曼昆《经济学原理》(微观)第五版测试题库 (05)
曼昆_微观经济学_原理_第五版_课后习题答案
第三章6．下表描述了Baseballia国两个城市的生产可能性：一个工人每小时生产的红补袜子量一个工人每小时生产的白袜子量A．没有贸易，波士顿一双白袜子价格（用红袜子表示）是多少芝加哥11双白袜子价格是多少答：没有贸易时，波士顿1 双白袜子价格是1 双红袜子，芝加哥1 双白袜子价格是2 双红袜子。
B．在每种颜色的袜子生产上，哪个城市有绝对优势哪个城市有比较优势答：波士顿在生产红、白袜子上都有绝对优势。
波士顿在生产白袜子上有比较优势，芝加哥在生产红袜子上有比较优势。
C．如果这两个城市相互交易，两个城市将分别出口哪种颜色的袜子答：如果它们相互交易，波士顿将出口白袜子，而芝加哥出口红袜子。
D．可以进行交易的价格范围是多少答：白袜子的最高价格是2 双红袜子，最低价格是1 双红袜子。
红袜子的最高价格是1 双白袜子，最低价格是1／2 双白袜子。
7．假定一个美国工人每年能生产100件衬衣或20台电脑，而一个中国工人每年能生产100件衬衣或10台电脑。
A．画出这两个国家的生产可能性边界。
假定没有贸易，每个国家的工人各用一半的时间生产两种物品，在你的图上标出这一点。
答：两个国家的生产可能性边界如图3 一4 所示。
如果没有贸易，一个美国工人把一半的时间用于生产每种物品，则能生产50 件衬衣、10 台电脑；同样，一个中国工人则能生产50 件衬衣、5 台电脑。
图3 一4 生产可能性边界B．如果这两个国家进行贸易，哪个国家将出口衬衣举出一个具体的数字例子，并在你的图上标出。
哪一个国家将从贸易中获益解释原因。
答：中国将出口衬衣。
对美国而言，生产一台电脑的机会成本是5 件衬衣，而生产一件衬衣的机会成本为1/5 台电脑。
对中国而言，生产一台电脑的机会成本是10 件衬衣，而生产一件衬衣的机会成本为1/10 台电脑。
因此，美国在生产电脑上有比较优势，中国在生产衬衣上有比较优势，所以中国将出口衬衣。
衬衣的价格在1/5 到1/10 台电脑之间。
曼昆微观经济学课后答案
1曼昆《经济学原理》（第五版）习题解答第一篇导言第一章经济学十大原理复习题1．列举三个你在生活中面临的重要权衡取舍的例子。
答：①大学毕业后，面临着是否继续深造的选择，选择继续上学攻读研究生学位，就意味着在今后三年中放弃参加工作、赚工资和积累社会经验的机会；②在学习容上也面临着很重要的权衡取舍，如果学习《经济学》，就要减少学习英语或其他专业课的时间；③对于不多的生活费的分配同样面临权衡取舍，要多买书，就要减少在吃饭、买衣服等其他方面的开支。
2．看一场电影的机会成本是什么?答：看一场电影的机会成本是在看电影的时间里做其他事情所能获得的最大收益，例如：看书、打零工。
3．水是生活必需的。
一杯水的边际利益是大还是小呢?答：这要看这杯水是在什么样的情况下喝，如果这是一个人五分钟喝下的第五杯水，那么他的边际利益很小，有可能为负；如果这是一个极度干渴的人喝下的第一杯水，那么他的边际利益将会极大。
4．为什么决策者应该考虑激励?答：因为人们会对激励做出反应，而政策会影响激励。
如果政策改变了激励，它将使人们改变自己的行为，当决策者未能考虑到行为如何由于政策的原因而变化时，他们的政策往往会产生意想不到的效果。
5．为什么各国之间的贸易不像一场比赛一样有赢家和输家呢?答：因为贸易使各国可以专门从事自己最擅长的活动，并从中享有更多的各种各样的物品与劳务。
通过贸易使每个国家可供消费的物质财富增加，经济状况变得更好。
因此，各个贸易国之间既是竞争对手，又是经济合作伙伴。
在公平的贸易中是“双赢”或者“多赢”的结果。
6．市场中的那只“看不见的手”在做什么呢?答：市场中那只“看不见的手”就是商品价格，价格反映商品自身的价值和社会成本，市场中的企业和家庭在作出买卖决策时都要关注价格。
因此，他们也会不自觉地考虑自己行为的(社会)收益和成本。
从而，这只“看不见的手”指引着千百万个体决策者在大多数情况下使社会福利趋向最大化。
7．解释市场失灵的两个主要原因，并各举出一个例子。
曼昆微观经济学原理第五版课后习题答案
问题与应用1．描写下列每种情况所面临的权衡取舍：A．一个家庭决定是否买一辆新车。
答：如果买新车就要减少家庭其他方面的开支，如：外出旅行，购置新家具；如果不买新车就享受不到驾驶新车外出的方便和舒适。
B．国会议员决定对国家公园支出多少。
答：对国家公园的支出数额大，国家公园的条件可以得到改善，环境会得到更好的保护。
但同时，政府可用于交通、邮电等其他公共事业的支出就会减少。
C．一个公司总裁决定是否新开一家工厂。
答：开一家新厂可以扩大企业规模，生产更多的产品。
但可能用于企业研发的资金就少了。
这样，企业开发新产品、利用新技术的进度可能会减慢。
D．一个教授决定用多少时间备课。
0答：教授若将大部分时间用于自己研究，可能会出更多成果，但备课时间减少影响学生授课质量。
E．一个刚大学毕业的学生决定是否去读研究生。
答：毕业后参加工作，可即刻获取工资收入；但继续读研究生，能接受更多知识和未来更高收益。
2．你正想决定是否去度假。
度假的大部分成本((机票、旅馆、放弃的工资))都用美元来衡量，但度假的收益是心理的。
你将如何比较收益与成本呢??答：这种心理上的收益可以用是否达到既定目标来衡量。
对于这个行动前就会作出的既定目标，我们一定有一个为实现目标而愿意承担的成本范围。
在这个可以承受的成本范围内，度假如果满足了既定目标，如：放松身心、恢复体力等等，那么，就可以说这次度假的收益至少不小于它的成本。
3．你正计划用星期六去从事业余工作，但一个朋友请你去滑雪。
去滑雪的真实成本是什么？现在假设你已计划这天在图书馆学习，这种情况下去滑雪的成本是什么？请解释之。
答：去滑雪的真实成本是周六打工所能赚到的工资，我本可以利用这段时间去工作。
如果我本计划这天在图书馆学习，那么去滑雪的成本是在这段时间里我可以获得的知识。
曼昆经济学原理(5版)_课后答案(超全)
第一篇导言第一章经济学十大原理复习题1．列举三个你在生活中面临的重要权衡取舍的例子。
答：①大学毕业后，面临着是否继续深造的选择，选择继续上学攻读研究生学位，就意味着在今后三年中放弃参加工作、赚工资和积累社会经验的机会；②在学习内容上也面临着很重要的权衡取舍，如果学习《经济学》，就要减少学习英语或其他专业课的时间；③对于不多的生活费的分配同样面临权衡取舍，要多买书，就要减少在吃饭、买衣服等其他方面的开支。
2．看一场电影的机会成本是什么?答：看一场电影的机会成本是在看电影的时间里做其他事情所能获得的最大收益，例如：看书、打零工。
3．水是生活必需的。
一杯水的边际利益是大还是小呢?答：这要看这杯水是在什么样的情况下喝，如果这是一个人五分钟内喝下的第五杯水，那么他的边际利益很小，有可能为负；如果这是一个极度干渴的人喝下的第一杯水，那么他的边际利益将会极大。
4．为什么决策者应该考虑激励?答：因为人们会对激励做出反应。
如果政策改变了激励，它将使人们改变自己的行为，当决策者未能考虑到行为如何由于政策的原因而变化时，他们的政策往往会产生意想不到的效果。
5．为什么各国之间的贸易不像竞赛一样有赢家和输家呢?答：因为贸易使各国可以专门从事自己最擅长的活动，并从中享有更多的各种各样的物品与劳务。
通过贸易使每个国家可供消费的物质财富增加，经济状况变得更好。
因此，各个贸易国之间既是竞争对手，又是经济合作伙伴。
在公平的贸易中是“双赢”或者“多赢”的结果。
6．市场中的那只“看不见的手”在做什么呢?答：市场中那只“看不见的手”就是商品价格，价格反映商品自身的价值和社会成本，市场中的企业和家庭在作出买卖决策时都要关注价格。
因此，他们也会不自觉地考虑自己行为的(社会)收益和成本。
从而，这只“看不见的手”指引着千百万个体决策者在大多数情况下使社会福利趋向最大化。
7．解释市场失灵的两个主要原因，并各举出一个例子。
答：市场失灵的主要原因是外部性和市场势力。
曼昆微观经济学第五版答案
曼昆微观经济学第五版答案【篇一：曼昆_微观经济学_原理_第五版_课后习题答案(修改)】/p> 4．你在篮球比赛的赌注中赢了100美元。
你可以选择现在花掉它或在利率为55%的银行中存一年。
现在花掉100美元的机会成本是什么呢?答：现在花掉100 美元的机会成本是在一年后得到105 美元的银行支付(利息+本金)。
7．社会保障制度为65岁以上的人提供收入。
如果一个社会保障的领取者决定去工作并赚一些钱，他(或她)所领到的社会保障津贴通常会减少。
a．提供社会保障如何影响人们在工作时的储蓄激励?答：社会保障的提供使人们退休以后仍可以获得收入，以保证生活。
因此，人们不用为不能工作时的生活费而发愁，人们在工作时期的储蓄就会减少。
b．收入提高时津贴减少的政策如何影响65岁以上的人的工作激励??答：这会使65 岁以上的人在工作中不再积极进取。
因为努力工作获得高收入反而会使得到的津贴减少，所以对65 岁以上的人的努力工作的激励减少了。
11．解释下列每一项政府活动的动机是关注平等还是关注效率。
在关注效率的情况下，讨论所涉及的市场失灵的类型。
a．对有线电视频道的价格进行管制。
答：这是关注效率，市场失灵的原因是市场势力的存在。
可能某地只有一家有线电视台，由于没有竞争者，有线电视台会向有线频道的消费者收取高出市场均衡价格的价格，这是垄断。
垄断市场不能使稀缺资源得到最有效的配置。
在这种情况下，规定有线电视频道的价格会提高市场效率。
b．向一些穷人提供可用来购买食物的消费券。
答：这是出于关注平等的动机，政府这样做是想把经济蛋糕更公平地分给每一个人。
c．在公共场所禁止抽烟。
答：这是出于关注效率的动机。
因为公共场所中的吸烟行为会污染空气，影响周围不吸烟者的身体健康，对社会产生了有害的外部性，而外部性正是市场失灵的一种情况，而这也正是政府在公共场所禁止吸烟的原因。
d．把美孚石油公司(它曾拥90%的炼油厂)分拆为几个较小的公司。
答：出于关注效率的动机，市场失灵是由于市场势力。
曼昆《经济学原理(微观经济学分册)》章节题库(像经济学家一样思考)【圣才出品】
三、简答题
3/5
圣才电子书 十万种考研考证电子书、题库视频学习平台
1．如果经济学家讨论的是“人们的收入差距大一点好些还是小一点好些”，试问这是 属于实证经济学问题还是规范经济学问题？（中南财经政法大学 2004 研）
二、判断题 1．在生产可能性边界上的某一点处，有可能重新安排生产并生产出更多的所有物品。 （）
2/5
圣ห้องสมุดไป่ตู้电子书
【答案】×
十万种考研考证电子书、题库视频学习平台
【解析】生产可能性边界上的所有点都是有生产效率的。所以，增加一种物品的生产就
必须减少另一种物品的生产。
2．生产效率要求生产处于生产可能性边界上的某一点处。（ ） 【答案】√ 【解析】在生产可能性边界内的所有点都是无效率的。这意味着重新安排资源并增加所 有物品与劳务的产出是可能的。
3．对于一条直线而言，如果变量 Y 的变化值大于 X 的变化值，那么这条直线的斜率就 很大。（ ）
【答案】√ 【解析】斜率的定义是 Y / X 。如果一个较大的 Y 的变化量与一个较小的 X 的变化量 相对应，则斜率就相对较大，这也说明曲线相对较陡峭。
4．如果描述两个变量之间关系的图形向右上方倾斜，那么，这两个变量之间的关系是 正相关的。（ ）
圣才电子书 十万种考研考证电子书、题库视频学习平台
第 2 章 像经济学家一样思考
一、名词解释 1．实证表述（positive statements）（西北大学 2003 研；山东大学 2005 研） 答：实证表述即实证分析，是描述经济现象“是什么”以及社会经济问题实际上是如何 解决的一种分析方法。这种方法旨在揭示有关经济变量之间的函数关系和因果关系。实证表 述的结论常常被用作规范表述命题的依据。实证分析的本质是要证实或证伪关于变量之间关 系的“假说”。这个假说，不仅是“是什么”，而必须包涵着“将是什么”的命题，是一个把 “是”与“将是”联结起来的判断。
(微观 宏观全)曼昆《经济学原理》(第五版)课后习题答案-中文版
曼昆《经济学原理》（第五版）习题解答目录第一章经济学十大原理 (1)第二章像经济学家一样思考 (7)第三章相互依存性与贸易的好处 (14)第四章供给与需求的市场力量 (22)第五章弹性及其应用 (31)第六章供给、需求与政府政策 (41)第七章消费者、生产者与市场效率 (50)第八章应用：赋税的代价 (58)第九章应用：国际贸易 (65)第十章外部性 (75)第十一章公共物品和公共资源 (84)第十二章税制的设计 (91)第十三章生产成本 (99)第十四章竞争市场上的企业 (109)第十五章垄断 (121)第十六章垄断竞争 (135)第十七章寡头 (143)第十八章生产要素市场 (153)第十九章收入与歧视 (162)第二十章收入不平等与贫困 (169)第二十一章消费者选择理论 (177)第二十二章微观经济学前沿 (187)第二十三章一国收入的衡量 (195)第二十四章生活费用的衡量 (204)第二十五章生产与增长 (210)第二十六章储蓄、投资和金融体系 (214)第二十七章基本金融工具 (221)第二十八章失业 (226)第一篇导言第一章经济学十大原理复习题1．列举三个你在生活中面临的重要权衡取舍的例子。
答：①大学毕业后，面临着是否继续深造的选择，选择继续上学攻读研究生学位，就意味着在今后三年中放弃参加工作、赚工资和积累社会经验的机会；②在学习内容上也面临着很重要的权衡取舍，如果学习《经济学》，就要减少学习英语或其他专业课的时间；③对于不多的生活费的分配同样面临权衡取舍，要多买书，就要减少在吃饭、买衣服等其他方面的开支。
2．看一场电影的机会成本是什么?答：看一场电影的机会成本是在看电影的时间里做其他事情所能获得的最大收益，例如：看书、打零工。
3．水是生活必需的。
一杯水的边际利益是大还是小呢?答：这要看这杯水是在什么样的情况下喝，如果这是一个人五分钟内喝下的第五杯水，那么他的边际利益很小，有可能为负；如果这是一个极度干渴的人喝下的第一杯水，那么他的边际利益将会极大。
5学原理》(微观)第五版测试题库 (06) 曼昆经济学原理第五版测试题库(微观)
Chapter 6Supply, Demand, and Government PoliciesTRUE/FALSE1. Economic policies often have effects that their architects did not intend or anticipate.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Public policy MSC: Definitional2. Rent-control laws dictate a minimum rent that landlords may charge tenants.ANS: F DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional3. Minimum-wage laws dictate the lowest wage that firms may pay workers.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional4. Price controls are usually enacted when policymakers believe that the market price of a good or service isunfair to buyers or sellers.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional5. Price controls can generate inequities.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional6. Policymakers use taxes to raise revenue for public purposes and to influence market outcomes.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional7. If a good or service is sold in a competitive market free of government regulation, then the price of the good orservice adjusts to balance supply and demand.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Definitional8. At the equilibrium price, the quantity that buyers want to buy exactly equals the quantity that sellers want tosell.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Definitional9. A price ceiling is a legal minimum on the price at which a good or service can be sold.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Definitional10. A price ceiling set above the equilibrium price is not binding.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive371372 Chapter 6/Supply, Demand, and Government Policies11. If a price ceiling is not binding, then it will have no effect on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive12. To be binding, a price ceiling must be set above the equilibrium price.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive13. A price ceiling set below the equilibrium price is binding.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive14. A price ceiling set below the equilibrium price causes quantity demanded to exceed quantity supplied. ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive15. A price ceiling set above the equilibrium price causes quantity demanded to exceed quantity supplied. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive16. A binding price ceiling causes quantity demanded to be less than quantity supplied.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive17. A price ceiling set below the equilibrium price causes a shortage in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive18. A price ceiling set above the equilibrium price causes a surplus in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive19. A binding price ceiling causes a shortage in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive20. When a binding price ceiling is imposed on a market for a good, some people who want to buy the goodcannot do so.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive21. Long lines and discrimination are examples of rationing methods that may naturally develop in response to abinding price ceiling.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive22. Price ceilings are typically imposed to benefit buyers.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: InterpretiveChapter 6/Supply, Demand, and Government Policies 373 23. Binding price ceilings benefit consumers because they allow consumers to buy all the goods they demand at alower price.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive24. All buyers benefit from a binding price ceiling.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive25. A binding price ceiling may not help all consumers, but it does not hurt any consumers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive26. When the government imposes a binding price ceiling on a competitive market, a surplus of the good arises,and sellers must ration the scarce goods among the large number of potential buyers.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | ShortagesMSC: Definitional27. The rationing mechanisms that develop under binding price ceilings are usually inefficient.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | EfficiencyMSC: Interpretive28. Price is the rationing mechanism in a free, competitive market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive29. Prices are inefficient rationing devices.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Prices | EfficiencyMSC: Interpretive30. When free markets ration goods with prices, it is both efficient and impersonal.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Prices | EfficiencyMSC: Interpretive31. When a free market for a good reaches equilibrium, anyone who is willing and able to pay the market pricecan buy the good.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive32. If a price ceiling of $2 per gallon is imposed on gasoline, and the market equilibrium price is $1.50, then theprice ceiling is a binding constraint on the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative33. If a price ceiling of $1.50 per gallon is imposed on gasoline, and the market equilibrium price is $2, then theprice ceiling is a binding constraint on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative374 Chapter 6/Supply, Demand, and Government Policies34. A price ceiling caused the gasoline shortage of 1973 in the United States.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive35. One common example of a price ceiling is rent control.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional36. The goal of rent control is to help the poor by making housing more affordable.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional37. Economists argue that rent control is a highly efficient way to help the poor raise their standard of living. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists | Rent control MSC: Interpretive38. Because supply and demand are inelastic in the short run, the initial shortage caused by rent control is large. ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent control | Elasticity MSC: Definitional39. The primary effect of rent control in the short run is to reduce rents.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional40. The housing shortages caused by rent control are larger in the long run than in the short run because both thesupply of housing and the demand for housing are more elastic in the long run.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent control | ElasticityMSC: Interpretive41. The effects of rent control in the long run include lower rents and lower-quality housing.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Interpretive42. Rent control may lead to lower rents for those who find housing, but the quality of the housing may also belower.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Interpretive43. In a free market, the price of housing adjusts to eliminate the shortages that give rise to undesirable landlordbehavior.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional44. A price floor is a legal minimum on the price at which a good or service can be sold.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: DefinitionalChapter 6/Supply, Demand, and Government Policies 375 45. A price floor set above the equilibrium price is not binding.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive46. If a price floor is not binding, then it will have no effect on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive47. To be binding, a price floor must be set above the equilibrium price.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive48. A price floor set below the equilibrium price is binding.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive49. A price floor set below the equilibrium price causes quantity supplied to exceed quantity demanded.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive50. A price floor set above the equilibrium price causes quantity supplied to exceed quantity demanded.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive51. A binding price floor causes quantity supplied to be less than quantity demanded.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive52. A price floor set below the equilibrium price causes a surplus in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive53. A price floor set above the equilibrium price causes a surplus in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive54. A binding price floor causes a shortage in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive55. When a binding price floor is imposed on a market for a good, some people who want to sell the good cannotdo so.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive56. Discrimination is an example of a rationing mechanism that may naturally develop in response to a bindingprice floor.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive376 Chapter 6/Supply, Demand, and Government Policies57. Price floors are typically imposed to benefit buyers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive58. Binding price floors benefit sellers because they allow sellers to sell all the goods they want at a higher price. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive59. Not all sellers benefit from a binding price floor.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive60. A binding price floor may not help all sellers, but it does not hurt any sellers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive61. The rationing mechanisms that develop under binding price floors are usually efficient.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | EfficiencyMSC: Interpretive62. When a free market for a good reaches equilibrium, anyone who is willing and able to sell at the market pricecan sell the good.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive63. If the equilibrium price of an airline ticket is $400 and the government imposes a price floor of $500 on airlinetickets, then fewer airline tickets will be sold than at the market equilibrium.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative64. If the equilibrium price of an airline ticket is $500 and the government imposes a price floor of $400 on airlinetickets, then fewer airline tickets will be sold than at the market equilibrium.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative65. One common example of a price floor is the minimum wage.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional66. The goal of the minimum wage is to ensure workers a minimally adequate standard of living.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional67. The United States is the only country in the world with minimum-wage laws.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: InterpretiveChapter 6/Supply, Demand, and Government Policies 377 68. States in the U.S. may mandate minimum wages above the federal level.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive69. In the labor markets, workers determine the supply of labor and firms determine the demand.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor marketsTOP: Labor demand | Labor supply MSC: Definitional70. In an unregulated labor market, the wage adjusts to balance labor supply and labor demand.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: WagesMSC: Interpretive71. A binding minimum wage causes the quantity of labor demanded to exceed the quantity of labor supplied. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive72. A binding minimum wage creates unemployment.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor marketsTOP: Minimum wage | Unemployment MSC: Interpretive73. A binding minimum wage may not help all workers, but it does not hurt any workers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive74. A binding minimum wage raises the incomes of those workers who have jobs, but it lowers the incomes ofworkers who cannot find jobs.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional75. The economy contains many labor markets for different types of workers.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Labor marketsMSC: Definitional76. The impact of the minimum wage depends on the skill and experience of the worker.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional77. Workers with high skills and much experience are not typically affected by the minimum wage.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive78. The minimum wage has its greatest impact on the market for teenage labor.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional79. The minimum wage is more often binding for teenagers than for other members of the labor force.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional378 Chapter 6/Supply, Demand, and Government Policies80. Studies by economists have found that a 10 percent increase in the minimum wage decreases teenageemployment 10 percent.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional81. A large majority of economists favor eliminating the minimum wage.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Economists | Minimum wage MSC: Interpretive82. Advocates of the minimum wage admit that it has some adverse effects, but they believe that these effects aresmall and that a higher minimum wage makes the poor better off.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional83. If the equilibrium wage is $4 per hour and the minimum wage is $5.15 per hour, then a shortage of labor willexist.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: ApplicativeFigure 6-1710203040506070809010010203040506070809010084. Refer to Figure 6-17. A price ceiling set at $30 would result in a shortage of 20 units.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative85. Refer to Figure 6-17. A price ceiling set at $70 would result in a shortage of 40 units.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative86. Refer to Figure 6-17. A price floor set at $60 would result in a surplus of 20 units.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative87. Refer to Figure 6-17. A price floor set at $40 would result in a surplus of 20 units.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: ApplicativeChapter 6/Supply, Demand, and Government Policies 379 88. Most economists are in favor of price controls as a way of allocating resources in the economy.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Economists | Price controls MSC: Interpretive89. When policymakers set prices by legal decree, they obscure the signals that normally guide the allocation ofsociety’s resources.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional90. Price controls often hurt those they are trying to help.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional91. Rent subsidies and wage subsidies are better than price controls at helping the poor because they have no costsassociated with them.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: SubsidiesMSC: Interpretive92. The term tax incidence refers to how the burden of a tax is distributed among the various people who make upthe economy.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Definitional93. A tax on sellers shifts the supply curve but not the demand curve.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive94. A tax on sellers shifts the supply curve to the left.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive95. A tax on sellers increases supply.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive96. A tax on sellers and an increase in input prices affect the supply curve in the same way.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive97. A tax of $1 on sellers shifts the supply curve upward by exactly $1.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative98. A tax of $1 on sellers always increases the equilibrium price by $1.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative380 Chapter 6/Supply, Demand, and Government Policies99. A tax on sellers reduces the size of a market.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive100. A tax on sellers increases the quantity of the good sold in the market.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive101. If a tax is imposed on the sellers of a product, then the tax burden will fall entirely on the sellers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive102. A tax on sellers usually causes buyers to pay more the good and sellers to receive less for the good than they did before the tax was levied.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive103. A tax on buyers shifts the demand curve and the supply curve.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive104. A tax on buyers shifts the demand curve to the right.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive105. A tax on buyers decreases demand.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive106. A tax of $1 on buyers shifts the demand curve downward by exactly $1.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative107. A tax of $1 on buyers always decreases the equilibrium price by $1.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative108. A tax on buyers increases the size of a market.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive109. A tax on buyers decreases the quantity of the good sold in the market.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive110. If a tax is imposed on the buyers of a product, then the tax burden will fall entirely on the buyers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive111. A tax on buyers usually causes buyers to pay more the good and sellers to receive less for the good than they did before the tax was levied.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive112. Whether a tax is levied on sellers or buyers, taxes discourage market activity.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional113. Whether a tax is levied on sellers or buyers, taxes encourage market activity.ANS: F DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional114. Whether a tax is levied on sellers or buyers, buyers and sellers usually share the burden of taxes.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Definitional115. Taxes levied on sellers and taxes levied on buyers are equivalent.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional116. The wedge between the buyers’ price and the sellers’ price is the same, regardless of whether the tax is levied on buyers or sellers.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional117. The tax incidence depends on whether the tax is levied on buyers or sellers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive118. Lawmakers can decide whether the buyers or the sellers must send a tax to the government, but they cannot legislate the true burden of a tax.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive119. A tax on golf clubs will cause buyers of golf clubs to pay a higher price, sellers of golf clubs to receive a lower price, and fewer golf clubs to be sold.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative120. FICA is an example of a payroll tax, which is a tax on the wages that firms pay their workers.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Labor markets TOP: FICA taxMSC: Definitional121. Since half of the FICA tax is paid by firms and the other half is paid by workers, the burden of the tax must fall equally on firms and workers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Labor markets TOP: FICA tax incidenceMSC: Interpretive122. Buyers and sellers always share the burden of a tax equally.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive123. Buyers and sellers rarely share the burden of a tax equally.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive124. Who bears the majority of a tax burden depends on whether the tax is placed on the buyers or the sellers. ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive125. Who bears the majority of a tax burden depends on the relative elasticity of supply and demand.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Interpretive126. If the demand curve is very elastic and the supply curve is very inelastic in a market, then the sellers will beara greater burden of a tax imposed on the market, even if the tax is imposed on the buyers.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Interpretive127. If the demand curve is very inelastic and the supply curve is very elastic in a market, then the sellers will beara greater burden of a tax imposed on the market, even if the tax is imposed on the buyers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Interpretive128. A tax burden falls more heavily on the side of the market that is less elastic.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Definitional129. The tax burden falls more heavily on the side of the market that is more inelastic.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Definitional130. A tax on a market with elastic demand and elastic supply will shrink the market more than a tax on a market with inelastic demand and inelastic supply will shrink the market.ANS: T DIF: 3 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Taxes | ElasticityMSC: Analytical131. Most labor economists believe that the supply of labor is much more elastic than the demand.ANS: F DIF: 1 REF: 6-2NAT: Analytic LOC: Labor markets TOP: ElasticityMSC: Definitional132. Workers, rather than firms, bear most of the burden of the payroll tax.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Labor markets TOP: Payroll tax incidenceMSC: Definitional。
曼昆_微观经济学_原理_第五版_课后习题答案
第三章6．下表描述了Baseballia国两个城市的生产可能性：一个工人每小时生产的红补袜子量一个工人每小时生产的白袜子量A．没有贸易，波士顿一双白袜子价格（用红袜子表示）是多少？芝加哥11双白袜子价格是多少?答：没有贸易时，波士顿1 双白袜子价格是1 双红袜子，芝加哥1 双白袜子价格是2 双红袜子。
B．在每种颜色的袜子生产上，哪个城市有绝对优势？哪个城市有比较优势??答：波士顿在生产红、白袜子上都有绝对优势。
波士顿在生产白袜子上有比较优势，芝加哥在生产红袜子上有比较优势。
C．如果这两个城市相互交易，两个城市将分别出口哪种颜色的袜子?答：如果它们相互交易，波士顿将出口白袜子，而芝加哥出口红袜子。
D．可以进行交易的价格范围是多少?答：白袜子的最高价格是2 双红袜子，最低价格是1 双红袜子。
红袜子的最高价格是1 双白袜子，最低价格是1／2 双白袜子。
7．假定一个美国工人每年能生产100件衬衣或20台电脑，而一个中国工人每年能生产100件衬衣或10台电脑。
A．画出这两个国家的生产可能性边界。
假定没有贸易，每个国家的工人各用一半的时间生产两种物品，在你的图上标出这一点。
答：两个国家的生产可能性边界如图3 一4 所示。
如果没有贸易，一个美国工人把一半的时间用于生产每种物品，则能生产50 件衬衣、10 台电脑；同样，一个中国工人则能生产50 件衬衣、5 台电脑。
图3 一4 生产可能性边界B．如果这两个国家进行贸易，哪个国家将出口衬衣？举出一个具体的数字例子，并在你的图上标出。
哪一个国家将从贸易中获益？解释原因。
答：中国将出口衬衣。
对美国而言，生产一台电脑的机会成本是5 件衬衣，而生产一件衬衣的机会成本为1/5 台电脑。
对中国而言，生产一台电脑的机会成本是10 件衬衣，而生产一件衬衣的机会成本为1/10 台电脑。
因此，美国在生产电脑上有比较优势，中国在生产衬衣上有比较优势，所以中国将出口衬衣。
衬衣的价格在1/5 到1/10 台电脑之间。
曼昆《经济学原理》(微观)第五版测试题库 (03)
Chapter 3Interdependence and the Gains from TradeTRUE/FALSE1. In most countries today, many goods and services consumed are imported from abroad, and many goods andservices produced are exported to foreign customers.ANS: T DIF: 1 REF: 3-0NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Trade MSC: Definitional2. Interdependence among individuals and interdependence among nations are both based on the gains fromtrade.ANS: T DIF: 2 REF: 3-0NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive3. If a person chooses self-sufficiency, then she can only consume what she produces.ANS: T DIF: 1 REF: 3-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Self-sufficiency MSC: Definitional4. If Wrex can produce more math problems per hour and more book reports per hour than Maxine can, thenWrex cannot gain from trading math problems and book reports with Maxine.ANS: F DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative5. It is possible for the U.S. to gain from trade with Germany even if it takes U.S. workers fewer hours toproduce every good than it takes German workers.ANS: T DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative6. A production possibilities frontier is a graph that shows the combination of outputs that an economy shouldproduce.ANS: F DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive7. Production possibilities frontiers cannot be used to illustrate tradeoffs.ANS: F DIF: 1 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Definitional8. An economy can produce at any point on or inside its production possibilities frontier, but it cannot produce atpoints outside its production possibilities frontier.ANS: T DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive9. Trade allows a country to consume outside its production possibilities frontier.ANS: T DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier | Trade MSC: Interpretive10. Opportunity cost refers to how many inputs a producer requires to produce a good.ANS: F DIF: 1 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Definitional12811. Opportunity cost measures the trade-off between two goods that each producer faces.ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Definitional12. For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunitycost of the other good.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Interpretive13. Henry can make a bird house in 3 hours and he can make a bird feeder in 1 hour. The opportunity cost toHenry of making a bird house is 1/3 bird feeder.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative14. Suppose that in one hour Dewey can produce either 10 bushels of corn or 20 yards of cloth. Then Dewey’sopportunity cost of producing one bushel of corn is 1/2 yard of cloth.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative15. Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can completean oil change in 30 minutes and she can write a poem in 90 minutes. Jake's opportunity cost of writing a poem is lower than Ming-la's opportunity cost of writing a poem.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative16. Harry is a computer company executive, earning $200 per hour managing the company and promoting itsproducts. His daughter Quinn is a high school student, earning $6 per hour helping her grandmother on the farm. Harry's computer is broken. He can repair it himself in one hour. Quinn can repair it in 10 hours.Harry’s opportunity cost of repairing the computer is lower than Quinn’s.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative17. If one producer has the absolute advantage in the production of all goods, then that same producer will havethe comparative advantage in the production of all goods as well.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Interpretive18. If a country has the comparative advantage in producing a product, then that country must also have theabsolute advantage in producing that product.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Interpretive19. In an economy consisting of two people producing two goods, it is possible for one person to have theabsolute advantage and the comparative advantage in both goods.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Interpretive20. If one producer is able to produce a good at a lower opportunity cost than some other producer, then theproducer with the lower opportunity cost is said to have an absolute advantage in the production of that good. ANS: F DIF: 1 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Comparative advantage MSC: Definitionalword文档可自由复制编辑130 Chapter 3 /Interdependence and the Gains from Trade21. Unless two people who are producing two goods have exactly the same opportunity costs, then one person willhave a comparative advantage in one good, and the other person will have a comparative advantage in the other good.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Comparative advantage MSC: Interpretive22. Zora can produce 4 quilts in a week and she can produce 1 corporate website in a week. Lou can produce 9quilts in a week and he can produce 2 corporate websites in a week. Zora has the comparative advantage in quilts and the absolute advantage in neither good, while Lou has the comparative advantage in corporatewebsites and the absolute advantage in both goods.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Applicative23. Timmy can edit 2 pages in one minute and he can type 80 words in one minute. Olivia can edit 1 page in oneminute and she can type 100 words in one minute. Timmy has an absolute advantage and a comparativeadvantage in editing, while Olivia has an absolute advantage and a comparative advantage in typing.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Applicative24. Suppose Hank and Tony can both produce corn. If Hank’s opportunity cost of producing a bushel of corn is2 bushels of soybeans and Tony’s opportunity cos t of producing a bushel of corn is3 bushels of soybeans,then Hank has the comparative advantage in the production of corn.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Comparative advantage MSC: Applicative25. It takes Anne 3 hours to make a pie and 4 hours to make a shirt. It takes Mary 2 hours to make a pie and 5hours to make a shirt. Anne should specialize in making shirts and Mary should specialize in making pies, and they should trade.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Specialization MSC: Applicative26. The principle of comparative advantage states that, regardless of the price at which trade takes place, everyonewill benefit from trade if they specialize in the production of the good for which they have a comparativeadvantage.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Comparative advantage MSC: Interpretive27. The gains from specialization and trade are based on absolute advantage.ANS: F DIF: 1 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Definitional28. Trade can benefit everyone in society because it allows people to specialize in activities in which they have acomparative advantage.ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Definitional29. Two countries can achieve gains from trade even if one country has an absolute advantage in the production ofboth goods.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive30. It takes Ross 6 hours to produce a bushel of corn and 2 hours to wash and polish a car. It takes Courtney 6hours to produce a bushel of corn and 1 hour to wash and polish a car. Courtney and Ross cannot gain from specialization and trade, since it takes each of them 6 hours to produce 1 bushel of corn.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative31. Differences in opportunity cost allow for gains from trade.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive32. As long as two people have different opportunity costs, each can gain from trade with the other, since tradeallows each person to obtain a good at a price lower than his or her opportunity cost.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive33. Trade allows a person to obtain goods at prices that are less than that person's opportunity cost because eachperson specializes in the activity for which he or she has the lower opportunity cost.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive34. When each person specializes in producing the good in which he or she has a comparative advantage, eachperson can gain from trade but total production in the economy is unchanged.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive35. For both parties to gain from trade, the price at which they trade must lie exactly in the middle of the twoopportunity costs.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive36. Adam Smith was the author of the 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations. ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists MSC: Definitional37. David Ricardo was the author of the 1817 book Principles of Political Economy and Taxation.ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists MSC: Definitional38. Adam Smith wrote that a person should never attempt to make at home what it will cost him more to makethan to buy.ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists MSC: Definitional39. Adam Smith developed the theory of comparative advantage as we know it today.ANS: F DIF: 1 REF: 3-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists | Comparative advantage MSC: Definitionalword文档可自由复制编辑132 Chapter 3 /Interdependence and the Gains from Trade40. Goods produced abroad and sold domestically are called exports and goods produced domestically and soldabroad are called imports.ANS: F DIF: 1 REF: 3-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Exports | Imports MSC: Definitional41. International trade may make some individuals in a nation better off, while other individuals are made worseoff.ANS: T DIF: 2 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive42. For international trade to benefit a country, it must benefit all citizens of that country.ANS: F DIF: 2 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive43. Some countries win in international trade, while other countries lose.ANS: F DIF: 2 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive44. Trade can make some individuals worse off, even as it makes the country as a whole better off.ANS: T DIF: 1 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Definitional45. Trade allows all countries to achieve greater prosperity.ANS: T DIF: 1 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: DefinitionalSHORT ANSWER1. Explain the difference between absolute advantage and comparative advantage. Which is more important indetermining trade patterns, absolute advantage or comparative advantage? Why?ANS:Absolute advantage refers to productivity, as in the producer who can produce a product at a lower cost in terms of the resources used in production. Comparative advantage refers to the producer who can produce a product at a lower opportunity cost. Comparative advantage is the principle upon which trade patterns are based. Comparative advantage is based on opportunity cost, and opportunity cost measures the real cost to an individual or country of producing a particular product. Opportunity cost is therefore the information necessary for an individual or nation to determine whether to produce a good or buy it from someone else.DIF: 2 REF: 3-2 NAT: AnalyticLOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage | Trade MSC: Interpretiveword 文档 可自由复制编辑2. The only two countries in the world, Alpha and Omega, face the following production possibilities frontiers.Alpha’s Production Possibilities FrontierOmega’s Production Possibilities Frontier255075100125150175200225250255075100125150175200225250275300255075100125150175200225255075100125150175200225250275300a. Assume that each country decides to use half of its resources in the production of each good.Show these points on the graphs for each country as point A.b. If these countries choose not to trade, what would be the total world production of popcorn andpeanuts?c. Now suppose that each country decides to specialize in the good in which each has acomparative advantage. By specializing, what is the total world production of each product now?d. If each country decides to trade 100 units of popcorn for 100 units of peanuts, show on thegraphs the gain each country would receive from trade. Label these points B.ANS:Alpha’s Production Possibilities FrontierOmega’s Production Possibilities Frontier255075100125150175200225250255075100125150175200225250275300255075100125150175200225255075100125150175200225250275300134 Chapter 3 /Interdependence and the Gains from Tradea.Alpha would be producing 125 units of peanuts and 75 units of popcorn (point A on its productionpossibilities frontier) and Omega would be producing 50 units of peanuts and 150 units of popcorn(point A on its production possibilities frontier).b.The total world production of peanuts would be 175 units and the total world production of popcornwould be 225 units.c.The total world production of peanuts would now be 250 units and the total world production ofpopcorn would now be 300 units.d.Alpha would be producing 250 units of peanuts and would trade 100 of them to Omega, leavingAlpha with 150 units of peanuts. Alpha would then receive 100 units of popcorn from Omega.Omega would be producing 300 units of popcorn and would trade 100 of them to Alpha, leavingOmega with 200 units of popcorn. Omega would then receive 100 units of peanuts from Alpha.DIF: 2 REF: 3-2 NAT: AnalyticLOC: Gains from trade, specialization and tradeTOP: Production possibilities frontier | Gains from trade MSC: Applicative3. Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind ofmeal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix her meals? Explain.ANS:Since Julia's opportunity cost of preparing a meal is $50, and Jacque's opportunity cost of preparing a meal is $40, each of them will be better off by $5 per meal if this arrangement is made.DIF: 2 REF: 3-2 NAT: AnalyticLOC: Gains from trade, specialization and trade TOP: Gains from tradeMSC: Applicative4. Gary and Diane must prepare a presentation for their marketing class. As part of their presentation, they mustdo a series of calculations and prepare 50 PowerPoint slides. It would take Gary 10 hours to do the required calculation and 10 hours to prepare the slides. It would take Diane 12 hours to do the calculations and 20 hours to prepare the slides.a.How much time would it take the two to complete the project if they divide the calculations equally andthe slides equally?b.How much time would it take the two to complete the project if they use comparative advantage andspecialize in calculating or preparing slides?c.If Diane and Gary have the same opportunity cost of $5 per hour, is there a better solution than for eachto specialize in calculating or preparing slides?ANS:a.If both tasks are divided equally, it will take 11 hours for the calculations and 15 hours for the writing,for a total of 26 hours.b.If Diane specializes in calculating and Gary specializes in preparing slides, it will take 22 hours tocomplete the project.c.If Diane specializes in calculating, her opportunity cost will be $60; hence, Diane would be better off ifshe paid Gary any amount less than $60 to do the calculating. Since Gary's opportunity cost of doing thecalculations is only $50, he would be better off if Diane paid him between $50 and $60 dollars to do thecalculations. In this case, the total time spent on the project would be 20 hours.DIF: 2 REF: 3-2 NAT: AnalyticLOC: Gains from trade, specialization and trade TOP: Gains from tradeMSC: ApplicativeSec00 - Interdependence and the Gains from TradeMULTIPLE CHOICE1. People who provide you with goods and servicesa.are acting out of generosity.b.do so because they get something in return.c.have chosen not to become interdependent.d.are required to do so by the government.ANS: B DIF: 1 REF: 3-0NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Trade MSC: Definitional2. When an economist points out that you and millions of other people are interdependent, he or she is referringto the fact that we alla.rely upon the government to provide us with the basic necessities of life.b.rely upon one another for the goods and services we consume.c.have similar tastes and abilities.d.are concerned about one another’s well-being.ANS: B DIF: 1 REF: 3-0NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Interdependence MSC: DefinitionalSec01 - Interdependence and the Gains from Trade - A Parable for the Modern EconomyMULTIPLE CHOICE1. Which of the following is not a reason people choose to depend on others for goods and services?a.to improve their livesb.to allow them to enjoy a greater variety of goods and servicesc.to consume more of each good without working any more hoursd.to allow people to produce outside their production possibilities frontiersANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Trade MSC: Interpretive2. When can two countries gain from trading two goods?a.when the first country can only produce the first good and the second country can only produce thesecond goodb.when the first country can produce both goods, but can only produce the second good at great cost,and the second country can produce both goods, but can only produce the first good at great costc.when the first country is better at producing both goods and the second country is worse atproducing both goodsd.Two countries could gain from trading two goods under all of the above conditions.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive3. Regan grows flowers and makes ceramic vases. Jayson also grows flowers and makes ceramic vases, butRegan is better at producing both goods. In this case, trade coulda.benefit both Jayson and Regan.b.benefit Jayson, but not Regan.c.benefit Regan, but not Jayson.d.benefit neither Jayson nor Regan.ANS: A DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicativeword文档可自由复制编辑136 Chapter 3 /Interdependence and the Gains from Trade4. Ben bakes bread and Shawna knits sweaters. Ben and Shawna both like to eat bread and wear sweaters. Inwhich of the following cases is it impossible for both Ben and Shawna to benefit from trade?a.Ben cannot knit sweaters and Shawna cannot bake bread.b.Ben is better than Shawna at baking bread and Shawna is better than Ben at knitting sweaters.c.Ben is better than Shawna at baking bread and at knitting sweaters.d.Both Ben and Shawna can benefit from trade in all of the above cases.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative5. Shannon bakes cookies and Justin grows vegetables. In which of the following cases is it impossible for bothShannon and Justin to benefit from trade?a.Shannon does not like vegetables and Justin does not like cookies.b.Shannon is better than Justin at baking cookies and Justin is better than Shannon at growingvegetables.c.Justin is better than Shannon at baking cookies and at growing vegetables.d.Both Shannon and Justin can benefit from trade in all of the above cases.ANS: A DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative6. The production possibilities frontier illustratesa.the combinations of output that an economy should produce.b.the combinations of output that an economy should consume.c.the combinations of output that an economy can produce.d.All of the above are correct.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive7. An economy’s production possibilities frontier is also its consumption possibilities frontiera.under all circumstances.b.under no circumstances.c.when the economy is self-sufficient.d.when the rate of tradeoff between the two goods being produced is constant.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive8. A production possibilities frontier is bowed outward whena.the more resources the economy uses to produce one good, the fewer resources it has available toproduce the other good.b.an economy is self-sufficient instead of interdependent and engaged in trade.c.the rate of tradeoff between the two goods being produced is constant.d.the rate of tradeoff between the two goods being produced depends on how much of each good isbeing produced.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive9. A production possibilities frontier is a straight line whena.the more resources the economy uses to produce one good, the fewer resources it has available toproduce the other good.b.an economy is interdependent and engaged in trade instead of self-sufficient.c.the rate of tradeoff between the two goods being produced is constant.d.the rate of tradeoff between the two goods being produced depends on how much of each good isbeing produced.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive10. The following table contains some production possibilities for an economy for a given month.If the production possibilities frontier is bowed outward, then “?” could bea.100.b.150.c.200.d.250.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative11. The following table contains some production possibilities for an economy for a given month.If the production possibilities frontier is a straight line, then “?” must bea.100.b.150.c.200.d.250.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative12. The following table contains some production possibilities for an economy for a given year.If the production possibilities frontier is bowed outward, then “?” could bea.340.b.330.c.320.d.310.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicativeword文档可自由复制编辑13. The following table contains some production possibilities for an economy for a given year.If the production possibilities frontier is a straight line, then “?” must bea.340.b.330.c.320.d.310.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative14. The following table contains some production possibilities for an economy for a given month.If the production possibilities frontier is bowed outward, then “?” could bea.50.b.75.c.100.d.125.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative15. The following table contains some production possibilities for an economy for a given month.If the production possibilities frontier is a straight line, then “?” must bea.50.b.75.c.100.d.125.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative。
曼昆经济学原理习题解答(5-8章)
CH5~6作業解答CH51. a. Mystery novels have more elastic demand than required textbooks becausemystery novels have close substitutes and are a luxury good, while required textbooks area necessity with no close substitutes. If the price of mystery novels were to rise, readerscould substitute other types of novels, or buy fewer novels altogether. But if the price ofrequired textbooks were to rise, students would have little choice but to pay the higherprice. Thus, the quantity demanded of required textbooks is less responsive to price thanthe quantity demanded of mystery novels.b. Beethoven recordings have more elastic demand than classical music recordings ingeneral. Beethoven recordings are a narrower market than classical music recordings,so it is easier to find close substitutes for them. If the price of Beethoven recordingswere to rise, people could substitute other classical recordings, like Mozart. But if theprice of all classical recordings were to rise, substitution would be more difficult. (Atransition from classical music to rap is unlikely!) Thus, the quantity demanded ofclassical recordings is less responsive to price than the quantity demanded ofBeethoven recordings.c. Subway rides during the next five years have more elastic demand than subway ridesduring the next six months. Goods have a more elastic demand over longer timehorizons. If the fare for a subway ride was to rise temporarily, consumers could notswitch to other forms of transportation without great expense or great inconvenience.But if the fare for a subway ride was to remain high for a long time, people wouldgradually switch to alternative forms of transportation. As a result, the quantitydemanded of subway rides during the next six months will be less responsive tochanges in the price than the quantity demanded of subway rides during the next fiveyears.d. Root beer has more elastic demand than water. Root beer is a luxury withclose substitutes, while water is a necessity with no close substitutes. If theprice of water were to rise, consumers have little choice but to pay the higherprice. But if the price of root beer were to rise, consumers could easily switch toother sodas or beverages. So the quantity demanded of root beer is moreresponsive to changes in price than the quantity demanded of water.2. a. For business travelers, the price elasticity of demand when the price of tickets risesfrom $200 to $250 is [(2,000 – 1,900)/1,950]/[(250 – 200)/225] = 0.05/0.22 = 0.23. Forvacationers, the price elasticity of demand when the price of tickets rises from $200 to $250 is [(800 – 600)/700] / [(250 – 200)/225] = 0.29/0.22 = 1.32.b. The price elasticity of demand for vacationers is higher than the elasticity forbusiness travelers because vacationers can choose a substitute more easily thanbusiness travelers. For example, vacationers can choose a different mode oftransportation (like driving or taking the train), a different destination, a differentdeparture date, and a different return date. They may also choose to not travel at all.Business travelers are less likely to do so because their schedules are less adaptable.3. a. The percentage change in price is equal to (2.20 – 1.80)/2.00 x 100 = 20%. If theprice elasticity of demand is 0.2, quantity demanded will fall by 4% in the short run[0.20 ⨯ 0.20]. If the price elasticity of demand is 0.7, quantity demanded will fall by 14%in the long run [0.7 ⨯ 0.2].b. Over time, consumers can make adjustments to their homes by purchasingalternative heat sources such as natural gas or electric furnaces. Thus, they canrespond more easily to the change in the price of heating oil in the long run than inthe short run.4. If quantity demanded fell, price must have increased according to the law of demand. Fora price increase to increase total revenue, the percentage increase in the price must begreater than the percentage decline in quantity demanded. Therefore, demand isinelastic.6. a. If your income is $10,000, your price elasticity of demand as the price of DVDsrises from $8 to $10 is [(40 – 32)/36]/[(10 – 8)/9] =0.22/0.22 = 1. If yourincome is $12,000, the elasticity is [(50 – 45)/47.5]/[(10 – 8)/9] = 0.11/0.22 =0.5.b. If the price is $12, your income elasticity of demand as your income increasesfrom $10,000 to $12,000 is [(30 – 24)/27]/[(12,000 – 10,000)/11,000] =0.22/0.18 = 1.22. If the price is $16, your income elasticity of demand as yourincome increases from $10,000 to $12,000 is [(12 – 8)/10]/[(12,000 –10,000)/11,000] = 0.40/0.18 = 2.22.8. a. The percentage change in price (using the midpoint formula) is (1.50 –1.25)/(1.375) × 100% = 18.18%. Therefore, the price elasticity of demand is4.3/18.18 = 0.24, which is very elastic.b. Because the demand is inelastic, the Transit Authority's revenue rises whenthe fare rises.c. The elasticity estimate might be unreliable because it is only the first monthafter the fare increase. As time goes by, people may switch to other means oftransportation in response to the price increase. So the elasticity may be largerin the long run than it is in the short run.10. a. With a price elasticity of demand of 0.4, reducing the quantity demanded ofcigarettes by 20% requires a 50% increase in price, because 20/50 = 0.4. Withthe price of cigarettes currently $2, this would require an increase in the priceto $3.33 a pack using the midpoint method (note that ($3.33 – $2)/$2.67= .50).b. The policy will have a larger effect five years from now than it does one yearfrom now. The elasticity is larger in the long run, because it may take sometime for people to reduce their cigarette usage. The habit of smoking is hard tobreak in the short run.c. Because teenagers do not have as much income as adults, they are likely tohave a higher price elasticity of demand. Also, adults are more likely to beaddicted to cigarettes, making it more difficult to reduce their quantitydemanded in response to a higher price.CH62. a. The imposition of a binding price floor in the cheese market is shown in Figure 4. In theabsence of the price floor, the price would be P1 and the quantity would be Q1. With the floor set at P f, which is greater than P1, the quantity demanded is Q2, while quantitysupplied is Q3, so there is a surplus of cheese in the amount Q3– Q2.Figure 4b. The producers’ complaint that their total revenue has declined is correct if demand iselastic. With elastic demand, the percentage decline in quantity would exceed thepercentage rise in price, so total revenue would decline.c. If the government purchases all the surplus cheese at the price floor, producers benefit and taxpayers lose. Producers would produce quantity Q3 of cheese, and their total revenue would increase substantially. However, consumers would buy only quantity Q2 of cheese, so they are in the same position as before. Taxpayers lose because they would be financing the purchase of the surplus cheese through higher taxes.3. a. The equilibrium price of Frisbees is $8 and the equilibrium quantity is six millionFrisbees.b. With a price floor of $10, the new market price is $10 because the price floor is binding.At that price, only two million Frisbees are sold, because that is the quantitydemanded.c. If there’s a price ceiling of $9, it has no effect, because the market equilibrium price is$8, which is below the ceiling. So the market price is $8 and the quantity sold is sixmillion Frisbees.6. The price will rise by less than $500. The burden of any tax is shared by both producers andconsumers−the price paid by consumers rises and the price received by producers falls, with the difference between the two equal to the amount of the tax. The only exceptions would be if the supply curve were perfectly elastic or the demand curve were perfectly inelastic, in which case consumers would bear the full burden of the tax and the price paid by consumers would rise by exactly $500..7. a. It does not matter whether the tax is imposed on producers or consumers−the effect will be the same. With no tax, as shown in Figure 7, the demand curve is D1 and the supply curve is S1. If the tax is imposed on producers, the supply curve shifts left by the amount of the tax (50 cents) to S2. Then the equilibrium quantity is Q2, the price paid by consumers is P2, and the price received (after taxes are paid) by producers is P2 – 50 cents. If the tax is instead imposed on consumers, the demand curve shifts left by the amount of the tax (50 cents) to D2. The leftward shift in the demand curve (when the tax is imposed on consumers) is exactly the same magnitude as the leftward shift in the supply curve when the tax is imposed on producers. So again, the equilibrium quantity is Q2, the price paid by consumers is P2 (including the tax paid to the government), and the price received by producers is P2 – 50 centsFigure 7 Figure 8b. The more elastic the demand curve is, the more effective this tax will be in reducing thequantity of gasoline consumed. Greater elasticity of demand means that quantity falls more in response to the rise in the price. Figure 8 illustrates this result. Demand curve D1 represents an elastic demand curve, while demand curve D2 is more inelastic. The tax will cause a greater decline in the quantity sold when demand is elastic.c. The consumers of gasoline are hurt by the tax because they get less gasoline at ahigher price.d. Workers in the oil industry are hurt by the tax as well. With a lower quantity of gasolinebeing produced, some workers may lose their jobs. With a lower price received by producers, wages of workers might decline.CH71. 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 iPhone was $250, Melissa would not have purchased onebecause the price is greater than her willingness to pay. Therefore, she wouldreceive no consumer surplus.2. If an early freeze in California sours the lemon crop, the supply curve for lemonsshifts to the left, as shown in Figure 5. The result is a rise in the price of lemonsand a decline in consumer surplus from A + B + C to just A. So consumer surplusdeclines by the amount B + C.Figure 5 Figure 6In the market for lemonade, the higher cost of lemons reduces the supply oflemonade, as shown in Figure 6. The result is an increase in the price of lemonadeand a decline in consumer surplus from D + E + F to just D, a loss of E + F. Notethat an event that affects consumer surplus in one market often has effects onconsumer surplus in other markets.3. A rise in the demand for French bread leads to an increase in producer surplus inthe market for French bread, as shown in Figure 7. The shift of the demand curve leads to an increased price, which increases producer surplus from area A to area A + B + C.Figure 7The increased quantity of French bread being sold increases the demand for flour, as shown in Figure 8. As a result, the price of flour rises, increasing producersurplus 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. Bert’s demand schedule is:Bert’s demand curve is shown in Figure 9.Figure 9b. When the price of each bottle of water is $4, Bert buys two bottles of water.His consumer surplus is shown as area A in the figure. He values his first bottle of water at $7, but pays only $4 for it, so has consumer surplus of $3. Hevalues his second bottle of water at $5, but pays only $4 for it, so hasconsumer 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 each bottle of water falls from $4 to $2, Bert buys threebottles of water, an increase of one. His consumer surplus consists of bothareas A and B in the figure, an increase in the amount of area B. He getsconsumer surplus of $5 from the first bottle ($7 value minus $2 price), $3 from the second bottle ($5 value minus $2 price), and $1 from the third bottle ($3value minus $2 price), for a total consumer surplus of $9. Thus consumersurplus rises by $5 (which is the size of area B) when the price of each bottle of water falls from $4 to $2.5. a. Ernie’s supply schedule f or water is:Ernie’s supply curve is shown in Figure 10.Figure 10b. When the price of each 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 hisfirst bottle of water, but it costs only $1 to produce, so Ernie has producersurplus 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 producersurplus is $3 + $1 = $4, which is the area of A in the figure.c. When the price of each bottle of water rises from $4 to $6, Ernie sells threebottles of water, an increase of one. His producer surplus consists of bothareas A and B in the figure, an increase by the amount of area B. He getsproducer surplus of $5 from the first bottle ($6 price minus $1 cost), $3 fromthe second bottle ($6 price minus $3 cost), and $1 from the third bottle ($6price 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 each bottle of water rises from $4 to $6.6. a. From Ernie’s supply schedule and Bert’s demand schedule, the quantitydemanded and supplied are:Only a price of $4 brings supply and demand into equilibrium, with anequilibrium quantity of two.b. At a price of $4, consumer surplus is $4 and producer surplus is $4, as shownin 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, asshown in Problem 4 above. If Bert consumed one less bottle, his consumersurplus would decline to $3, as shown in Problem 3 above. So total surpluswould decline to $3 + $3 = $6.d. If Ernie produced one additional bottle of water, his cost would be $5, but theprice 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 flat-screen TVs results ina shift to the right in the supply curve, as shown in Figure 11. As a result, theequilibrium price of flat-screen TVs declines and the equilibrium quantityincreases.b. The decline in the price of flat-screen TVs increases consumer surplus fromarea 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 bepositive or negative. The increase in quantity increasesproducer surplus, while the decline in the price reduces producer surplus. Because consumer surplusrises 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 flat-screen TVs is very elastic, then the shift of the supply curvebenefits consumers most. To take the most dramatic case, suppose the supply curve were horizontal, as shown in Figure 12. Then there is no producersurplus at all. Consumers capture all the benefits of falling production costs,with consumer surplus rising from area A to area A + B.8. Figure 13 shows supply and demand curves for haircuts. Supply equals demand ata quantity of three haircuts and a price between $4 and $5. Firms A, C, and Dshould cut the hair of Claire, Gloria, and Phil. Jay’s willingness to 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).CH85. Because the demand for food is inelastic, a tax on food is a good way to raiserevenue because it leads to a small deadweight loss; thus taxing food is lessinefficient than taxing other things. But it is not a good way to raise revenue froman equity point of view, because poorer people spend a higher proportion of theirincome on food. The tax would affect them more than it would affect wealthierpeople.6. a. This tax has such a high rate that it is not likely to raise much revenue.Because of the high tax rate, the equilibrium quantity in the market is likely tobe at or near zero.b. Senator Moynihan's goal was probably to ban the use of hollow-tipped bullets.In this case, the tax could be as effective as an outright ban.8. Figure 7 illustrates the effects of the $2 subsidy on a good. Without the subsidy,the equilibrium price is P1 and the equilibrium quantity is Q1. With the subsidy,buyers pay price P B, producers receive price P S (where P S = P B + $2), and thequantity sold is Q2. The following table illustrates the effect of the subsidy onconsumer surplus, producer surplus, government revenue, and total surplus.Because total surplus declines by area D + H, the subsidy leads to a deadweightloss in that amount.Figure 710. a. Setting quantity supplied equal to quantity demanded gives 2P = 300 –P.Adding P to both sides of the equation gives 3P = 300. Dividing both sides by 3gives P = 100. Substituting P = 100 back into either equation for quantitydemanded or supplied gives Q = 200.b. Now P is the price received by sellers and P +T is the price paid by buyers.Equating quantity demanded to quantity supplied gives 2P= 300 − (P+T).Adding P to both sides of the equation gives 3P = 300 –T. Dividing both sidesby 3 gives P = 100 –T/3. This is the price received by sellers. The buyers pay aprice equal to the price received by sellers plus the tax (P +T = 100 + 2T/3).The quantity sold is now Q = 2P = 200 – 2T/3.c. Because tax revenue is equal to T x Q and Q = 200 – 2T/3, tax revenue equals200T− 2T2/3. Figure 10 (on the next page) shows a graph of this relationship.Tax revenue is zero at T = 0 and at T = 300.Figure 10 Figure 11d. As Figure 11 shows, the area of the triangle (laid on its side) that representsthe deadweight loss is 1/2 × base × height, where the base is the change in the price, which is the size of the tax (T) and the height is the amount of the decline in quantity (2T/3). So the deadweight loss equals 1/2 ×T × 2T/3 = T2/3. This rises exponentially from 0 (when T = 0) to 30,000 when T = 300, as shown in Figure 12.Figure 12e. A tax of $200 per unit is a bad policy, because tax revenue is declining at thattax level. The government could reduce the tax to $150 per unit, get more tax revenue ($15,000 when the tax is $150 versus $13,333 when the tax is $200), and reduce the deadweight loss (7,500 when the tax is $150 compared to 13,333 when the tax is $200).。
微观经济学(第五版)习题
《微观经济学》（第五版)习题集第一章引论一、选择题1．经济学是研究(）。
A．企业如何赚钱的问题；B．如何实现稀缺资源的有效配置问题; C．用数学方法建立理论模型；D．政府如何管制的问题。
2．经济资源与非经济资源的区别主要在于（）.A．它们是否有用；B．获取它们时，是否要付出一定的费用;C．它们价格的高低；D．它们的效用高低。
3．资源稀缺性的含义是指（）。
A．资源的数量较少; B．获得一定量资源所必须耗费的成本相当高；C．相对于人类无限的欲望来说，再多的资源也显不足；D．资源的价格很高。
4．微观经济学主要研究( ）。
A．一国资源的充分利用问题; B．收入的短期波动;C．收入的长期增长；D．一国资源的合理配置问题.5．宏观经济学主要研究( ）。
A．一国资源的充分利用问题; B．一国资源的合理配置问题；C．如何生产；D．为谁生产。
6．微观经济学的中心理论是（）。
A．价值理论；B．生产理论; C．价格理论；D．分配理论。
7．下列事物中哪些不具备稀缺性( )A．空气；B．矿泉水; C．食物；D．安全保卫.8．人们在资源有限而需求无限时必须( )A．使个人利益优于公共利益; B．做出选择；C．降低期望；D．以国家利益为重。
9．下列问题是经济学研究不会涉及的问题( ）。
A．在稀缺资源约束条件下，实现资源有效配置的方法；B．如何实现中国人均收入水平翻两翻；C．中国传统文化的现代化问题；D．充分就业和物价水平的稳定。
10．微观经济学的创始人是( )。
A．亚当·斯密；B．约翰·梅纳德·凯恩斯;C．米尔顿·弗里德曼；D．阿弗里德·马歇尔。
二、判断题（对的划√，错的划×）1．经济学是研究如何实现稀缺资源有效配置科学.（ )2．经济理论揭示了经济现象之间的因果关联。
（ )3．经济学根源于资源的稀缺性与人类欲望的无限性之间的矛盾。
（）4．微观经济学主要研究一国稀缺资源的充分利用问题。
5学原理》（微观）第五版测试题库（06）曼昆经济学原理第五版测试题库（微观）
5学原理》（微观）第五版测试题库（06）曼昆经济学原理第五版测试题库（微观）Chapter 6Supply, Demand, and Government PoliciesTRUE/FALSE1. Economic policies often have effects that their architects did not intend or anticipate.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Public policy MSC: Definitional2. Rent-control laws dictate a minimum rent that landlords may charge tenants.ANS: F DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional3. Minimum-wage laws dictate the lowest wage that firms may pay workers.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional4. Price controls are usually enacted when policymakers believe that the market price of a good or service isunfair to buyers or sellers.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Price controls MSC: Definitional5. Price controls can generate inequities.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Price controls MSC: Definitional6. Policymakers use taxes to raise revenue for public purposes and to influence market outcomes.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional7. If a good or service is sold in a competitive market free of government regulation, then the price of the good or service adjusts to balance supply and demand.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Definitional8. At the equilibrium price, the quantity that buyers want to buy exactly equals the quantity that sellers want tosell.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Definitional9. A price ceiling is a legal minimum on the price at which a good or service can be sold.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Definitional10. A price ceiling set above the equilibrium price is not binding.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive371372 Chapter 6/Supply, Demand, and Government Policies11. If a price ceiling is not binding, then it will have no effect on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive12. To be binding, a price ceiling must be set above the equilibrium price.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive13. A price ceiling set below the equilibrium price is binding.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive14. A price ceiling set below the equilibrium price causes quantity demanded to exceed quantity supplied. ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive15. A price ceiling set above the equilibrium price causes quantity demanded to exceed quantity supplied. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive16. A binding price ceiling causes quantity demanded to be less than quantity supplied.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive17. A price ceiling set below the equilibrium price causes a shortage in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive18. A price ceiling set above the equilibrium price causes a surplus in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive19. A binding price ceiling causes a shortage in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive20. When a binding price ceiling is imposed on a market fora good, some people who want to buy the goodcannot do so.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive21. Long lines and discrimination are examples of rationing methods that may naturally develop in response to a binding price ceiling.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive22. Price ceilings are typically imposed to benefit buyers.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: InterpretiveChapter 6/Supply, Demand, and Government Policies 373 23. Binding price ceilings benefit consumers because they allow consumers to buy all the goods they demand at alower price.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive24. All buyers benefit from a binding price ceiling.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive25. A binding price ceiling may not help all consumers, but it does not hurt any consumers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive26. When the government imposes a binding price ceiling ona competitive market, a surplus of the good arises,and sellers must ration the scarce goods among the large number of potential buyers.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | ShortagesMSC: Definitional27. The rationing mechanisms that develop under binding price ceilings are usually inefficient.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | EfficiencyMSC: Interpretive28. Price is the rationing mechanism in a free, competitive market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive29. Prices are inefficient rationing devices.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Prices | EfficiencyMSC: Interpretive30. When free markets ration goods with prices, it is both efficient and impersonal.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Prices | EfficiencyMSC: Interpretive31. When a free market for a good reaches equilibrium, anyone who is willing and able to pay the market price can buy the good.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive32. If a price ceiling of $2 per gallon is imposed on gasoline, and the market equilibrium price is $1.50, then theprice ceiling is a binding constraint on the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Applicative33. If a price ceiling of $1.50 per gallon is imposed on gasoline, and the market equilibrium price is $2, then theprice ceiling is a binding constraint on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Applicative374 Chapter 6/Supply, Demand, and Government Policies34. A price ceiling caused the gasoline shortage of 1973 in the United States.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive35. One common example of a price ceiling is rent control.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional36. The goal of rent control is to help the poor by making housing more affordable.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional37. Economists argue that rent control is a highly efficient way to help the poor raise their standard of living. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists | Rent control MSC: Interpretive38. Because supply and demand are inelastic in the short run, the initial shortage caused by rent control is large. ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent control | Elasticity MSC: Definitional39. The primary effect of rent control in the short run is to reduce rents.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional40. The housing shortages caused by rent control are larger in the long run than in the short run because both the supply of housing and the demand for housing are more elastic in the long run.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent control | ElasticityMSC: Interpretive41. The effects of rent control in the long run include lower rents and lower-quality housing.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Interpretive42. Rent control may lead to lower rents for those who find housing, but the quality of the housing may also belower.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Interpretive43. In a free market, the price of housing adjusts to eliminate the shortages that give rise to undesirable landlordbehavior.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional44. A price floor is a legal minimum on the price at which a good or service can be sold.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: DefinitionalChapter 6/Supply, Demand, and Government Policies 375 45.A price floor set above the equilibrium price is not binding.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive46. If a price floor is not binding, then it will have no effect on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive47. To be binding, a price floor must be set above the equilibrium price.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive48. A price floor set below the equilibrium price is binding.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive49. A price floor set below the equilibrium price causes quantity supplied to exceed quantity demanded.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive50. A price floor set above the equilibrium price causesquantity supplied to exceed quantity demanded.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive51. A binding price floor causes quantity supplied to be less than quantity demanded.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive52. A price floor set below the equilibrium price causes a surplus in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive53. A price floor set above the equilibrium price causes a surplus in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive54. A binding price floor causes a shortage in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive55. When a binding price floor is imposed on a market for a good, some people who want to sell the good cannot do so.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive56. Discrimination is an example of a rationing mechanism that may naturally develop in response to a bindingprice floor.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive。
经济学原理 曼昆第五版 答案
第一篇导言第一章经济学十大原理复习题1．列举三个你在生活中面临的重要权衡取舍的例子。
答：①大学毕业后，面临着是否继续深造的选择，选择继续上学攻读研究生学位，就意味着在今后三年中放弃参加工作、赚工资和积累社会经验的机会；②在学习内容上也面临着很重要的权衡取舍，如果学习《经济学》，就要减少学习英语或其他专业课的时间；③对于不多的生活费的分配同样面临权衡取舍，要多买书，就要减少在吃饭、买衣服等其他方面的开支。
2．看一场电影的机会成本是什么?答：看一场电影的机会成本是在看电影的时间里做其他事情所能获得的最大收益，例如：看书、打零工。
3．水是生活必需的。
一杯水的边际利益是大还是小呢?答：这要看这杯水是在什么样的情况下喝，如果这是一个人五分钟内喝下的第五杯水，那么他的边际利益很小，有可能为负；如果这是一个极度干渴的人喝下的第一杯水，那么他的边际利益将会极大。
4．为什么决策者应该考虑激励?答：因为人们会对激励做出反应。
如果政策改变了激励，它将使人们改变自己的行为，当决策者未能考虑到行为如何由于政策的原因而变化时，他们的政策往往会产生意想不到的效果。
5．为什么各国之间的贸易不像竞赛一样有赢家和输家呢?答：因为贸易使各国可以专门从事自己最擅长的活动，并从中享有更多的各种各样的物品与劳务。
通过贸易使每个国家可供消费的物质财富增加，经济状况变得更好。
因此，各个贸易国之间既是竞争对手，又是经济合作伙伴。
在公平的贸易中是“双赢”或者“多赢”的结果。
6．市场中的那只“看不见的手”在做什么呢?答：市场中那只“看不见的手”就是商品价格，价格反映商品自身的价值和社会成本，市场中的企业和家庭在作出买卖决策时都要关注价格。
因此，他们也会不自觉地考虑自己行为的(社会)收益和成本。
从而，这只“看不见的手”指引着千百万个体决策者在大多数情况下使社会福利趋向最大化。
7．解释市场失灵的两个主要原因，并各举出一个例子。
答：市场失灵的主要原因是外部性和市场势力。
曼昆经济学原理微观第五版测试题库【整理版】.doc
曼昆经济学原理微观第五版测试题库【整理版】Chapter 14Firms in Competitive MarketsTRUE/FALSE1. For a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue are all equal.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenue | Marginal revenueMSC: Interpretive2. For a firm operating in a perfectly competitive industry, marginal revenue and average revenue are equal.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenue | Marginal revenueMSC: Interpretive3. If a firm notices that its average revenue equals the current market price, that firm must be participating in a competitive market.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenueMSC: Interpretive4. A profit-maximizing firm in a competitive market will increase production when average revenue exceeds marginal cost.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenueMSC: Interpretive9295. Because there are many buyers and sellers in a perfectly competitive market, no one seller can influence the market price.ANS: T DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional6. Firms operating in perfectly competitive markets try to maximize profits.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Applicative7. In competitive markets, firms that raise their prices are typically rewarded with larger profits.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive8. When an individual firm in a competitive market increases its production, it is likely that the market price will fall.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive9. In a competitive market, firms are unable to differentiate their product from that of other producers.ANS: T DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive10. Firms in a competitive market are said to be price takers because there are many sellers in the market and the goods offered by the firms are very similar if not identical.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive11. A firm's incentive to compare marginal revenue and marginal cost is an application of the principle that rational people think at the margin. ANS: T DIF: 1 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive12. By comparing the marginal revenue and marginal cost from each unit produced, a firm in a competitive market can determine theprofit-maximizing level of production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive13. Firms operating in perfectly competitive markets produce an output level where marginal revenue equals marginal cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Marginal revenueMSC: Applicative14. A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $4.75. The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical15. A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $5. The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical16. A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the unit for $6. The firm should produce more than 100 units in order to maximize its profits (or minimize its losses). ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical17. A dairy farmer must be able to calculate sunk costs in order to determine how much revenue the farm receives for the typical gallon of milk.ANS: F DIF: 1 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive18. Because nothing can be done about sunk costs, they are irrelevant to decisions about business strategy.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive19. A miniature golf course is a good example of where fixed costs become relevant to the decision of when to open and when to close for the season.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive20. A popular resort restaurant will maximize profits if it chooses to stay open during the less-crowded “off season” when its total revenues exceed its variable costs.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive21. All firms maximize profits by producing an output level where marginal revenue equals marginal cost; for firms operating in perfectly competitive industries, maximizing profits also means producing an output level where price equals marginal cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive22. A firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less than that firm’s average total cost but greater than the firm’s average variable cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive23. A firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less than that fir m’s average variable cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive24. A firm operating in a perfectly competitive industry will shut down in the short run but earn losses if the market price is less than that firm’s average variable cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive25. In the short run, a firm should exit the industry if its marginal cost exceeds its marginal revenue.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive26. In making a short-run profit-maximizing production decision, the firm must consider both fixed and variable cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive27. A firm will shut down in the short run if revenue is not sufficient to cover its variable costs of production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive28. Suppose a firm is considering producing zero units of output. We call this shutting down in the short run and exiting an industry in the long run.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive29. Suppose a firm is considering producing zero units of output. We call this exiting an industry in the short run and shutting down in the long run.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive30. A firm will shut down in the short run if revenue is not sufficient to cover all of its fixed costs of production.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive31. The supply curve of a firm in a competitive market is the average variable cost curve above the minimum of marginal cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive32. When a profit-maximizing firm in a competitive market experiences rising prices, it will respond with an increase in production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive33. The marginal firm in a competitive market will earn zero economic profit in the long run.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Economic profitMSC: Interpretive34. A profit-maximizing firm in a competitive market will earn zero accounting profits in the long run.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Accounting profitMSC: Interpretive35. In the long run, when price is less than average total cost for all possible levels of production, a firm in a competitive market will choose to exit (or not enter) the market.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive36. In the long run, when price is greater than average total cost, some firms in a competitive market will choose to enter the market.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive37. In the long run, a firm should exit the industry if its total costs exceed its total revenues.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive38. When a resource used in the production of a good sold in a competitive market is available in only limited quantities, the long-run supply curve is likely to be upward sloping.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive39. A firm operating in a perfectly competitive industry will continue to operate if it earns zero economic profits because it is likely to be earning positive accounting profits.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive40. A firm operating in a perfectly competitive industry will shut down in the short run if its economic profits fall to zero because it is likely to be earning negative accounting profits.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive41. A firm operating in a perfectly competitive market may earn positive, negative, or zero economic profit in the long run.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Long-run supply curveMSC: Interpretive42. A firm operating in a perfectly competitive market may earn positive, negative, or zero economic profit in the short run.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Long-run supply curveMSC: Interpretive43. A firm operating in a perfectly competitive market earns zero economic profit in the long run but remains in business because the firm’s revenues cover the business owners’ opportunity costs.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive44. A competitive market will typically experience entry and exit until accounting profits are zero.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive45. The long-run equilibrium in a competitive market characterized by firms with identical costs is generally characterized by firms operating at efficient scale.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive46. In the long run, a competitive market with 1,000 identical firms will experience an equilibrium price equal to the minimum of each firm's average total cost.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive47. In a long-run equilibrium where firms have identical costs, it is possible that some firms in a competitive market are making a positive economic profit.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive48. When economic profits are zero in equilibrium, the firm's revenue must be sufficient to cover all opportunity costs.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive49. The short-run supply curve in a competitive market must be more elastic than the long-run supply curve.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive50. The long-run supply curve in a competitive market is more elastic than the short-run supply curve.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: InterpretiveSHORT ANSWER1. Describe the difference between average revenue and marginal revenue. Why are both of these revenue measures important to aprofit-maximizing firm?ANS:Average revenue is total revenue divided by the quantity of output. Marginal revenue is the change in total revenue from the sale of each additional unit of output. Marginal revenue is used to determine the profit-maximizing level of production, and average revenue is used to help determine the level of profits. Note that for all firms, price equals average revenue because AR=(PxQ)/Q=P. But only for a firm operating in a perfectly competitive industry does price also equal marginal revenue.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Price MSC: Definitional2. List and describe the characteristics of a perfectly competitive market.ANS:There are many buyers and sellers in the market. The goods offered by the various sellers are largely the same. Firms can freely enter or exit the market.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Competitive markets MSC: Definitional3. Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market?ANS:The firm could not sell any more of its product at a lower price than it could sell at the market price. As a result, it would needlessly forgo revenue if it set a price below the market price. If the firm set a higher price, it would not sell anything at all because a competitive market has many sellers who would supply the product at the market price.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical4. Use a graph to demonstrate the circumstances that would prevail ina competitive market where firms are earning economic profits. Can this scenario be maintained in the long run? Explain your answer.ANS:In a competitive market where firms are earning economic profits, new firms will have an incentive to enter the market. This entry will expand the number of firms, increase the quantity of the good supplied, and drive down prices and profits. Entry will cease once firms are producing the output level where price equals the minimum of the average total costcurve, meaning that each firm earns zero economic profits in the long run.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical5. Explain how a firm in a competitive market identifies theprofit-maximizing level of production. When should the firm raise production, and when should the firm lower production?ANS:The firm selects the level of output at which marginal revenue is equal to marginal cost. If MR > MC, profit will increase if the firm increases Q. If MR < MC, profit will increase if the firm decreases Q.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical6. News reports from the western United States occasionally report incidents of cattle ranchers slaughtering a large number of newborn calves and burying them in mass graves rather than transporting them to markets. Assuming that this is rational behavior by profit-maximizing "firms," explain what economic factors may influence such behavior. ANS:If the selling price is not sufficient to cover the variable cost of sending the calves to market, this (potentially emotionally upsetting) behavior makes economic sense.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical7. Use a graph to demonstrate the circumstances that would prevail ina perfectly competitive market where firms are experiencing economic losses. Identify costs, revenue, and the economic losses on your graph. Using your graph, determine whether an individual firm will shut down in the short run, or choose to remain in the market. Explain your answer.ANS:The losses and revenues are identified on the individual firm's graph. Total cost is equal to the sum of the losses and revenue (becauseprofit/loss=TR-TC, so TC=TR+profit/loss). The decision about whether this firm shuts down or remains in the market depends upon the position of average variable cost. If average variable cost is below P0 at output level Q0, the firm will remain in the market. If average variable cost is above P0 at output level Q0 the firm will shut down in the short run.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical8. At its current level of production a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm'smarginal cost curve crosses the marginal revenue curve at an output level of 1,000 units. What is the firm's current profit? What is likely to occur in this market and why?ANS:$2,500; firms are likely to enter this market since existing firms are earning economic profits.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit MSC: Analytical9. Give two reasons why the long-run industry supply curve may slope upward. Use an example to demonstrate your reasons.ANS:1) Some resource used in production may be available only in limited quantities. 2) Firms may have different cost structures. The example provided in the text for the first reason is the market for farm products. As more people become farmers, the price of land is bid up since its supply is limited. As the price of farm land is bid up, the costs to all farmers in the market rise. The example used to support the second reason is the market for painters. Anyone can enter the market for painting services, but not everyone has the same costs because some painters work faster than others.DIF: 3 REF: 14-3 NAT: Analytic LOC: Perfect competitionTOP: Supply curve MSC: Interpretive10. If identical firms that remain in a competitive market over the long run make zero economic profit, why do these firms choose to remain in the market?ANS:Because a normal rate of return on their investment is included as part of the opportunity cost of production.DIF: 2 REF: 14-3 NAT: Analytic LOC: Perfect competitionTOP: Economic profit MSC: InterpretiveSec00 - Firms in Competitive MarketsMULTIPLE CHOICE1. A firm has market power if it cana. maximize profits.b. minimize costs.c. influence the market price of the good it sells.d. hire as many workers as it needs at the prevailing wage rate.ANS: C DIF: 1 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Market powerMSC: Definitional2. The analysis of competitive firms sheds light on the decisions that lie behind thea. demand curve.b. supply curve.c. way firms make pricing decisions in the not-for-profit sector ofthe economy.d. way financial markets set interest rates.ANS: B DIF: 1 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketMSC: Interpretive3. For any competitive market, the supply curve is closely related to thea. preferences of consumers who purchase products in thatmarket.b. income tax rates of consumers in that market.c. firms’ costs of production in that market.d. interest rates on government bonds.ANS: C DIF: 1 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketMSC: Interpretive4. Suppose that firms in each of the two markets listed below were to increase their prices by 20 percent. Which pair represents the example where customers would decrease their quantity purchased dramatically in one market and only slightly in the other market due to differences in market structure?a. corn and soybeansb. gasoline and restaurantsc. water and cable televisiond. spiral notebooks and college textbooksANS: D DIF: 2 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketMSC: InterpretiveSec01 - Firms in Competitive Markets - What is a Competitive Market? MULTIPLE CHOICE1. A key characteristic of a competitive market is thata. government antitrust laws regulate competition.b. producers sell nearly identical products.c. firms minimize total costs.d. firms have price setting power.ANS: B DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional2. Which of the following is not a characteristic of a competitive market?a. Buyers and sellers are price takers.b. Each firm sells a virtually identical product.c. Free entry is limited.d. Each firm chooses an output level that maximizes profits.ANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional3. In a perfectly competitive market,a. no one seller can influence the price of the product.b. price exceeds marginal revenue for each unit sold.c. average revenue exceeds marginal revenue for each unit sold.d. administrative barriers can make it difficult for firms to enter anindustry.ANS: A DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive4. Who is a price taker in a competitive market?a. buyers onlyb. sellers onlyc. both buyers and sellersd. neither buyers nor sellersANS: C DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional5. Competitive markets are characterized bya. a small number of buyers and sellers.b. unique products.c. the interdependence of firms.d. free entry and exit by firms.ANS: D DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional6. A market is competitive if(i) firms have the flexibility to price their own product.(ii) each buyer is small compared to the market.(iii) each seller is small compared to the market.a. (i) and (ii) onlyb. (i) and (iii) onlyc. (ii) and (iii) onlyd. (i), (ii), and (iii)ANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive7. When a firm has little ability to influence market prices it is said to be in aa. competitive market.b. strategic market.c. thin market.d. power market.ANS: A DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional8. In a competitive market, the actions of any single buyer or seller willa. have a negligible impact on the market price.b. have little effect on market equilibrium quantity but will affectmarket equilibrium price.c. affect marginal revenue and average revenue but not price.d. adversely affect the profitability of more than one firm in themarket.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive9. Because the goods offered for sale in a competitive market are largely the same,a. there will be few sellers in the market.b. there will be few buyers in the market.c. only a few buyers will have market power.d. sellers will have little reason to charge less than the goingmarket price.ANS: D DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive10. Which of the following is not a characteristic of a perfectly competitive market?a. Firms are price takers.b. Firms have difficulty entering the market.c. There are many sellers in the market.d. Goods offered for sale are largely the same.ANS: B DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets11. Which of the following is not a characteristic of a perfectly competitive market?a. Firms are price takers.b. Firms can freely enter the market.c. Many firms have market power.d. Goods offered for sale are largely the same.ANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets MSC: Interpretive12. Free entry means thata. the government pays any entry costs for individual firms.b. no legal barriers prevent a firm from entering an industry.c. a firm's marginal cost is zero.d. a firm has no fixed costs in the short run.ANS: B DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets MSC: Interpretive13. Which of the following industries is most likely to exhibit the characteristic of free entry?a. nuclear powerb. municipal water and sewerc. dairy farmingd. airport securityANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets14. When buyers in a competitive market take the selling price as given, they are said to bea. market entrants.b. monopolists.c. free riders.d. price takers.ANS: D DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional15. When firms are said to be price takers, it implies that if a firm raises its price,a. buyers will go elsewhere.b. buyers will pay the higher price in the short run.c. competitors will also raise their prices.d. firms in the industry will exercise market power.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive16. Which of the following statements best reflects a price-taking firm?a. If the firm were to charge more than the going price, it wouldsell none of its goods.b. The firm has an incentive to charge less than the market priceto earn higher revenue.c. The firm can sell only a limited amount of output at the marketprice before the market price will fall.d. Price-taking firms maximize profits by charging a price abovemarginal cost.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive17. Why does a firm in a competitive industry charge the market price?a. If a firm charges less than the market price, it loses potentialrevenue.b. If a firm charges more than the market price, it loses all itscustomers to other firms.c. The firm can sell as many units of output as it want to at themarket price.d. All of the above are correct.ANS: D DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive18. In a competitive market, no single producer can influence the market price becausea. many other sellers are offering a product that is essentiallyidentical.b. consumers have more influence over the market price thanproducers do.c. government intervention prevents firms from influencing price.d. producers agree not to change the price.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive19. A competitive firm would benefit from charging a price below the market price because the firm would achievea. higher average revenue.。
经济学原理(曼昆)习题答案
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A．一个家庭决定是否买一辆新车。 答：如果买新车就要减少家庭其他方面的开支，如：外出旅行，购置新家具；如果不买新车就享受不到驾驶 新车外出的方便和舒适。 B．国会议员决定对国家公园支出多少。 答：对国家公园的支出数额大，国家公园的条件可以得到改善，环境会得到更好的保护。但同时，政府可用 于交通、邮电等其他公共事业的支出就会减少。 C．一个公司总裁决定是否新开一家工厂。 答：开一家新厂可以扩大企业规模，生产更多的产品。但可能用于企业研发的资金就少了。这样，企业开发 新产品、利用新技术的进度可能会减慢。 D．一个教授决定用多少时间备课。 答：教授如果将大部分时间用于自己搞研究，可能会出更多的成果，但备课时间的减少会影响给学生授课的 质量。 E．一个刚大学毕业的学生决定是否去读研究生。 答：毕业后参加工作，可即刻获取工资收入；但继续读研究生，却能接受更多的知识和未来更高的收益。 2．你正想决定是否去度假。度假的大部分成本(机票、旅馆、放弃的工资)都用美元来衡量，但度假的收益 是心理的。你将如何比较收益与成本呢? 答：这种心理上的收益可以用是否达到既定目标来衡量。对于这个行动前就会作出的既定目标，我们一定有 一个为实现目标而愿意承担的成本范围。在这个可以承受的成本范围内，度假如果满足了既定目标，如：放松身 心、恢复体力等等，那么，就可以说这次度假的收益至少不小于它的成本。 3．你正计划用星期六去从事业余工作，但一个朋友请你去滑雪。去滑雪的真实成本是什么？现在假设你已 计划这天在图书馆学习，这种情况下去滑雪的成本是什么？请解释之。 答：去滑雪的真实成本是周六打工所能赚到的工资，我本可以利用这段时间去工作。如果我本计划这天在图 书馆学习，那么去滑雪的成本是在这段时间里我可以获得的知识。 4．你在篮球比赛的赌注中赢了 100 美元。你可以选择现在花掉它或者在利率为 5%的银行账户中存一年。 现在花掉 100 美元的机会成本是什么呢? 答：现在花掉 100 美元的机会成本是在一年后得到 105 美元的银行支付(利息+本金)。 5．你管理的公司在开发一种新产品过程中已经投资 500 万美元，但开发工作还远远没有完成。在最近的一 次会议上，你的销售人员报告说，竞争性产品的进入使你们新产品的预期销售额减少为 300 万美元。如果完成 这项开发还要花费 100 万美元，你还应该继续进行这项开发吗？为了完成这项开发，你的最高花费应该是多少? 答：还应该继续这项开发。因为现在它的边际收益是 300 万美元，而边际成本是 100 万美元。为了完成这项 开发我最多能再花 300 万美元。只要边际收益大于边际成本，就有利可图。 6．魔力饮料公司的三位经理正在讨论是否要扩大产量。每位经理提出了做出这个决策的一种方法： 哈利：我们应该考查一下我们公司的生产率——每个工人生产的加仑数——将上升还是下降。 罗恩：我们应该考查一下我们的平均成本——每个工人的成本——将上升还是下降。 赫敏：我们应该考查一下多卖一加仑饮料的额外收益，大于还是小于额外的成本。 你认为谁对？为什么？ 答：我认为赫敏提出的决策方法正确。因为只有多卖一加仑饮料的额外收益大于它的额外成本时，多卖一加 仑饮料才是有利可图的。理性人应该考虑边际量。 7．社会保障制度为 65 岁以上的人提供收入。如果一个社会保障的领取者决定去工作并赚一些钱，他(或她) 所领到的社会保障津贴通常会减少。 A．提供社会保障如何影响人们在工作时的储蓄激励? 答：社会保障的提供使人们退休以后仍可以获得收入，以保证生活。因此，人们不用为不能工作时的生活费 而发愁，人们在工作时期的储蓄就会减少。 B．收入提高时津贴减少的政策如何影响 65 岁以上的人的工作激励? 答：这会使 65 岁以上的人在工作中不再积极进取。因为努力工作获得高收入反而会使得到的津贴减少，所 以对 65 岁以上的人的努力工作的激励减少了。 8．最近改革政府反贫困计划的法案对许多福利领取者做了只能领取两年津贴的限制。 A．这些变动如何影响对工作的激励? 答： 这项反贫困计划法案的改革会激励那些只能领取两年津贴的福利领取者努力寻找工作，如果在两年内不 能使自己获得工作，两年之后，这些福利领取者就没有收入了。
曼昆经济学原理试题Chapter 05b
Chapter 5Elasticity and Its ApplicationsTest B1. The elasticity of demand measuresa. the increase in demand as additional buyers enter the market.b. a buyer’s responsiveness to a change in the price of a good.c. how much less of a good consumers will demand when incomes fall.d. the increase in supply that will occur from an increase in the price of a good.ANSWER: b. a buyer’s responsiveness to a change in the price of a good. TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 1 RANDOM: Y2. Demand is said to be inelastic ifa. consumers hardly respond to a change in price.b. consumers respond substantially to a change in price.c. consumers respond directly to a change in income.d. the change in quantity demanded is equal to the change in price.ANSWER: a. consumers hardly respond to a change in price.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 1 RANDOM: Y3. The elasticity of demand for luxuries tends to bea. greater than 1.b. equal to 1.c. less than 1.d. equal to 0.ANSWER: c. less than 1.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 1 RANDOM: Y4. Milky Way candy bars tend to have an elastic demand becausea. the candy bar market is too broadly defined.b. there are many close substitutes for Milky Ways.c. Milky Ways are considered by some to be a necessity.d. it is usually eaten quickly and therefore the time horizon is short.ANSWER: b. there are many close substitutes for Milky Ways.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y5. Economists compute elasticity using the midpoint method primarily because ita. is the simplest method to compute elasticity.b. uses the same equation that is used to compute slope.c. automatically rounds quantities to the nearest whole unit.d. gives the same answer regardless of the direction of change.ANSWER: d. gives the same answer regardless of the direction of change. TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y52 Chapter 5/Elasticity and Its Applications6. Demand is elastic if elasticity isa. equal to 1.b. equal to 0.c. less than 1.d. greater than 1.ANSWER: d. greater than 1.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: YNOTE: THE FOLLOWING QUESTION IS REPEATED FROM THE ON-LINE QUIZZES. YOUR STUDENTS MAY HAVE ALREADY SEEN THIS QUESTION AND ITS ANSWER.7. A demand curve that is a downward-sloping straight line will havea. a positive slope.b. higher elasticity at the top than at the bottom.c. lower elasticity at the top than at the bottom.d. constant elasticity throughout its length.ANSWER: b. higher elasticity at the top than at the bottom.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y8. When the price of Pokemon cards are $.50, the quantity demanded is 400 cards per day. Whenthe price falls to $.40, the quantity demanded increases to 600. Given this information and using the midpoint method, you know that the demand for Pokemon cards isa. elastic.b. inelastic.c. unit elastic.d. perfectly inelastic.ANSWER: a. elastic.TYPE: M KEY1: E SECTION: 2 OBJECTIVE: 3 RANDOM: Y9. A perfectly inelastic demand isa. vertical because buyers purchase the same amount whether the price rises or falls.b. negatively sloped because buyers decrease their purchases when the price rises.c. positively sloped because buyers respond by increasing their purchases when pricerises.d. horizontal because buyers increase their purchases by huge amounts with slightchanges in price.ANSWER: a. vertical because buyers purchase the same amount whether the pricerises or falls.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y10. Total revenue changes as one moves down a linear demand curve bya. decreasing.b. increasing.c. decreasing, then increasing.d. increasing, then decreasing.ANSWER: d. increasing, then decreasing.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: YChapter 5/Elasticity and Its Applications 5311. If the demand for bagels is elastic, an increase in the price of bagels willa. increase total revenue of bagel sellers.b. decrease total revenue of bagel sellers.c. not change total revenue of bagel sellers.d. There is not enough information to answer this question.ANSWER: b. decrease total revenue of bagel sellers.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: YNOTE: THE FOLLOWING QUESTION IS REPEATED FROM THE ON-LINE QUIZZES. YOUR STUDENTS MAY HAVE ALREADY SEEN THIS QUESTION AND ITS ANSWER.12. Corporation XYZ has a linear demand curve for its product. The company is currentlyproducing on the lower portion of its demand curve. Increasing the price of the product willa. not affect the com pany’s total revenue.b. increase the company’s total revenue.c. decrease the company’s total revenue.d. increase the company’s total cost of production.ANSWER: b. increase the company’s total revenue.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y13. When a change in the price of a good results in no change in total revenue you know that thedemand for this product isa. elastic.b. perfectly inelastic.c. inelastic.d. unit elastic.ANSWER: d. unit elastic.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y14. If a 6 percent increase in income results in a 3 percent decrease in the quantity demanded ofmacaroni, then the income elasticity of demand for macaroni isa. negative and therefore macaroni is an inferior good.b. negative and therefore macaroni is a normal good.c. positive and therefore macaroni is an inferior good.d. positive and therefore macaroni is a normal good.ANSWER: a. negative and therefore macaroni is an inferior good.TYPE: M KEY1: E SECTION: 1 OBJECTIVE: 2 RANDOM: Y15. The cross-price elasticity of demand determines whether goods area. normal or inferior.b. elastic or inelastic.c. luxuries or necessities.d. complements or substitutes.ANSWER: d. complements or substitutes.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y54 Chapter 5/Elasticity and Its Applications16. The price elasticity of supply measures how responsivea. sellers are to a change in price.b. buyers are to a change in price.c. buyers are to a change in income.d. sellers are to a change in buyers’ income.ANSWER: a. sellers are to a change in price.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 3 RANDOM: Y17. On the graph shown, the elasticity of supply from point B to point C, using the midpointmethod would be approximatelya. 0.5b. 0.62c. 0.86d. 1.1ANSWER: c. 0.86TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y18. The price elasticity of supply for a good will be greater (more elastic) thea. more necessary the good is considered.b. broader the market is defined.c. more close substitutes the good has.d. longer the time period being considered.ANSWER: d. longer the time period being considered.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 3 RANDOM: YChapter 5/Elasticity and Its Applications 55 19. If two supply curves pass through the same point and one is steep and the other is flat, which of the following would be correct?a. The flatter supply curve is more elastic.b. The steeper supply curve is more elastic.c. The elasticity of supply will be the same for both curves.d. It is impossible to tell the elasticity of supply for either curve unless you are givenactual numbers to compute the elasticity of both curves.ANSWER: a. The flatter supply curve is more elastic.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 3 RANDOM: Y20. A vertical supply curve tells us thata. suppliers will not respond to a change in price.b. an infinite quantity will be supplied at a given price.c. suppliers will refuse to sell the product at the current market price.d. if the price of the product increases quantity supplied will decrease substantially.ANSWER: a. suppliers will not respond to a change in price.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 4 RANDOM: Y21. If the elasticity of supply of a product is 0.5, then we know that supply isa. elastic.b. inelastic.c. unit elastic.d. perfectly inelastic.ANSWER: b. inelastic.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 3 RANDOM: Y22. Knowing that the demand for wheat is inelastic, if wheat farmers wanted to increase their total revenue they should alla. plant more wheat so that they would be able to sell more each year.b. increase spending on fertilizer in an attempt to produce more on the acres they farm.c. voluntarily plow under a certain percent of their wheat crop to raise the price.d. advertise in an attempt to get consumers to buy more wheat.ANSWER: c. voluntarily plow under a certain percent of their wheat crop to raise theprice.TYPE: M KEY1: D SECTION: 3 OBJECTIVE: 5 RANDOM: Y23. A firm would be willing to supply 500 frisbees per day at a price of $3.00 each. At a price of $5.00 each the firm would be willing to supply 1100 frisbees. Using the midpoint method, the elasticity of supply would bea. 0.67.b. 0.75.c. 1.0.d. 1.5.ANSWER: d. 1.5.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 4 RANDOM: Y56 Chapter 5/Elasticity and Its Applications24. You have just been hired as a business consultant to determine what pricing policy would beappropriate in order to increase the total revenue of a clothing store. The first step you would take is toa. increase the prices of the store’s products.b. look for ways to cut costs and increase profit for the store.c. determine the elasticity of demand for the store’s produc ts.d. suggest that the store purchase an entirely new line of clothing that they could sellmore cheaply.ANSWER: c. determine the elasticity of demand for the store’s products.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 4 RANDOM: YNOTE: THE FOLLOWING QUESTION IS REPEATED FROM THE ON-LINE QUIZZES. YOUR STUDENTS MAY HAVE ALREADY SEEN THIS QUESTION AND ITS ANSWER.25. “A number of mass transit systems have been experiencing declining revenues despite fareincreases.” Assuming that the demand for mass transit has not changed (i.e., that the demand curve has not shifted), the above statement implies thata. the demand for mass transit is elastic with respect to price.b. the demand for mass transit is inelastic with respect to price.c. mass transit is an inferior good.d. revenues would have risen only if fares had been increased by a larger amount.ANSWER: a. the demand for mass transit is elastic with respect to price.TYPE: M KEY1: D SECTION: 3 OBJECTIVE: 5 RANDOM: Y1 ANSWER: b. a buyer’s responsiveness to a c hange in the price of a good.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 1 RANDOM: Y2 ANSWER: a. consumers hardly respond to a change in price.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 1 RANDOM: Y3 ANSWER: c. less than 1.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 1 RANDOM: Y4 ANSWER: b. there are many close substitutes for Milky Ways.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y5 ANSWER: d. gives the same answer regardless of the direction of change.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y6 ANSWER: d. greater than 1.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: YChapter 5/Elasticity and Its Applications 577 ANSWER: b. higher elasticity at the top than at the bottom.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y8 ANSWER: a. elastic.TYPE: M KEY1: E SECTION: 2 OBJECTIVE: 3 RANDOM: Y9 ANSWER: a. vertical because buyers purchase the same amount whether theprice rises or falls.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y10 ANSWER: d. increasing, then decreasing.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y11 ANSWER: b. decrease total revenue of bagel sellers.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y12 ANSWER: b. increase the company’s total revenue.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y13 ANSWER: d. unit elastic.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y14 ANSWER: a. negative and therefore macaroni is an inferior good.TYPE: M KEY1: E SECTION: 1 OBJECTIVE: 2 RANDOM: Y15 ANSWER: d. complements or substitutes.TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y16 ANSWER: a. sellers are to a change in price.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 3 RANDOM: Y17 ANSWER: c. 0.86TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y18 ANSWER: d. longer the time period being considered.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 3 RANDOM: Y58 Chapter 5/Elasticity and Its Applications19 ANSWER: a. The flatter supply curve is more elastic.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 3 RANDOM: Y20 ANSWER: a. suppliers will not respond to a change in price.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 4 RANDOM: Y21 ANSWER: b. inelastic.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 3 RANDOM: Y22 ANSWER: c. voluntarily plow under a certain percent of their wheat crop toraise the price.TYPE: M KEY1: D SECTION: 3 OBJECTIVE: 5 RANDOM: Y23 ANSWER: d. 1.5.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 4 RANDOM: Y24 ANSWER: c. determine the elasticity of demand for the store’s products.TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 4 RANDOM: Y25 ANSWER: a. the demand for mass transit is elastic with respect to price.TYPE: M KEY1: D SECTION: 3 OBJECTIVE: 5 RANDOM: Y。
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Chapter 5Elasticity and Its ApplicationTRUE/FALSE1. Elasticity measures how responsive quantity is to changes in price.ANS: T DIF: 1 REF: 5-0 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Definitional2. Measures of elasticity enhance our ability to study the magnitudes of changes.ANS: T DIF: 1 REF: 5-0 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Definitional3. The demand for bread is likely to be more elastic than the demand for solid-gold bread plates.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive4. In general, demand curves for necessities tend to be price elastic.ANS: F DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive5. In general, demand curves for luxuries tend to be price elastic.ANS: T DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive6. Necessities tend to have inelastic demands, whereas luxuries have elastic demands.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive7. Goods with close substitutes tend to have more elastic demands than do goods without close substitutes. ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive8. The demand for Rice Krispies is more elastic than the demand for cereal in general.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive9. The demand for soap is more elastic than the demand for Dove soap.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive10. The demand for gasoline will respond more to a change in price over a period of five weeks than over a periodof five years.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive11. Even the demand for a necessity such as gasoline will respond to a change in price, especially over a longertime horizon.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive12. The price elasticity of demand is defined as the percentage change in quantity demanded divided by thepercentage change in price.ANS: T DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Definitional13. The price elasticity of demand is defined as the percentage change in price divided by the percentage changein quantity demanded.ANS: F DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Definitional288Chapter 5 /Elasticity and Its Application ❖289 14. Suppose that when the price rises by 20% for a particular good, the quantity demanded of that good falls by10%. The price elasticity of demand for this good is equal to 2.0.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Analytical15. Suppose that when the price rises by 10% for a particular good, the quantity demanded of that good falls by20%. The price elasticity of demand for this good is equal to 2.0.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Analytical16. If the price of calculators increases by 15 percent and the quantity demanded per week falls by 45 percent as aresult, then the price elasticity of demand is 3.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Applicative17. Demand is inelastic if the price elasticity of demand is greater than 1.ANS: F DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Inelastic demand MSC: Definitional18. A linear, downward-sloping demand curve has a constant elasticity but a changing slope.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive19. Price elasticity of demand along a linear, downward-sloping demand curve increases as price falls.ANS: F DIF: 3 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive20. If the price elasticity of demand is equal to 0, then demand is unit elastic.ANS: F DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Definitional21. If the price elasticity of demand is equal to 1, then demand is unit elastic.ANS: T DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Definitional22. Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price fallsby a small amount.ANS: F DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Inelastic demand MSC: Definitional23. The midpoint method is used to calculate elasticity between two points because it gives the same answerregardless of the direction of the change.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Midpoint method MSC: Interpretive24. The flatter the demand curve that passes through a given point, the more inelastic the demand.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive25. The flatter the demand curve that passes through a given point, the more elastic the demand.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive26. If demand is perfectly inelastic, the demand curve is vertical, and the price elasticity of demand equals 0. ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Perfectly inelastic demand MSC: Interpretive27. If demand is perfectly elastic, the demand curve is horizontal, and the price elasticity of demand equals 1. ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Perfectly elastic demand MSC: Interpretive290 ❖Chapter 5 /Elasticity and Its Application28. Along the elastic portion of a linear demand curve, total revenue rises as price rises.ANS: F DIF: 3 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Total revenue | Price elasticity of demandMSC: Interpretive29. If a firm is facing elastic demand, then the firm should decrease price to increase revenue.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Total revenue | Price elasticity of demandMSC: Applicative30. If a firm is facing inelastic demand, then the firm should decrease price to increase revenue.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Total revenue | Price elasticity of demandMSC: Applicative31. When demand is inelastic, a decrease in price increases total revenue.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Inelastic demand | Total revenue MSC: Interpretive32. The income elasticity of demand is defined as the percentage change in quantity demanded divided by thepercentage change in income.ANS: T DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Income elasticity of demand MSC: Definitional33. The income elasticity of demand is defined as the percentage change in quantity demanded divided by thepercentage change in price.ANS: F DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Income elasticity of demand MSC: Definitional34. Normal goods have negative income elasticities of demand, while inferior goods have positive incomeelasticities of demand.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Income elasticity of demand MSC: Interpretive35. If the income elasticity of demand for a good is negative, then the good must be an inferior good.ANS: T DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Income elasticity of demand MSC: Interpretive36. If the cross-price elasticity of demand for two goods is negative, then the two goods are substitutes. ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive37. If the cross-price elasticity of demand for two goods is negative, then the two goods are complements. ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive38. Cross-price elasticity of demand measures how the quantity demanded of one good changes as the price ofanother good changes.ANS: T DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Cross-price elasticity of demand MSC: Definitional39. Cross-price elasticity is used to determine whether goods are inferior or normal goods.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive40. Cross-price elasticity is used to determine whether goods are substitutes or complements.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Cross-price elasticity of demand MSC: InterpretiveChapter 5 /Elasticity and Its Application ❖291 41. The cross-price elasticity of garlic salt and onion salt is -2, which indicates that garlic salt and onion salt aresubstitutes.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive42. Price elasticity of supply measures how much the quantity supplied responds to changes in the price.ANS: T DIF: 1 REF: 5-2 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of supply MSC: Definitional43. Supply and demand both tend to be more elastic in the long run and more inelastic in the short run.ANS: T DIF: 2 REF: 5-1 | 5-2 NAT: AnalyticLOC: Elasticity TOP: Price elasticities of demand and supplyMSC: Interpretive44. If the price elasticity of supply is 2 and the quantity supplied decreases by 6%, then the price must havedecreased by 3%.ANS: T DIF: 2 REF: 5-2 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of supply MSC: Applicative45. Supply is said to be inelastic if the quantity supplied responds substantially to changes in the price, and elasticif the quantity supplied responds only slightly to price.ANS: F DIF: 1 REF: 5-2 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of supply MSC: Definitional46. Supply tends to be more elastic in the short run and more inelastic in the long run.ANS: F DIF: 2 REF: 5-2 NAT: AnalyticTOP: Price elasticity of supply MSC: Interpretive47. When the price of knee braces increased by 25 percent, the Brace Yourself Company increased its quantitysupplied of knee braces per week by 75 percent. BYC's price elasticity of supply of knee braces is 0.33. ANS: F DIF: 2 REF: 5-2 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of supply MSC: Applicative48. If a supply curve is horizontal, then supply is said to be perfectly elastic, and the price elasticity of supplyapproaches infinity.ANS: T DIF: 2 REF: 5-2 NAT: AnalyticLOC: Elasticity TOP: Perfectly elastic supply MSC: Interpretive49. A government program that reduces land under cultivation hurts farmers but helps consumers.ANS: F DIF: 2 REF: 5-3 NAT: AnalyticLOC: Elasticity TOP: Total revenue MSC: Applicative50. OPEC failed to maintain a high price of oil in the long run, partly because both the supply of oil and thedemand for oil are more elastic in the long run than in the short run.ANS: T DIF: 2 REF: 5-3 NAT: AnalyticLOC: Elasticity TOP: OPEC | Price elasticity of demand | Price elasticity of supplyMSC: Applicative51. Drug interdiction, which reduces the supply of drugs, may decrease drug-related crime because the demand fordrugs is inelastic.ANS: F DIF: 2 REF: 5-3 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Applicative292 ❖Chapter 5 /Elasticity and Its ApplicationSHORT ANSWER1. Consider the following pairs of goods. For which of the two goods would you expect the demand to be moreprice elastic? Why?a.water or diamondsb.insulin or nasal decongestant sprayc.food in general or breakfast cereald.gasoline over the course of a week or gasoline over the course of a yeare.personal computers or IBM personal computersANS:a.Diamonds are luxuries, and water is a necessity. Therefore, diamonds have the more elastic demand.b.Insulin has no close substitutes, but decongestant spray does. Therefore, nasal decongestant spray has themore elastic demand.c.Breakfast cereal has more substitutes than does food in general. Therefore, breakfast cereal has the moreelastic demand.d.The longer the time period, the more elastic demand is. Therefore, gasoline over the course of a year hasthe more elastic demand.e.There are more substitutes for IBM personal computers than there are for personal computers. Therefore,IBM personal computers have the more elastic demand.DIF: 2 REF: 5-1 NAT: Analytic LOC: ElasticityTOP: Price elasticity of demand MSC: ApplicativeChapter 5 /Elasticity and Its Application ❖ 2932. You own a small town movie theatre. You currently charge $5 per ticket for everyone who comes to yourmovies. Your friend who took an economics course in college tells you that there may be a way to increase1020304050607080901001234567891051015202530354045505560657012345678910a.What is your current total revenue for both groups? b.The elasticity of demand is more elastic in which market? c.Which market has the more inelastic demand? d.What is the elasticity of demand between the prices of $5 and $2 in the adult market? Is this elastic or inelastic? e.What is the elasticity of demand between $5 and $2 in the children's market? Is this elastic or inelastic?f. Given the graphs and what your friend knows about economics, he recommends you increase theprice of adult tickets to $8 each and lower the price of a child's ticket to $3. How much could youincrease total revenue if you take his advice? ANS:a. Total revenue from children's tickets is $100 and from adult tickets is $250. Total revenue from allsales would be $350.b. The demand for children's tickets is more elastic.c. The adult ticket market has the more inelastic demand.d. The elasticity of demand between $5 and $2 is 0.26, which is inelastic.e. The elasticity of demand between $5 and $2 is 1.0, which is unit elastic.f. Total revenue in the adult market would be $320. Total revenue in the children’s market wouldbe $120, so total revenue for both groups would be $440. $440 - $350 is an increase in totalrevenue of $90.DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand | Total revenue MSC: Applicative294 ❖Chapter 5 /Elasticity and Its Application3. Use the graph shown to answer the following questions. Put the correct letter(s) in the blank.a.The elastic section of the graph is represented by section from _______.b.The inelastic section of the graph is represented by section from _______.c.The unit elastic section of the graph is represented by section _______.d.The portion of the graph in which a decrease in price would cause total revenue to fall would befrom _________.e.The portion of the graph in which a decrease in price would cause total revenue to rise would befrom _________.f.The portion of the graph in which a decrease in price would not cause a change in total revenuewould be _________.g.The section of the graph in which total revenue would be at a maximum would be _______.h.The section of the graph in which elasticity is greater than 1 is _______.i.The section of the graph in which elasticity is equal to 1 is ______.j.The section of the graph in which elasticity is less than 1 is _______.ANS:a. A to Bb. B to Cc.Bd. B to Ce. A to Bf.Bg.Bh. A to Bi.Bj. B to CDIF: 2 REF: 5-1 NAT: Analytic LOC: ElasticityTOP: Price elasticity of demand | Total revenue MSC: ApplicativeChapter 5 /Elasticity and Its Application ❖ 2954. Using the midpoint method, compute the elasticity of demand between points A and B. Is demand along thisportion of the curve elastic or inelastic? Interpret your answer with regard to price and quantity demanded. Now compute the elasticity of demand between points B and C. Is demand along this portion of the curve elastic or inelastic?100200300400500600700800900246810121416182022ANS:In the section of the demand curve from A to B, the elasticity of demand would be 2.5. This would be an elastic portion of the curve. This would mean that for every 1 percent change in price, quantity demanded would change by2.5 percent.In the section of the demand curve from B to C, the elasticity of demand would be .75. This would be an inelastic portion of the curve. This would mean that for every 1 percent change in price, quantity demanded would change by 0.75 percent.DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Applicative 5. When the Shaffers had a monthly income of $4,000, they usually ate out 8 times a month. Now that the couplemakes $4,500 a month, they eat out 10 times a month. Compute the couple's income elasticity of demand using the midpoint method. Explain your answer. (Is a restaurant meal a normal or inferior good to thecouple?)ANS:The income elasticity of demand for the Shaffers is 1.89. Since the income elasticity of demand is positive, eating out would be interpreted as a normal good.DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Income elasticity of demandMSC: Applicative 6. Recently, in Smalltown, the price of Twinkies fell from $0.80 to $0.70. As a result, the quantity demanded ofHo-Ho's decreased from 120 to 100. What would be the appropriate elasticity to compute? Using the midpoint method, compute this elasticity. What does your answer tell you?ANS:The appropriate elasticity to compute would be cross-price elasticity. The cross-price elasticity for this example would be 1.36. The two goods are substitutes because the cross-price elasticity is positive.DIF: 2 REF: 5-1NAT: Analytic LOC: ElasticityTOP: Cross-price elasticity of demand MSC: Applicative296 ❖Chapter 5 /Elasticity and Its ApplicationSec00 - Elasticity and Its ApplicationMULTIPLE CHOICE1. In general, elasticity is a measure ofa.the extent to which advances in technology are adopted by producers.b.the extent to which a market is competitive.c.how firms’ profits respond to changes in market prices.d.how much buyers and sellers respond to changes in market conditions.ANS: D DIF: 1 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: Definitional2. Elasticity isa. a measure of how much buyers and sellers respond to changes in market conditions.b.the study of how the allocation of resources affects economic well-being.c.the maximum amount that a buyer will pay for a good.d.the value of everything a seller must give up to produce a good.ANS: A DIF: 1 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: Definitional3. When studying how some event or policy affects a market, elasticity provides information on thea.equity effects on the market by identifying the winners and losers.b.magnitude of the effect on the market.c.speed of adjustment of the market in response to the event or policy.d.number of market participants who are directly affected by the event or policy.ANS: B DIF: 2 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: Interpretive4. How does the concept of elasticity allow us to improve upon our understanding of supply and demand?a.Elasticity allows us to analyze supply and demand with greater precision than would be the case inthe absence of the elasticity concept.b.Elasticity provides us with a better rationale for statements such as “an increase in x will lead to adecrease in y” than we would have in the absence of the elasticity concept.c.Without elasticity, we would not be able to address the direction in which price is likely to move inresponse to a surplus or a shortage.d.Without elasticity, it is very difficult to assess the degree of competition within a market.ANS: A DIF: 2 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: Interpretive5. When consumers face rising gasoline prices, they typicallya.reduce their quantity demanded more in the long run than in the short run.b.reduce their quantity demanded more in the short run than in the long run.c.do not reduce their quantity demanded in the short run or the long run.d.increase their quantity demanded in the short run but reduce their quantity demanded in the longrun.ANS: A DIF: 2 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: Applicative6. A 10 percent increase in gasoline prices reduces gasoline consumption by abouta. 6 percent after one year and 2.5 percent after five years.b. 2.5 percent after one year and 6 percent after five years.c.10 percent after one year and 20 percent after five years.d.0 percent after one year and 1 percent after five years.ANS: B DIF: 2 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: ApplicativeChapter 5 /Elasticity and Its Application ❖2977. Which of the following statements about the consumers’ responses to rising gasoline prices is correct?a.About 10 percent of the long-run reduction in quantity demanded arises because people drive lessand about 90 percent arises because they switch to more fuel-efficient cars.b.About 90 percent of the long-run reduction in quantity demanded arises because people drive lessand about 10 percent arises because they switch to more fuel-efficient cars.c.About half of the long-run reduction in quantity demanded arises because people drive less andabout half arises because they switch to more fuel-efficient cars.d.Because gasoline is a necessity, consumers do not decrease their quantity demanded in either theshort run or the long run.ANS: C DIF: 2 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: ApplicativeSec01 - Elasticity and Its Application - The Elasticity of DemandMULTIPLE CHOICE1. The price elasticity of demand measures how mucha.quantity demanded responds to a change in price.b.quantity demanded responds to a change in income.c.price responds to a change in demand.d.demand responds to a change in supply.ANS: A DIF: 1 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Definitional2. The price elasticity of demand measuresa.buyers’ responsiveness to a change in the price of a good.b.the extent to which demand increases as additional buyers enter the market.c.how much more of a good consumers will demand when incomes rise.d.the movement along a supply curve when there is a change in demand.ANS: A DIF: 1 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Definitional3. The price elasticity of demand for a good measures the willingness ofa.consumers to buy less of the good as price rises.b.consumers to avoid monopolistic markets in favor of competitive markets.c.firms to produce more of a good as price rises.d.firms to cater to the tastes of consumers.ANS: A DIF: 1 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive4. Which of the following statements about the price elasticity of demand is correct?a.The price elasticity of demand for a good measures the willingness of buyers of the good to buyless of the good as its price increases.b.Price elasticity of demand reflects the many economic, psychological, and social forces that shapeconsumer tastes.c.Other things equal, if good x has close substitutes and good y does not have close substitutes, thenthe demand for good x will be more elastic than the demand for good y.d.All of the above are correct.ANS: D DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive5. For a good that is a necessity,a.quantity demanded tends to respond substantially to a change in price.b.demand tends to be inelastic.c.the law of demand does not apply.d.All of the above are correct.ANS: B DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive6. Goods with many close substitutes tend to havea.more elastic demands.b.less elastic demands.c.price elasticities of demand that are unit elastic.d.income elasticities of demand that are negative.ANS: A DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive7. Which of the following is likely to have the most price inelastic demand?a.mint-flavored toothpasteb.toothpastec.Colgate mint-flavored toothpasted. a generic mint-flavored toothpasteANS: B DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Applicative8. Which of the following is likely to have the most price inelastic demand?a.white chocolate chip with macadamia nut cookiesb.Mrs. Field’s chocolate chip cookiesk chocolate chip cookiesd.cookiesANS: D DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Applicative9. If the price of natural gas rises, when is the price elasticity of demand likely to be the highest?a.immediately after the price increaseb.one month after the price increasec.three months after the price increased.one year after the price increaseANS: D DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Applicative10. If the price of milk rises, when is the price elasticity of demand likely to be the lowest?a.immediately after the price increaseb.one month after the price increasec.three months after the price increased.one year after the price increaseANS: A DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Applicative11. For a good that is a luxury, demanda.tends to be inelastic.b.tends to be elastic.c.has unit elasticity.d.cannot be represented by a demand curve in the usual way.ANS: B DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive12. For a good that is a necessity, demanda.tends to be inelastic.b.tends to be elastic.c.has unit elasticity.d.cannot be represented by a demand curve in the usual way.ANS: A DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive13. A person who takes a prescription drug to control high cholesterol most likely has a demand for that drug thatisa.inelastic.b.unit elastic.c.elastic.d.highly responsive to changes in income.ANS: A DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive14. The demand for Neapolitan ice cream is likely quite elastic becausea.ice cream must be eaten quickly.b.this particular flavor of ice cream is viewed as a necessity by many ice-cream lovers.c.the market is broadly defined.d.other flavors of ice cream are good substitutes for this particular flavor.ANS: D DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive15. The demand for Werthers candy is likelya.elastic because candy is expensive relative to other snacks.b.elastic because there are many close substitutes for Werthers.c.elastic because Werthers are regarded as a necessity by many people.d.inelastic because it is usually eaten quickly, making the relevant time horizon short.ANS: B DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive16. There are very few, if any, good substitutes for motor oil. Therefore,a.the demand for motor oil would tend to be inelastic.b.the demand for motor oil would tend to be elastic.c.the demand for motor oil would tend to respond strongly to changes in prices of other goods.d.the supply of motor oil would tend to respon d strongly to changes in people’s tastes for large carsrelative to their tastes for small cars.ANS: A DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive。