尼科尔森微经练习题(10)

Chapter 12
General Equilibrium and Welfare
160. If, in a given economy, production is taking place at a point inside the production possibility frontier,
a. resource allocation is technically and allocatively efficient.
b. resource allocation is technically efficient but allocatively inefficient.
c. resource allocation is technically inefficient and allocatively efficient.
* d. resource allocation is technically and allocatively inefficient.
161. An allocation of resources is technically efficient if
a. it is impossible to increase the output of a particular good.
b. it is possible to increase the output of all goods.
* c. it is impossible to increase the output of one good without cutting back on the production of something else.
d. it is possible to increase the output of one good.
162. Consider a two-good production economy in which both goods are produced with fixed proportions production functions. Then, some efficient allocations will exhibit
unemployment of some factor providing
* a. the firms use the inputs in different proportions.
b. the firms exhibit diminishing returns to scale.
c. the firms exhibit increasing returns to scale.
d. production can never be efficient if there are unemployed inputs.
163. Suppose two goods x( and y) are being produced efficiently and that the production ofx is always more labor intensive than the production ofy. Production depends only on two factors (capital and labor); these may be smoothly substituted for each other. The total quantities of these inputs are fixed. An increase in the production oxf and a decrease in the production of y will
* a. increase the capital-labor ratio in each firm.
b. decrease the capital-labor ratio in each firm.
c. leave the capital-labor ratio for each firm unchange
d.
d. increase the capital-labor ratio iny production and decrease the capital-labor ratio
in x production.
164. An efficient allocation of productive inputs requires that
* a. each output has the same rate of technical substitution among inputs used.
b. each output has the same marginal rate of substitution for consumers.
c. each pair of outputs has the same rate of product transformation.
d. each individual has the same marginal rate of substitution between outputs.
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165.
The slope of the production possibility frontier shows a. the marginal rate of substitution between the two goods. * b. the relative marginal costs of the two goods.
c. the efficient combination of outputs possible using fixed amounts of input.
d. the relative marginal productivities of the two goods.
166. The rate of product transformation (RPT) measures the ability of
a. a consumer to trade one good for another while still maximizing his or her utility.
b. a firm to substitute one input for another and still maintain the same production
level.
* c. society to substitute the production of one good for another while still using a
fixed supply of inputs efficiently.
d. a firm to produce a final good while starting with only natural resources.
167. In an economy consisting of only two goods, corn and cloth, the amount of extra cloth that can be produced efficiently if corn output is reduced by one unit is equal to
a. the rate of technical substitution for corn divided by the rate of technical
substitution for cloth.
b. the rate of technical substitution for cloth divided by the rate of technical
substitution for corn.
c. the marginal cost of producing cloth divided by the marginal cost of producing
corn.
* d. the marginal cost of producing corn divided by the marginal cost of producing
cloth.
168. In order to assure allocative efficiency,
* a. people ' s marginal rate of substitution must equal the economy
transformation.
b. people ' s marginal rate of substitution must equal the firm
substitution among inputs.
c. a firm ' s rate of technical substitution must equal the economy
transformation.
d. all of the abov
e. 169. Each of the following factors might interfere with the efficiency of perfect competition except:
a. increasing returns to scale.
b. imperfect price information.
c. externalities.
* d. diminishing returns to scale.
170. The reason externalities distort the allocation of resources is that
a. too few goods are usually produced.
b. firms often go out of business because of the externality.
* c. a firm ' s private costs do not reflect the social cost of production.
d. regulating externalities uses scarce resources.
171. Un der a perfectly competitive price system,
' s rate of prod s rate of technica ' s rate of pro
Chapter 12/General Equilibrium and Welfare 155
a. an equitable allocati on of the available resources will always result.
b. there is no opport un ity for in dividuals to trade amon gst themselves.
* c. there is no reas on to expect that volun tary trad ing will result in an equitable
allocati on of the available resources.
d. None of the above
172. The “ Classical Dichotomy ” refers to
a. a distinction between “value in use ” and “value in exchange. ”
b. separate theories of dema nd and supply.
c. the possibility of Giffen ' s Paradox
* d. determ in ati on of relative prices in depe ndent of the nominal price level.
173. In gen eral, non-equilibrium prices occur because
* a. in formatio n is imperfect and adjustme nt is costly.
b. supply curves shift along stati onary dema nd curves.
c. dema nd curves shift along stati onary supply curves.
d. mon opolists charge prices above marginal cost.
174. If markets are perfect, a rati onal actor may reas on ably con clude from the high price of a good that the good
a. is produced by a mon opoly.
* b. is of better quality.
c. has a greater dema nd for it.
d. is not known about by other con sumers.
175. In volatile markets, “speculators ” would be expected to provide some stability because
a. they will be required to do so by the gover nment.
b. they will use curre nt price moves to predict future moves.
* c. they will buy whe n price is below equilibrium and sell whe n it is above
equilibrium.
d. they will buy when price is above equilibrium and sell when it is below equilibrium. 176. A market characterized by imperfect in formatio n will have an equilibrium price if at that price
a. qua ntity dema nded equals qua ntity supplied whe n all participa nts have the same
in formati on.
* b. qua ntity dema nded equals qua ntity supplied give n prevaili ng in formati on levels.
c. qua ntity dema nded equals qua ntity supplied un der perfect in formati on.
d. qua ntity dema nded exceeds qua ntity supplied if suppliers are better in formed (and
vice-versa).
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1. 156
177.
Con sider three ways of allocat ing two goods in a two-pers on excha nge economy. I. Both in dividuals take prices as give n and equilibrium prices are established by an impartial aucti on eer. II. One in dividual can act as a perfect price discrim in ator and force the other in dividual to pay a differe nt price for each unit of a good that is traded. III. One in dividual is a mon opolist and can charge the other in dividual a sin gle, utility-maximizing price. Which of these situati ons is efficie nt? a. None of them b. Only 1 c. I and II, but not III d. I and III, but not II e. All of them
178.
Every allocati on of goods in a one good world is efficie nt because a. MRSs are equalized. b. there is eno ugh to go around for every one. *
c. no one can be made better off without making some one else worse off.
d. it doesn ' t matter to whom an extra unit of the good is given. 179.
In a two-good world, every allocatio n would be efficie nt only if a. both in dividuals were ide ntical. b. both in dividuals regard the two goods as perfect substitutes. c. both in dividuals were ide ntical and regard the two goods as perfect compleme nts. *
d. both in dividuals were ide ntical and regard the two goods as perfect substitutes. 180.
Suppose that the two pers ons in an excha nge economy (A and B) have utility functions give n by U A =x +2y U B = . xy . Alo ng the con tract curve, B ' ratio of Y to X will be a. 2:1. b. 1:1. *
c. 1:2.
d. betwee n 1:1 and 1:2. In a two-good excha nge economyA ' s utility is give n by U A = x 13 y 23 and B ' s utility by 2 3 13 U B = x y . Alo ng the con tract curve x/y for B will be __ times x/y for A. a. b. c. d. 182.
Suppose two in dividuals in an excha nge economy have ide ntical utility fun cti ons give n by U
181.
4. 3. 2.
Chapter 12/General Equilibrium and Welfare 155
157
(x, y)二
xy . PersonA has an endowment of< = 9, y = 8, personB has one of x = 16, y = 2. The price ratio that will prevail in equilibrium is
a.
p x / p y = 2.5. b.
P x / P y = 1.0. * c.
p x / p y = 0.4.
d. p x / p y = 0.125.
183. In an excha nge economyA ' s utility is give n by
U A = x + y
and B ' s by
U B = min [x, 2y].
The in itial en dowme nt for A is x = 10, y = 8 and for B, x = 8, y = 4. To reach the con tact curve, these in dividuals must
a. Trade 1x for 1y.
b. Trade 2x for 1y.
c. Trade 1x for 2y.
* d. Do nothing, since they are already on the con tract curve.。