汕头大学商学院微观经济学2009年期末考试Microeconomics Test 2009

Microeconomics Test 2009

姓名：学号：小组：学院： Multiple Choice (3 points per each. In total 30 points)

1.The most fundamental economic problem is

a.Security.

b.Scarcity.

c.Health.

d.the deficit.

2.To an economist, the term cost means

a.Accounting cost.

b.Opportunity cost.

c.Monetary cost.

d.External cost.

3.Microeconomic topics do not usually include

a.Inflation.

b.technological change.

c.wages and production costs.

d.the impact of regulating markets.

4.Which of the following is an example of a positive statement?

ernment should not redistribute income.

b.Business firms ought to contribute more to charities.

c.Households are the primary source of saving.

d.The foreign sector should be more tightly controlled.

5.The author of the Wealth of Nation is

a.James Madison.

b.Adam Smith.

c.Thomas Paine.

d.David Ricardo.

6.Production points on the PPF itself are

a.efficient but not attainable.

b.efficient and attainable.

c.inefficient but not attainable.

d.inefficient but attainabl

e.

7.The law of demand implies that demand curves

a.slope down.

b.slope up.

c.Shift up whenever the price rises.

d.Shift down whenever the price rises.

8. A price below the equilibrium price results in

a. A shortage.

b. A surplus.

c.Excess supply.

d. A further price fall.

9. a demand curve that has a price elasticity of

a.0 will be vertical.

b.0 will be horizontal.

c. 1 will be vertical.

d. 1 will be horizontal.

10．The income elasticity of demand is high for

a. food.

b. clothing.

c. shelter.

d. luxuries.

●Short Answer Problems (15 points per each. 30 points in total)

1.You are the manager of a local restaurant. You notice that when you lower the

price of your meals, your total revenue rises. What conclusion can you draw about the demand for your restaurant’s meals?

2.You have been placed in charge of combating illegal drug use in the United States.

You must decide between two policies: imprison users of illegal drugs or imprison sellers of drugs. (You can not do both; there isn’t space in the jails.) What effect do you expect the policy to have on the price and quantity of illegal drugs?

●Case Analysis (40 points)

PRICING ASMISSION TO A MUSEUM

You are curator of a major art museum .Your director of finance tells you that the museum is running short of funds and suggests that you consider changing the price of admission to increase total revenue .What do you do ?Do you raise the price of admission ,or do you lower it?