微观经济学考卷

江西财经大学10－11学年第一学期期末考试试卷A试卷代码：12103A 授课课时：48 考试用时：150分钟课程名称：Microeconomics 适用对象：09级本科试卷命题人肖璐试卷审核人Part One: Single Choice ( please choose one of the best answers among the choices given in each question and then blacken it on your answer sheet. 1 points each, 40points in total)A1) All economic questions arise because weA) want more than we can get.B) want more than we need.C) have an abundance of resources.D) have limited wants that need to be satisfied.B2) What are the four categories into which factors of production are grouped?A) profit, wages, rent, and interestB) land, labor, capital, and entrepreneurshipC) capital, human capital, land, and laborD) entrepreneurship, profit, labor, and wagesD3) When production is efficient, ________.A) our choice of the goods can be either on or within the production possibilities frontierB) we can satisfy our all wantsC) the opportunity cost is as low as possibleD) we face a tradeoff and incur an opportunity costA4) The opportunity cost of moving from point a to point b in the below figure is ________.A) zeroB) 3/2 pairs of socks per sweaterC) 3 pairs of socksD) 2 sweatersD A5) The marginal benefit of a good or service is measured byA) willingness to pay for an additional unit of it.B) the consumers' ability to pay for it.C) the cost of producing an additional unit of it.D) the average social benefit received from consuming it.C6) A marginal benefit curve showsA) the efficient use of resources.B) the quantity of one good that must be forgone to get more of another good.C) the quantity of one good that people are willing to forgo to get another unit of another good.D) there are increasing opportunity costs.D7) Resource use is allocatively efficient if theA) total cost of what the resource produces is less than the total benefit of what is produced.B) total cost of what the resource produces is equal to the total benefit of what is produced.C) marginal benefit of what the resource produces has diminished to zero.D) marginal cost of what the resource produces is equal to the marginal benefit of what is produced.B8) If the money price of wheat increases and no other prices change, theA) relative price of wheat falls.B) opportunity cost of wheat rises.C) demand for wheat increases.D) relative price of wheat is unaffected.B D9) When the price of a pizza decreases from $14 to $12,A) the income effect means people buy less pizza.B) the income effect points out that the total purchasing power of people who buy pizza increases.C) the quantity demanded of pizza will not change.D) None of the above answers is correct.D B10) Which of the following explains why demand curves slope downward?A) prices and incomeB) substitutes and complementsC) resources and technologyD) substitution effect and income effectD11) Dan sells newspapers. Dan says that a 4 percent increase in the price of a newspaper will decrease the quantity of newspapers demanded by 8 percent. According to Dan, the demand for newspapers is ________.A) inelasticB) unit elasticC) perfectly elasticD) elasticB12 ) Using average price and average quantity, calculate the price elasticity of demand if a price rise from $8 to $10 and decreases the quantity demanded from 20 units to 15 units. The price elasticity of demand equalsA) 2.5.B) 1.29.C) 0.78.D) 0.06A B13) Microsoft raises the price of its Office software by 10 percent. As a result, the quantity of personal computers demanded at the current price decreases by 5 percent. What is the cross elasticity of demand for personal computers with respect to the price of Microsoft Office software?A) -2.0B) -0.5C) 0.5D) 2.0D14) A price ceiling can result in which of the following?A) inefficiencyB) black marketsC) increased search activitiesD) All of the above answers are correct.A15) As an individual's consumption of a good increases,A) his or her total utility increases.B) his or her marginal utility increases.C) the price of the good increases.D) All of the above answers are correct.C16) The marginal utility from the consumption of a good is equal to theA) total utility divided by the quantity consumed.B) total utility divided by the price.C) change in total utility divided by the change in the quantity consumed.D) change in total utility divided by the change in price.A17) Which of the following statements best describes a consumer equilibrium using the marginal utility approach to consumer choice? The consumer allocates all of his or her income in say as toA) maximize total utility.B) maximize marginal utility.C) minimize marginal utility.D) minimize total utility.B18) Real income measures theA) slope of the budget line.B) purchasing power of a given income.C) slope of the preference map.D) area under the indifference curve.C D19) The above figure gives your budget line between CDs and magazines. What of the following changes would NOT allow you to buy more CDs?A) A decrease in the relative price of CDs.B) An increase in income.C) A decrease in the price of magazines with no change in the price of CDs.D) None of the above answers is correct because all of the above changes allow you to buy more CDs.C20) If two consumption points are not on the same indifference curve, then one point is ________.A) a substitute for the other pointB) unaffordable and the other is affordableC) preferred to the otherD) more expensive than the otherC21) On a diagram showing indifference curves, the marginal rate of substitution is represented by the magnitude ofA) a point on the horizontal axis.B) a point on the vertical axis.C) a slope.D) an area.D B22) When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of many of its employees. The company cannot, however, increase electric power production by building additional generating capacity. This means that the company is in theA) market run.B) short run.C) intermediate run.D) long run.B23) In the below figure, after the second worker is hired, the marginal product of labor isA) increasing.B) diminishing.C) constant.D) zero.C24) When the average product of labor is greater than the marginal product of labor,A) the marginal product of labor must be increasing as labor increases.B) there must be increasing marginal returns.C) the average product of labor is decreasing as labor increases.D) None of the above answers is correctC25) The smallest quantity of output at which long-run average cost is at a minimum isa firm's ________.A) maximum efficient scaleB) profit-maximizing output pointC) minimum efficient scaleD) efficient output pointB26) Which of the following conditions is consistent with perfect competition?A) Attempts by each firm to make their product different from products produced by other firms reinforces competition between firms.B) The minimum efficient scale of a single producer is small relative to the demand for the good or service.C) New firms must operate more efficiently in order to overcome the competitive advantage of existing firms.D) Sellers and buyers are well informed about available quantity but not prices.A27)Which of the following is NOT a true statement about perfectly competitive and monopolistically competitive firms?A) Both monopolistically competitive and perfectly competitive firms have perfectly elastic demandsB) In the long run, excess capacity exists for monopolistically competitive firms onlyC) Perfectly competitive firms produce at their efficient scaleD) There are a large number of firms in both monopolistically competitive and perfectly competitive marketsB28) As long as it does not shut down, a perfectly competitive firm willA) always earn an economic profit.B) produce so that marginal revenue equals marginal cost.C) produce so that price equals average cost.D) never set its price equal to its marginal revenue.B29) A perfectly competitive firm is definitely earning an economic profit whenA) MR < MC.B) P > ATC.C) P < ATC.D) P > A VC.D30) The following are key features of a monopoly EXCEPTA) the monopoly is protected by a barrier to entry.B) no close substitutes exist for the good or service.C) the monopoly has a strong influence over the price of the good or service.D) the monopoly has severe diseconomies of scale.B31) An industry in which one firm can supply the entire market at a lower price than can two or more firms is called aA) legal monopoly.B) natural monopoly.C) single-price monopoly.D) price-discriminating monopoly.Dif the firm's marginal cost is constant at $3.00, output for a perfectly price discriminating monopolist isA) 2 units.B) 3 units.C) 4 units.D) 5 units.C33) Using the demand schedule in the above table, the marginal revenue for a perfectly price discriminating monopolist from the sale of the third unit of output isA) $3.B) $4.C) $5.D) $6.D34) Using the demand schedule in the table above, the total revenue a perfectly price discriminating monopolist receives from selling 5 units of output isA) $5.B) $15.C) $18.D) $25A35) In August 2008, Toyota halted production of the Tundra, its full-size, gas-guzzling pick-up. Sales of the vehicle are down 15 percent and the production suspension could last for months. When production of the truck resumes, it'll be at a slower pace. Which decision would be a long run or a short run decision for Toyota?A) Halting production would be a short run decision and resuming production at a slower pace would be a long run decisionB) Halting production would be a long run decision and resuming production at a slower pace would be a short run decisionC) Both halting and resuming production at a slower pace would be short run decisionsD) Both halting and resuming production at a slower pace would be long run decisionsD A36) The deadweight loss from monopoly isA) a loss to society of consumer and producer surplus.B) the benefit to society of output not produced.C) the lost profits of output not produced.D) the consumer surplus captured by the monopolist.C B37) When the wage rate increases from $7.50 to $10.00 an hour, Bob chooses less work because ofA) the substitution effect.B) the income effect.C) both of the aboveD) neither of the aboveA38 ) The labor supply curve generally has a positive slope but it can have a negative slope ifA) the income effect on leisure is greater than the substitution effect between work and leisure.B) leisure is an inferior good.C) wage rates decrease.D) the income effect on leisure is negative.D39) For the past 15 years the American public has wanted to buy big trucks. The Big Three automakers delivered, investing billions in plants that build gas guzzlers. Now, when customers walk into showrooms, gas mileage is on their mind. Retooling the industry will take years, so in the meantime GM, Ford and Chrysler are tweaking their existing models. They're changing tires, adjusting transmissions and exhaust valves in hopes of getting one or maybe two more miles per gallon. Which of the decisions by the Big Three to gain gas mileage is a short run decision?A) Adjusting exhaust valvesB) Adjusting transmissionsC) Changing tiresD) All of these decisions are short run decisions.D40) The price elasticity of demand for any particular perfectly competitive firm's output isA) less than 1.B) 1.C) equal to zero.D) infinite.Part Two: True or False ( 1 points each, 10 points in total)F T1) A supply curve is also a maximum-supply-price curve.F2 ) Marginal cost is the minimum price that producers must receive to induce them to produce another unit of a good or service.F T3) If the price of a good increases, a consumer will substitute away from the relatively more expensive good, which will increase the marginal utility for that good and bring the consumer back to equilibrium.T4 ) A decrease in price allows a consumer to attain a higher indifference curve.F5) A firm's total cost in the short run is the sum of its fixed cost plus its variable cost plus its marginal cost.F6) Marginal cost refers to the increase in cost attributable to hiring one more unit of labor, capital, or some other input.F7) When the market demand increases in a perfect competition, the long-run result is a larger number of firms, a higher price, and a permanent economic profit for the firms.T F8) In a perfectly competitive industry, in the long run a permanent decrease in the market demand results in a smaller number of firms.F9) If the local cable TV company is a natural monopoly and required by regulators to set its price equal to marginal cost, there is a deadweight loss in the market and the firm might need a government subsidy to survive.T10) A monopoly that can perfectly price discriminate creates no deadweight loss. Part Three: Draw Figures To Illustrate The Issues Showed Below ( 5 points each, 15 points in total)1) Margo buys music CDs and movies on DVDs. The table below shows her total utility from each good.a) Draw graphs showing Margo's utility from music CDs and from movies on DVDs. （2points）b) Compare the two utility graphs. Describe Margo's preferences. （1points）c) Draw graphs that show Margo's marginal utility from music CDs and from movies on DVDs.（1points）d) What do the two marginal utility graphs tell you about Margo's preferences?（2points）2) Draw Figures To illustrate the relationship between the income effect and the substitution effect for a normal good and the relationship between the income effectand the substitution effect for a normal good for an inferior good.3 ) West Coast Gas, Inc., is a natural gas supplier. The firm faces the demand schedule shown in the table above and cannot price discriminate. The company's fixed cost is $1,000 per month and its marginal cost is constant at $10 per thousand of cubic feet.a) Draw the demand curve faced by West Coast Gas and the marginal revenue curve. Draw the company's marginal cost and average cost curves.（2points）b) Is West Coast Gas a natural monopoly? Why or why not?（1points）c) What are the firm's profit-maximizing output and price? What is the firm's economic profit per month?（1points）d) If West Coast Gas maximizes its profit, does it also maximize total surplus? Why or why not? What is the deadweight loss (if any)?（1 points）Part Four : Calculations ( 2 questions, 15 points in total)1) The figure below shows the market for ink-jet printers.a) What are the equilibrium price and equilibrium quantity of printers? Is this equilibrium efficient? Explain. （2 points ）b) Calculate the total amount consumers paid for printers bought. （1 points ）c) Calculate the consumer surplus. （1 points ）d) Calculate the producer surplus. （1 points ）2) The market for milk is perfectly competitive. There are 1,000 farms in the industry and the relationship between a typical farm's output and total costs is shown below ,The market demand schedule for milk is shown in the table below.Price (dollars per gallon) Quantity demanded (thousands of gallons per day) TR 1500 1750 1800 MR250 50 2.50 6003.50 5004.50 400 Quantity (gallons per day) Total cost (dollars per day) MC303 177 128 152 0 400100 703200 880300 1,008400 1,160500 1,410 250430 600 1,840a) What is a typical farm's supply schedule and what is the market supply schedule?（4 points）b) What is the market price? What quantity of milk is sold?（2points）3.5 500000c) What is the output produced by each farm? What type of profit or loss is made by each farm?（2points）500d) Do farms enter or exit the industry?（2points）ENTRYPart Five: Essay ( 4 questions, 5 points each,20 pts in total)1) Using supply-and-demand diagrams, show and explain the effects of the following events on the price of CD-Rs and the quantity of CD-Rs sold. For each event, identify which of the determinants of demand or supply is affected, how it influences demand or supply, and what happens to the equilibrium price and quantity.a) The price of a CD burner 刻录机falls.（1points）b) Workers who make CD-Rs get a pay raise.（1points）c) Producers introduce new cost-saving technologies in their CD-R production plants.（1 points）d) Consumers' incomes increase and CD-Rs are a normal good.（1 points）e) Free peer-to-peer music exchange through the Internet becomes legal.（1 points）2 ) Olivia's income is $216 a year and she spends all of it on music CDs and movieson DVDs. The price of a music CD is $18 and the price of a DVD is $18. The figure below illustrates Olivia's preferences.2)a) What quantities of CDs and DVDs does Olivia buy? Explain your solution.（2points）b) What is Olivia's marginal rate of substitution at the point at which she consumes? Explain.（3 points）3 ) Shower Power, Inc., a firm in monopolistic competition, produces shower radios. The company's economists know that it can sell no radios at $80, and for each $10 cut in price, the quantity of radios it can sell increases by 50 a day. This relationship continues to hold until the price falls to $20. The firm's total fixed cost is $3,000 a day. Its marginal cost is constant at $20 per radio.a) Draw the demand curve faced by the firm and its marginal revenue curve. Also draw Shower Power's marginal cost and average total cost curves.b) What quantity of radios should Shower Power produce to maximize its profit? What price should it charge?c) What is the firm's short-run economic profit or loss?d) In the long run, what will happen to the demand for Shower Power's radios, the quantity of radios sold, the price charged, and the firm's economic profit?'4 ) Which produces more output: a perfectly price discriminating monopoly or a single-price monopoly?（5 points）。