曼昆微观经济学英文版课后练习题第一章
曼昆经济学原理英文版答案
曼昆经济学原理英文版答案As the creator of the Baidu Wenku document "Principles of Economics by Mankiw (English Version) Answers", I would like to provide a comprehensive guide to the solutions of the questions in the book. This document aims to help students better understand the principles of economics and improve their problem-solving abilities.Chapter 1: Ten Principles of Economics。
1. People face trade-offs.2. The cost of something is what you give up to get it.3. Rational people think at the margin.4. People respond to incentives.5. Trade can make everyone better off.6. Markets are usually a good way to organize economic activity.7. Governments can sometimes improve economic outcomes.8. The standard of living depends on a country's production.9. Prices rise when the government prints too much money.10. Society faces a short-run trade-off between inflation and unemployment.Chapter 2: Thinking Like an Economist。
曼昆微观经济学课后标准答案
曼昆微观经济学课后答案————————————————————————————————作者：————————————————————————————————日期：21.Consider the market for DVD movies,TV screens,and ticket at movie theaters. A．对每一对物品，确定它们是互补品还是替代品·DVD 和电视·DVD 和电影票·电视和电影票As: complements substitutes substitutesB．假设技术进步降低了制造电视机的成本。
画一个图说明电视机市场会发生什么变动。
As: demand curve不变supply curve向右移。
技术进步降低了制造电视机的成本，使电视机的供给曲线向右移动。
电视机的需求曲线不变。
电视机的均衡价格下降，均衡价格上升。
C．再画两个图说明电视机市场的变动如何影响DVD 市场和电影票市场。
答：DVD：demand curve不变supply curve向右移。
由于电视机和DVD 是互补品，电视机价格的下降使DVD 的需求增加。
需求增加引起DVD 均衡价格上升，均衡数量增加。
Movie tickets：supply curve不变demand curve向左移。
由于电视机和电影票是替代品，电视机价格的下降使电影票需求减少。
需求的减少使电影票的均衡价格下降，均衡数量减少。
2.Over the past 20 years,technological advance reduces the cost of computer chips.How do you think this affected the market for computers?For computer software?For typewriters?As: computer : supply curve向右移price 下降computer software: supply curve向右移price 下降typewriters : demand curve向左移3.Consider total cost and total revenue given in the following table:A．计算每种产量时的利润。
曼昆微观经济学英文答案ch01
1WHAT’S NEW:The discussions of Principle #4, “People respond to incentives,” Principle #7, “Governments cansometimes improve market outcomes,” and Principle #10, “Society faces a s hort-run tradeoff between inflation and unemployment” have been shortened. A definition for the term “business cycle” has been added. A new FYI box on “How to Read This Book” has been added and provides students with tips on studying.LEARNING OBJECTIVES: By the end of this chapter, students should understand:➢ that economics is about the allocation of scarce resources.➢ that individuals face tradeoffs.➢ the meaning of opportunity cost.➢ how to use marginal reasoning when making decisions.➢ how incent ives affect people’s behavior.➢ why trade among people or nations can be good for everyone.➢ why markets are a good, but not perfect, way to allocate resources.➢ what determines some trends in the overall economy.CONTEXT AND PURPOSE:Chapter 1 is the first chapter in a three-chapter section that serves as the introduction to the text. Chapter 1 introduces ten fundamental principles on which the study of economics is based. In a broad sense, the rest of the text is an elaboration on these ten principles. Chapter 2 will develop how economists approach problems while Chapter 3 will explain how individuals and countries gain from trade. The purpose of Chapter 1 is to lay out ten economic principles that will serve as building blocks for the rest of the text. The ten principles can be grouped into three categories: how people makedecisions, how people interact, and how the economy works as a whole. Throughout the text, references1 TEN PRINCIPLES OF ECONOMICS2 Chapter 1/Ten Principles of Economicswill be made repeatedly to these ten principles.KEY POINTS:1. The fundamental lessons about individual decisionmaking are that people face tradeoffs among alternative goals, that the cost of any action is measured in terms of forgone opportunities, thatrational people make decisions by comparing marginal costs and marginal benefits, and that people change their behavior in response to the incentives they face.2. The fundamental lessons about interactions among people are that trade can be mutually beneficial,that markets are usually a good way of coordinating trades among people, and that the government can potentially improve market outcomes if there is some sort of market failure or if the market outcome is inequitable.3. The fundamental lessons about the economy as a whole are that productivity is the ultimate sourceof living standards, that money growth is the ultimate source of inflation, and that society faces a short-run tradeoff between inflation and unemployment.CHAPTER OUTLINE:A. The word “economy” comes from the Greek word meaning “one who mana ges a household.”B. This makes some sense since in the economy we are faced with many decisions (just as a household is).C.Fundamental economic problem: resources are scarce. D. Definition of scarcity : the limited nature of society’s resources.E. Definition of economics: the study of how society manages its scarce resources.Chapter 1/Ten Principles of Economics 3A. Principle #1: People Face Tradeoffs1. “There is no such thing as a free lunch.” Making decisions requires trading of fone goal for another.2. Examples include how a student spends her time, how a family decides to spendits income, how the U.S. government spends tax dollars, how regulations mayprotect the environment at a cost to firm owners.3. A special example of a tradeoff is the tradeoff between efficiency and equity.a. Definition of efficiency: the property of society getting the most itcan from its scarce resources.b. Definition of equity: the property of distributing economicprosperity fairly among the members of society.c. For example, tax dollars paid by wealthy Americans and then distributedto those less fortunate may improve equity but lower the return to hardwork and therefore reduce the level of output produced by our resources.d.This implies that the cost of this increased equity is a reduction in theefficient use of our resources.4. Recognizing that tradeoffs exist does not indicate what decisions should be made.B. Principle #2: The Cost of Something Is What You Give Up to Get It1. Making decisions requires individuals to consider the benefits and costs of someaction.2. What are the costs of going to college?a. We cannot count room and board (at least all of the cost) because theperson would have to pay for food and shelter even if he was not inschool.b. We would want to count the value of the student’s time since he couldbe working for pay instead of attending classes and studying.4 Chapter 1/Ten Principles of Economics3. Definition of opportunity cost: whatever must be given up to obtainsome item.C. Principle #3: Rational People Think at the Margin1. Many decisions in life involve incremental decisions: Should I remain in schoolthis semester? Should I take another course this semester? Should I study anadditional hour for tomorrow’s exam?2. Definition of marginal changes: small incremental adjustments to a planof action.3. Example: You are trying to decide how many years you should stay in school.Comparing the lifestyle of an individual with a Ph.D. to that of an individual whohas dropped out of grade school would be inappropriate. You are likely decidingwhether or not to remain in school for an additional year or two. Thus, you needto compare the additional benefits of another year in school (the marginalbenefit) with the additional cost of staying in school for another year (themarginal cost).4. Another example: Suppose that flying a 200-seat plane across the country coststhe airline $100,000, which means that the average cost of each seat is $500.Suppose that the plane is minutes from departure and a passenger is willing topay $300 for a seat. Should the airline sell the seat for $300? In this case, themarginal cost of an additional passenger is very small.D. Principle #4: People Respond to Incentives1. Because people make decisions by weighing costs and benefits, their decisionsmay change in response to changes in costs and benefits.a. When the price of a good rises, consumers will buy less of it because itscost has risen.b. When the price of a good rises, producers will allocate more resources tothe production of the good because the benefit from producing the goodhas risen.2. Sometimes policymakers fail to understand how policies may alter incentives andbehavior.3. Example: Seat belt laws increase use of seat belts and lower the incentives ofindividuals to drive safely. This leads to an increase in the number of caraccidents. This also leads to an increased risk for pedestrians.If you include any incentive-based criteria on your syllabus, discuss it now. Forexample, if you reward class attendance (or penalize students who do not attendclass), explain to students how this change in the marginal benefit of attending classcan be expected to alter their behavior.Chapter 1/Ten Principles of Economics 5III. How People InteractA. Principle #5: Trade Can Make Everyone Better Off1. Trade is not like a sports competition where one side gains and the other sideloses.2. Consider trade that takes place inside your home. Certainly the family isinvolved in trade with other families on a daily basis. Most families do not buildtheir own homes, make their own clothes, or grow their own food.3. Just like families benefit from trading with one another so do countries.4. This occurs because it allows for specialization in areas that countries (or families)can do best.6 Chapter 1/Ten Principles of EconomicsB. Principle #6: Markets Are Usually a Good Way to Organize Economic Activity1. Many countries that once had centrally planned economies have abandoned thissystem and are trying to develop market economies.2. Definition of market economy: an economy that allocates resourcesthrough the decentralized decisions of many firms and households asthey interact in markets for goods and services.Chapter 1/Ten Principles of Economics 73. Market prices reflect both the value of a product to consumers and the cost ofthe resources used to produce it. Therefore, decisions to buy or produce goodsand services are made based on the cost to society of providing them.4. When a government interferes in a market and restricts price from adjustingdecisions that households and firms make are not based on the properinformation. Thus, these decisions may be inefficient.5. Centrally planned economies have failed because they did not allow the marketto work.6. FYI: Adam Smith and the Invisible Handa. Adam Smith’s 1776 work suggested that although individuals aremotivated by self-interest, an invisible hand guides this self- interest intopromoting society’s economic well-being.b. Smith’s astute perceptions will be discussed more fully in the chap ters tocome.C. Principle #7: Governments Can Sometimes Improve Market Outcomes1. There are two broad reasons for the government to interfere with the economy:the promotion of efficiency and equity.2. Government policy can be most useful when there is market failure.a. Definition of market failure: a situation in which a market left onits own fails to allocate resources efficiently.3. Examples of Market Failurea. Definition of externality: the impact of one person’s actions onthe well-being of a bystander.b. Definition of market power: the ability of a single economic actor(or small group of actors) to have a substantial influence onmarket prices.c. Because a market economy rewards people for their ability to producethings that other people are willing to pay for, there will be an unequaldistribution of economic prosperity.8 Chapter 1/Ten Principles of Economics4. Note that the principle states that the government can improve market outcomes.This is not saying that the government always does improve market outcomes. IV. How the Economy as a Whole WorksA. Principle #8: A Country’s Standard of Living Depends on Its Ability to Produce Goods andServices1. Differences in living standards from one country to another are quite large.2. Changes in living standards over time are also great.3. The explanation for differences in living standards lies in differences inproductivity.4. Definition of productivity: the quantity of goods and services producedfrom each hour of a worker’s time.5. High productivity implies a high standard of living.6. Thus, policymakers must understand the impact of any policy on our ability toproduce goods and services.B. Principle #9: Prices Rise When the Government Prints Too Much Money1. Definition of inflation: an increase in the overall level of prices in theeconomy.2. When the government creates a large amount of money, the value of moneyfalls.3. Examples: Germany after World War I (in the early 1920s), the United States inthe 1970s.C. Principle #10: Society Faces a Short-Run Tradeoff between Inflation and Unemployment1. Definition of Phillips curve: a curve that shows the short-run tradeoffbetween inflation and unemployment.2. This is a controversial topic among economists.3. This tradeoff is only temporary but it can last for several years.4. The Phillips curve is important for understanding the business cycle.5. Definition of business cycle: fluctuations in economic activity, such asemployment and production.Chapter 1/Ten Principles of Economics 96. Policymakers can exploit this tradeoff by using various policy instruments, butthe extent and desirability of these interventions is of continuing debate.D. FYI: How to Read this Book1. Economics is very useful to understand, but it can be a difficult subject to grasp.2. There are five tips to make reading and understanding the material inthe book easier.a. Summarize, don’t highlight.b. Test yourself.c. Practice, practice, practice.d. Study in groups.e. Don’t forget the real world.10 Chapter 1/Ten Principles of EconomicsSOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. The four principles of economic decisionmaking are: (1) people face tradeoffs; (2) the cost ofsomething is what you give up to get it; (3) rational people think at the margin; and (4) peoplerespond to incentives. People face tradeoffs because to get one thing that they like, they usually have to give up another thing that they like. The cost of something is what you give up to get it, not just in terms of monetary costs but all opportunity costs. Rational people think at the margin by taking an action if and only if the marginal benefits exceed the marginal costs. Peoplerespond to incentives because as they compare benefits to costs, a change in incentives maycause their behavior to change.2. The three principles concerning economic interactions are: (1) trade can make everyone betteroff; (2) markets are usually a good way to organize economic activity; and (3) governments can sometimes improve market outcomes. Trade can make everyone better off because it allowscountries to specialize in what they do best and to enjoy a wider variety of goods and services.Markets are usually a good way to organize economic activity because the invisible hand leadsmarkets to desirable outcomes. Governments can sometimes improve market outcomes because sometimes markets fail to allocate resources efficiently because of an externality or market power.3. The three principles that describe how the economy as a whole works are: (1) a country’sstandard of living depends on its ability to produce goods and services; (2) prices rise when thegovernment prints too much money; and (3) society faces a short-run tradeoff between inflation and unemployment. A country’s standard of living depends on its ability to produce goods andservices, which in turn depends on its productivity, which is a function of the education ofworkers and the access workers have to the necessary tools and technology. Prices rise whenthe government prints too much money because more money in circulation reduces the value of money, causing inflation. Society faces a short-run tradeoff between inflation and unemployment that is only temporary and policymakers have some ability to exploit this relationship usingvarious policy instruments.Questions for Review1. Examples of tradeoffs include time tradeoffs (such as studying one subject over another, orstudying at all compared to engaging in social activities) and spending tradeoffs (such as whether to use your last ten dollars on pizza or on a study guide for that tough economics course).2. The opportunity cost of seeing a movie includes the monetary cost of admission plus the timecost of going to the theater and attending the show. The time cost depends on what else youmight do with that time; if it's staying home and watching TV, the time cost may be small, but if it's working an extra three hours at your job, the time cost is the money you could have earned.3. The marginal benefit of a glass of water depends on your circumstances. If you've just run amarathon, or you've been walking in the desert sun for three hours, the marginal benefit is very high. But if you've been drinking a lot of liquids recently, the marginal benefit is quite low. The point is that even the necessities of life, like water, don't always have large marginal benefits.4. Policymakers need to think about incentives so they can understand how people will respond tothe policies they put in place. The text's example of seat belts shows that policy actions canhave quite unintended consequences. If incentives matter a lot, they may lead to a verydifferent type of policy; for example, some economists have suggested putting knives in steering columns so that people will drive much more carefully! While this suggestion is silly, it highlights the importance of incentives.5. Trade among countries isn't a game with some losers and some winners because trade can makeeveryone better off. By allowing specialization, trade between people and trade betweencountries can improve everyone's welfare.6. The "invisible hand" of the marketplace represents the idea that even though individuals andfirms are all acting in their own self-interest, prices and the marketplace guide them to do what is good for society as a whole.7. The two main causes of market failure are externalities and market power. An externality is theimpact of one person’s actions on the well-being of a bystander, such as from pollution or thecreation of knowledge. Market power refers to the ability of a single person (or small group ofpeople) to unduly influence market prices, such as in a town with only one well or only one cable television company. In addition, a market economy also leads to an unequal distribution ofincome.8. Productivity is important because a country's standard of living depends on its ability to producegoods and services. The greater a country's productivity (the amount of goods and servicesproduced from each hour of a worker's time), the greater will be its standard of living.9. Inflation is an increase in the overall level of prices in the economy. Inflation is caused byincreases in the quantity of a nation's money.10. Inflation and unemployment are negatively related in the short run. Reducing inflation entailscosts to society in the form of higher unemployment in the short run.Problems and Applications1. a. A family deciding whether to buy a new car faces a tradeoff between the cost of the carand other things they might want to buy. For example, buying the car might mean theymust give up going on vacation for the next two years. So the real cost of the car is thefamily's opportunity cost in terms of what they must give up.b. For a member of Congress deciding whether to increase spending on national parks, thetradeoff is between parks and other spending items or tax cuts. If more money goesinto the park system, that may mean less spending on national defense or on the policeforce. Or, instead of spending more money on the park system, taxes could be reduced.c. When a company president decides whether to open a new factory, the decision is basedon whether the new factory will increase the firm's profits compared to other alternatives.For example, the company could upgrade existing equipment or expand existing factories.The bottom line is: Which method of expanding production will increase profit the most?d. In deciding how much to prepare for class, a professor faces a tradeoff between thevalue of improving the quality of the lecture compared to other things she could do withher time, such as working on additional research.2. When the benefits of something are psychological, such as going on a vacation, it isn't easy tocompare benefits to costs to determine if it's worth doing. But there are two ways to think aboutthe benefits. One is to compare the vacation with what you would do in its place. If you didn'tgo on vacation, would you buy something like a new set of golf clubs? Then you can decide ifyou'd rather have the new clubs or the vacation. A second way is to think about how much work you had to do to earn the money to pay for the vacation; then you can decide if thepsychological benefits of the vacation were worth the psychological cost of working.3. If you are thinking of going skiing instead of working at your part-time job, the cost of skiingincludes its monetary and time costs, which includes the opportunity cost of the wages you aregiving up by not working. If the choice is between skiing and going to the library to study, then the cost of skiing is its monetary and time costs including the cost to you of getting a lower grade in your course.4. If you spend $100 now instead of saving it for a year and earning 5 percent interest, you aregiving up the opportunity to spend $105 a year from now. The idea that money has a time value is the basis for the field of finance, the subfield of economics that has to do with prices offinancial instruments like stocks and bonds.5. The fact that you've already sunk $5 million isn't relevant to your decision anymore, since thatmoney is gone. What matters now is the chance to earn profits at the margin. If you spendanother $1 million and can generate sales of $3 million, you'll earn $2 million in marginal profit,so you should do so. You are right to think that the project has lost a total of $3 million ($6million in costs and only $3 million in revenue) and you shouldn't have started it. That's true, but if you don't spend the additional $1 million, you won't have any sales and your losses will be $5million. So what matters is not the total profit, but the profit you can earn at the margin. In fact, you'd pay up to $3 million to complete development; any more than that, and you won't beincreasing profit at the margin.6. Harry suggests looking at whether productivity would rise or fall. Productivity is certainlyimportant, since the more productive workers are, the lower the cost per gallon of potion. Ronwants to look at average cost. But both Harry and Ron are missing the other side of theequation−revenue. A firm wants to maximize its profits, so it needs to examine both costs andrevenues. Thus, Hermione is right−it’s best to examine whether the extra revenue wouldexceed the extra costs. Hermione is the only one who is thinking at the margin.7. a. The provision of Social Security benefits lowers an individual’s incentive to save forretirement. The benefits provide some level of income to the individual when he or sheretires. This means that the individual is not entirely dependent on savings to supportconsumption through the years in retirement.b. Since a person gets fewer after-tax Social Security benefits the greater is his or herearnings, there is an incentive not to work (or not work as much) after age 65. Themore you work, the lower your after-tax Social Security benefits will be. Thus thetaxation of Social Security benefits discourages work effort after age 65.8. a. When welfare recipients who are able to work have their benefits cut off after two years,they have greater incentive to find jobs than if their benefits were to last forever.b. The loss of benefits means that someone who can't find a job will get no income at all,so the distribution of income will become less equal. But the economy will be moreefficient, since welfare recipients have a greater incentive to find jobs. Thus the changein the law is one that increases efficiency but reduces equity.9. By specializing in each task, you and your roommate can finish the chores more quickly. If youdivided each task equally, it would take you more time to cook than it would take your roommate, and it would take him more time to clean than it would take you. By specializing, you reduce the total time spent on chores.Similarly, countries can specialize and trade, making both better off. For example, suppose ittakes Spanish workers less time to make clothes than French workers, and French workers canmake wine more efficiently than Spanish workers. Then Spain and France can both benefit ifSpanish workers produce all the clothes and French workers produce all the wine, and theyexchange some wine for some clothes.10. a. Being a central planner is tough! To produce the right number of CDs by the right artistsand deliver them to the right people requires an enormous amount of information. Youneed to know about production techniques and costs in the CD industry. You need toknow each person's musical tastes and which artists they want to hear. If you make thewrong decisions, you'll be producing too many CDs by artists that people don't want tohear, and not enough by others.b. Your decisions about how many CDs to produce carry over to other decisions. You haveto make the right number of CD players for people to use. If you make too many CDsand not enough cassette tapes, people with cassette players will be stuck with CDs theycan't play. The probability of making mistakes is very high. You will also be faced withtough choices about the music industry compared to other parts of the economy. If youproduce more sports equipment, you'll have fewer resources for making CDs. So alldecisions about the economy influence your decisions about CD production.11. a. Efficiency: The market failure comes from the monopoly by the cable TV firm.b. Equityc. Efficiency: An externality arises because secondhand smoke harms nonsmokers.d. Efficiency: The market failure occurs because of Standard Oil's monopoly power.e. Equityf. Efficiency: There is an externality because of accidents caused by drunk drivers.12. a. If everyone were guaranteed the best health care possible, much more of our nation'soutput would be devoted to medical care than is now the case. Would that be efficient?If you think that currently doctors form a monopoly and restrict health care to keep theirincomes high, you might think efficiency would increase by providing more health care.But more likely, if the government mandated increased spending on health care, theeconomy would be less efficient because it would give people more health care than theywould choose to pay for. From the point of view of equity, if poor people are less likelyto have adequate health care, providing more health care would represent animprovement. Each person would have a more even slice of the economic pie, thoughthe pie would consist of more health care and less of other goods.b. When workers are laid off, equity considerations argue for the unemployment benefitssystem to provide them with some income until they can find new jobs. After all, no oneplans to be laid off, so unemployment benefits are a form of insurance. But there’s anefficiency problem why work if you can get income for doing nothing? The economyisn’t operating efficiently if people remain unemployed for a long time, andunemployment benefits encourage unemployment. Thus, there’s a tradeoff betweenequity and efficiency. The more generous are unemployment benefits, the less income islost by an unemployed person, but the more that person is encouraged to remainunemployed. So greater equity reduces efficiency.13. Since average income in the United States has roughly doubled every 35 years, we are likely tohave a better standard of living than our parents, and a much better standard of living than our grandparents. This is mainly the result of increased productivity, so that an hour of workproduces more goods and services than it used to. Thus incomes have continuously risen overtime, as has the standard of living.14. If Americans save more and it leads to more spending on factories, there will be an increase inproduction and productivity, since the same number of workers will have more equipment towork with. The benefits from higher productivity will go to both the workers, who will get paidmore since they're producing more, and the factory owners, who will get a return on theirinvestments. There is no such thing as a free lunch, however, because when people save more, they are giving up spending. They get higher incomes at the cost of buying fewer goods.15. a. If people have more money, they are probably going to spend more on goods andservices.b. If prices are sticky, and people spend more on goods and services, then output mayincrease, as producers increase output to meet the higher demand rather than raisingprices.c. If prices can adjust, then the higher spending of consumers will be matched withincreased prices and output won't rise.16. To make an intelligent decision about whether to reduce inflation, a policymaker would need toknow what causes inflation and unemployment, as well as what determines the tradeoff between them. Any attempt to reduce inflation will likely lead to higher unemployment in the short run. A policymaker thus faces a tradeoff between the benefits of lower inflation compared to the cost of higher unemployment.。
微观经济学练习题答案(曼昆)
微观经济学部分练习题参考答案第一单元：经济学概述、供求与局部均衡练习题一、单选题1。
说“资源是稀缺的”是指BA世界上大多数人生活在贫困中 B。
相对于资源的需求而言,资源总是不足的C。
资源必须保留给下一代 D.世界上资源最终将由于生产更多的物品和劳务而消耗光2.经济物品是指DA。
有用的物品 B.稀缺的物品 C。
要用钱购买的物品 D。
有用且稀缺的物品3。
经济学可定义为CA。
政府对市场制度的干预 B。
企业取得利润的活动C.研究如何最合理地配置稀缺资源于诸多用途 D。
人们靠收入生活4.从经济学的观点看,资源配置问题说明的是CA.人们的需要是多方面的且是无止境的 B。
资源的供给是有限的C。
一种资源有许多可供选择的用途，但有一种利用效果最佳 D.以上说法都对5.下列命题中那一个不是实证经济学命题 CA.昨日中国人民银行宣布把存款基准利率降低0。
25％ B。
2011年失业率超过8％C。
个人所得税对中等收入家庭是不公平的 D。
个人所得税的起征点提高了6。
某人有10万元资金，可供选择的用途及各种用途能获得的收入是:开饭店获利3万元，炒股票获利3.5万元，进行期货投机获利4万元。
该人选择期货投机的机会成本为AA.13.5万元B.20。
5万元C.14万元D.13万元7.保持所有其他因素不变，某种商品的价格下降，将导致CA.需求增加 B。
需求减少 C。
需求量增加 D.需求量减少8。
在某种物品价格上升的百分比既定时,引起需求量减少最大的情况是CA.价格上升后时间长B.这种物品的支出在收入中占的比例大C。
很容易得到替代品 D。
以上全对9。
如果某种物品小幅度降价会引起需求量大幅度变动，那么，该物品BA。
需求缺乏弹性 B.需求富有弹性 C。
需求单位弹性 D.需求价格弹性接近于零10.一条垂直的需求曲线所表示的是DA。
单位弹性 B.无限弹性 C。
富有弹性 D.需求的价格弹性为零11.下面哪一种物品的需求价格弹性最大BA。
大米 B。
微观经济学英文作业答案（chap1-chap13）
微观经济学英文作业答案（chap1-chap13）Microeconomics, 8e (Parkin) Testbank 2 Answer（chap1-chap13）Chapter 1 What Is Economics?1) An inducement to take a particular action is calledAnswer: D2) All economic questions arise because weAnswer: A3) All economic questions arise becauseAnswer: C4) Scarcity isAnswer: A5) Scarcity arises fromAnswer: C6) When an economist talks of scarcity, the economist is referring to theAnswer: C7) Scarcity is experienced byAnswer: D8) Fundamental economic problems basically arise fromAnswer: D9) Scarcity exists becauseAnswer: B10) Scarcity can be eliminated throughAnswer: D11) Scarcity is common to all economic systems because resources areAnswer: D12) People must make choices becauseAnswer: B13) The problem of "scarcity" appliesAnswer: D14) When a wealthy businessman is unable to buy tickets to the Super Bowl, he or sheexperiences ________.Answer: B15) In every economic system, choices must be made because resources are ________ and ourwants are ________Answer: B16) The fundamental questions in economics result fromAnswer: D17) Economics is best defined asAnswer: C18) The study of economicsAnswer: B19) Economics is best defined as the science of choice and how people cope withAnswer: C20) Which of the following best defines the subject of economics?Answer: DChapter 2 The Economic Problem1) The production possibilities frontier representsAnswer: C2) A production possibilities frontier (PPF)Answer: B3) Which of the following is NOT true concerning a society's production possibilities frontier(PPF)?Answer: D4) A point outside a production possibilities frontier indicatesAnswer: B5) A production possibilities frontier illustrates the maximum amount of two differentgoods that can be produced ifAnswer: A6) Which of the following is NOT illustrated by a production possibilities frontier?Answer: D7) Suppose the country of Popcorn produces only jets and corn. If Popcorn cannot produceany more jets without giving up corn, we say that Popcorn has achievedAnswer: B8) Production efficiency can be defined asAnswer: C9) A society that is on its production possibilities frontier isAnswer: D10) If an economy is operating at a point inside the production possibilities frontier, then Answer: A11) Any point on a production possibilities frontier (PPF) itself isAnswer: A12) A reduction in the amount of unemploymentAnswer: B13) A country that must decrease production of one good in order to increase theproduction of anotherAnswer: B14) A president of the United States promises to produce more defense goods without anydecreases in the production of other goods. This promise can be validAnswer: B15) When producing goods and services, tradeoffs exist becauseAnswer: B16) Opportunity cost is best defined asAnswer: C17) A choice is made. The value of the highest-valued alternative given up is the ________ ofthe choice made.Answer: C18) Opportunity cost is expressed in a production possibilities frontier (PPF) by amovementAnswer: D19) When operating on its PPF, a country can produce 2 tons of butter and 200 cars OR 3 tons ofbutter and 150 cars. The opportunity cost of 1 ton of butter is ________ cars per ton of butter. Answer: C20) When moving along the production possibilities frontier, opportunity cost is measured as the Answer: BChapter 3 Demand and Supply1) The relative price of a good isAnswer: A2) All of the following statements are true except:Answer: C3) Joe pays $8,000.00 in tuition. The 8,000 dollar tuition Joe pays is an example of what economists callAnswer: B4) A relative price isAnswer: D5) Suppose the price of a football is $20.00 and the price ofa basketball is $10.00. The _______ of a football is ________.Answer: A6) The price of a film camera is $150 and the price of a similar digital camera is $300. What is the relative price of the digital camera?Answer: C7) The price of a video tape rental is currently $1.50 and the price of a DVD rental is $2.50. If the price of a video tape rental increases by $0.50, the relative price a DVD rental8) The price of a video tape rental is currently $1.50 and the price of a DVD rental is $2.50. If the price of a video tape rental falls by $0.50, the relative price a DVD rentalAnswer: A9) The price of a bag of corn chips is $3, and the price of a bottle of soda is $1. What is the relative price of a bag of corn chips?Answer: A10) The price of a bag of corn chips is $3, and the price of a bottle of soda is $1. What is therelative price of a bottle of soda?Answer: B11) Twenty years ago a stove cost $300 and a refrigerator cost $1,500. Today a stove costs $600,while a refrigerator costs $1,800. Which of the followingstatements is true?Answer: C12) The ABC Music club charges a price of $8 for a cassette and $16 for a CD. For an ABCMusic Club member, the opportunity cost of a CD isAnswer: A13) If the money price of wheat increases and no other prices change, theAnswer: B14) When graphing a demand curve for corn, we are showing the relationship between thequantity demanded of corn and theAnswer: B15) The "law of demand" states that changes inAnswer: C16) The "law of demand" is illustrated by aAnswer: C17) The "law of demand" refers to the fact that, all other things remaining the same, when theprice of a good risesAnswer: D18) The "law of demand" states that, other things remaining the same, the quantity demanded ofany good isAnswer: A19) The "law of demand" most directly means that consumers buyAnswer: B20) The "law of demand" states that, other thing remaining the same, the higherAnswer: DChapter 4 Elasticity1) Elasticity generally measures theAnswer: D2) The price elasticity of demand equals the magnitude of theAnswer: B3) An elasticity of demand is measured inAnswer: D4) The price elasticity of demand is defined as the magnitude of theAnswer: C5) Suppose the price of burgers increases from $2 to $3 each. The degree to which quantity demanded responds to this price increase depends on theAnswer: A6) The price elasticity of demand is calculated as the absolute value of theAnswer: A7) The price elasticity of demand refers to theAnswer: C8) The price elasticity of demand for oranges ________ change if the units of the quantity was changed from pounds to kilograms and ________ change if the units of the price was changed from dollars to cents.Answer: D9) Suppose the quantity of gasoline is measured in gallons and the price of gasoline is measured in dollars. The price elasticity of demand is 0.67. If the price of gasoline was now measured in cents rather than dollars, the price elasticity ofdemand would now be10) To determine the effect a 25 percent increase in the price of apples has on the quantity ofapples demanded, you must know the value of theAnswer: C11) Because of an increase in the price of leather, the average price of a pair of women's dressshoes increased 12 percent. If the price elasticity of demand for women's dress shoes is 0.85, which of the following will happen?Answer: B12) The price of a good rises by 12 percent and the price elasticity of demand for the good is0.85. Which of the following is a correct interpretation of these facts?Answer: D13) If a 20 percent increase in the price of a used car results in a 10 percent decrease in thequantity of used cars demanded, then the price elasticity of demand equalsAnswer: A14) Suppose that the quantity of pizza demanded decreased by 15 percent after an increase inprice of 10 percent. What is the price elasticity of demand for pizza?Answer: A15) When the price of a movie ticket increases from $5 to $7, the quantity of tickets demandeddecreases from 600 to 400 a day. What is the price elasticity of demand for movie tickets?Answer: B16) A rise in the price of oranges from $2.00 to $2.50 per pound decreases the quantitydemanded from 2,000 to 1,800 pounds. The price elasticity of demand for oranges isAnswer: A17) If the price of a movie ticket increases by 4 percent and the quantity of movies demandedfalls by 2 percent, the price elasticity of demand isAnswer: C18) If the quantity demanded of hamburgers increases by 20 percent when the price decreases by 5 percent, then the price elasticity of demand isAnswer: B19) Taco Bell's economists determine that the price elasticity of demand for their tacos is 2.0. So,if Taco Bell raises the price of its tacos by 6.0 percent, the quantity demanded will decrease by ________ percent.Answer: D20) Using average price and average quantity, calculate the price elasticity of demand if a pricerise from $8 to $10 and decreases the quantity demanded from 20 units to 15 units. The price elasticity of demand equals Answer: BChapter 5 Efficiency and Equity1) All of the following describe the concept of marginal benefit except theAnswer: C2) The maximum amount of other goods and services that people are willing to give up in order to get one more personalcomputer is the3) Which of the following is correct?Answer: C4) The principle of decreasing marginal benefit implies that theAnswer: A5) Marginal benefit is theAnswer: D6) "Value" means theAnswer: A7) A demand curve measuresAnswer: D8) The demand curve for CDs shows theAnswer: B9) Marginal benefitAnswer: D10) Marginal benefitAnswer: B11) The demand curveAnswer: D12) A demand curve can be alsoAnswer: C13) The demand curve also isAnswer: B14) The demand curve for coffee is the same as theAnswer: B15) Consumer surplus is the ________ summed over the quantity bought.Answer: C16)________ is the difference between the value of a good andthe price paid for it summed over the quantity bought.Answer: B17) Consumer surplus is theAnswer: C18) Joe receives consumer surplus on the new computer he buys ifAnswer: C19) When the Smith's were shopping for their present home, the asking price from the previousowner was $250,000.00. The Smith's had decided they would pay no more than $245,000.00 for the house. After negotiations, the Smith's actually purchased the house for $239,000.00.They, therefore, enjoyed a consumer surplus ofAnswer: C20) Joe is willing to pay $4 for his first slice of pizza and $3 for his second slice of pizza. If the market price is $2, on his two slices of pizza Joe receives a total consumer surplus of Answer: BChapter 6 Markets in Action1) The short run effect of a decrease in the supply of housing is a ________ in the rent and ________ in the quantity of housing units.Answer: A2) In the absence of a rent ceiling, the long run adjustment to an initial decrease in the supply of housing isAnswer: C3) The above table gives the demand schedule and the supply schedule for housing in Anytown, U.S.A. If a price ceiling of $300 is imposed in the housing market, thenAnswer: B4) The above table gives the demand schedule and the supply schedule for housing in Anytown, U.S.A. If a price ceiling of $600 was imposed in the housing market, thenAnswer: C5) In the above figure, which of the following shifts shows the effect of severe flooding that destroys many of the apartment buildings in Bigtown?Answer: B6) A rent ceiling results in a shortage. As a result, which of the following do you expect? Answer: D7) When a rent ceiling is imposed in a housing market, the opportunity cost of housing equals the Answer: C8) A rent ceiling results in a shortage. As a result, which of the following do you expect? Answer: C9) The above figure shows the apartment rental market in Bigtown. At what rent will there be neither a shortage nor a surplus of apartments?Answer: C10) The above figure shows the apartment rental market in Bigtown. If severe flooding resulted in the destruction of many of the city's apartment buildings, then theAnswer: A11) The above figure shows the apartment rental market in Bigtown. If the Bigtown Housing Authority imposes a rent ceiling below $750 per month, the rent ceiling will helpAnswer: B12) The above figure shows the apartment rental market in Bigtown. If the Bigtown HousingAuthority imposes a rent ceiling above $750 per month, the ceiling willAnswer: D13) The above figure shows the apartment rental market in Bigtown. If there is a shortage of200,000 apartments in the Bigtown rental market, it may be because the Bigtown Housing Authority has imposed a rent Answer: B14) The above figure shows the apartment rental market in Bigtown. If the market is in equilibrium and then the Bigtown Housing Authority imposes a rent ceiling of $500 per apartment, which of the following would occur?Answer: B15) The above figure shows the apartment rental market in Bigtown. If the Bigtown HousingAuthority imposes a rent ceiling of $500 per apartment, the deadweight loss will be Answer: C16) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented?Answer: B17) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, what is the rent?Answer: B18) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, there is Answer: D19) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, how many apartment units are rented?Answer: A20) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, what is the rent?Answer: CChapter 7 Utility and Demand1) A household's consumption choices cannot exceed limits created byAnswer: C2) In order to determine a household's budget line, you must know theAnswer: A3) Suppose we know that Freddy likes to consume only two things: Fritos and Fruit Drinks. If we know only that Fritos and Fruit Drinks cost $1 each, we canAnswer: D4) Jake plans to spend $100 on fried chickens and Pepsi. The price of a fried chicken is $5 and Pepsi is $2 per bottle. If Jake buys 10 fried chickens how many bottles of Pepsi can he buy? Answer: C5) Bob plans to spend $60 per month on DVD movie rentals and CDs. The price of a movie rental is $3 and the price of a CD is $15. If Bob rents 5 DVDs per month, how many CDs can he buy?Answer: C6) Larry spends all his $800 monthly income on pizza and gasoline. The price of pizza is $4 a slice, and the price of gasoline is $2 per gallon. If Larry buys 150 slices of pizza per month, his budget constraint will allow him to buy ________ gallons of gas per month.Answer: A7) Larry spends all his $800 monthly income on pizza andgasoline. The price of pizza is $4 a slice, and the price of gasoline is $2 per gallon. The relative price of gasoline isAnswer: B8) Larry spends all his $800 monthly income on pizza and gasoline. The price of pizza is $4 a slice, and the price of gasoline is $2 per gallon. Larry's real monthly income in terms of pizza is Answer: C9) The figure above shows Tanya's consumption possibilities. Tanya spends $100 per month on movies and restaurant meals. The price of a movie ticket is ________ and the price of a restaurant meal is ________.Answer: D10) The figure above shows Tanya's consumption possibilities. Which of the followingcombinations of goods is not affordable?Answer: C11) The figure above shows Tanya's consumption possibilities when the price of a restaurantmeal is $20. If the price of a restaurant meal falls to $10 and Molly buys 12 movie tickets, how many restaurant meals can she buy?Answer: C12) Total utility describesAnswer: A13) The total benefit that a person gets from the consumption of goods and services is calledAnswer: A14) A measure of all the benefit you get from all the coffee you consume is yourAnswer: C15) Which of the following statements is true?Answer: B16) If we describe Lola's total satisfaction she receives from eating pizza, we are referring toLola'sAnswer: B17) The figure above shows how your total utility changes with the number of bananas youconsume. How many units of total utility would you get if you consumed four bananas each week?Answer: D18) Marginal utility is theAnswer: B19) ________ is the additional satisfaction a person receives from consuming an extra unit of a good.Answer: B20) The measure of the benefit you get from consuming the next cup of coffee is yourAnswer: AChapter 8 Possibilities, Preferences, and Choices1) Which of the following is NOT a divisible good?Answer: D2) A consumer's budget line depictsAnswer: B3) In order to draw an individual's budget line, we must knowAnswer: B4) Junkfood Jill spends all of her income on jellybeans and Jolt cola. Suppose that Jill's income is$30, the price of a bag of jellybeans is $6, and the price of a bottle of Jolt cola is $2. Which of the following combinations ofjellybeans and Jolt cola lies inside of Jill's budget line? Answer: D5) Junkfood Jill spends all of her income on jellybeans and Jolt cola. Suppose that Jill's income is $30, the price of a bag of jellybeans is $6, and the price of a bottle of Jolt cola is $2. If bags of jellybeans are graphed along the vertical axis and bottles of Jolt cola are graphed along the horizontal axis, what is the slope of the budget line?Answer: D6) Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. What is the maximum amount of pizza Dave can buy each week?Answer: B7) Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. If Dave buys 15 pizza each week, what is the maximum number of magazines can he buy?Answer: C8) Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. If Dave buys 20 magazines per week, which of the following amount of pizza is not affordable to him?Answer: B9) Jake plans to spend $200 on fried chickens and Pepsi. The price of a fried chicken is $7 and Pepsi is $2.60 per bottle. If Jake buys 10 fried chickens how many bottles of Pepsi can he afford?Answer: B10) Ron spends $150 on movie tickets and pizza. The price ofa pizza is $10 and a movie ticket is $7.50. If Ron buys 9 movie tickets how many pizzas can he afford?Answer: B11) Nick consumes two goods, chips and lemonade. Located on the x-axis is the quantity ofchips and on the y-axis is the quantity of lemonade. The slope of the budget line equals the negative of theAnswer: C12) Goods that can be bought in any quantity desired are calledAnswer: A13) For a consumer, a budget line shows the boundary betweenAnswer: C14) The limit on people's consumption choices is determined byAnswer: C15) Sam buys gasoline and coffee each week. In order to draw his budget line between gasoline and coffee, Sam would have to knowAnswer: D16) If Sam has $60.00 each week to spend on gasoline and coffee, and their respective prices are $1.50 per gallon and $3.00 per pound, which of the following equations represents his budget line?Answer: C17) Suppose the price of coffee is $3, the price of a bagel is $2 and a person's budget is $40. Thebudget line's equation isAnswer: B18) The slope of a budget line reflectsAnswer: C19) Jake spends $200 on fried chickens and Pepsi. The price of a fried chicken is $5 and Pepsi is $2.50 per bottle. With the quantity of Pepsi being measured along the vertical axis, the slope of Jake's budget line is ________ per fried chicken.Answer: D20) Ron spends $150 on movie tickets and pizza. The price ofa pizza is $10 and a movie ticket is $7.50. With the quantity of movies measured along the vertical axis, the slope of Ron's budget line (with movies on the vertical axis) is ________ per pizza Answer: BChapter 9 Organizing Production1) An institution that hires productive resources and organizes them to produce and sell goods and services is called Answer: C2) A firm's basic goal is to maximize itsAnswer: A3) What is the main goal of a firm?Answer: C4) A firm's goal is best described asAnswer: D5) A firm's basic goal is best described asAnswer: C6) The value of a firm's best alternative use of its resources is called itsAnswer: D7) The value of the firm's best alternative use of its resources is defined as itsAnswer: D8) Opportunity cost differs from the costs measured by an accountant because opportunity cost includes allAnswer: B9) Opportunity cost equalsAnswer: D10) If instead of working on his own as a consultant making $25,000, Joe takes a job at a bank,the $25,000 isAnswer: A11) Mr. Sweet opened a candy store. He rented a building for $30,000 a year. During the first year of operation, Sweet paid $40,000 to his employees, $10,000 for utilities, and $20,000 for goods he bought from other firms. His total revenue was $135,000. Sweet's best alternative to running this candy store is to work for Wal-Mart as a sales associate for $15,000 a year. What is Sweet's total opportunity cost?12) A firm pays its workers $10 per hour. This cost is an example of anAnswer: D13) Explicit costs differ from implicit costs in thatAnswer: B14) Mr. Sweet opened a candy store. He rented a building for $30,000 a year. During the firstyear of operation, Sweet paid $40,000 to his employees, $10,000 for utilities, and $20,000 for goods he bought from other firms. His total revenue was $135,000. Sweet's best alternative to running this candy store is to work for Wal-Mart as a sales associate for $15,000 a year.What are Sweet's explicit costs?Answer: B15) Pippi owns a pizza parlor. If Pippi owns a pizza oven, for its use she incurs ________. If sherents a pizza oven, for its use she incurs ________.Answer: A16) The opportunity cost that a firm incurs for using a resource that it already owns is calledAnswer: B17) Costs as measured by accountants generally do not include anyAnswer: C18) A firm incurs implicit costs whenAnswer: C19) Cost, as measured by an accountant, generally does not includeAnswer: A20) Which of the following are two components of the opportunity cost of using capital alreadyowned by the firm?Answer: DChapter 10 Output and Costs1) A period of time in which the quantity of at least one factor of production used by a firm is fixed is called theAnswer: C2) Economists define the short run as a period of time so short thatAnswer: D3) The short run is a time frame in whichAnswer: A4) In the short run,Answer: B5) In the short runAnswer: C6) The short run is a time period during whichAnswer: C7) The short run is defined asAnswer: A8) The short run9) 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 the Answer: B10) An example of a fixed factor of production isAnswer: A11) A period of time in which the quantity of all factors of production used by a firm can bevaried is called theAnswer: D12) In the long run, a firm hasAnswer: A13) The long runAnswer: D14) The long run is a period of time in whichAnswer: A15) Which of the following is characteristic of the long run?Answer: C16) After constructing a new factory, the cost of building the factory is aAnswer: D17) Total product is18) All the production points that lieAnswer: D19) The marginal product of labor is equal to theAnswer: B20) Marginal product isAnswer: AChapter 11 Perfect Competition1) Which of the following is a defining characteristic of a perfectly competitive industry? Answer: C2) Which of the following is true regarding a perfectly competitive firm?Answer: D3) Which of the following is true regarding perfect competition?Answer: C4) Which of the following is NOT an assumption of perfect competition?Answer: C5) Which of the following is NOT an assumption of perfect competition?Answer: A6) Which of the following is NOT an assumption of perfectly competitive markets?Answer: D7) Perfect competition implies thatAnswer: D8) A perfectly competitive industry is characterized byAnswer: D9) Perfect competition exists in an industry if10) An industry is perfectly competitive ifAnswer: C11) Which of the following is NOT an assumption of perfect competition?Answer: C12) Which of the following is NOT a defining characteristic of perfectly competitive industries? Answer: D13) Which of the following is NOT a characteristic of a perfectly competitive industry? Answer: C14) Which of the following is NOT a characteristic of perfect competition?Answer: C15) In order for perfect competition to arise, it must be the case thatAnswer: D16) If the minimum efficient scale of a firm is small relative to the demand for the good, then Answer: A17) In perfect competition, theAnswer: A18) Which of the following conditions is consistent with perfect competition?Answer: B19) An example of a perfectly competitive industry isAnswer: B20) An example of a perfectly competitive firm isAnswer: AChapter 12 Monopoly1) Market power is theAnswer: C2) A monopoly is best defined as a firm thatAnswer: A3) An example of a monopoly isAnswer: C4) An example of a monopoly would beAnswer: D5) A monopolistAnswer: C6) Which of the following is NOT a characteristic of a monopoly?Answer: D7) Which of the following is a characteristic of a monopoly?Answer: D8) Which of the following is a characteristic of monopoly?Answer: C9) Which of the following can create a monopoly?Answer: D10) A barrier to entry isAnswer: A11) DeBeers monopolizes the world's diamond supply because itAnswer: C12) If the government grants a firm a public franchise to supply coal, a monopoly is created by Answer: B13) Which of the following is NOT a barrier to entry for a monopoly?Answer: C14) Which of the following is a barrier to entry for a monopoly?Answer: A15) Which of the following is NOT a legal barrier to entry?Answer: D16) Patents encourage invention byAnswer: C17) Suppose a new vaccine for Lyme disease is developed by Merck, a large drug company. Which of the following is most likely to occur?Answer: A18) Patents encourage inventions because without a patentAnswer: A19) A legal monopoly is defined as a market whereAnswer: B20) Natural monopolies occur when there areAnswer: CChapter 13 Monopolistic Competition and Oligopoly1) In monopolistic competition, there areAnswer: A2) ACME, Inc. operates in a market structure in which there are many other firms that find it easy to enter or exit. ACME is operating in ________ market.Answer: B3) A characteristic of monopolistic competition isAnswer: C4) Which of the following is a characteristic of monopolistic competition?Answer: A5) Monopolistic competition is a market structure in whichAnswer: B6) Monopolistic competition is a market structure in whichAnswer: A。
曼昆微观经济学课后标准答案
曼昆微观经济学课后答案作者: 日期:1 .C on sider the market for DVD movies,TV scree ns,a nd ticket at movie theaters.A •对每一对物品，确定它们是互补品还是替代品・DVD和电视・DVD和电影票・电视和电影票As: compleme nts substitutes substitutesB •假设技术进步降低了制造电视机的成本。
画一个图说明电视机市场会发生什么变动。
As: dema nd curve不娈supply curve向右移:技术进步降低了制造电视机的成本，使电视机的供给曲线向右移动。
电视机的需求曲线不变。
电视机的均衡价格下降，均衡价格上升。
C .再画两个图说明电视机市场的变动如何影响DVD市场和电影票市场。
答：DVD : dema nd curve不变supply curve向右移。
由于电视机和DVD是互补品，电视机价格的下降使DVD的需求增加。
需求增加引起DVD均衡价格上升，均衡数量增加。
Movie tickets : supply curve不变dema nd curve向左移。
由于电视机和电影票是替代品，电视机价格的下降使电影票需求减少。
需求的减少使电影票的均衡价格下降，均衡数量减少。
2.Over the past 20 years,tech no logical adva nee reduces the cost of computer chips.How do you think this affected the market for computers?For computer software?For typewriters?As: computer: supply curve 向右彳多price 卜降3.Consider total cost and total revenue given in the following table:产量01234567总成本89101113192737总收益08162432404856computer software: supply curve 向右彳多price 卜•降软件厂、・i) o _—八j IX2I uWhen MR=MC profit maximum 即Q=6 TC=27B・计算每种产量时的边际收益和边际成本。
曼昆微观经济学课后练习英文答案
✍ how to define and measure consumer surplus.✍ the link between sellers’ costs of producing a good and the supply curve.✍ how to define and measure producer surplus.✍ that the equilibrium of supply and demand maximizes total surplus in a market. CONTEXT AND PURPOSE:Chapter 7 is the first chapter in a three-chapter sequence on welfare economics and market efficiency. Chapter 7 employs the supply and demand model to develop consumer surplus and producer surplus as a measure of welfare and market efficiency. These concepts are then utilized in Chapters 8 and 9 to determine the winners and losers from taxation and restrictions on international trade.The purpose of Chapter 7 is to develop welfare economics—the study of how the allocation of resources affects economic well-being. Chapters 4 through 6 employed supply and demand in a positive framework, which focused on the question, “What is the equilibrium price and quantity in a market?” This chapter now addresses the normative question, “Is the equilibrium price and quantity in a market the best possible solution to the resource allocation problem, or is it simply the price and quantity that balance supply and demand?” Students will discover that under most circumstances the equilibrium price and quantity is also the one that maximizes welfare.KEY POINTS:? Consumer surplus equals buyers’ willingness to pay for a good minus the amount they actually pay for it, and it measures the benefit buyers get from participating in a market.Consumer surplus can be computed by finding the area below the demand curve and above the price.? Producer surplus equals the amount sellers receive for their goods minus their costs of production, and it measures the benefit sellers get from participating in a market. Producer surplus can be computed by finding the area below the price and above the supply curve.? An allocation of resources that maximizes the sum of consumer and producer surplus is said to be efficient. Policymakers are often concerned with the efficiency, as well as the equality, of economic outcomes.? The equilibrium of supply and demand maximizes the sum of consumer and producer surplus.That is, the invisible hand of the marketplace leads buyers and sellers to allocate resources efficiently.? Markets do not allocate resources efficiently in the presence of market failures such as market power or externalities.CHAPTER OUTLINE:I. Definition of welfare economics: the study of how the allocation of resources affects economic well-being.A. Willingness to Pay1. Definition of willingness to pay: the maximum amount that a buyer will pay for a good.2. Example: You are auctioning a mint-condition recording of Elvis Presley’s first album. Four buyers show up. Their willingness to pay is as follows:for John. Because John is willing to pay more than he has to for the album,he derives some benefit from participating in the market.3. Definition of consumer surplus: the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.4. Note that if you had more than one copy of the album, the price in the auction would end up being lower (a little over $70 in the case of two albums) and both John and Paul would gain consumer surplus.B. Using the Demand Curve to Measure Consumer Surplus1. We can use the information on willingness to pay to derive a demand curve for the rare2. . Because the demand curve shows the buyers’ willingness to pay, we can use the demand curve to measure consumer surplus.C. How a Lower Price Raises Consumer Surplusare paying less for the product than before (area A on the graph).b. Because the price is now lower, some new buyers will enter the market and receive consumer surplus on these additional units of output purchased (area B on the graph).D. What Does Consumer Surplus Measure?1. Remember that consumer surplus is the difference between the amount that buyers are willing to pay for a good and the price that they actually pay.2. Thus, it measures the benefit that consumers receive from the good as the buyers themselves perceive it.III. Producer SurplusA. Cost and the Willingness to Sell1. Definition of cost: the value of everything a seller must give up to produce a good .2. Example: You want to hire someone to paint your house. You accept bids for the work from four sellers. Each painter is willing to work if the price you will pay exceeds her opportunity cost. (Note that this opportunity cost thus represents willingness to sell.) The costs are: ALTERNATIVE CLASSROOM EXAMPLE:Review the material on price ceilings from Chapter 6. Redraw the market for two-bedroom apartments in your town. Draw in a price ceiling below the equilibriumprice.Then go through:✍ consumer surplus before the price ceiling is put into place.✍ consumer surplus after the price ceiling is put into place.You will need to take some time to explain the relationship between the producers’ willingness to sell and the cost of producing the good. The relationship between cost and the supply curve is not as apparent as the relationship between the demand curve and willingness to pay. It is important to stress that consumer surplus is measured in monetary terms. Consumer surplus gives us a way to place a monetary cost on inefficient market outcomes (due to government involvement or market failure).except for Grandma. Because Grandma receives more than she would require to paint the house, she derives some benefit from producing in the market.4.Definition of producer surplus: the amount a seller is paid for a good minus the seller’s cost of providing it.5. Note that if you had more than one house to paint, the price in the auction would end up being higher (a little under $800 in the case of two houses) and both Grandma and Georgia would gain producer surplus.B. Using the Supply Curve to Measure Producer Surplus1. We can use the information on cost (willingness to sell) to derive a supply curve for2. marginal seller . Because the supply curve shows the sellers’ cost (willingness to sell), we can use the supply curve to measure producer surplus.are receiving more for the product than before (area C on the graph).b. Because the price is now higher, some new sellers will enter the market and receive producer surplus on these additional units of output sold (area D on the graph).D. Producer surplus is used to measure the economic well-being of producers, much like consumer surplus is used to measure the economic well-being of consumers.ALTERNATIVE CLASSROOM EXAMPLE:Review the material on price floors from Chapter 6. Redraw the market for anagricultural product such as corn. Draw in a price support above the equilibriumprice.Then go through:✍ producer surplus before the price support is put in place.✍ producer surplus after the price support is put in place.Make sure that you discuss the cost of the price support to taxpayers.IV.Market EfficiencyA. The Benevolent Social Planner1. The economic well-being of everyone in society can be measured by total surplus, which is the sum of consumer surplus and producer surplus:Total Surplus = Consumer Surplus + Producer SurplusTotal Surplus = (Value to Buyers – Amount Paid by Buyers) +(Amount Received by Sellers – Cost to Sellers)Because the Amount Paid by Buyers = Amount Received bySellers:2. Definition of efficiency: the property of a resource allocation of maximizing the total surplus received by all members of society .3. Definition of equality: the property of distributing economic prosperity uniformly the members of society .a. Buyers who value the product more than the equilibrium price will purchase the product; those who do not, will not purchase the product. In other words, the free market allocates the supply of a good to the buyers who value it most highly, as measured by their willingness to pay.b. Sellers whose costs are lower than the equilibrium price will produce the product; those whose costs are higher, will not produce the product. In other words, the free market allocates the demand for goods to the sellers who can produce it at the lowest cost.to the marginal buyer is greater than the cost to the marginal seller so total surplus would rise if output increases.b. At any quantity of output greater than the equilibrium quantity, the value of the product to the marginal buyer is less than the cost to the marginal seller so total surplus would rise if output decreases.3. Note that this is one of the reasons that economists believe Principle #6: Markets are usually a good way to organize economic activity.It would be a good idea to remind students that there are circumstances whenthe market process does not lead to the most efficient outcome. Examplesinclude situations such as when a firm (or buyer) has market power over priceor when there are externalities present. These situations will be discussed inlater chapters.Pretty Woman, Chapter 6. Vivien (Julia Roberts) and Edward (Richard Gere)negotiate a price. Afterward, Vivien reveals she would have accepted a lowerprice, while Edward admits he would have paid more. If you have done a goodjob of introducing consumer and producer surplus, you will see the light bulbsgo off above your students’ heads as they watch this clip.C. In the News: Ticket Scalping1. Ticket scalping is an example of how markets work to achieve an efficient outcome.2. This article from The Boston Globe de scribes economist Chip Case’s experience with ticket scalping.D. Case Study: Should There Be a Market in Organs?1. As a matter of public policy, people are not allowed to sell their organs.a. In essence, this means that there is a price ceiling on organs of $0.b. This has led to a shortage of organs.2. The creation of a market for organs would lead to a more efficient allocation of resources, but critics worry about the equity of a market system for organs.V. Market Efficiency and Market FailureA. To conclude that markets are efficient, we made several assumptions about how markets worked.1. Perfectly competitive markets.2. No externalities.B. When these assumptions do not hold, the market equilibrium may not be efficient.C. When markets fail, public policy can potentially remedy the situation. SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. Figure 1 shows the demand curve for turkey. The price of turkey is P1 and the consumer surplus that results from that price is denoted CS. Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. It measures the benefit to buyers of participating in a market.Figure 1 Figure 22. Figure 2 shows the supply curve for turkey. The price of turkey is P1 and the producer surplus that results from that price is denoted PS. Producer surplus is the amount sellers are paid for a good minus the sellers’ cost of providing it (measured by the supply curve). It measures the benefit to sellers of participating in a market.Figure 33. Figure 3 shows the supply and demand for turkey. The price of turkey is P1, consumer surplus is CS, and producer surplus is PS. Producing more turkeys than the equilibrium quantity would lower total surplus because the value to the marginal buyer would be lower than the cost to the marginal seller on those additional units.Questions for Review1. The price a buyer is willing to pay, consumer surplus, and the demand curve are all closely related. The height of the demand curve represents the willingness to pay of the buyers. Consumer surplus is the area below the demand curve and above the price, which equals the price that each buyer is willing to pay minus the price actually paid.2. Sellers' costs, producer surplus, and the supply curve are all closely related. The height of the supply curve represents the costs of the sellers. Producer surplus is the area below the price and above the supply curve, which equals the price received minus each seller's costs of producing the good.Figure 43. Figure 4 shows producer and consumer surplus in a supply-and-demand diagram.4. An allocation of resources is efficient if it maximizes total surplus, the sum of consumer surplus and producer surplus. But efficiency may not be the only goal of economic policymakers; they may also be concerned about equity the fairness of the distribution of well-being.5. The invisible hand of the marketplace guides the self-interest of buyers and sellers into promoting general economic well-being. Despite decentralized decision making and self-interested decision makers, free markets often lead to an efficient outcome.6. Two types of market failure are market power and externalities. Market power may cause market outcomes to be inefficient because firms may cause price and quantity to differ from the levels they would be under perfect competition, which keeps total surplus from being maximized. Externalities are side effects that are not taken into account by buyers and sellers. As a result, the free market does not maximize total surplus.Problems and Applications1. a. Consumer surplus is equal to willingness to pay minus the price paid. Therefore, Melissa’s willingness to pay must be $200 ($120 + $80).b. Her consumer surplus at a price of $90 would be $200 ? $90 = $110.c. If the price of an iPod was $250, Melissa would not have purchased one because the price is greater than her willingness to pay. Therefore, she would receive no consumer surplus.2. If an early freeze in California sours the lemon crop, the supply curve for lemons shifts to the left, as shown in Figure 5. The result is a rise in the price of lemons and a decline in consumer surplus from A + B + C to just A. So consumer surplus declines by the amount B + C.Figure 5 Figure 6In the market for lemonade, the higher cost of lemons reduces the supply of lemonade, as shown in Figure 6. The result is a rise in the price of lemonade and a decline in consumer surplus from D + E + F to just D, a loss of E + F. Note that an event that affects consumer surplus in one market often has effects on consumer surplus in other markets.3. A rise in the demand for French bread leads to an increase in producer surplus in the market for French bread, as shown in Figure 7. The shift of the demand curve leads to an increased price, which increases producer 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 producer surplus from area Dto D + E + F. Note that an event that affects producer surplus in one market leads to effects on producer surplus in related markets.Figure 84. a.Figure 9b. When the price of a bottle of water is $4, Bert buys two bottles of water. His consumer surplus is shown as area A in the figure. He values his first bottle of water at $7, but pays only $4 for it, so has consumer surplus of $3. He values his second bottle of water at $5, but pays only $4for it, so has consumer surplus of $1. Thus Bert’s total consumer surplus is $3 + $1 = $4, which is the area of A in the figure.c. When the price of a bottle of water falls from $4 to $2, Bert buys three bottles of water, an increase of one. His consumer surplus consists of both areas A and B in the figure, an increase in the amount of area B. He gets consumer surplus of $5 from the first bottle ($7 value minus $2 price), $3 from the second bottle ($5 value minus $2 price), and $1 from the third bottle ($3 value minus $2 price), for a total consumer surplus of $9. Thus consumer surplus rises by $5 (which is the size of area B) when the price of a bottle of water falls from $4 to $2.5. a.Figure 10b. When the price of a bottle of water is $4, Ernie sells two bottles of water. His producer surplus is shown as area A in the figure. He receives $4 for his first bottle of water, but it costs only $1 to produce, so Ernie has producer surplus of $3. He also receives $4 for his second bottle of water, which costs $3 to produce, so he has producer surplus of $1. Thus Ernie’s total producer surplus is $3 + $1 = $4, which is the area of A in the figure.c. When the price of a bottle of water rises from $4 to $6, Ernie sells three bottles of water, an increase of one. His producer surplus consists of both areas A and B in the figure, an increase by the amount of area B. He gets producer surplus of $5 from the first bottle ($6 price minus $1 cost), $3 from the second bottle ($6 price minus $3 cost), and $1 from the third bottle ($6 price minus $5 price), for a total producer surplus of $9. Thus producer surplus rises by $5 (which is the size of area B) when the price of a bottle of water rises from $4 to $6.6. a. From Ernie’s supply schedule and Bert’s demand schedule, the quantityequilibrium quantity of two.b. At a price of $4, consumer surplus is $4 and producer surplus is $4, as shown in Problems 3 and 4 above. Total surplus is $4 + $4 = $8.c. If Ernie produced one less bottle, his producer surplus would decline to $3, as shown in Problem 4 above. If Bert consumed one less bottle, his consumer surplus would decline to $3, as shown in Problem 3 above. So total surplus would decline to $3 + $3 = $6.d. If Ernie produced one additional bottle of water, his cost would be $5, but the price is only $4, so his producer surplus would decline by $1. If Bert consumed one additional bottle of water, his value would be $3, but the price is $4, so his consumer surplus would decline by $1. So total surplus declines by $1 + $1 = $2.7. a. The effect of falling production costs in the market for stereos results in a shift to the right in the supply curve, as shown in Figure 11. As a result, the equilibrium price of stereos declines and the equilibrium quantity increases.Figure 11b. The decline in the price of stereos increases consumer surplus from area A to A + B + C + D, an increase in the amount B + C + D. Prior to the shift in supply, producer surplus was areas B + E (the area above the supply curve and below the price). After the shift in supply, producer surplus is areas E + F + G. So producer surplus changes by the amount F + G – B, which may be positive or negative. The increase in quantity increases producer surplus, while the decline in the price reduces producer surplus. Because consumer surplus rises by B + C + D and producer surplus rises by F + G – B, total surplus rises by C + D + F + G.c. If the supply of stereos is very elastic, then the shift of the supply curve benefits consumers most. To take the most dramatic case, suppose the supply curve were horizontal, as shown in Figure 12. Then there is no producer surplus at all. Consumers capture all the benefits of falling production costs, with consumer surplus rising from area A to area A + B.Figure 128. Figure 13 shows supply and demand curves for haircuts. Supply equals demand at a quantity of three haircuts and a price between $4 and $5. Firms A, C, and D should cut the hair of Ellen, Jerry, and Phil. Oprah’s 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).Figure 139. a. The effect of falling production costs in the market for computers results in a shift to the right in the supply curve, as shown in Figure 14. As a result, the equilibrium price of computers declines and the equilibrium quantity increases. The decline in the price of computers increases consumer surplus from area A to A + B + C + D, an increase in the amount B + C + D.Figure 14 Figure 15Prior to the shift in supply, producer surplus was areas B + E (the area above thesupply curve and below the price). After the shift in supply, producer surplus isareas E + F + G. So producer surplus changes by the amount F + G – B, whichmay be positive or negative. The increase in quantity increases producer 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 byC +D + F + G.b. Because typewriters are substitutes for computers, the decline in the price of computers means that people substitute computers for typewriters, shifting the demand for typewriters to the left, as shown in Figure 15. The result is a decline in both the equilibrium price and equilibrium quantity of typewriters. Consumer surplus in the typewriter market changes from area A + B to A + C, a net change of C – B. Producer surplus changes from area C + D + E to area E, a net loss of C + D. Typewriter producers are sad about technological advances in computers because their producer surplus declines.c. Because software and computers are complements, the decline in the price and increase in the quantity of computers means that the demand for software increases, shifting the demand for software to the right, as shown in Figure 16. The result is an increase in both the price and quantity of software. Consumer surplus in the software market changes from B + C to A + B, anet change of A – C. Producer surplus changes from E to C + D + E, an increase of C + D, so software producers should be happy about the technological progress in computers.Figure 16d. Yes, this analysis helps explain why Bill Gates is one the world’s richest people, because his company produces a lot of software that is a complement with computers and there has been tremendous technological advance in computers.10. a. With Provider A, the cost of an extra minute is $0. With Provider B, the cost of anextra minute is $1.b. With Provider A, my friend will purchase 150 minutes [= 150 – (50)(0)]. WithProvider B, my friend would purchase 100 minutes [= 150 – (50)(1)].c. With Provider A, he would pay $120. The cost would be $100 with Provider B.Figure 17d. Figure 17 shows the friend’s demand. With Provider A, he buys 150 minutes andhis consumer surplus is equal to (1/2)(3)(150) – 120 = 105. With Provider B, hisconsumer surplus is equal to (1/2)(2)(100) = 100.e. I would recommend Provider A because he receives greater consumer surplus.11. a. Figure 18 illustrates the demand for medical care. If each procedure has a price of $100, quantity demanded will be Q1 procedures.Figure 18b. If consumers pay only $20 per procedure, the quantity demanded will be Q2 procedures. Because the cost to society is $100, the number of procedures performed is too large to maximize total surplus. The quantity that maximizes total surplus is Q1 procedures, which is less than Q2.c. The use of medical care is excessive in the sense that consumers get procedures whose value is less than the cost of producing them. As a result, the economy’s total surplus is reduced.d. To prevent this excessive use, the consumer must bear the marginal cost of the procedure. But this would require eliminating insurance. Another possibility would be that the insurance company, which pays most of the marginal cost of the procedure ($80, in this case) could decide whether the procedure should be performed. But the insurance company does not get the benefits of the procedure, so its decisions may not reflect the value to the consumer.。
曼昆微观经济学英文版课后练习题第一章知识交流
Chapter 1Ten Principles of EconomicsMultiple Choice1. The word that comes from the Greek word for "one who manages a household" isa. market.b. consumer.c. producer.d. economy.ANS: D DIF: 1 REF: 1-0TOP: Economy MSC: Definitional2. The word “economy” comes from the Greek word oikonomos, which meansa. “environment.”b. “production.”c. “one who manages a household.”d. “one who makes decisions.”ANS: C DIF: 1 REF: 1-0TOP: Economy MSC: Definitional3. Resources area. scarce for households but plentiful for economies.b. plentiful for households but scarce for economies.c. scarce for households and scarce for economies.d. plentiful for households and plentiful for economies.ANS: C DIF: 1 REF: 1-0TOP: Resources, Scarcity MSC: Interpretive4. Economics deals primarily with the concept ofa. scarcity.b. poverty.c. change.d. power.ANS: A DIF: 1 REF: 1-0TOP: Scarcity MSC: Definitional5. Which of the following questions is not answered by the decisions that every society must make?a. What determines consumer preferences?b. What goods will be produced?c. Who will produce the goods?d. Who will consume the goods?ANS: A DIF: 2 REF: 1-0TOP: Economies MSC: Interpretive6. The overriding reason as to why households and societies face many decisions is thata. resources are scarce.b. goods and services are not scarce.c. incomes fluctuate with business cycles.d. people, by nature, tend to disagree.ANS: A DIF: 2 REF: 1-0TOP: Scarcity MSC: Interpretive7. The phenomenon of scarcity stems from the fact thata. most economies’ production methods are not very good.b. in most economies, wealthy people consume disproportionate quantities of goods and services.c. governments restricts production of too many goods and services.d. resources are limited.ANS: D DIF: 2 REF: 1-0TOP: Scarcity MSC: Interpretive8. Approximately what percentage of the world's economies experience scarcity?a. 25%b. 50%c. 75%d. 100%ANS: D DIF: 1 REF: 1-0TOP: Scarcity MSC: Interpretive9. When a society cannot produce all the goods and services people wish to have, it is said that the economy isexperiencinga. scarcity.b. shortages.c. inefficiencies.d. inequities.ANS: A DIF: 2 REF: 1-0TOP: Scarcity MSC: Interpretive10. For society, a good is not scarce ifa. at least one individual in society can obtain all he or she wants of the good.b. firms are producing the good at full capacity.c. all members of society can have all they want of the good.d. those who have enough income can buy all they want of the good.ANS: C DIF: 1 REF: 1-0TOP: Scarcity MSC: Interpretive11. Which of the following products would be considered scarce?a. golf clubsb. Picasso paintingsc. applesd. All of the above are correct.ANS: D DIF: 2 REF: 1-0TOP: Scarcity MSC: Interpretive12. Economics is the study ofa. production methods.b. how society manages its scarce resources.c. how households decide who performs which tasks.d. the interaction of business and government.ANS: B DIF: 1 REF: 1-0TOP: Economies, Scarcity MSC: Definitional13. Economics is the study ofa. how society manages its scarce resources.b. the government's role in society.c. how a market system functions.d. how to increase production.ANS: A DIF: 1 REF: 1-0TOP: Economies, Scarcity MSC: Definitional14. In most societies, resources are allocated bya. a single central planner.b. a small number of central planners.c. those firms that use resources to provide goods and services.d. the combined actions of millions of households and firms.ANS: D DIF: 1 REF: 1-0TOP: Resource allocation MSC: Interpretive15. The adage, "There is no such thing as a free lunch," is used to illustrate the principle thata. goods are scarce.b. people face tradeoffs.c. income must be earned.d. households face many decisions.ANS: B DIF: 2 REF: 1-1TOP: Tradeoffs MSC: Interpretive16. The adage, "There is no such thing as a free lunch," meansa. even people on welfare have to pay for food.b. the cost of living is always increasing.c. to get something we like, we usually have to give up another thing we like.d. all costs are included in the price of a product.ANS: C DIF: 1 REF: 1-1TOP: Tradeoffs MSC: Definitional17. Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle thata. inflation almost always results in higher prices over time.b. nothing is free in a market economy.c. making decisions requires trading off one goal against another.d. if something looks too good to be true, it probably is not worth pursuing.ANS: C DIF: 2 REF: 1-1TOP: Tradeoffs MSC: Interpretive18. Which of the following statements best represents the principle represented by the adage, "There is no such thing asa free lunch"?a. Melissa can attend the concert only if she takes her sister with her.b. Greg is hungry and homeless.c. Brian must repair the tire on his bike before he can ride it to class.d. Kendra must decide between going to Colorado or Cancun for spring break.ANS: D DIF: 3 REF: 1-1TOP: Tradeoffs MSC: Applicative19. The principle that "people face tradeoffs" applies toa. individuals.b. families.c. societies.d. All of the above are correct.ANS: D DIF: 1 REF: 1-1TOP: Tradeoffs MSC: Applicative20. A typical society strives to get the most it can from its scarce resources. At the same time, the society attempts todistribute the benefits of those resources to the members of the society in a fair manner. In other words, the society faces a tradeoff betweena. guns and butter.b. efficiency and equity.c. inflation and unemployment.d. work and leisure.ANS: B DIF: 1 REF: 1-1TOP: Efficiency, Equity MSC: Interpretive21. Guns and butter are used to represent the classic societal tradeoff between spending ona. durable and nondurable goods.b. imports and exports.c. national defense and consumer goods.d. law enforcement and agriculture.ANS: C DIF: 1 REF: 1-1TOP: Tradeoffs MSC: Interpretive22. When society requires that firms reduce pollution, there isa. a tradeoff because of reduced incomes to the firms' owners and workers.b. a tradeoff only if some firms are forced to close.c. no tradeoff, since the cost of reducing pollution falls only on the firms affected by the requirements.d. no tradeoff, since everyone benefits from reduced pollution.ANS: A DIF: 3 REF: 1-1TOP: Tradeoffs MSC: Applicative23. A tradeoff exists between a clean environment and a higher level of income in thata. studies show that individuals with higher levels of income actually pollute less than low-income individuals.b. efforts to reduce pollution typically are not completely successful.c. laws that reduce pollution raise costs of production and reduce incomes.d. by employing individuals to clean up pollution, employment and income both rise.ANS: C DIF: 2 REF: 1-1TOP: Tradeoffs MSC: Applicative24. Which of the following phrases best captures the notion of efficiency?a. absolute fairnessb. equal distributionc. minimum wasted. equitable outcomeANS: C DIF: 1 REF: 1-1TOP: Efficiency MSC: Interpretive25. Which of the following is true?a. Efficiency refers to the size of the economic pie; equity refers to how the pie is divided.b. Government policies usually improve upon both equity and efficiency.c. As long as the economic pie continually gets larger, no one will have to go hungry.d. Efficiency and equity can both be achieved if the economic pie is cut into equal pieces.ANS: A DIF: 2 REF: 1-1TOP: Efficiency, Equity MSC: Interpretive26. Efficiency means thata. society is conserving resources in order to save them for the future.b. society's goods and services are distributed equally among society's members.c. society's goods and services are distributed fairly, though not necessarily equally, among society's members.d. society is getting the maximum benefits from its scarce resources.ANS: D DIF: 1 REF: 1-1TOP: Efficiency MSC: Definitional27. Economists use the word equity to describe a situation in whicha. each member of society has the same income.b. each member of society has access to abundant quantities of goods and services, regardless of his or her income.c. society is getting the maximum benefits from its scarce resources.d. the benefits of society's resources are distributed fairly among society's members.ANS: D DIF: 2 REF: 1-1TOP: Equity MSC: Interpretive28. Senator Smith wants to increase taxes on people with high incomes and use the money to help the poor. Senator Jonesargues that such a tax will discourage successful people from working and will therefore make society worse off. An economist would say thata. we should agree with Senator Smith.b. we should agree with Senator Jones.c. a good decision requires that we recognize both viewpoints.d. there are no tradeoffs between equity and efficiency.ANS: C DIF: 2 REF: 1-1TOP: Efficiency, Equity MSC: Applicative29. Which of the following words and phrases best captures the notion of equity?a. minimum wasteb. maximum benefitc. samenessd. fairnessANS: D DIF: 1 REF: 1-1TOP: Equity MSC: Definitional30. When government policies are enacted,a. equity can usually be enhanced without an efficiency loss, but efficiency can never be enhanced without anequity loss.b. efficiency can usually be enhanced without an equity loss, but equity can never be enhanced without anefficiency loss.c. it is always the case that either efficiency and fairness are both enhanced, or efficiency and equity are bothdiminished.d. None of the above are correct.ANS: D DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Applicative31. A likely effect of government policies that redistribute income and wealth from the wealthy to the poor is that thosepoliciesa. enhance equity.b. reduce efficiency.c. reduce the reward for working hard.d. All of the above are correct.ANS: D DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Interpretive32. When the government implements programs such as progressive income tax rates, which of the following is likely tooccur?a. Equity is increased and efficiency is increased.b. Equity is increased and efficiency is decreased.c. Equity is decreased and efficiency is increased.d. Equity is decreased and efficiency is decreased.ANS: B DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Interpretive33. As a result of a successful attempt by government to cut the economic pie into more equal slices,a. it is easier to cut the pie, and therefore the economy can produce a larger pie.b. the government can more easily allocate the pie to those most in need.c. the pie gets smaller, and there will be less pie overall.d. government will spend too much time cutting and it causes the economy to lose the ability to produce enough piefor everyone.ANS: C DIF: 3 REF: 1-1TOP: Government, Efficiency, Equity MSC: Analytical34. When the government attempts to improve equity in an economy the result is oftena. an increase in overall output in the economy.b. additional government revenue since overall income will increase.c. a reduction in equity.d. a reduction in efficiency.ANS: D DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Interpretive35. When the government redistributes income from the wealthy to the poor,a. efficiency is improved, but equity is not.b. both wealthy people and poor people benefit directly.c. people work less and produce fewer goods and services.d. wealthy people consume fewer goods, but poor people consume more goods, resulting in no real change. ANS: C DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Interpretive36. In economics, the cost of something isa. the dollar amount of obtaining it.b. always measured in units of time given up to get it.c. what you give up to get it.d. often impossible to quantify, even in principle.ANS: C DIF: 1 REF: 1-1TOP: Opportunity cost MSC: Definitional37. What you give up to obtain an item is called youra. opportunity cost.b. explicit cost.c. true cost.d. direct cost.ANS: A DIF: 1 REF: 1-1TOP: Opportunity cost MSC: Definitional38. The opportunity cost of going to college isa. the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses.b. the value of the best opportunity a student gives up to attend college.c. zero for students who are fortunate enough to have all of their college expenses paid by someone else.d. zero, since a college education will allow a student to earn a larger income after graduation.ANS: B DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Interpretive39. Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his options down to fourchoices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost of this decision isa. the value to Maurice of the option he would have chosen had Option B not been available.b. the value to Maurice of Options A, C and D combined.c. $100.d. $300.ANS: A DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Applicative40. A furniture maker currently produces 100 tables per week and sells them for a profit. She is considering expandingher operation in order to make more tables. Should she expand?a. Yes, because making tables is profitable.b. No, because she may not be able to sell the additional tables.c. It depends on the marginal cost of producing more tables and the marginal revenue she will earn from sellingmore tables.d. It depends on the average cost of producing more tables and the average revenue she will earn from selling moretables.ANS: C DIF: 2 REF: 1-1TOP: Marginal changes MSC: Applicative41. For most students, the largest single cost of a college education isa. the wages given up to attend school.b. tuition, fees, and books.c. room and board.d. transportation, parking, and entertainment.ANS: A DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Interpretive42. For a college student who wishes to calculate the true costs of going to college, the costs of room and boarda. should be counted in full, regardless of the costs of eating and sleeping elsewhere.b. should be counted only to the extent that they are more expensive at college than elsewhere.c. usually exceed the opportunity cost of going to college.d. plus the cost of tuition, equals the opportunity cost of going to college.ANS: B DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Applicative43. For which of the following individuals would the opportunity cost of going to college be highest?a. a promising young mathematician who will command a high salary once she earns her college degreeb. a student with average grades who has never held a jobc. a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degreed. a student who is the best player on his college basketball team, but who lacks the skills necessary to playprofessional basketballANS: C DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Applicative44. When you calculate your true costs of going to college, what portion of your room-and-board expenses should beincluded?a. Your full room-and-board expenses should always be included.b. None of your room-and-board expenses should ever be included.c. You should include only the amount by which your room-and-board expenses exceed the income you earn whileattending college.d. You should include only the amount by which your room-and-board expenses exceed the expenses for rent andfood if you were not in college.ANS: D DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Applicative45. The opportunity cost of an item isa. the number of hours needed to earn money to buy the item.b. what you give up to get that item.c. usually less than the dollar value of the item.d. the dollar value of the item.ANS: B DIF: 1 REF: 1-1TOP: Opportunity cost MSC: Definitional46. Mallory decides to spend three hours working overtime rather than watching a video with her friends. She earns $8 anhour. Her opportunity cost of working isa. the $24 she earns working.b. the $24 minus the enjoyment she would have received from watching the video.c. the enjoyment she would have received had she watched the video.d. nothing, since she would have received less than $24 of enjoyment from the video.ANS: C DIF: 3 REF: 1-1TOP: Opportunity cost MSC: Applicative47. Russell spends an hour studying instead of playing tennis. The opportunity cost to him of studying isa. the improvement in his grades from studying for the hour.b. the improvement in his grades from studying minus the enjoyment of playing tennis.c. the enjoyment and exercise he would have received had he played tennis.d. zero. Since Russell chose to study rather than to play tennis, the value of studying must have been greater than thevalue of playing tennis.ANS: C DIF: 3 REF: 1-1TOP: Opportunity cost MSC: Applicative48. College-age athletes who drop out of college to play professional sportsa. are not rational decision makers.b. are well aware that their opportunity cost of attending college is very high.c. are concerned more about present circumstances than their future.d. underestimate the value of a college education.ANS: B DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Interpretive49. A rational decisionmakera. ignores marginal changes and focuses instead on “the big picture.”b. ignores the likely effects of government policies when he or she makes choices.c. takes an action only if the marginal benefit of that action exceeds the marginal cost of that action.d. takes an action only if the combined benefits of that action and previous actions exceed the combined costs of thataction and previous actions.ANS: C DIF: 2 REF: 1-1TOP: Marginal changes MSC: Interpretive50. Rational people make decisions at the margin bya. following marginal traditions.b. behaving in a random fashion.c. thinking in black-and-white terms.d. comparing marginal costs and marginal benefits.ANS: D DIF: 1 REF: 1-1TOP: Marginal changes MSC: Interpretive51. The word "margin" meansa. edge.b. distance.c. space.d. measure.ANS: A DIF: 1 REF: 1-1TOP: Marginal changes MSC: Definitional52. Making rational decisions "at the margin" means that peoplea. make those decisions that do not impose a marginal cost.b. evaluate how easily a decision can be reversed if problems arise.c. compare the marginal costs and marginal benefits of each decision.d. always calculate the marginal dollar costs for each decision.ANS: C DIF: 2 REF: 1-1TOP: Marginal changes MSC: Interpretive53. A person’s willingness to pay for a good is based ona. the availability of the good.b. the marginal benefit that an extra unit of the good would provide for that person.c. the marginal cost of producing an extra unit of the good.d. esoteric factors, the study of which lies beyond the boundaries of economics.ANS: B DIF: 2 REF: 1-1TOP: Marginal changes MSC: Interpretive54. To say that "people respond to incentives" is to say thata. changes in costs (but not changes in benefits) influence people's decisions and their behavior.b. changes in benefits (but not changes in costs) influence people's decisions and their behavior.c. changes in benefits or changes in costs influence people's decisions and their behavior.d. tradeoffs can be eliminated by rational people who think at the margin.ANS: C DIF: 1 REF: 1-1TOP: Incentives MSC: Definitional55. A marginal change is aa. change that involves little, if anything, that is important.b. large, significant adjustment.c. change for the worse, and so it is usually a short-term change.d. small, incremental adjustment.ANS: D DIF: 1 REF: 1-1TOP: Marginal changes MSC: Definitional56. Which of the following is the best example of a marginal change?a. After graduating college, Audrey's income increases from $500 per month to $3,000 per month.b. Morgan gets a raise at her part-time job and is now paid $7.25 per hour instead of $7.00.c. Housing prices in an area increase by 40 percent when a new interstate is built that passes nearby.d. A hard freeze wipes out half of the orange crop in Florida and the price of orange juice doubles.ANS: B DIF: 2 REF: 1-1TOP: Marginal changes MSC: Applicative57. Which of the following is the best example of a marginal change?a. The price of housing in Denver increased by 6 percent last year.b. Kim gets a big promotion at work. She also gets a raise from $35,000 per year to $55,000 per year.c. Mark graduates from college and takes a job. His income increases from $10,000 per year to $35,000 per year.d. A drought hits the upper Midwest and the price of wheat increases from $4.00 per bushel to $6.50 per bushel. ANS: A DIF: 2 REF: 1-1TOP: Marginal changes MSC: Applicative58. A marginal change is best illustrated by which of the following?a. Nancy retires and takes a part-time job. She was working 40 hours per week and now works 15 hours per week.b. A large, state-supported university has announced that due to state budget deficits, tuition must rise by 20 percentnext year.c. Ryan moved to a new apartment and now pays 40 percent more rent than before.d. Arizona, which usually receives 10 inches of rain per year, received 11 inches last year.ANS: D DIF: 2 REF: 1-1TOP: Marginal changes MSC: Interpretive59. Teresa eats three oranges during a particular day. The marginal benefit she enjoys from eating the third orangea. can be thought of as the total benefit Teresa enjoys by eating three oranges minus the total benefit she would haveenjoyed by eating just the first two oranges.b. determines Teresa’s willingness to pa y for the first, second, and third oranges.c. does not depend on how many oranges Teresa has already eaten.d. All of the above are correct.ANS: A DIF: 3 REF: 1-1TOP: Marginal changes MSC: Applicative60. A rational decisionmaker takes an action if and only ifa. the marginal benefit of the action exceeds the marginal cost of the action.b. the marginal cost of the action exceeds the marginal benefit of the action.c. the marginal cost of the action is zero.d. the opportunity cost of the action is zero.ANS: A DIF: 1 REF: 1-1TOP: Marginal changes MSC: Interpretive61. After much consideration, you have chosen Cancun over Ft. Lauderdale as your Spring Break destination this year.However, Spring Break is still months away, and you may reverse this decision. Which of the following events would prompt you to reverse this decision?a. The marginal benefit of going to Cancun increases.b. The marginal cost of going to Cancun decreases.c. The marginal benefit of going to Ft. Lauderdale decreases.d. The marginal cost of going to Ft. Lauderdale decreases.ANS: D DIF: 3 REF: 1-1TOP: Marginal changes MSC: Applicative62. The average cost per seat on the 50-passenger Floating-On-Air Bus company's trip from Kansas City to St. Louis, onwhich no refreshments are served, is $45. In advance of a particular trip, three seats remain unsold. The bus company could increase its profit only if ita. charged any ticket price above $0 for the three remaining seats.b. charged at least $15 for each of the three remaining seats.c. charged at least $45 for each of the three remaining seats.d. paid three people to occupy the three remaining seats.ANS: A DIF: 2 REF: 1-1TOP: Marginal cost MSC: Applicative63. Warren drinks four cups of coffee during a particular day. The marginal benefit he enjoys from drinking the fourthcupa. can be thought of as the total benefit Warren enjoys by drinking four cups minus the total benefit he would haveenjoyed by drinking just three cups.b. determines Warren’s willingness to pay for the fourth cup.c. is likely different from the marginal benefit provided to Warren by the third cup.d. All of the above are correct.ANS: D DIF: 3 REF: 1-1TOP: Marginal changes MSC: Applicative64. A rational decision maker takes an action only if thea. marginal benefit is less than the marginal cost.b. marginal benefit is greater than the marginal cost.c. average benefit is greater than the average cost.d. marginal benefit is greater than both the average cost and the marginal cost.ANS: B DIF: 2 REF: 1-1TOP: Marginal changes MSC: Interpretive65. A construction company has built 50 houses so far this year at a total cost to the company of $8 million. If thecompany builds a 51st house, its total cost will increase to $8.18 million. Which of the following statements iscorrect?a. For the first 50 houses, the average cost per house was $160,000.b. The marginal cost of the 51st house, if it is built, will be $180,000.c. If the company can experience a marginal benefit of $190,000 by building the 51st house, then the companyshould build it.d. All of the above are correct.ANS: D DIF: 3 REF: 1-1TOP: Marginal cost, Marginal benefit MSC: Applicative66. Mike has spent $500 purchasing and repairing an old fishing boat, which he expects to sell for $800 once the repairsare complete. Mike discovers that, in addition to the $500 he has already spent, he needs to make an additional repair, which will cost another $400, in order to make the boat worth $800 to potential buyers. He can sell the boat as it is now for $300. What should he do?a. He should sell the boat as it is now for $300.b. He should keep the boat since it would not be rational to spend $900 on repairs and then sell the boat for $800.c. He should complete the repairs and sell the boat for $800.d. It does not matter which action he takes; the outcome is the same either way.ANS: C DIF: 3 REF: 1-1TOP: Marginal cost MSC: Analytical67. A donut shop sells fresh baked donuts from 5 a.m. until 3 p.m. every day. The shop does not sell day-old donuts, soall unsold donuts are thrown away at 3 p.m. each day. The cost of making and selling a dozen donuts is $1.50; there are no costs associated with throwing donuts away. If the manager has 10 dozen donuts left at 2:30 p.m. on aparticular day, which of the following alternatives is most attractive?a. Lower the price of the remaining donuts, even if the price falls below $1.50 per dozen.b. Lower the price of the remaining donuts, but under no circumstances should the price fall below $1.50 per dozen.c. Throw the donuts away and produce 10 fewer dozen donuts tomorrow.d. Starting tomorrow, lower the price on all donuts so they will all be sold earlier in the day.ANS: A DIF: 3 REF: 1-1TOP: Marginal changes MSC: Analytical。
曼昆微观经济学原理第一章
among society’s members
▪ Tradeoff: To achieve greater equality,
could redistribute income from wealthy to poor. But this reduces incentive to work and produce, shrinks the size of the economic “pie.”
▪ make decisions by evaluating costs and benefits
of marginal changes – incremental adjustments to an existing plan.
TEN PRINCIPLES OF ECONOMICS
7
HOW PEOPLE MAKE DECISIONS
At the last minute, the transmission dies. You can pay $600 to have it repaired, or sell the car “as is.”
In each of the following scenarios, should you have the transmission repaired? Explain.
TEN PRINCIPLES OF ECONOMICS
1
The principles of HOW PEOPLE MAKE DECISIONS
HOW PEOPLE MAKE DECISIONS
Principle #1: People Face Tradeoffs
微观经济学练习题与答案英文版
微观经济学练习题与答案英⽂版Chapter 01Thinking Like an Economist Multiple Choice Questions1. Economics is best defined as the study of:A. prices and quantities.B. inflation and interest rates.C. how people make choices under the conditions of scarcity and the results of those choices.D. wages and incomes.2. Economic questions always deal with:A. financial matters.B. political matters.C. insufficient resources.D. choice in the face of limited resources.3. The range of topics or issues that fit within the definition of economics is:A. limited to market activities, e.g., buying soap.B. limited to individuals and firms.C. extremely wide, requiring only the ideas of choice and scarcity.D. very limited.4. The central concern of economics is:A. poverty.B. scarcity.C. wealth accumulation.D. overconsumption.5. The scarcity principle indicates that:A. no matter how much one has, it is never enough.B. compared to 100 years ago, individuals have less time today.C. with limited resources, having more of "this" means having less of "that."D. because tradeoffs must be made, resources are therefore scarce.6. The logical implication of the scarcity principle is that:A. one will never be satisfied with what one has.B. as wealth increases, making choices becomes less necessary.C. as wealth decreases, making choices becomes less necessary.D. choices must be made.7. If all the world's resources were to magically increase a hundredfold, then:A. the scarcity principle would still govern behavior.B. economics would no longer be relevant.C. the scarcity principle would disappear.D. tradeoffs would become unnecessary.8. The principle of scarcity applies to:A. the poor exclusively.B. all consumers.C. all firms.D. everyone—consumers, firms, governments, and nations.9. At the very least, Joe Average and Bill Gates are both identically limited by:A. their wealth.B. the 24 hours that comprise a day.C. their knowledge.D. their influence.10. Forest is a mountain man living in complete isolation in Montana. He is completely self-sufficient through hunting, fishing, and farming. He has not been in the city to buy anything in five years. One can infer:A. the scarcity principle does not apply to Forest.B. Forest is not required to make choices.C. the scarcity principle still applies because more hunting means less fishing and farming.D. Forest is very satisfied.11. The scarcity principle applies to:A. all decisions.B. only market decisions, e.g., buying a car.C. only non-market decisions, e.g., watching a sunset.D. only the poor.12. Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:A. not an economic problem because neither one costs money.B. not an economic problem because it's an hour that is wasted no matter what Chris does.C. an economic problem because the tuition Chris pays covers both the gym and the library.D. an economic problem because Chris has only one hour during which he can study or work out.13. Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decided to stay home and work on the paper. According to the scarcity principle, the reason Josh didn't go to the game is that:A. Josh prefers schoolwork to football games.B. writing the paper is easier than going to the game.C. Josh doesn't have enough time for writing the paper and going to the game.D. it's too expensive to go to the game.14. Whether studying the size of the U.S. economy or the number of children a couple will choose to have, the unifying concept is that wants are:A. limited, resources are limited, and thus choices must be made.B. unlimited, resources are limited, and thus choices must be made.C. unlimited, resources are limited to some but not to others, and thus some people must make choices.D. unlimited, resources are limited, and thus government needs to do more.15. The cost-benefit principle indicates that an action should be taken:A. if the total benefits exceed the total costs.B. if the average benefits exceed the average costs.C. if the net benefit (benefit minus cost) is zero.D. if the extra benefit is greater than or equal to the extra costs.16. When a person decides to pursue an activity as long as the extra benefits are at least equal to the extra costs, that person is:A. violating the cost-benefit principle.B. following the scarcity principle.C. following the cost-benefit principle.D. pursuing the activity too long.17. Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is:A. not rational.B. an application of the cost-benefit principle.C. an application of the scarcity principle.D. the relevant opportunity cost.18. The scarcity principle tells us that __________, and the cost-benefit principle tells us __________.A. choices must be made; how to make the choicesB. choices must be made; that the costs can never outweigh the benefits of the choicesC. rare goods are expensive; that the costs should outweigh the benefits of the choicesD. rare goods are expensive; that the costs can never outweigh the benefits of the choices19. According to the cost-benefit principle:A. the lowest cost activity usually gives the lowest benefit.B. a person should always choose the activity with the lowest cost.C. a person should always choose the activity with the greatest benefit.D. the extra costs and benefits of an activity are more important considerations than the total costs and benefits.20. A rational person is one who:A. is reasonable.B. makes choices that are easily understood.C. possesses well-defined goals and seeks to achieve them.D. is highly cynical.21. The seventh glass of soda that Tim consumes will produce an extra benefit of 10 cents and has an extra cost of zero (Tim is eating at the cafeteria). The cost-benefit principle predicts that Tim will:A. realize he has had too much soda to drink and go home.B. drink the seventh glass and continue until the marginal benefit of drinking another glass of soda is zero.C. volunteer to empty out the fountain.D. not drink the seventh glass.22. Janie must either mow the lawn or wash clothes, earning her a benefit of $30 or $45, respectively. She dislikes both equally and they both take the same amount of time. Janie will therefore choose to _________ because the economic surplus is ________.A. mow the lawn; greaterB. wash clothes; greaterC. mow the lawn; smallerD. wash clothes; smaller23. Dean decided to play golf rather than prepare for tomorrow's exam in economics. One can infer that:A. Dean has made an irrational choice.B. Dean is doing poorly in his economics class.C. the economic surplus from playing golf exceeded the surplus from studying.D. the cost of studying was less than the cost of golfing.Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year.24. The opportunity cost of attending Elite U is:A. $50,000B. $10,000C. $20,000D. $15,00025. The opportunity cost of attending State College is:A. $30,000B. $20,000C. $15,000D. $10,00026. Larry maximizes his surplus by attending:A. Elite U, because $60,000 is greater than the benefit at the other schools.B. State College, because the difference between the benefit and cost is greatest there.C. NoName U, because Larry has a full scholarship there.D. Elite U, because the opportunity costs of attending Elite U are the lowest.27. Larry has decided to go to Elite U. Assuming that all of the values described are correct, for Larry to decide on Elite U, he must have:A. calculated his surplus from each choice and picked the one with the highest surplus.B. underestimated the benefits of attending NoName.C. miscalculated the surplus of attending Elite U.D. determined the opportunity cost of each choice and picked the one with the lowest opportunity cost.28. Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. The opportunity cost of going to the beach is:A. the $12 she spent on the umbrella, food and drinks.B. only $1 because she would have spent the money on food and drinks whether or not she went to the beach.C. the movie she missed seeing.D. the movie she missed seeing plus the $12 she spent on the umbrella, food and drinks.29. Relative to a person who earns minimum wage, a person who earns $30 per hour has:A. a lower opportunity cost of working longer hours.B. a higher opportunity cost of taking a day off.C. a lower opportunity cost of driving farther to work.D. the same opportunity cost of spending time on leisure activities.30. The opportunity cost of an activity is the value of:A. an alternative forgone.B. the next-best alternative forgone.C. the least-best alternative forgone.D. the difference between the chosen activity and the next-best alternative forgone.31. Amy is thinking about going to the movies tonight. A ticket costs $7 and she will have to cancel her dog-sitting job that pays $30. The cost of seeing the movie is:A. $7.B. $30.C. $37.D. $37 minus the benefit of seeing the movie.32. Economic surplus is:A. the benefit gained by taking an action.B. the price paid to take an action.C. the difference between the benefit gained and the cost incurred of taking an action.D. the wage someone would have to earn in order to take an action.33. The Governor of your state has cut the budget for the University and increased spending on Medicaid. This is an example of:A. the pitfalls of considering average costs instead of marginal costs.B. poor normative economic decision making.C. poor positive economic decision making.D. choice in the face of limited resources.34. Sally earned $25,000 per year before she became a mother. After she became a mother, she told her employer that her opportunity cost of working is now $50,000, and so she is not willing to work for anything less. Her decision is based on:A. the high cost of raising a child.B. her desire to save for her child's college expenses.C. her increased value to her employer.D. the value she places on spending time with her child.35. Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. As a result:A. attending State U. for four years is costless for Alex.B. Alex has no incentive to work hard while at State U.C. the cost of attending State U. is the amount of money Alex could have earned working for four years.D. the cost of attending State U. is the sum of the benefits Alex would have had attending each of the four other schools to which Alex had been admitted.36. Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck, but she finds one for $12,000. Her__________ is __________.A. benefit; $12,000B. cost; $15,000C. economic surplus; $3,000D. economic surplus; $12,00037. In general, rational decision making requires one to choose the actions that yield the:A. largest total benefits.B. smallest total costs.C. smallest net benefits.D. largest economic surpluses.38. Suppose the most you would be willing to pay for a plane ticket home is $250, but you buy one online for $175. The economic surplus of buying the online ticket is:A. $175.B. $250.C. $75.D. $0.39. The use of economic models, like the cost-benefit principle, means economists believe that:A. this is exactly how people choose between alternatives.B. this is a reasonable abstraction of how people choose between alternatives.C. those who explicitly make decisions this way are smarter.D. with enough education, all people will start to explicitly make decisions this way.40. Jenna decides to see a movie that costs $7 for the ticket and has an opportunity cost of $20. After the movie, she says to one of her friends that the movie was not worth it. Apparently:A. Jenna failed to apply the cost-benefit model to her decision.B. Jenna was not rational.C. Jenna overestimated the benefits of the movie.D. Jenna underestimated the benefits of the movie.41. Most of us make sensible decisions most of the time, because:A. we know the cost-benefit principle.B. subconsciously we are weighing costs and benefits.C. most people know about the scarcity principle.D. we conduct hypothetical mental auctions when we make decisions.42. Suppose a person makes a choice that seems inconsistent with the cost-benefit principle. Which of the following statements represents the most reasonable conclusion to draw?A. The person (explicitly or implicitly) over-estimated the benefits or under-estimated the costs or both.B. The cost-benefit principle is rarely true.C. The person does not grasp how decisions should be made.D. The person is simply irrational.43. Economic models are intended to:A. apply to all examples equally well.B. eliminate differences in the way people behave.C. generalize about patterns in decision-making.D. distinguish economics students from everyone else.44. Economic models claim to be:A. reasonable abstractions of how people make choices, highlighting the most important factors.B. exact replications of the decision-making process people use.C. interesting chalkboard exercises with little applicability to the real world.D. exceptionally accurate methods of predicting nearly all behavior of everyone.45. The cost-benefit model used by economists is:A. unrealistic because it is too detailed and specific to apply to a variety of situations.B. unrealistic because everyone can think of times when he or she violated the principle.C. useful because everyone follows it all of the time.D. useful because most people follow it most of the time.46. Barry owns a clothing store in the mall and has asked two economic consultants to develop models of consumer behavior that he can use to increase sales. Barry should choose the model that:A. does not include simplifying assumptions.B. is the most detailed and complex.C. assumes that consumers apply the cost-benefit principle.D. predicts that consumers will always prefer Barry's store to the competing stores.47. Economists use abstract models because:A. every economic situation is unique, so it is impossible to make generalizations.B. every economic situation is essentially the same, so specific details are unnecessary.C. they are useful for describing general patterns of behavior.D. computers have allowed economists to develop abstract models.48. Most people make some decisions based on intuition rather than calculation. This is:A. irrational, because intuition is often wrong.B. consistent with the economic model of decision-making, because calculating costs and benefits leads to decision-making pitfalls.C. consistent with the economic model because people intuitively compare the relative costs and benefits of the choices they face.D. inconsistent with the economic model, but rational because intuition takes into account non-financial considerations.49. Moe has a big exam tomorrow. He considered studying this evening, but decided to go out with Curly instead. Since Moe always chooses rationally, it must be true that: A. the opportunity cost of studying tonight is less than the value Moe gets from spending time with Curly.B. the opportunity cost of studying tonight is equal to the value Moe gets from spending time with Curly minus the cost of earning a low grade on the exam.C. Moe gets more benefit from spending time with Curly than from studying.D. Moe gets less benefit from spending time with Curly than from studying.50. If one fails to account for implicit costs in decision making, then applying thecost-benefit rule will be flawed because:A. the benefits will be overstated.B. the costs will be understated.C. the benefits will be understated.D. the costs will be overstated.Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450.51. If you do not use the frequent-flyer coupon to fly, should you go to Miami?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the trip.52. What is the opportunity cost of using the coupon for the Miami trip?A. $100B. $450D. $55053. If you use the frequent-flyer coupon to fly to Atlanta, would you get any economic surplus by making the trip?A. No, there is a loss of $50.B. Yes, surplus of $350.C. Yes, surplus of $400.D. Yes, surplus of $100.54. If the Chicago-Atlanta round-trip air fare is $350, should you go to Miami?A. No, there is a loss of $50.B. No, there is a loss of $100.C. Yes, there is economic surplus of $50.D. Yes, there is economic surplus of $400.55. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school children. Childcare for their children costs $12,000 per year. Pat has decided to stay home and take care of the children. Pat must:A. value spending time with the children by more than $25,000.B. value spending time with the children by more than $12,000.C. value spending time with the children by more than $13,000.D. value spending time with the children as much as does Chris.You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. (Assume that you would not have been willing to pay any more than $35 for this concert.) Your boss called and she is looking for someone to cover a shift on Saturday at the same time as the concert. You will have to work 4 hours and she will pay you time and a half, which is $9/hr.56. Should you go to the concert instead of working Saturday?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the concert.57. What is the opportunity cost of going to the concert?A. $1B. $9C. $35D. $3658. What is your opportunity cost, if you go to work on Saturday?A. $0B. $9C. $3559. Your economic surplus of going to work on Saturday is:A. $0B. $1C. $35D. $36Matt has decided to purchase his textbooks for the semester. His options are to purchase the books via the Internet with next day delivery to his home at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.因为他们提供75折的正常价格16美元。
曼昆《经济学原理(微观经济学分册)》课后习题详解(第1篇)
曼昆《经济学原理（微观经济学分册）》课后习题详解（第1篇）第1篇导言第1章经济学十大原理一、概念题1．稀缺性（scarcity）答：经济学研究的问题和经济物品都是以稀缺性为前提的。
稀缺性指在给定的时间内，相对于人的需求而言，经济资源的供给总是不足的，也就是资源的有用性与有限性。
人类消费各种物品的欲望是无限的，满足这种欲望的物品，有的可以不付出任何代价而随意取得，称之为自由物品，如阳光和空气；但绝大多数物品是不能自由取用的，因为世界上的资源（包括物质资源和人力资源）是有限的，这种有限的、为获取它必须付出某种代价的物品，称为“经济物品”。
正因为稀缺性的客观存在，地球上就存在着资源的有限性和人类的欲望与需求的无限性之间的矛盾。
经济学的一个重要研究任务就是：“研究人们如何进行抉择，以便使用稀缺的或有限的生产性资源（土地、劳动、资本品如机器、技术知识）来生产各种商品，并把它们分配给不同的社会成员进行消费。
”也就是从经济学角度来研究使用有限的资源来生产什么、如何生产和为谁生产的问题。
2．经济学（economics）答：经济学是研究如何将稀缺的资源有效地配置给相互竞争的用途，以使人类的欲望得到最大限度满足的科学。
时下经常见诸国内报刊文献的“现代西方经济学”一词，大多也都在这个意义上使用。
自从凯恩斯的名著《就业、利息和货币通论》于1936年发表之后，西方经济学界对经济学的研究便分为两个部分：微观经济学与宏观经济学。
微观经济学是以单个经济主体（作为消费者的单个家庭或个人，作为生产者的单个厂商或企业，以及单个产品或生产要素市场）为研究对象，研究单个经济主体面对既定的资源约束时如何进行选择的科学。
宏观经济学则以整个国民经济为研究对象，主要着眼于对经济总量的研究。
3．效率（efficiency）答：效率指人们在实践活动中的产出与投入之比值，或者是效益与成本之比值，如果比值大，效率就高；反之，比值小，效率就低。
效率与产出或者收益的大小成正比，而与成本或投入成反比，也就是说，如果想提高效率，必须降低成本或投入，提高收益或产出。
曼昆《微观经济学》答案(英文版)_Chapter_1~5[1]
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Chapter 1Problems and Applications1. a. A family deciding whether to buy a new car faces a tradeoff between the cost of thecar and other things they might want to buy. For example, buying the car mightmean they must give up going on vacation for the next two years. So the real costof the car is the family's opportunity cost in terms of what they must give up.b. For a member of Congress deciding whether to increase spending on national parks,the tradeoff is between parks and other spending items or tax cuts. If more moneygoes into the park system, that may mean less spending on national defense or on thepolice force. Or, instead of spending more money on the park system, taxes couldbe reduced.c. When a company president decides whether to open a new factory, the decision isbased on whether the new factory will increase the firm's profits compared to otheralternatives. For example, the company could upgrade existing equipment orexpand existing factories. The bottom line is: Which method of expandingproduction will increase profit the most?d. In deciding how much to prepare for class, a professor faces a tradeoff between thevalue of improving the quality of the lecture compared to other things she could dowith her time, such as working on additional research.2. When the benefits of something are psychological, such as going on a vacation, it isn't easy tocompare benefits to costs to determine if it's worth doing. But there are two ways to think about the benefits. One is to compare the vacation with what you would do in its place. If you didn't go on vacation, would you buy something like a new set of golf clubs? Then you can decide if you'd rather have the new clubs or the vacation. A second way is to think about how much work you had to do to earn the money to pay for the vacation; then you can decide if the psychological benefits of the vacation were worth the psychological cost of working.3. If you are thinking of going skiing instead of working at your part-time job, the cost of skiingincludes its monetary and time costs, plus the opportunity cost of the wages you're giving up by not working. If the choice is between skiing and going to the library to study, then the cost of skiing is its monetary and time costs plus the cost to you of getting a lower grade in your course.4. If you spend $100 now instead of investing it for a year and earning 5 percent interest, youare giving up the opportunity to spend $105 a year from now. The idea that money has a time value is the basis for the field of finance, the subfield of economics that has to do with prices of financial instruments like stocks and bonds.5. The fact that you've already sunk $5 million isn't relevant to your decision anymore, sincethat money is gone. What matters now is the chance to earn profits at the margin. If you spend another $1 million and can generate sales of $3 million, you'll earn $2 million in marginal profit, so you should do so. You are right to think that the project has lost a total of $3 million ($6 million in costs and only $3 million in revenue) and you shouldn't have started it. That's true, but if you don't spend the additional $1 million, you won't have any sales and your losses will be $5 million. So what matters is not the total profit, but the profit you can earn at the margin. In fact, you'd pay up to $3 million to complete development; any more than that, and you won't be increasing profit at the margin.6. Harry suggests looking at whether productivity would rise or fall. Productivity is certainlyimportant, since the more productive workers are, the lower the cost per gallon of potion.Harry wants to look at average cost. But both Harry and Ron are missing the other side of the equation−revenue. A firm wants to maximize its profits, so it needs to examine both costs and revenues. Thus, Hermione is right−it’s best to examine whether the extra revenue would exceed the extra costs. In addition, Hermione is the only one who’s thinking at the margin.7. a. Since a person gets fewer after-tax Social Security benefits the greater is his or herincome, there's an incentive not to save for retirement. If you save a lot, yourincome will be higher, and you won't get as much after-tax Social Security income assomeone who didn't save as much. The unintended consequence of the taxation ofSocial Security benefits is to reduce saving; yet the Social Security system arosebecause of worries that people wouldn’t save enough for retirement.b. For the same reason, you'll tend not to work (or not work as much) after age 65.The more you work, the lower your after-tax Social Security benefits will be. Thusthe taxation of Social Security benefits discourages work effort after age 65.8. a. When welfare recipients who are able to work have their benefits cut off after twoyears, they have greater incentive to find jobs than if their benefits were to lastforever.b. The loss of benefits means that someone who can't find a job will get no income atall, so the distribution of income will become less equal. But the economy will bemore efficient, since welfare recipients have a greater incentive to find jobs. Thusthe change in the law is one that increases efficiency but reduces equity.9. By specializing in each task, you and your roommate can finish the chores more quickly. Ifyou divided each task equally, it would take you more time to cook than it would take your roommate, and it would take him more time to clean than it would take you. By specializing, you reduce the total time spent on chores.Similarly, countries can specialize and trade, making both better off. For example, suppose it takes Spanish workers less time to make clothes than French workers, and French workers can make wine more efficiently than Spanish workers. Then Spain and France can both benefit if Spanish workers produce all the clothes and French workers produce all the wine, and they exchange some wine for some clothes.10. a. Being a central planner is tough! To produce the right number of CDs by the rightartists and deliver them to the right people requires an enormous amount ofinformation. You need to know about production techniques and costs in the CDindustry. You need to know each person's musical tastes and which artists theywant to hear. If you make the wrong decisions, you'll be producing too many CDsby artists that people don't want to hear, and not enough by others.b. Your decisions about how many CDs to produce carry over to other decisions. Youhave to make the right number of CD players for people to use. If you make toomany CDs and not enough cassette tapes, people with cassette players will be stuckwith CDs they can't play. The probability of making mistakes is very high. Youwill also be faced with tough choices about the music industry compared to otherparts of the economy. If you produce more sports equipment, you'll have fewerresources for making CDs. So all decisions about the economy influence yourdecisions about CD production.11. a. Efficiency: The market failure comes from the monopoly by the cable TV firm.b. Equityc. Efficiency: An externality arises because secondhand smoke harms nonsmokers.d. Efficiency: The market failure occurs because of Standard Oil's monopoly power.e. Equityf. Efficiency: There's an externality because of accidents caused by drunk drivers.12. a. If everyone were guaranteed the best health care possible, much more of our nation'soutput would be devoted to medical care than is now the case. Would that beefficient? If you think that currently doctors form a monopoly and restrict healthcare to keep their incomes high, you might think efficiency would increase byproviding more health care. But more likely, if the government mandated increasedspending on health care, the economy would be less efficient because it would givepeople more health care than they would choose to pay for. From the point of viewof equity, if poor people are less likely to have adequate health care, providing morehealth care would represent an improvement. Each person would have a more evenslice of the economic pie, though the pie would consist of more health care and lessof other goods.b. When workers are laid off, equity considerations argue for the unemploymentbenefits system to provide them with some income until they can find new jobs.After all, no one plans to be laid off, so unemployment benefits are a form ofinsurance. But there’s an efficiency problem why work if you can get income fordoing nothing? The economy isn’t o perating efficiently if people remainunemployed for a long time, and unemployment benefits encourage unemployment.Thus, there’s a tradeoff between equity and efficiency. The more generous areunemployment benefits, the less income is lost by an unemployed person, but themore that person is encouraged to remain unemployed. So greater equity reducesefficiency.13. Since average income in the United States has roughly doubled every 35 years, we are likelyto have a better standard of living than our parents, and a much better standard of living than our grandparents. This is mainly the result of increased productivity, so that an hour of work produces more goods and services than it used to. Thus incomes have continuously risen over time, as has the standard of living.14. If Americans save more and it leads to more spending on factories, there will be an increasein production and productivity, since the same number of workers will have more equipment to work with. The benefits from higher productivity will go to both the workers, who will get paid more since they're producing more, and the factory owners, who will get a return on their investments. There's no such thing as a free lunch, though, because when people save more, they're giving up spending. They get higher incomes at the cost of buying fewer goods.15. a. If people have more money, they're probably going to spend more on goods andservices.b. If prices are sticky, and people spend more on goods and services, then output mayincrease, as producers increase output to meet the higher demand rather than raisingprices.c. If prices can adjust, then people's higher spending will be matched with increasedprices, and output won't rise.16. To make an intelligent decision about whether to reduce inflation, a policymaker would needto know what causes inflation and unemployment, as well as what determines the tradeoff between them. Because prices are sticky, an attempt to reduce inflation will lead to higher unemployment. A policymaker thus faces a tradeoff between the benefits of lower inflation compared to the cost of higher unemployment.Chapter 2Problems and Applications1. Many answers are possible.2. a. Steel is a fairly uniform commodity, though some firms produce steel of inferiorquality.b. Novels are each unique, so they are quite distinguishable.c. Wheat produced by one farmer is completely indistinguishable from wheat producedby another.d. Fast food is more distinguishable than steel or wheat, but certainly not as much asnovels.3. See Figure 2-5; the four transactions are shown.Figure 2-54. a. Figure 2-6 shows a production possibilities frontier between guns and butter. It isbowed out because when most of the economy’s resources are being used to pr oducebutter, the frontier is steep and when most of the economy’s resources are being usedto produce guns, the frontier is very flat. When the economy is producing a lot ofguns, workers and machines best suited to making butter are being used to makeguns, so each unit of guns given up yields a large increase in the production of butter;thus the production possibilities frontier is flat. When the economy is producing alot of butter, workers and machines best suited to making guns are being used tomake butter, so each unit of guns given up yields a small increase in the productionof butter; thus the production possibilities frontier is steep.b. Point A is impossible for the economy to achieve; it is outside the productionpossibilities frontier. Point B is feasible but inefficient because it’s inside theproduction possibilities frontier.Figure 2-6c. The Hawks might choose a point like H, with many guns and not much butter. TheDoves might choose a point like D, with a lot of butter and few guns.d. If both Hawks and Doves reduced their desired quantity of guns by the same amount,the Hawks would get a bigger peace dividend because the production possibilitiesfrontier is much steeper at point H than at point D. As a result, the reduction of agiven number of guns, starting at point H, leads to a much larger increase in thequantity of butter produced than when starting at point D.5. See Figure 2-7. The shape and position of the frontier depend on how costly it is to maintaina clean environment the productivity of the environmental industry. Gains inenvironmental productivity, such as the development of a no-emission auto engine, lead to shifts of the production-possibilities frontier, like the shift from PPF1 to PPF2 shown in the figure.Figure 2-76. a. A family’s decision about how much income to save is microeconomics.b. The effect of government regulations on auto emissions is microeconomics.c. The impact of higher saving on economic growth is macroeconomics.d. A f irm’s decision about how many workers to hire is microeconomics.e. The relationship between the inflation rate and changes in the quantity of money ismacroeconomics.7. a. The statement that society faces a short-run tradeoff between inflation andunemployment is a positive statement. It deals with how the economy is, not how itshould be. Since economists have examined data and found that there’s a short-runnegative relationship between inflation and unemployment, the statement is a fact,thus it’s a positive statement.b. The statement that a reduction in the rate of growth of money will reduce the rate ofinflation is a positive statement. Economists have found that money growth andinflation are very closely related. The statement thus tells how the world is, and soit is a positive statement.c. The statement that the Federal Reserve should reduce the rate of growth of money isa normative statement. It states an opinion about something that should be done,not how the world is.d. The statement that society ought to require welfare recipients to look for jobs is anormative statement. It doesn’t state a fact about how the world is. Instead, it is astatement of how the world should be and is thus a normative statement.e. The statement that lower tax rates encourage more work and more saving is apositive statement. Economists have studied the relationship between tax rates andwork, as well as the relationship between tax rates and saving. They’ve found anegative relationship in both cases. So the statement reflects how the world is, andis thus a positive statement.8. Two of the statements in Table 2-2 are clearly normative. They are: “5. If the federalbudget is to be balanced, it should be done over the business cycle rather th an yearly” and “9.The government should restructure the welfare system along the lines of a ‘negative income tax.’” Both are suggestions of changes that should be made, rather than statements of fact, so they are clearly normative statements.The other statements in the table are positive. All the statements concern how the world is, not how the world should be. Note that in all cases, even though they’re statements of fact, fewer than 100 percent of economists agree with them. You could say that positive statements are statements of fact about how the world is, but not everyone agrees about what the facts are.9. As the president, you’d be interested in both the positive and normative views of economists,but you’d probably be most interested in their positive views. Economists are on your staff to provide their expertise about how the economy works. They know many facts about the economy and the interaction of different sectors. So you’d be most likely to call on them about questions of fact posit ive analysis. Since you’re the president, you’re the one who has the make the normative statements as to what should be done, with an eye to the political consequences. The normative statements made by economists represent their views, not necessarily ei ther your’s or the electorate’s.10. There are many possible answers.11. As of this writing, the chairman of the Federal Reserve is Alan Greenspan, the chair of theCouncil of Economic Advisers is Martin N. Baily, and the secretary of the treasury is Larry Summers.12. There are many possible answers.13. As time goes on, you might expect economists to disagree less about public policy becausethey’ll have opportunities to observe different policies that are put into place. As new policies are tried, their results will become known, and they can be evaluated better. It’s likely that the disagreement about them will be reduced after they’ve been tried in practice.For example, many economists thought that wage and price controls would be a good idea for keeping inflation under control, while others thought it was a bad idea. But when the controls were tried in the early 1970s, the results were disastrous. The controls interfered with the invisible hand of the marketplace and shortages developed in many products. As a result, most economists are now convinced that wage and price controls are a bad idea for controlling inflation.But it’s unlikely that the differences between economists will ever be completely eliminated.Economists differ on too many aspects of how the world works. Plus, even as some policies get tried out and are either accepted or rejected, creative economists keep coming up with new ideas.Chapter 3Problems and Applications1. In the text example of the farmer and the rancher, the farmer’s opportunity cost of producingone pound of meat is two pounds of potatoes because for every 20 hours of work, he can produce one pound of meat or two pounds of potatoes. With limited time at his disposal, producing a pound of meat means he gives up the opportunity to produce two pounds of potatoes. Similarly, the rancher’s opportunity cost of producing one pound of meat is 1/8 pound of potatoes because for every hour of work, she can produce one pound of meat or 1/8 pound of potatoes. With limited time at her disposal, producing a pound of meat means she gives up the opportunity to produce 1/8 pound of potatoes.2. a. See Figure 3-2. If Maria spends all five hours studying economics, she can read100 pages, so that is the vertical intercept of the production possibilities frontier. Ifshe spends all five hours studying sociology, she can read 250 pages, so that is thehorizontal intercept. The time costs are constant, so the production possibilitiesfrontier is a straight line.Figure 3-2b. It takes Maria two hours to read 100 pages of sociology. In that time, she couldread 40 pages of economics. So the opportunity cost of 100 pages of sociology is40 pages of economics.3. a.Workers needed to make:One Car One Ton of GrainU.S. 1/4 1/10Japan 1/4 1/5b. See Figure 3-3. With 100 million workers and four cars per worker, if eithereconomy were devoted completely to cars, it could make 400 million cars. Since aU.S. worker can produce 10 tons of grain, if the U.S. produced only grain it wouldproduce 1,000 million tons. Since a Japanese worker can produce 5 tons of grain, ifJapan produced only grain it would produce 500 million tons. These are theintercepts of the production possibilities frontiers shown in the figure. Note thatsince the tradeoff between cars and grain is constant, the production possibilitiesfrontier is a straight line.Figure 3-3c. Since a U.S. worker produces either 4 cars or 10 tons of grain, the opportunity cost of1 car is 2½ tons of grain, which is 10 divided by 4. Since a Japanese workerproduces either 4 cars or 5 tons of grain, the opportunity cost of 1 car is1 1/4 tons of grain, which is 5 divided by 4. Similarly, the U.S. opportunity cost of1 ton of grain is 2/5 cars (4 divided by 10) and the Japanese opportunity cost of 1 tonof grain is 4/5 cars (4 divided by 5). This gives the following table:Opportunity Cost of:1 Car (in terms of tons ofgrain given up) 1 Ton of Grain (in terms ofcars given up)U.S. 2 1/2 2/5Japan 1 1/4 4/5d. Neither country has an absolute advantage in producing cars, since they’re equallyproductive (the same output per worker); the U.S. has an absolute advantage in producing grain, since it’s more productive (greater output per worker).e. Japan has a comparative advantage in producing cars, since it has a loweropportunity cost in terms of grain given up. The U.S. has a comparative advantage in producing grain, since it has a lower opportunity cost in terms of cars given up. f. With half the workers in each country producing each of the goods, the U.S. wouldproduce 200 million cars (that’s 50 million workers times 4 cars each) and 500 million tons of grain (50 million workers times 10 tons each). Japan would produce 200 million cars (50 million workers times 4 cars each) and 250 million tons of grain(50 million workers times 5 tons each).g. From any situation with no trade, in which each country is producing some cars andsome grain, suppose the U.S. changed 1 worker from producing cars to producinggrain. That worker would produce 4 fewer cars and 10 additional tons of grain.Then suppose the U.S. offers to trade 7 tons of grain to Japan for 4 cars. The U.S.will do this because it values 4 cars at 10 tons of grain, so it will be better off if thetrade goes through. Suppose Japan changes 1 worker from producing grain toproducing cars. That worker would produce 4 more cars and 5 fewer tons of grain.Japan will take the trade because it values 4 cars at 5 tons of grain, so it will be betteroff. With the trade and the change of 1 worker in both the U.S. and Japan, eachcountry gets the same amount of cars as before and both get additional tons of grain(3 for the U.S. and 2 for Japan). Thus by trading and changing their production,both countries are better off.4. a. Pat’s opportunity cost of making a pizza is 1/2 gallon of root beer, since she couldbrew 1/2 gallon in the time (2 hours) it takes her to make a pizza. Pat has anabsolute advantage in making pizza since she can make one in two hours, while ittakes Kris four hours. Kris’s opportunity cost of making a pizza is 2/3 gallons ofroot beer, since she could brew 2/3 of a gallon in the time (4 hours) it takes her tomake a pizza. Since Pa t’s opportunity cost of making pizza is less than Kris’s, Pathas a comparative advantage in making pizza.b. Since Pat has a comparative advantage in making pizza, she will make pizza andexchange it for root beer that Kris makes.c. The highest price of pizza in terms of root beer that will make both roommates betteroff is 2/3 gallons of root beer. If the price were higher than that, then Kris wouldprefer making her own pizza (at an opportunity cost of 2/3 gallons of root beer)rather than trading for pizza that Pat makes. The lowest price of pizza in terms ofroot beer that will make both roommates better off is 1/2 gallon of root beer. If theprice were lower than that, then Pat would prefer making her own root beer (she canmake 1/2 gallon of root beer instead of making a pizza) rather than trading for rootbeer that Kris makes.5. a. Since a Canadian worker can make either two cars a year or 30 bushels of wheat, theopportunity cost of a car is 15 bushels of wheat. Similarly, the opportunity cost of abushel of wheat is 1/15 of a car. The opportunity costs are the reciprocals of eachother.b. See Figure 3-4. If all 10 million workers produce two cars each, they produce atotal of 20 million cars, which is the vertical intercept of the production possibilitiesfrontier. If all 10 million workers produce 30 bushels of wheat each, they produce atotal of 300 million bushels, which is the horizontal intercept of the productionpossibilities frontier. Since the tradeoff between cars and wheat is always the same,the production possibilities frontier is a straight line.If Canada chooses to consume 10 million cars, it will need 5 million workers devotedto car production. That leaves 5 million workers to produce wheat, who willproduce a total of 150 million bushels (5 million workers times 30 bushels perworker). This is shown as point A on Figure 3-4.c. If the United States buys 10 million cars from Canada and Canada continues toconsume 10 million cars, then Canada will need to produce a total of 20 million cars.So Canada will be producing at the vertical intercept of the production possibilitiesfrontier. But if Canada gets 20 bushels of wheat per car, it will be able to consume200 million bushels of wheat, along with the 10 million cars. This is shown as pointB in the figure. Canada should accept the deal because it gets the same number ofcars and 50 million more bushes of wheat.Figure 3-46. Though the professor could do both writing and data collection faster than the student (that is,he has an absolute advantage in both), his time is limited. If the professor’s comparative advantage is in writing, it makes sense for him to pay a student to collect the data, since that’s the student’s comparative advantage.7. a. English workers have an absolute advantage over Scottish workers in producingscones, since English workers produce more scones per hour (50 vs. 40). Scottishworkers have an absolute advantage over English workers in producing sweaters,since Scottish workers produce more sweaters per hour (2 vs. 1). Comparativeadvantage runs the same way. English workers, who have an opportunity cost of1/50 sweaters per scone (1 sweater per hour divided by 50 scones per hour), have acomparative advantage in scone production over Scottish workers, who have anopportunity cost of 1/20 sweater per scone (2 sweaters per hour divided by 40 sconesper hour). Scottish workers, who have an opportunity cost of 20 scones per sweater(40 scones per hour divided by 2 sweaters per hour), have a comparative advantagein sweater production over English workers, who have an opportunity cost of 50scones per sweater (50 scones per hour divided by 1 sweater per hour).b. If England and Scotland decide to trade, Scotland will produce sweaters and tradethem for scones produced in England. A trade with a price between 20 and 50scones per sweater will benefit both countries, as they’ll be getting the traded good ata lower price than their opportunity cost of producing the good in their own country.c. Even if a Scottish worker produced just one sweater per hour, the countries wouldstill gain from trade, because Scotland would still have a comparative advantage inproducing sweaters. Its opportunity cost for sweaters would be higher than before(40 scones per sweater, instead of 20 scones per sweater before). But there are stillgains from trade since England has a higher opportunity cost (50 scones per sweater).。
微观经济学英文版1-8章自测题及答案
微观经济学英⽂版1-8章⾃测题及答案第⼀章1. Beth’s friends want to take her to a movie or a play for her birthday. Beth chooses to attend the play. We know that:a. Beth has made an irrational decision.b. not seeing the movie is Beth’s opportunity cost of attending the play.c. Beth did not make a decision at the margin.d. seeing the play did not cost Beth anything since she did not have to pay for the ticket.2. A market economy relies ona. decentralized choices coordinated by Adam Smith’s “invisible hand.”b. centralized choices coordin ated by Adam Smith’s “invisible hand.”c. decentralized choices coordinated by the “visible hand” of authority.d. centralized choices coordinated by the “visible hand” of authority.3. Which of the following is an example of market power?a. Elaine engages in less research than she would if the government were to subsidize her research activities.b. Mark’s company charges a higher price for its product because government regulations force the company to clean-up its emissions into a local waterway.c. Because of the high cost of gasoline, Jennifer buys a smaller, more fuel-efficient car.d. The town’s only cable company charges a higher price than it would if it faced competition from other firms.4. Government regulation of the economy may be beneficial if:a. externalities exist.b. there is too much competition.c. there is no market power.d. special interest groups act to influence government policy.5. Which of the following variables is the key ingredient in improving the standard of living of the average citizen?a. low inflationb. low unemployment ratesc. productivity increasesd. population growth6. Externalities occur whena. one person’s actions affect the well-being of a bystander.b. the government imposes taxes.c. increases in the price of oil cause gasoline prices to rise.d. higher wages result in increased spending.7. Which of the following are NOT examples of market failure?b. BUU is the sole provider of long-distance for the United States.c. As a result of its production processes, REA Corporation emits two tons of air pollutants daily.d. None of the above.8. Government intervention in the marketplacea. always benefits society.b. always harms society.c. may either benefit or harm society depending on the type and extent of government intervention.d. is rarely influenced by political considerations.9. Trade between two countriesa. makes both countries better off.b. can benefit one country but not both.c. causes one country to gain and the other country to lose.d. is a zero-sum game.10. Inflation refers toa. a continuing decrease in the overall level of prices in the economy.b. an increase in the overall level of prices in the economy.c. a persistent increase in the amount of goods which can be purchased with a given amount of money.d. an increase in some individual prices in the economy.11. In most cases, high or persistent inflation is caused by:a. too rapid growth in the quantity of money.b. a reduction in the quantity of money.c. an increase in unemployment.d. an increase in productivity.12. To say that people make decisions at the margin means that theya. wait until the last minute before making a decision.b. weigh the additional costs and additional benefits of small changes.c. make decisions that determine whether or not they will live their lives on the edge of subsistence.d. make decisions on issues that are relatively unimportant for their economic well-being.13. According to the Phillips curve,a. there is no tradeoff between inflation and unemployment.b. if inflation increases, so does unemployment.c. increases in unemployment are associated with a rise in prices.14. When economists say that individuals respond to incentives, they mean thata. if the benefit of an activity increases, people will engage in more of that activity.b. once individuals have made a mistake, they will never make the same mistake again.c. individuals act very quickly when faced with a problem.d. individuals respond to positive stimuli, but not to negative stimuli.15. Economics is primarily the study ofa. how to make money in the stock market.b. how to operate a business successfully.c. how society manages its scarce resources.d. the methods that government might use to transform a scarce good into an economic good.16. What ever must be given up to obtain some item isa. an explicit cost.b. an opportunity cost.c. an historical cost.d. an accounting cost.17. Scarcity arises because ofa. limited resources.b. poverty.c. too little money in an economy.d. government inefficiencies.18. “There is no such thing as a free lunch.” This expression meansa. no decision is cost-free.b. if Jan and Jim go out to eat lunch, one of them must pay for the lunch or the restaurant will call the police.c. while some actions involve a cost, others do not.d. that scarcity exists in some situations, but does not in others.参考答案：1.b2.a3.d4.a5.c6.a7.d8.c11.a 12.b 13.d 14.a 15.c 16.b 17.a 18.a第⼆章1. Economists use assumptionsa. to make the real world easier to understand.b. to make their models more accurately reflect the real world.c. to make their models more complex.d. to make it more difficult to understand how the real world operates.2. Which of the following is an example of a normative economic statement?a. If the economy is experiencing full employment, a large tax cut will create inflation.b. An increase in the government’s budget deficit will cause an increase in interest rates.c. A decrease in the minimum wage will decrease unemployment among teens.d. The federal government should increase spending on education.3. A technological advance or an increase in the factors of production is represented asa. a shift of the production possibilities frontier in towards the origin.b. a shift of the production possibilities frontier away from the origin.c. a movement down the production possibilities frontier.d. a movement up the production possibilities frontier.4. Microeconomics is the study ofa. how households and firms make decisions and how they interact in the market.b. economy-wide phenomena.c. inflation, unemployment, and economic growth.d. the impact of government actions on the economy.5. Macroeconomics is concerned primarily witha. the way things are produced.b. the prices of particular goods and services.c. the behavior of consumers.d. the study of economy-wide phenomena.6. According to the circular flow modela. in the market for goods and services, households are buyers and firms are sellers.b. the market for goods and services, households are sellers and firms are buyers.c. in the market for factors of production, households are buyers and firms are sellers.d. firms are the owners of the factors of production.7. A production possibilities frontier showsa. the prices at which alternative goods will be produced.c. the tax revenue a government receives at various tax rates.d. the various combinations of two goods a country can produce with its factors of production and the available production technology.8. Which of the following is a statement of positive economics?a. Income taxes should be reduced in order to increase economic growth.b. A reduction in tax rates will increase the after-tax incomes of the rich.c. Tax rates ought to be reduced so that people will work more.d. All people who are on welfare for more than 24 months should be required to work.9. In the circular-flow model, households receive income in the form of:a. wages only.b. wages and rent.c. wages and rent and profit.d. rent only.10. A good economic model such as supply and demand is like a road map becausea. it omits many details to allow us to use only pertinent information.b. it accurately depicts all the details of the real-world.c. it is complex enough that only those with high intellect can understand it.d. it makes little use of assumptions.参考答案：1.a2.d3.b4.a5.d6.a7.d8.b9.c 10.a第三章1. Mary can produce housing at a lower opportunity cost than Joan. Economists would say thata. Mary has the comparative advantage in the production of housing.b. Joan has the comparative advantage in the production of housing.c. Mary has the absolute advantage in the production of housing.d. Joan has the absolute advantage in the production of housing.2. When trade takes placeb. one pa rty must gain at the other party’s expense.c. both parties can be better off.d. one party will gain and the other party will be neither better nor worse off.3. The average worker in the United States can produce 20 tons of coal or 10 tons of iron per hour. The average worker in Canada can produce either 10 tons of coal or 10 tons of iron per hour. The United States has a comparative advantage in the production ofa. iron.b. coal.c. both iron and coal.d. neither iron nor coal.4. If Brazil can produce more shoes with one hour of labor than Argentina, which of the following is necessarily true?a. Brazil has a comparative advantage in the production of shoes.b. Brazil exports shoes to Argentina if there is free trade.c. Brazil has an absolute advantage in the production of shoes.d. All of the above are true.5. Comparative advantage describes the situation wherea. one producer has more resources than another producer.b. a producer produces more output than another producer.c. the opportunity cost of producing a good is smaller for one producer than for a second producer.d. the opportunity cost of producing a good is the same for both producers.6. With trade, a country’s set of consumption opportunities liesa. inside the production possibility frontier.b. outside the production possibility frontier.c. at the same point as the production possibility frontier.d. inside the production possibilities frontier at some points and on the production possibilities frontier at other points.7. In France each unit of labor can produce 3 bottles of wine or 2 shirts. In Portugal each unit of labor can produce 2 bottles of wine or 1 shirt. Which country has a comparative advantage in producing wine?a. Franceb. Portugalc. Both France and Portugal.d. Neither France nor Portugal.8. If Argentina produces shirts with a smaller sacrifice of shoes than Brazil,a. Argentina has an absolute advantage in shirt production.b. Brazil has an absolute advantage in shirt production.9. A country should specialize in the production of those goodsa. that have the highest price.b. that use the most labor.c. for which a country has an absolute advantage.d. for which a country has a comparative advantage.10. Which of the following is true when countries specialize according to their comparative advantage?a. It is possible to increase world output of all goods.b. It is possible to increase world output of some goods only by reducing the output of others.c. One country is likely to gain from trade while others lose.d. All countries will lose from trade.参考答案：1.a2.c3.b4.c5.c6.b7.b8.d9.d 10.a第四章1. Which of the following is a characteristic of perfect competition?a. A single seller.b. A small number of buyers.c. Buyers and sellers are price setters.d. Buyers and sellers are price takers.2. A decrease in the price of pizza willa. decrease the quantity of pizza demanded.b. increase the quantity of pizza demanded.c. decrease the demand for pizza.d. increase the demand for pizza.3. When income increases, purchases of houses increase. This meansb. there has been a movement down the demand curve for housing.c. the demand curve for housing has shifted leftward.d. there has been a movement up the demand curve for housing.4. Suppose oranges are currently selling for $2.00 per pound. The equilibrium price of oranges is $1.56 per pound. We would expecta. a shortage to exist and the market price of oranges to increase.b. a shortage to exist and the market price of oranges to decrease.c. a surplus to exist and the market price of oranges to increase.d. a surplus to exist and the market price of oranges to decrease.5. Suppose the price of Coke increases. What would happen to the equilibrium price and quantity of Pepsi?a. Both the equilibrium price and quantity of Pepsi would increase.b. Both the equilibrium price and quantity of Pepsi would decrease.c. The equilibrium price of Pepsi would increase, and the equilibrium quantity of Pepsi would decrease.d. The equilibrium price of Pepsi would decrease, and the equilibrium quantity of Pepsi would increase.6. Suppose there is an advance in technology that allows the automobile industry to manufacture automobiles more cheaply. We would expecta. an increase in both the equilibrium price and the equilibrium quantity of automobiles.b. a decrease in both the equilibrium price and the equilibrium quantity of automobiles.c. an increase in the equilibrium price and a decrease in equilibrium quantity of automobiles.d. a decrease in the equilibrium price and an increase in the equilibrium quantity of automobiles.7. When both supply and demand increasea. equilibrium price rises, and so does equilibrium quantity.b. equilibrium price falls, but equilibrium quantity rises.c. equilibrium quantity rises.d. it is impossible to speculate about the results for equilibrium price or equilibrium quantity.8. Because cars and gasoline are complements, an increase in the price of gasoline willa. increase the demand for cars.b. decrease the demand for cars.c. increase the demand for gasoline.d. decrease the demand for gasoline.9. A change in which of the following will cause a movement along the supply curve?b. a change in taxesc. a change in expectations about future pricesd. a change in the price of the good10. Suppose the price of land increases. At the same time, income increases. What would happen to the equilibrium price and quantity of housing?a. Equilibrium price will decrease. We cannot predict what will happen to equilibrium quantity.b. Equilibrium price will increase. We cannot predict what will happen to equilibrium quantity.c. Equilibrium quantity will decrease. We cannot predict what will happen to equilibrium price.d. Equilibrium quantity will increase. We cannot predict what will happen to equilibrium price.参考答案：1.d2.b3.a4.d5.a6.d7.c8.b9.d 10.b第五章1. Which of the following statements is correct?a. The demand for luxuries tends to be more elastic than the demand for necessities.Correct. Demand for luxuries can be more sensitive to price changes.b. If there are no close substitutes for a good, demand will be very elastic.c. The shorter the time period, the more elastic is demand.d. Ho w a good’s market is defined has no impact on the good’s elasticity.2. If the quantity of movie tickets sold decreases by 20 percent when the price increases by 10 percent, demand over this price range is:a. inelastic.b. elastic.c. perfectly inelastic.3. Given that the demand for cocaine is inelastic, how will a reduction in supply affect totalrevenue of those selling this drug (other things equal)?a. Total revenue will rise.b. Total revenue will fall.c. Total revenue will not change.d. The effect on total revenue cannot be predicted.4. The local movie theater lowers admission prices in an attempt to increase its revenues. The managers of the theater must believe demand to bea. unit price elastic.b. perfectly price inelastic.c. price elastic.d. price inelastic.5. The income elasticity of demand for good X is estimated to be -0.5. This suggests that good X isa. a complementary good.b. a substitute good.c. a normal good.d. an inferior good.6. Suppose the cross-price elasticity of demand is a negative number. We know thata. the two goods are complements.b. the two goods are substitutes.c. the two goods are inferior goods.d. the two goods are normal goods.7. If the percentage change in the quantity supplied of a good is less than the percentage change in price, then supply of the good isa. elastic.b. inelastic.c. normal.d. inferior.8. Suppose the supply curve for a good is vertical. We know that supply isa. price elastic.b. perfectly price inelastic.d. perfectly price elastic.9. If the price of one dozen eggs increases from $1.60 to $2.00, quantity demanded will decrease from 600 to 400. The elasticity of demand for eggs (using the mid-point formula) isa. 0.8.b. 1.8.c. 11.26.d. 1.9.10. The cross-price elasticity of Toyotas and Nissans is a positive number. This would indicate that Toyotas and Nissans area. substitutes.b. complements.c. luxuries.d. necessities.参考答案：1.a2.b3.a4.c5.d6.a7.b8.b9.b 10.a第六章1. A shortage will occur ifa. a price ceiling is set above the equilibrium price.b. a price ceiling is set below the equilibrium price.c. a price floor is set above the equilibrium price.d. a price floor is set below the equilibrium price.2. If the government establishes a legal price floor for a good, the result will be a(n):a. shortage of the good, but only if the floor is equal to the equilibrium price.b. surplus of the good, but only if the floor is above the equilibrium price.c. surplus of the good, but only if the floor is below the equilibrium price.d. shortage of the good, but only if the floor is above the equilibrium price.3. If a price ceiling above the equilibrium price is imposed on gasoline, which of the following will result?a. There will be a surplus of gasoline.b. The quantity demanded will exceed the quantity supplied.c. The quantity supplied will exceed the quantity demanded.d. The quantity of gasoline demanded will equal the quantity of gasoline supplied.4. A price ceiling isa. a legal maximum price at which a good can be sold.b. a legal minimum price at which a good can be sold.c. typically equal to the equilibrium price of a good.d. a price set by government that varies with market conditions.5. A wage is the price for labor. A minimum wage set above equilibrium wage would be an example of:a. a price ceiling.b. a price floor.c. a gap in prices or wages.d. a wage settlement.6. Tax incidence deals witha. the level of taxable income.b. the level of taxation on sales.c. the dollar amount of incidental taxes.d. who bears the burden of a tax.7. Sellers pay more of a tax imposed on a good whena. the demand for the good is more inelastic.b. the supply of the good is more elastic.c. the supply of the good is less elastic.d. the supply of and the demand for the good have the same elasticity.8. Assume the government wants to impose a tax on wine. It wants to minimize the negative impact the tax has on consumers in the form of higher prices. It will achieve this goal ifa. demand is relatively elastic.b. demand is relatively inelastic.c. supply is relatively elastic.d. the supply curve and the demand curve for wine have the same elasticity.9. If the tax on bottled water were raised by $1 per bottle, we would expecta. buyers to bear the entire tax in the form of higher prices.b. sellers to bear the tax in the form of lower prices.c. part of the tax to fall on buyers in the form of higher prices, and part of the tax to fall on sellers in the form of lower prices.d. government revenues to fall.10. A law requiring sellers to pay the government a tax on cigarettes has the effect ofa. shifting the supply curve to the right.b. changing the slope of the supply curve.c. shifting the supply curve to the left.d. changing the slope of the demand curve.参考答案：1. b2.b3.d4.a5.b6.d7.c8.a9.c 10.c第七章1. The difference between the amount a seller is paid for a good and the cost of producing that good is known asa. net social cost.b. producer surplus.c. consumer surplus.d. total utility.2. Markets will NOT allocate resources efficiently ifa. there are many buyers and sellers.b. there is perfect competition.c. there are externalities.d. the market is allowed to reach equilibrium.3. Micha can provide Albert’s Services a networked computer system at a cost of $500.Albert’s manager will pay her $700 for providing the system. Micha’s producer surplus isa. $700.b. $500.c. $200.d. $0.4. An increase in the price of a good will causea. an increase in producer surplus and a decrease in consumer surplus.b. a decrease in producer surplus and an increase in consumer surplus.c. both producer and consumer surplus to increase.d. both producer and consumer surplus to decrease.5. The study of how the allocation of resources affects economic well-being is calleda. consumer economics.b. macroeconomics.c. welfare economics.d. supply-side economics.6.If a consumer is willing and able to pay $15.00 for a particular good but the price of the good is $17.00, then thea. consumer would have consumer surplus of $2.00.b. consumer would increase his/her willingness and ability to pay by earning more.c. consumer would not purchase the good and would not have any consumer surplus.d. market must not be a perfectly competitive market.7. On a graph, consumer surplus would be the areaa. between the demand and supply curves.b. below the demand curve and above price.c. below the price and above the supply curve.d. below the demand curve to the right of equilibrium price.8. Total surplus in a market is represented by the total areaa. under the demand curve and above the price.b. above the supply curve and up to the equilibrium price.c. under price and up to the point of equilibrium.d. between the demand and supply curves up to the point of equilibrium.9. When economists say that markets are efficient, they are assuming that markets area. perfectly competitive.b. not for illegal products.c. regulated by the government.d. monopolistic.10. “Laissez-faire” is a French expression which literally meansa. to make do.b. to get involved.c. whatever works.d. allow them to do.参考答案：1. b2.c3.c4.a5.c6.c7.b8.d9.a 10.d第⼋章1. A tax placed on a product causes the price the buyer paysa. and the price the seller receives to be higher.b. and the price the seller receives to be lower.c. to be lower and the price the seller receives to be higher.d. to be higher and the price the seller receives to be lower.2. Suppose a tax is imposed on the buyers of a product. The burden of the tax will falla. entirely on the buyers.b. entirely on the sellers.c. entirely on the government.d. on both the buyers and the sellers.3. Total tax revenue received by government can be expressed asa. T/Q.b. T＋Q.c. T×Q.d. T－Q.4. When the government places a tax on a producta. the cost of the tax to buyers and sellers will be less than the revenue raised from the tax by the government.b. the cost of the tax to buyers and sellers will equal the revenue raised from the tax by the government.c. the cost of the tax to buyers and sellers exceeds the revenue raised from the tax by the government.d. without additional information, such as the elasticity of demand for this product, it is impossible to compare tax cost with tax revenue.5. Deadweight loss is thea. reduction in total surplus that results from a tax.b. loss of profit to businesses when a tax is imposed.c. reduction in consumer surplus when a tax is placed on buyers.d. decline in government revenue when taxes are reduced in a market.6. A tax has a deadweight loss becausea. it induces the government to spend more.b. it induces buyers to consume less and sellers to produce less.c. it causes a disequilibrium in the market.d. the loss to buyers is greater than the loss to sellers.7. The amount of deadweight loss that will result from a tax is determined by thea. price elasticity of demand and supply.b. number of buyers of the product in the market.c. number of suppliers of the product in the market.d. percentage of the purchase price the tax amounts to.8. The size of the tax and the deadweight loss of a tax area. positively related.b. negatively related.c. independent of each other.d. equal to each other.9. The greater the elasticities of demand and supply thea. smaller the deadweight loss from a tax.b. less intrusive a tax will be on a market.c. greater the deadweight loss from a tax.d. more equitable the distribution of a tax between buyers and sellers.10. If the size of a tax increases, tax revenue willa. increase.b. decrease.c. remain the same.d. increase, then decrease.参考答案：1.d2.d3.c4.c5.a6.b7.a8.a9.c 10.d。
曼昆微观经济学第一章课后答案
．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
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。
明专业化和贸易如何使两个国家的状况变得更好。
答：我们俩各自承担自己擅长的工作比我们平均分摊两种家务时，我要花费的时间少了，因为娴熟的技巧使
工作效率提高。
举例：假设A 国比B 国擅长生产丝绸，而B 国生产皮毛制品的效率比A 国高，如果A 国专门生产丝绸，B
国专门生产皮毛制品，由于它们各自在相关生产上的优势，会使两种商品的生产率提高，有更多的丝绸和皮毛制
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
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曼昆微观经济学英文版课后练习题第一章————————————————————————————————作者：————————————————————————————————日期：11Chapter 1Ten Principles of EconomicsMultiple Choice1. The word that comes from the Greek word for "one who manages a household" isa. market.b. consumer.c. producer.d. economy.ANS: D DIF: 1 REF: 1-0TOP: Economy MSC: Definitional2. The word “economy” comes from the Greek word oikonomos , which meansa. “environment.”b. “production.”c. “one who manages a household.”d. “one who makes decisions.”ANS: C DIF: 1 REF: 1-0TOP: Economy MSC: Definitional3. Resources area. scarce for households but plentiful for economies.b. plentiful for households but scarce for economies.c. scarce for households and scarce for economies.d. plentiful for households and plentiful for economies.ANS: C DIF: 1 REF: 1-0TOP: Resources, Scarcity MSC: Interpretive4. Economics deals primarily with the concept ofa. scarcity.b. poverty.c. change.d. power.ANS: A DIF: 1 REF: 1-0TOP: Scarcity MSC: Definitional5. Which of the following questions is not answered by the decisions that every society must make?a. What determines consumer preferences?b. What goods will be produced?c. Who will produce the goods?d. Who will consume the goods?ANS: A DIF: 2 REF: 1-0TOP: Economies MSC: Interpretive6. The overriding reason as to why households and societies face many decisions is thata. resources are scarce.b. goods and services are not scarce.c. incomes fluctuate with business cycles.d. people, by nature, tend to disagree.ANS: A DIF: 2 REF: 1-0TOP: Scarcity MSC: Interpretive7. The phenomenon of scarcity stems from the fact thata. most economies’ production methods are not very good.b. in most economies, wealthy people consume disproportionate quantities of goods and services.c. governments restricts production of too many goods and services.d. resources are limited.ANS: D DIF: 2 REF: 1-0TOP: Scarcity MSC: Interpretive1 8. Approximately what percentage of the world's economies experience scarcity?a. 25%b. 50%c. 75%d. 100%ANS: D DIF: 1 REF: 1-0TOP: Scarcity MSC: Interpretive9. When a society cannot produce all the goods and services people wish to have, it is said that the economy isexperiencinga. scarcity.b. shortages.c. inefficiencies.d. inequities.ANS: A DIF: 2 REF: 1-0TOP: Scarcity MSC: Interpretive10. For society, a good is not scarce ifa. at least one individual in society can obtain all he or she wants of the good.b. firms are producing the good at full capacity.c. all members of society can have all they want of the good.d. those who have enough income can buy all they want of the good.ANS: C DIF: 1 REF: 1-0TOP: Scarcity MSC: Interpretive11. Which of the following products would be considered scarce?a. golf clubsb. Picasso paintingsc. applesd. All of the above are correct.ANS: D DIF: 2 REF: 1-0TOP: Scarcity MSC: Interpretive12. Economics is the study ofa. production methods.b. how society manages its scarce resources.c. how households decide who performs which tasks.d. the interaction of business and government.ANS: B DIF: 1 REF: 1-0TOP: Economies, Scarcity MSC: Definitional13. Economics is the study ofa. how society manages its scarce resources.b. the government's role in society.c. how a market system functions.d. how to increase production.ANS: A DIF: 1 REF: 1-0TOP: Economies, Scarcity MSC: Definitional14. In most societies, resources are allocated bya. a single central planner.b. a small number of central planners.c. those firms that use resources to provide goods and services.d. the combined actions of millions of households and firms.ANS: D DIF: 1 REF: 1-0TOP: Resource allocation MSC: Interpretive1 15. The adage, "There is no such thing as a free lunch," is used to illustrate the principle thata. goods are scarce.b. people face tradeoffs.c. income must be earned.d. households face many decisions.ANS: B DIF: 2 REF: 1-1TOP: Tradeoffs MSC: Interpretive16. The adage, "There is no such thing as a free lunch," meansa. even people on welfare have to pay for food.b. the cost of living is always increasing.c. to get something we like, we usually have to give up another thing we like.d. all costs are included in the price of a product.ANS: C DIF: 1 REF: 1-1TOP: Tradeoffs MSC: Definitional17. Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle thata. inflation almost always results in higher prices over time.b. nothing is free in a market economy.c. making decisions requires trading off one goal against another.d. if something looks too good to be true, it probably is not worth pursuing.ANS: C DIF: 2 REF: 1-1TOP: Tradeoffs MSC: Interpretive18. Which of the following statements best represents the principle represented by the adage, "There is no such thing asa free lunch"?a. Melissa can attend the concert only if she takes her sister with her.b. Greg is hungry and homeless.c. Brian must repair the tire on his bike before he can ride it to class.d. Kendra must decide between going to Colorado or Cancun for spring break.ANS: D DIF: 3 REF: 1-1TOP: Tradeoffs MSC: Applicative19. The principle that "people face tradeoffs" applies toa. individuals.b. families.c. societies.d. All of the above are correct.ANS: D DIF: 1 REF: 1-1TOP: Tradeoffs MSC: Applicative20. A typical society strives to get the most it can from its scarce resources. At the same time, the society attempts todistribute the benefits of those resources to the members of the society in a fair manner. In other words, the society faces a tradeoff betweena. guns and butter.b. efficiency and equity.c. inflation and unemployment.d. work and leisure.ANS: B DIF: 1 REF: 1-1TOP: Efficiency, Equity MSC: Interpretive21. Guns and butter are used to represent the classic societal tradeoff between spending ona. durable and nondurable goods.b. imports and exports.c. national defense and consumer goods.d. law enforcement and agriculture.ANS: C DIF: 1 REF: 1-1TOP: Tradeoffs MSC: Interpretive1 22. When society requires that firms reduce pollution, there isa. a tradeoff because of reduced incomes to the firms' owners and workers.b. a tradeoff only if some firms are forced to close.c. no tradeoff, since the cost of reducing pollution falls only on the firms affected by the requirements.d. no tradeoff, since everyone benefits from reduced pollution.ANS: A DIF: 3 REF: 1-1TOP: Tradeoffs MSC: Applicative23. A tradeoff exists between a clean environment and a higher level of income in thata. studies show that individuals with higher levels of income actually pollute less than low-income individuals.b. efforts to reduce pollution typically are not completely successful.c. laws that reduce pollution raise costs of production and reduce incomes.d. by employing individuals to clean up pollution, employment and income both rise.ANS: C DIF: 2 REF: 1-1TOP: Tradeoffs MSC: Applicative24. Which of the following phrases best captures the notion of efficiency?a. absolute fairnessb. equal distributionc. minimum wasted. equitable outcomeANS: C DIF: 1 REF: 1-1TOP: Efficiency MSC: Interpretive25. Which of the following is true?a. Efficiency refers to the size of the economic pie; equity refers to how the pie is divided.b. Government policies usually improve upon both equity and efficiency.c. As long as the economic pie continually gets larger, no one will have to go hungry.d. Efficiency and equity can both be achieved if the economic pie is cut into equal pieces.ANS: A DIF: 2 REF: 1-1TOP: Efficiency, Equity MSC: Interpretive26. Efficiency means thata. society is conserving resources in order to save them for the future.b. society's goods and services are distributed equally among society's members.c. society's goods and services are distributed fairly, though not necessarily equally, among society's members.d. society is getting the maximum benefits from its scarce resources.ANS: D DIF: 1 REF: 1-1TOP: Efficiency MSC: Definitional27. Economists use the word equity to describe a situation in whicha. each member of society has the same income.b. each member of society has access to abundant quantities of goods and services, regardless of his or her income.c. society is getting the maximum benefits from its scarce resources.d. the benefits of society's resources are distributed fairly among society's members.ANS: D DIF: 2 REF: 1-1TOP: Equity MSC: Interpretive28. Senator Smith wants to increase taxes on people with high incomes and use the money to help the poor. Senator Jonesargues that such a tax will discourage successful people from working and will therefore make society worse off. An economist would say thata. we should agree with Senator Smith.b. we should agree with Senator Jones.c. a good decision requires that we recognize both viewpoints.d. there are no tradeoffs between equity and efficiency.ANS: C DIF: 2 REF: 1-1TOP: Efficiency, Equity MSC: Applicative1 29. Which of the following words and phrases best captures the notion of equity ?a. minimum wasteb. maximum benefitc. samenessd. fairnessANS: D DIF: 1 REF: 1-1TOP: Equity MSC: Definitional30. When government policies are enacted,a. equity can usually be enhanced without an efficiency loss, but efficiency can never be enhanced without anequity loss.b. efficiency can usually be enhanced without an equity loss, but equity can never be enhanced without anefficiency loss.c. it is always the case that either efficiency and fairness are both enhanced, or efficiency and equity are bothdiminished.d. None of the above are correct.ANS: D DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Applicative31. A likely effect of government policies that redistribute income and wealth from the wealthy to the poor is that thosepoliciesa. enhance equity.b. reduce efficiency.c. reduce the reward for working hard.d. All of the above are correct.ANS: D DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Interpretive32. When the government implements programs such as progressive income tax rates, which of the following is likely tooccur?a. Equity is increased and efficiency is increased.b. Equity is increased and efficiency is decreased.c. Equity is decreased and efficiency is increased.d. Equity is decreased and efficiency is decreased.ANS: B DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Interpretive33. As a result of a successful attempt by government to cut the economic pie into more equal slices,a. it is easier to cut the pie, and therefore the economy can produce a larger pie.b. the government can more easily allocate the pie to those most in need.c. the pie gets smaller, and there will be less pie overall.d. government will spend too much time cutting and it causes the economy to lose the ability to produce enough piefor everyone.ANS: C DIF: 3 REF: 1-1TOP: Government, Efficiency, Equity MSC: Analytical34. When the government attempts to improve equity in an economy the result is oftena. an increase in overall output in the economy.b. additional government revenue since overall income will increase.c. a reduction in equity.d. a reduction in efficiency.ANS: D DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Interpretive35. When the government redistributes income from the wealthy to the poor,a. efficiency is improved, but equity is not.b. both wealthy people and poor people benefit directly.c. people work less and produce fewer goods and services.d. wealthy people consume fewer goods, but poor people consume more goods, resulting in no real change.ANS: C DIF: 2 REF: 1-1TOP: Government, Efficiency, Equity MSC: Interpretive1 36. In economics, the cost of something isa. the dollar amount of obtaining it.b. always measured in units of time given up to get it.c. what you give up to get it.d. often impossible to quantify, even in principle.ANS: C DIF: 1 REF: 1-1TOP: Opportunity cost MSC: Definitional37. What you give up to obtain an item is called youra. opportunity cost.b. explicit cost.c. true cost.d. direct cost.ANS: A DIF: 1 REF: 1-1TOP: Opportunity cost MSC: Definitional38. The opportunity cost of going to college isa. the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses.b. the value of the best opportunity a student gives up to attend college.c. zero for students who are fortunate enough to have all of their college expenses paid by someone else.d. zero, since a college education will allow a student to earn a larger income after graduation.ANS: B DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Interpretive39. Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his options down to fourchoices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost of this decision isa. the value to Maurice of the option he would have chosen had Option B not been available.b. the value to Maurice of Options A, C and D combined.c. $100.d. $300.ANS: A DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Applicative40. A furniture maker currently produces 100 tables per week and sells them for a profit. She is considering expandingher operation in order to make more tables. Should she expand?a. Yes, because making tables is profitable.b. No, because she may not be able to sell the additional tables.c. It depends on the marginal cost of producing more tables and the marginal revenue she will earn from sellingmore tables.d. It depends on the average cost of producing more tables and the average revenue she will earn from selling moretables.ANS: C DIF: 2 REF: 1-1TOP: Marginal changes MSC: Applicative41. For most students, the largest single cost of a college education isa. the wages given up to attend school.b. tuition, fees, and books.c. room and board.d. transportation, parking, and entertainment.ANS: A DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Interpretive42. For a college student who wishes to calculate the true costs of going to college, the costs of room and boarda. should be counted in full, regardless of the costs of eating and sleeping elsewhere.b. should be counted only to the extent that they are more expensive at college than elsewhere.c. usually exceed the opportunity cost of going to college.d. plus the cost of tuition, equals the opportunity cost of going to college.ANS: B DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Applicative1 43. For which of the following individuals would the opportunity cost of going to college be highest?a. a promising young mathematician who will command a high salary once she earns her college degreeb. a student with average grades who has never held a jobc. a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degreed. a student who is the best player on his college basketball team, but who lacks the skills necessary to playprofessional basketballANS: C DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Applicative44. When you calculate your true costs of going to college, what portion of your room-and-board expenses should beincluded?a. Your full room-and-board expenses should always be included.b. None of your room-and-board expenses should ever be included.c. You should include only the amount by which your room-and-board expenses exceed the income you earn whileattending college.d. You should include only the amount by which your room-and-board expenses exceed the expenses for rent andfood if you were not in college.ANS: D DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Applicative45. The opportunity cost of an item isa. the number of hours needed to earn money to buy the item.b. what you give up to get that item.c. usually less than the dollar value of the item.d. the dollar value of the item.ANS: B DIF: 1 REF: 1-1TOP: Opportunity cost MSC: Definitional46. Mallory decides to spend three hours working overtime rather than watching a video with her friends. She earns $8 anhour. Her opportunity cost of working isa. the $24 she earns working.b. the $24 minus the enjoyment she would have received from watching the video.c. the enjoyment she would have received had she watched the video.d. nothing, since she would have received less than $24 of enjoyment from the video.ANS: C DIF: 3 REF: 1-1TOP: Opportunity cost MSC: Applicative47. Russell spends an hour studying instead of playing tennis. The opportunity cost to him of studying isa. the improvement in his grades from studying for the hour.b. the improvement in his grades from studying minus the enjoyment of playing tennis.c. the enjoyment and exercise he would have received had he played tennis.d. zero. Since Russell chose to study rather than to play tennis, the value of studying must have been greater than thevalue of playing tennis.ANS: C DIF: 3 REF: 1-1TOP: Opportunity cost MSC: Applicative48. College-age athletes who drop out of college to play professional sportsa. are not rational decision makers.b. are well aware that their opportunity cost of attending college is very high.c. are concerned more about present circumstances than their future.d. underestimate the value of a college education.ANS: B DIF: 2 REF: 1-1TOP: Opportunity cost MSC: Interpretive1 49. A rational decisionmakera. ignores marginal changes and focuses instead on “the big picture.”b. ignores the likely effects of government policies when he or she makes choices.c. takes an action only if the marginal benefit of that action exceeds the marginal cost of that action.d. takes an action only if the combined benefits of that action and previous actions exceed the combined costs of thataction and previous actions.ANS: C DIF: 2 REF: 1-1TOP: Marginal changes MSC: Interpretive50. Rational people make decisions at the margin bya. following marginal traditions.b. behaving in a random fashion.c. thinking in black-and-white terms.d. comparing marginal costs and marginal benefits.ANS: D DIF: 1 REF: 1-1TOP: Marginal changes MSC: Interpretive51. The word "margin" meansa. edge.b. distance.c. space.d. measure.ANS: A DIF: 1 REF: 1-1TOP: Marginal changes MSC: Definitional52. Making rational decisions "at the margin" means that peoplea. make those decisions that do not impose a marginal cost.b. evaluate how easily a decision can be reversed if problems arise.c. compare the marginal costs and marginal benefits of each decision.d. always calculate the marginal dollar costs for each decision.ANS: C DIF: 2 REF: 1-1TOP: Marginal changes MSC: Interpretive53. A person’s willingness to pay for a good is based ona. the availability of the good.b. the marginal benefit that an extra unit of the good would provide for that person.c. the marginal cost of producing an extra unit of the good.d. esoteric factors, the study of which lies beyond the boundaries of economics.ANS: B DIF: 2 REF: 1-1TOP: Marginal changes MSC: Interpretive54. To say that "people respond to incentives" is to say thata. changes in costs (but not changes in benefits) influence people's decisions and their behavior.b. changes in benefits (but not changes in costs) influence people's decisions and their behavior.c. changes in benefits or changes in costs influence people's decisions and their behavior.d. tradeoffs can be eliminated by rational people who think at the margin.ANS: C DIF: 1 REF: 1-1TOP: Incentives MSC: Definitional55. A marginal change is aa. change that involves little, if anything, that is important.b. large, significant adjustment.c. change for the worse, and so it is usually a short-term change.d. small, incremental adjustment.ANS: D DIF: 1 REF: 1-1TOP: Marginal changes MSC: Definitional56. Which of the following is the best example of a marginal change?a. After graduating college, Audrey's income increases from $500 per month to $3,000 per month.b. Morgan gets a raise at her part-time job and is now paid $7.25 per hour instead of $7.00.c. Housing prices in an area increase by 40 percent when a new interstate is built that passes nearby.d. A hard freeze wipes out half of the orange crop in Florida and the price of orange juice doubles.ANS: B DIF: 2 REF: 1-1TOP: Marginal changes MSC: Applicative57. Which of the following is the best example of a marginal change?a. The price of housing in Denver increased by 6 percent last year.b. Kim gets a big promotion at work. She also gets a raise from $35,000 per year to $55,000 per year.c. Mark graduates from college and takes a job. His income increases from $10,000 per year to $35,000 per year.d. A drought hits the upper Midwest and the price of wheat increases from $4.00 per bushel to $6.50 per bushel. ANS: A DIF: 2 REF: 1-1TOP: Marginal changes MSC: Applicative58. A marginal change is best illustrated by which of the following?a. Nancy retires and takes a part-time job. She was working 40 hours per week and now works 15 hours per week.b. A large, state-supported university has announced that due to state budget deficits, tuition must rise by 20 percentnext year.c. Ryan moved to a new apartment and now pays 40 percent more rent than before.d. Arizona, which usually receives 10 inches of rain per year, received 11 inches last year.ANS: D DIF: 2 REF: 1-1TOP: Marginal changes MSC: Interpretive59. Teresa eats three oranges during a particular day. The marginal benefit she enjoys from eating the third orangea. can be thought of as the total benefit Teresa enjoys by eating three oranges minus the total benefit she would haveenjoyed by eating just the first two oranges.b. determines Teresa’s willingness to pay for the first, second, and third oranges.c. does not depend on how many oranges Teresa has already eaten.d. All of the above are correct.ANS: A DIF: 3 REF: 1-1TOP: Marginal changes MSC: Applicative60. A rational decisionmaker takes an action if and only ifa. the marginal benefit of the action exceeds the marginal cost of the action.b. the marginal cost of the action exceeds the marginal benefit of the action.c. the marginal cost of the action is zero.d. the opportunity cost of the action is zero.ANS: A DIF: 1 REF: 1-1TOP: Marginal changes MSC: Interpretive61. After much consideration, you have chosen Cancun over Ft. Lauderdale as your Spring Break destination this year.However, Spring Break is still months away, and you may reverse this decision. Which of the following events would prompt you to reverse this decision?a. The marginal benefit of going to Cancun increases.b. The marginal cost of going to Cancun decreases.c. The marginal benefit of going to Ft. Lauderdale decreases.d. The marginal cost of going to Ft. Lauderdale decreases.ANS: D DIF: 3 REF: 1-1TOP: Marginal changes MSC: Applicative62. The average cost per seat on the 50-passenger Floating-On-Air Bus company's trip from Kansas City to St. Louis, onwhich no refreshments are served, is $45. In advance of a particular trip, three seats remain unsold. The bus company could increase its profit only if ita. charged any ticket price above $0 for the three remaining seats.b. charged at least $15 for each of the three remaining seats.c. charged at least $45 for each of the three remaining seats.d. paid three people to occupy the three remaining seats.ANS: A DIF: 2 REF: 1-1TOP: Marginal cost MSC: Applicative63. Warren drinks four cups of coffee during a particular day. The marginal benefit he enjoys from drinking the fourthcupa. can be thought of as the total benefit Warren enjoys by drinking four cups minus the total benefit he would haveenjoyed by drinking just three cups.b. determines Warren’s willingness to pay for the fourth cup.c. is likely different from the marginal benefit provided to Warren by the third cup.d. All of the above are correct.ANS: D DIF: 3 REF: 1-1TOP: Marginal changes MSC: Applicative64. A rational decision maker takes an action only if thea. marginal benefit is less than the marginal cost.b. marginal benefit is greater than the marginal cost.c. average benefit is greater than the average cost.d. marginal benefit is greater than both the average cost and the marginal cost.ANS: B DIF: 2 REF: 1-1TOP: Marginal changes MSC: Interpretive65. A construction company has built 50 houses so far this year at a total cost to the company of $8 million. If thecompany builds a 51st house, its total cost will increase to $8.18 million. Which of the following statements iscorrect?a. For the first 50 houses, the average cost per house was $160,000.b. The marginal cost of the 51st house, if it is built, will be $180,000.c. If the company can experience a marginal benefit of $190,000 by building the 51st house, then the companyshould build it.d. All of the above are correct.ANS: D DIF: 3 REF: 1-1TOP: Marginal cost, Marginal benefit MSC: Applicative66. Mike has spent $500 purchasing and repairing an old fishing boat, which he expects to sell for $800 once the repairsare complete. Mike discovers that, in addition to the $500 he has already spent, he needs to make an additional repair, which will cost another $400, in order to make the boat worth $800 to potential buyers. He can sell the boat as it is now for $300. What should he do?a. He should sell the boat as it is now for $300.b. He should keep the boat since it would not be rational to spend $900 on repairs and then sell the boat for $800.c. He should complete the repairs and sell the boat for $800.d. It does not matter which action he takes; the outcome is the same either way.ANS: C DIF: 3 REF: 1-1TOP: Marginal cost MSC: Analytical67. A donut shop sells fresh baked donuts from 5 a.m. until 3 p.m. every day. The shop does not sell day-old donuts, soall unsold donuts are thrown away at 3 p.m. each day. The cost of making and selling a dozen donuts is $1.50; there are no costs associated with throwing donuts away. If the manager has 10 dozen donuts left at 2:30 p.m. on aparticular day, which of the following alternatives is most attractive?a. Lower the price of the remaining donuts, even if the price falls below $1.50 per dozen.b. Lower the price of the remaining donuts, but under no circumstances should the price fall below $1.50 per dozen.c. Throw the donuts away and produce 10 fewer dozen donuts tomorrow.d. Starting tomorrow, lower the price on all donuts so they will all be sold earlier in the day.ANS: A DIF: 3 REF: 1-1TOP: Marginal changes MSC: Analytical68. Stan buys a 1966 Mustang for $2,000, planning to restore and sell the car. He goes on to spend $8,000 restoring thecar. At this point he can sell the car for $9,000. As an alternative, he can spend an additional $3,000 replacing the engine. With a new engine the car would sell for $12,000. Stan shoulda. complete the repairs and sell the car for $12,000.b. sell the car now for $9, 000.c. never try such an expensive project again.d. be indifferent between (i) selling the car now and (ii) replacing the engine and then selling it.ANS: D DIF: 3 REF: 1-1TOP: Marginal cost MSC: Analytical。