曼昆《经济学原理》(微观)第五版测试题库 (21)

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曼昆第五版复习经济学原理试题 (1)

一、选择题：（每小题1分，共20分）1.一国的生产可能性曲线上的点表示（D）A.通货膨胀B.该国可利用的资源减少及技术水平降低C.失业或者资源没有被充分利用D.社会使用既定的生产资源所能生产商品的最大组合2.学校里一块新停车场的机会成本是（ C ）A.由此引发的所有费用B.由用于建造停车场的机器设备的折旧大小决定C. 由用于其他用途产生的最大价值决定D.由在停车场停车所需的费用来决定3.下列有关无差异曲线的特点说法正确的是（ A ）A. 无差异曲线的斜率为负值B. 同一平面中，两条无差异曲线可能会相交于一点C. 无差异曲线向右上方倾斜，并凸向原点D.离原点越远，无差异曲线代表的效用水平越小4. 如果商品A和B是替代的，则A的价格下降将造成（ D ）A.A的需求曲线向右移动B.A的需求曲线向左移动B.B的需求曲线向右移动D.B的需求曲线向左移动5.两种商品中若其中的一种价格变化时，这两种商品的购买量同时增加或减少，则这两种商品的交叉价格弹性系数为（ A ）A.负B.正C. 零D. 16.市场均衡要求（ D ）A.政府平衡供求双方的力量B.价格与数量相等C.价格保持不变D.在某一价格水平上，买者想要购买的数量恰好等于卖者想卖的数量7. 当总效用增加时，边际效用应该（ C ）A.为正值，并其值不断增加B. 为负值，并其值不断减少C.为正值，并其值不断减少D. 以上任何一种情况都有可能8.当生产函数Q=f （ L，K ）的APL为递减时，则MPL（ D ）。

A.递减且为正B.递减且为负C.为零D.上述情况都可能9.在以下四种情况中，哪一种实现了生产要素的最适组合：（ C ）A. MPK / PK<MPL/ PLB. MPK / PK>MPL / PLC. MPK / PK=MPL/ PLD. MPK / PK ≥MPL/ PL10.边际成本低于平均成本时（ B ）。

A.平均成本上升B.平均成本下降C.成本下降D.平均可变成本上升11.长期边际成本曲线呈U型的原因是（ A ）。

曼昆《经济学原理(微观经济学分册)》章节题库(税制的设计)【圣才出品】

圣才电子书十万种考研考证电子书、题库视频学习平台

第 12 章税制的设计
一、判断题 1．政府的再分配使得收入分配更加平等了一些。（）【答案】√ 【解析】政府的收入再分配计划增加了最贫困家庭的收入，也减少了最富有的家庭的收入。
2．累进所得税的边际税率随着收入的增加而下降。（）【答案】× 【解析】累进所得税指高收入纳税人交纳的税收在收入中的比例高于低收入纳税人的税收，边际税率随着收入的增加而提高。
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圣才电子书十万种考研考证电子书、题库视频学习平台

图 12-1 产品税不所得税现在假定要对所得征税以获取同样的税收。消费者的预算约束则变为 p1x1＋p2x2＝m －tx1*。这是一条斜率为－p1/p2 并通过（x1*，x2*）的直线，如图 12-1 所示。需要注意的是，这条预算线穿过了通过（x1*，x2*）的无差异曲线，所以，尽管都能得到同样的税收，但消费者相对于缴纳消费税而言，缴纳所得税能获得更高的效用水平。对于获取同样的税收而言，消费者被征以消费税比被征以所得税所蒙受的效用损失更大。 4．在完全竞争的市场环境中，对厂商征收固定税。试分析短期、长期的税收转嫁及效率损失情况。答：（1）短期内，厂商的供给曲线向右上方倾斜。税收部分转嫁给消费者，部分转嫁给厂商，二者共同分担，且存在效率损失，图示分析如图 12-2 所示，图中阴影部分为效率
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圣才电子书

损失。
十万种考研考证电子书、题库视频学习平台
图 12-2 对完全竞争厂商征收固定税的短期影响图（2）长期内，厂商的供给曲线处于水平状态，厂商在最低平均成本处生产，利润为 0，厂商的供给价格丌可能再下降，税收只能全部由消费者承担。由于长期内竞争条件下厂商利润始终为 0，所以增税前后，厂商的利润没有变化；消费者损失超过政府收入，超过部分为效率损失部分，图示分析如图 12-3 所示，图中阴影部分为纯粹效率损失。

曼昆《经济学原理》(微观)第五版测试题库(10)

ANS: TDIF: 2 REF: 10-0 NAT: An alytic TOP:Exter nalities LOC: Markets, market failure, and exter nalities MSC:In terpretive 4. In a market characterized by externalities, the market equilibrium fails to maximize the total ben efit to society as a whole.ANS:T DIF: NAT:An alytic LOC: TOP: Exter nalities MSC: 1 REF: 10-0 Markets, market failure, and exter nalities Defin iti onal5. In a market with positive externalities, the market equilibrium quantity maximizes the welfare of society as a whole.ANS: FNAT: An alytic TOP:Exter nalities DIF: 1 REF: 10-0 LOC: Markets, market failure, and exter nalities MSC: In terpretive6. Barking dogs cannot be con sidered an exter nality because exter nalities must be associated with some form of market excha nge. ANS: FNAT: An alytic TOP:Exter nalities DIF: 1 REF: 10-0 LOC: Markets, market failure, and exter nalities MSC: Applicative 7. The social cost of pollution includes the private costs of the producers plus the costs to those bystandersadversely affected by the polluti on. ANS:T DIF: 1 REF: 10-1 NAT:An alytic LOC: Markets, market failure, and exter nalities TOP: Exter nalities MSC: Defin iti onal8. Orga ni zers of an outdoor con cert in a park surrou nded by reside ntial n eighborhoods are likely to con sider the no iseand traffic cost to reside ntial n eighborhoods whe n they assess the finan cial viability of the con certven ture.ANS:F DIF: 1 REF: 10-1 NAT:An alytic LOC: Markets, market failure, and exter nalities TOP:Negative exter nalities MSC: Applicative 9. Whe n a driver en ters a crowded highway he in creases the travel times of all other drivers on the highway. This is anexample of a n egative exter nality.ANS:T DIF: 1 REF: 10-0 NAT:An alytic LOC: Markets, market failure, and exter nalities TOP:Exter nalities MSC: In terpretive 10. When firms internalize a negative externality, the market supply curve shifts to the left.Chapter 10 Exter nalitiesTRUE/FALSE1. Markets sometimes fail to allocate resources efficie ntly.ANS: T DIF:2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Market failureMSC: In terpretive 2. Whe n a tran sacti on betwee n a buyer and seller directly affects a third party, the effect is called an exter nality.DIF: 1 REF: 10-0 LOC: Markets, market failure, and exter nalities MSC: Defin itio nal3. Buyers and sellers n eglect the exter nal effects of their acti ons whe n decid ing how much to dema nd or supply.ANS: TNAT: An alytic TOP:Exter nalities11. Gover nment subsidized scholarships are an example of a gover nment policy aimed at correct ing n egative exter nalities associatedwith educati on.ANS:F DIF: 1 REF: 10-1 NAT:An alytic LOC: Markets, market failure, and exter nalities TOP:Positive exter nalities MSC: Applicative 12. A con gesti on toll imposed on a highway driver to force the driver to take into accou nt the in crease in travel time she imposeson all other drivers is an example of internalizing the externality.ANS:T DIF: 2REF: 10-1 NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Corrective taxesMSC: In terpretive 13. Negative externalities lead markets to produce a smaller quantity of a good than is socially desirable, while positive externalities lead markets to produce a larger qua ntity of a good tha n is socially desirable.ANS:F DIF: 2 REF: 10-1 NAT:An alytic LOC: Markets, market failure, and exter nalities TOP:Negative exter nalities | Positive exter nalities MSC: In terpretive 14. The gover nment can intern alize exter nalities by tax ing goods that have n egative exter nalities and subsidiz inggoods that have positive exter nalities.ANS:T DIF: 2 REF: 10-1NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Negative exter nalities | Positive externalitiesMSC: Applicative 15. If the social value of producing robots is greater than the private value of producing robots, the private market produces too fewrobots.ANS:T DIF: 2 REF: 10-1 NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Positive exter nalities | Tech no logy spillovers MSC:An alytical 16. The pate nt system gives firms greater incen tive to en gage in research and other activities that adva neetech no logy.ANS:T DIF: 2 REF: 10-1NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Tech nology spillovers MSC:Applicative 17. Gover nment in terve nti on in the economy with the goal of promot ing tech no logy-produc ing in dustries isknown as pate nt policy.ANS: F DIF:1REF: 10-1 NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: In dustrial policyMSC: Defi nitio nal 18. A tech no logy spillover is a type of n egative exter nality.2 REF: 10-1 Markets, market failure, and exter nalities MSC: In terpretive 19. Even if possible, it would be inefficient to prohibit all polluting activity.DIF: 2 REF: 10-2LOC: Markets, market failure, and exter nalities MSC: Applicative20. Whe n correct ing for an exter nality, comma nd-a nd-c on trol policies are always preferable tomarket-based policies.ANS: FDIF: NAT:An alytic LOC: TOP:Tech no logy spillovers ANS: T NAT: An alytic TOP: Exter nalities21.Corrective taxes enhance efficie ncy, but the cost to adm ini ster them exceeds the reve nue they raise for the gover nment. ANS: F DIF:1REF: 10-2 NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Corrective taxesMSC: In terpretive 22. Corrective taxes cause deadweight losses, reduc ing econo mic efficie ncy.2 REF: 10-2 Markets, market failure, and exter nalitiesMSC: In terpretive 23. Most econo mists prefer regulati on to taxati on because regulati on corrects market in efficie ncies at a lower cost tha n taxation does.2 REF: 10-2 Markets, market failure, and exter nalitiesMSC: Applicative 24.A corrective tax places a price on the right to pollute. ANS:T DIF: 2REF: 10-2 NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Corrective taxesMSC: In terpretive 25.According to recent research, the gas tax in the United States is lower than the optimal level. ANS:T DIF: 2REF: 10-2 NAT: An alytic LOC: Markets, market failure, and exter nalities KEY: Corrective taxesMSC: Applicative 26.The least expensive way to clean up the environment is for all firms to reduce pollution by an equal perce ntage. ANS:F DIF: 2REF: 10-2 NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Corrective taxesMSC: In terpretive 27.Corrective taxes are more efficie nt tha n regulati ons for keep ing the en vir onment clea n. ANS:T DIF: 1 REF: 10-2NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Corrective taxes | Tradable polluti on permits MSC:Applicative 28.A market for pollution permits can efficiently allocate the right to pollute by using the forces of supply and dema nd. ANS:T DIF: 1 REF: 10-2 NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Tradable pollution permitsMSC: Applicative 29.Econo mists believe that the optimal level of polluti on is zero. ANS:F DIF: 2 REF: 10-2NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Tradable pollution permitsMSC: In terpretive 30. The Environmental Protection Agency (EPA) cannot reach a target level of pollution through the use ofpolluti on permits.ANS:F DIF: 1 REF: 10-2NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Tradable pollution permitsMSC: Applicative 31.Social welfare can be enhanced by allowing firms to trade their rights to pollute. 32.Firms that can reduce pollution easily would be willing to sell their pollution permits. ANS: T DIF: 2 REF: 10-2ANS: F DIF:NAT: An alytic LOC: TOP: Corrective taxesANS: F DIF:NAT: An alytic LOC: TOP: Corrective taxesNAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Tradable pollution permits MSC: Applicative33.One example of a real-world market for tradable polluti on permits is the market for carb on permits in Europe.ANS: T DIF: 1 REF: 10-2NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Tradable pollution permits MSC: Applicativeer nment can be used to solve exter nality problems that are too costly for private parties to solve.ANS: T DIF: 1 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: In terpretiveer nment in terve nti on is n ecessary to correct all exter nalities.ANS: F DIF: 2 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative36.According to the Coase theorem, if private parties can bargain without cost, then the private market will solve the problem ofexter nalities.ANS: T DIF: 1 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Coase theorem MSC: Defi nitio nal37.Accord ing to the Coase theorem, the private market will n eed gover nment in terve nti on in order to reach an efficie ntoutcome.ANS: F DIF: 1 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Coase theorem MSC: Defi nitio nal38.Despite the appealing logic of the Coase theorem, private actors often fail to resolve on their own the problems caused by externalities.ANS: T DIF: 1 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Coase theorem MSC: Applicative39.Accord ing to the Coase Theore m, in dividuals can always work out a mutually ben eficial agreeme nt to solve the problems ofexter nalities eve n whe n high tra nsacti on costs are in volved.ANS: F DIF: 2 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Coase Theorem MSC: In terpretive40.According to the Coase theorem, whatever the initial distribution of rights, the interested parties can bargain to an efficie ntoutcome.ANS: T DIF: 1 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Coase theorem MSC: Defi nitio nal41.Private parties may choose not to solve an exter nality problem if the tran sacti on costs are large eno ugh.ANS: T DIF: 2 REF: 10-3NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Coase theorem MSC: In terpretive42.Many charities like the Sierra Club are established to deal with externalities.SHORT ANSWERi ng a supply and dema nd diagram, dem on strate how a n egative exter nality leads to market in efficie ncy.How might the government help to eliminate this inefficiency?When a n egative exter nality exists, the private cost (or supply curve) is less tha n the social cost. The market equilibrium quantity of Q 0 will be greater than the socially optimal quantity of Q 1. The government could help elimi nate this in efficie ncy by tax ing the product. In this example, the size of the per-u nit tax would be P 3 - P1 (or P2 - P o).DIF: 2 REF: 10-1 NAT: An alyticLOC: Markets, market failure, and exter nalities TOP: Negative exter nalitiesMSC: An alyticali ng a supply and dema nd diagram, dem on strate how a positive exter nality leads to market in efficie ncy. How might thegovernment help to eliminate this inefficiency?When a positive externality exists, the private value (or dema nd curve) is less tha n the social value. The market equilibrium qua ntity will be less tha n the socially optimal qua ntity. The gover nment could help elim in ate this in efficie ncy by subsidiz ing the product. In this example, the size of the per-u nit subsidy would be P 3 - P1.DIF: 2 REF: 10-1 NAT: An alyticLOC: Markets, market failure, and exter nalitiesTOP: Positive exter nalitiesMSC: An alytical3.Why are efficie ncy taxes preferred to regulatory policies as methods remedy exter nalities?ANS:Efficie ncy taxes allow markets to coord in ate optimal resource allocati on .In order for regulati ons to be efficie nt, the gover nment n eeds detailed in formati on about specific in dustries, in clud ing in formati on about the alter native tech no logies that those in dustries could adopt. Thus, taxes are likely to reduce polluti on at a lower cost to society.DIF: 2 REF: 10-2 NAT: An alyticLOC: Markets, market failure, and exter nalitiesTOP: Comma nd-a nd-c on trol policies | Corrective taxes MSC: Applicativee a graph to illustrate the quantity of pollution that would be emitted (a) after a corrective tax has been imposed and (b)after tradable pollution permits have been imposed. Could these two quantities ever be equivale nt?ANS:(a) (b)BYes, these two quantities could be equal. For example, P could be equal to the amount of the corrective tax.DIF: 2 REF: 10-2 NAT: An alyticLOC: Markets, market failure, and exter nalitiesTOP: Corrective taxes | Tradable pollution permits MSC: An alytical5.To produce hon ey, beekeepers place hives of bees in the fields of farmers. As bees gather n ectar, they poll in ate the crops inthe fields, which in creases the yields of these fields at no additi onal cost to the farmer. What might be a reas on able private soluti on to this extern ality, and how might the soluti on be reached?ANS:One solution would be to have one person own both the farm fields and the beehives, in which case the externality is in ter nalized. Ano ther soluti on would be to have the farmer and beekeeper en ter into a con tract so that they can coord in ate the n umber of bee hives and acres of crops to maintain an efficie nt outcome.DIF: 1 REF: 10-3 NAT: An alyticLOC: Markets, market failure, and exter nalities TOP: Exter nalitiesMSC: Applicative6.The Coase theorem suggests that efficie nt soluti ons to exter nalities can be determ ined through barga ining.Under what circumstances will private bargaining fail to produce a solution?ANS:Private parties may fail to bargain to an efficient solution under a variety of circumstances. First, the transaction costs of bargaining may be so high that one or both of the parties decides not to barga in. Second, the barga ining may not take place if one or bothof the parties believes that the agreeme nt cannot be en forced. Third, one or both of the parties may try to hold out for a better deal, in which case the bargaining process breaks down. Fourth, if there are a large n umber of parties tak ing part in the n egotiati ons, the costs of coord in ati on may be so great that the barga ining is not successful.SecOOMULTIPLE CHOICE1.In a market economy, gover nment in terve nti ona.will always improve market outcomes.b.reduces efficie ncy in the prese nee of exter nalities.c.may improve market outcomes in the prese nee of exter nalities.d.is n ecessary to con trol in dividual greed.ANS: C DIF: 1 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Exter nalities MSC: Applicative2.In the absence of externalities, the "invisible hand" leads a market to maximizea.producer profit from that market.b.total ben efit to society from that market.c.both equality and efficie ncy in that market.d.output of goods or services in that market.ANS: B DIF: 1 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Exter nalities MSC: Applicative3.The term market failure refers toa. a market that fails to allocate resources efficie ntly.b.an un successful advertis ing campaig n which reduces dema nd.c.ruthless competiti on among firms.d. a firm that is forced out of bus in ess because of losses.ANS: A DIF: 1 REF: 10-0NAT: An alytic TOP:Exter nalities LOC: Markets, market failure, and exter nalities MSC: Defin itio nal4. Market failure can be caused bya.too much competiti on.b.exter nalities.c.low con sumer dema nd.d.scarcity.ANS: B DIF: NAT: An alytic LOC: TOP: Exter nalities MSC: 1 REF: 10-0Markets, market failure, and exter nalities In terpretive5.An exter nality is an example ofa. a corrective tax.b. a tradable polluti on permit.c. a market failure.d.Both a and b are correct.ANS: C DIF: 1 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalities TOP: Exter nalities MSC: Applicative6.An exter nality is the impact ofa.society's decisi ons on the well-be ing of society.b. a pers on's acti ons on that pers on's well-be ing.c.one pers on's acti ons on the well-be ing of a bysta nder.d.society's decisi ons on the poorest pers on in the society.8. An exter nalitya.results in an equilibrium that does not maximize the total ben efits to society. b.causes dema nd to exceed supply. c.strengthens the role of the “ invisible hand ” in the marketplace. d. affects buyers but not sellers. ANS: A DIF:1 REF: 10-0 NAT: An alytic LOC:Markets, market failure, and exter nalities TOP:Exter nalities MSC:In terpretive 9. An exter nality isa.the costs that parties in cur in the process of agree ing and follow ing through on a barga in. b.the un compe nsated impact of one pers on's acti ons on the well-be ing of a bysta nder. c.the propositi on that private parties can barga in without cost over the allocati on of resources. d. a market equilibrium tax.ANS: B DIF:1 REF: 10-0 NAT: An alytic LOC:Markets, market failure, and exter nalities TOP:Exter nalities MSC: Defi ni tio nal 10. A cost imposed on some one who is n either the con sumer nor the producer is called aa.corrective tax. b.comma nd and con trol policy. c.positive exter nality. d. n egative exter nality.1 REF: 10-0 Markets, market failure, and exter nalities Defin iti onal11. An exter nality arises whe n a pers on en gages in an activity that in flue nces the well-be ing ofa.buyers in the market for that activity and yet n either pays nor receives any compe nsati on for that effect. b.sellers in the market for that activity and yet n either pays nor receives any compe nsati on for that effect. c.bysta nders in the market for that activity and yet n either pays nor receives any compe nsati on for that effect. d.Both (a) and (b) are correct. ANS:C DIF: 1 REF: 10-0 NAT:An alytic LOC: Markets, market failure, and exter nalities TOP:Exter nalities MSC: Defi ni tio nal 12. An exter nality exists whe nevera.the economy cannot ben efit from gover nment in terve nti on. b.markets are not able to reach equilibrium. c.a firm sells its product in a foreig n market. d. a pers on en gages in an activity that in flue nces the well-be ing of a bysta nder and yet n either pays nor receivespayme nt for that effect.DIF: 2 REF: 10-0 LOC: Markets, market failure, and exter nalities MSC: Defin itio nal 13. When externalities are present in a market, the well-being of market participantsa.and market bysta nders are both directly affected. b. and market bysta nders are both in directly affected.7. The impact of one pers on's acti ons on the well-be ing of a bysta nder is calleda.an econo mic dilemma. b.deadweight loss. c.a multi-party problem. d. an exter nality.ANS: D DIF:NAT: An alytic LOC:TOP: Exter nalitiesMSC: 1 REF: 10-0 Markets, market failure, and exter nalities Applicative ANS: D DIF:NAT: An alytic LOC: TOP: Exter nalities KEY:ANS: DNAT: An alytic TOP:Exter nalitiesc.is directly affected, and market bysta nders are in directly affected.d.is in directly affected, and market bysta nders are directly affected.ANS: C DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: An alytical14.Dog own ers do not bear the full cost of the no ise their bark ing dogs create and often take too few precauti ons to prevent their dogs from bark ing. Local gover nments address this problem bya.making it illegal to "disturb the peace."b.hav ing a well-fu nded ani mal con trol departme nt.c.subsidiz ing local ani mal shelters.d.en couragi ng people to adopt cats.ANS: A DIF: 1 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative15.Which of the followi ng stateme nts about a well-mai ntai ned yard best con veys the gen eral n ature of the externality?a. A well-ma intained yard con veys a positive exter nality because it in creases the home's market value.b. A well-mai ntai ned yard con veys a n egative exter nality because it in creases the property tax liability of theowner.c. A well-ma intained yard con veys a positive exter nality because it in creases the value of adjace nt properties inthe n eighborhood.d. A well-ma intained yard cannot provide any type of exter nality.ANS: C DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative16.Since restored historic build ings con vey a positive exter nality, local gover nments may choose toa.regulate the demoliti on of them.b.provide tax breaks to own ers who restore them.c.in crease property taxes in historic areas.d.Both a and b are correct.ANS: D DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative17.All externalitiesa.cause markets to fail to allocate resources efficie ntly.b.cause equilibrium prices to be too high.c.ben efit producers at the expe nse of con sumers.d.cause equilibrium prices to be too low.ANS: A DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative18.Whe n exter nalities exist, buyers and sellersa.n eglect the exter nal effects of their acti ons, but the market equilibrium is still efficie nt.b.do not neglect the external effects of their actions, and the market equilibrium is efficient.c.n eglect the exter nal effects of their acti ons, and the market equilibrium is not efficie nt.d.do not neglect the external effects of their actions, and the market equilibrium is not efficient.19.Dioxin emission that results from the production of paper is a good example of a negative externality becausea.self-i nterested paper firms are gen erally un aware of en viro nmen tal regulati ons.b.there are fines for produc ing too much diox in.c.self- in terested paper producers will not con sider the full cost of the diox in polluti on they create.d.toxic emissi ons are the best example of an exter nality.ANS: C DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative20.If a paper man ufacturer does not bear the en tire cost of the diox in it emits, it willa.emit a lower level of dioxin than is socially efficient.b.emit a higher level of dioxin than is socially efficient.c.emit an acceptable level of diox in.d.not emit any diox in in an attempt to avoid pay ing the en tire cost.ANS: B DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative21.Which of the following is an example of an externality?a.cigarette smoke that permeates an en tire restaura ntb. a flu shot that preve nts a stude nt from tran smitt ing the virus to her roommatec. a beautiful flower garde n outside of the local post officed.All of the above are correct.ANS: D DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative22.Which of the followi ng stateme nts is n ot correct?er nment policies may improve the market's allocati on of resources whe n n egative exter nalities are prese nt.er nment policies may improve the market's allocati on of resources whe n positive exter nalities are prese nt.c. A positive exter nality is an example of a market failure.d.Without gover nment in terve nti on, the market will tend to un dersupply products that produce n egative externalities.ANS: D DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: In terpretive23.Which of the follow ing represe nts a way that a gover nment can help the private market to in ter nalize an externality?a.tax ing goods that have n egative exter nalitiesb.subsidiz ing goods that have positive exter nalitiesc.The gover nment cannot improve upon the outcomes of private markets.d.Both a and b are correct.ANS: D DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative24.Which of the followi ng is n ot correct?a.Markets allocate scarce resources with the forces of supply and dema nd.b.The equilibrium of supply and dema nd is typically an efficie nt allocati on of resources.er nments can sometimes improve market outcomes.d.Exter nalities cannot be positive.25. A n egative externality arises whe n a pers on en gages in an activity that hasa.an adverse effect on a bysta nder who is not compe nsated by the pers on who causes the effect.b.an adverse effect on a bysta nder who is compe nsated by the pers on who causes the effect.c. a ben eficial effect on a bysta nder who pays the pers on who causes the effect.d. a ben eficial effect on a bysta nder who does not pay the pers on who causes the effect.ANS: A DIF: 1 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Negative exter nalities MSC: Defi nitio nal26. A positive externality arises when a person engages in an activity that hasa.an adverse effect on a bysta nder who is not compe nsated by the pers on who causes the effect.b.an adverse effect on a bysta nder who is compe nsated by the pers on who causes the effect.c. a ben eficial effect on a bysta nder who pays the pers on who causes the effect.d. a ben eficial effect on a bysta nder who does not pay the pers on who causes the effect.ANS: D DIF: 1 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Positive exter nalities MSC: Defi nitio nal27.When an externality is present, the market equilibrium isa.efficie nt, and the equilibrium maximizes the total ben efit to society as a whole.b.efficie nt, but the equilibrium does not maximize the total ben efit to society as a whole.c.in efficie nt, but the equilibrium maximizes the total ben efit to society as a whole.d.in efficie nt, and the equilibrium does not maximize the total ben efit to society as a whole. ANS: D DIF: 2 REF: 10-0NAT: An alytic LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: In terpretiveSec01-Exter nalities and Market In efficie ncyMULTIPLE CHOICE1. If an exter nality is prese nt in a market, econo mic efficie ncy may be enhan ced bya.in creased competiti on.b.weake ning property rights.c.better in formed market participa nts.er nment in terve nti on.ANS: D DIF: 1 REF: 10-1NAT: An alytical LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative2. Exter nalities tend to cause markets to bea. in efficie nt.b. un equal.c. unn ecessary.d. overwhelmed.ANS: A DIF: 1 REF: 10-1NAT: An alytical LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative3.If a sawmill creates too much no ise for local reside nts,a.no ise restricti ons will force reside nts to move out of the area.b. a sense of social responsibility will cause owners of the mill to reduce noise levels.c.the gover nment can raise econo mic well-bei ng through no ise-c on trol regulati ons.d.the gover nment should avoid in terve ning because the market will allocate resources efficie ntly. ANS: C DIF: 2 REF: 10-1NAT: An alytical LOC: Markets, market failure, and exter nalitiesTOP: Exter nalities MSC: Applicative。

曼昆《经济学原理》(微观)第五版测试题库 (05)

Chapter 5Elasticity and Its ApplicationTRUE/FALSE1. Elasticity measures how responsive quantity is to changes in price.ANS: T DIF: 1 REF: 5-0 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Definitional2. Measures of elasticity enhance our ability to study the magnitudes of changes.ANS: T DIF: 1 REF: 5-0 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Definitional3. The demand for bread is likely to be more elastic than the demand for solid-gold bread plates.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive4. In general, demand curves for necessities tend to be price elastic.ANS: F DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive5. In general, demand curves for luxuries tend to be price elastic.ANS: T DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive6. Necessities tend to have inelastic demands, whereas luxuries have elastic demands.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive7. Goods with close substitutes tend to have more elastic demands than do goods without close substitutes. ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive8. The demand for Rice Krispies is more elastic than the demand for cereal in general.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive9. The demand for soap is more elastic than the demand for Dove soap.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive10. The demand for gasoline will respond more to a change in price over a period of five weeks than over a periodof five years.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive11. Even the demand for a necessity such as gasoline will respond to a change in price, especially over a longertime horizon.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive12. The price elasticity of demand is defined as the percentage change in quantity demanded divided by thepercentage change in price.ANS: T DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Definitional13. The price elasticity of demand is defined as the percentage change in price divided by the percentage changein quantity demanded.ANS: F DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Definitional288Chapter 5 /Elasticity and Its Application ❖289 14. Suppose that when the price rises by 20% for a particular good, the quantity demanded of that good falls by10%. The price elasticity of demand for this good is equal to 2.0.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Analytical15. Suppose that when the price rises by 10% for a particular good, the quantity demanded of that good falls by20%. The price elasticity of demand for this good is equal to 2.0.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Analytical16. If the price of calculators increases by 15 percent and the quantity demanded per week falls by 45 percent as aresult, then the price elasticity of demand is 3.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Applicative17. Demand is inelastic if the price elasticity of demand is greater than 1.ANS: F DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Inelastic demand MSC: Definitional18. A linear, downward-sloping demand curve has a constant elasticity but a changing slope.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive19. Price elasticity of demand along a linear, downward-sloping demand curve increases as price falls.ANS: F DIF: 3 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive20. If the price elasticity of demand is equal to 0, then demand is unit elastic.ANS: F DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Definitional21. If the price elasticity of demand is equal to 1, then demand is unit elastic.ANS: T DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Definitional22. Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price fallsby a small amount.ANS: F DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Inelastic demand MSC: Definitional23. The midpoint method is used to calculate elasticity between two points because it gives the same answerregardless of the direction of the change.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Midpoint method MSC: Interpretive24. The flatter the demand curve that passes through a given point, the more inelastic the demand.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive25. The flatter the demand curve that passes through a given point, the more elastic the demand.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive26. If demand is perfectly inelastic, the demand curve is vertical, and the price elasticity of demand equals 0. ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Perfectly inelastic demand MSC: Interpretive27. If demand is perfectly elastic, the demand curve is horizontal, and the price elasticity of demand equals 1. ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Perfectly elastic demand MSC: Interpretive290 ❖Chapter 5 /Elasticity and Its Application28. Along the elastic portion of a linear demand curve, total revenue rises as price rises.ANS: F DIF: 3 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Total revenue | Price elasticity of demandMSC: Interpretive29. If a firm is facing elastic demand, then the firm should decrease price to increase revenue.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Total revenue | Price elasticity of demandMSC: Applicative30. If a firm is facing inelastic demand, then the firm should decrease price to increase revenue.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Total revenue | Price elasticity of demandMSC: Applicative31. When demand is inelastic, a decrease in price increases total revenue.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Inelastic demand | Total revenue MSC: Interpretive32. The income elasticity of demand is defined as the percentage change in quantity demanded divided by thepercentage change in income.ANS: T DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Income elasticity of demand MSC: Definitional33. The income elasticity of demand is defined as the percentage change in quantity demanded divided by thepercentage change in price.ANS: F DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Income elasticity of demand MSC: Definitional34. Normal goods have negative income elasticities of demand, while inferior goods have positive incomeelasticities of demand.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Income elasticity of demand MSC: Interpretive35. If the income elasticity of demand for a good is negative, then the good must be an inferior good.ANS: T DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Income elasticity of demand MSC: Interpretive36. If the cross-price elasticity of demand for two goods is negative, then the two goods are substitutes. ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive37. If the cross-price elasticity of demand for two goods is negative, then the two goods are complements. ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive38. Cross-price elasticity of demand measures how the quantity demanded of one good changes as the price ofanother good changes.ANS: T DIF: 1 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Cross-price elasticity of demand MSC: Definitional39. Cross-price elasticity is used to determine whether goods are inferior or normal goods.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive40. Cross-price elasticity is used to determine whether goods are substitutes or complements.ANS: T DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Cross-price elasticity of demand MSC: InterpretiveChapter 5 /Elasticity and Its Application ❖291 41. The cross-price elasticity of garlic salt and onion salt is -2, which indicates that garlic salt and onion salt aresubstitutes.ANS: F DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive42. Price elasticity of supply measures how much the quantity supplied responds to changes in the price.ANS: T DIF: 1 REF: 5-2 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of supply MSC: Definitional43. Supply and demand both tend to be more elastic in the long run and more inelastic in the short run.ANS: T DIF: 2 REF: 5-1 | 5-2 NAT: AnalyticLOC: Elasticity TOP: Price elasticities of demand and supplyMSC: Interpretive44. If the price elasticity of supply is 2 and the quantity supplied decreases by 6%, then the price must havedecreased by 3%.ANS: T DIF: 2 REF: 5-2 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of supply MSC: Applicative45. Supply is said to be inelastic if the quantity supplied responds substantially to changes in the price, and elasticif the quantity supplied responds only slightly to price.ANS: F DIF: 1 REF: 5-2 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of supply MSC: Definitional46. Supply tends to be more elastic in the short run and more inelastic in the long run.ANS: F DIF: 2 REF: 5-2 NAT: AnalyticTOP: Price elasticity of supply MSC: Interpretive47. When the price of knee braces increased by 25 percent, the Brace Yourself Company increased its quantitysupplied of knee braces per week by 75 percent. BYC's price elasticity of supply of knee braces is 0.33. ANS: F DIF: 2 REF: 5-2 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of supply MSC: Applicative48. If a supply curve is horizontal, then supply is said to be perfectly elastic, and the price elasticity of supplyapproaches infinity.ANS: T DIF: 2 REF: 5-2 NAT: AnalyticLOC: Elasticity TOP: Perfectly elastic supply MSC: Interpretive49. A government program that reduces land under cultivation hurts farmers but helps consumers.ANS: F DIF: 2 REF: 5-3 NAT: AnalyticLOC: Elasticity TOP: Total revenue MSC: Applicative50. OPEC failed to maintain a high price of oil in the long run, partly because both the supply of oil and thedemand for oil are more elastic in the long run than in the short run.ANS: T DIF: 2 REF: 5-3 NAT: AnalyticLOC: Elasticity TOP: OPEC | Price elasticity of demand | Price elasticity of supplyMSC: Applicative51. Drug interdiction, which reduces the supply of drugs, may decrease drug-related crime because the demand fordrugs is inelastic.ANS: F DIF: 2 REF: 5-3 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand MSC: Applicative292 ❖Chapter 5 /Elasticity and Its ApplicationSHORT ANSWER1. Consider the following pairs of goods. For which of the two goods would you expect the demand to be moreprice elastic? Why?a.water or diamondsb.insulin or nasal decongestant sprayc.food in general or breakfast cereald.gasoline over the course of a week or gasoline over the course of a yeare.personal computers or IBM personal computersANS:a.Diamonds are luxuries, and water is a necessity. Therefore, diamonds have the more elastic demand.b.Insulin has no close substitutes, but decongestant spray does. Therefore, nasal decongestant spray has themore elastic demand.c.Breakfast cereal has more substitutes than does food in general. Therefore, breakfast cereal has the moreelastic demand.d.The longer the time period, the more elastic demand is. Therefore, gasoline over the course of a year hasthe more elastic demand.e.There are more substitutes for IBM personal computers than there are for personal computers. Therefore,IBM personal computers have the more elastic demand.DIF: 2 REF: 5-1 NAT: Analytic LOC: ElasticityTOP: Price elasticity of demand MSC: ApplicativeChapter 5 /Elasticity and Its Application ❖ 2932. You own a small town movie theatre. You currently charge $5 per ticket for everyone who comes to yourmovies. Your friend who took an economics course in college tells you that there may be a way to increase1020304050607080901001234567891051015202530354045505560657012345678910a.What is your current total revenue for both groups? b.The elasticity of demand is more elastic in which market? c.Which market has the more inelastic demand? d.What is the elasticity of demand between the prices of $5 and $2 in the adult market? Is this elastic or inelastic? e.What is the elasticity of demand between $5 and $2 in the children's market? Is this elastic or inelastic?f. Given the graphs and what your friend knows about economics, he recommends you increase theprice of adult tickets to $8 each and lower the price of a child's ticket to $3. How much could youincrease total revenue if you take his advice? ANS:a. Total revenue from children's tickets is $100 and from adult tickets is $250. Total revenue from allsales would be $350.b. The demand for children's tickets is more elastic.c. The adult ticket market has the more inelastic demand.d. The elasticity of demand between $5 and $2 is 0.26, which is inelastic.e. The elasticity of demand between $5 and $2 is 1.0, which is unit elastic.f. Total revenue in the adult market would be $320. Total revenue in the children’s market wouldbe $120, so total revenue for both groups would be $440. $440 - $350 is an increase in totalrevenue of $90.DIF: 2 REF: 5-1 NAT: AnalyticLOC: Elasticity TOP: Price elasticity of demand | Total revenue MSC: Applicative294 ❖Chapter 5 /Elasticity and Its Application3. Use the graph shown to answer the following questions. Put the correct letter(s) in the blank.a.The elastic section of the graph is represented by section from _______.b.The inelastic section of the graph is represented by section from _______.c.The unit elastic section of the graph is represented by section _______.d.The portion of the graph in which a decrease in price would cause total revenue to fall would befrom _________.e.The portion of the graph in which a decrease in price would cause total revenue to rise would befrom _________.f.The portion of the graph in which a decrease in price would not cause a change in total revenuewould be _________.g.The section of the graph in which total revenue would be at a maximum would be _______.h.The section of the graph in which elasticity is greater than 1 is _______.i.The section of the graph in which elasticity is equal to 1 is ______.j.The section of the graph in which elasticity is less than 1 is _______.ANS:a. A to Bb. B to Cc.Bd. B to Ce. A to Bf.Bg.Bh. A to Bi.Bj. B to CDIF: 2 REF: 5-1 NAT: Analytic LOC: ElasticityTOP: Price elasticity of demand | Total revenue MSC: ApplicativeChapter 5 /Elasticity and Its Application ❖ 2954. Using the midpoint method, compute the elasticity of demand between points A and B. Is demand along thisportion of the curve elastic or inelastic? Interpret your answer with regard to price and quantity demanded. Now compute the elasticity of demand between points B and C. Is demand along this portion of the curve elastic or inelastic?100200300400500600700800900246810121416182022ANS:In the section of the demand curve from A to B, the elasticity of demand would be 2.5. This would be an elastic portion of the curve. This would mean that for every 1 percent change in price, quantity demanded would change by2.5 percent.In the section of the demand curve from B to C, the elasticity of demand would be .75. This would be an inelastic portion of the curve. This would mean that for every 1 percent change in price, quantity demanded would change by 0.75 percent.DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Applicative 5. When the Shaffers had a monthly income of $4,000, they usually ate out 8 times a month. Now that the couplemakes $4,500 a month, they eat out 10 times a month. Compute the couple's income elasticity of demand using the midpoint method. Explain your answer. (Is a restaurant meal a normal or inferior good to thecouple?)ANS:The income elasticity of demand for the Shaffers is 1.89. Since the income elasticity of demand is positive, eating out would be interpreted as a normal good.DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Income elasticity of demandMSC: Applicative 6. Recently, in Smalltown, the price of Twinkies fell from $0.80 to $0.70. As a result, the quantity demanded ofHo-Ho's decreased from 120 to 100. What would be the appropriate elasticity to compute? Using the midpoint method, compute this elasticity. What does your answer tell you?ANS:The appropriate elasticity to compute would be cross-price elasticity. The cross-price elasticity for this example would be 1.36. The two goods are substitutes because the cross-price elasticity is positive.DIF: 2 REF: 5-1NAT: Analytic LOC: ElasticityTOP: Cross-price elasticity of demand MSC: Applicative296 ❖Chapter 5 /Elasticity and Its ApplicationSec00 - Elasticity and Its ApplicationMULTIPLE CHOICE1. In general, elasticity is a measure ofa.the extent to which advances in technology are adopted by producers.b.the extent to which a market is competitive.c.how firms’ profits respond to changes in market prices.d.how much buyers and sellers respond to changes in market conditions.ANS: D DIF: 1 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: Definitional2. Elasticity isa. a measure of how much buyers and sellers respond to changes in market conditions.b.the study of how the allocation of resources affects economic well-being.c.the maximum amount that a buyer will pay for a good.d.the value of everything a seller must give up to produce a good.ANS: A DIF: 1 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: Definitional3. When studying how some event or policy affects a market, elasticity provides information on thea.equity effects on the market by identifying the winners and losers.b.magnitude of the effect on the market.c.speed of adjustment of the market in response to the event or policy.d.number of market participants who are directly affected by the event or policy.ANS: B DIF: 2 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: Interpretive4. How does the concept of elasticity allow us to improve upon our understanding of supply and demand?a.Elasticity allows us to analyze supply and demand with greater precision than would be the case inthe absence of the elasticity concept.b.Elasticity provides us with a better rationale for statements such as “an increase in x will lead to adecrease in y” than we would have in the absence of the elasticity concept.c.Without elasticity, we would not be able to address the direction in which price is likely to move inresponse to a surplus or a shortage.d.Without elasticity, it is very difficult to assess the degree of competition within a market.ANS: A DIF: 2 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: Interpretive5. When consumers face rising gasoline prices, they typicallya.reduce their quantity demanded more in the long run than in the short run.b.reduce their quantity demanded more in the short run than in the long run.c.do not reduce their quantity demanded in the short run or the long run.d.increase their quantity demanded in the short run but reduce their quantity demanded in the longrun.ANS: A DIF: 2 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: Applicative6. A 10 percent increase in gasoline prices reduces gasoline consumption by abouta. 6 percent after one year and 2.5 percent after five years.b. 2.5 percent after one year and 6 percent after five years.c.10 percent after one year and 20 percent after five years.d.0 percent after one year and 1 percent after five years.ANS: B DIF: 2 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: ApplicativeChapter 5 /Elasticity and Its Application ❖2977. Which of the following statements about the consumers’ responses to rising gasoline prices is correct?a.About 10 percent of the long-run reduction in quantity demanded arises because people drive lessand about 90 percent arises because they switch to more fuel-efficient cars.b.About 90 percent of the long-run reduction in quantity demanded arises because people drive lessand about 10 percent arises because they switch to more fuel-efficient cars.c.About half of the long-run reduction in quantity demanded arises because people drive less andabout half arises because they switch to more fuel-efficient cars.d.Because gasoline is a necessity, consumers do not decrease their quantity demanded in either theshort run or the long run.ANS: C DIF: 2 REF: 5-0NAT: Analytic LOC: Elasticity TOP: Elasticity MSC: ApplicativeSec01 - Elasticity and Its Application - The Elasticity of DemandMULTIPLE CHOICE1. The price elasticity of demand measures how mucha.quantity demanded responds to a change in price.b.quantity demanded responds to a change in income.c.price responds to a change in demand.d.demand responds to a change in supply.ANS: A DIF: 1 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Definitional2. The price elasticity of demand measuresa.buyers’ responsiveness to a change in the price of a good.b.the extent to which demand increases as additional buyers enter the market.c.how much more of a good consumers will demand when incomes rise.d.the movement along a supply curve when there is a change in demand.ANS: A DIF: 1 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Definitional3. The price elasticity of demand for a good measures the willingness ofa.consumers to buy less of the good as price rises.b.consumers to avoid monopolistic markets in favor of competitive markets.c.firms to produce more of a good as price rises.d.firms to cater to the tastes of consumers.ANS: A DIF: 1 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive4. Which of the following statements about the price elasticity of demand is correct?a.The price elasticity of demand for a good measures the willingness of buyers of the good to buyless of the good as its price increases.b.Price elasticity of demand reflects the many economic, psychological, and social forces that shapeconsumer tastes.c.Other things equal, if good x has close substitutes and good y does not have close substitutes, thenthe demand for good x will be more elastic than the demand for good y.d.All of the above are correct.ANS: D DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive5. For a good that is a necessity,a.quantity demanded tends to respond substantially to a change in price.b.demand tends to be inelastic.c.the law of demand does not apply.d.All of the above are correct.ANS: B DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive6. Goods with many close substitutes tend to havea.more elastic demands.b.less elastic demands.c.price elasticities of demand that are unit elastic.d.income elasticities of demand that are negative.ANS: A DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive7. Which of the following is likely to have the most price inelastic demand?a.mint-flavored toothpasteb.toothpastec.Colgate mint-flavored toothpasted. a generic mint-flavored toothpasteANS: B DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Applicative8. Which of the following is likely to have the most price inelastic demand?a.white chocolate chip with macadamia nut cookiesb.Mrs. Field’s chocolate chip cookiesk chocolate chip cookiesd.cookiesANS: D DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Applicative9. If the price of natural gas rises, when is the price elasticity of demand likely to be the highest?a.immediately after the price increaseb.one month after the price increasec.three months after the price increased.one year after the price increaseANS: D DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Applicative10. If the price of milk rises, when is the price elasticity of demand likely to be the lowest?a.immediately after the price increaseb.one month after the price increasec.three months after the price increased.one year after the price increaseANS: A DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Applicative11. For a good that is a luxury, demanda.tends to be inelastic.b.tends to be elastic.c.has unit elasticity.d.cannot be represented by a demand curve in the usual way.ANS: B DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive12. For a good that is a necessity, demanda.tends to be inelastic.b.tends to be elastic.c.has unit elasticity.d.cannot be represented by a demand curve in the usual way.ANS: A DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive13. A person who takes a prescription drug to control high cholesterol most likely has a demand for that drug thatisa.inelastic.b.unit elastic.c.elastic.d.highly responsive to changes in income.ANS: A DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive14. The demand for Neapolitan ice cream is likely quite elastic becausea.ice cream must be eaten quickly.b.this particular flavor of ice cream is viewed as a necessity by many ice-cream lovers.c.the market is broadly defined.d.other flavors of ice cream are good substitutes for this particular flavor.ANS: D DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive15. The demand for Werthers candy is likelya.elastic because candy is expensive relative to other snacks.b.elastic because there are many close substitutes for Werthers.c.elastic because Werthers are regarded as a necessity by many people.d.inelastic because it is usually eaten quickly, making the relevant time horizon short.ANS: B DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive16. There are very few, if any, good substitutes for motor oil. Therefore,a.the demand for motor oil would tend to be inelastic.b.the demand for motor oil would tend to be elastic.c.the demand for motor oil would tend to respond strongly to changes in prices of other goods.d.the supply of motor oil would tend to respon d strongly to changes in people’s tastes for large carsrelative to their tastes for small cars.ANS: A DIF: 2 REF: 5-1NAT: Analytic LOC: Elasticity TOP: Price elasticity of demandMSC: Interpretive。

曼昆《经济学原理》(微观)第五版测试题库 (05)

曼昆《经济学原理》(微观)第五版测试题库(05)Chapter 5 Elasticity and Its Application TRUE/FALSE 1. Elasticity measures how responsive quantity is to changes in : T DIF: 1 REF: 5-0 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional 2. Measures of elasticity enhance our ability to study the magnitudes of : T DIF: 1 REF: 5-0 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional 3. The demand for bread is likely to be more elastic than the demand for solid-gold bread : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive 4. In general, demand curves for necessities tend to be price : F DIF: 1 REF:5-1 LOC: Elasticity TOP: Price elasticity of demand 5. In general, demand curves for luxuries tend to be price : T DIF: 1 REF: 5-1 LOC: Elasticity TOP: Price elasticity of demand NAT: Analytic MSC: InterpretiveNAT: Analytic MSC: Interpretive 6. Necessities tend to have inelastic demands, whereas luxuries have elastic : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive7. Goods with close substitutes tend to have more elastic demands than do goods without close : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive8. The demand for Rice Krispies is more elastic than the demand for cereal in : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive9. The demand for soap is more elastic than the demand for Dove : FDIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive10. The demand for gasoline will respond more to a change in price over a period of five weeks than over a period of five : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive 11. Even the demand for a necessity such as gasoline will respond to a change in price, especially over a longer time : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive12. The price elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional13. The price elasticity of demand is defined as the percentage change in price divided by thepercentage change in quantity : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional288 Chapter 5 /Elasticity and Its Application ? 289 14. Suppose that when the price rises by 20% for a particular good, the quantity demanded of that good falls by 10%. The price elasticity of demand for this good is equal to : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Analytical 15. Suppose that when the price rises by 10% for a particular good, the quantity demanded of that good falls by 20%. The price elasticity of demand for this good is equal to : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Analytical 16. If the price of calculators increases by 15 percent and the quantity demanded per week falls by 45 percent as a result,then the price elasticity of demand is : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Applicative17. Demand is inelastic if the price elasticity of demand is greater than : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Inelastic demand MSC: Definitional18. A linear, downward-sloping demand curve has a constant elasticity but a changing : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive19. Price elasticity of demand along a linear, downward-sloping demand curve increases as price : F DIF: 3 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive 20. If the price elasticity of demand is equal to 0, then demand is unit : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC:Definitional21. If the price elasticity of demand is equal to 1, then demand is unit : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional22. Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price falls by a small : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Inelastic demand MSC: Definitional23. The midpoint method is used to calculate elasticity between two points because it gives the same answer regardless of the direction of the : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Midpoint method MSC: Interpretive24. The flatter the demand curve that passes through a given point, the more inelastic the : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive25. Theflatter the demand curve that passes through a given point, the more elastic the : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive26. If demand is perfectly inelastic, the demand curve is vertical, and the price elasticity of demand equals : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Perfectly inelastic demand MSC: Interpretive27. If demand is perfectly elastic, the demand curve is horizontal, and the price elasticity of demand equals : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Perfectly elastic demand MSC: Interpretive290 ? Chapter 5 /Elasticity and Its Application 28. Along the elastic portion of a linear demand curve, total revenue rises as price : F DIF: 3 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Total revenue | Price elasticity of demand MSC: Interpretive29. If a firm is facing elastic demand, then the firm should decrease price to increase : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Total revenue | Price elasticity of demand MSC: Applicative 30. If a firm is facing inelastic demand, then the firm should decrease price to increase : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Total revenue | Price elasticity of demand MSC: Applicative31. When demand is inelastic, a decrease in price increases total : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Inelastic demand | Total revenue MSC: Interpretive32. The income elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Income elasticity of demand MSC: Definitional 33. The income elasticity of demand isdefined as the percentage change in quantity demanded divided by the percentage change in : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Income elasticity of demand MSC: Definitional34. Normal goods have negative income elasticities of demand, while inferior goods have positive income elasticities of : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Income elasticity of demand MSC: Interpretive 35. If the income elasticity of demand for a good is negative, then the good must be an inferior : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Income elasticity of demand MSC: Interpretive36. If the cross-price elasticity of demand for two goods is negative, then the two goods are : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive37. If the cross-price elasticity of demand for twogoods is negative, then the two goods are : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive38. Cross-price elasticity of demand measures how the quantity demanded of one good changes as the price of another good : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Definitional39. Cross-price elasticity is used to determine whether goods are inferior or normal : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive40. Cross-price elasticity is used to determine whether goods are substitutes or : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive Chapter 5 /Elasticity and Its Application ? 291 41. The cross-price elasticity of garlic saltand onion salt is -2, which indicates that garlic salt and onion salt are : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive42. Price elasticity of supply measures how much the quantity supplied responds to changes in the : T DIF: 1 REF: 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticity of supply MSC: Definitional43. Supply and demand both tend to be more elastic in the long run and more inelastic in the short : T DIF: 2 REF: 5-1 | 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticities of demand and supply MSC: Interpretive 44. If the price elasticity of supply is 2 and the quantity supplied decreases by 6%, then the price must have decreased by 3%.ANS: T DIF: 2 REF: 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticity of supply MSC: Applicative 45. Supply is said to be inelastic if thequantity supplied responds substantially to changes in the price, and elastic if the quantity supplied responds only slightly to : F DIF: 1 REF: 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticity of supply MSC: Definitional46. Supply tends to be more elastic in the short run and more inelastic in the long : F DIF: 2 REF: 5-2 NAT: Analytic TOP: Price elasticity of supply MSC: Interpretive47. When the price of knee braces increased by 25 percent, the Brace Yourself Company increased its quantity supplied of knee braces per week by 75 percent. BYC’s price elasticity of supply of knee braces is : F DIF: 2 REF: 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticity of supply MSC: Applicative 48. If a supply curve is horizontal, then supply is said to be perfectly elastic, and the price elasticity of supply approaches : T DIF: 2 REF: 5-2 NAT:Analytic LOC: Elasticity TOP: Perfectly elastic supply MSC: Interpretive49. A government program that reduces land under cultivation hurts farmers but helps : F DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity TOP: Total revenue MSC: Applicative50. OPEC failed to maintain a high price of oil in the long run, partly because both the supply of oil and the demand for oil are more elastic in the long run than in the short : T DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity TOP: OPEC | Price elasticity of demand | Price elasticity of supply MSC: Applicative51. Drug interdiction, which reduces the supply of drugs, may decrease drug-related crime because the demand for drugs is : F DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Applicative292 ? Chapter 5 /Elasticity and Its ApplicationSHORT ANSWER1. Consider the following pairs of goods. For which of the two goods would you expect the demand to be more price elastic? Why? a. water or diamonds b. insulin or nasal decongestant spray c. food in general or breakfast cereal d. gasoline over the course of a week or gasoline over the course of a year e. personal computers or IBM personal computers ANS: a. Diamonds are luxuries, and water is a necessity. Therefore, diamonds have the more elastic demand. b. Insulin has no close substitutes, but decongestant spray does. Therefore, nasal decongestant spray has the more elastic demand. c. Breakfast cereal has more substitutes than does food in general. Therefore, breakfast cereal has the more elastic demand.d. The longer the time period, the more elastic demand is. Therefore, gasoline over the course of a year has the moreelastic demand. e. There are more substitutes for IBM personal computers than there are for personal computers. Therefore, IBM personal computers have the more elastic demand. DIF: 2 REF: 5-1 TOP: Price elasticity of demand NAT: Analytic MSC: Applicative LOC: ElasticityChapter 5 /Elasticity and Its Application ? 293 2. You own a small town movie theatre. You currently charge $5 per ticket for everyone who comes to your movies. Your friend who took an economics course in college tells you that there may be a way to increase your total revenue. Given the demand curves shown, answer the following questions. 10987654321102030405060708090100Qu antityPriceAdult Demand 10987654321510152025303540455055606570QuantityPriceChild Demanda. b. c. d.e. f. What is your current total revenue for both groups? The elasticity of demand is more elastic in which market? Which market has the more inelastic demand? What is the elasticity of demand between the prices of $5 and $2 in the adult market? Is this elastic or inelastic? What is the elasticity of demand between $5 and $2 in the children’s market? Is this elastic or inelastic? Given the graphs and what your friend knows about economics, he recommends you increase the price of adult tickets to $8 each and lower the price of a child’s ticket to $3. How much could you increase total revenue if you take his advice? ANS: a. Total revenue from children’s tickets is $100 and from adult tickets is $250. Total revenue from all sales would be $350. b. The demand for children’s tickets is moreelastic. c. The adult ticket market has the more inelastic demand. d. The elasticity of demand between $5 and $2 is , which is inelastic. e. The elasticity of demand between $5 and $2 is , which is unit elastic. f. Total revenue in the adult market would be $320. Total revenue in the children’s market would be $120, so total revenue for both groups would be $440. $440 - $350 is an increase in total revenue of $90. DIF: 2 REF: 5-1 NAT: Analytic TOP: Price elasticity of demand | Total revenue LOC: Elasticity MSC: Applicative 294 ? Chapter 5 /Elasticity and Its Application 3. Use the graph shown to answer the following questions. Put the correct letter(s) in the blank. APriceBDemandCQuantity a.b. c. d. The elastic section of the graph is represented by section from _______. The inelastic section of the graphis represented by section from _______. The unit elastic section of the graph is represented by section _______. The portion of the graph in which a decrease in price would cause total revenue to fall would be from _________. e. The portion of the graph in which a decrease in price would cause total revenue to rise would be from _________. f. The portion of the graph in which a decrease in price would not cause a change in total revenue would be _________. g. The section of the graph in which total revenue would be at a maximum would be _______. h. The section of the graph in which elasticity is greater than 1 is _______. i. The section of the graph in which elasticity is equal to 1 is ______. j. The section of the graph in which elasticity is less than 1 is _______.A toB B toC B B to C A to B B B A to BB B toC LOC: Elasticity MSC:Applicative ANS: a. b. c. d. e. f.g. h. i. j. DIF: 2 REF: 5-1 NAT: Analytic TOP: Price elasticity of demand | Total revenue Chapter 5 /Elasticity and Its Application ? 295 4. Using the midpoint method, compute the elasticity of demand between points A and B. Is demand along this portion of the curve elastic or inelastic? Interpret your answer with regard to price and quantity demanded. Now compute the elasticity of demand between points B and C. Is demand along this portion of the curve elastic or inelastic? Price222018161412108642CBADemand1 00200300400500600700800900QuantityA NS: In the section of the demand curve from A to B, the elasticity of demand would be This would be an elastic portion of the curve. This would mean that for every 1 percent change in price, quantity demanded would change bypercent. In the section of the demand curve from B to C, the elasticity of demand would be .75. This would be an inelastic portion of the curve. This would mean that for every 1 percent change in price, quantity demanded would change by percent.DIF: 2 REF: 5-1 TOP: Price elasticity of demand 5. NAT: Analytic MSC: Applicative LOC: Elasticity When the Shaffers had a monthly income of $4,000, they usually ate out 8 times a month. Now that the couple makes $4,500 a month, they eat out 10 times a month. Compute the couple’s income elasticity of demand using the midpoint method. Explain your answer. (Is a restaurant meal a normal or inferior good to the couple?)ANS: The income elasticity of demand for the Shaffers is Since the income elasticity of demand is positive, eating out would be interpreted as a normal good.DIF: 2 REF: 5-1 TOP:Income elasticity of demand 6. NAT: Analytic MSC: Applicative LOC: Elasticity Recently, in Smalltown, the price of Twinkies fell from $ to $ As a result, the quantity demanded of Ho-Ho’s decreased from 120 to 100. What would be the appropriate elasticity to compute? Using the midpoint method, compute this elasticity. What does your answer tell you?ANS: The appropriate elasticity to compute would be cross-price elasticity. The cross-price elasticity for this example would be The two goods are substitutes because the cross-price elasticity is positive.DIF: 2 REF: 5-1 TOP: Cross-price elasticity of demand NAT: Analytic MSC: Applicative LOC: Elasticity 296 ? Chapter 5 /Elasticity and Its Application Sec00 - Elasticity and Its Application MULTIPLE CHOICE1. In general, elasticity is a measure of a. the extentto which advances in technology are adopted by producers. b. the extent to which a market is competitive. c. how firms’profits respond to changes in market prices. d. how much buyers and sellers respond to changes in market conditions. DIF: 1 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Definitional ANS: D NAT: Analytic 2. Elasticity is a. a measure of how much buyers and sellers respond to changes in market conditions. b. the study of how the allocation of resources affects economic well-being. c. the maximum amount that a buyer will pay for a good.d. the value of everything a seller must give up to produce a good. DIF: 1 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Definitional ANS: A NAT: Analytic 3. When studying how some event or policyaffects a market, elasticity provides information on the a. equity effects on the market by identifying the winners and losers. b. magnitude of the effect on the market. c. speed of adjustment of the market in response to the event or policy.d. number of market participants who are directly affected by the event or policy. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Interpretive ANS: B NAT: Analytic 4. How does the concept of elasticity allow us to improve upon our understanding of supply and demand? a. Elasticity allows us to analyze supply and demand with greater precision than would be the case in the absence of the elasticity concept. b. Elasticity provides us with a better rationale for statements such as “an increase in x will lead to a decrease in y” than we would have in the absence of the elasticityconcept. c. Without elasticity, we would not be able to address the direction in which price is likely to move in response to a surplus or a shortage. d. Without elasticity, it is very difficult to assess the degree of competition within a market. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Interpretive ANS: A NAT: Analytic 5. When consumers face rising gasoline prices, they typically a. reduce their quantity demanded more in the long run than in the short run. b. reduce their quantity demanded more in the short run than in the long run. c. do not reduce their quantity demanded in the short run or the long run. d. increase their quantity demanded in the short run but reduce their quantity demanded in the long run. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Applicative ANS: A NAT:Analytic 6. A 10 percent increase in gasoline prices reduces gasoline consumption by about a. 6 percent after one year and percent after five years. b. percent after one year and 6 percent after five years. c. 10 percent after one year and 20 percent after five years. d. 0 percent after one year and 1 percent after five years. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Applicative ANS: B NAT: Analytic Chapter 5 /Elasticity and Its Application ? 297 7. Which of the following statements about the consumers’responses to rising gasoline prices is correct? a. About 10 percent of the long-run reduction in quantity demanded arises because people drive less and about 90 percent arises because they switch to more fuel-efficient cars. b. About 90 percent of the long-run reduction in quantity demanded arises becausepeople drive less and about 10 percent arises because they switch to more fuel-efficient cars. c. About half of the long-run reduction in quantity demanded arises because people drive less and about half arises because they switch to more fuel-efficient cars. d. Because gasoline is a necessity, consumers do not decrease their quantity demanded in either the short run or the long run. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Applicative ANS: C NAT: Analytic Sec01 - Elasticity and Its Application - The Elasticity of Demand MULTIPLE CHOICE1. The price elasticity of demand measures how much a. quantity demanded responds to a change in price. b. quantity demanded responds to a change in income. c. price responds to a change in demand. d. demand responds to a change in supply. DIF: 1 LOC:Elasticity ANS: A NAT: Analytic MSC: Definitional2. REF: 5-1 TOP: Price elasticity of demand The price elasticity of demand measures a. buyers’responsiveness to a change in the price of a good. b. the extent to which demand increases as additional buyers enter the market. c. how much more of a good consumers will demand when incomes rise. d. the movement along a supply curve when there is a change in demand. DIF: 1 LOC: Elasticity ANS: A NAT: Analytic MSC: Definitional3. REF: 5-1 TOP: Price elasticity of demand The price elasticity of demand for a good measures the willingness of a. consumers to buy less of the good as price rises.b. consumers to avoid monopolistic markets in favor of competitive markets.c. firms to produce more of a good as price rises.d. firms to cater to the tastes ofconsumers. DIF: 1 LOC: Elasticity ANS: A NAT: Analytic MSC: Interpretive4. REF: 5-1 TOP: Price elasticity of demand Which of the following statements about the price elasticity of demand is correct?a. The price elasticity of demand for a good measures the willingness of buyers of the good to buy less of the good as its price increases.b. Price elasticity of demand reflects the many economic, psychological, and social forces that shape consumer tastes.c. Other things equal, if good x has close substitutes and good y does not have close substitutes, then the demand for good x will be more elastic than the demand for good y.d. All of the above are correct. DIF: 2 LOC: Elasticity ANS: D NAT: Analytic MSC: Interpretive REF: 5-1 TOP: Price elasticity of demand308 ? Chapter 5 /Elasticity and Its Application Figure 5-2 PricePaPbD1D3D2Quantity59. Refer to Figure 5-2. As price falls from Pa to Pb, which demand curve represents the most elastic demand? a. D1 b. D2 c. D3 d. All of the above are equally elastic. ANS: A NAT: Analytic MSC: Applicative DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 60. Refer to Figure 5-2. As price falls from Pa to Pb, we could use the three demand curves to calculate three different values of the price elasticity of demand. Which of the three demand curves would produce the smallest elasticity? a. D1 b. D2 c. D3 d. All of the above are equally elastic. ANS: C NAT: Analytic MSC: Applicative DIF: 2 LOC:Elasticity REF: 5-1 TOP: Price elasticity of demand Table 5-1 Good Price Elasticity of Demand A B 61. Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-2? a. A is a luxury and B is a necessity. b. A is a good several years after a price increase, and B is that same good several days after the price increase. c. A is a Kit Kat bar and B is candy. d. A has fewer substitutes than B. ANS: D NAT: Analytic MSC: Analytical DIF: 3 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand Chapter 5 /Elasticity and Its Application ? 309 62. Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-2? a. A is grapes and B is fruit. b. A is T-shirts and B is socks.c. A is train tickets before cars were invented, and B is train tickets after carswere invented. d. A is diamond necklaces and B is beds. ANS: C NAT: Analytic MSC: Analytical DIF: 3 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 63. Studies indicate that the price elasticity of demand for cigarettes is about A government policy aimed at reducing smoking changed the price of a pack of cigarettes from $2 to $6. According to the midpoint method, the government policy should have reduced smoking by a. 30%. b. 40%. c. 80%. d. 250%. ANS: B NAT: Analytic MSC: Applicative DIF: 3 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 64. If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is a. b. c. d. ANS: C NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1TOP: Price elasticity of demand 65. If a 20% increase in price for a good results in a 15% decrease in quantity demanded, the price elasticity of demand is a. b. c. d. ANS: A NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 66. If a 10% decrease in price for a good results in a 20% increase in quantity demanded, the price elasticity of demand is a. b. 1. c. d. 2. ANS: D NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 67. If a 6% decrease in price for a good results in a 2% increase in quantity demanded, the price elasticity of demand is a. b.c. 3.d. 4. ANS: B NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 310 ?Chapter 5 /Elasticity and Its Application 68. Suppose that quantity demand rises by 10% as a result of a 15% decrease in price. The price elasticity of demand for this good is a. inelastic and equal to b. elastic and equal to c. inelastic and equal to d. elastic and equal to ANS: A NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 69. Suppose that quantity demand falls by 30% as a result of a 5% increase in price. The price elasticity of demand for this good is a. inelastic and equal to 6. b. elastic and equal to 6. c. inelastic and equal to d. elastic and equal to ANS: B NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand Table 5-2 The following table shows a portion of the demand schedule for aparticular good at various levels of income. Price $24 $20 $16 $12 $8 $4 Quantity Demanded (Income = $5,000) 2 4 6 8 10 12 Quantity Demanded (Income = $7,500) 3 6 9 12 15 18 Quantity Demanded (Income = $10,000) 4 8 12 16 20 24 70. Refer to Table 5-2. Using the midpoint method, when income equals $7,500, what is the price elasticity of demand between $16 and $20? a. b. c. d. ANS: D NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 71. Refer to Table 5-2. Using the midpoint method, when income equals $5,000, what is the price elasticity of demand between $8 and $12? a. b. c. d. ANS: A NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand Chapter 5 /Elasticity and Its Application ?311 72. Refer to Table 5-2. Using the midpoint method, at a price of $16, what is the income elasticity of demand when income rises from $5,000 to $10,000?a. b. c. d. ANS: C NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Income elasticity of demand 73. Refer to Table 5-2. Using the midpoint method, at a price of $8, what is the income elasticity of demand when income rises from $7,500 to $10,000? a.b. c. d. ANS: C NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Income elasticity of demand 74. Refer to Table 5-2. Using the midpoint method, at a price of $12, what is the income elasticity of demand when income rises from $5,000 to $10,000? a.b. c. d. ANS: C NAT: Analytic MSC: Analytical DIF: 2。

曼昆《经济学原理》（微观）第五版测试题库（21）

曼昆《经济学原理》（微观）第五版测试题库（21）Chapter 21The Theory of Consumer ChoiceTRUE/FALSE1. The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles of Economics.ANS: T DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Definitional2. A consumer’s budget constraint for goods X and Y is determined by how much the consumer likes good X relative to good Y.ANS: F DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Definitional3. The slope of the budget constraint reveals the relative price of good X compared to good Y.ANS: T DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative4. A budget constraint illustrates bundles that a consumer prefers equally, while an indifference curve illustrates bundles that are equally affordable to a consumer.ANS: F DIF: 2 REF: 21-1 | 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative5. For a typical consumer, most indifference curves are bowed inward.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive6. For a typical consumer, most indifference curves are downward sloping.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive7. For a typical consumer, indifference curves can intersect if they satisfy the property of transitivity.ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive8. When two goods are perfect complements, the indifference curves are right angles.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complementsMSC: Interpretive9. The indifference curves for left shoes and right shoes are right angles.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complementsMSC: Applicative10. The indifference curves for perfect substitutes are straight lines.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect substitutesMSC: Applicative1406Chapter 21/The Theory of Consumer Choice 1407 11. The indifference curves for nickels and dimes are straight lines. ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect substitutesMSC: Applicative12. When two goods are perfect substitutes, the indifference curves are right angles.ANS: F DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complements | Perfect substitutesMSC: Interpretive13. If goods A and B are perfect substitutes, then the marginal rate of substitution of good A for good B isconstant.ANS: T DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitution | Perfect substitutesMSC: Interpretive14. The slope at any point on an indifference curve equals the absolute price at which a consumer is willing tosubstitute one good for the other.ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Interpretive15. The marginal rate of substitution between goods A and B measures the price of A relative to the price of B. ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional16. The marginal rate of substitution is the slope of the budget constraint.LOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional17. The marginal rate of substitution is the slope of the indifference curve.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional18. At a consumer’s optimal choice, the consumer chooses the combinati on of goods that equates the marginal rate of substitution and the price ratio.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: OptimizationMSC: Interpretive19. At a consumer’s optimal choice, the consumer chooses the combin ation of goods such that the ratio of the marginal utilities equals the ratio of the prices.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: OptimizationMSC: Interpretive20. If consumers purchase more of a good when their income rises, the good is a normal good.ANS: T DIF: 1 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Normal goods | Inferior goodsMSC: Definitional21. If a consumer purchases more of good B when his income rises, good B is an inferior good.ANS: F DIF: 1 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Normal goods | Inferior goodsMSC: Definitional22. If a consumer purchases more of good A when her income falls, good A is an inferior good.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Inferior goodsMSC: Definitional23. The income effect of a price change is unaffected by whether the good is a normal or inferior good. ANS: F DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Income effectMSC: Interpretive24. The income effect of a price change is the change in consumption that results from the movement to a new indifference curve.LOC: Utility and consumer choice TOP: Income effectMSC: Interpretive25. The direction of the substitution effect is not influenced by whether the good is normal or inferior.ANS: T DIF: 3 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice KEY: Substitution effectMSC: Analytical26. The substitution effect of a price change is the change in consumption that results from the movement to a new indifference curve.ANS: F DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Substitution effectMSC: Interpretive27. All points on a demand curve are optimal consumption points.ANS: T DIF: 3 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Demand MSC: Analytical28. Economists use the term Giffen good to describe a good that violates the law of demand.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Interpretive29. Giffen goods are inferior goods for which the income effect dominates the substitution effect.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Definitional30. Economists have found evidence of a Giffen good when studying the consumption of rice in the Chinese province of Hunan.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Applicative31. Katie wins $1 million in her state’s lottery. If Katie drastically reduces the number of hours she works after she wins the money, we can infer that the income effect is larger than the substitution effect for her.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive32. Susie wins $1 million in her state’s lottery. If Susie keeps working after she wins the money, we can inferthat the income effect is larger than the substitution effect for her.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive33. A rational person can have a negatively-sloped labor supply curve.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Applicativeword⽂档可⾃由复制编辑Chapter 21/The Theory of Consumer Choice 1409 34. The substitution effect in the work-leisure model induces a person to work less in response to higher wages,which tends to make the labor-supply curve slope upward.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive35. The income effect in the work-leisure model induces a person to work less in response to higher wages, whichtends to make the labor-supply curve slope backward.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive36. Some economists have advocated reducing the taxation of interest and other capital income, arguing that sucha policy change would raise the after-tax interest rate that savers can earn and would thereby encourage peopleto save more.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: Interpretive37. A rise in the interest rate will generally result in people consuming more when they are old if the substitutioneffect outweighs the income effect.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: Interpretive38. A rise in the interest rate will generally result in people consuming less when they are old if the substitutioneffect outweighs the income effect.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: InterpretiveSHORT ANSWER1. Answer the following questions based on the table. A consumer is able to consume the following bundles ofrice and beans when the price of rice is $2 and the price of beans is $3.RICE BEANS1206408a.How much is this consumer's income?b.Draw a budget constraint given this information. Label it B.c.Construct a new budget constraint showing the change if the price of rice falls $1. Label this C.d.Given the original prices for rice ($2) and beans ($3), construct a new budget constraint if thisconsumer's income increased to $48. Label this D.ANS:a.$24b.c.d.DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicativeword⽂档可⾃由复制编辑Chapter 21/The Theory of Consumer Choice 1411 2. Draw a budget constraint that is consistent with the following prices and income.Income = 200P Y = 50P X = 25a.Demonstrate how your original budget constraint would change if income increases to 500.b.Demonstrate how your original budget constraint would change if P Y decreases to 20.c.Demonstrate how your original budget constraint would change if P X increases to 40.ANS:DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicativeword ⽂档可⾃由复制编辑3.Assume that a consumer faces the following budget constraints.a. Assuming that income is the same on both occasions, describe the difference in relative pricesbetween Panel A and Panel B.b. If income in Panel B is $126, what is the price of good X?c. If income in Panel A is $84, what is the price of good Y?d. Assuming that the price of good X is the same on both occasions, describe the difference inincome and price of good Y between Panel A and Panel B.ANS:a. The price of good Y is relatively higher in Panel A than Panel B. Said another way, the price ofX is relatively lower in Panel A than Panel B.b. $9c. $12d. Income in Panel A is twice the income in Panel B, and the price of "Y" in Panel B is 1/18 theprice of "Y" in Panel A.DIF: 2 REF: 21-1NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative 4. Evaluate the following statement, "Warren Buffet is the second richest person in the world. He doesn't faceany constraint on his ability to purchase commodities he wants."ANS:Everyone faces scarcity of resources, regardless of how rich they are because wants are assumed to be infinite.DIF: 1 REF: 21-1NAT: Analytic LOC: Utility and consumer choiceTOP: Budget constraint MSC: Interpretive 5. List and briefly explain each of the four properties of indifference curves.ANS:1: Higher indifference curves are preferred to lower ones, because consumers usually prefer more of something to less of it. 2: Indifference curves are downward sloping. The slope of an indifference curve reflects the rate at which the consumer is willing to substitute one good for another. If the quantity of one good is reduced, the quantity of the other good must increase in order for the consumer to be equally happy. 3: Indifference curves do not cross. Ifindifference curves did cross, the same point could be on two different curves, thus contradicting the assumption that consumers prefer more of both goods to less. 4: Indifference curves are bowed inward. This is because people are more willing to trade away goods that they have in abundance and less willing to trade away goods of which they have less.DIF: 1 REF: 21-2NAT: Analytic LOC: Utility and consumer choiceTOP: Indifference curves MSC: InterpretiveChapter 21/The Theory of Consumer Choice 14136. Draw indifference curves that reflect the following preferences.a.pencils with white erasers and pencils with pink erasersb.left shoes and right shoesc.potatoes and riced.income and polluted waterANS:DIF: 2 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Indifference curves MSC: Applicative7. Graphically demonstrate the conditions associated with a consumer optimum. Carefully label all curves andaxes.ANS:Where M=IncomeDIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Optimization MSC: Applicative8. Explain the relationship between the budget const raint and indifference curve at a consumer’s optimum. ANS:Since the budget constraint is tangent to the indifference curve at a consumer’s optimum, the slope of the budget constraint (relative market prices) and the slope of the indifference curve (the marginal rate of substitution) are equal at the optimal consumption point.DIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Interpretiveword⽂档可⾃由复制编辑Chapter 21/The Theory of Consumer Choice 1415 9. Assume that a person consumes two goods, Coke and Snickers. Use a graph to demonstrate how the consumeradjusts his/her optimal consumption bundle when the price of Coke decreases. Carefully label all curves and axes. What will happen to consumption if Coke is a normal good? What will happen to consumption if Coke is an inferior good? (Remember to explain the possible change when the income effect dominates and when the substitution effect dominates.)ANS:If Coke is a normal good, the consumption of Coke will increase when the price decreases. If Coke is an inferior good and the substitution effect dominates, the consumption of Coke will increase when the price decreases. If Coke is an inferior good and the income effect dominates, the consumption of Coke will decrease when the price decreases. If consumption decreases, the demand curve is upward sloping, and Coke would be a Giffen good. Giffen goods are very rare in the real world, and Coke is not likely to be one.DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Applicative。

曼昆微观经济学原理第五版课后习题答案

问题与应用‎1．描写下列每‎种情况所面‎临的权衡取‎舍：A．一个家庭决‎定是否买一‎辆新车。

答：如果买新车‎就要减少家‎庭其他方面‎的开支，如：外出旅行，购置新家具‎；如果不买新‎车就享受不‎到驾驶新车‎外出的方便‎和舒适。

B．国会议员决‎定对国家公‎园支出多少‎。

答：对国家公园‎的支出数额‎大，国家公园的‎条件可以得‎到改善，环境会得到‎更好的保护‎。

但同时，政府可用于‎交通、邮电等其他‎公共事业的‎支出就会减‎少。

C．一个公司总‎裁决定是否‎新开一家工‎厂。

答：开一家新厂‎可以扩大企‎业规模，生产更多的‎产品。

但可能用于‎企业研发的‎资金就少了‎。

这样，企业开发新‎产品、利用新技术‎的进度可能‎会减慢。

D．一个教授决‎定用多少时‎间备课。

0答：教授若将大‎部分时间用‎于自己研究‎，可能会出更‎多成果，但备课时间‎减少影响学‎生授课质量‎。

E．一个刚大学‎毕业的学生‎决定是否去‎读研究生。

答：毕业后参加‎工作，可即刻获取‎工资收入；但继续读研‎究生，能接受更多‎知识和未来‎更高收益。

2．你正想决定‎是否去度假‎。

度假的大部‎分成本((机票、旅馆、放弃的工资‎))都用美元来‎衡量，但度假的收‎益是心理的‎。

你将如何比‎较收益与成‎本呢??答：这种心理上‎的收益可以‎用是否达到‎既定目标来‎衡量。

对于这个行‎动前就会作‎出的既定目‎标，我们一定有‎一个为实现‎目标而愿意‎承担的成本‎范围。

在这个可以‎承受的成本‎范围内，度假如果满‎足了既定目‎标，如：放松身心、恢复体力等‎等，那么，就可以说这‎次度假的收‎益至少不小‎于它的成本‎。

3．你正计划用‎星期六去从‎事业余工作‎，但一个朋友‎请你去滑雪‎。

去滑雪的真‎实成本是什‎么？现在假设你‎已计划这天‎在图书馆学‎习，这种情况下‎去滑雪的成‎本是什么？请解释之。

答：去滑雪的真‎实成本是周‎六打工所能‎赚到的工资‎，我本可以利‎用这段时间‎去工作。

如果我本计‎划这天在图‎书馆学习，那么去滑雪‎的成本是在‎这段时间里‎我可以获得‎的知识。

曼昆经济学原理(5版)_课后答案(超全)

第一篇导言第一章经济学十大原理复习题1．列举三个你在生活中面临的重要权衡取舍的例子。

答：①大学毕业后，面临着是否继续深造的选择，选择继续上学攻读研究生学位，就意味着在今后三年中放弃参加工作、赚工资和积累社会经验的机会；②在学习内容上也面临着很重要的权衡取舍，如果学习《经济学》，就要减少学习英语或其他专业课的时间；③对于不多的生活费的分配同样面临权衡取舍，要多买书，就要减少在吃饭、买衣服等其他方面的开支。

2．看一场电影的机会成本是什么?答：看一场电影的机会成本是在看电影的时间里做其他事情所能获得的最大收益，例如：看书、打零工。

3．水是生活必需的。

一杯水的边际利益是大还是小呢?答：这要看这杯水是在什么样的情况下喝，如果这是一个人五分钟内喝下的第五杯水，那么他的边际利益很小，有可能为负；如果这是一个极度干渴的人喝下的第一杯水，那么他的边际利益将会极大。

4．为什么决策者应该考虑激励?答：因为人们会对激励做出反应。

如果政策改变了激励，它将使人们改变自己的行为，当决策者未能考虑到行为如何由于政策的原因而变化时，他们的政策往往会产生意想不到的效果。

5．为什么各国之间的贸易不像竞赛一样有赢家和输家呢?答：因为贸易使各国可以专门从事自己最擅长的活动，并从中享有更多的各种各样的物品与劳务。

通过贸易使每个国家可供消费的物质财富增加，经济状况变得更好。

因此，各个贸易国之间既是竞争对手，又是经济合作伙伴。

在公平的贸易中是“双赢”或者“多赢”的结果。

6．市场中的那只“看不见的手”在做什么呢?答：市场中那只“看不见的手”就是商品价格，价格反映商品自身的价值和社会成本，市场中的企业和家庭在作出买卖决策时都要关注价格。

因此，他们也会不自觉地考虑自己行为的(社会)收益和成本。

从而，这只“看不见的手”指引着千百万个体决策者在大多数情况下使社会福利趋向最大化。

7．解释市场失灵的两个主要原因，并各举出一个例子。

答：市场失灵的主要原因是外部性和市场势力。

曼昆经济学原理课后答案(微观+宏观)

曼昆《经济学原理》（第五版）习题解答第一篇导言第一章经济学十大原理复习题1．列举三个你在生活中面临的重要权衡取舍的例子。

2．看一场电影的机会成本是什么?答：看一场电影的机会成本是在看电影的时间里做其他事情所能获得的最大收益，例如：看书、打零工。

3．水是生活必需的。

4．为什么决策者应该考虑激励?答：因为人们会对激励做出反应，而政策会影响激励。

如果政策改变了激励，它将使人们改变自己的行为，当决策者未能考虑到行为如何由于政策的原因而变化时，他们的政策往往会产生意想不到的效果。

5．为什么各国之间的贸易不像一场比赛一样有赢家和输家呢?答：因为贸易使各国可以专门从事自己最擅长的活动，并从中享有更多的各种各样的物品与劳务。

通过贸易使每个国家可供消费的物质财富增加，经济状况变得更好。

因此，各个贸易国之间既是竞争对手，又是经济合作伙伴。

在公平的贸易中是“双赢”或者“多赢”的结果。

因此，他们也会不自觉地考虑自己行为的(社会)收益和成本。

从而，这只“看不见的手”指引着千百万个体决策者在大多数情况下使社会福利趋向最大化。

7．解释市场失灵的两个主要原因，并各举出一个例子。

5学原理》(微观)第五版测试题库 (06) 曼昆经济学原理第五版测试题库(微观)

Chapter 6Supply, Demand, and Government PoliciesTRUE/FALSE1. Economic policies often have effects that their architects did not intend or anticipate.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Public policy MSC: Definitional2. Rent-control laws dictate a minimum rent that landlords may charge tenants.ANS: F DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional3. Minimum-wage laws dictate the lowest wage that firms may pay workers.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional4. Price controls are usually enacted when policymakers believe that the market price of a good or service isunfair to buyers or sellers.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional5. Price controls can generate inequities.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional6. Policymakers use taxes to raise revenue for public purposes and to influence market outcomes.ANS: T DIF: 1 REF: 6-0NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional7. If a good or service is sold in a competitive market free of government regulation, then the price of the good orservice adjusts to balance supply and demand.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Definitional8. At the equilibrium price, the quantity that buyers want to buy exactly equals the quantity that sellers want tosell.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Definitional9. A price ceiling is a legal minimum on the price at which a good or service can be sold.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Definitional10. A price ceiling set above the equilibrium price is not binding.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive371372 Chapter 6/Supply, Demand, and Government Policies11. If a price ceiling is not binding, then it will have no effect on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive12. To be binding, a price ceiling must be set above the equilibrium price.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive13. A price ceiling set below the equilibrium price is binding.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive14. A price ceiling set below the equilibrium price causes quantity demanded to exceed quantity supplied. ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive15. A price ceiling set above the equilibrium price causes quantity demanded to exceed quantity supplied. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive16. A binding price ceiling causes quantity demanded to be less than quantity supplied.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive17. A price ceiling set below the equilibrium price causes a shortage in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive18. A price ceiling set above the equilibrium price causes a surplus in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive19. A binding price ceiling causes a shortage in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive20. When a binding price ceiling is imposed on a market for a good, some people who want to buy the goodcannot do so.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive21. Long lines and discrimination are examples of rationing methods that may naturally develop in response to abinding price ceiling.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive22. Price ceilings are typically imposed to benefit buyers.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: InterpretiveChapter 6/Supply, Demand, and Government Policies 373 23. Binding price ceilings benefit consumers because they allow consumers to buy all the goods they demand at alower price.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive24. All buyers benefit from a binding price ceiling.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive25. A binding price ceiling may not help all consumers, but it does not hurt any consumers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive26. When the government imposes a binding price ceiling on a competitive market, a surplus of the good arises,and sellers must ration the scarce goods among the large number of potential buyers.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | ShortagesMSC: Definitional27. The rationing mechanisms that develop under binding price ceilings are usually inefficient.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilings | EfficiencyMSC: Interpretive28. Price is the rationing mechanism in a free, competitive market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive29. Prices are inefficient rationing devices.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Prices | EfficiencyMSC: Interpretive30. When free markets ration goods with prices, it is both efficient and impersonal.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Prices | EfficiencyMSC: Interpretive31. When a free market for a good reaches equilibrium, anyone who is willing and able to pay the market pricecan buy the good.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive32. If a price ceiling of $2 per gallon is imposed on gasoline, and the market equilibrium price is $1.50, then theprice ceiling is a binding constraint on the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative33. If a price ceiling of $1.50 per gallon is imposed on gasoline, and the market equilibrium price is $2, then theprice ceiling is a binding constraint on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative374 Chapter 6/Supply, Demand, and Government Policies34. A price ceiling caused the gasoline shortage of 1973 in the United States.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Interpretive35. One common example of a price ceiling is rent control.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional36. The goal of rent control is to help the poor by making housing more affordable.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional37. Economists argue that rent control is a highly efficient way to help the poor raise their standard of living. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists | Rent control MSC: Interpretive38. Because supply and demand are inelastic in the short run, the initial shortage caused by rent control is large. ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent control | Elasticity MSC: Definitional39. The primary effect of rent control in the short run is to reduce rents.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional40. The housing shortages caused by rent control are larger in the long run than in the short run because both thesupply of housing and the demand for housing are more elastic in the long run.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent control | ElasticityMSC: Interpretive41. The effects of rent control in the long run include lower rents and lower-quality housing.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Interpretive42. Rent control may lead to lower rents for those who find housing, but the quality of the housing may also belower.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Interpretive43. In a free market, the price of housing adjusts to eliminate the shortages that give rise to undesirable landlordbehavior.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Rent controlMSC: Definitional44. A price floor is a legal minimum on the price at which a good or service can be sold.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: DefinitionalChapter 6/Supply, Demand, and Government Policies 375 45. A price floor set above the equilibrium price is not binding.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive46. If a price floor is not binding, then it will have no effect on the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive47. To be binding, a price floor must be set above the equilibrium price.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive48. A price floor set below the equilibrium price is binding.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive49. A price floor set below the equilibrium price causes quantity supplied to exceed quantity demanded.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive50. A price floor set above the equilibrium price causes quantity supplied to exceed quantity demanded.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive51. A binding price floor causes quantity supplied to be less than quantity demanded.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive52. A price floor set below the equilibrium price causes a surplus in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive53. A price floor set above the equilibrium price causes a surplus in the market.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive54. A binding price floor causes a shortage in the market.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive55. When a binding price floor is imposed on a market for a good, some people who want to sell the good cannotdo so.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | SurplusesMSC: Interpretive56. Discrimination is an example of a rationing mechanism that may naturally develop in response to a bindingprice floor.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive376 Chapter 6/Supply, Demand, and Government Policies57. Price floors are typically imposed to benefit buyers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive58. Binding price floors benefit sellers because they allow sellers to sell all the goods they want at a higher price. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive59. Not all sellers benefit from a binding price floor.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive60. A binding price floor may not help all sellers, but it does not hurt any sellers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Interpretive61. The rationing mechanisms that develop under binding price floors are usually efficient.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floors | EfficiencyMSC: Interpretive62. When a free market for a good reaches equilibrium, anyone who is willing and able to sell at the market pricecan sell the good.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: PricesMSC: Interpretive63. If the equilibrium price of an airline ticket is $400 and the government imposes a price floor of $500 on airlinetickets, then fewer airline tickets will be sold than at the market equilibrium.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative64. If the equilibrium price of an airline ticket is $500 and the government imposes a price floor of $400 on airlinetickets, then fewer airline tickets will be sold than at the market equilibrium.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative65. One common example of a price floor is the minimum wage.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional66. The goal of the minimum wage is to ensure workers a minimally adequate standard of living.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional67. The United States is the only country in the world with minimum-wage laws.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: InterpretiveChapter 6/Supply, Demand, and Government Policies 377 68. States in the U.S. may mandate minimum wages above the federal level.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive69. In the labor markets, workers determine the supply of labor and firms determine the demand.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor marketsTOP: Labor demand | Labor supply MSC: Definitional70. In an unregulated labor market, the wage adjusts to balance labor supply and labor demand.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: WagesMSC: Interpretive71. A binding minimum wage causes the quantity of labor demanded to exceed the quantity of labor supplied. ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive72. A binding minimum wage creates unemployment.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor marketsTOP: Minimum wage | Unemployment MSC: Interpretive73. A binding minimum wage may not help all workers, but it does not hurt any workers.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive74. A binding minimum wage raises the incomes of those workers who have jobs, but it lowers the incomes ofworkers who cannot find jobs.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional75. The economy contains many labor markets for different types of workers.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Labor marketsMSC: Definitional76. The impact of the minimum wage depends on the skill and experience of the worker.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional77. Workers with high skills and much experience are not typically affected by the minimum wage.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Interpretive78. The minimum wage has its greatest impact on the market for teenage labor.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional79. The minimum wage is more often binding for teenagers than for other members of the labor force.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional378 Chapter 6/Supply, Demand, and Government Policies80. Studies by economists have found that a 10 percent increase in the minimum wage decreases teenageemployment 10 percent.ANS: F DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional81. A large majority of economists favor eliminating the minimum wage.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Economists | Minimum wage MSC: Interpretive82. Advocates of the minimum wage admit that it has some adverse effects, but they believe that these effects aresmall and that a higher minimum wage makes the poor better off.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: Definitional83. If the equilibrium wage is $4 per hour and the minimum wage is $5.15 per hour, then a shortage of labor willexist.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Labor markets TOP: Minimum wageMSC: ApplicativeFigure 6-1710203040506070809010010203040506070809010084. Refer to Figure 6-17. A price ceiling set at $30 would result in a shortage of 20 units.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative85. Refer to Figure 6-17. A price ceiling set at $70 would result in a shortage of 40 units.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price ceilingsMSC: Applicative86. Refer to Figure 6-17. A price floor set at $60 would result in a surplus of 20 units.ANS: T DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: Applicative87. Refer to Figure 6-17. A price floor set at $40 would result in a surplus of 20 units.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price floorsMSC: ApplicativeChapter 6/Supply, Demand, and Government Policies 379 88. Most economists are in favor of price controls as a way of allocating resources in the economy.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Economists | Price controls MSC: Interpretive89. When policymakers set prices by legal decree, they obscure the signals that normally guide the allocation ofsociety’s resources.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional90. Price controls often hurt those they are trying to help.ANS: T DIF: 1 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: Price controlsMSC: Definitional91. Rent subsidies and wage subsidies are better than price controls at helping the poor because they have no costsassociated with them.ANS: F DIF: 2 REF: 6-1NAT: Analytic LOC: Supply and demand TOP: SubsidiesMSC: Interpretive92. The term tax incidence refers to how the burden of a tax is distributed among the various people who make upthe economy.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Definitional93. A tax on sellers shifts the supply curve but not the demand curve.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive94. A tax on sellers shifts the supply curve to the left.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive95. A tax on sellers increases supply.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive96. A tax on sellers and an increase in input prices affect the supply curve in the same way.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive97. A tax of $1 on sellers shifts the supply curve upward by exactly $1.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative98. A tax of $1 on sellers always increases the equilibrium price by $1.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative380 Chapter 6/Supply, Demand, and Government Policies99. A tax on sellers reduces the size of a market.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive100. A tax on sellers increases the quantity of the good sold in the market.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive101. If a tax is imposed on the sellers of a product, then the tax burden will fall entirely on the sellers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive102. A tax on sellers usually causes buyers to pay more the good and sellers to receive less for the good than they did before the tax was levied.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive103. A tax on buyers shifts the demand curve and the supply curve.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive104. A tax on buyers shifts the demand curve to the right.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive105. A tax on buyers decreases demand.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive106. A tax of $1 on buyers shifts the demand curve downward by exactly $1.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative107. A tax of $1 on buyers always decreases the equilibrium price by $1.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative108. A tax on buyers increases the size of a market.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive109. A tax on buyers decreases the quantity of the good sold in the market.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive110. If a tax is imposed on the buyers of a product, then the tax burden will fall entirely on the buyers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive111. A tax on buyers usually causes buyers to pay more the good and sellers to receive less for the good than they did before the tax was levied.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Interpretive112. Whether a tax is levied on sellers or buyers, taxes discourage market activity.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional113. Whether a tax is levied on sellers or buyers, taxes encourage market activity.ANS: F DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional114. Whether a tax is levied on sellers or buyers, buyers and sellers usually share the burden of taxes.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Definitional115. Taxes levied on sellers and taxes levied on buyers are equivalent.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional116. The wedge between the buyers’ price and the sellers’ price is the same, regardless of whether the tax is levied on buyers or sellers.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Definitional117. The tax incidence depends on whether the tax is levied on buyers or sellers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive118. Lawmakers can decide whether the buyers or the sellers must send a tax to the government, but they cannot legislate the true burden of a tax.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive119. A tax on golf clubs will cause buyers of golf clubs to pay a higher price, sellers of golf clubs to receive a lower price, and fewer golf clubs to be sold.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: TaxesMSC: Applicative120. FICA is an example of a payroll tax, which is a tax on the wages that firms pay their workers.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Labor markets TOP: FICA taxMSC: Definitional121. Since half of the FICA tax is paid by firms and the other half is paid by workers, the burden of the tax must fall equally on firms and workers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Labor markets TOP: FICA tax incidenceMSC: Interpretive122. Buyers and sellers always share the burden of a tax equally.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive123. Buyers and sellers rarely share the burden of a tax equally.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive124. Who bears the majority of a tax burden depends on whether the tax is placed on the buyers or the sellers. ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidenceMSC: Interpretive125. Who bears the majority of a tax burden depends on the relative elasticity of supply and demand.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Interpretive126. If the demand curve is very elastic and the supply curve is very inelastic in a market, then the sellers will beara greater burden of a tax imposed on the market, even if the tax is imposed on the buyers.ANS: T DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Interpretive127. If the demand curve is very inelastic and the supply curve is very elastic in a market, then the sellers will beara greater burden of a tax imposed on the market, even if the tax is imposed on the buyers.ANS: F DIF: 2 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Interpretive128. A tax burden falls more heavily on the side of the market that is less elastic.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Definitional129. The tax burden falls more heavily on the side of the market that is more inelastic.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Tax incidence | Elasticity MSC: Definitional130. A tax on a market with elastic demand and elastic supply will shrink the market more than a tax on a market with inelastic demand and inelastic supply will shrink the market.ANS: T DIF: 3 REF: 6-2NAT: Analytic LOC: Supply and demand TOP: Taxes | ElasticityMSC: Analytical131. Most labor economists believe that the supply of labor is much more elastic than the demand.ANS: F DIF: 1 REF: 6-2NAT: Analytic LOC: Labor markets TOP: ElasticityMSC: Definitional132. Workers, rather than firms, bear most of the burden of the payroll tax.ANS: T DIF: 1 REF: 6-2NAT: Analytic LOC: Labor markets TOP: Payroll tax incidenceMSC: Definitional。

曼昆经济学原理第五版英文答案Chapter21

for the future and decrease consumption when young. If the income effect is greaterthan the substitution effect, Sam will save less for the future and increase consumptionwhen young.7. Because of this ambiguity, it is not clear how changing the way interest income is taxed willaffect overall savings rates.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. A person with an income of $1,000 could purchase $1,000/$5 = 200 pints of Pepsi if shespent all of her income on Pepsi or she could purchase $1,000/$10 = 100 pizzas if she spentall of her income on pizza. Thus, the point representing 200 pints of Pepsi and no pizzas isthe vertical intercept and the point representing 100 pizzas and no Pepsi is the horizontalintercept of the budget constraint, as shown in Figure 1. The slope of the budget constraintis the rise over the run, or -200/100 = -2.Figure 12. Figure 2 shows indifference curves between Pepsi and pizza. The four properties of theseindifference curves are: (1) higher indifference curves are preferred to lower ones becauseconsumers prefer more of a good to less of it; (2) indifference curves are downward slopingbecause if the quantity of one good is reduced, the quantity of the other good must increasein order for the consumer to be equally happy; (3) indifference curves do not cross becauseif they did, the assumption that more is preferred to less would be violated; and (4)indifference curves are bowed inward because people are more willing to trade away goodsthat they have in abundance and less willing to trade away goods of which they have little.Figure 23. Figure 3 shows the budget constraint (BC1) and two indifference curves. The consumer isinitially at point A, where the budget constraint is tangent to an indifference curve. Theincrease in the price of pizza shifts the budget constraint to BC2, and the consumer moves to point C where the new budget constraint is tangent to a lower indifference curve. To break this move down into income and substitution effects requires drawing the dashed budget line shown, which is parallel to the new budget constraint and tangent to the original indifference curve at point B. The movement from A to B represents the substitution effect, while the movement from B to C represents the income effect.Figure 34. An increase in the wage can potentially decrease the amount that a person wants to workbecause a higher wage has an income effect that increases both leisure and consumptionand a substitution effect that increases consumption and decreases leisure. Because lessleisure means more work, a person will work more only if the substitution effect outweighsthe income effect.Questions for Review1. Figure 4 shows the consumer's budget constraint. The intercept on the horizontal axis showshow much cheese the consumer could buy if she bought only cheese; with income of $3,000and the price of cheese $6 a pound, she could buy 500 pounds of cheese. The intercept onthe vertical axis shows how much wine the consumer could buy if she bought only wine; withincome of $3,000 and the price of wine $3 a glass, she could buy 1,000 glasses of wine. Withcheese on the horizontal axis and wine on the vertical axis, the budget constraint has a slopeof -1,000/500 = -2. Note that if you had put wine on the horizontal axis and cheese on thevertical axis, the budget constraint would have a slope of -500/1,000 = -1/2.Figure 42. Figure 5 shows a consumer's indifference curves for wine and cheese. Four properties ofthese indifference curves are: (1) higher indifference curves are preferred to lower ones because more is preferred to less; (2) indifference curves are downward sloping because if the quantity of wine is reduced, the quantity of cheese must increase for the consumer to be equally happy; (3) indifference curves do not cross because a consumer prefers more to less;and (4) indifference curves are bowed inward because a consumer is more willing to trade away wine if she has a lot of it and less willing to trade away cheese if she has little of it.Figure 53. In Figure 5, the marginal rate of substitution (MRS) of one point on an indifference curve isshown. The marginal rate of substitution shows the amount of wine the consumer would be willing to give up to get one more pound of cheese.4. Figure 6 shows the consumer's budget constraint and indifference curves for wine andcheese. The consumer's optimum consumption choice is shown as w* and c*. Because the marginal rate of substitution equals the relative price of the two goods at the optimum, the marginal rate of substitution is $6/$3 = 2.Figure 75. Figure 7 shows the effect of an increase in income. The rise in income shifts the budgetconstraint out from BC1 to BC2. If both wine and cheese are normal goods, consumption of both increases. If cheese is an inferior good, the increase in income causes the consumptionof cheese to decline, as shown in Figure 8.Figure 8Figure 96. A rise in the price of cheese from $6 to $10 a pound makes the horizontal intercept of thebudget line decline from 500 to 300, as shown in Figure 9. The consumer's budget constraint shifts from BC1 to BC2 and her optimal choice changes from point A (c1 cheese, w1 wine) to point B (c2 cheese, w2 wine). To decompose this change into income and substitution effects,we draw in budget constraint BC3, which is parallel to BC2 but tangent to the consumer'sinitial indifference curve at point C. The movement from point A to C represents thesubstitution effect. Because cheese became more expensive, the consumer substitutes winefor cheese as she moves from point A to C. The movement from point C to B represents anincome effect. The rise in the price of cheese results in an effective decline in income.7. An increase in the price of cheese could induce a consumer to buy more cheese if cheese is aGiffen good. In that case, the income effect of the rise in the price of cheese induces theconsumer to buy more cheese because cheese is an inferior good. If the income effect isbigger than the substitution effect (which induces the consumer to buy less cheese), theconsumer would buy more cheese.Problems and Applications1. a. Skis and ski bindings are complements. Coke and Pepsi are substitutes.b. Indifference curves between Coke and Pepsi are fairly straight, because there is little todistinguish them, so they are nearly perfect substitutes. Indifference curves between skisand ski bindings are very bowed, because they are complements.c. A consumer will respond more to a change in the relative price of Coke and Pepsi,possibly switching completely from one to the other if the price changes.2. a. Cheese and crackers cannot both be inferior goods, because if Mario's income rises hemust consume more of something.b. If the price of cheese falls, the substitution effect means Mario will consume more cheeseand fewer crackers. The income effect means Mario will consume more cheese (becausecheese is a normal good) and fewer crackers (because crackers are an inferior good). So,both effects lead Mario to consume more cheese and fewer crackers.Figure 123. a. Figure 10 shows the effect of the frost on Jennifer's budget constraint. Because the priceof coffee rises, her budget constraint swivels from BC1 to BC2.b. If the substitution effect outweighs the income effect for croissants, Jennifer buys morecroissants and less coffee, as shown in Figure 10. She moves from point A to point B.Figure 10c. If the income effect outweighs the substitution effect for croissants, Jennifer buys fewercroissants and less coffee, moving from point A to point B in Figure 11.Figure 114. a. Figure 12 shows Jim's budget constraint. The vertical intercept is 50 quarts of milk,because if Jim spent all his money on milk he would buy $100/$2 = 50 quarts of it. Thehorizontal intercept is 25 dozen cookies, because if Jim spent all his money on cookies he would buy $100/$4 = 25 dozen cookies.b. If Jim's salary rises by 10 percent to $110 and the prices of milk and cookies rise by 10percent to $2.20 and $4.40, Jim's budget constraint would be unchanged. Note that$110/$2.20 = 50 and $110/$4.40 = 25, so the intercepts of the new budget constraintwould be the same as the old budget constraint. Because the budget constraint isunchanged, Jim's optimal consumption is unchanged.5. a. Figure 13 shows the student’s budget constraint. If he spends equal amounts on bothgoods, he will purchase 5 meals in the dining hall and 20 packages of Cup O’ Soup.Figure 13b. If the price of Cup O’ Soup rises to $2, the student’s budget constraint will get flatter(see Figure 14). He will now spend $18 on dining hall meals (purchasing 3) and $42 on Cup O’ Soup (purchasing 21 packages).Figure 14c. As the price of Cup O’ Soup rises, the student purchased more. This means that Cup O’Soup is an inferior good for which the income effect outweighs the substitution effect.d. Figure 15 shows the student’s demand for Cup O’ Soup. It is upward sloping, suggestingthat Cup O’ Soup is a Giffen Good.Figure 15Figure 16 Figure 176. a. Budget constraint BC1 in Figure 16 shows the budget constraint if you pay no taxes.Budget constraint BC2 shows the budget constraint with a 15 percent tax.b. Figure 17 shows indifference curves for which a person will work more as a result of thetax because the income effect (less leisure) outweighs the substitution effect (moreleisure), so there is less leisure overall. Figure 18 shows indifference curves for which a person will work fewer hours as a result of the tax because the income effect (lessleisure) is smaller than the substitution effect (more leisure), so there is more leisureoverall. Figure 19 shows indifference curves for which a person will work the samenumber of hours after the tax because the income effect (less leisure) equals thesubstitution effect (more leisure), so there is the same amount of leisure overall.Figure 18 Figure 197. Figure 20 shows Sarah's budget constraints and indifference curves if she earns $6 (BC1), $8(BC2), and $10 (BC3) per hour. At a wage of $6 per hour, she works 100 – L6 hours; at a wage of $8 per hour, she works 100 – L8 hours; and at a wage of $10 per hour, she works 100 – L10 hours. Because the labor supply curve is upward sloping when the wage is between $6 and $8 per hour, L6 > L8; because the labor supply curve is backward sloping when the wage is between $8 and $10 per hour, L10 > L8.Figure 20 Figure 218. Figure 21 shows the indifference curve between leisure and consumption that determineshow much a person works. An increase in the wage leads to both an income effect and a substitution effect. The higher wage makes the budget constraint steeper, so the substitution effect increases consumption and reduces leisure. But the higher wage has an income effect that increases both consumption and leisure if both are normal goods. The only way that consumption could decrease when the wage increased would be if consumption is an inferior good and if the negative income effect outweighs the positive substitution effect. This could happen for a person who really placed an exceptionally high value on leisure.Figure 22 Figure 239. a. Figure 22 shows the situation in which your salary increases from $30,000 to $40,000.With numbers shown in thousands of dollars in the figure, your initial budget constraint,BC1, has a horizontal intercept of 30, because you could spend all your income whenyoung. The vertical intercept is 31.5, because if you spent nothing when young andsaved all your income, earning 5 percent interest, you would have $31,500 to spendwhen old. If your salary increases to $40,000, your budget constraint shifts out in aparallel fashion, with intercepts of 40 and 42, respectively. This is an income effect only,so if consumption when young and old are both normal goods, you will spend more inboth periods.b. If the interest rate on your bank account rises to 8 percent, your budget constraintrotates. If you spend all your income when young, you will spend just $30,000, asbefore. But if you save all your income, your old-age consumption increases to $30,000 x1.08 = $32,400, compared to $31,500 before. As Figure 23 indicates, the steeper budgetline leads you to substitute future consumption for current consumption. But the incomeeffect of the higher return on your saving leads you to want to increase both future andcurrent consumption if both are normal goods. The result is that your consumption whenold certainly rises and your consumption when young could increase or decrease,depending on whether the income or substitution effect dominates.10. The decline in the interest rate on savings has both income and substitution effects, because itcauses the budget constraint to rotate. Because consumption when old effectively becomes more expensive relative to consumption when young, there is a substitution effect that increasesconsumption when young and decreases consumption when old. The lower interest rate alsoleads to a negative income effect, causing both consumption when young and consumption when old to decline if both are normal goods. Combining both effects, consumption when old definitely declines and consumption when young might rise or fall, depending on whether the income orsubstitution effect is stronger.11. a. Figure 24 shows the budget constraint. The initial budget line is shown as BL1. If allhours are spent raising children, 10 children can be raised. If all hours are spent working, $2,000,000 can be earned for consumption. The individual maximizes utility by choosing K1 children and a consumption level of C1.Figure 24b. If the wage rises, the budget line rotates to BL2 in Figure 24. The budget line is nowsteeper indicating the higher opportunity cost of raising a child. The substitution of thisincrease in the wage will mean a rise in consumption and a decline in the number ofchildren. Assuming that both children and consumption are normal goods, the incomeeffect of the increased wage will mean a rise in both children and consumption. The fulleffect on consumption is positive, but the end effect on children depends on the relative sizes of the income and substitution effects.c. If the number of children declines as incomes rise, the substitution effect must outweighthe income effect.12. If consumers do not buy less of a good when their incomes rise, the good in question mustbe a normal good. For a normal good, the income and substitution effects both imply that the consumer will buy less if the price rises.Figure 2513. a. Figure 25 shows the effects of the welfare program. Without the program, the budgetconstraint would begin on the horizontal axis at point L max when the family earns no labor income and would have a slope equal to the wage rate. The program provides income ofa certain amount if the family earns no labor income, shown as the point A on the figure.Then, if income is earned, the welfare payment is reduced, so the slope of the budgetline is less than the slope of the budget line without welfare. At the point where the two budget lines meet, the welfare program provides no further support.b. The figure shows how indifference curves could be shaped, indicating a reduction in thenumber of hours worked by the family because of the welfare program. Because thewelfare budget constraint is flatter, there is a substitution effect away from consumption and toward leisure. Because the welfare budget constraint is farther from the origin,there is an income effect that increases both consumption and leisure, if both are normal goods. The overall effect is that the change in consumption is ambiguous and the family will want to have more leisure; hence, it will reduce its labor supply.c. There is no doubt that the family's well-being is increased, because the welfare programgives them consumption and leisure opportunities that were not available before andthey end up on a higher indifference curve.14. Utility is maximized when the marginal utility per dollar spent is equal across goods. Jerryand Elaine are both purchasing the utility-maximizing combination of apples and pears.George and Kramer each get greater utility per dollar spent on pears than on apples.Therefore, they should purchase more pears and fewer apples. On the other hand, Newman gets higher utility per dollar spent on apples than on pears. He should reallocate his budgetas well, increasing his purchases of apples and reducing his purchases of pears.。

曼昆经济学原理第五版答案(第1-3篇)

第1篇导言第1章经济学十大原理问题与应用1．描写下列每种情况所面临的权衡取舍：A．一个家庭决定是否买一辆新车。

答：如果买新车就要减少家庭其他方面的开支，如：外出旅行，购置新家具；如果不买新车就享受不到驾驶新车外出的方便和舒适。

B．国会议员决定对国家公园支出多少。

答：对国家公园的支出数额大，国家公园的条件可以得到改善，环境会得到更好的保护。

但同时，政府可用于交通、邮电等其他公共事业的支出就会减少。

C．一个公司总裁决定是否新开一家工厂。

答：开一家新厂可以扩大企业规模，生产更多的产品。

但可能用于企业研发的资金就少了。

这样，企业开发新产品、利用新技术的进度可能会减慢。

D．一个教授决定用多少时间备课。

答：教授若将大部分时间用于自己研究，可能会出更多成果，但备课时间减少影响学生授课质量。

E．一个刚大学毕业的学生决定是否去读研究生。

答：毕业后参加工作，可即刻获取工资收入；但继续读研究生，能接受更多知识和未来更高收益。

2．你正想决定是否去度假。

度假的大部分成本((机票、旅馆、放弃的工资))都用美元来衡量，但度假的收益是心理的。

你将如何比较收益与成本呢??答：这种心理上的收益可以用是否达到既定目标来衡量。

对于这个行动前就会作出的既定目标，我们一定有一个为实现目标而愿意承担的成本范围。

在这个可以承受的成本范围内，度假如果满足了既定目标，如：放松身心、恢复体力等等，那么，就可以说这次度假的收益至少不小于它的成本。

3．你正计划用星期六去从事业余工作，但一个朋友请你去滑雪。

去滑雪的真实成本是什么？现在假设你已计划这天在图书馆学习，这种情况下去滑雪的成本是什么？请解释之。

答：去滑雪的真实成本是周六打工所能赚到的工资，我本可以利用这段时间去工作。

如果我本计划这天在图书馆学习，那么去滑雪的成本是在这段时间里我可以获得的知识。

4．你在篮球比赛的赌注中赢了100美元。

你可以选择现在花掉它或在利率为55%的银行中存一年。

现在花掉100美元的机会成本是什么呢?答：现在花掉100 美元的机会成本是在一年后得到105 美元的银行支付(利息+本金)。

微观经济学学习笔记(曼昆经济学原理)21章节

经济学习笔记第21章消费者选择理论一、重要名词解释预算约束线：对消费者可以支付得起的消费组合的限制，又称消费可能线和价格线。

无差异曲线：一条表示给消费者带来相同满足程度的消费组合的曲线。

边际替代率MRS：消费者愿意以一种物品交换另一种物品的比率。

完全替代品：无差异曲线为直线的两种物品。

完全互补品：无差异曲线为直角形的两种物品。

收入效应：当价格的某种变动使消费者移动到更高或更低无差异曲线时所引起的消费变动。

替代效应：当价格的某种变动使消费者沿着一条既定的无差异曲线变动到有新边际替代率的一点时所引起的消费变动。

正常物品：收入增加引起需求量增加的物品。

低档物品：收入增加引起需求量减少的物品。

吉芬物品：价格上升引起需求量增加的物品。

二、重要摘抄1.预算约束线的斜率衡量的是消费者用一种物品换另一种物品的比率，也是两种物品的相对价格。

在任何一条既定的无差异曲线的所有点上，消费者的满足程度相同。

无差异曲线代表消费者偏好，具有四个特征：消费者对较高无差异曲线的偏好大于较低的无差异曲线；无差异曲线向右下方倾斜；无差异曲线不相交；无差异曲线凸向原点。

无差异曲线凸向原点，反映了消费者更愿意放弃他已大量拥有的那一种物品。

无差异曲线的形状告诉我们消费者用一种物品交换另一种物品的意愿。

当物品很容易相互替代时，无差异曲线呈现出较小的凸性；当物品难以替代时，无差异曲线呈现出很大的凸性。

其中两种极端的情况是：边际替代率不变、无差异曲线都是直线的情况下，两种物品是完全替代品；无差异曲线为直角形的情况下，两种物品是完全互补品。

2.预算约束衡量了消费者能买得起什么，偏好衡量了消费者想要什么。

消费者可以达到的最高无差异曲线（图中的I2）是正好与预算约束线相切的那条无差异曲线，相切的点被称为最优点，在这个点上，边际替代率MRS等于两种物品的相对价格。

图1 消费者最优点相对价格是市场愿意用一种物品交换另一种物品的比率，而边际替代率是消费者愿意用一种物品交换另一种物品的比率。

曼昆经济学原理微观第五版测试题库【整理版】.doc

曼昆经济学原理微观第五版测试题库【整理版】Chapter 14Firms in Competitive MarketsTRUE/FALSE1. For a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue are all equal.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenue | Marginal revenueMSC: Interpretive2. For a firm operating in a perfectly competitive industry, marginal revenue and average revenue are equal.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenue | Marginal revenueMSC: Interpretive3. If a firm notices that its average revenue equals the current market price, that firm must be participating in a competitive market.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenueMSC: Interpretive4. A profit-maximizing firm in a competitive market will increase production when average revenue exceeds marginal cost.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenueMSC: Interpretive9295. Because there are many buyers and sellers in a perfectly competitive market, no one seller can influence the market price.ANS: T DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional6. Firms operating in perfectly competitive markets try to maximize profits.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Applicative7. In competitive markets, firms that raise their prices are typically rewarded with larger profits.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive8. When an individual firm in a competitive market increases its production, it is likely that the market price will fall.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive9. In a competitive market, firms are unable to differentiate their product from that of other producers.ANS: T DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive10. Firms in a competitive market are said to be price takers because there are many sellers in the market and the goods offered by the firms are very similar if not identical.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive11. A firm's incentive to compare marginal revenue and marginal cost is an application of the principle that rational people think at the margin. ANS: T DIF: 1 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive12. By comparing the marginal revenue and marginal cost from each unit produced, a firm in a competitive market can determine theprofit-maximizing level of production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive13. Firms operating in perfectly competitive markets produce an output level where marginal revenue equals marginal cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Marginal revenueMSC: Applicative14. A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $4.75. The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical15. A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $5. The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical16. A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the unit for $6. The firm should produce more than 100 units in order to maximize its profits (or minimize its losses). ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical17. A dairy farmer must be able to calculate sunk costs in order to determine how much revenue the farm receives for the typical gallon of milk.ANS: F DIF: 1 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive18. Because nothing can be done about sunk costs, they are irrelevant to decisions about business strategy.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive19. A miniature golf course is a good example of where fixed costs become relevant to the decision of when to open and when to close for the season.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive20. A popular resort restaurant will maximize profits if it chooses to stay open during the less-crowded “off season” when its total revenues exceed its variable costs.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive21. All firms maximize profits by producing an output level where marginal revenue equals marginal cost; for firms operating in perfectly competitive industries, maximizing profits also means producing an output level where price equals marginal cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive22. A firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less than that firm’s average total cost but greater than the firm’s average variable cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive23. A firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less than that fir m’s average variable cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive24. A firm operating in a perfectly competitive industry will shut down in the short run but earn losses if the market price is less than that firm’s average variable cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive25. In the short run, a firm should exit the industry if its marginal cost exceeds its marginal revenue.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive26. In making a short-run profit-maximizing production decision, the firm must consider both fixed and variable cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive27. A firm will shut down in the short run if revenue is not sufficient to cover its variable costs of production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive28. Suppose a firm is considering producing zero units of output. We call this shutting down in the short run and exiting an industry in the long run.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive29. Suppose a firm is considering producing zero units of output. We call this exiting an industry in the short run and shutting down in the long run.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive30. A firm will shut down in the short run if revenue is not sufficient to cover all of its fixed costs of production.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive31. The supply curve of a firm in a competitive market is the average variable cost curve above the minimum of marginal cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive32. When a profit-maximizing firm in a competitive market experiences rising prices, it will respond with an increase in production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive33. The marginal firm in a competitive market will earn zero economic profit in the long run.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Economic profitMSC: Interpretive34. A profit-maximizing firm in a competitive market will earn zero accounting profits in the long run.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Accounting profitMSC: Interpretive35. In the long run, when price is less than average total cost for all possible levels of production, a firm in a competitive market will choose to exit (or not enter) the market.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive36. In the long run, when price is greater than average total cost, some firms in a competitive market will choose to enter the market.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive37. In the long run, a firm should exit the industry if its total costs exceed its total revenues.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive38. When a resource used in the production of a good sold in a competitive market is available in only limited quantities, the long-run supply curve is likely to be upward sloping.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive39. A firm operating in a perfectly competitive industry will continue to operate if it earns zero economic profits because it is likely to be earning positive accounting profits.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive40. A firm operating in a perfectly competitive industry will shut down in the short run if its economic profits fall to zero because it is likely to be earning negative accounting profits.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive41. A firm operating in a perfectly competitive market may earn positive, negative, or zero economic profit in the long run.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Long-run supply curveMSC: Interpretive42. A firm operating in a perfectly competitive market may earn positive, negative, or zero economic profit in the short run.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Long-run supply curveMSC: Interpretive43. A firm operating in a perfectly competitive market earns zero economic profit in the long run but remains in business because the firm’s revenues cover the business owners’ opportunity costs.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive44. A competitive market will typically experience entry and exit until accounting profits are zero.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive45. The long-run equilibrium in a competitive market characterized by firms with identical costs is generally characterized by firms operating at efficient scale.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive46. In the long run, a competitive market with 1,000 identical firms will experience an equilibrium price equal to the minimum of each firm's average total cost.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive47. In a long-run equilibrium where firms have identical costs, it is possible that some firms in a competitive market are making a positive economic profit.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive48. When economic profits are zero in equilibrium, the firm's revenue must be sufficient to cover all opportunity costs.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive49. The short-run supply curve in a competitive market must be more elastic than the long-run supply curve.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive50. The long-run supply curve in a competitive market is more elastic than the short-run supply curve.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: InterpretiveSHORT ANSWER1. Describe the difference between average revenue and marginal revenue. Why are both of these revenue measures important to aprofit-maximizing firm?ANS:Average revenue is total revenue divided by the quantity of output. Marginal revenue is the change in total revenue from the sale of each additional unit of output. Marginal revenue is used to determine the profit-maximizing level of production, and average revenue is used to help determine the level of profits. Note that for all firms, price equals average revenue because AR=(PxQ)/Q=P. But only for a firm operating in a perfectly competitive industry does price also equal marginal revenue.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Price MSC: Definitional2. List and describe the characteristics of a perfectly competitive market.ANS:There are many buyers and sellers in the market. The goods offered by the various sellers are largely the same. Firms can freely enter or exit the market.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Competitive markets MSC: Definitional3. Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market?ANS:The firm could not sell any more of its product at a lower price than it could sell at the market price. As a result, it would needlessly forgo revenue if it set a price below the market price. If the firm set a higher price, it would not sell anything at all because a competitive market has many sellers who would supply the product at the market price.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical4. Use a graph to demonstrate the circumstances that would prevail ina competitive market where firms are earning economic profits. Can this scenario be maintained in the long run? Explain your answer.ANS:In a competitive market where firms are earning economic profits, new firms will have an incentive to enter the market. This entry will expand the number of firms, increase the quantity of the good supplied, and drive down prices and profits. Entry will cease once firms are producing the output level where price equals the minimum of the average total costcurve, meaning that each firm earns zero economic profits in the long run.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical5. Explain how a firm in a competitive market identifies theprofit-maximizing level of production. When should the firm raise production, and when should the firm lower production?ANS:The firm selects the level of output at which marginal revenue is equal to marginal cost. If MR > MC, profit will increase if the firm increases Q. If MR < MC, profit will increase if the firm decreases Q.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical6. News reports from the western United States occasionally report incidents of cattle ranchers slaughtering a large number of newborn calves and burying them in mass graves rather than transporting them to markets. Assuming that this is rational behavior by profit-maximizing "firms," explain what economic factors may influence such behavior. ANS:If the selling price is not sufficient to cover the variable cost of sending the calves to market, this (potentially emotionally upsetting) behavior makes economic sense.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical7. Use a graph to demonstrate the circumstances that would prevail ina perfectly competitive market where firms are experiencing economic losses. Identify costs, revenue, and the economic losses on your graph. Using your graph, determine whether an individual firm will shut down in the short run, or choose to remain in the market. Explain your answer.ANS:The losses and revenues are identified on the individual firm's graph. Total cost is equal to the sum of the losses and revenue (becauseprofit/loss=TR-TC, so TC=TR+profit/loss). The decision about whether this firm shuts down or remains in the market depends upon the position of average variable cost. If average variable cost is below P0 at output level Q0, the firm will remain in the market. If average variable cost is above P0 at output level Q0 the firm will shut down in the short run.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical8. At its current level of production a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm'smarginal cost curve crosses the marginal revenue curve at an output level of 1,000 units. What is the firm's current profit? What is likely to occur in this market and why?ANS:$2,500; firms are likely to enter this market since existing firms are earning economic profits.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit MSC: Analytical9. Give two reasons why the long-run industry supply curve may slope upward. Use an example to demonstrate your reasons.ANS:1) Some resource used in production may be available only in limited quantities. 2) Firms may have different cost structures. The example provided in the text for the first reason is the market for farm products. As more people become farmers, the price of land is bid up since its supply is limited. As the price of farm land is bid up, the costs to all farmers in the market rise. The example used to support the second reason is the market for painters. Anyone can enter the market for painting services, but not everyone has the same costs because some painters work faster than others.DIF: 3 REF: 14-3 NAT: Analytic LOC: Perfect competitionTOP: Supply curve MSC: Interpretive10. If identical firms that remain in a competitive market over the long run make zero economic profit, why do these firms choose to remain in the market?ANS:Because a normal rate of return on their investment is included as part of the opportunity cost of production.DIF: 2 REF: 14-3 NAT: Analytic LOC: Perfect competitionTOP: Economic profit MSC: InterpretiveSec00 - Firms in Competitive MarketsMULTIPLE CHOICE1. A firm has market power if it cana. maximize profits.b. minimize costs.c. influence the market price of the good it sells.d. hire as many workers as it needs at the prevailing wage rate.ANS: C DIF: 1 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Market powerMSC: Definitional2. The analysis of competitive firms sheds light on the decisions that lie behind thea. demand curve.b. supply curve.c. way firms make pricing decisions in the not-for-profit sector ofthe economy.d. way financial markets set interest rates.ANS: B DIF: 1 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketMSC: Interpretive3. For any competitive market, the supply curve is closely related to thea. preferences of consumers who purchase products in thatmarket.b. income tax rates of consumers in that market.c. firms’ costs of production in that market.d. interest rates on government bonds.ANS: C DIF: 1 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketMSC: Interpretive4. Suppose that firms in each of the two markets listed below were to increase their prices by 20 percent. Which pair represents the example where customers would decrease their quantity purchased dramatically in one market and only slightly in the other market due to differences in market structure?a. corn and soybeansb. gasoline and restaurantsc. water and cable televisiond. spiral notebooks and college textbooksANS: D DIF: 2 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketMSC: InterpretiveSec01 - Firms in Competitive Markets - What is a Competitive Market? MULTIPLE CHOICE1. A key characteristic of a competitive market is thata. government antitrust laws regulate competition.b. producers sell nearly identical products.c. firms minimize total costs.d. firms have price setting power.ANS: B DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional2. Which of the following is not a characteristic of a competitive market?a. Buyers and sellers are price takers.b. Each firm sells a virtually identical product.c. Free entry is limited.d. Each firm chooses an output level that maximizes profits.ANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional3. In a perfectly competitive market,a. no one seller can influence the price of the product.b. price exceeds marginal revenue for each unit sold.c. average revenue exceeds marginal revenue for each unit sold.d. administrative barriers can make it difficult for firms to enter anindustry.ANS: A DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive4. Who is a price taker in a competitive market?a. buyers onlyb. sellers onlyc. both buyers and sellersd. neither buyers nor sellersANS: C DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional5. Competitive markets are characterized bya. a small number of buyers and sellers.b. unique products.c. the interdependence of firms.d. free entry and exit by firms.ANS: D DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional6. A market is competitive if(i) firms have the flexibility to price their own product.(ii) each buyer is small compared to the market.(iii) each seller is small compared to the market.a. (i) and (ii) onlyb. (i) and (iii) onlyc. (ii) and (iii) onlyd. (i), (ii), and (iii)ANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive7. When a firm has little ability to influence market prices it is said to be in aa. competitive market.b. strategic market.c. thin market.d. power market.ANS: A DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional8. In a competitive market, the actions of any single buyer or seller willa. have a negligible impact on the market price.b. have little effect on market equilibrium quantity but will affectmarket equilibrium price.c. affect marginal revenue and average revenue but not price.d. adversely affect the profitability of more than one firm in themarket.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive9. Because the goods offered for sale in a competitive market are largely the same,a. there will be few sellers in the market.b. there will be few buyers in the market.c. only a few buyers will have market power.d. sellers will have little reason to charge less than the goingmarket price.ANS: D DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive10. 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.ANS: B DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets11. Which of the following is not a characteristic of a perfectly competitive market?a. Firms are price takers.b. Firms can freely enter the market.c. Many firms have market power.d. Goods offered for sale are largely the same.ANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets MSC: Interpretive12. Free entry means thata. the government pays any entry costs for individual firms.b. no legal barriers prevent a firm from entering an industry.c. a firm's marginal cost is zero.d. a firm has no fixed costs in the short run.ANS: B DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets MSC: Interpretive13. Which of the following industries is most likely to exhibit the characteristic of free entry?a. nuclear powerb. municipal water and sewerc. dairy farmingd. airport securityANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets14. When buyers in a competitive market take the selling price as given, they are said to bea. market entrants.b. monopolists.c. free riders.d. price takers.ANS: D DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional15. When firms are said to be price takers, it implies that if a firm raises its price,a. buyers will go elsewhere.b. buyers will pay the higher price in the short run.c. competitors will also raise their prices.d. firms in the industry will exercise market power.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive16. Which of the following statements best reflects a price-taking firm?a. If the firm were to charge more than the going price, it wouldsell none of its goods.b. The firm has an incentive to charge less than the market priceto earn higher revenue.c. The firm can sell only a limited amount of output at the marketprice before the market price will fall.d. Price-taking firms maximize profits by charging a price abovemarginal cost.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive17. Why does a firm in a competitive industry charge the market price?a. If a firm charges less than the market price, it loses potentialrevenue.b. If a firm charges more than the market price, it loses all itscustomers to other firms.c. The firm can sell as many units of output as it want to at themarket price.d. All of the above are correct.ANS: D DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive18. In a competitive market, no single producer can influence the market price becausea. many other sellers are offering a product that is essentiallyidentical.b. consumers have more influence over the market price thanproducers do.c. government intervention prevents firms from influencing price.d. producers agree not to change the price.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive19. A competitive firm would benefit from charging a price below the market price because the firm would achievea. higher average revenue.。

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Chapter 21The Theory of Consumer ChoiceTRUE/FALSE1. The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles ofEconomics.ANS: T DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Definitional2. A consumer’s budget constraint for goods X and Y is determined by how much the consumer likes good Xrelative to good Y.ANS: F DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Definitional3. The slope of the budget constraint reveals the relative price of good X compared to good Y.ANS: T DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative4. A budget constraint illustrates bundles that a consumer prefers equally, while an indifference curve illustratesbundles that are equally affordable to a consumer.ANS: F DIF: 2 REF: 21-1 | 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative5. For a typical consumer, most indifference curves are bowed inward.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive6. For a typical consumer, most indifference curves are downward sloping.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive7. For a typical consumer, indifference curves can intersect if they satisfy the property of transitivity.ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive8. When two goods are perfect complements, the indifference curves are right angles.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complementsMSC: Interpretive9. The indifference curves for left shoes and right shoes are right angles.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complementsMSC: Applicative10. The indifference curves for perfect substitutes are straight lines.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect substitutesMSC: Applicative1406Chapter 21/The Theory of Consumer Choice ❖1407 11. The indifference curves for nickels and dimes are straight lines.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect substitutesMSC: Applicative12. When two goods are perfect substitutes, the indifference curves are right angles.ANS: F DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complements | Perfect substitutesMSC: Interpretive13. If goods A and B are perfect substitutes, then the marginal rate of substitution of good A for good B isconstant.ANS: T DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitution | Perfect substitutesMSC: Interpretive14. The slope at any point on an indifference curve equals the absolute price at which a consumer is willing tosubstitute one good for the other.ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Interpretive15. The marginal rate of substitution between goods A and B measures the price of A relative to the price of B. ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional16. The marginal rate of substitution is the slope of the budget constraint.ANS: F DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional17. The marginal rate of substitution is the slope of the indifference curve.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional18. At a consumer’s optimal choice, the consumer chooses the combinati on of goods that equates the marginalrate of substitution and the price ratio.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: OptimizationMSC: Interpretive19. At a consumer’s optimal choice, the consumer chooses the combin ation of goods such that the ratio of themarginal utilities equals the ratio of the prices.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: OptimizationMSC: Interpretive20. If consumers purchase more of a good when their income rises, the good is a normal good.ANS: T DIF: 1 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Normal goods | Inferior goodsMSC: Definitional21. If a consumer purchases more of good B when his income rises, good B is an inferior good.ANS: F DIF: 1 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Normal goods | Inferior goodsMSC: Definitional22. If a consumer purchases more of good A when her income falls, good A is an inferior good.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Inferior goodsMSC: Definitional23. The income effect of a price change is unaffected by whether the good is a normal or inferior good.ANS: F DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Income effectMSC: Interpretive24. The income effect of a price change is the change in consumption that results from the movement to a newindifference curve.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Income effectMSC: Interpretive25. The direction of the substitution effect is not influenced by whether the good is normal or inferior.ANS: T DIF: 3 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice KEY: Substitution effectMSC: Analytical26. The substitution effect of a price change is the change in consumption that results from the movement to a newindifference curve.ANS: F DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Substitution effectMSC: Interpretive27. All points on a demand curve are optimal consumption points.ANS: T DIF: 3 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Demand MSC: Analytical28. Economists use the term Giffen good to describe a good that violates the law of demand.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Interpretive29. Giffen goods are inferior goods for which the income effect dominates the substitution effect.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Definitional30. Economists have found evidence of a Giffen good when studying the consumption of rice in the Chineseprovince of Hunan.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Applicative31. Katie wins $1 million in her state’s lottery. If Katie drastically reduces the number of hours she works aftershe wins the money, we can infer that the income effect is larger than the substitution effect for her.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive32. Susie wins $1 million in her state’s lottery. If Susie keeps working after she wins the money, we can inferthat the income effect is larger than the substitution effect for her.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive33. A rational person can have a negatively-sloped labor supply curve.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Applicativeword文档可自由复制编辑Chapter 21/The Theory of Consumer Choice ❖1409 34. The substitution effect in the work-leisure model induces a person to work less in response to higher wages,which tends to make the labor-supply curve slope upward.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive35. The income effect in the work-leisure model induces a person to work less in response to higher wages, whichtends to make the labor-supply curve slope backward.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive36. Some economists have advocated reducing the taxation of interest and other capital income, arguing that sucha policy change would raise the after-tax interest rate that savers can earn and would thereby encourage peopleto save more.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: Interpretive37. A rise in the interest rate will generally result in people consuming more when they are old if the substitutioneffect outweighs the income effect.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: Interpretive38. A rise in the interest rate will generally result in people consuming less when they are old if the substitutioneffect outweighs the income effect.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: InterpretiveSHORT ANSWER1. Answer the following questions based on the table. A consumer is able to consume the following bundles ofrice and beans when the price of rice is $2 and the price of beans is $3.RICE BEANS1206408a.How much is this consumer's income?b.Draw a budget constraint given this information. Label it B.c.Construct a new budget constraint showing the change if the price of rice falls $1. Label this C.d.Given the original prices for rice ($2) and beans ($3), construct a new budget constraint if thisconsumer's income increased to $48. Label this D.ANS:a.$24b.c.d.DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicativeword文档可自由复制编辑Chapter 21/The Theory of Consumer Choice ❖1411 2. Draw a budget constraint that is consistent with the following prices and income.Income = 200P Y = 50P X = 25a.Demonstrate how your original budget constraint would change if income increases to 500.b.Demonstrate how your original budget constraint would change if P Y decreases to 20.c.Demonstrate how your original budget constraint would change if P X increases to 40.ANS:DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicative3. Assume that a consumer faces the following budget constraints.a.Assuming that income is the same on both occasions, describe the difference in relative pricesbetween Panel A and Panel B.b.If income in Panel B is $126, what is the price of good X?c.If income in Panel A is $84, what is the price of good Y?d.Assuming that the price of good X is the same on both occasions, describe the difference inincome and price of good Y between Panel A and Panel B.ANS:a.The price of good Y is relatively higher in Panel A than Panel B. Said another way, the price ofX is relatively lower in Panel A than Panel B.b.$9c.$12d.Income in Panel A is twice the income in Panel B, and the price of "Y" in Panel B is 1/18 theprice of "Y" in Panel A.DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicative4. Evaluate the following statement, "Warren Buffet is the second richest person in the world. He doesn't faceany constraint on his ability to purchase commodities he wants."ANS:Everyone faces scarcity of resources, regardless of how rich they are because wants are assumed to be infinite. DIF: 1 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Interpretive5. List and briefly explain each of the four properties of indifference curves.ANS:1: Higher indifference curves are preferred to lower ones, because consumers usually prefer more of something to less of it. 2: Indifference curves are downward sloping. The slope of an indifference curve reflects the rate at which the consumer is willing to substitute one good for another. If the quantity of one good is reduced, the quantity of the other good must increase in order for the consumer to be equally happy. 3: Indifference curves do not cross. If indifference curves did cross, the same point could be on two different curves, thus contradicting the assumption that consumers prefer more of both goods to less. 4: Indifference curves are bowed inward. This is because people are more willing to trade away goods that they have in abundance and less willing to trade away goods of which they have less.DIF: 1 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Indifference curves MSC: Interpretiveword文档可自由复制编辑Chapter 21/The Theory of Consumer Choice ❖14136. Draw indifference curves that reflect the following preferences.a.pencils with white erasers and pencils with pink erasersb.left shoes and right shoesc.potatoes and riced.income and polluted waterANS:DIF: 2 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Indifference curves MSC: Applicative7. Graphically demonstrate the conditions associated with a consumer optimum. Carefully label all curves andaxes.ANS:Where M=IncomeDIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Optimization MSC: Applicative8. Explain the relationship between the budget const raint and indifference curve at a consumer’s optimum. ANS:Since the budget constraint is tangent to the indifference curve at a consumer’s optimum, the slope of the budget constraint (relative market prices) and the slope of the indifference curve (the marginal rate of substitution) are equal at the optimal consumption point.DIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Interpretiveword文档可自由复制编辑Chapter 21/The Theory of Consumer Choice ❖1415 9. Assume that a person consumes two goods, Coke and Snickers. Use a graph to demonstrate how the consumeradjusts his/her optimal consumption bundle when the price of Coke decreases. Carefully label all curves and axes. What will happen to consumption if Coke is a normal good? What will happen to consumption if Coke is an inferior good? (Remember to explain the possible change when the income effect dominates and when the substitution effect dominates.)ANS:If Coke is a normal good, the consumption of Coke will increase when the price decreases. If Coke is an inferior good and the substitution effect dominates, the consumption of Coke will increase when the price decreases. If Coke is an inferior good and the income effect dominates, the consumption of Coke will decrease when the price decreases. If consumption decreases, the demand curve is upward sloping, and Coke would be a Giffen good. Giffen goods are very rare in the real world, and Coke is not likely to be one.DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Applicative10. Using the graph shown, construct a demand curve for M&M's given an income of $10.ANS:DIF: 3 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Demand MSC: Analyticalword文档可自由复制编辑11. Using indifference curves and budget constraints, graphically illustrate the substitution and income effect thatwould result from a change in the price of a normal good.ANS:The graph above illustrates a price decrease for potato chips. Moving from point A to point B illustrates the substitution effect, while moving from point B to point C illustrates the income effect.DIF: 3 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Income effect | Substitution effect MSC: Applicative12. Explain the difference between inferior and normal goods. As a developing economy experiences increases inincome (measured by GDP), what would you predict to happen to demand for inferior goods?ANS:Normal goods are those for which consumption increases as income rises. Inferior goods are those for which consumption decreases as income rises. We would expect the demand for inferior goods to decrease as developing countries experience increases in income.DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Inferior goods | Normal goods MSC: Interpretive13. Janet knows that she will ultimately face retirement. Assume that Janet will experience two periods in her life,one in which she works and earns income, and one in which she is retired and earns no income. Janet can earn$250,000 during her working period and nothing in her retirement period. She must both save and consume inher work period and can earn 10 percent interest on her savings.e a graph to demonstrate Janet's budget constraint.b.On your graph, show Janet at an optimal level of consumption in the work period equal to$150,000. What is the implied optimal level of consumption in her retirement period?c.Now, using your graph from part b above, demonstrate how Janet will be affected by an increasein the interest rate on savings to 14 percent. Discuss the role of income and substitution effects indetermining whether Janet will increase, or decrease her savings in the work period.ANS:a.see graph belowb.see graph belowc.see graph belowSubstitution effect: Retirement spending becomes less costly, so she should increase saving.Income effect: As income increases she should increase consumption in both periods (thus reducing her saving in the work period.)DIF: 3 REF: 21-4 NAT: Analytic LOC: Utility and consumer choiceTOP: Consumption-saving decision MSC: ApplicativeSec 00 - The Theory of Consumer ChoiceMULTIPLE CHOICE1. Which of the following does not represent a tradeoff facing a consumer?a.choosing to purchase more of all goodsb.choosing to spend more leisure time and less working timec.choosing to spend more now and consume less in the futured.choosing to purchase less of one good in order to purchase more of another goodANS: A DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Applicativeword文档可自由复制编辑2. How are the following three questions related: 1) Do all demand curves slope downward? 2) How dowages affect labor supply? 3) How do interest rates affect household saving?a.They all relate to macroeconomics.b.They all relate to monetary economics.c.They all relate to the theory of consumer choice.d.They are not related to each other in any way.ANS: C DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Applicative3. Just as the theory of the competitive firm provides a more complete understanding of supply, the theory ofconsumer choice provides a more complete understanding ofa.demand.b.profits.c.production possibility frontiers.d.wages.ANS: A DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Interpretive4. Which of the following statements is correct?a.The theory of consumer choice provides a more complete understanding of supply, just as thetheory of the competitive firm provides a more complete understanding of demand.b.The theory of consumer choice provides a more complete understanding of demand, just as thetheory of the competitive firm provides a more complete understanding of supply.c.Monetary theory provides a more complete understanding of demand, just as the theory of thecompetitive firm provides a more complete understanding of supply.d.The theory of public choice provides a more complete understanding of supply, just as the theory ofthe competitive firm provides a more complete understanding of demand.ANS: B DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Interpretive5. When a consumer spends less time enjoying leisure and more time working, she hasa.lower income and therefore cannot afford more consumption.b.lower income and therefore can afford more consumption.c.higher income and therefore cannot afford more consumption.d.higher income and therefore can afford more consumption.ANS: D DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Interpretive6. The theory of consumer choice provides the foundation for understanding thea.structure of a firm.b.profitability of a firm.c.demand for a firm's product.d.supply of a firm's product.ANS: C DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Definitional7. The theory of consumer choice examinesa.the determination of output in competitive markets.b.the tradeoffs inherent in decisions made by consumers.c.how consumers select inputs into manufacturing production processes.d.the determination of prices in competitive markets.ANS: B DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Definitional8. The theory of consumer choice most closely examines which of the following Ten Principles of Economics?a.People face trade-offs.b.The cost of something is what you give up to get it.c.Trade can make everyone better off.d.Markets are usually a good way to organize economic activity.ANS: A DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: InterpretiveSec 01- The Theory of Consumer Choice - The Budget Constraint: What the Consumer Can AffordMULTIPLE CHOICE1. Karen, Tara, and Chelsea each buy ice cream and paperback novels to enjoy on hot summer days. Ice creamcosts $5 per gallon, and paperback novels cost $8 each. Karen has a budget of $80, Tara has a budget of $60,and Chelsea has a budget of $40 to spend on ice cream and paperback novels. Who can afford to purchase 8gallons of ice cream and 5 paperback novels?a.Karen, Tara, and Chelseab.Karen onlyc.Tara and Chelsea but not Karend.none of the womenANS: B DIF: 1 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative2. Karen, Tara, and Chelsea each buy ice cream and paperback novels to enjoy on hot summer days. Ice creamcosts $5 per gallon, and paperback novels cost $8 each. Karen has a budget of $80, Tara has a budget of $60,and Chelsea has a budget of $40 to spend on ice cream and paperback novels. Who can afford to purchase 5gallons of ice cream and 8 paperback novels?a.Karen, Tara, and Chelseab.Karen onlyc.Tara and Chelsea but not Karend.none of the womenANS: D DIF: 1 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative3. Karen, Tara, and Chelsea each buy ice cream and paperback novels to enjoy on hot summer days. Ice creamcosts $5 per gallon, and paperback novels cost $8 each. Karen has a budget of $80, Tara has a budget of $60,and Chelsea has a budget of $40 to spend on ice cream and paperback novels. Who can afford to purchase 4gallons of ice cream and 5 paperback novels?a.Karen, Tara, and Chelseab.Karen onlyc.Karen and Tara but not Chelsead.none of the womenANS: C DIF: 1 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicativeword文档可自由复制编辑4. Karen, Tara, and Chelsea each buy ice cream and paperback novels to enjoy on hot summer days. Ice creamcosts $5 per gallon, and paperback novels cost $8 each. Karen has a budget of $80, Tara has a budget of $60, and Chelsea has a budget of $40 to spend on ice cream and paperback novels. Which of the followingstatements is correct?a.Each woman faces the same budget constraint.b.The slope of the budget constraint is the same for each woman.c.The area underneath the budget constraint is larger for Chelsea than for Karen.d.All of the above are correct.ANS: B DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative5. Suppose a consumer has an income of $800 per month and that she spends her entire income each month onbeer and bratwurst. The price of a pint of beer is $5, and the price of a bratwurst is $4. Which of thefollowing combinations of beers and bratwursts represents a point that would lie to the interior of theconsumer’s budget constraint?a.160 beers and 200 bratwurstsb.40 beers and 50 bratwurstsc.80 beers and 100 bratwurstsd.160 beers and 0 bratwurstsANS: B DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Analytical6. Suppose a consumer has an income of $800 per month and that she spends her entire income each month onbeer and bratwurst. The price of a pint of beer is $5, and the price of a bratwurst is $4. Which of thefollowing combinations of beers and bratwursts represents a point that would lie to the exterior of theconsumer’s budget constraint?a.160 beers and 200 bratwurstsb.40 beers and 50 bratwurstsc.80 beers and 100 bratwurstsd.160 beers and 0 bratwurstsANS: A DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Analytical7. Suppose a consumer has an income of $800 per month and that she spends her entire income each month onbeer and bratwurst. The price of a pint of beer is $5, and the price of a bratwurst is $4. Which of thefollowing combinations of beers and bratwursts represents a point that would lie directly on the consumer’s budget constraint?a.160 beers and 200 bratwurstsb.40 beers and 50 bratwurstsc.80 beers and 100 bratwurstsd.80 beers and 0 bratwurstsANS: C DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Analytical8. Consider two goods, books and hamburgers. The slope of the consumer's budget constraint is measured by thea.consumer's income divided by the price of hamburgers.b.relative price of books and hamburgers.c.consumer's marginal rate of substitution.d.number of books purchased divided by the number of hamburgers purchased.ANS: B DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Interpretive9. Suppose a consumer spends his income on CDs and DVDs. If his income decreases, the budget constraintfor CDs and DVDs willa.shift outward, parallel to the original budget constraint.b.shift inward, parallel to the original budget constraint.c.rotate outward along the CD axis because he can afford more CDs.d.rotate outward along the DVD axis because he can afford more DVDs.ANS: B DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Analytical10. When the price of a shirt falls, thea.quantity of shirts demanded falls.b.quantity of shirts demanded rises.c.quantity of shirts supplied rises.d.demand for shirts falls.ANS: B DIF: 1 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Demand MSC: Analytical11. A budget constraint illustrates thea.prices that a consumer chooses to pay for products he consumes.b.purchases made by consumers.c.consumption bundles that a consumer can afford.d.consumption bundles that give a consumer equal satisfaction.ANS: C DIF: 1 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Definitional12. Assume that a college student spends her income on books and pizza. The price of a pizza is $8, and the priceof a book is $15. If she has $100 of income, she could choose to consumea.8 pizzas and 4 books.b. 4 pizzas and 5 books.c.9 pizzas and 3 books.d. 4 pizzas and 3 books.ANS: D DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative13. Assume that a college student spends her income on mac-n-cheese and CDs. The price of one box ofmac-n-cheese is $1, and the price of one CD is $12. If she has $100 of income, she could choose to consumea.15 boxes of mac-n-cheese and 6 CDs.b.20 boxes of mac-n-cheese and 7 CDs.c.10 boxes of mac-n-cheese and 8 CDs.d.30 boxes of mac-n-cheese and 6 CDs.ANS: A DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative14. A consumer who doesn't spend all of her incomea.would be at a point outside of her budget constraint.b.would be at a point inside her budget constraint.c.must not be consuming positive quantities of all goods.d.must be consuming at a point where her budget constraint touches one of the axes.ANS: B DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Interpretiveword文档可自由复制编辑。