微观经济学(英文)试卷
英文微观经济学试题及答案
英文微观经济学试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a characteristic of a perfectly competitive market?A. Many buyers and sellersB. Homogeneous productsC. Free entry and exitD. Monopoly powerAnswer: D2. The law of diminishing returns states that:A. The total product of labor increases as more labor is addedB. The marginal product of labor eventually decreases as more labor is addedC. The average product of labor is always higher than the marginal productD. The marginal product of labor is always higher than the average productAnswer: B3. In the short run, a firm in a perfectly competitive market will shut down if:A. Total revenue is greater than total variable costB. Total revenue is less than total costC. Total revenue is less than total variable costD. Total revenue is less than average total costAnswer: C4. The demand for a good is likely to be more elastic when:A. The good has many close substitutesB. The good is a luxury itemC. The good is a necessityD. The good represents a small proportion of consumer's incomeAnswer: A5. The consumer surplus is the difference between:A. The maximum price a consumer is willing to pay and the market priceB. The market price and the minimum price a consumer is willing to payC. The maximum price a consumer is willing to pay and the minimum price a consumer is willing to payD. The minimum price a consumer is willing to pay and the market priceAnswer: A...（此处省略其他选择题）二、简答题（每题10分，共30分）1. Explain the concept of price elasticity of demand and itsdeterminants.Answer: Price elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. The determinants of price elasticity include the availability of substitutes, the proportion of income spent on the good, the necessity of the good, and the time period over which the demand is being considered.2. What is the difference between a normal good and aninferior good?Answer: A normal good is a good for which the demand increases as income increases, while the demand for aninferior good decreases as income increases. This is because normal goods are typically considered desirable or of higher quality, while inferior goods are seen as lower quality substitutes that consumers prefer to avoid as their income increases.3. Define the law of supply and give an example.Answer: The law of supply states that, all else being equal, the quantity supplied of a good will increase as the price of the good increases, and decrease as the price of the good decreases. An example of this would be the supply of oil; if the price of oil rises, producers are more likely to increase production and supply more oil to the market.三、计算题（每题25分，共50分）1. A firm has the following total cost function: TC = 0.5Q^2 - 4Q + 100. Calculate the firm's average total cost (ATC) and marginal cost (MC) at the quantity level of Q = 50.Answer:To find the average total cost (ATC), we divide the total cost (TC) by the quantity (Q):\[ ATC = \frac{TC}{Q} = \frac{0.5Q^2 - 4Q + 100}{Q} \]At Q = 50:\[ ATC = \frac{0.5(50)^2 - 4(50) + 100}{50} = \frac{1250}{50} = 25 \]The marginal cost (MC) is the derivative of the total cost function with respect to quantity:\[ MC = \frac{dTC}{dQ} = 0.5 \times 2Q - 4 \]At Q = 50:\[ MC = 0.5 \times 2 \times 50 - 4 = 50 - 4 = 46 \]2. A monopolist faces the demand function P = 100 - 2Q and has a total cost function TC = 10Q. Calculate the profit-maximizing level of output and the corresponding price.Answer:First, calculate the marginal revenue (MR) by taking the derivative of the total revenue (TR) with respect to Q. TR is P*Q, so:\[ TR = (100 -。
微观经济学英文版9-14章自测题及答案
微观经济学英⽂版9-14章⾃测题及答案第九章⾃测题：1. If the world price of a product is higher than a country’s domestic price we know that countrya. should import that product.b. should no longer produce that product.c. has a comparative advantage in that product.d. could benefit by imposing a tariff on that product.2. Which of the following is NOT a benefit of trade?a. an increased variety of goodsb. lower costs through economies of scalec. increased competitiond. an ability to control domestic and world prices3. When a country allows trade and becomes an exporter of a good, domestic producersa. gain and domestic consumers lose.b. lose and domestic consumers gain.c. and domestic consumers both gain.d. and domestic consumers both lose.4. The world price of yo-yo’s is $4.00 each. The pre-trade price of yo-yo’s in Taiwan is $3.50 each. If Taiwan allows trade in yo-yo’s we know that Taiwan willa. import yo-yo’s and the price in Taiwan will be $4.00 each.b. import yo-yo’s and the price in Taiwan will be $3.50 each.c. export yo-yo’s and the price in Taiwan will be $4.00 each.d. export yo-yo’s and the price in Taiwan will be $3.50 each.5. When a country moves from a free trade position and imposes a tariff on imports, this causesa. a decrease in total surplus in the market.b. a decrease in producer surplus in the market.c. an increase in consumer surplus in the market.d. a decrease in revenue to the government.6. A tariff and an import quota will botha. increase the quantity of imports and raise domestic price.b. increase the quantity of imports and lower domestic price.c. reduce the quantity of imports and raise domestic price.d. reduce the quantity of imports and lower domestic price.7. The major difference between tariffs and import quotas is thata. tariffs create deadweight losses, but import quotas do not.b. tariffs help domestic consumers, and import quotas help domestic producers.c. tariffs raise revenue for the government, but import quotas create a surplus for import license holders.d. All of the above are correct.8. According to the graph, consumer surplusin this market before trade would bea. A.b. B + C.c. A + B + D.d. C.9. According to the graph, consumer surplusin this market after trade would bea. A.b. C + B.c. A + B + D.d. B + C + D.10. According to the graph, the change in total surplus in this market because of trade isa. Ab.Bc. Cd. D参考答案：1.c2.d3.a4.c5.a6.c7.c8.a9.c 10.d第⼗章⾃测题：1. An externality is the impact ofa. society’s decisions on the well-being of society.b. a person’s actions on that person’s well-being.c. one person’s actions on the well-being of a bystander.d. society’s decisions on the well-being of one person in the society2. If education produces positive externalities we would expecta. government to tax education.b. government to subsidize education.c. people to realize the benefits and therefore cause demand for education to increase.d. colleges to relax admission requirements.3. When a negative externality exists in a market the cost to producersa. is greater than the cost to society.b. will be the same as the cost to society.c. will be less than the cost to society.d. and society will be different regardless of whether an externality is present.4. Internalizing an externality refers to makinga. buyers and sellers take into account the external effects of their actions.b. certain that all market transaction benefits go to only buyers and sellers.c. certain government does not disrupt the internal workings of the market.d. buyers pay the full price for the products they purchase.5. Technology spillover is one type ofa. negative externality.b. positive externality.c. subsidy.d. producer surplus.6. According to the Coase theorem, private markets will solve externality problems and allocate resources efficiently as long asa. private parties can bargain without cost.b. government assigns property rights to the harmed party.c. the externalities that are present are positive and not negative.d. businesses determine an appropriate level of production.7. Pigovian taxes are typically advocated to correct for the effects ofa. positive externalities.b. negative externalities.c. regulatory burden.d. All of the above are correct.8. If the government were to limit the release of air-pollution produced by a steel mill to 10,000 units, this policy would be considered aa. regulation.b. Pigovian tax.c. subsidy.d. market-based policy.9. When one firm sells its pollution permit to another firm, which of the following does NOT occur?a. Both firms benefit.b. The total amount of pollution remains the same.c. Social welfare is enhanced.d. Over time, pollution will be eliminated.10. Which of the following policies is government most inclined to use when faced with a positive externality?a. taxationb. permitsc. subsidiesd. usage fees参考答案：1.c2.b3.c4.a5.b6.a7.b8.a9.d 10.c第⼗⼀章⾃测题1. Goods that are excludable include botha. natural monopolies and public goods.b. public goods and common resources.c. common resources and private goods.d. private goods and natural monopolies.2. Which of the following would be considered a private good?a. national defenseb. a public beachc. local cable television serviced. a bottle of natural mineral water3. The government provides public goods becausea. private markets are incapable of producing public goods.b. free-riders make it difficult for private markets to supply the socially optimal quantity.c. markets are always better off with some government oversight.d. external benefits will occur to private producers.4. The difference between technological knowledge and general knowledge is thata. general knowledge creation is usually more profitable for the creator.b. technological knowledge is excludable and general knowledge is not.c. general knowledge is excludable and technological knowledge is not.d. general knowledge is rival and technological knowledge is not.5. A lighthouse is typically considered a good example of a public good becausea. the owner of the lighthouse is able to exclude beneficiaries from enjoying the lighthouse.b. there is rarely another lighthouse nearby to provide competition.c. a nearby port authority cannot avoid paying fees to the lighthouse owner.d. all passing ships are able to enjoy the benefits of the lighthouse without paying.6. The Tragedy of the Commons results when a good isa. rival and not excludable.b. excludable and not rival.c. both rival and excludable.d. neither rival nor excludable.7. If the use of a common resource is not regulated,a. it cannot be used by anyone.b. the economy will end up with too much of a good thing.c. it becomes a private good.d. it will be overused.8. Government may be able to solve the problem of overuse of a common resource by doing each of the following EXCEPTa. regulating the use or consumption of the common resource.b. taxing the use or consumption of the common resource.c. selling the common resource to a private entity.d. allowing individuals to voluntarily reduce their use of the resource.9. Why do elephants face the threat of extinction while cows do not?a. Cattle are a valuable source of income for many people and elephants have no market value.b. There is a high demand for products that come only from the cow.c. There are still lots of cattle that roam free, while most elephants are in zoos.d. Cattle are owned by ranchers, while elephants are owned by no one.10. Excessive fishing occurs becausea. each individual fisherman has little incentive to maintain the species for the next year.b. fishermen rely on government managers to worry about fish populations.c. fishermen are concerned about the population dynamics of fish biomass, not current harvest rates.d. fishermen have other marketable skills and do not fear exploitation of fish reserves.参考答案：1.d2.d3.b4.b5.d6.a7.d8.d9.d 10.a第⼗⼆章⾃测题1. Which of the following is an implicit cost?(i) the owner of a firm forgoing an opportunity to earn a large salary working for a Wall Street brokerage firm(ii) interest paid on th e firm’s debt(iii) rent paid by the firm to lease office spacea. (ii) and (iii)b. (i) and (iii)c. (i) onlyd. All of the above are correct.2. John owns a shoe-shine business. His accountant most likely includes which of the following costs on his financial statements?a. wages John could earn washing windowsb. dividends John’s money was earning in the stock market before John sold his stock and bought a shoe-shine boothc. the cost of shoe polishd. All of the above are correct.3. Economic profita. will never exceed accounting profit.b. is most often equal to accounting profit.c. is always at least as large as accounting profit.d. is a less complete measure of profitability than accounting profit.4. Zach took $500,000 out of the bank and used it to start his new cookie business. The bankaccount pays 4 percent interest per year. During the first year of his business, Zach sold 12,000 boxes of cookies for $3 per box. Also, during the first year, the cookie business incurred costs that required outl ays of money amounting to$14,000.Zach’s economic profit for the year wasa. $–478,000.b. $–56,000.c. $2,000.d. $22,000.5. The marginal product of labor is equal to thea. incremental cost associated with a one unit increase in labor.b. incremental profit associated with a one unit increase in labor.c. increase in labor necessary to generate a one unit increase in output.d. increase in output obtained from a one unit increase in labor.6. Suppose Jan is starting up a small lemonade stand business. Va riable costs for Jan’s lemonade stand would include the cost ofa. building the lemonade stand.b. hiring an artist to design a logo for her sign.c. lemonade mix.d. All of the above are correct.7. Variable cost divided by quantity produced isa. average total cost.b. marginal cost.c. profit.d. None of the above are correct.8. The average fixed cost curvea. always declines with increased levels of output.b. always rises with increased levels of output.c. declines as long as it is above marginal cost.d. declines as long as it is below marginal cost.9. The efficient scale of the firm is the quantity of output thata. maximizes marginal product.b. maximizes profit.c. minimizes average total cost.d. minimizes average variable cost.10. Average total cost is increasing whenevera. total cost is increasing.b. marginal cost is increasing.c. marginal cost is less than average total cost.d. marginal cost is greater than average total cost.11. Which of the following expressions is correct?a. marginal cost = (change in quantity of output)/(change in total cost).b. average total cost = total cost/quantity of output.c. total cost = variable cost + marginal cost.d. All of the above are correct.12. Which of the following must always be true as the quantity of output increases?a. Marginal cost must rise.b. Average total cost must rise.c. Average variable cost must rise.d. Average fixed cost must fall.13. In the long run,a. inputs that were fixed in the short run remain fixed.b. inputs that were fixed in the short run become variable.c. inputs that were variable in the short run become fixed.d. variable inputs are rarely used.14. The length of the short runa. is different for different types of firms.b. can never exceed 3 years.c. can never exceed 1 year.d. is always less than 6 months.15. Economies of scale occur whena. long-run average total costs rise as output increases.b. long-run average total costs fall as output increases.c. average fixed costs are falling.d. average fixed costs are constant.16. Long-run average total cost curves are often U-shapeda. for the same reasons that average total cost curves are often U-shaped.b. because of constant returns to scale.c. because of increasing coordination problems at low levels of production and increasing specialization of workers at high levels of production.d. because of increasing specialization of workers at low levels of production and increasing coordination problems at high levels of production.参考答案：1.c2.c3.a4.c5.d6.c7.d8.a9.c 10.d 11.b 12.d 13.b 14.a 15.b 16.d第⼗三章⾃测题：1. For a firm in a perfectly competitive market, the price of the good is alwaysa. equal to marginal revenue.b. equal to total revenue.c. greater than average revenue.d. All of the above are correct.2. Which of the following is NOT a characteristic of a perfectly competitive market?a. Firms are price takers.b. Firms have difficulty entering the market.c. There are many sellers in the market.d. Goods offered for sale are largely the same.3. When a competitive firm triples the amount of output it sells,a. its total revenue triples.b. its average revenue triples.c. its marginal revenue triples.d. All of the above are correct.4. When a profit-maximizing firm in a competitive market has zero economic profit, accounting profita. is negative (accounting losses).b. is positive.c. is also zero.d. could be positive, negative or zero.5. For a competitive firm,a. Total revenue = Average revenue.b. Total revenue = Marginal revenue.c. Total cost = Marginal revenue.d. Average revenue = Marginal revenue.6. If marginal cost exceeds marginal revenue, the firma. is most likely to be at a profit-maximizing level of output.b. should increase the level of production to maximize its profit.c. must be experiencing losses.d. may still be earning a profit.7. When price is greater than marginal cost for a firm in a competitive market,a. marginal cost must be falling.b. the firm must be minimizing its losses.c. there are opportunities to increase profit by increasing production.d. the firm should decrease output to maximize profit.8. When fixed costs are ignored because they are irrelevant to a business’s production decision, they are calleda. explicit costs.b. implicit costs.c. sunk costs.d. opportunity costs.9. When a firm makes a short-run decision not to produce anything during a specified period of time because of current market conditions, the firm is said toa. shut down.b. exit.c. withdraw.d. leave the industry.10. Profit-maximizing firms enter a competitive market when, for existing firms in that market,a. total revenue exceeds fixed costs.b. total revenue exceeds total variable costs.c. average total cost exceeds average revenue.d. price exceeds average total cost.11. A firm’s short-run supply curve is part of which of the following curves?a. marginal revenueb. average variable costc. average total costd. marginal cost12. Suppose you bought a ticket to a football game for $30, and that you place a $35 value on seeing the game. If you lose the ticket, then what is the maximum price you should pay for another ticket?a. $30b. $35c. $60d. $6513. When new firms have an incentive to enter a competitive market, their entry willa. increase the price of the product.b. drive down profits of existing firms in the market.c. shift the market supply curve to the left.d. All of the above are correct.14. In a perfectly competitive market, the process of entry and exit will end when, for firms in the market,a. price is equal to average variable cost.b. marginal revenue is equal to average variable cost.c. economic profits are zero.d. All of the above are correct.15. In a competitive market that is characterized by free entry and exit,a. all firms will operate at efficient scale in the short run.b. all firms will operate at efficient scale in the long run.c. the price of the product will differ across firms.d. the number of sellers in the market will steadily decrease over time.16. The assumption of a fixed number of firms is appropriate for analysis ofa. the short run, but not the long run.b. the long run, but not the short run.c. both the short run and the long run.d. neither the short run nor the long run.参考答案：1.a2.b3.a4.b5.d6.d7.c8.c9.a 10.d 11.d 12.b 13.b 14.c 15.b 16.a第⼗四章⾃测题：1. Which of the following statements is correct?a. A competitive firm is a price maker and a monopoly is a price taker.b. A competitive firm is a price taker and a monopoly is a price maker.c. Both competitive firms and monopolies are price takers.d. Both competitive firms and monopolies are price makers.2. Which of the following is an example of a barrier to entry?(i) A key resource is owned by a single firm.(ii) The costs of production make a single producer more efficient than a large number of producers. (iii) The government has given the existing monopoly the exclusive right to produce the good.a. (i) and (ii)b. (ii) and (iii)c. (i) onlyd. All of the above are correct.3. The defining characteristic of a natural monopoly isa. constant marginal cost over the relevant range of output.b. economies of scale over the relevant range of output.c. constant returns to scale over the relevant range of output.d. diseconomies of scale over the relevant range of output.4. Patent and copyright laws are major sources ofa. natural monopolies.b. government-created monopolies.c. resource monopolies.d. None of the above are correct.5. The De Beers diamond monopoly is a classic example of a monopoly thata. is government-created.b. arises from the ownership of a key resource.c. results in very little advertising of the product that the monopolist produces.d. was broken up by the government a long time ago.6. In order to sell more of its product, a monopolist musta. sell to the government.b. sell in international markets.c. lower its price.d. use its market power to force up the price of complementary products.7. For a profit-maximizing monopolist,a. P＞MR = MC.b. P = MR = MC.c. P ＞MR ＞MC.d. MR ＜MC ＜P.8. For a monopoly, the supply curve is a portion of itsa. marginal revenue curve.b. marginal cost curve.c. average total cost curve.d. none of the above; a monopoly does not have a supply curve.9. What is the monopolist’s profit under the following conditions? The profit-maximizing price charged for goods produced is $16. The intersection of the marginal revenue and marginal cost curves occurs where output is 10 units and marginal cost is $8. Average total cost for 10 units of output is $6.a. $20b. $80c. $100d. $16010. Antitrust laws allow the government toa. prevent mergers.b. break up companies.c. promote competition.d. All of the above are correct.参考答案：1.b2.d3.b4.b5.b6.c7.a8.d9.c 10.d。
微观经济学英文版习题(附答案)4
ECON915, Seminar 4Attempt all of the following questions.1.) Assume that in a credit market with standard debt contracts, there are two groups of investors. Low risk investors (group 1) have a success probability of p 1=0.8 and a return of $150 on a successful investment of K=100, yielding an expected return of E(R 1)=0.8($150)+0.2($100)=$140. Assume further that the same amount of K=$100 is invested by either group and assuming further that 10 investors are present in either group. Based on the above, state what rate of return on successful investments, high risk investors would have to achieve in order to match the expected return of $140 if their success probability is p 2=0.6 .The expected return on a high risk investment is:E(R):= 140 = 0.6x+0.4(100), which can easily be solved for x:140=0.6x + 400.6x=140-40=100x=100/0.6=166.667=R 2, R 2/K=1.672.) Against the data provided above in Q1, what is the highest rate of return that could be achieved without violating the participation constraint for low and high risk investors respectively?The participation constraint in either case is E(Πi )>=0 which essentially implies that R S >=r. The maximum value is obtained for the point where the constraint holds with equality. So, for low risk investors we have:E(Π1)=0.8(150-100-100r) which yields 100r = 50, so r = 50/100 =0.5.This yields the following rate of return:%3535.0)7.0(5.020)10(6.0)10(8.05.0≈==+=Max ρ So the highest interest rate that can be reconciled with the low risk participation constraint is 50%. This yields a rate of return of 35% to the banking sector, because the interest rate is charged to a mixed pool of high and low risk investors.Likewise, for high risk investors we have E(Π2)=0.6(166.67-100-100r) which yields 100r = 66.67, so r = 0.67 and:()40.06.067.02,==Max ρwhich is just the expected rate of return for high risk investors.3.) Against the background of questions 1 and 2, compute which rates of return would be obtained by interest rates of r = 48%, 53% and 66% respectively.r = 48% would not yet violate low risk investors' participation constraint so:%6.33 i.e. ,34.0)7.0(48.020)10(6.0)10(8.048.0==+=A ρ For interest rates of r=53% and 66% low risk investors' participation constraint is violated, so:ρB = 0.53*0.6=0.312, i.e. 31.2%ρC = 0.66*0.6=0.396, i.e. 39.6%Note that r B >r A and yet ρB <ρA !。
微观经济学练习题与答案英文版
Chapter 01Thinking Like an Economist Multiple Choice Questions1. Economics is best defined as the study of:A. prices and quantities.B. inflation and interest rates.C. how people make choices under the conditions of scarcity and the results of those choices.D. wages and incomes.2. Economic questions always deal with:A. financial matters.B. political matters.C. insufficient resources.D. choice in the face of limited resources.3. The range of topics or issues that fit within the definition of economics is:A. limited to market activities, e.g., buying soap.B. limited to individuals and firms.C. extremely wide, requiring only the ideas of choice and scarcity.D. very limited.4. The central concern of economics is:A. poverty.B. scarcity.C. wealth accumulation.D. overconsumption.5. The scarcity principle indicates that:A. no matter how much one has, it is never enough.B. compared to 100 years ago, individuals have less time today.C. with limited resources, having more of "this" means having less of "that."D. because tradeoffs must be made, resources are therefore scarce.6. The logical implication of the scarcity principle is that:A. one will never be satisfied with what one has.B. as wealth increases, making choices becomes less necessary.C. as wealth decreases, making choices becomes less necessary.D. choices must be made.7. If all the world's resources were to magically increase a hundredfold, then:A. the scarcity principle would still govern behavior.B. economics would no longer be relevant.C. the scarcity principle would disappear.D. tradeoffs would become unnecessary.8. The principle of scarcity applies to:A. the poor exclusively.B. all consumers.C. all firms.D. everyone—consumers, firms, governments, and nations.9. At the very least, Joe Average and Bill Gates are both identically limited by:A. their wealth.B. the 24 hours that comprise a day.C. their knowledge.D. their influence.10. Forest is a mountain man living in complete isolation in Montana. He is completely self-sufficient through hunting, fishing, and farming. He has not been in the city to buy anything in five years. One can infer:A. the scarcity principle does not apply to Forest.B. Forest is not required to make choices.C. the scarcity principle still applies because more hunting means less fishing and farming.D. Forest is very satisfied.11. The scarcity principle applies to:A. all decisions.B. only market decisions, e.g., buying a car.C. only non-market decisions, e.g., watching a sunset.D. only the poor.12. Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:A. not an economic problem because neither one costs money.B. not an economic problem because it's an hour that is wasted no matter what Chris does.C. an economic problem because the tuition Chris pays covers both the gym and the library.D. an economic problem because Chris has only one hour during which he can study or work out.13. Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decided to stay home and work on the paper. According to the scarcity principle, the reason Josh didn't go to the game is that:A. Josh prefers schoolwork to football games.B. writing the paper is easier than going to the game.C. Josh doesn't have enough time for writing the paper and going to the game.D. it's too expensive to go to the game.14. Whether studying the size of the U.S. economy or the number of children a couple will choose to have, the unifying concept is that wants are:A. limited, resources are limited, and thus choices must be made.B. unlimited, resources are limited, and thus choices must be made.C. unlimited, resources are limited to some but not to others, and thus some people must make choices.D. unlimited, resources are limited, and thus government needs to do more.15. The cost-benefit principle indicates that an action should be taken:A. if the total benefits exceed the total costs.B. if the average benefits exceed the average costs.C. if the net benefit (benefit minus cost) is zero.D. if the extra benefit is greater than or equal to the extra costs.16. When a person decides to pursue an activity as long as the extra benefits are at least equal to the extra costs, that person is:A. violating the cost-benefit principle.B. following the scarcity principle.C. following the cost-benefit principle.D. pursuing the activity too long.17. Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is:A. not rational.B. an application of the cost-benefit principle.C. an application of the scarcity principle.D. the relevant opportunity cost.18. The scarcity principle tells us that __________, and the cost-benefit principle tells us __________.A. choices must be made; how to make the choicesB. choices must be made; that the costs can never outweigh the benefits of the choicesC. rare goods are expensive; that the costs should outweigh the benefits of the choicesD. rare goods are expensive; that the costs can never outweigh the benefits of the choices19. According to the cost-benefit principle:A. the lowest cost activity usually gives the lowest benefit.B. a person should always choose the activity with the lowest cost.C. a person should always choose the activity with the greatest benefit.D. the extra costs and benefits of an activity are more important considerations than the total costs and benefits.20. A rational person is one who:A. is reasonable.B. makes choices that are easily understood.C. possesses well-defined goals and seeks to achieve them.D. is highly cynical.21. The seventh glass of soda that Tim consumes will produce an extra benefit of 10 cents and has an extra cost of zero (Tim is eating at the cafeteria). The cost-benefit principle predicts that Tim will:A. realize he has had too much soda to drink and go home.B. drink the seventh glass and continue until the marginal benefit of drinking another glass of soda is zero.C. volunteer to empty out the fountain.D. not drink the seventh glass.22. Janie must either mow the lawn or wash clothes, earning her a benefit of $30 or $45, respectively. She dislikes both equally and they both take the same amount of time. Janie will therefore choose to _________ because the economic surplus is ________.A. mow the lawn; greaterB. wash clothes; greaterC. mow the lawn; smallerD. wash clothes; smaller23. Dean decided to play golf rather than prepare for tomorrow's exam in economics. One can infer that:A. Dean has made an irrational choice.B. Dean is doing poorly in his economics class.C. the economic surplus from playing golf exceeded the surplus from studying.D. the cost of studying was less than the cost of golfing.Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year.24. The opportunity cost of attending Elite U is:A. $50,000B. $10,000C. $20,000D. $15,00025. The opportunity cost of attending State College is:A. $30,000B. $20,000C. $15,000D. $10,00026. Larry maximizes his surplus by attending:A. Elite U, because $60,000 is greater than the benefit at the other schools.B. State College, because the difference between the benefit and cost is greatest there.C. NoName U, because Larry has a full scholarship there.D. Elite U, because the opportunity costs of attending Elite U are the lowest.27. Larry has decided to go to Elite U. Assuming that all of the values described are correct, for Larry to decide on Elite U, he must have:A. calculated his surplus from each choice and picked the one with the highest surplus.B. underestimated the benefits of attending NoName.C. miscalculated the surplus of attending Elite U.D. determined the opportunity cost of each choice and picked the one with the lowest opportunity cost.28. Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. The opportunity cost of going to the beach is:A. the $12 she spent on the umbrella, food and drinks.B. only $1 because she would have spent the money on food and drinks whether or not she went to the beach.C. the movie she missed seeing.D. the movie she missed seeing plus the $12 she spent on the umbrella, food and drinks.29. Relative to a person who earns minimum wage, a person who earns $30 per hour has:A. a lower opportunity cost of working longer hours.B. a higher opportunity cost of taking a day off.C. a lower opportunity cost of driving farther to work.D. the same opportunity cost of spending time on leisure activities.30. The opportunity cost of an activity is the value of:A. an alternative forgone.B. the next-best alternative forgone.C. the least-best alternative forgone.D. the difference between the chosen activity and the next-best alternative forgone.31. Amy is thinking about going to the movies tonight. A ticket costs $7 and she will have to cancel her dog-sitting job that pays $30. The cost of seeing the movie is:A. $7.B. $30.C. $37.D. $37 minus the benefit of seeing the movie.32. Economic surplus is:A. the benefit gained by taking an action.B. the price paid to take an action.C. the difference between the benefit gained and the cost incurred of taking an action.D. the wage someone would have to earn in order to take an action.33. The Governor of your state has cut the budget for the University and increased spending on Medicaid. This is an example of:A. the pitfalls of considering average costs instead of marginal costs.B. poor normative economic decision making.C. poor positive economic decision making.D. choice in the face of limited resources.34. Sally earned $25,000 per year before she became a mother. After she became a mother, she told her employer that her opportunity cost of working is now $50,000, and so she is not willing to work for anything less. Her decision is based on:A. the high cost of raising a child.B. her desire to save for her child's college expenses.C. her increased value to her employer.D. the value she places on spending time with her child.35. Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. As a result:A. attending State U. for four years is costless for Alex.B. Alex has no incentive to work hard while at State U.C. the cost of attending State U. is the amount of money Alex could have earned working for four years.D. the cost of attending State U. is the sum of the benefits Alex would have had attending each of the four other schools to which Alex had been admitted.36. Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck, but she finds one for $12,000. Her __________ is __________.A. benefit; $12,000B. cost; $15,000C. economic surplus; $3,000D. economic surplus; $12,00037. In general, rational decision making requires one to choose the actions that yield the:A. largest total benefits.B. smallest total costs.C. smallest net benefits.D. largest economic surpluses.38. Suppose the most you would be willing to pay for a plane ticket home is $250, but you buy one online for $175. The economic surplus of buying the online ticket is:A. $175.B. $250.C. $75.D. $0.39. The use of economic models, like the cost-benefit principle, means economists believe that:A. this is exactly how people choose between alternatives.B. this is a reasonable abstraction of how people choose between alternatives.C. those who explicitly make decisions this way are smarter.D. with enough education, all people will start to explicitly make decisions this way.40. Jenna decides to see a movie that costs $7 for the ticket and has an opportunity cost of $20. After the movie, she says to one of her friends that the movie was not worth it. Apparently:A. Jenna failed to apply the cost-benefit model to her decision.B. Jenna was not rational.C. Jenna overestimated the benefits of the movie.D. Jenna underestimated the benefits of the movie.41. Most of us make sensible decisions most of the time, because:A. we know the cost-benefit principle.B. subconsciously we are weighing costs and benefits.C. most people know about the scarcity principle.D. we conduct hypothetical mental auctions when we make decisions.42. Suppose a person makes a choice that seems inconsistent with the cost-benefit principle. Which of the following statements represents the most reasonable conclusion to draw?A. The person (explicitly or implicitly) over-estimated the benefits or under-estimated the costs or both.B. The cost-benefit principle is rarely true.C. The person does not grasp how decisions should be made.D. The person is simply irrational.43. Economic models are intended to:A. apply to all examples equally well.B. eliminate differences in the way people behave.C. generalize about patterns in decision-making.D. distinguish economics students from everyone else.44. Economic models claim to be:A. reasonable abstractions of how people make choices, highlighting the most important factors.B. exact replications of the decision-making process people use.C. interesting chalkboard exercises with little applicability to the real world.D. exceptionally accurate methods of predicting nearly all behavior of everyone.45. The cost-benefit model used by economists is:A. unrealistic because it is too detailed and specific to apply to a variety of situations.B. unrealistic because everyone can think of times when he or she violated the principle.C. useful because everyone follows it all of the time.D. useful because most people follow it most of the time.46. Barry owns a clothing store in the mall and has asked two economic consultants to develop models of consumer behavior that he can use to increase sales. Barry should choose the model that:A. does not include simplifying assumptions.B. is the most detailed and complex.C. assumes that consumers apply the cost-benefit principle.D. predicts that consumers will always prefer Barry's store to the competing stores.47. Economists use abstract models because:A. every economic situation is unique, so it is impossible to make generalizations.B. every economic situation is essentially the same, so specific details are unnecessary.C. they are useful for describing general patterns of behavior.D. computers have allowed economists to develop abstract models.48. Most people make some decisions based on intuition rather than calculation. This is:A. irrational, because intuition is often wrong.B. consistent with the economic model of decision-making, because calculating costs and benefits leads to decision-making pitfalls.C. consistent with the economic model because people intuitively compare the relative costs and benefits of the choices they face.D. inconsistent with the economic model, but rational because intuition takes into account non-financial considerations.49. Moe has a big exam tomorrow. He considered studying this evening, but decided to go out with Curly instead. Since Moe always chooses rationally, it must be true that: A. the opportunity cost of studying tonight is less than the value Moe gets from spending time with Curly.B. the opportunity cost of studying tonight is equal to the value Moe gets from spending time with Curly minus the cost of earning a low grade on the exam.C. Moe gets more benefit from spending time with Curly than from studying.D. Moe gets less benefit from spending time with Curly than from studying.50. If one fails to account for implicit costs in decision making, then applying thecost-benefit rule will be flawed because:A. the benefits will be overstated.B. the costs will be understated.C. the benefits will be understated.D. the costs will be overstated.Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450.51. If you do not use the frequent-flyer coupon to fly, should you go to Miami?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the trip.52. What is the opportunity cost of using the coupon for the Miami trip?A. $100B. $450C. $500D. $55053. If you use the frequent-flyer coupon to fly to Atlanta, would you get any economic surplus by making the trip?A. No, there is a loss of $50.B. Yes, surplus of $350.C. Yes, surplus of $400.D. Yes, surplus of $100.54. If the Chicago-Atlanta round-trip air fare is $350, should you go to Miami?A. No, there is a loss of $50.B. No, there is a loss of $100.C. Yes, there is economic surplus of $50.D. Yes, there is economic surplus of $400.55. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school children. Childcare for their children costs $12,000 per year. Pat has decided to stay home and take care of the children. Pat must:A. value spending time with the children by more than $25,000.B. value spending time with the children by more than $12,000.C. value spending time with the children by more than $13,000.D. value spending time with the children as much as does Chris.You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. (Assume that you would not have been willing to pay any more than $35 for this concert.) Your boss called and she is looking for someone to cover a shift on Saturday at the same time as the concert. You will have to work 4 hours and she will pay you time and a half, which is $9/hr.56. Should you go to the concert instead of working Saturday?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the concert.57. What is the opportunity cost of going to the concert?A. $1B. $9C. $35D. $3658. What is your opportunity cost, if you go to work on Saturday?A. $0B. $9C. $35D. $3659. Your economic surplus of going to work on Saturday is:A. $0B. $1C. $35D. $36Matt has decided to purchase his textbooks for the semester. His options are to purchase the books via the Internet with next day delivery to his home at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.因为他们提供75折的正常价格16美元。
微观经济学试题及答案英文
微观经济学试题及答案英文Microeconomics Exam Questions and AnswersQuestion 1: Define the law of demand and explain how itrelates to the concept of price elasticity of demand.Answer 1: The law of demand states that, all else being equal, the quantity demanded of a good or service will decrease asthe price increases. Price elasticity of demand measures the responsiveness of the quantity demanded to a change in price. If the quantity demanded changes significantly in response to a price change, the demand is said to be elastic. Conversely, if the quantity demanded changes very little, the demand is inelastic.Question 2: What is the difference between a firm's total revenue and marginal revenue?Answer 2: Total revenue is the total income received by afirm from selling its product, calculated as the price perunit multiplied by the quantity sold. Marginal revenue, onthe other hand, is the additional revenue generated fromselling one more unit of the product. It is the change intotal revenue divided by the change in quantity sold. In a perfectly competitive market, marginal revenue equals the price, but in a market with some degree of monopoly power, marginal revenue is less than the price.Question 3: Explain the concept of consumer surplus and howit is calculated.Answer 3: Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. It is a measure of the welfare gain to consumers from participating in a market. It is calculated by finding the area under the demand curve but above the market price, which represents the total amount consumers would have been willing to pay for each unit up to the quantity they actually purchase.Question 4: What is the marginal cost and how does it relateto a firm's decision to produce?Answer 4: Marginal cost is the cost of producing oneadditional unit of a good or service. It is the change intotal cost resulting from producing one more unit. Firms will continue to produce additional units as long as the marginal cost is less than the marginal revenue. If the marginal cost exceeds the marginal revenue, the firm will reduce production, as producing one more unit would result in a loss.Question 5: Define economies of scale and explain how they affect a firm's cost structure.Answer 5: Economies of scale refer to the cost advantagesthat a firm experiences when it increases its level of output. As the scale of production increases, the average cost perunit of output decreases due to factors such as spreadingfixed costs over more units, specialization of labor, andbulk purchasing discounts. This can lead to lower per-unit costs and potentially higher profits.Question 6: What is the difference between a normal good and an inferior good?Answer 6: A normal good is a good for which the demand increases as consumers' income increases. In contrast, an inferior good is a good for which the demand decreases as consumers' income increases. This is because consumers tend to substitute inferior goods with superior or higher-quality goods when their income rises.End of ExamPlease note that this is a sample set of microeconomics exam questions and answers. The actual content of an exam would depend on the specific topics covered in the course and the level of difficulty desired by the instructor.。
东北财经大学大一经济学专业微观经济学英文试卷及答案 (1)
东北财经大学微观经济学纸质练习试卷姓名：学号：得分：A Multiple choice (2’*30=60’)1) A person's consumption possibilities is defined by the budget line becauseA) it marks the boundary between what is affordable and unaffordable.B) it represents the individual's preference for different combinations of goods.C) it marks the boundary between what can be produced and what is unattainable given the current state of technology and resources.D) all consumers must consume on their budget line.Answer: A2) Which of the following statements is true?A) As more of a good is consumed, its total utility increases, unless the good is subject to diminishing marginal utility.B) As more of a good is consumed, its total utility increases, even if the good is subject to diminishing marginal utility.C) No two people have identical utility functions, just as no two people have identical fingerprints.D) Both A and C above.Answer: B3) Which of the following is NOT an assumption of marginal utility theory?A) A consumer derives utility from the goods consumed.B) Each additional unit of consumption yields additional utility.C) Consumers maximize their total utility.D) As more of a good is consumed, the decrease in the marginal utility from the good means that the total utility from the good decreases also.Answer: D4) The principle of diminishing marginal utility says thatA) marginal utility is negative as the quantity of the good consumed increases.B) total utility decreases as the quantity of the good consumed increases.C) total utility increases by smaller and smaller amounts as the quantity of the good consumed increases.D) total utility increases by larger and larger amounts as the quantity of the good consumed increases.Answer: C5) In the figure above, the curve that shows the diminishing marginal utility isA) total utility curve A because it gets steeper as consumption of tomatoes increases.B) total utility curve A because it is higher than total utility curves B or C.C) total utility curve C because it gets flatter as consumption of tomatoes increases.D) total utility curve C because it is lower than total utility curves B and C.Answer: C6) The variables that determine a household's budget line areA) its preferences and income.B) its preferences and prices.C) prices and income.D) None of the above are correct.Answer: C7) Moving along a given budget line,A) prices and real income both decrease.B) prices fall and real income is constant.C) real income decreases and prices are constant.D) prices and real income are constant.Answer: D8) When the total product curve is drawn in a figure that measures employment along the horizontal axis, it is a graph that shows theA) minimum cost of producing a given amount of output using different techniques.B) maximum profit attainable for each unit of output sold per unit of labor employed.C) maximum output attainable for each quantity of labor employed.D) minimum output attainable for each quantity of labor employed.Answer: C9) A firm that is technologically efficientA) must be economically efficient, but a firm that is economically efficient is not always technologically efficient.B) must be economically efficient, and a firm that is economically efficient must always be technologically efficient.C) is not always economically efficient, and a firm that is economically efficient is not always technologically efficient.D) is not always economically efficient, but a firm that is economically efficient must always be technologically efficient.Answer: D10) In the above figure, Mark's monthly budget line for movies and plays changed, as shown by the arrow. The change was caused byA) a decrease in Mark's income.B) an increase in Mark's income.C) a fall in the price of a play.D) a rise in the price of a play.Answer: C11) Which of the following costs are part of a firm's opportunity costs?I. costs for resources bought in marketsII. costs for resources the firm ownsIII. costs for resources supplied by the ownerA) I and IIB) I and IIIC) I onlyD) I, II, and IIIAnswer: D12) The implicit rental rate for capital includes theA) total value of a piece of capital equipment.B) interest income forgone by purchasing the piece of capital equipment.C) firm's normal profit.D) amount paid for the use of a piece of capital equipment owned by someone else.Answer: B13) Suppose the price of coffee is $3 each, the price of bagels is $2 each and a person's budget is $40. The person's real income isA) $40.B) $13.33 in terms of bagels.C) $13.33 in terms of coffee.D) $8.Answer: C14) The marginal product of labor is the change in total product from a one-unit increase inA) the quantity of labor employed, holding the quantity of other inputs constant.B) the quantity of capital employed, holding the quantity of labor constant.C) both the quantity of labor and the quantity of other inputs employed.D) the wage rate.Answer: A15) In the figure above, which budget line results in the most real income in terms of compact discs?A) ADB) BDC) CDD) Real income is equal for all three budget lines.Answer: C16) Which of the following is true regarding a perfectly competitive firm?A) The firm can charge a lower price than its competitors and thereby sell more output and increase its profits.B) The firm always earns a normal profit.C) The firm's marginal revenue continually decreases.D) The firm's minimum efficient scale is small relative to the market demand.Answer: D17) Which of the following is true regarding perfect competition?I. The firms are price takers.II. Marginal revenue equals the price of the product.III. Established firms have no advantage over new firms.A) I and IIB) II and IIIC) I, II and IIID) I onlyAnswer: C18) The demand for wheat from farm A is perfectly elastic because wheat from farm A isA) a perfect complement for wheat from farm B.B) a normal good.C) a perfect substitute for wheat from farm B.D) an inferior good.Answer: C19) A perfectly competitive firm's marginal revenueA) increases as the firm produces more output.B) decreases as the firm produces more output.C) is less than the market price of its product.D) equals the market price of its product.Answer: D20) In the above figure, the firm will produceA) 0 units.B) 5 units.C) 15 unitsD) 20 units.Answer: D21) A monopoly is best defined as a firm thatA) produces a good or service for which no close substitute exists and which is protected by a barrier that prevents other firms from selling that good or service.B) purchases its resources from only one supplier because of a barrier preventing it from buying from other suppliers.C) produces a good or service for which no close substitute exists and that sells all its output to one buyer because there is barrier preventing other buyers from purchasing the good or service.D) cannot control the price it sets for its good or service because there is barrier that prevents the firm from changing the price.Answer: A22) Given the market demand and cost data in the above figure, the existence of two firms equal sized firms producing a total of 8 million cubic feet of natural gas means that the long-run average cost of producing natural gas isA) 10 cents per cubic foot.B) 20 cents per cubic foot.C) 30 cents per cubic foot.D) 40 cents per cubic foot.Answer: B23) For a single-price monopolist, as output increases, total revenueA) initially increases and then decreases.B) initially decreases and then increases.C) increases continually.D) decreases continually.Answer: A24) Which of the following is FALSE for a profit-maximizing single-price monopolist?A) P = MCB) MC = MRC) P > MRD) None of the above because they are all true.Answer: A25) In monopolistic competition, each firm has a demand curve with a ________ and there ________ barriers to entry into the market.A) negative slope; are noB) slope equal to zero; are noC) negative slope; areD) slope equal to zero; areAnswer: A26) In the figure above, Gap maximizes its profit if it charges ________ per jacket.A) $100B) $95C) $75D) $120Answer: A27) A firm in ________ will engage in ________ to try to earn an economic profit.A) perfect competition; advertisingB) monopolistic competition; product differentiationC) perfect competition; price warsD) monopolistic competition; price warsAnswer: B28) ________ is defined as any attempt to capture consumer surplus, producer surplus or economic profit.A) SearchB) Rent seekingC) Maximizing monopoly profitsD) Price discriminationAnswer: B29) Which of the following is necessary for a monopolist to price discriminate between groups?A) The groups are identifiable.B) The groups have different willingness to pay.C) A customer from one group cannot resell to a customer in another group.D) All of the above conditions are necessary for the monopolist to price discriminate.Answer: D30) Consider the perfectly competitive firm in the above figure. At what price will long-run equilibrium occur?A) $11B) $12C) $22D) $23Answer: CB True or false (1’*20=20’)1) Tom's marginal utility from a Sobe exceeds his marginal utility of crackers. Therefore, his total utility of Sobe must exceed his total utility of crackers.Answer: FALSE2) If Tom's total utility from watching one more minute of television increases but the increase for each additional minute is smaller than the previous minute, he has diminishing marginal utility. Answer: TRUE3) A firm's minimum efficient scale is the largest quantity of output at which long-run average cost reaches its highest level.Answer: FALSE4) The magnitude of the slope of the indifference curve between steak and lobster is called the marginal rate of substitution.Answer: TRUE5) You consume only steak and lobster. Your income effect from a drop in the price of lobster is measured by a movement along your indifference curve between steak and lobster.Answer: FALSE6) If a firm produces a given amount of output using the least amount of inputs, it definitely achieves economic efficiency.Answer: FALSE7) The larger the marginal rate of substitution, the larger is the amount of one good that the consumer is willing to give up in exchange for another good and still remain at the same level of satisfaction. Answer: TRUE8) The possibility that the managers of a corporation might not always act in the best interest of its owners is an example of the principal-agent problem.Answer: TRUE9) The marginal cost curve intersects the average fixed, average variable, and average total cost curves all at their minimum points.Answer: FALSE10) In the long run, total variable cost is zero.Answer: FALSE11) If a firm is maximizing profits, the extra revenue it receives from selling its last unit of output exceeds the extra cost of producing that unit.Answer: FALSE12) Entry of new firms into a perfectly competitive market lowers the profits of the existing firms. Answer: TRUE13) In the long run, perfectly competitive firms make zero economic profit, that is, their owners make a normal profit.Answer: TRUE14) A natural monopoly is any market in which competition and entry are restricted by the granting of a public franchise, government license, patent, or copyright.Answer: FALSE15) A monopoly creates a deadweight loss because the monopoly produces less than the efficientquantity.Answer: TRUE16) In monopolistic competition, product differentiation gives the firms the power to set their prices. Answer: TRUE17) In monopolistic competition, free entry and free exit mean that in the long run firms in the industry make zero economic profit.Answer: TRUE18) In the short run, a firm in monopolistic competition produces where P = MCAnswer: FALSE19) A monopoly that can perfectly price discriminate creates no deadweight loss.Answer: TRUE20) The deadweight loss from a monopoly loss measures the inefficiency created by monopoly. Answer: TRUEC Calculation(5’*4=20)1) The table gives the total utility Jamal derives from the consumption of eclairs and cream puffs. Jamal has $12 to spend on these two confectionery goods. The price of an eclair is $3 and the price of a cream puff is $1.50.a) Jamal's budget is $12. In order for Jamal to maximize his utility, how many eclairs and cream puffs should he buy?b) Suppose the price of an eclair increase to $6. Jamal's income does not change and neither does the price of a cream puff. What combination of eclairs and cream puffs will Jamal buy now?c) Using your answers to parts (a) and (b), derive two points on Jamal's demand curve for eclairs. Answer:a) Jamal's utility maximizing combination will allocate (spend) his budget and be such that the marginal utility per dollar from the last eclair equals the marginal utility per dollar from the last cream puff. Jamal's utility maximizing combination is 3 eclairs and 2 cream puffs. At this combination, Jamal spends $9 on eclairs (3 eclairs × $3) and $3 on cream puffs (2 cream puffs ×$1.50) for a total of $12. The marginal utility of the third eclair is 99 (= 342 - 243), so the marginal utility per dollar from eclairs is 99 ÷ 3 = 33. The marginal utility of the second cream puff is 49.50 (= 103.5 - 54.0), so the marginal utility per dollar from cream puffs is 49.5 ÷ $1.50 = 33. Hence the marginal utilities per dollar are equal, so the combination of 3 eclairs and 2 cream puffs maximizes Jamal's utility.b) Jamal's new utility maximizing combination is 1 eclair and 4 cream puffs. As in part (a), this combination allocates all of Jamal's income and equalizes the marginal utility per dollar from the two goods. (Both are equal to 21.)c) When the price of an eclair is $3, Jamal buys 3 eclairs, so one point on Jamal's demand curve is the price of $3 and the quantity demanded of 3 eclairs. When the price of an eclair increases to $6, Jamal buys only 1 eclair. So another point on Jamal's demand curve is the price of $6 and quantity demanded of 1 eclair.2) Tom is stranded on a deserted island where he can only consume coconuts and crabs. Two of his indifference curves are in the figure above.a) Would Tom prefer his consumption to be at point a or at point b? At point b or at point c? Explain your answers.b) Between points a and b, what is Tom's marginal rate of substitution for a crab?Answer:a) Tom is indifferent between consuming at point a or at point b because both points are on the same indifference curve, I1. Tom would prefer to consume at point c rather than point b because point c is on a higher indifference curve, I2 versus I1.b) Between points a and b, Tom's marginal rate of substitution for a crab is 2 coconuts per crab.each firm is listed in the above table.a) What is the four-firm concentration ratio in this market?b) What is the Herfindahl-Hirschman Index for this market?c) If Firm H and Firm A merge, what is the new Herfindahl-Hirschman Index for this market?d) A severe winter causes every firm except A, B, and E to close. With only these three firms operating, Firm A's market share is 71 percent, Firm B's market share is 23 percent, and Firm C's market share is 6 percent. What is the Herfindahl-Hirschman Index for this market now? Answer:a) The four-firm concentration rate is 74 percent.b) The Herfindahl-Hirschman Index is 1,782.c) Once firms H and A merge, the new Herfindahl-Hirschman Index is 2,038.d) The Herfindahl-Hirschman Index is now 5,606.a) What is the first worker's marginal product? The second worker? The third worker? The fourth worker? The fifth worker?b) Over what range of workers is there increasing marginal returns? Over what range is there decreasing marginal returns?Answer:a) The first worker's marginal product is 10 hair stylings. The second worker's marginal product is 15 hair stylings. The third worker's marginal product is 20 hair stylings. The fourth worker's marginal product is 15 hair stylings. The fifth worker's marginal product is 10 hair stylings.b) There are increasing marginal returns for the first 3 workers. After the third worker, there are decreasing marginal returns.。
微观经济学的练习试题以和答案解析英文版
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 the cost-benefit rule will be flawed because:A. the benefits will be overstated.B. the costs will be understated.C. the benefits will be understated.D. the costs will be overstated.Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450.51. If you do not use the frequent-flyer coupon to fly, should you go to Miami?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the trip.52. What is the opportunity cost of using the coupon for the Miami trip?A. $100B. $450C. $500D. $55053. If you use the frequent-flyer coupon to fly to Atlanta, would you get any economic surplus by making the trip?A. No, there is a loss of $50.B. Yes, surplus of $350.C. Yes, surplus of $400.D. Yes, surplus of $100.54. If the Chicago-Atlanta round-trip air fare is $350, should you go to Miami?A. No, there is a loss of $50.B. No, there is a loss of $100.C. Yes, there is economic surplus of $50.D. Yes, there is economic surplus of $400.55. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school children. Childcare for their children costs $12,000 per year. Pat has decided to stay home and take care of the children. Pat must:A. value spending time with the children by more than $25,000.B. value spending time with the children by more than $12,000.C. value spending time with the children by more than $13,000.D. value spending time with the children as much as does Chris.You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. (Assume that you would not have been willing to pay any more than $35 for this concert.) Your boss called and she is looking for someone to cover a shift on Saturday at the same time as the concert. You will have to work 4 hours and she will pay you time and a half, which is $9/hr.56. Should you go to the concert instead of working Saturday?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the concert.57. What is the opportunity cost of going to the concert?A. $1B. $9C. $35D. $3658. What is your opportunity cost, if you go to work on Saturday?A. $0B. $9C. $35D. $3659. Your economic surplus of going to work on Saturday is:A. $0B. $1C. $35D. $36Matt has decided to purchase his textbooks for the semester. His options are to purchase the books via the Internet with next day delivery to his home at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.因为他们提供75折的正常价格16美元。
微观经济学 英文版 题库 练习完整版
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). Thecost-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 becamea 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 orunder-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 the cost-benefit rule will be flawed because:A. the benefits will be overstated.B. the costs will be understated.C. the benefits will be understated.D. the costs will be overstated.Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450.51. If you do not use the frequent-flyer coupon to fly, should you go to Miami?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the trip.52. What is the opportunity cost of using the coupon for the Miami trip?A. $100B. $450C. $500D. $55053. If you use the frequent-flyer coupon to fly to Atlanta, would you get any economic surplus by making the trip?A. No, there is a loss of $50.B. Yes, surplus of $350.C. Yes, surplus of $400.D. Yes, surplus of $100.54. If the Chicago-Atlanta round-trip air fare is $350, should you go to Miami?A. No, there is a loss of $50.B. No, there is a loss of $100.C. Yes, there is economic surplus of $50.D. Yes, there is economic surplus of $400.55. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school children. Childcare for their children costs $12,000 per year. Pat has decided to stay home and take care of the children. Pat must:A. value spending time with the children by more than $25,000.B. value spending time with the children by more than $12,000.C. value spending time with the children by more than $13,000.D. value spending time with the children as much as does Chris.You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. (Assume that you would not have been willing to pay any more than $35 for this concert.) Your boss called and she is looking for someone to cover a shift on Saturday at the same time as the concert. You will have to work 4 hours and she will pay you time and a half, which is $9/hr.56. Should you go to the concert instead of working Saturday?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the concert.57. What is the opportunity cost of going to the concert?A. $1B. $9C. $35D. $3658. What is your opportunity cost, if you go to work on Saturday?A. $0B. $9C. $35D. $3659. Your economic surplus of going to work on Saturday is:A. $0B. $1C. $35D. $36Matt has decided to purchase his textbooks for the semester. His options are to purchase the books via the Internet with next day delivery to his home at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.因为他们提供75折的正常价格16美元。
微观经济学英文试卷
精品文档-可编辑内蒙古农业大学微观经济学课程测试试卷（A ）P l e a s e p r i n t . I f t h e a n s w e r i s u n r e c o g n i z a b l e , i t w i l l b e c o u n t e d a s w r o n g a n s w e r .Y o u s h o u l d a n s w e r i n E n g l i s h o r C h i n e s e , n u m b e r s , o r g r a p h s .Ⅰ. C o n c e p t s （3 p o i n t s e a c h , t o t a l 15 p o i n t s ）1. O p p o r t u n i t y c o s t2. E x t e r n a l i t y3. D e a d w e i g h t l o s s4. C o m p e t i t i v e m a r k e t5. D i m i n i s h i n g m a r g i n a l p r o d u c tⅡ. T r u e o r F a l s e Q u e s t i o n s (2 p o i n t s e a c h ，t o t a l 20 p o i n t s )( f ) 1.I f a p p l e a n d o r a n g e a r e s u b s t i t u t e s , w h e n p r i c e o f a p p l e i n c r e a s e s , t h e n t h e d e m a n d f o r o r a n g e d e c r e a s e s .(f)2.T h e p r i c e e l a s t i c i t y o f d e m a n d r e m a i n s c o n s t a n t a l o n g a l i n e a r d e m a n d c u r v e.(t)3.W h e n p r i c e c e i l i n g i s b e l o w e q u i l i b r i u m p r i c e i n a c o m p e t i t i v e m a r k e t,t h e p r i c e c e i l i n g i s b i n d i n g,a n d t h e r e i s s h o r t a g e i n t h e m a r k e t.(t)4.T o t a l s u r p l u s i s t h e v a l u e s t o b u y e r s m i n u s t h e c o s t t o s e l l e r s.(f)5.W h e n t a x e d i s l e v i e d o n t h e g o o d i n a c o m p e t i t i v e m a r k e t, t h e t a x r e v e n u e g o t b y t h e g o v e r n m e n t e q u a l s t h e f a l l i n p r o d u c e r a n d c o n s u m e r s u r p l u s.(f)6.I f t h e w o r l d p r i c e o f a g o o d e x c e e d s t h e d o m e s t i c p r i c e, t h e c o u n t r y s h o u l d i m p o r t t h e g o o d i n s t e a d t o e x p o r t i t. (t)7.I n t h e p r e s e n c e o f a n e g a t i v e e x t e r n a l i t y,Qi so p t i m u m.t h e r e f o r e l a r g e r t h a n t h e Qm a r k e t(f)8.P r i c e a l w a y s e q u a l s t o m a r g i n a l r e v e n u e f o r a l l k i n d s o f f i r m s.(t)9.D e m a n d c u r v e f o r a m o n o p o l y f i r m i s t h e m a r k e t d e m a n d c u r v e.(f)10.I n t h e l o n g r u n,m o n o p o l i s t i c c o m p e t i t i v e f i r m s p r o d u c e a t t h e i r l o w e s t a v e r a g e t o t a l c o s t.Ⅲ.S i n g l e C h o i c e Q u e s t i o n s(2p o i n t s e a c h，t o t a l20p o i n t s)(d)1.I f t h e c r o s s-p r i c e e l a s t i c i t y o f d e m a n d f o r t w o g o o d s i s n e g a t i v e,t h e s e t w o g o o d a r e?A.L u x u r y g o o d s.B.N e c e s s i t i e s.C.S u b s t i t u t e s.D.C o m p l e m e n t s.(a)2.A l t h o u g h b u y e r s a n d s e l l e r s s h a r e t h e b u r d e n o f t a x t o g e t h e r,s e l l e r s s h a r e m o r e i f t h e g o o d i s________A.F o o d.B.C l o t h e s.C.H o u s i n g.D.E n t e r t a i n m e n t g o o d.(c)3.C o n s u m e r s u r p l u s i s t h e a r e a＿＿＿＿A.A b o v e t h e s u p p l y c u r v e a n d b e l o w t h e p r i c e.B.B e l o w t h e s u p p l y c u r v e a n d b e l o w t h e p r i c eC.B e l o w t h e d e m a n d c u r v e a n d a b o v e t h e p r i c eD.B e l o w t h e d e m a n d c u r v e a n d b e l o w t h e p r i c e(a)4.I f w e d o u b l e t h e s i z e o f t a x u n d e r t h e p e r f e c t l y c o m p e t i t i v e m a r k e t,s o t h e d e a d w e i g h t l o s s_____________A.I s f o u r t i m e s a s t h e o r i g i n a l o n e.B.I s t w i c e a s t h e o r i g i n a l o n e.C.R e m a i n t h e s a m eD.M a y i n c r e a s e o r d e c r e a s e.(b)5.W h i c h o f t h e f o l l o w i n g i t e m s i s a n e x a m p l e o f p u b l i c g o o d s?A.F i s h e s i n t h e o c e a n.B.N a t i o n a l d e f e n s e.C.A p p l e s o n a h o u s e h o l d’s a p p l e t r e e.D.H o t d o g s i n a p i c n i c.()6.I f t h e p r o d u c t i o n f u n c t i o n h a s t h e a t t r i b u t e o fd i m i n i s h i n g m a r g i n a l re t u r n s,t h e s l o p e of t h e t o t a l c o s t c u r v e w h i c h i s a s s o c i a t e d w i t h t h e p r o d u c t i o n f u n c t i o nA.I n c r e a s e s w h e n p r o d u c e d q u a n t i t y i n c r e a s eB.D e c r e a s e s w h e n p r o d u c e d q u a n t i t y i n c r e a s e.C.R e m a i n s t h e s a m e.D.M a y b e a n y o n e m e n t i o n e d a b o v e.(d)7.I f t h e m a r g i n a l c o s t c u r v e i s b e l o w t h e a v e r a g e t o t a l c o s t c u r v e,_________.A.A v e r a g e t o t a l c o s t i n c r e a s e s.B.A v e r a g e f i x e d c o s t i n c r e a s e s.C.A v e r a g e t o t a l c o s t a c h i e v e s i t s m i n i m u m.D.A v e r a g e t o t a l c o s t d e c r e a s e s.( b ) 8. I f a c o m p e t i t i v e f i r m a c h i e v e i t s l o n g -r u ne q u i l i b r i u m s t a t e ,A. I t s a v e r a g e t o t a l c o s t a c h i e v e s i t s m i n i m u m .B. M a r g i n a l c o s t e q u a l s m a r g i n a l r e v e n u e .C. I t g e t s z e r o e c o n o m i c p r o f i t .D. A l l t h e i t e m s m e n t i o n e d a b o v e a r e c o r r e c t .( a ) 9. T h e i n e f f i c i e n c y o f m o n o p o l y i s c a u s e d b y _______A. D e f i c i e n t p r o d u c t i o n o f m o n o p o l y .B. O v e r p r o d u c t i o n o f m o n o p o l y .C. M o n o p o l i s t i c p r o f i t .D. M o n o p o l i s t i c l o s s .( a ) 10.T h e m e a n i n g o f “m o n o p o l i s t i c ” i n “m o n o p o l i s t i c c o m p e t i t i o n ” i s ______A . m o n o p o l i s t i c c o m p e t i t i v e f i r m f a c e s a d o w n w a r d s l o p i n g d e m a n d c u r v e .B . m o n o p o l i s t i c c o m p e t i t i v e f i r m c a n f r e e l y e n t e r a n d e x i t t h e m a r k e t .C . m o n o p o l i s t i c c o m p e t i t i v e f i r m c h a r g e s t h e p r i c e a si t s m a r g i n a l c o s t .D . m o n o p o l i s t i c c o m p e t i t i v e f i r m p r o d u c e a t i t se f f i c i e n t s c a l e .Ⅳ. P r o b l e m s f o r c a l c u l a t i o n (t o t a l 20 p o i n t s )1. T h e m o n o p o l y ’s c o s t i s a f u n c t i o n o f i t s o u t p u t , w h i c h i sC(Q)=Q22+12,a n d t h e m o n o p o l y f a c e s t h e l i n e a r i n v e r s e d e m a n df u n c t i o n:P=24—Q(t o t a l10p o i n t s)(1)C a l c u l a t e f o l l o w i n g i t e m s:m a r g i n a l c o s t,a v e r a g e f i x e dc o s t,a v e r a g e v a r i a b l e c o s t,a v e r a g e t o t a l c o s t,a nd m a r g i n a l re v e n u e(5p o i n t s)(2)C a l c u l a t e p r o f i t-m a x i m i z i n g o u t p u t(2p o i n t s)a n d p r o f i t-m a x i m i z i n g p r i c e(1p o i n t),d e t e r m i n e i t s e c o n o m i c p r o f i t(2p o i n t s)2.T h e f o l l o w i n g i s t h e d e m a n d s c h e d u l e f o r c o n s u m e r s o f w a t c h i n g t w o i d e n t i c a l b a s e b a l l g a m e s i n a c i t y.T h e b a s e b a l l f i e l d a n d b a s e b a l l p l a y e r s f o r t h e s e t w o t e a m s a r e f r e e l y p r o v i d e d b y t h e b a s e b a l l l e a g u e(t o t a l10p o i n t s)(1)I f i t i s a p e r f e c t l y c o m p e t i t i v e m a r k e t,d e t e r m i n e t h e p r i c e a n d q u a n t i t y.(2p o i n t s)(2)I f t h e d u o p o l y m a k e s c o l l u s i o n t o b e c o m e a c a r t e l,d e t e r m i n e t h e p r i c e,q u a n t i t y a n d p r o f i t f o r e a c h f i r m i f t h e o n l y g o a l f o r t h e m i s p r o f i t m a x i m i z i n g.(3p o i n t s)(3)I f t h e y f a i l t o m a k e c o l l u s i o n,d e t e r m i n e t h e i r i n d i v i d u a l p r o f i t i f N a s h e q u i l i b r i u m i s a c h i e v e d.(3p o i n t s)(4)D r a w o u t t w o t e a m’s s t r a t e g i e s a b o u t t h e i r o u t p u t s a n d p r o f i t s(N o t e:U s e t h e c h a r t o f p r i s o n e r’d i l e m m a s h o w n i n o u r t e x t b o o k,p l e a s e).(2p o i n t s)Ⅴ.S h o r t a n s w e r s i t e m s(t o t a l25p o i n t s)1.W h y f i r m s i n a p e r f e c t l y c o m p e t i t i v e m a r k e t p r o d u c e a t t h e i re f f i c i e n t s c a l e s w h e n t h e y a c h i e v e t h e i r l o n g r u n e q u i l i b r i u m? (5p o i n t s)完全竞争厂商在长期内对全部生产要素的调整可以表现为两个方面：一方面表现为厂商进入或退出一个行业，这也就是行业内企业数量的调整；另一方面表现为厂商对生产规模的调整。
微观经济学英文选择题练习
C) the supply curve for sugar would shift right.
D) the supply curve for sugar would shift left.
Answer: C
Answer: D
Suppose that the prices of good A and good B were to suddenly double. If good A is plotted along the horizontal axis,
A) the budget line will become steeper.
A) It will lead to an increase in consumption only for a normal good.
B) It always will lead to an increase in consumption.
C) It will lead to an increase in consumption only for an inferior good.
A) elastic. B) inelastic.
C) unit inelastic. D) insufficient information for judgment.
Answer: B
When labor usage is at 12 units, output is 36 units. From this we may infer that
B) is unnecessary, as long as transitivity is assumed.
微观经济学英文版习题(附答案)3
ECON915, Seminar 3Attempt all of the following questions.1.) If you are a risk attracted person who is given a choice between Y A : a bet with an expected value of £66 or Y B : £66 for certain, which offer would you prefer and what could an observer conclude from your choice about the amount of certainty equivalent income.A risk attracted individual would choose the bet with an expected value of £66. Since you prefer uncertain income to certain income of the same amount, this must give you greater utility. The amount of certain income rendering the same utility (i.e. the certainty equivalent income level) must therefore be larger than £66.2.) Explain how the problem of Moral Hazard can render full insurance at the fair odds premium unsustainable.The moral hazard problem can for example arise if an insurance customer cansubstantially reduce an accident risk by incurring a small expenditure and contracts insurance at the full premium conditional on the accident reduction having been implemented. If compliance can't be observed, the insurance customer then has an incentive not to incur this small but non-zero expenditure and maintain a high risk which effectively insured at advantageous terms.The insurer can react by demanding an excess –such that the pay off from riskreduction provides an efficient compliance incentive—or can insure fully at the high risk premium.3.) Explain the notion of a separating equilibrium.In insurance contracts, a separating equilibrium is achieved if economic agents have an incentive to take out insurance contracts according to their true risk characteristics. The Self Selection Constraint is:Where C is the cost of a loss materialising, and IP is the compensating insurance payment and π’ and π the loss probabilities for high and low risks respectively. This constraint states that the utility from fully insuring at fair-high risk odds must be at least as large as the utility from insuring partially at the low risk premium. This constraint is an appropriate condition for an adverse selection problem.4.) Find and read the following article: George Akerlof (1970) “The Market for‘Lemons’: Quality Uncertainty and the Market Mechanism” The Quarterly Journal of Economics Vol. 84, No.3, pp. 488-500. How do the principles discussed in this article relate to our treatment of asymmetric information so far?Lectures to date have focussed on symmetric uncertainty scenarios and moral hazard. What Akerlof discusses is largely adverse selection, where qualitative characteristics are given and do not depend on unobserved actions of one party. The conclusion that under certain conditions markets may collapse is far less useful than later models ()()()()IP IP C y U IP y U C y U F F F +−−+−−≥−πππππ''1'describing possible, though sub-optimal equilibria. The importance of this article lies in the fact that it was the first contribution to address the problem of asymmetric information at all. A number of journals had rejected this article previously before it finally got accepted in QJA, years before Akerlof received the Nobel price for it.。
微观经济学试题英文版
Managerial EconomicsPart 1:1. The price of good A goes up. As a result the demand for good B shifts to the left. From this we can infer that:a. good A is a normal good.b. good B is an inferior good.c. goods A and B are substitutes.d. goods A and B are complements.e. none of the above.Choose: d) the definition os complements2. Joe's budget line is 15F + 45C = 900. When Joe chooses his most preferred market basket, he buys 10 units of C. therefore, he also buys :a. 10 units of Fb. 30 units of Fc. 50 units of Fd. 60 units of Fe. None of the aboveChoose: b) We assume that Joe will spend all his income. If C = 10, then 15F =900 – 45(10) =450, so F = 450/15 =30.3. Kim only buys coffee and compact discs. Coffee costs $0.60 per cup, and CDs cost $12.00 each. She has $18 per week to spend on these two goods. If Kim is maximizing her utility, her marginal rate of substitution of coffee for CDs is:a. 0.05b. 20c. 18d. 1.50e. None of the aboveChoose: a) At Kim's most preferred market basket, her MRS equals the price ratio (Pcoffee/PCD), which equals 0.6/12 or 0.05.4. The bandwagon effect corresponds best to which of the following?a. snob effect.b. external economy.c. negative network externality.d. positive network externality.Choose: d)5. A Giffen gooda. is always the same as an inferior good.b. is the special subset of inferior goods in which the substitution effect dominates the income effect.c. is the special subset of inferior goods in which the income effect dominates the substitution effect.d. must have a downward sloping demand curve.Choose: c) the definition of Giffen good6. An Engel curve for a good has a positive slope if the good is :a. an inferior good.b. a Giffen good.c. a normal good. d. a, b, and c are true.e. None of the above is true.Choose: c) Inferior and Giffen goods have negatively sloped Engel curves.7. The price of beef and quantity of beef traded are P* and Q*, respectively. Given this information, consumer surplus is the area:a. 0BCQ*b. ABCc. ACP*d. CBP*e. 0ACQ*Choose: d)Consumer surplus is the area between the demand line and the price.8. In Figure 1, holding income constant, what change must have occurred to rotate the budget line from the old line(1) to the new line(2)?Figure 1a. The price of Coke fellb. The price of pizza fellc. The price of pizza rosed. The price of Coke went upe. b and cChoose: b) The horizontal intercept, I/PC, is unchanged, which implies that PC could not have changed(holding income constant). Since the slope is PP/PC, the slope change means that the price of pizza must have fallen. This can also be seen intuitively from Figure 1, since the consumer can now buy more pizza than before if he spends all his income on pizza.9. Andy buys 10 pounds of onions per month when the price is $0.75 per pound. If the price falls to $0.50 per pound, he buys 30 pounds of onions. What is his arc elasticity of demand over this price range?a. - 1.33b.–2c.–2.5d. - 6e. None of the above is correct. Choose: c) Using the arc elasticity formula,The next two questions refer to the following information: Opie and Gomer are theonly two consumers in the video cassette rental market in the Mayberry. Their demand curves per week are pictured in Figure 2.10. If rentals cost $2.50 each, the total quantity demanded each week in the market is :a. 3b. 6c. 15d. 10e. None of the above is correct.Choose: b) Add horizontally to get the market demand curve. At P = $2.50, QO = 3 and QG = 3 for a total of 6 units demanded.11. For a decrease in price from $2.50 to $1.50, market demand is :a. elastic.b. unit elastic. c. inelastic.d. perfectly inelastic.e. More information is needed.Choose: a) Demand is price elastic:EP = %ΔQ/%ΔP = [(1512. As president and CEO of MegaWorld industries, you must decide on some very risky alternative investments:a. A.b. B.c. C.d. D.e. EChoose: b) Ea=2 Eb=6.8 Ec=0 Ed=6 Ee=613. An individual with a constant marginal utility of income will bea. risk averse.b. risk neutral.c. risk loving.d. insufficient information for a decision.Choose: b)An individual with a constant marginal utility of income is risk neutral.14. In the figure below, what is true about the two jobs?a. Job 1 has a lower standard deviation than Job 2.b. All outcomes in both jobs have the same probability of occurrence.c. A risk-averse person would prefer Job 2.d. A risk-neutral person would prefer Job 1.e. Job 1 has a higher expected income than Job 2.Choose: a) Job 1 has a lower standard deviation than Job 2. Expected income of Job 1 equals to Job 2.Part 2:The demand curves for steak, eggs, and hot dogs are given in the table below. The current price of steak is $5. The price of eggs is $2.50, and the price of hot dogs is $0.75. Fill in the remaining columns of the table using this information.Solution:substitutes.Part 3:Draw indifference curves to represent the following descriptions of consumer preferences:a. I can’t taste the difference between apple and grape jelly, but I likethem both.b. I only like grape jelly and never eat apple jelly.c. Apple and grape jelly are better mixed, although I don’t care too much about the proportions.Answer:a) See Figure 7(a). Since the consumer can not tell the difference between the two flavors, all he would care about is the total amount of jelly he has.b) See Figure 7(b). An increase in the amount of apple jelly does not affect the consumer since he never eats it.c) See Figure 7(c). Here, a mixed bundle is better than an extreme one, but the consumer is willing to trade off the different flavors.Figure 7 Part 4:Therearereasonsotherthanfads,fashions,and consumer insecuri ty for bandwago n andsnobeffects.Varioustypes ofexternalities inthe consumpt ion of certaingoods also exist. Explain which these effects (bandwagon or snob) might be present in the following cases:a. A restaurant that is often crowdedb. A personal computer software productc. A rock concertAnswer:a) A price decrease will attract more customers, but the crowding(longer lines,poorer service) will discourage others. This would resemble a snob effect.b) The more people you expect to buy a software product, the more likely you canfind another experienced user to ask questions about it. Also, the more likely it is that a computer bookstore will carry publications about how to use the software. Thus, we would expect to see a bandwagon effect.c) Here, crowding might discourage some customers. But, since part of the enjoyment of a concert is seeing the band with other fans, we might observe a bandwagon effect. Part 5:Tom Wilson is the operations manager for Bi-Corp, a real estate investment firm. Tom must decide if Bi-Corp is to invest in a strip mall in a northeast metropolitan area. If the shopping center is highly successful, after tax profits will be $100,000 per year. Moderate success would yield an annual profit of $50,000, while the project will lose $10,000 per year if it is unsuccessful. Past experience suggests that there is a 40% chance that the project will be highly successful, a 40% chance of moderate success, and a 20% probability that the project will be unsuccessful.a. Calculate the expected value and standard deviation of profit. Ounces ofGrape Jelly Ounces of Apple Jelly (a ) Ounces of Grape JellyOunces of Apple Jelly (b) (c ) Ounces of Grape JellyOunces of Apple Jellyb.The project requires an $800,000 investment. If Bi-Corp has an 8% opportunity coston invested funds of similar riskiness, should the project be undertaken? Solution:a.Expected Value100,000 .4 40,00050,000 .4 20,000-10,000 .2 -2,000π = 58,000Standard deviation100,000 42,000, 764,000,000 705,600,00050,000 -8,000 64,000,000 25,600,000-10,000 -68,000 4,624,000,000 924,800,000σ2 = 1,656,000,000σ = 40,693.98b.Bio-Corp's opportunity cost is 8% of 800,000 or0.08 x 800,000 = 64,000.The expected value of the project is less than the opportunity cost. Bi-Corp should not undertake the project.。
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。
微观经济学英文版习题（附答案）2
ECON915 Financial Economics Seminar 21. As an investor, you consider investing in a recently liberalized emerging market economy. From past post liberalization performance data for this economy you know that investment projects tend to have a pay-off of 11.57% per annum. What assumption would you have to make to conclude that this figure is a good guide to future investment returns.One assumption for past sample data to give a guide to the future is that the remaining investment opportunities are of equal quality as the ones earlier exploited. If one assumes that there is a limited pool of such opportunities (not an entirely realistic assumption) it would appear that the more profitable ones get taken first. So, later investment projects may well earn a lower return.A second reason has to do with diminishing marginal returns to individual production factors and capital saturation in the production process. We will address this in more detail in the context of growth theory next semester. The basic lesson here is that in an applied context one needs to be aware about the factors that influence the probabilities underlying past decision making.2. How would a change in the market rate of interest affect the allocation of consumption over time?A rise in the rate of interest would lead to an increase in future consumption and a fall in present consumption. A fall in the rate of interest would likewise lead to a rise in present consumption relative to future consumption. In either case, the market rate of interest is equal to the consumer’s rate of time preference at the new equilibrium point.3. Assume you and a business partner attempt to agree on an investment project. You have a strong preference for saving while you know your business partner’s preference to be weighted in favour of present consumption. How, if at all, could you agree on the optimum amount to invest in your firm?Microeconomic theory tells us that you should invest in your firm until the internal rate of return to your investment project has fallen to the market rate of interest. Once this point is achieved, your ‘hedonistic’ business partner can borrow at the market rate of interest to fund his present consumption. You can likewise invest your remaining assets in a bank account. Both of you benefit from this arrangement. Even your business partner does, since the investment project earns a higher rate of return than the market rate of interest, enabling him to consume more over both periods, and re-allocate this higher income at a cost determined by the market interest rate.4. Consider an income prospect of £749 with a certainty equivalent income level of £1024. Would an economic agent with risk preferences corresponding to this scenario be risk averse or risk loving?He would be risk loving, since the amount of certain income creating the equivalent amount of utility (hence certainty equivalent) to a given prospect, is higher than the expected value of this income prospect.5. Assume that at the end of the course you join the other MSc Finance students for a drink in a local pub. By the end of the evening you have reached a state of intoxication that makes you feel generous so you volunteer to pay for the drinks of all MSc students who have not yet paid for their drink. Do you pay for your own drink?The operative concepts here are membership of the set of MSc students and ownership of the drinks to be paid for. By the statement above, you should strictly speaking not have paid for your own drink, since you only pay for the drinks of those MSc students who do not pay for their own drinks and you are one of the MSc students. If however you don’t pay for your own drink, then you belong to the subset of those MSc students who have not paid for their drinks so that you would have to pay for it if it were not for the fact that you only pay for the drinks of those who don’t pay for their own drink and this is your own drink after all ….As should be clear by now the above statement is –in good logic- paradoxical. In general terms, it is not possible in set logic to define a set of all sets that do not contain themselves since such a set would have to contain itself while it would be simultaneously required that it can’t do so.This is also known Russel’s paradox. If you go further into this you will find that it closely ties in with the impossibility of creating self contained logical systems. Many of the assumptions made in economic theory are introduced to simplify things. Even if they were not, some assumptions would have to be made as a basis for any theory (and this includes theoretical physics).。
微观经济学试题及答案英文版
微观经济学试题及答案英文版Microeconomics Exam Questions and Answers (English Version)Question 1:Define the law of demand and explain how it relates to the concept of elasticity.Answer 1:The law of demand states that, all else being equal, the quantity demanded of a good or service will decrease as its price increases, and vice versa. Elasticity, specifically price elasticity of demand, measures the responsiveness of the quantity demanded to a change in price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. If the absolute value of the elasticity coefficient is greater than one, the demand is elastic; if it is less than one, the demand is inelastic; and if it equals one, the demand is unit elastic.Question 2:Explain the concept of marginal utility and how it relates to consumer behavior.Answer 2:Marginal utility is the additional satisfaction or utility derived from consuming one more unit of a good or service. It is the first derivative of the total utility function with respect to the quantity consumed. As consumers consume moreof a good, the marginal utility typically decreases, a phenomenon known as the law of diminishing marginal utility. This concept is fundamental to understanding consumer behavior and the decision-making process when allocating a limited budget among various goods and services.Question 3:What is the difference between a perfectly competitive market and a monopoly?Answer 3:A perfectly competitive market is characterized by a large number of buyers and sellers, homogeneous products, free entry and exit, and the absence of barriers to entry. Prices are determined by the market and individual firms are price takers. In contrast, a monopoly is a market structure where there is only one seller of a unique product with no close substitutes. The monopolist has market power and can set prices above marginal cost, leading to deadweight loss and inefficiency.Question 4:Explain the concept of opportunity cost and give an example.Answer 4:Opportunity cost is the value of the next best alternative that is forgone when making a choice. It represents the benefits an individual, investor, or business misses out on when choosing one alternative over another. For example, if a farmer has a choice between growing wheat or corn on a piece of land, the opportunity cost of choosing to grow wheat isthe profit that could have been earned from growing corn.Question 5:What are the factors that determine the shape of a firm's supply curve?Answer 5:The shape of a firm's supply curve is determined by the relationship between the cost of production and the quantity supplied. If the marginal cost of production is constant, the supply curve will be perfectly elastic (horizontal). If the marginal cost increases as production increases, the supply curve will be upward sloping. Factors such as technology, input costs, and the availability of resources can influence the shape of the supply curve.End of ExamPlease note that this is a sample exam and the questions and answers provided are for illustrative purposes only.。
江西财经大学大二经济学专业微观经济学英文试卷及答案 (1)
江西财经大学微观经济学纸质练习试卷姓名：学号：得分：A Multiple choice (2’*16)1. When an economist talks of scarcity, the economist is referring to theA) ability of society to employ all of its resources.B) ability of society to consume all that it produces.C) inability of society to satisfy all human wants because of limited resources.D) ability of society to continually make technological breakthroughs and increase production. Answer: C2. An inducement to take a particular action is calledA) the marginal benefit. B) the marginal cost.C) opportunity cost.D) an incentive.Answer: D3. Which of the following questions is NOT a microeconomic question?A) Can the Federal Reserve keep income growing by cutting interest rates?B) How would a tax on e-commerce affect eBay?C) What is Britney's opportunity cost of having another baby?D) Does the United States have a comparative advantage in information technology services? Answer: A4. When a California farmer decides to harvest lettuce using machines instead of by migrant workers, the farmer is answering the ________ part of one of the two big economic questions.A) "how" B) "for whom" C) "scarcity" D) "what"Answer: A5. Which of the following statements are correct?I. The "highest-valued alternative given up to get something" is the opportunity cost.II. Wealthy economies don't experience opportunity costs.III. Scarcity creates opportunity costs.A) I only B) I and II C) I and III D) I, II, and IIIAnswer: C6. Which of the following is a positive statement?A) People buy more of a good or service when its price falls.B) The distribution of income is fair.C) The government ought to provide health care to everyone.D) Corporations should be more socially responsible.Answer: A7. After you graduate, you have decided to accept a position working at the Bureau of Labor Statistics for $45,000.00 a year. The two other offers you received wereworking for Wal-Mart for $38,000 and working for Ernst and Young consulting for $42,000. Of these two offers, you would have preferred the job at Ernst and Young. What is the opportunity cost of accepting the position at the Bureau of Labor Statistics?A) the $45,000 you are paid for working at the Bureau of Labor StatisticsB) the $42,000 you would have been paid working for Ernst and YoungC) the $38,000 you would have been paid working for Wal-MartD) the $42,000 you would have been paid working for Ernst and Young and the $38,000 you would have been paid working for Wal-MartAnswer: B8. The production possibilities frontier separates ________.A) the goods and services that people want from those that they do not wantB) the types of goods that can be attained from those that can't be attainedC) the quantities of goods and services that can be produced from those that cannot be producedD) the combinations of goods that people value and those that they don'tAnswer: C9.When operating on its PPF, a country can produce 2 tons of butter and 200 cars OR 3 tons of butter and 150 cars. The opportunity cost of 1 ton of butter is ________ cars per ton of butter.A) 300 B) 200 C) 50 D) 0.75Answer: C10. A country produces only pencils and erasers. Pencil production is allocatively efficient if the marginal ________ of a pencil equals the marginal ________ of ________.A) cost; benefit; an eraser B) cost; cost; an eraserC) benefit; benefit; an eraser D) benefit; cost; a pencilAnswer: D11. At one point along a PPF, 50 tons of coffee and 100 tons of bananas are produced. At another point along the same PPF, 30 tons of coffee and 140 tons of bananas are produced. The opportunity cost of a ton of coffee between these points isA) 7/5 of a ton of bananas per ton of coffee.B) 1/2 of a ton of bananas per ton of coffee.C) 5/7 of a ton of bananas per ton of coffee.D) 2 tons of bananas per ton of coffee.Answer: DA) impossible unless more resources become available or technology improves.B) feasible but would involve unemployed or misallocated resources.C) possible only if the economy produces with maximum efficiency.D) possible only if there is inflation.Answer: A13. In the above table, the opportunity cost of the 2nd pizza isA) 0 cases of soda per pizza.B) 15 cases of soda per pizza.C) 95 cases of soda per pizza.D) 80 cases of soda per pizza.Answer: B14. Betty and Ann live on a desert island. With a day's labor, Ann can produce 8 fish or 4 coconuts; Betty can produce 6 fish or 2 coconuts. Ann's opportunity cost of producing 1 coconut is ________ and she should specialize in the production of ________.A) 8 fish per coconut; fishB) 2 fish per coconut; coconutsC) 6 fish per coconut; coconutsD) 0 fish per coconut; coconutsAnswer: B15. Which of the following describes comparative advantage?A) To produce a bushel of wheat Farmer John must give up 2 bushels of corn whereas Farmer Ben must give up 3 bushels of corn.B) Company A can produce 4 boxes of cereal in a day whereas Company B can produce 5 boxes of cereal in a day.C) Firm A can produce a good at a cost of $3 and Firm B can produce the good at a cost of $4.D) Jane can type 50 words per minute and Joe can type 60 words per minute.Answer: A16. Refer to the above figure. Mario is self-sufficient and so is Mia. Each produces 6 dishes of pasta and 4 pizzas. Mario and Mia decide to specialize and trade. After they have specialized and traded, compared to the initial situation, Mia's opportunity cost of pasta has ________ and Mario's opportunity cost of a pizza has ________.A) decreased, decreased B) decreased, increasedC) increased, increased D) increased, decreasedAnswer: CB True or false(6’)1.Scarcity affects only those who are in need. FALSE2.Households are buyers in factor markets and sellers in goods markets. FALSE3.One has a comparative advantage because of higher productivity. FALSE4.Specialization and trade allow countries to consume beyond their PPFs. TRUE5.As long as technology increases, economic growth is free. FALSE6.If Hong Kong continues to devote more resources to accumulating capital than the United States,Hong Kong will continue to grow more rapidly than the United States. TRUEC Calculation (12’)The figure above shows Prakash's and Gail's production possibilities frontiers for writing books and magazine articles.a) What is Prakash's opportunity cost of a book? What is Gail's opportunity cost? Who has the comparative advantage in writing books?b) Who has the comparative advantage in writing magazine articles?c) According to their comparative advantages, who should write books and who should write magazine articles?Answer:a) In a year, Prakash can write 2 books or 40 magazine articles. Hence the opportunity cost of 1 book is (40 magazine articles) ÷ (2 books) = 20 magazine articles per book. In a year, Gail can write 3 books or 30 magazine articles. Hence the opportunity cost of 1 book is (30 magazine articles) ÷ (3 books) = 10 magazine articles per book. Gail's opportunity cost of writing books is lower than Prakash's, so Gail has the comparative advantage in writing books.b) Prakash has the comparative advantage in writing magazine articles.c) Gail has the comparative advantage in writing books, so she should write books. Prakash has the comparative advantage in writing magazine articles, so he should write magazine articles.。
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内蒙古农业大学2011/2012学年第一学期微观经济学课程考试试卷（A）Please print. If the answer is unrecognizable, it will be counted as wrong answer. You should answer in English or Chinese, numbers, or graphs.Ⅰ. Concepts（3 points each, total 15 points）1. Opportunity cost2. Externality3. Deadweight loss4. Competitive market5. Diminishing marginal product. True or False Questions (2 points each，total 20 points) demand for orange decreases.( f ) 2.The price elasticity of demand remains constant along a linear demand curve.( t ) 3.When price ceiling is below equilibrium price in a competitive market, the price ceiling is binding, and there is shortage in the market.( t ) 4.Total surplus is the values to buyers minus the cost to sellers.( f ) 5. When taxed is levied on the good in a competitive market, the tax revenue got by the government equals the fall in producer and consumer surplus.( f ) 6. If the world price of a good exceeds the domestic price, the country should import the good instead to export it.( t ) 7.In the presence of a negative externality, Q optimum is therefore larger than the Q market .( f ) 8.Price always equals to marginal revenue for all kinds of firms.( t ) 9. Demand curve for a monopoly firm is the market demand curve.( f ) 10.In the long run, monopolistic competitive firms produce at their lowest average total cost.. Single Choice Questions (2 points each ，total 20 points)( d ) 1. If the cross-price elasticity of demand for two goods is negative, these two good are?A. Luxury goods.B. Necessities.C. Substitutes.D. Complements.( a ) 2. Although buyers and sellers share the burden of tax together, sellers share moreif the good is ________A. Food .B. Clothes.C. Housing.D. Entertainment good.( c ) 3.Consumer surplus is the area＿＿＿＿A.Above the supply curve and below the price.B.Below the supply curve and below the priceC.Below the demand curve and above the priceD.Below the demand curve and below the price( a ) 4.If we double the size of tax under the perfectly competitive market, so the deadweight loss _____________A.Is four times as the original one.B.Is twice as the original one.C.Remain the sameD.May increase or decrease.( b ) 5. Which of the following items is an example of public goods?A.Fishes in the ocean.B.National defense.C.Apples on a household’s apple tree.D.Hot dogs in a picnic.( ) 6. If the production function has the attribute of diminishing marginal returns, the slope of the total cost curve which is associated with the production functionA.Increases when produced quantity increaseB.Decreases when produced quantity increase.C.Remains the same.D.May be any one mentioned above.( d ) 7. If the marginal cost curve is below the average total cost curve,_________.A.Average total cost increases.B.Average fixed cost increases.C.Average total cost achieves its minimum.D.Average total cost decreases.( b ) 8. If a competitive firm achieve its long-run equilibrium state,A.Its average total cost achieves its minimum.B. Marginal cost equals marginal revenue.C. It gets zero economic profit.D. All the items mentioned above are correct.( a ) 9. The inefficiency of monopoly is caused by_______A. Deficient production of monopoly.B. Overproduction of monopoly.C. Monopolistic profit.D. Monopolistic loss.( a ) 10.The meaning of “monopolistic” in “monopolistic competition ” is ______A. monopolistic competitive firm faces a downward sloping demand curve.B. monopolistic competitive firm can freely enter and exit the market.C. monopolistic competitive firm charges the price as its marginal cost.D. monopolistic competitive firm produce at its efficient scale.Ⅳ. Problems for calculation (total 20 points) cost is a function of its output, which is C(Q)=Q 2+12, and the monopoly faces the linear inverse demand function: P=24—Q (total 10 points)(1) Calculate following items: marginal cost, average fixed cost, average variable cost, average total cost, and marginal revenue (5 points)(2) Calculate profit-maximizing output (2 points) and profit-maximizing price (1 point), determine its economic profit (2 points)2. The following is the demand schedule for consumers of watching two identical baseball games in a city. The baseball field and baseball players for these two teams are(1) If it is a perfectly competitive market, determine the price and quantity. (2 points)(2)If the duopoly makes collusion to become a cartel, determine the price, quantity and profit for each firm if the only goal for them is profit maximizing. (3 points)(3)If they fail to make collusion, determine their individual profit if Nash equilibrium is achieved. (3 points)(4)Draw out two team ’s strategies about their outputs and profits (Note: Use the chart of prisoner ’ dilemma shown in our textbook, please). (2 points). Short answers items (total 25 points)1. Why firms in a perfectly competitive market produce at their efficient scales when they achieve their long run equilibrium? (5points)完全竞争厂商在长期内对全部生产要素的调整可以表现为两个方面：一方面表现为厂商进入或退出一个行业，这也就是行业内企业数量的调整；另一方面表现为厂商对生产规模的调整。