had more than one copy of the album, the price in the auction would end up being lower (a little over $70 in the case of two albums) and both John and Paul would gain consumer surplus.B. Using the Demand Curve to Measure Consumer Surplus1. We can use the information on willingness to pay to derive a demandmarginal buyer . Because the demand curve shows the buyers’ willingness to pay, we can use the demand curve to measure c onsumer surplus.C. How a Lower Price Raises Consumer Surplussurplus because they are paying less for the product than before (area A on the graph).b. Because the price is now lower, some new buyers will enter the market and receive consumer surplus on these additional units of output purchased (area B on the graph).D. What Does Consumer Surplus Measure?1. Remember that consumer surplus is the difference between the amount that buyers are willing to pay for a good and the price that they actually pay.2. Thus, it measures the benefit that consumers receive from the good as the buyers themselves perceive it.III. Producer SurplusA. Cost and the Willingness to Sell1. Definition of cost: the value of everything a seller must give up to produce a good .2. Example: You want to hire someone to paint your house. You accept bidsfor the work from four sellers. Each painter is willing to work if the priceyou will pay exceeds her opportunity cost. (Note that this opportunity costthus represents willingness to sell.) The costs are:sellers will drop out except for Grandma. Because Grandma receives more than she would require to paint the house, she derives some benefit from producing in the market.4. Definition of producer surplus: the amount a seller is paid for a good minus the seller’s cost of providing it.5. Note that if you had more than one house to paint, the price in the auction would end up being higher (a little under $800 in the case of two houses) and both Grandma and Georgia would gain producer surplus.ALTERNATIVE CLASSROOM EXAMPLE:Review the material on price ceilings from Chapter 6. Redraw themarket for two-bedroom apartments in your town. Draw in a priceceiling below the equilibrium price.Then go through:consumer surplus before the price ceiling is put into place. consumer surplus after the price ceiling is put into place. You will need to take some time to explain the relationship between the producers’ willingness to sell and the cost of producing the good. The relationship between cost and the supply curve is not as apparent as the relationship between the It is important to stress that consumer surplus is measured inmonetary terms. Consumer surplus gives us a way to place amonetary cost on inefficient market outcomes (due to governmentB. Using the Supply Curve to Measure Producer Surplus1. We can use the information on cost (willingness to sell) to derive a2.the cost of the marginal seller. Because the supply curve shows the sellers’ cost (willingness to sell), we can use the supply curve to measure producer surplus.C. How a Higher Price Raises Producer Surplussurplus because they are receiving more for the product than before (area C on the graph).b. Because the price is now higher, some new sellers will enter the market and receive producer surplus on these additional units of output sold (area D on the graph).D. Producer surplus is used to measure the economic well-being of producers,ALTERNATIVE CLASSROOM EXAMPLE:Review the material on price floors from Chapter 6. Redraw the marketfor an agricultural product such as corn. Draw in a price supportabove the equilibrium price.Then go through:producer surplus before the price support is put in place.producer surplus after the price support is put in place.Make sure that you discuss the cost of the price support tomuch like consumer surplus is used to measure the economic well-being of consumers.IV. Market EfficiencyA. The Benevolent Social Planner1. The economic well-being of everyone in society can be measured by total surplus, which is the sum of consumer surplus and producer surplus:Total Surplus = Consumer Surplus + Producer SurplusTotal Surplus = (Value to Buyers – Amount Paid byBuyers) +(Amount Received by Sellers – Cost to Sellers)Because the Amount Paid by Buyers = Amount Received bySellers:2. Definition of efficiency: the property of a resource allocation of maximizing the total surplus received by all members of society .3. Definition of equality: the property of distributing economicprosperity uniformly the members of society .a. Buyers who value the product more than the equilibrium price will purchase the product; those who do not, will not purchase the product. Inother words, the free market allocates the supply of a good to the buyers who value it most highly, as measured by their willingness to pay.b. Sellers whose costs are lower than the equilibrium price will produce the product; those whose costs are higher, will not produce the product. Inother words, the free market allocates the demand for goods to the sellers who can produce it at the lowest cost.value of the product to the marginal buyer is greater than the cost to the marginal seller so total surplus would rise if output increases.Pretty Woman, Chapter 6. Vivien (Julia Roberts) and Edward(Richard Gere) negotiate a price. Afterward, Vivien reveals shewould have accepted a lower price, while Edward admits he wouldhave paid more. If you have done a good job of introducingconsumer and producer surplus, you will see the light bulbs gob. At any quantity of output greater than the equilibrium quantity, the value of the product to the marginal buyer is less than the cost to the marginal seller so total surplus would rise if output decreases.3. Note that this is one of the reasons that economists believe Principle #6: Markets are usually a good way to organize economic activity.C. In the News: Ticket Scalping1. Ticket scalping is an example of how markets work to achieve anefficient outcome.2. This article from The Boston Globe describes economist Chip Case’sexperience with ticket scalping.D. Case Study: Should There Be a Market in Organs?1. As a matter of public policy, people are not allowed to sell their organs.a. In essence, this means that there is a price ceiling on organs of $0.b. This has led to a shortage of organs.2. The creation of a market for organs would lead to a more efficientallocation of resources, but critics worry about the equity of a market system for organs.V. Market Efficiency and Market FailureA. To conclude that markets are efficient, we made several assumptions about how markets worked.1. Perfectly competitive markets.2. No externalities.B. When these assumptions do not hold, the market equilibrium may not be efficient.C. When markets fail, public policy can potentially remedy the situation. SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. Figure 1 shows the demand curve for turkey. The price of turkey is P 1and the consumer surplus that results from that price is denoted CS. Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. It measures the benefit to buyers ofparticipating in a market.Figure 1 Figure 22. Figure 2 shows the supply curve for turkey. The price of turkey is P 1and the producer surplus that results from that price is denoted PS. Producer surplus is the amount sellers are paid for a good minus the sellers’ cost of providing it (measured by the supply curve). It measures the benefit to sellers of participating in a market.It would be a good idea to remind students that there are circumstances when the market process does not lead to the most efficient outcome. Examples include situations such as when a firm (or buyer) has market power over price or when there areFigure 33. Figure 3 shows the supply and demand for turkey. The price of turkey is P, consumer surplus is CS, and producer surplus is PS. Producing more turkeys 1than the equilibrium quantity would lower total surplus because the value to the marginal buyer would be lower than the cost to the marginal seller on those additional units.Questions for Review1. The price a buyer is willing to pay, consumer surplus, and the demand curve are all closely related. The height of the demand curve represents the willingness to pay of the buyers. Consumer surplus is the area below the demand curve and above the price, which equals the price that each buyer is willing to pay minus the price actually paid.2. Sellers' costs, producer surplus, and the supply curve are all closely related. The height of the supply curve represents the costs of the sellers. Producer surplus is the area below the price and above the supply curve, which equals the price received minus each seller's costs of producing the good.Figure 43. Figure 4 shows producer and consumer surplus in a supply-and-demand diagram.4. An allocation of resources is efficient if it maximizes total surplus, the sum of consumer surplus and producer surplus. But efficiency may not be the only goal of economic policymakers; they may also be concerned about equitythe fairness of the distribution of well-being.5. The invisible hand of the marketplace guides the self-interest of buyers and sellers into promoting general economic well-being. Despite decentralized decision making and self-interested decision makers, free markets often lead to an efficient outcome.6. Two types of market failure are market power and externalities. Market power may cause market outcomes to be inefficient because firms may cause price and quantity to differ from the levels they would be under perfect competition, which keeps total surplus from being maximized. Externalities are side effects that are not taken into account by buyers and sellers. As a result, the free market does not maximize total surplus.Problems and Applications1. a. Consumer surplus is equal to willingness to pay minus the price paid. Therefore, Melissa’s willingness to pay must be $200 ($120 + $80).b. Her consumer surplus at a price of $90 would be $200 $90 = $110.c. If the price of an iPod was $250, Melissa would not have purchased one because the price is greater than her willingness to pay. Therefore, she would receive no consumer surplus.2. If an early freeze in California sours the lemon crop, the supply curve for lemons shifts to the left, as shown in Figure 5. The result is a rise in the price of lemons and a decline in consumer surplus from A + B + C to just A. So consumer surplus declines by the amount B + C.Figure 5 Figure 6In the market for lemonade, the higher cost of lemons reduces the supply of lemonade, as shown in Figure 6. The result is a rise in the price of lemonade and a decline in consumer surplus from D + E + F to just D, a loss of E + F. Note that an event that affects consumer surplus in one market oftenhas effects on consumer surplus in other markets.3. A rise in the demand for French bread leads to an increase in producer surplus in the market for French bread, as shown in Figure 7. The shift of the demand curve leads to an increased price, which increases producer surplusfrom area A to area A + B + C.Figure 7The increased quantity of French bread being sold increases the demandfor flour, as shown in Figure 8. As a result, the price of flour rises, increasing producer surplus from area D to D + E + F. Note that an event that affects producer surplus in one market leads to effects on producer surplus in related markets.Figure 84. a.Figure 9b. When the price of a bottle of water is $4, Bert buys two bottles of water. His consumer surplus is shown as area A in the figure. He values hisfirst bottle of water at $7, but pays only $4 for it, so has consumer surplus of $3. He values his second bottle of water at $5, but pays only $4 for it, so has consumer surplus of $1. Thus Bert’s total consumer surplus is $3 + $1 = $4, which is the area of A in the figure.c. When the price of a bottle of water falls from $4 to $2, Bert buys three bottles of water, an increase of one. His consumer surplus consists of both areas A and B in the figure, an increase in the amount of area B. He gets consumer surplus of $5 from the first bottle ($7 value minus $2 price), $3from the second bottle ($5 value minus $2 price), and $1 from the third bottle ($3 value minus $2 price), for a total consumer surplus of $9. Thus consumer surplus rises by $5 (which is the size of area B) when the price of a bottle of water falls from $4 to $2.5. a.Figure 10b. When the price of a bottle of water is $4, Ernie sells two bottles of water. His producer surplus is shown as area A in the figure. He receives $4 for his first bottle of water, but it costs only $1 to produce, so Ernie has producer surplus of $3. He also receives $4 for his second bottle of water, which costs $3 to produce, so he has producer surplus of $1. Thus Ernie’s total producer surplus is $3 + $1 = $4, which is the area of A in the figure.c. When the price of a bottle of water rises from $4 to $6, Ernie sells three bottles of water, an increase of one. His producer surplus consists of both areas A and B in the figure, an increase by the amount of area B. He gets producer surplus of $5 from the first bottle ($6 price minus $1 cost), $3 from the second bottle ($6 price minus $3 cost), and $1 from the third bottle ($6 price minus $5 price), for a total producer surplus of $9. Thus producer surplus rises by $5 (which is the size of area B) when the price of a bottle of water rises from $4 to $6.6. a. From Ernie’s supply schedule and Bert’s demand schedule, thean equilibrium quantity of two.b. At a price of $4, consumer surplus is $4 and producer surplus is $4, as shown in Problems 3 and 4 above. Total surplus is $4 + $4 = $8.c. If Ernie produced one less bottle, his producer surplus would decline to $3, as shown in Problem 4 above. If Bert consumed one less bottle, hisconsumer surplus would decline to $3, as shown in Problem 3 above. So total surplus would decline to $3 + $3 = $6.d. If Ernie produced one additional bottle of water, his cost would be $5, but the price is only $4, so his producer surplus would decline by $1. If Bert consumed one additional bottle of water, his value would be $3, but the price is $4, so his consumer surplus would decline by $1. So total surplus declines by $1 + $1 = $2.7. a. The effect of falling production costs in the market for stereos results in a shift to the right in the supply curve, as shown in Figure 11. As a result, the equilibrium price of stereos declines and the equilibriumquantity increases.Figure 11b. The decline in the price of stereos increases consumer surplus from area A to A + B + C + D, an increase in the amount B + C + D. Prior to the shift in supply, producer surplus was areas B + E (the area above the supply curve and below the price). After the shift in supply, producer surplus is areas E + F + G. So producer surplus changes by the amount F + G – B, which may be positive or negative. The increase in quantity increases producer surplus, while the decline in the price reduces producer surplus. Because consumer surplus rises by B + C + D and producer surplus rises by F + G – B, total surplus rises by C + D + F + G.c. If the supply of stereos is very elastic, then the shift of the supply curve benefits consumers most. To take the most dramatic case, suppose the supply curve were horizontal, as shown in Figure 12. Then there is no producer surplus at all. Consumers capture all the benefits of falling production costs, with consumer surplus rising from area A to area A + B.Figure 128. Figure 13 shows supply and demand curves for haircuts. Supply equals demand at a quantity of three haircuts and a price between $4 and $5. Firms A, C, and D should cut the hair of Ellen, Jerry, and Phil. Oprah’s willingnessto pay is too low and firm B’s costs are too high, so they do not participate. The maximum total surplus is the area between the demand and supply curves, which totals $11 ($8 value minus $2 cost for the first haircut, plus $7 value minus $3 cost for the second, plus $5 value minus $4 cost for the third).Figure 139. a. The effect of falling production costs in the market for computers results in a shift to the right in the supply curve, as shown in Figure 14. As a result, the equilibrium price of computers declines and the equilibrium quantity increases. The decline in the price of computers increases consumer surplus from area A to A + B + C + D, an increase in the amount B + C + D.Figure 14 Figure 15Prior to the shift in supply, producer surplus was areas B + E(the area above the supply curve and below the price). After theshift in supply, producer surplus is areas E + F + G. So producersurplus changes by the amount F + G – B, which may be positive ornegative. The increase in quantity increases producer surplus,while the decline in the price reduces producer surplus. Becauseconsumer surplus rises by B + C + D and producer surplus rises byF +G – B, total surplus rises by C + D + F + G.b. Because typewriters are substitutes for computers, the decline in the price of computers means that people substitute computers for typewriters, shifting the demand for typewriters to the left, as shown in Figure 15. The result is a decline in both the equilibrium price and equilibrium quantity of typewriters. Consumer surplus in the typewriter market changes from area A + B to A + C, a net change of C – B. Producer surplus changes from area C + D + E to area E, a net loss of C + D. Typewriter producers are sad about technological advances in computers because their producer surplus declines.c. Because software and computers are complements, the decline in the price and increase in the quantity of computers means that the demand for software increases, shifting the demand for software to the right, as shown in Figure 16. The result is an increase in both the price and quantity of software. Consumer surplus in the software market changes from B + C to A + B, a net change of A – C. Producer surplus changes from E to C + D + E, an increase of C + D, so software producers should be happy about the technological progress in computers.Figure 16d. Yes, this analysis helps explain why Bill Gates is one the world’s richest people, because his company produces a lot of software that is a complement with computers and there has been tremendous technological advance in computers.10. a. With Provider A, the cost of an extra minute is $0. WithProvider B, the cost of an extra minute is $1.b. With Provider A, my friend will purchase 150 minutes [= 150 –(50)(0)]. With Provider B, my friend would purchase 100 minutes [=150 – (50)(1)].c. With Provider A, he would pay $120. The cost would be $100 with Provider B.Figure 17d. Figure 17 shows the friend’s demand. With Provider A, he buys 150minutes and his consumer surplus is equal to (1/2)(3)(150) – 120= 105. With Provider B, his consumer surplus is equal to(1/2)(2)(100) = 100.e. I would recommend Provider A because he receives greater consumer surplus.11. a. Figure 18 illustrates the demand for medical care. If each procedure has a price of $100, quantity demanded will be Q1 procedures.Figure 18b. If consumers pay only $20 per procedure, the quantity demanded will be Qprocedures. Because the cost to society is $100, the number of procedures 2performed is too large to maximize total surplus. The quantity that maximizes total surplus is Q1 procedures, which is less than Q2.c. The use of medical care is excessive in the sense that consumers get procedures whose value is less than the cost of producing them. As a result, the economy’s total surplus is reduced.d. To prevent this excessive use, the consumer must bear the marginal cost of the procedure. But this would require eliminating insurance. Another possibility would be that the insurance company, which pays most of the marginal cost of the procedure ($80, in this case) could decide whether the procedure should be performed. But the insurance company does not get the benefits of the procedure, so its decisions may not reflect the value to the consumer.。

国际经济学多米尼克萨尔15ch课后答案

Answer to Problems1. a. The rate of inflation in the United Kingdom from 1973 to 2001 was:116.1 – 15.6 = 100.5 = 1.460 or 146.0%(116.1+15.6)/2 68.85On the other hand, the rate of inflation in the United States from 1973 to 2001 was:112.1 – 34.3 = 77.8 = 1.063 or 106.3%(112.1+34.3)/2 73.2Thus, the inflation rate in the United Kingdom minus the inflation rate in the United Statesfrom 1973 to 2001 was:146.0% - 1063% = 39.7%From 1973 to 2001, the British pound depreciated with respect to the U.S. dollar from£0.4078 to the dollar in 1973 and £0.6944 per dollar in 2001 or by0.6944 – 0.4078 = 0.2866 = 0.520 or 52.0%(0.6944+0.4078)/2 0.5511b. The relative PPP theory did hold only to the extent that the rate of inflation was higher in theUnited Kingdom and the pound depreciated with respect to the U.S. between 1973 and 2001.But the percent depreciation of the British pound with respect to the dollar was much greater than that predicted by the relative PPP.Note that in the above calculations, percentage changes were obtained by the averageof the beginning and end values. You may want to ask the class to do the same whenassigning this and the next problem so as to get the same answer.2. The rate of inflation in Switzerland from 1973 to 2001 was:103.2 – 45.0 = 58.2 = 0.785 or 78.5%(103.2+45.0)/2 74.1Thus, the inflation rate in Switzerland minus the inflation rate in the United States (found inProblem 1a) is:78.5% - 106.3% = -27.8%From 1973 to 2001, the Swiss franc appreciated with respect to the U.S. dollar from3.1648 Swiss francs per dollar in 1973 to 1.6876 Swiss francs per dollar in 2001 or by11.6876 - 3.1648 = -1.4772 = -0.609 or –60.9%(1.6876+3.1648)/2 2.4262The relative PPP theory did hold only to the extent that the rate of inflation was lower in Switzerland and the Swiss franc appreciated with respect to the U.S. between 1973 and 2001.But the percent appreciation of the Swiss franc with respect to the dollar was much greater than that predicted by the relative PPP.3. a. Md=kPY=(1/V)(PY)=(1/5)(200)=$40 billion.b. If the nation's nominal GDP rises to $220 billion, Md=220/5=$44 billion.c. If the nation's nominal GNP increases by 10 percent each year,Md increases also by 10 per cent each year.4. a. Monetary base of the nation is,D+F=8+2=$10 billion.b. The value of the money multiplier is,m=1/LLR=1/0.25=4.c. The value of the nation's total money supply isMs=m(D+F)=4(8+2)=$40 billion5. a. Md=Ms and the nation is in balance of payments equilibrium.b. Md of $44 billion exceeds Ms of $40 by $4 billion.With m=4, there will be an inflow of money or international reserves from abroad of $1billion to equate Ms to Md. Thus, the nation's balance of payments surplus will be equalto $1.The nation will face a continuous inflow of money or international reserves, year in and year out.7. Md=100/4=25 falls short of Ms=30 and there will be an outflow of international reserves(a deficit in the nation's balance of payments).8.According to the monetary approach, inflation in the second nation is caused by excessivemoney creation there. As a result, either the first nation's exchange rate has to appreciateto keep its balance of payments in equilibrium or its monetary base will rise (so that inflationwill spread to nation 1).2。

微观经济学练习题与答案英文版

Chapter 01Thinking Like an Economist Multiple Choice Questions1. Economics is best defined as the study of:A. prices and quantities.B. inflation and interest rates.C. how people make choices under the conditions of scarcity and the results of those choices.D. wages and incomes.2. Economic questions always deal with:A. financial matters.B. political matters.C. insufficient resources.D. choice in the face of limited resources.3. The range of topics or issues that fit within the definition of economics is:A. limited to market activities, e.g., buying soap.B. limited to individuals and firms.C. extremely wide, requiring only the ideas of choice and scarcity.D. very limited.4. The central concern of economics is:A. poverty.B. scarcity.C. wealth accumulation.D. overconsumption.5. The scarcity principle indicates that:A. no matter how much one has, it is never enough.B. compared to 100 years ago, individuals have less time today.C. with limited resources, having more of "this" means having less of "that."D. because tradeoffs must be made, resources are therefore scarce.6. The logical implication of the scarcity principle is that:A. one will never be satisfied with what one has.B. as wealth increases, making choices becomes less necessary.C. as wealth decreases, making choices becomes less necessary.D. choices must be made.7. If all the world's resources were to magically increase a hundredfold, then:A. the scarcity principle would still govern behavior.B. economics would no longer be relevant.C. the scarcity principle would disappear.D. tradeoffs would become unnecessary.8. The principle of scarcity applies to:A. the poor exclusively.B. all consumers.C. all firms.D. everyone—consumers, firms, governments, and nations.9. At the very least, Joe Average and Bill Gates are both identically limited by:A. their wealth.B. the 24 hours that comprise a day.C. their knowledge.D. their influence.10. Forest is a mountain man living in complete isolation in Montana. He is completely self-sufficient through hunting, fishing, and farming. He has not been in the city to buy anything in five years. One can infer:A. the scarcity principle does not apply to Forest.B. Forest is not required to make choices.C. the scarcity principle still applies because more hunting means less fishing and farming.D. Forest is very satisfied.11. The scarcity principle applies to:A. all decisions.B. only market decisions, e.g., buying a car.C. only non-market decisions, e.g., watching a sunset.D. only the poor.12. Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:A. not an economic problem because neither one costs money.B. not an economic problem because it's an hour that is wasted no matter what Chris does.C. an economic problem because the tuition Chris pays covers both the gym and the library.D. an economic problem because Chris has only one hour during which he can study or work out.13. Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decided to stay home and work on the paper. According to the scarcity principle, the reason Josh didn't go to the game is that:A. Josh prefers schoolwork to football games.B. writing the paper is easier than going to the game.C. Josh doesn't have enough time for writing the paper and going to the game.D. it's too expensive to go to the game.14. Whether studying the size of the U.S. economy or the number of children a couple will choose to have, the unifying concept is that wants are:A. limited, resources are limited, and thus choices must be made.B. unlimited, resources are limited, and thus choices must be made.C. unlimited, resources are limited to some but not to others, and thus some people must make choices.D. unlimited, resources are limited, and thus government needs to do more.15. The cost-benefit principle indicates that an action should be taken:A. if the total benefits exceed the total costs.B. if the average benefits exceed the average costs.C. if the net benefit (benefit minus cost) is zero.D. if the extra benefit is greater than or equal to the extra costs.16. When a person decides to pursue an activity as long as the extra benefits are at least equal to the extra costs, that person is:A. violating the cost-benefit principle.B. following the scarcity principle.C. following the cost-benefit principle.D. pursuing the activity too long.17. Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is:A. not rational.B. an application of the cost-benefit principle.C. an application of the scarcity principle.D. the relevant opportunity cost.18. The scarcity principle tells us that __________, and the cost-benefit principle tells us __________.A. choices must be made; how to make the choicesB. choices must be made; that the costs can never outweigh the benefits of the choicesC. rare goods are expensive; that the costs should outweigh the benefits of the choicesD. rare goods are expensive; that the costs can never outweigh the benefits of the choices19. According to the cost-benefit principle:A. the lowest cost activity usually gives the lowest benefit.B. a person should always choose the activity with the lowest cost.C. a person should always choose the activity with the greatest benefit.D. the extra costs and benefits of an activity are more important considerations than the total costs and benefits.20. A rational person is one who:A. is reasonable.B. makes choices that are easily understood.C. possesses well-defined goals and seeks to achieve them.D. is highly cynical.21. The seventh glass of soda that Tim consumes will produce an extra benefit of 10 cents and has an extra cost of zero (Tim is eating at the cafeteria). The cost-benefit principle predicts that Tim will:A. realize he has had too much soda to drink and go home.B. drink the seventh glass and continue until the marginal benefit of drinking another glass of soda is zero.C. volunteer to empty out the fountain.D. not drink the seventh glass.22. Janie must either mow the lawn or wash clothes, earning her a benefit of $30 or $45, respectively. She dislikes both equally and they both take the same amount of time. Janie will therefore choose to _________ because the economic surplus is ________.A. mow the lawn; greaterB. wash clothes; greaterC. mow the lawn; smallerD. wash clothes; smaller23. Dean decided to play golf rather than prepare for tomorrow's exam in economics. One can infer that:A. Dean has made an irrational choice.B. Dean is doing poorly in his economics class.C. the economic surplus from playing golf exceeded the surplus from studying.D. the cost of studying was less than the cost of golfing.Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year.24. The opportunity cost of attending Elite U is:A. $50,000B. $10,000C. $20,000D. $15,00025. The opportunity cost of attending State College is:A. $30,000B. $20,000C. $15,000D. $10,00026. Larry maximizes his surplus by attending:A. Elite U, because $60,000 is greater than the benefit at the other schools.B. State College, because the difference between the benefit and cost is greatest there.C. NoName U, because Larry has a full scholarship there.D. Elite U, because the opportunity costs of attending Elite U are the lowest.27. Larry has decided to go to Elite U. Assuming that all of the values described are correct, for Larry to decide on Elite U, he must have:A. calculated his surplus from each choice and picked the one with the highest surplus.B. underestimated the benefits of attending NoName.C. miscalculated the surplus of attending Elite U.D. determined the opportunity cost of each choice and picked the one with the lowest opportunity cost.28. Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. The opportunity cost of going to the beach is:A. the $12 she spent on the umbrella, food and drinks.B. only $1 because she would have spent the money on food and drinks whether or not she went to the beach.C. the movie she missed seeing.D. the movie she missed seeing plus the $12 she spent on the umbrella, food and drinks.29. Relative to a person who earns minimum wage, a person who earns $30 per hour has:A. a lower opportunity cost of working longer hours.B. a higher opportunity cost of taking a day off.C. a lower opportunity cost of driving farther to work.D. the same opportunity cost of spending time on leisure activities.30. The opportunity cost of an activity is the value of:A. an alternative forgone.B. the next-best alternative forgone.C. the least-best alternative forgone.D. the difference between the chosen activity and the next-best alternative forgone.31. Amy is thinking about going to the movies tonight. A ticket costs $7 and she will have to cancel her dog-sitting job that pays $30. The cost of seeing the movie is:A. $7.B. $30.C. $37.D. $37 minus the benefit of seeing the movie.32. Economic surplus is:A. the benefit gained by taking an action.B. the price paid to take an action.C. the difference between the benefit gained and the cost incurred of taking an action.D. the wage someone would have to earn in order to take an action.33. The Governor of your state has cut the budget for the University and increased spending on Medicaid. This is an example of:A. the pitfalls of considering average costs instead of marginal costs.B. poor normative economic decision making.C. poor positive economic decision making.D. choice in the face of limited resources.34. Sally earned $25,000 per year before she became a mother. After she became a mother, she told her employer that her opportunity cost of working is now $50,000, and so she is not willing to work for anything less. Her decision is based on:A. the high cost of raising a child.B. her desire to save for her child's college expenses.C. her increased value to her employer.D. the value she places on spending time with her child.35. Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. As a result:A. attending State U. for four years is costless for Alex.B. Alex has no incentive to work hard while at State U.C. the cost of attending State U. is the amount of money Alex could have earned working for four years.D. the cost of attending State U. is the sum of the benefits Alex would have had attending each of the four other schools to which Alex had been admitted.36. Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck, but she finds one for $12,000. Her __________ is __________.A. benefit; $12,000B. cost; $15,000C. economic surplus; $3,000D. economic surplus; $12,00037. In general, rational decision making requires one to choose the actions that yield the:A. largest total benefits.B. smallest total costs.C. smallest net benefits.D. largest economic surpluses.38. Suppose the most you would be willing to pay for a plane ticket home is $250, but you buy one online for $175. The economic surplus of buying the online ticket is:A. $175.B. $250.C. $75.D. $0.39. The use of economic models, like the cost-benefit principle, means economists believe that:A. this is exactly how people choose between alternatives.B. this is a reasonable abstraction of how people choose between alternatives.C. those who explicitly make decisions this way are smarter.D. with enough education, all people will start to explicitly make decisions this way.40. Jenna decides to see a movie that costs $7 for the ticket and has an opportunity cost of $20. After the movie, she says to one of her friends that the movie was not worth it. Apparently:A. Jenna failed to apply the cost-benefit model to her decision.B. Jenna was not rational.C. Jenna overestimated the benefits of the movie.D. Jenna underestimated the benefits of the movie.41. Most of us make sensible decisions most of the time, because:A. we know the cost-benefit principle.B. subconsciously we are weighing costs and benefits.C. most people know about the scarcity principle.D. we conduct hypothetical mental auctions when we make decisions.42. Suppose a person makes a choice that seems inconsistent with the cost-benefit principle. Which of the following statements represents the most reasonable conclusion to draw?A. The person (explicitly or implicitly) over-estimated the benefits or under-estimated the costs or both.B. The cost-benefit principle is rarely true.C. The person does not grasp how decisions should be made.D. The person is simply irrational.43. Economic models are intended to:A. apply to all examples equally well.B. eliminate differences in the way people behave.C. generalize about patterns in decision-making.D. distinguish economics students from everyone else.44. Economic models claim to be:A. reasonable abstractions of how people make choices, highlighting the most important factors.B. exact replications of the decision-making process people use.C. interesting chalkboard exercises with little applicability to the real world.D. exceptionally accurate methods of predicting nearly all behavior of everyone.45. The cost-benefit model used by economists is:A. unrealistic because it is too detailed and specific to apply to a variety of situations.B. unrealistic because everyone can think of times when he or she violated the principle.C. useful because everyone follows it all of the time.D. useful because most people follow it most of the time.46. Barry owns a clothing store in the mall and has asked two economic consultants to develop models of consumer behavior that he can use to increase sales. Barry should choose the model that:A. does not include simplifying assumptions.B. is the most detailed and complex.C. assumes that consumers apply the cost-benefit principle.D. predicts that consumers will always prefer Barry's store to the competing stores.47. Economists use abstract models because:A. every economic situation is unique, so it is impossible to make generalizations.B. every economic situation is essentially the same, so specific details are unnecessary.C. they are useful for describing general patterns of behavior.D. computers have allowed economists to develop abstract models.48. Most people make some decisions based on intuition rather than calculation. This is:A. irrational, because intuition is often wrong.B. consistent with the economic model of decision-making, because calculating costs and benefits leads to decision-making pitfalls.C. consistent with the economic model because people intuitively compare the relative costs and benefits of the choices they face.D. inconsistent with the economic model, but rational because intuition takes into account non-financial considerations.49. Moe has a big exam tomorrow. He considered studying this evening, but decided to go out with Curly instead. Since Moe always chooses rationally, it must be true that: A. the opportunity cost of studying tonight is less than the value Moe gets from spending time with Curly.B. the opportunity cost of studying tonight is equal to the value Moe gets from spending time with Curly minus the cost of earning a low grade on the exam.C. Moe gets more benefit from spending time with Curly than from studying.D. Moe gets less benefit from spending time with Curly than from studying.50. If one fails to account for implicit costs in decision making, then applying thecost-benefit rule will be flawed because:A. the benefits will be overstated.B. the costs will be understated.C. the benefits will be understated.D. the costs will be overstated.Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450.51. If you do not use the frequent-flyer coupon to fly, should you go to Miami?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the trip.52. What is the opportunity cost of using the coupon for the Miami trip?A. $100B. $450C. $500D. $55053. If you use the frequent-flyer coupon to fly to Atlanta, would you get any economic surplus by making the trip?A. No, there is a loss of $50.B. Yes, surplus of $350.C. Yes, surplus of $400.D. Yes, surplus of $100.54. If the Chicago-Atlanta round-trip air fare is $350, should you go to Miami?A. No, there is a loss of $50.B. No, there is a loss of $100.C. Yes, there is economic surplus of $50.D. Yes, there is economic surplus of $400.55. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school children. Childcare for their children costs $12,000 per year. Pat has decided to stay home and take care of the children. Pat must:A. value spending time with the children by more than $25,000.B. value spending time with the children by more than $12,000.C. value spending time with the children by more than $13,000.D. value spending time with the children as much as does Chris.You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. (Assume that you would not have been willing to pay any more than $35 for this concert.) Your boss called and she is looking for someone to cover a shift on Saturday at the same time as the concert. You will have to work 4 hours and she will pay you time and a half, which is $9/hr.56. Should you go to the concert instead of working Saturday?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the concert.57. What is the opportunity cost of going to the concert?A. $1B. $9C. $35D. $3658. What is your opportunity cost, if you go to work on Saturday?A. $0B. $9C. $35D. $3659. Your economic surplus of going to work on Saturday is:A. $0B. $1C. $35D. $36Matt has decided to purchase his textbooks for the semester. His options are to purchase the books via the Internet with next day delivery to his home at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.因为他们提供75折的正常价格16美元。

微观经济学试题及答案英文

微观经济学试题及答案英文Microeconomics Exam Questions and AnswersQuestion 1: Define the law of demand and explain how itrelates to the concept of price elasticity of demand.Answer 1: The law of demand states that, all else being equal, the quantity demanded of a good or service will decrease asthe price increases. Price elasticity of demand measures the responsiveness of the quantity demanded to a change in price. If the quantity demanded changes significantly in response to a price change, the demand is said to be elastic. Conversely, if the quantity demanded changes very little, the demand is inelastic.Question 2: What is the difference between a firm's total revenue and marginal revenue?Answer 2: Total revenue is the total income received by afirm from selling its product, calculated as the price perunit multiplied by the quantity sold. Marginal revenue, onthe other hand, is the additional revenue generated fromselling one more unit of the product. It is the change intotal revenue divided by the change in quantity sold. In a perfectly competitive market, marginal revenue equals the price, but in a market with some degree of monopoly power, marginal revenue is less than the price.Question 3: Explain the concept of consumer surplus and howit is calculated.Answer 3: Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. It is a measure of the welfare gain to consumers from participating in a market. It is calculated by finding the area under the demand curve but above the market price, which represents the total amount consumers would have been willing to pay for each unit up to the quantity they actually purchase.Question 4: What is the marginal cost and how does it relateto a firm's decision to produce?Answer 4: Marginal cost is the cost of producing oneadditional unit of a good or service. It is the change intotal cost resulting from producing one more unit. Firms will continue to produce additional units as long as the marginal cost is less than the marginal revenue. If the marginal cost exceeds the marginal revenue, the firm will reduce production, as producing one more unit would result in a loss.Question 5: Define economies of scale and explain how they affect a firm's cost structure.Answer 5: Economies of scale refer to the cost advantagesthat a firm experiences when it increases its level of output. As the scale of production increases, the average cost perunit of output decreases due to factors such as spreadingfixed costs over more units, specialization of labor, andbulk purchasing discounts. This can lead to lower per-unit costs and potentially higher profits.Question 6: What is the difference between a normal good and an inferior good?Answer 6: A normal good is a good for which the demand increases as consumers' income increases. In contrast, an inferior good is a good for which the demand decreases as consumers' income increases. This is because consumers tend to substitute inferior goods with superior or higher-quality goods when their income rises.End of ExamPlease note that this is a sample set of microeconomics exam questions and answers. The actual content of an exam would depend on the specific topics covered in the course and the level of difficulty desired by the instructor.。

米什金货币金融学英文版习题答案chapter 15英文习题

Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 15 The Money Supply Process15.1 Three Players in the Money Supply Process1) The government agency that oversees the banking system and is responsible for the conduct of monetary policy in the United States isA) the Federal Reserve System.B) the United States Treasury.C) the U.S. Gold Commission.D) the House of Representatives.Answer: AAACSB: Reflective Thinking2) Individuals that lend funds to a bank by opening a checking account are calledA) policyholders.B) partners.C) depositors.D) debt holders.Answer: CAACSB: Reflective Thinking3) The three players in the money supply process includeA) banks, depositors, and the U.S. Treasury.B) banks, depositors, and borrowers.C) banks, depositors, and the central bank.D) banks, borrowers, and the central bank.Answer: CAACSB: Reflective Thinking4) Of the three players in the money supply process, most observers agree that the most important player isA) the United States Treasury.B) the Federal Reserve System.C) the FDIC.D) the Office of Thrift Supervision.Answer: BAACSB: Reflective Thinking15.2 The Fed's Balance Sheet1) Both ________ and ________ are Federal Reserve assets.A) currency in circulation; reservesB) currency in circulation; securitiesC) securities; loans to financial institutionsD) securities; reservesAnswer: CAACSB: Reflective Thinking2) The monetary liabilities of the Federal Reserve includeA) securities and loans to financial institutions.B) currency in circulation and reserves.C) securities and reserves.D) currency in circulation and loans to financial institutions.Answer: BAACSB: Reflective Thinking3) Both ________ and ________ are monetary liabilities of the Fed.A) securities; loans to financial institutionsB) currency in circulation; reservesC) securities; reservesD) currency in circulation; loans to financial institutionsAnswer: BAACSB: Reflective Thinking4) The sum of the Fed's monetary liabilities and the U.S. Treasury's monetary liabilities is calledA) the money supply.B) currency in circulation.C) bank reserves.D) the monetary base.Answer: DAACSB: Reflective Thinking5) The monetary base consists ofA) currency in circulation and Federal Reserve notes.B) currency in circulation and the U.S. Treasury's monetary liabilities.C) currency in circulation and reserves.D) reserves and Federal Reserve Notes.Answer: CAACSB: Reflective Thinking6) Total reserves minus bank deposits with the Fed equalsA) vault cash.B) excess reserves.C) required reserves.D) currency in circulation.Answer: AAACSB: Analytical Thinking7) Reserves are equal to the sum ofA) required reserves and excess reserves.B) required reserves and vault cash reserves.C) excess reserves and vault cash reserves.D) vault cash reserves and total reserves.Answer: AAACSB: Analytical Thinking8) Total reserves are the sum of ________ and ________.A) excess reserves; borrowed reservesB) required reserves; currency in circulationC) vault cash; excess reservesD) excess reserves; required reservesAnswer: DAACSB: Reflective Thinking9) Excess reserves are equal toA) total reserves minus discount loans.B) vault cash plus deposits with Federal Reserve banks minus required reserves.C) vault cash minus required reserves.D) deposits with the Fed minus vault cash plus required reserves.Answer: BAACSB: Analytical Thinking10) Total Reserves minus vault cash equalsA) bank deposits with the Fed.B) excess reserves.C) required reserves.D) currency in circulation.Answer: AAACSB: Analytical Thinking11) The amount of deposits that banks must hold in reserve isA) excess reserves.B) required reserves.C) total reserves.D) vault cash.Answer: BAACSB: Reflective Thinking12) The percentage of deposits that banks must hold in reserve is theA) excess reserve ratio.B) required reserve ratio.C) total reserve ratio.D) currency ratio.Answer: BAACSB: Reflective Thinking13) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, eight million dollars on deposit with the Federal Reserve, and one million dollars in required reserves. Given this information, we can say First National Bank has ________ million dollars in excess reserves.A) threeB) nineC) tenD) elevenAnswer: BAACSB: Analytical Thinking14) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, eight million dollars on deposit with the Federal Reserve, and one million dollars in required reserves. Given this information, we can say First National Bank faces a required reserve ratio of ________ percent.A) tenB) twentyC) eightyD) ninetyAnswer: AAACSB: Analytical Thinking15) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, eight million dollars on deposit with the Federal Reserve, and nine million dollars in excess reserves. Given this information, we can say First National Bank has ________ million dollars in required reserves.A) oneB) twoC) eightD) tenAnswer: AAACSB: Analytical Thinkingvault cash, eight million dollars on deposit with the Federal Reserve, and nine million dollars in excess reserves. Given this information, we can say First National Bank faces a required reserve ratio of ________ percent.A) tenB) twentyC) eightyD) ninetyAnswer: AAACSB: Analytical Thinking17) Suppose that from a new checkable deposit, First National Bank holds eight million dollars on deposit with the Federal Reserve, one million dollars in required reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has ________ million dollars in excess reserves.A) twoB) eightC) nineD) tenAnswer: CAACSB: Analytical Thinking18) Suppose that from a new checkable deposit, First National Bank holds eight million dollars on deposit with the Federal Reserve, one million dollars in required reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has ________ million dollars in vault cash.A) twoB) eightC) nineD) tenAnswer: AAACSB: Analytical Thinking19) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, nine million dollars in excess reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has ________ million dollars in required reserves.A) oneB) twoC) eightD) tenAnswer: AAACSB: Analytical Thinkingvault cash, nine million dollars in excess reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has ________ million dollars on deposit with the Federal Reserve.A) oneB) twoC) eightD) tenAnswer: CAACSB: Analytical Thinking21) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, one million dollars in required reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has ________ million dollars in excess reserves.A) oneB) twoC) nineD) tenAnswer: CAACSB: Analytical Thinking22) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, one million dollars in required reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has ________ million dollars on deposit with the Federal Reserve.A) oneB) twoC) eightD) tenAnswer: CAACSB: Analytical Thinking23) Suppose that from a new checkable deposit, First National Bank holds eight million dollars on deposit with the Federal Reserve, nine million dollars in excess reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has________ million dollars in required reserves.A) oneB) twoC) nineD) tenAnswer: AAACSB: Reflective Thinkingon deposit with the Federal Reserve, nine million dollars in excess reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has________ million dollars in vault cash.A) oneB) twoC) nineD) tenAnswer: BAACSB: Analytical Thinking25) The interest rate the Fed charges banks borrowing from the Fed is theA) federal funds rate.B) Treasury bill rate.C) discount rate.D) prime rate.Answer: CAACSB: Reflective Thinking26) When banks borrow money from the Federal Reserve, these funds are calledA) federal funds.B) discount loans.C) federal loans.D) Treasury funds.Answer: BAACSB: Reflective Thinking15.3 Control of the Monetary Base1) The monetary base minus currency in circulation equalsA) reserves.B) the borrowed base.C) the nonborrowed base.D) discount loans.Answer: AAACSB: Analytical Thinking2) The monetary base minus reserves equalsA) currency in circulation.B) the borrowed base.C) the nonborrowed base.D) discount loans.Answer: AAACSB: Analytical Thinking3) High-powered money minus reserves equalsA) reserves.B) currency in circulation.C) the monetary base.D) the nonborrowed base.Answer: BAACSB: Analytical Thinking4) High-powered money minus currency in circulation equalsA) reserves.B) the borrowed base.C) the nonborrowed base.D) discount loans.Answer: AAACSB: Analytical Thinking5) Purchases and sales of government securities by the Federal Reserve are calledA) discount loans.B) federal fund transfers.C) open market operations.D) swap transactions.Answer: CAACSB: Written and oral communication6) When the Federal Reserve purchases a government bond from a primary dealer, reserves in the banking system ________ and the monetary base ________, everything else held constant.A) increase; increasesB) increase; decreasesC) decrease; increasesD) decrease; decreasesAnswer: AAACSB: Analytical Thinking7) When the Federal Reserve sells a government bond to a primary dealer, reserves in the banking system ________ and the monetary base ________, everything else held constant.A) increase; increasesB) increase; decreasesC) decrease; increasesD) decrease; decreasesAnswer: DAACSB: Analytical Thinking8) When a primary dealer sells a government bond to the Federal Reserve, reserves in the banking system ________ and the monetary base ________, everything else held constant.A) increase; increasesB) increase; decreasesC) decrease; increasesD) decrease; decreasesAnswer: AAACSB: Analytical Thinking9) When a primary dealer buys a government bond from the Federal Reserve, reserves in the banking system ________ and the monetary base ________, everything else held constant.A) increase; increasesB) increase; decreasesC) decrease; increasesD) decrease; decreasesAnswer: DAACSB: Analytical Thinking10) When the Fed buys $100 worth of bonds from a primary dealer, reserves in the banking systemA) increase by $100.B) increase by more than $100.C) decrease by $100.D) decrease by more than $100.Answer: AAACSB: Analytical Thinking11) When the Fed sells $100 worth of bonds to a primary dealer, reserves in the banking systemA) increase by $100.B) increase by more than $100.C) decrease by $100.D) decrease by more than $100.Answer: CAACSB: Analytical Thinking12) When the Fed extends a $100 discount loan to the First National Bank, reserves in the banking systemA) increase by $100.B) increase by more than $100.C) decrease by $100.D) decrease by more than $100.Answer: AAACSB: Analytical Thinking13) All else the same, when the Fed calls in a $100 discount loan previously extended to the First National Bank, reserves in the banking systemA) increase by $100.B) increase by more than $100.C) decrease by $100.D) decrease by more than $100.Answer: CAACSB: Analytical Thinking14) When the Federal Reserve extends a discount loan to a bank, the monetary base ________ and reserves ________.A) remains unchanged; decreaseB) remains unchanged; increaseC) increases; increaseD) increases; remain unchangedAnswer: CAACSB: Analytical Thinking15) When the Federal Reserve calls in a discount loan from a bank, the monetary base ________ and reserves ________.A) remains unchanged; decreaseB) remains unchanged; increaseC) decreases; decreaseD) decreases; remains unchangedAnswer: CAACSB: Analytical Thinking16) If the Fed decides to reduce bank reserves, it canA) purchase government bonds.B) extend discount loans to banks.C) sell government bonds.D) print more currency.Answer: CAACSB: Analytical Thinking17) There are two ways in which the Fed can provide additional reserves to the banking system: it can ________ government bonds or it can ________ discount loans to commercial banks.A) sell; extendB) sell; call inC) purchase; extendD) purchase; call inAnswer: CAACSB: Analytical Thinking18) A decrease in ________ leads to an equal ________ in the monetary base in the short run.A) float; increaseB) float; decreaseC) Treasury deposits at the Fed; decreaseD) discount loans; increaseAnswer: BAACSB: Analytical Thinking19) The monetary base declines whenA) the Fed extends discount loans.B) Treasury deposits at the Fed decrease.C) float increases.D) the Fed sells securities.Answer: DAACSB: Analytical Thinking20) An increase in ________ leads to an equal ________ in the monetary base in the short run.A) float; decreaseB) float; increaseC) discount loans; decreaseD) Treasury deposits at the Fed; increaseAnswer: BAACSB: Analytical Thinking21) Suppose a person cashes his payroll check and holds all the funds in the form of currency. Everything else held constant, total reserves in the banking system ________ and the monetary base ________.A) remain unchanged; increasesB) decrease; increasesC) decrease; remains unchangedD) decrease; decreasesAnswer: CAACSB: Analytical Thinking22) Suppose your payroll check is directly deposited to your checking account. Everything else held constant, total reserves in the banking system ________ and the monetary base ________.A) remain unchanged; remains unchangedB) remain unchanged; increasesC) decrease; increasesD) decrease; decreasesAnswer: AAACSB: Analytical Thinking23) The Fed does not tightly control the monetary base because it does NOT completely controlA) open market purchases.B) open market sales.C) borrowed reserves.D) the discount rate.Answer: CAACSB: Reflective Thinking24) Subtracting borrowed reserves from the monetary base obtainsA) reserves.B) high-powered money.C) the nonborrowed monetary base.D) the borrowed monetary base.Answer: CAACSB: Analytical Thinking25) The relationship between borrowed reserves (BR), the nonborrowed monetary base (MB n), and the monetary base (MB) isA) MB = MB n - BR.B) BR = MB n - MB.C) BR = MB - MB n.D) MB = BR - MB n.Answer: CAACSB: Analytical Thinking26) Explain two ways by which the Federal Reserve System can increase the monetary base. Why is the effect of Federal Reserve actions on bank reserves less exact than the effect on the monetary base?Answer: The Fed can increase the monetary base by purchasing government bonds and by extending discount loans. Because the Fed cannot control the distribution of the monetary base between reserves and currency, it has less control over reserves than the base.AACSB: Reflective Thinking15.4 Multiple Deposit Creation: A Simple Model1) When the Fed supplies the banking system with an extra dollar of reserves, deposits increase by more than one dollar—a process calledA) extra deposit creation.B) multiple deposit creation.C) expansionary deposit creation.D) stimulative deposit creation.Answer: BAACSB: Reflective Thinking2) When the Fed supplies the banking system with an extra dollar of reserves, deposits ________ by ________ than one dollar—a process called multiple deposit creation.A) increase; lessB) increase; moreC) decrease; lessD) decrease; moreAnswer: BAACSB: Reflective Thinking3) If the required reserve ratio is equal to 10 percent, a single bank can increase its loans up to a maximum amount equal toA) its excess reserves.B) 10 times its excess reserves.C) 10 percent of its excess reserves.D) its total reserves.Answer: AAACSB: Analytical Thinking4) In the simple deposit expansion model, if the Fed purchases $100 worth of bonds from a bank that previously had no excess reserves, the bank can now increase its loans byA) $10.B) $100.C) $100 times the reciprocal of the required reserve ratio.D) $100 times the required reserve ratio.Answer: BAACSB: Analytical Thinking5) In the simple deposit expansion model, if the Fed purchases $100 worth of bonds from a bank that previously had no excess reserves, deposits in the banking system can potentially increase byA) $10.B) $100.C) $100 times the reciprocal of the required reserve ratio.D) $100 times the required reserve ratio.Answer: CAACSB: Analytical Thinking6) In the simple deposit expansion model, if the Fed extends a $100 discount loan to a bank that previously had no excess reserves, the bank can now increase its loans byA) $10.B) $100.C) $100 times the reciprocal of the required reserve ratio.D) $100 times the required reserve ratio.Answer: BAACSB: Analytical Thinking7) In the simple deposit expansion model, if the Fed extends a $100 discount loan to a bank that previously had no excess reserves, deposits in the banking system can potentially increase byA) $10.B) $100.C) $100 times the reciprocal of the required reserve ratio.D) $100 times the required reserve ratio.Answer: CAACSB: Analytical Thinking8) In the simple model of multiple deposit creation in which banks do not hold excess reserves, the increase in checkable deposits equals the product of the change in reserves and theA) reciprocal of the excess reserve ratio.B) simple deposit expansion multiplier.C) reciprocal of the simple deposit multiplier.D) discount rate.Answer: BAACSB: Analytical Thinking9) The simple deposit multiplier can be expressed as the ratio of theA) change in reserves in the banking system divided by the change in deposits.B) change in deposits divided by the change in reserves in the banking system.C) required reserve ratio divided by the change in reserves in the banking system.D) change in deposits divided by the required reserve ratio.Answer: BAACSB: Analytical Thinking10) If reserves in the banking system increase by $100, then checkable deposits will increase by $1000 in the simple model of deposit creation when the required reserve ratio isA) 0.01.B) 0.10.C) 0.05.D) 0.20.Answer: BAACSB: Analytical Thinking11) If reserves in the banking system increase by $100, then checkable deposits will increase by $500 in the simple model of deposit creation when the required reserve ratio isA) 0.01.B) 0.10.C) 0.05.D) 0.20Answer: DAACSB: Analytical Thinking12) If the required reserve ratio is 10 percent, the simple deposit multiplier isA) 5.0.B) 2.5.C) 100.0.D) 10.0Answer: DAACSB: Analytical Thinking13) If the required reserve ratio is 15 percent, the simple deposit multiplier isA) 15.0.B) 1.5.C) 6.67.D) 3.33.Answer: CAACSB: Analytical Thinking14) If the required reserve ratio is 20 percent, the simple deposit multiplier isA) 5.0.B) 2.5.C) 4.0.D) 10.0.Answer: AAACSB: Analytical Thinking15) If the required reserve ratio is 25 percent, the simple deposit multiplier isA) 5.0.B) 2.5.C) 4.0.D) 10.0.Answer: CAACSB: Analytical Thinking16) A simple deposit multiplier equal to one implies a required reserve ratio equal toA) 100 percent.B) 50 percent.C) 25 percent.D) 0 percent.Answer: AAACSB: Analytical Thinking17) A simple deposit multiplier equal to two implies a required reserve ratio equal toA) 100 percent.B) 50 percent.C) 25 percent.D) 0 percent.Answer: BAACSB: Analytical Thinking18) A simple deposit multiplier equal to four implies a required reserve ratio equal toA) 100 percent.B) 50 percent.C) 25 percent.D) 0 percent.Answer: CAACSB: Analytical Thinking19) In the simple deposit expansion model, if the banking system has excess reserves of $75, and the required reserve ratio is 20%, the potential expansion of checkable deposits isA) $75.B) $750.C) $37.50.D) $375.Answer: DAACSB: Analytical Thinking20) In the simple deposit expansion model, if the required reserve ratio is 20 percent and the Fed increases reserves by $100, checkable deposits can potentially expand byA) $100.B) $250.C) $500.D) $1,000.Answer: CAACSB: Analytical Thinking21) In the simple deposit expansion model, if the required reserve ratio is 10 percent and the Fed increases reserves by $100, checkable deposits can potentially expand byA) $100.B) $250.C) $500.D) $1,000.Answer: DAACSB: Analytical Thinking22) In the simple deposit expansion model, an expansion in checkable deposits of $1,000 when the required reserve ratio is equal to 20 percent implies that the FedA) sold $200 in government bonds.B) sold $500 in government bonds.C) purchased $200 in government bonds.D) purchased $500 in government bonds.Answer: CAACSB: Analytical Thinking23) In the simple deposit expansion model, an expansion in checkable deposits of $1,000 when the required reserve ratio is equal to 10 percent implies that the FedA) sold $1,000 in government bonds.B) sold $100 in government bonds.C) purchased $1000 in government bonds.D) purchased $100 in government bonds.Answer: DAACSB: Analytical Thinking24) In the simple deposit expansion model, a decline in checkable deposits of $1,000 when the required reserve ratio is equal to 20 percent implies that the FedA) sold $200 in government bonds.B) sold $500 in government bonds.C) purchased $200 in government bonds.D) purchased $500 in government bonds.Answer: AAACSB: Analytical Thinking25) In the simple deposit expansion model, a decline in checkable deposits of $1,000 when the required reserve ratio is equal to 10 percent implies that the FedA) sold $1,000 in government bonds.B) sold $100 in government bonds.C) purchased $1,000 in government bonds.D) purchased $100 in government bonds.Answer: BAACSB: Analytical Thinking26) In the simple deposit expansion model, a decline in checkable deposits of $500 when the required reserve ratio is equal to 10 percent implies that the FedA) sold $500 in government bonds.B) sold $50 in government bonds.C) purchased $50 in government bonds.D) purchased $500 in government bonds.Answer: BAACSB: Analytical Thinking27) In the simple deposit expansion model, a decline in checkable deposits of $500 when the required reserve ratio is equal to 20 percent implies that the FedA) sold $250 in government bonds.B) sold $100 in government bonds.C) sold $50 in government bonds.D) purchased $100 in government bonds.Answer: BAACSB: Analytical Thinking28) If reserves in the banking system increase by $100, then checkable deposits will increase by $400 in the simple model of deposit creation when the required reserve ratio isA) 0.01.B) 0.10.C) 0.20.D) 0.25.Answer: DAACSB: Analytical Thinking29) If reserves in the banking system increase by $100, then checkable deposits will increase by $667 in the simple model of deposit creation when the required reserve ratio isA) 0.01.B) 0.05.C) 0.15.D) 0.20.Answer: CAACSB: Analytical Thinking30) If reserves in the banking system increase by $100, then checkable deposits will increase by $100 in the simple model of deposit creation when the required reserve ratio isA) 0.01.B) 0.10.C) 0.20.D) 1.00.Answer: DAACSB: Analytical Thinking31) If reserves in the banking system increase by $100, then checkable deposits will increase by $2,000 in the simple model of deposit creation when the required reserve ratio isA) 0.01.B) 0.05.C) 0.10.D) 0.20.Answer: BAACSB: Analytical Thinking32) If reserves in the banking system increase by $200, then checkable deposits will increase by $500 in the simple model of deposit creation when the required reserve ratio isA) 0.04.B) 0.25.C) 0.40.D) 0.50.Answer: CAACSB: Analytical Thinkingreserve requirement is 20 percent, then the bank has actual reserves ofA) $16,000.B) $20,000.C) $26,000.D) $36,000.Answer: CAACSB: Analytical Thinking34) If a bank has excess reserves of $20,000 and demand deposit liabilities of $80,000, and if the reserve requirement is 20 percent, then the bank has total reserves ofA) $16,000.B) $20,000.C) $26,000.D) $36,000.Answer: DAACSB: Analytical Thinking35) If a bank has excess reserves of $5,000 and demand deposit liabilities of $80,000, and if the reserve requirement is 20 percent, then the bank has actual reserves ofA) $11,000.B) $20,000.C) $21,000.D) $26,000.Answer: CAACSB: Analytical Thinking36) If a bank has excess reserves of $15,000 and demand deposit liabilities of $80,000, and if the reserve requirement is 20 percent, then the bank has total reserves ofA) $11,000.B) $21,000.C) $31,000.D) $41,000.Answer: CAACSB: Analytical Thinking37) If a bank has excess reserves of $4,000 and demand deposit liabilities of $100,000, and if the reserve requirement is 15 percent, then the bank has actual reserves ofA) $17,000.B) $19,000.C) $24,000.D) $29,000.Answer: BAACSB: Analytical Thinkingreserve requirement is 10 percent, then the bank has actual reserves ofA) $14,000.B) $19,000.C) $24,000.D) $29,000.Answer: AAACSB: Analytical Thinking39) If a bank has excess reserves of $7,000 and demand deposit liabilities of $100,000, and if the reserve requirement is 15 percent, then the bank has actual reserves ofA) $17,000.B) $22,000.C) $27,000.D) $29,000.Answer: BAACSB: Analytical Thinking40) If a bank has excess reserves of $7,000 and demand deposit liabilities of $100,000, and if the reserve requirement is 10 percent, then the bank has actual reserves ofA) $14,000.B) $17,000.C) $22,000.D) $27,000.Answer: BAACSB: Analytical Thinking41) A bank has excess reserves of $6,000 and demand deposit liabilities of $100,000 when the required reserve ratio is 20 percent. If the reserve ratio is raised to 25 percent, the bank's excess reserves will beA) -$5,000.B) -$1,000.C) $1,000.D) $5,000.Answer: CAACSB: Analytical Thinking42) A bank has excess reserves of $4,000 and demand deposit liabilities of $100,000 when the required reserve ratio is 20 percent. If the reserve ratio is raised to 25 percent, the bank's excess reserves will beA) -$5,000.B) -$1,000.C) $1,000.D) $5,000.Answer: BAACSB: Analytical Thinking。

微观经济学的练习题以及答案英文版

微观经济学的练习题以及答案英文版Chapter 01Thinking Like an Economist Multiple Choice Questions1. Economics is best defined as the study of:A. prices and quantities.B. inflation and interest rates.C. how people make choices under the conditions of scarcity and the results of those choices.D. wages and incomes.2. Economic questions always deal with:A. financial matters.B. political matters.C. insufficient resources.D. choice in the face of limited resources.3. The range of topics or issues that fit within the definition of economics is:A. limited to market activities, e.g., buying soap.B. limited to individuals and firms.C. extremely wide, requiring only the ideas of choice and scarcity.D. very limited.4. The central concern of economics is:A. poverty.B. scarcity.C. wealth accumulation.D. overconsumption.5. The scarcity principle indicates that:A. no matter how much one has, it is never enough.B. compared to 100 years ago, individuals have less timetoday.C. with limited resources, having more of "this" means having less of "that."D. because tradeoffs must be made, resources are therefore scarce.6. The logical implication of the scarcity principle is that:A. one will never be satisfied with what one has.B. as wealth increases, making choices becomes less necessary.C. as wealth decreases, making choices becomes less necessary.D. choices must be made.7. If all the world's resources were to magically increase a hundredfold, then:A. the scarcity principle would still govern behavior.B. economics would no longer be relevant.C. the scarcity principle would disappear.D. tradeoffs would become unnecessary.8. The principle of scarcity applies to:A. the poor exclusively.B. all consumers.C. all firms.D. everyone—consumers, firms, governments, and nations.9. At the very least, Joe Average and Bill Gates are both identically limited by:A. their wealth.B. the 24 hours that comprise a day.C. their knowledge.D. their influence.10. Forest is a mountain man living in complete isolation inMontana. He is completely self-sufficient through hunting, fishing, and farming. He has not been in the city to buy anything in five years. One can infer:A. the scarcity principle does not apply to Forest.B. Forest is not required to make choices.C. the scarcity principle still applies because more hunting means less fishing and farming.D. Forest is very satisfied.11. The scarcity principle applies to:A. all decisions.B. only market decisions, e.g., buying a car.C. only non-market decisions, e.g., watching a sunset.D. only the poor.12. Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:A. not an economic problem because neither one costs money.B. not an economic problem because it's an hour that is wasted no matter what Chris does.C. an economic problem because the tuition Chris pays covers both the gym and the library.D. an economic problem because Chris has only one hour during which he can study or work out.13. Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decided to stay home and work on the paper. According to the scarcity principle, the reason Josh didn't go to the game is that:A. Josh prefers schoolwork to football games.B. writing the paper is easier than going to the game.C. Josh doesn't have enough time for writing the paper and going to the game.D. it's too expensive to go to the game.14. Whether studying the size of the U.S. economy or the number of children a couple will choose to have, the unifying concept is that wants are:A. limited, resources are limited, and thus choices must be made.B. unlimited, resources are limited, and thus choices must be made.C. unlimited, resources are limited to some but not to others, and thus some people must make choices.D. unlimited, resources are limited, and thus government needs to do more.15. The cost-benefit principle indicates that an action should be taken:A. if the total benefits exceed the total costs.B. if the average benefits exceed the average costs.C. if the net benefit (benefit minus cost) is zero.D. if the extra benefit is greater than or equal to the extra costs.16. When a person decides to pursue an activity as long as the extra benefits are at least equal to the extra costs, that person is:A. violating the cost-benefit principle.B. following the scarcity principle.C. following the cost-benefit principle.D. pursuing the activity too long.17. Choosing to study for an exam until the extra benefit(improved score) equals the extra cost (mental fatigue) is:A. not rational.B. an application of the cost-benefit principle.C. an application of the scarcity principle.D. the relevant opportunity cost.18. The scarcity principle tells us that __________, and the cost-benefit principle tells us __________.A. choices must be made; how to make the choicesB. choices must be made; that the costs can never outweigh the benefits of the choicesC. rare goods are expensive; that the costs should outweigh the benefits of the choicesD. rare goods are expensive; that the costs can never outweigh the benefits of the choices19. According to the cost-benefit principle:A. the lowest cost activity usually gives the lowest benefit.B. a person should always choose the activity with the lowest cost.C. a person should always choose the activity with the greatest benefit.D. the extra costs and benefits of an activity are more important considerations than the total costs and benefits.。

《微观经济学：利润最大化与竞争性供给》问答与练习(英文版含答案)

《微观经济学：利润最大化与竞争性供给》问答与练习（英文版含答案）PROFIT MAXIMIZATION AND COMPETITIVE SUPPLY1. Why would a firm that incurs losses choose to produce rather than shut down?Losses occur when revenues do not cover total costs. Revenues could still be greater thanvariable costs, but not fixed costs. If a firm is incurring a loss, it will seek to minimizethat loss. In the short run, losses will be minimized as long as the firm covers its variablecosts. In the long run, all costs are variable. Thus, all costs must be covered if the firmis to remain in business.2. The supply curve for a firm in the short run is the short-run marginal cost curve (above the point of minimum average variable cost). Why is the supply curve in the long run not the long-run marginal cost curve (above the point of minimum average total cost)?In the short run, a change in the market price induces the profit-maximizing firm tochange its optimal level of output. This optimal output occurs when price is equal tomarginal cost, as long as marginal cost exceeds average variable cost. Therefore, thesupply curve of the firm is its marginal cost curve, above average variable cost. (Whenthe price falls below average variable cost, the firm will shut down.)In the long run, the firm adjusts its inputs so that its long-run marginal cost is equal tothe market price. At this level of output, it is operating on a short-run marginal costcurve where short-run marginal cost is equal to price. As the long-run price changes,the firm gradually changes its mix of inputs to minimize cost. Thus, the long-run supplyresponse is this adjustment from one set of short-run marginal cost curves to another.3. In long-run equilibrium, all firms in the industry earn zero economic profit. Why is this true?The theory of perfect competition explicitly assumes that there are no entry or exitbarriers to new participants in an industry. With free entry, positive economic profitsinduce new entrants. As these firms enter, the supply curve shifts to the right, causinga fall in the equilibrium price of the product. Entry will stop, and equilibrium will beachieved, when economic profits have fallen to zero.4. What is the difference between economic profit and producer surplus?While economic profit is the difference between total revenue and total cost, producersurplus is the difference between total revenue and total variable cost. The differencebetween economic profit and producer surplus is the fixed cost of production.5. Why do firms enter an industry when they know that in the long run economic profit will be zero?Firms enter an industry when they expect to earn economic profit. These short-runprofits are enough to encourage entry. Zero economic profits in the long run implynormal returns to the factors of production, including the labor and capital of the ownersof firms. For example, the owner of a small business might experience positiveaccounting profits before the foregone wages from running the business are subtractedfrom these profits. If the revenue minus other costs is just equal to what could be earnedelsewhere, then the owner is indifferent to staying in business or exiting.6. At the beginning of the twentieth century, there were many small American automobile manufacturers. At the end of the century, there are only three large ones. Suppose that this situation is not the result of lax federal enforcement of antimonopoly laws. How do you explain the decrease in the number of manufacturers? (Hint: What is the inherent cost structure of the automobile industry?) Automobile plants are highly capital-intensive. Assuming there have been noimpediments to competition, increasing returns to scale can reduce the number of firmsin the long run. As firms grow, their costs decrease with increasing returns to scale.Larger firms are able to sell their product for a lower price and push out smaller firms inthe long run. Increasing returns may cease at some level of output, leaving more thanone firm in the industry.7. Industry X is characterized by perfect competition, so every firm in the industry is earning zero economic profit. If the product price falls, no firms can survive. Do you agree or disagree? Discuss.Disagree. As the market price falls, firms cut their production. If price falls belowaverage total cost, firms continue to produce in the short run and cease production in thelong run. If price falls below average variable costs, firms cease production in the shortrun. Therefore, with a small decrease in price, i.e., less than the difference between theprice and average variable cost, firms can survive. With larger price decrease,i.e.,greater than the difference between price and minimum average cost, no firms survive.8. An increase in the demand for video films also increases the salaries of actors and actresses. Is the long-run supply curve for films likely to be horizontal or upward sloping? Explain.The long-run supply curve depends on the cost structure of the industry. If there is a fixedsupply of actors and actresses, as more films are produced, higher salaries must be offered.Therefore, the industry experiences increasing costs. In an increasing-cost industry, thelong-run supply curve is upward sloping. Thus, the supply curve for videos would beupward sloping.9. True or false: A firm should always produce at an output at which long-run average cost is minimized. Explain.False. In the long run, under perfect competition, firms should produce where averagecosts are minimized. The long-run average cost curve is formed by determining theminimum cost at every level of output. In the short run, however, the firm might not beproducing the optimal long-run output. Thus, if there are any fixed factors of production,the firm does not always produce where long-run average cost is minimized.10. Can there be constant returns to scale in an industry with an upward-sloping supply curve? Explain.Constant returns to scale imply that proportional increases in all inputs yield the sameproportional increase in output. Proportional increases in inputs can induce higherprices if the supply curves for these inputs are upward sloping. Therefore, constantreturns to scale does not always imply long-run horizontal supply curves.11. What assumptions are necessary for a market to be perfectly competitive? In light of what you have learned in this chapter, why is each of these assumptions important?The two primary assumptions of perfect competition are (1) all firms in the industry areprice takers, and (2) there is free entry and exit of firms from the market. This chapterdiscusses how competitive equilibrium is achieved under these assumptions. In particular,we have seen that in a competitive equilibrium, price is equal to marginal cost. Bothassumptions insure this equilibrium condition in the long run. In the short run, pricecould be greater than average cost, implying positive economic profits. With free entryand exit, positive economic profits would encourage other firms to enter. This entryexerts downward pressure on price until price is equal to both marginal cost andminimum average cost.12. Suppose a competitive industry faces an increase in demand (i.e., the curve shifts upward). What are the steps by which a competitive market insures increased output? Does your answer change if the government imposes a price ceiling?If demand increases with fixed supply, price and profits increase. The price increaseinduces the firms in the industry to increase output. Also, with positive profit, firmsenter the industry, shifting the supply curve to the right. With an effective price ceiling,profit will be lower than without the ceiling, reducing the incentive for firms to enter theindustry. With zero economic profit, no firms enter and there is no shift in the supplycurve.13. The government passes a law that allows a substantial subsidy for every acre of land used to grow tobacco. How does this program affect the long-run supply curve for tobacco?A subsidy to tobacco pro duction decreases the firm’s costs of production. These costdecreases encourage other firms to enter tobacco production, and the supply curve for theindustry shifts out.1. From the data in Table 8.2, show what happens to the firm’s output ch oice and profit if the price of the product falls from $40 to $35.The table below shows the firm’s revenue and cost information when the price falls to $35.At a price of $35, the firm should produce seven units to maximize profits, because this isthe point closest to where price equals marginal cost without having marginal cost exceedprice.2. Again, from the data in Table 8.2, show what happens to the firm’s output choice and profit if the fixed cost of production increases from $50 to $100, and then to $150. What general conclusion can you reach about the effects of fixed costs on the firm’s output choice?The table below shows the firm’s revenue and cost information for Fixed Cost, FC of 50,100, and 150.With fixed costs of 100, the firm maximizes profit at 8 units of output. It also minimizeslosses with fixed costs of 150 at the same level. Fixed costs do not influence the optimalquantity, because they do not influence marginal cost.3. Suppose you are the manager of a watchmaking firm operating in a competitive market. Your cost of production is given by C = 100 + Q2, where Q is the level of output and C is total cost. (The marginal cost of production is 2Q. The fixed cost of production is $100.)a. If the price of watches is $60, how many watches should you produce to maximize profit?Profits are maximized where marginal cost is equal to marginal revenue. Here,marginal revenue is equal to $60; recall that price equals marginal revenue in acompetitive market:60 = 2Q, or Q = 30.b. What will the profit level be?Profit is equal to total revenue minus total cost:π = (60)(30) - (100 + 302) = $800.c. At what minimum price will the firm produce a positive output?A firm will produce in the short run if the revenues it receives are greater than its variablecosts. Remember that the firm’s short-run supply curve is its marginal cost curve abovethe minimum of average variable cost. Here, average variable cost is VCQQQQ ==2.Also, MC is equal to 2Q. So, MC is greater than AVC for any quantity greater than 0. This means that the firm produces in the short run as long as price is positive.4. Use the same information as in Exercise 1 to answer the following.a. Derive the firm’s short-run supply curve. (Hint: you may want to plot the appropriate costcurves.)The firm’s short-run supply curve is its marginal cost curve above average variable cost.The table below lists marginal cost, total cost, variable cost, fixed cost, and averagevariable cost.Q P TR TC MC TVC TFC AVC0 40 0 50 -50 ___ 0 50 ___1 40 40 100 -60 50 50 50 50.02 40 80 128 -48 28 78 50 39.03 40 120 148 -28 20 98 50 32.74 40 160 162 -2 14 112 50 28.05 40 200 180 20 18 130 50 26.06 40 240 200 40 20 150 50 25.07 40 280 222 58 22 172 50 24.68 40 320 260 60 38 210 50 26.3b. If 100 identical firms are in the market, what is the industry supply curve?For 100 firms with identical cost structures, the market supply curve is the horizontalsummation of each firm’s output at each price.Figure 8.4.b5. A sales tax of $1 per unit of output is placed on one firm whose product sells for $5 in a competitive industry.a. How will this tax affect the cost curves for the firm?With the imposition of a $1 tax on a single firm, all its cost curves shift up by $1.b. What will happen to the firm’s price, output, and profit in the short run?Since the firm is a price-taker in a competitive market, the imposition of the tax on onlyone firm does not change the market price. Since the firm’s short-run supply curve is itsmarginal cost curve above average variable cost and that marginal cost curve has shiftedup (inward), the firm supplies less to the market at every price. Profits are lower atevery quantity.c. What will happen in the long run?If the tax is placed on a single firm, that firm will go out of business.6. Suppose that a competitive firm’s marginal cost of producing output q is given byMC(q) = 3 + 2q. Assume that the market price of the firm’s product is $9:a. What level of output will the firm produce?To maximize profits, the firm should set marginal revenue equal to marginal cost. Giventhe fact that this firm is operating in a competitive market, the market price it faces isequal to marginal revenue. Thus, the firm should set the market price equal to marginalcost to maximize its profits:9 = 3 + 2q, or q = 3.Total revenue is price times quantity:TR = ($9)(3) = $27.Profit is total revenue minus total cost:= $27 - $21 = $6.Therefore, the firm is earning positive economic profits.8. A competitive industry is in long-run equilibrium. A sales tax is then placed on all firms in the industry. What do you expect to happen to the price of the product, the number of firms in the industry, and the output of each firm in the long run?With the imposition of a sales tax on all firms, the supply curve shifts up and a newequilibrium will result with a lower quantity and a higher price. This shift in supplyrepresents lower production for all firms.*9. A sales tax of 10 percent is placed on half the firms (the polluters) in a competitive industry. The revenue is paid to the remaining firms (the nonpolluters) as a 10 percent subsidy on the value of output sold.a. Assuming that all firms have identical constant long-run average costs before the sales tax-subsidy policy, what do you expect to happen to the price of the product, the output of each of the firms, and industry output, in the short run and the long run? (Hint: How does price relate to industry input?)The price of the product depends on the quantity produced by all firms in the industry.The immediate response to the sales-tax=subsidy policy is a reduction in quantity bypolluters and an increase in quantity by non-polluters. If a long-run competitiveequilibrium existed before the sales-tax=subsidy policy, price would have been equal tomarginal cost and long-run minimum average cost. For the polluters, the price after thesales tax is below long-run average cost; therefore, in the long run, they will exit theindustry. Furthermore, after the subsidy, the non-polluters earn economic profits thatwill encourage the entry of non-polluters. If this is a constant cost industry and the lossof the polluters’ output is compensated by an increase in the non-polluters’ output, theprice will remain constant.b. Can such a policy always be achieved with a balanced budget in which tax revenues are equal tosubsidy payments? Why? Explain.As the polluters exit and non-polluters enter the industry, revenues from pollutersdecrease and the subsidy to the non-polluters increases. This imbalance occurs whenthe first polluter leaves the industry and persist’s ever after.。

微观经济学英文版习题(附答案)3

ECON915, Seminar 3Attempt all of the following questions.1.) If you are a risk attracted person who is given a choice between Y A : a bet with an expected value of £66 or Y B : £66 for certain, which offer would you prefer and what could an observer conclude from your choice about the amount of certainty equivalent income.A risk attracted individual would choose the bet with an expected value of £66. Since you prefer uncertain income to certain income of the same amount, this must give you greater utility. The amount of certain income rendering the same utility (i.e. the certainty equivalent income level) must therefore be larger than £66.2.) Explain how the problem of Moral Hazard can render full insurance at the fair odds premium unsustainable.The moral hazard problem can for example arise if an insurance customer cansubstantially reduce an accident risk by incurring a small expenditure and contracts insurance at the full premium conditional on the accident reduction having been implemented. If compliance can't be observed, the insurance customer then has an incentive not to incur this small but non-zero expenditure and maintain a high risk which effectively insured at advantageous terms.The insurer can react by demanding an excess –such that the pay off from riskreduction provides an efficient compliance incentive—or can insure fully at the high risk premium.3.) Explain the notion of a separating equilibrium.In insurance contracts, a separating equilibrium is achieved if economic agents have an incentive to take out insurance contracts according to their true risk characteristics. The Self Selection Constraint is:Where C is the cost of a loss materialising, and IP is the compensating insurance payment and π’ and π the loss probabilities for high and low risks respectively. This constraint states that the utility from fully insuring at fair-high risk odds must be at least as large as the utility from insuring partially at the low risk premium. This constraint is an appropriate condition for an adverse selection problem.4.) Find and read the following article: George Akerlof (1970) “The Market for‘Lemons’: Quality Uncertainty and the Market Mechanism” The Quarterly Journal of Economics Vol. 84, No.3, pp. 488-500. How do the principles discussed in this article relate to our treatment of asymmetric information so far?Lectures to date have focussed on symmetric uncertainty scenarios and moral hazard. What Akerlof discusses is largely adverse selection, where qualitative characteristics are given and do not depend on unobserved actions of one party. The conclusion that under certain conditions markets may collapse is far less useful than later models ()()()()IP IP C y U IP y U C y U F F F +−−+−−≥−πππππ''1'describing possible, though sub-optimal equilibria. The importance of this article lies in the fact that it was the first contribution to address the problem of asymmetric information at all. A number of journals had rejected this article previously before it finally got accepted in QJA, years before Akerlof received the Nobel price for it.。

哈伯德英文版微观经济学练习c15

哈伯德英⽂版微观经济学练习c15Microeconomics - Testbank 1 (Hubbard/O'Brien)Chapter 15 Pricing Strategy1) I f a firm charges different consumers different prices for the same good or service, it is engaging in:A) o dd pricing.B) c ost-plus pricing.C) p rice discrimination.D) m arkup pricing.2) I f a firm charges a membership fee to gain admission to a store and then charges members for every item they buy, it is engaging in:A) o dd pricing.B) c ost-plus pricing.C) p rice discrimination.D) a two-part tariff.3) T he development of information technology over the last twenty years has enabled firms to:A) g ather information on customers' preferences.B) e stimate buyers' elasticity of demand.C) r apidly adjust prices to increase profits.D) a ll of the above.4) A limit to firms charging different prices to different customers is:A) f ederal antitrust laws which prohibit excessive price discrimination.B) c ustomer resentment about being taken in by price discrimination.C) l ow price buyers reselling the good to high price buyers.D) l ow price buyers switching to substitutes.5) T he law of one price is:A) f ederal and state statutes that prohibit price discrimination.B) t hat all customers should pay the same price.C) t hat identical products should sell for the same price everywhere.D) g overnment regulation of prices for all firms.6) W hen you buy at a low price in one market then sell at a higher price in another market you are engaging in:A) o dd pricing.B) a rbitrage.C) a n antitrust prohibited practice.D) p rice discrimination.7) I f your local national food store buys oranges at a low price in Florida and resells them to you at a higher price, then the food store's revenue minus costs is known as:A) a rbitrage profits.B) t ransactions profits.C) p ure profits.D) e xcess profits.8) B uying at a low price in one market and reselling at a higher price in another market will:A) n ot generate any profit because of transportation costs.B) n ot generate any profit because of transactions costs.C) e ventually eliminate all of the price differences.D) e ventually eliminate most, but not all, of the price differences.9) T he expenses you encounter when you buy in one market and sell in a distant market are known as:A) p roduction costs.B) f ixed costs.C) t ransactions costs.D) s unk costs.10) T he law of one price holds exactly only if:A) a ntitrust laws are being enforced.B) b uyers have complete information.C) t ransactions costs are zero.D) i t is impossible for buyers to resell the good.11) A necessary condition for successful price discrimination is:A) n o transactions costs.B) d ifferences in the elasticities of demand for the product by different customer groups.C) s elling in a perfectly competitive market.D) b uyer ignorance.12) A necessary condition for successful price discrimination is:A) t he firm must possess market power.B) b uyers are allowed to resell the product.C) z ero transactions costs.D) i dentical inelastic demand by all buyers.13) A necessary condition for successful price discrimination is:A) p erfect competition.B) a market that can be segmented into different buyer groups.C) c ustomers being able to resell the product.D) p erfectly elastic demand.14) A type of market structure that price discrimination is NOT found in is:A) p erfect competition.B) m onopolistic competition.C) o ligopoly.D) m onopoly.15) T he necessary condition for successful price discrimination that can be the most difficult one to fulfill is:A) t he firm having market power.B) s topping resale of the product from one buyer segment to another.C) b uyers having different elasticities of demand for the product.D) s eller being able to segment the total market.16) A mong the types of firms who are able to practice price discrimination are:A) m ovie theaters.B) a irlines.C) l and-line telephone companies.D) a ll of the above.17) T he type of firms that are able to practice price discrimination are:A) o nly perfectly competitive firms.B) f irms that cannot accurately determine their customers' elasticity of demand for the product.C) f irms that can keep consumers from reselling a product.D) f irms with perfectly elastic demands.18) A firm that can effectively price discriminate, will charge a higher price from the:A) c ustomers who have the relatively elastic demand for the product.B) c ustomers who have the relatively inelastic demand for the product.C) b uyers who belong to the largest market segment.D) b uyers that are members of the smallest market segment.19) F or a firm that can effectively price discriminate, who will be charged the lower price?A) c ustomers who have an elastic demand for the productB) c ustomers who have an inelastic demand for the productC) b uyers that are members of the largest market segmentD) b uyers that are members of the smallest market segment20) A irlines that have used computer economic models to determine a price each day for each seat are using:A) p rofit maximization.B) o dd pricing.C) t wo-part tariff.D) y ield management.21) Y ield management and price discrimination have enabled many firms to increase profits and at the same time:A) r educe the cost of production.B) c apture some consumer surplus.C) r educe transactions costs.D) i ncrease total surplus.22) I f a firm could practice perfect price discrimination, it would:A) a llow resale of its product.B) c harge every buyer a different price.C) c harge a price based on the quantity of a product bought.D) u se odd pricing.23) W ith perfect price discrimination there is:A) n o deadweight loss.B) n o producer surplus.C) o ne single price.D) a n increase in consumer surplus.24) A mong the results of price discrimination is:A) l arger profitsB) s maller consumer surplusC) a larger output.D) a ll of the above.25) S ome high technology products like DVD players, electronic calculators, digital cameras, are introduced at a very high price but soon the market price starts falling because:A) p roduction costs rises as output rises.B) e arly buyers of a new product have a very inelastic demand while later buyers have amore elastic demand.C) d emand for high-tech products is very irratic.D) o f sunk costs.26) O dd pricing would be:A) s elling gasoline for $1.359 a gallon rather than $1.36 a gallon.B) w hen the price of a good ends with something other than zero.C) s etting a price just below $50 like $49.95.D) a ll of the above.27) O dd pricing in the United States resulted from:A) c onverting British goods from pounds to dollars.B) g uarding against employee theft.C) o dd priced goods being associated with high quality goods.D) a ll of the above.28) O dd pricing continues today because:A) s ellers believe that customers will buy a larger quantity with an odd price.B) i t is a way to price discriminate.C) i t is too difficult for sellers to reeducate buyers into accepting even prices.D) i t lowers transactions costs.29) F irms use cost-plus because:A) i t leads to profit maximization.B) t he percentage markup is intended to cover all costs including those in a multi-product firm that are difficult to allocate to a particular good.C) i t is necessary for price discrimination.D) a ll of the above.30) C ost-plus pricing is an ok way to determine the optimal price:A) w hen marginal and average cost are roughly equal.B) w hen fixed costs are high.C) w hen fixed costs vary.D) w hen marginal costs are very different from average costs.31) I f demand is taken into account, firms that use cost-plus pricing can adjust price by:A) l owering markups on price elastic goods and raising markups on price inelastic goods.B) l etting sales fall but hold the markup constant, if demand falls.C) r aising markups on price elastic goods and lowering markups on price inelastic goods.D) l etting sales rise but hold the markup constant, if demand rises.32) E vidence that competition and demand affect firms that use cost-plus pricing includes:A) w hen competition is strong, auto makers will offer rebates.B) s upermarkets use lower markups on price elastic goods.C) s upermarkets use higher markups on price inelastic goods.D) a ll of the above.33) A two-part tariff is:A) w hen a firm charges only two different prices for the same good.B) w hen an importer has to pay a tax at the nation's borders, then a sales tax when the good is sold.C) w hen a buyer pays an initial price for entrance to the market and an additional fee for each unit of the product purchased.D) w hen a buyer must pay a down payment and monthly payments to buy a product like a car.34) C ompared to monopoly pricing, an optimal two-part tariff:A) r educes economic efficiency.B) e liminates the deadweight loss.C) e quates marginal revenue and average revenue.D) i ncreases consumer surplus.35) A firm using a two-part tariff faces a tradeoff because:A) t he only way to increase the first part price is to lower the second part price.B) p rofits decrease when this pricing scheme is used.C) c onsumer surplus increases while producer surplus decreases.D) b uyers may shun the firm's products because they do not understand the pricing.36) W ith an optimal two-part tariff:A) c onsumer surplus equals producer surplus.B) a ll consumer surplus is transformed into profit.C) t he firm earns a breakeven level of revenue.D) t he firm earns a profit.37) P rice discrimination:A) t urns some consumer surplus into producer surplus.B) i s a method to increase profits.C) l eads to a larger level of output than a one price monopoly would produce.D) a ll of the above.Refer to Figure 15.1 for the questions below.Figure 15.138) I n figure 15.1 with perfect price discrimination, the firm will charge:A) P1.B) P2.C) P3.D) a ll of the above.39) I n figure 15.1 with perfect price discrimination, consumer surplus is:A) t he entire area under the demand curve.B) t he area between the demand curve and the marginal cost curve.C) t he area under the average total cost curve.D) z ero.40) A firm's efforts to increase profit by price discrimination can be undermined by:A) a rbitrage by buyers.B) c onsumer ignorance.C) d ifferences in elasticity of demand.D) s eller market power.41) I f, at the firm's projected sales level, marginal cost is $40, average cost is $50 and the markup is 30 percent, then it's selling price is:A) $40.B) $65.C) $50.D) $52.42) I f the firm's selling price is $200 and the projected sales amount of average cost is $150, then the firm's markup is:A) 75 percent.B) 33.33 percent.C) 25 percent.D) i mpossible to determine with the information given.。

微观经济学英文版习题（附答案）2

ECON915 Financial Economics Seminar 21. As an investor, you consider investing in a recently liberalized emerging market economy. From past post liberalization performance data for this economy you know that investment projects tend to have a pay-off of 11.57% per annum. What assumption would you have to make to conclude that this figure is a good guide to future investment returns.One assumption for past sample data to give a guide to the future is that the remaining investment opportunities are of equal quality as the ones earlier exploited. If one assumes that there is a limited pool of such opportunities (not an entirely realistic assumption) it would appear that the more profitable ones get taken first. So, later investment projects may well earn a lower return.A second reason has to do with diminishing marginal returns to individual production factors and capital saturation in the production process. We will address this in more detail in the context of growth theory next semester. The basic lesson here is that in an applied context one needs to be aware about the factors that influence the probabilities underlying past decision making.2. How would a change in the market rate of interest affect the allocation of consumption over time?A rise in the rate of interest would lead to an increase in future consumption and a fall in present consumption. A fall in the rate of interest would likewise lead to a rise in present consumption relative to future consumption. In either case, the market rate of interest is equal to the consumer’s rate of time preference at the new equilibrium point.3. Assume you and a business partner attempt to agree on an investment project. You have a strong preference for saving while you know your business partner’s preference to be weighted in favour of present consumption. How, if at all, could you agree on the optimum amount to invest in your firm?Microeconomic theory tells us that you should invest in your firm until the internal rate of return to your investment project has fallen to the market rate of interest. Once this point is achieved, your ‘hedonistic’ business partner can borrow at the market rate of interest to fund his present consumption. You can likewise invest your remaining assets in a bank account. Both of you benefit from this arrangement. Even your business partner does, since the investment project earns a higher rate of return than the market rate of interest, enabling him to consume more over both periods, and re-allocate this higher income at a cost determined by the market interest rate.4. Consider an income prospect of £749 with a certainty equivalent income level of £1024. Would an economic agent with risk preferences corresponding to this scenario be risk averse or risk loving?He would be risk loving, since the amount of certain income creating the equivalent amount of utility (hence certainty equivalent) to a given prospect, is higher than the expected value of this income prospect.5. Assume that at the end of the course you join the other MSc Finance students for a drink in a local pub. By the end of the evening you have reached a state of intoxication that makes you feel generous so you volunteer to pay for the drinks of all MSc students who have not yet paid for their drink. Do you pay for your own drink?The operative concepts here are membership of the set of MSc students and ownership of the drinks to be paid for. By the statement above, you should strictly speaking not have paid for your own drink, since you only pay for the drinks of those MSc students who do not pay for their own drinks and you are one of the MSc students. If however you don’t pay for your own drink, then you belong to the subset of those MSc students who have not paid for their drinks so that you would have to pay for it if it were not for the fact that you only pay for the drinks of those who don’t pay for their own drink and this is your own drink after all ….As should be clear by now the above statement is –in good logic- paradoxical. In general terms, it is not possible in set logic to define a set of all sets that do not contain themselves since such a set would have to contain itself while it would be simultaneously required that it can’t do so.This is also known Russel’s paradox. If you go further into this you will find that it closely ties in with the impossibility of creating self contained logical systems. Many of the assumptions made in economic theory are introduced to simplify things. Even if they were not, some assumptions would have to be made as a basis for any theory (and this includes theoretical physics).。

微观经济学试题及答案英文版

微观经济学试题及答案英文版Microeconomics Exam Questions and Answers (English Version)Question 1:Define the law of demand and explain how it relates to the concept of elasticity.Answer 1:The law of demand states that, all else being equal, the quantity demanded of a good or service will decrease as its price increases, and vice versa. Elasticity, specifically price elasticity of demand, measures the responsiveness of the quantity demanded to a change in price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. If the absolute value of the elasticity coefficient is greater than one, the demand is elastic; if it is less than one, the demand is inelastic; and if it equals one, the demand is unit elastic.Question 2:Explain the concept of marginal utility and how it relates to consumer behavior.Answer 2:Marginal utility is the additional satisfaction or utility derived from consuming one more unit of a good or service. It is the first derivative of the total utility function with respect to the quantity consumed. As consumers consume moreof a good, the marginal utility typically decreases, a phenomenon known as the law of diminishing marginal utility. This concept is fundamental to understanding consumer behavior and the decision-making process when allocating a limited budget among various goods and services.Question 3:What is the difference between a perfectly competitive market and a monopoly?Answer 3:A perfectly competitive market is characterized by a large number of buyers and sellers, homogeneous products, free entry and exit, and the absence of barriers to entry. Prices are determined by the market and individual firms are price takers. In contrast, a monopoly is a market structure where there is only one seller of a unique product with no close substitutes. The monopolist has market power and can set prices above marginal cost, leading to deadweight loss and inefficiency.Question 4:Explain the concept of opportunity cost and give an example.Answer 4:Opportunity cost is the value of the next best alternative that is forgone when making a choice. It represents the benefits an individual, investor, or business misses out on when choosing one alternative over another. For example, if a farmer has a choice between growing wheat or corn on a piece of land, the opportunity cost of choosing to grow wheat isthe profit that could have been earned from growing corn.Question 5:What are the factors that determine the shape of a firm's supply curve?Answer 5:The shape of a firm's supply curve is determined by the relationship between the cost of production and the quantity supplied. If the marginal cost of production is constant, the supply curve will be perfectly elastic (horizontal). If the marginal cost increases as production increases, the supply curve will be upward sloping. Factors such as technology, input costs, and the availability of resources can influence the shape of the supply curve.End of ExamPlease note that this is a sample exam and the questions and answers provided are for illustrative purposes only.。

最新版微观经济学精品习题英文版ch15答案

最新nicholson微观经济理论(答案+ppt+习题库ch15讲学课件

曼昆微观经济学课后练习英文答案完整版

国际经济学多米尼克萨尔15ch课后答案

微观经济学练习题与答案英文版

微观经济学试题及答案英文

米什金货币金融学英文版习题答案chapter 15英文习题

微观经济学的练习题以及答案英文版

《微观经济学：利润最大化与竞争性供给》问答与练习(英文版含答案)

最新版微观经济学精品习题英文版（withanswer）（7）

微观经济学英文版习题(附答案)3

哈伯德英文版微观经济学练习c15

微观经济学英文版习题（附答案）2

微观经济学试题及答案英文版

最新版微观经济学精品习题英文版（withanswer）（4）

最新版微观经济学精品习题英文版ch15答案

最新nicholson微观经济理论(答案+ppt+习题库ch15讲学课件

曼昆微观经济学课后练习英文答案完整版

国际经济学多米尼克萨尔15ch课后答案

微观经济学练习题与答案英文版

微观经济学试题及答案英文

米什金 货币金融学 英文版习题答案chapter 15英文习题

微观经济学的练习题以及答案英文版

《微观经济学：利润最大化与竞争性供给》问答与练习(英文版含答案)

最新版微观经济学精品习题英文版（withanswer）（7）

微观经济学英文版习题(附答案)3

哈伯德英文版微观经济学练习c15

微观经济学英文版习题（附答案）2

微观经济学试题及答案英文版

最新版微观经济学精品习题英文版（withanswer）（4）

米什金货币金融学英文版习题答案chapter 15英文习题