微观经济学答题竞赛

8. For which of the following products is income elasticity likely to be greatest?
A electric cooker来自百度文库B Luxury cruise ship
C blue jeans
D groceries
A .close to zero. B .greater than zero, but less than one. C .greater than one. D .less than zero.
5. Suppose two demand curves have a point in common. With respect to price at that point, demand shown by the steeper curve will be _______ than the less steep curve.
A more; higher B fewer; lower C more; lower D fewer; higher
A the demand for Joe's regular unleaded gasoline is perfectly elastic. B the demand for regular unleaded must be inelastic. C there are NOT many good substitutes for regular unleaded gasoline. D consumers are switching to premium grades of gasoline.
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A the supply of water is perfectly inelastic because it is a finite resource. B water production faces increasing opportunity costs.
1. In 1985 a desert community stopped pu mping from a 1000 foot well because it had run dry. In 2005 the price of water doubled. The community then drilled th e well deeper and started pumping agai n. In this community,
A B C D more elastic than less elastic than as elastic as more likely to be unitary than
6.
If a product has lots of substitutes,
A its income elasticity will be high. B its price elasticity of demand will be low. C the cross-price elasticity among those substitutes will be negative. D the cross-price elasticity among those substitutes will be positive.
D perfectly inelastic
A more price elastic B more price inelastic C more negative D more volatile
14. Refer to the figure above. At point D, demand is
2. At the price of $20 each, demand for Tshirts for a students group's fund rising activity is unitary elastic. Total expendit ure for T_shirt reaches ________ at a p rice $20 each.
A elastic B unitary elastic C inelastic D perfectly inelastic
11. If cross price elasticity is positive but less than one，the two goods are
A substitutes. B in elastically demanded. C complements. D normal.
A its maximum B zero
C its maximum profit
D its minimum profit
3. Suppose that a new drug has been approved to treat a lifethreatening disease. Demand for that drug is shown on the graph below. Prior to approval of this drug, the only treatment for this condition was non-prescription pain relief. Demand for one brand of non-prescription pain reliever is also shown on the graph below. If the manufacturer of the new drug chose to increase its price from $90 to $100, consumers would acquire ______ doses, and have _____ total expenditures.
C markets cannot reach equilibrium because there is a persistent shortage of water. D higher water prices can reduce quantity demanded, but cannot increase quantity supplied.
7. The demand for a good is elastic with respect to price if the price elasticity of demand is
A equal to one B greater than one C less than one D zero
10. Suppose the price P gives us a price elasticity of demand equal to 1. Any price lower than P will move us to the _______ part of the demand curve.
12. Suppose that the price elasticity of supply for the Hope Diamond is zero. Therefore, the supply curve for the Hope Diamond is
A elastic B perfectly elastic C unitary elastic
A price inelastic. B price elastic. C unitary elastic. D perfectly price elastic.