微观经济学ch6-2

7 概 述
第1章
论在新古典经济学的研究范式下对原有理论做了有益的扩充与完善。

图1-1 经济学发展演变过程
通过经济学的发展演变过程还可以看出，我们通常所讲的“西方经济学”实际上是马克思剩余价值理论以外的其他经济理论的统称，这个名词是为了与马克思主义政治经济学相对应的。

现在越来越多的学者认为，马克思主义政治经济学与“西方经济学”实际上是人类在探索社会经济运行规律过程中不同的理论分支，它们同属于人类智慧的结晶，都是向真理迈进的探索。

因此，两者不能相互排斥与否定，而应该相互借鉴与融合。

从这个意义上讲，将“西方经济学”称为“经济学”更为合适，不过本教材仍然沿用了国内这种为大家所习惯的称谓。

1.3
经济学的理论框架
经济学主要包括两部分内容，即微观经济学与宏观经济学。

下面对两个构成部分的基本内容进行简要介绍。

1.3.1 微观经济学
1．研究对象
微观经济学的英文名称为Micro-economics ，其前缀为Micro ，表示微小
的意思。

前面已经讲到，微观经济学是以新古典经济学为主体的。

之所以称
为“微观”，是因为其研究对象是微观的“经济个体”
，微观经济学研究经济
个体的行为。

亚财商学院：微观经济学究竟在讲什么？。

微观经济学高鸿业版知识点总结微观经济学是经济学的重要分支之一，研究的是个体经济主体（包括家庭、企业、市场等）的行为和决策对经济运行的影响。

而高鸿业版微观经济学相比其他版本的微观经济学教材，在内容和方法上有一些不同。

下面是关于高鸿业版微观经济学的知识点总结。

1.理论基础：高鸿业版微观经济学首先介绍了经济学的基本概念、分析方法和基本原理。

包括需求与供给、边际利益、机会成本、效率与公平等概念，为后续的分析打下了基础。

2.市场与价格：高鸿业版微观经济学中重点考察了市场与价格的关系。

包括完全竞争市场、垄断市场、寡头垄断市场、劳动市场等。

讲解了市场结构、市场行为和市场效率等问题。

3.产出与成本：讲解了企业产出和成本的关系。

包括生产函数、边际产品和边际成本、短期成本与长期成本等概念。

讲解了企业的经营决策和生产规模选择等问题。

4.市场结构与产业组织：介绍了不同的市场结构，如寡头垄断市场、垄断竞争市场、纯垄断市场等，并对不同市场结构下的企业行为和市场效果进行了分析。

同时还讲解了公共事业、自然垄断和竞争政策等问题。

5.回报与风险：讲解了企业投资和决策中的回报和风险问题。

包括资本预算、风险评估、投资组合等。

对企业经营决策和风险管理进行了详细分析。

6.国际经济关系：研究了国际经济关系中的进出口、汇率、国际投资等问题。

包括外汇市场、国际贸易理论、贸易政策等。

讲解了国际经济交往中的重要概念和原理。

7.经济增长与发展：讲解了经济增长和发展的关系及其影响。

包括经济增长的原因和机制、发展经济学中的一些重要理论和模型等。

8.资源配置与市场失灵：介绍了市场失灵的概念和原因，如外部性、公共物品、不完全竞争等。

同时还讲解了政府如何通过政策手段来修正市场失灵和实现资源配置效率。

总的来说，高鸿业版微观经济学在内容和方法上相对全面和系统。

它不仅突出了个体经济主体的行为和决策对经济运行的影响，还注重分析市场结构、回报与风险、国际经济关系等问题。

曼昆《经济学原理（微观经济学分册）》（第6版）第6章供给、需求与政府政策复习笔记跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。

以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。

一、价格控制1．价格上限（1）价格上限的两种后果价格上限（price ceiling）是某种物品与劳务价格的法定最高价格，比如租金控制。

政府强制推行价格上限，有可能会出现以下两种后果：①如果价格上限设在均衡价格之上，它就不能起到约束作用。

这种价格上限称之为非限制性的价格上限，如图6-1（a）所示。

②如果价格上限设在均衡价格之下，它能起到约束作用时，就导致短缺，如图6-1（b）所示。

由于引起了短缺，卖者必须以某种方式在买者中配给物品或劳务，出现了非价格配给、排长队和卖方歧视等问题。

图6-1 有价格上限的市场（2）案例研究：短期与长期中的租金控制租金控制政策的目标是通过使得住房变得更有可能支付得起的方式来帮助穷人。

图6-2（a）表示租金控制的短期影响：由于公寓的供给与需求较为缺乏弹性，租金控制法实行的价格上限只引起了住房的少量短缺。

图6-2（b）表示租金控制的长期影响：由于公寓的供给与需求较为富有弹性，租金控制引起了住房的大量短缺。

因此，一位经济学家称租金控制是“除了轰炸之外，毁灭一个城市的最好方法”。

图6-2 短期与长期中的租金控制2．价格下限（1）价格上限的两种后果价格下限是某种物品或劳务的法定最低价格，比如最低工资。

当政府强制推行价格下限时，有可能会出现以下两种后果：①如果价格下限设在均衡价格之下，它就不能起到约束作用。

这种价格下限称之为非限制性的价格下限，如图6-3（a）所示。

微观经济学第二章总结效用：是指人们对商品或劳务满足其欲望能力的评价，即消费者在消费商品或劳务时所感受到的满足程度。

边际效用递减规律：基数效用论的基本假定，是指在一定时期内，在其他商品的消费数量保持不变的条件下，随着消费者对某种商品消费量的增加，消费者从该商品连续增加的每一消费单位中所得到的效用增量(即边际效用)是递减的。

消费者均衡：是指在消费者收入及商品价格既定的条件下，消费者效用达到最大并且不再变的一种状态。

条件是MU1/P1=MU2/P2=λ和P1X1＋P2X2=m。

消费者均衡点即为无差异曲线与预算约束线的切点。

预算约束线：是指消费者收入和商品价格既定的条件下，消费者的全部收入所能购买到的各种商品的不同数量的组合，假定消费者只消费两种商品，收入为m，则预算约束线方程为P1X1＋P2X2=m，在图形中它是一条直线。

无差异曲线：是指可以给消费者带来相同满足程度的不同商品的各种数量组合描绘出来的轨迹。

在一条无差异曲线上，商品的不同数量组合对消费者而言是无差异的，通常具有特点：（1）任意两条无差异曲线都不会相交；（2）无差异曲线有无数条，每一条代表着一个特定的效用等级，并且离原点越远，所代表的效用等级就越高：（3）无差异曲线向右下方倾斜；（4）无差异曲线凸向原点。

商品的边际替代率：在效用水平保持不变的条件下，消费者增加一单位某商品的消费时所放弃的另一种商品的消费数量。

以MRS代表商品的边际替代率，则商品1对商品2的边际替代率可以表示为: MRS1,2=－△X2/△X1，边际替代率的几何意义是无差异曲线斜率的绝对值。

随着第一种商品数量的增加，边际替代率呈递减趋势。

替代效应：在保持效用不变的条件下，由一种商品价格变动从而两种商品的相对价格变动而引起的一种商品对另一种商品的替代被称为价格变动的替代效应。

收入效应：在消费者货币收入不变条件下，由商品价格变动引起消费者实际收入水平的变动所导致商品消费数量的变动被称为价格变动的收入效应。

第六章供给、需求与政府政策复习题1．举出一个价格上限的例子和一个价格下限的例子。

答：为了保障城镇中低收入居民的住房需求，国家对城镇居民中的安居工程售房制定最高限价。

为了保护农民种粮的积极性，对粮食的国家合同定购部分收购时制定最低限价，以保护农民的利益；。

2．什么引起了一种物品的短缺？是价格上限还是价格下限?用图形证明你的答案。

答：当价格上限低于市场均衡价格时会引起一种物品的短缺。

当价格下限高于市场均衡价格时会引起一种物品的过剩。

3．当不允许一种物品的价格使供给与需求平衡时，配置资源的机制是什么?答：当政府对竞争市场实行限制性价格上限时，就产生了物品的短缺。

卖者必然在大量买者中配置稀缺物品。

这时的配给机制可能是排长队，或者是卖者根据自己的偏好来配给物品。

当政府对竞争市场实行限制性价格下限时，就产生了过剩。

过剩会引起一些不合意的配给机制，例如那些也许由于种族或家族之故而受买者青睐的卖者能比那些没有受到青睐的卖者更好地出售自己的物品。

4．解释为什么经济学家通常总是反对价格控制?答：因为在市场经济中，价格对资源配置起着调节作用。

如果人为的控制价格，往往会造成某种物品的过剩或短缺，从而使生产者和消费者的利益受到伤害，破坏市场配置资源的有效性。

5．假设政府取消向一种物品的买者征税，而向这种物品的卖者征同样的税。

税收政策的这种变动如何影响买者为这种物品向卖者支付的价格、买者所支付的包括税在内的货币量、卖者扣除税收得到的货币量以及销售量？答：税收政策的变动对它们都不产生影响。

因为税收的归宿取决于供给和需求的价格弹性，而不取决于向买者征税还是向卖者征税。

6．一种物品的税收如何影响买者支付的价格、卖者得到的价格，以及销售量?答：一种物品的税收使买者支付的价格上升，卖者得到的价格下降，销售量下降。

7．什么决定了税收负担在买者与卖者之间分摊?为什么?答：需求弹性和供给弹性决定了税收负担在买者与卖者之间的分摊。

税收负担将更多地落在缺乏弹性的市场一方身上。

第六章完全竞争市场一、内容提要：新古典学派市场结构理论是建立在完全竞争和充分就业的假设基础上的，但从19世界末20世纪初开始的发达国家中垄断大企业的饿市场力量日益膨胀和1929年世界经济危机的爆发，动摇了新古典学派的市场结构理论体系。

1933年，美国经济学家张伯伦的《垄断竞争理论》和英国琼·罗宾逊的《不完全竞争经济学》的出版，从理论上指出了新古典学派把垄断与竞争对立、割裂开来的缺陷。

萨谬尔森把这两本书的出版称之为“垄断竞争的革命”。

从那时以来，西方学者开始对市场的类型或结构进行研究，并形成了比较完整的市场结构理论。

本章讨论完全竞争市场结构，第七章讨论不完全竞争市场的三种类型。

具体而言，所谓市场结构是指规定构成市场的买方之间、卖方之间、买卖双方之间以及市场上已有的买方或卖方与准备进入市场的潜在的买方和卖方之间诸关系的因素及其特征。

它体现了市场竞争程度的强弱以及资源配置功能和效率的不同。

完全竞争（Perfect Competition）的市场有四个基本特征假设：1、产品同质（Product homogeneity）；2、厂商无数（Numerous firms）；3、要素自由进出（Free entry and exit）；4、信息充分（Enough information）。

理论上对完全竞争市场的假设过于严格，以至于在现实生活中根本找不到完全竞争市场。

人们通常将某些农产品市场近似看作完全竞争市场。

在许多行业中，竞争异常激烈，所以我们也可以用完全竞争市场模型的研究来预测这些行业中企业的行为。

另外一个值得注意的情况就是某些易腐烂的商品的市场也可以被看作完全竞争市场，即使这些市场上只有少数的几家厂商。

我们还要知道，尽管完全竞争市场的假设确实与现实相差甚远，但是这一点本身并不妨碍完全竞争市场理论的生命力。

总之，完全竞争市场的假设就象数学中的坐标系一样，为我们提供了分析的起点和参照系。

完全竞争市场中的厂商是价格接受者（Price take），所面临的需求曲线是一条水平线，这意味着在给定的价格下，厂商可以销售无穷多数量的商品。

曼昆《经济学原理（微观经济学分册）》（第6版）第2章像经济学家一样思考课后习题详解跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。

以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。

一、概念题1．循环流量图（circular flow diagram）答：循环流量图是指表明物品和劳务、生产要素以及货币支付在家庭和企业之间如何流动的经济图形，如图2-1所示。

在这个模型中，经济由两类决策者——家庭和企业——所组成。

企业用劳动、土地和资本（建筑物和机器等）这些投入来生产物品和劳务，这些投入被称为生产要素。

家庭则拥有生产要素并消费企业生产的所有物品与劳务。

图2-1 循环流量图图2-1中，经济决策由家庭和企业做出。

家庭和企业在物品与劳务市场（在这个市场上，家庭是买者而企业是卖者）以及生产要素市场（在这个市场上，企业是买者而家庭是卖者）上相互交易。

外面一圈的箭头表示货币的流向，里面一圈的箭头表示相应的物品与劳务的流向。

循环流量图的形式是简化的，是整体经济的一个简化模型，因为它不包括国际贸易和政府。

2．生产可能性边界（production possibilities frontier）（深圳大学2007研；北京工业大学2008研）答：生产可能性边界也称为社会生产可能性边界或生产可能性曲线，指一个经济在可获得的生产要素与生产技术既定时所能生产的产品的产量的各种组合。

由于整个社会的经济资源是有限的，当这些经济资源都被充分利用时，增加一定量的一种产品的生产，就必须放弃一定量的另一种产品的生产。

整个社会生产的选择过程形成了一系列的产品间的不同产量组合，所有这些不同产量的组合就构成了社会生产的可能性边界。

Chapter 2Thinking Like an EconomistsTRUE OR FALSE1. Economists devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories. (T)2. While the scientific method is applicable to studying natural sciences, it is not applicable to studying a nation’s economy. (F)3. It is difficult for economists to make observations and develop theories, but it is easy for economists to run experiments to generate data to test their theories. (F)4. Good assumptions simplify a problem without substantially affecting the answer. (T)5. Assumptions can simplify the complex world and make it easier to understand. (T)6. Economic models omit many details to allow us to see what is truly important. (T)7. The circular-flow diagram explains, in general terms, how the economy is organized and how participants in the economy interact with one another. (T)8. In the circular-flow diagram, households and firms are the decision makers. (T)9. In the circular-flow diagram, factors of production are the goods and services produced by firms. (F)10. In the circular-flow diagram, firms own the factors of production and use them to produce goods and services. (F)11. In the circular-flow diagram, one loop represents the flow of goods and services, and the other loop represents the flow of factors of production. (F)12. The production possibilities frontier is a graph that shows the various combinations of outputs that the economy can possibly produce given the available factors of production and the available production technology. (T)13. Refer to Figure 2-1, if this economy uses all its resources in the dishwasher industry, it produces 35 dishwashers and no doghouses. (T)Figure 2-114. Refer to Figure 2-1, it is possible for this economy to produce 75 doghouses. (F)15. Refer to Figure 2-1, it is possible for this economy to produce 30 doghouses and 20 dishwashers. (T)16. Refer to Figure 2-1, it is possible for this economy to produce 45 doghouses and 30 dishwashers. (F)17. Refer to Figure 2-1, unemployment could cause this economy to produce at point B. (T)18. Refer to Figure 2-1, the opportunity cost of moving from point A to point D is 10 dishwashers. (T)19. Refer to Figure 2-1, the opportunity cost of moving from point B to point D is 15 doghouses. (F)20. Refer to Figure 2-1, the opportunity cost of an additional doghouse increases as more doghouses are produced. (T)21. If an economy can produce more of one good without giving up any of another good, then the economy’s current producti on point is inefficient. (T)22. When a production possibilities frontier is bowed outward, the opportunity cost of the first good in terms of the second good increases as more of the second good is produced.(F)23. A production possibilities frontier wil l be bowed outward if some of the economy’s resources are better suited to producing one good than another. (T)24. While the production possibilities frontier is a useful model, it cannot be used to illustrate economic growth. (F)25. Microeconomics is the study of how households and firms make decisions and how they interact in specific markets. (T)26. Macroeconomics is the study of economy-wide phenomena. (T)27. Economists acting as scientists make positive statements, while economists acting as policy advisers make normative statements. (T)28. Normative statements describe how the world is, while positive statements prescribe how the world should be. (F)29. "Other things equal, an increase in supply causes a decrease in price" is a normative statement, not a positive statement. (F)30. There is only one explanation for why economists give conflicting advice on policy issues, and it is that they have different values about what policy should try to accomplish.(F)31. The slope of a line is equal to the change in the x-variable divided by the change in the y-variable. (F)Chapter 3 Interdependence And The Gains From TradeTRUE OR FALSE1. Interdependence among individuals and interdependence among nations are both based on the gains from trade. (T)2. If a person chooses self-sufficiency, then she can only consume what she produces. (T)3. If Wrex can produce more math problems per hour and more book reports per hour than Maxine can, then Wrex cannot gain from trading math problems and book reports with Maxine. (F)4. Trade allows a country to consume outside its production possibilities frontier. (T)5. Opportunity cost refers to how many inputs a producer requires to produce a good. (F)6. Opportunity cost measures the trade-off between two goods that each producer faces. (T)7. For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunity cost of the other good. (T)8. If one producer has the absolute advantage in the production of all goods, then that same producer will have the comparative advantage in the production of all goods as well. (F)9. If a country has the comparative advantage in producing a product, then that country must also have the absolute advantage in producing that product. (F)10. If one producer is able to produce a good at a lower opportunity cost than some other producer, then the producer with the lower opportunity cost is said to have an absolute advantage in the production of that good. (F)11. Unless two people who are producing two goods have exactly the same opportunity costs, thenone person will have a comparative advantage in one good, and the other person will have a comparative advantage in the other good. (T)12. The principle of comparative advantage states that, regardless of the price at which trade takes place, everyone will benefit from trade if they specialize in the production of the good for which they have a comparative advantage. (F)13. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative advantage. (T)14. Two countries can achieve gains from trade even if one country has an absolute advantage in the production of both goods. (T)15. As long as two people have different opportunity costs, each can gain from trade with the other, since trade allows each person to obtain a good at a price lower than his or her opportunity cost. (T) 16. When each person specializes in producing the good in which he or she has a comparative advantage, each person can gain from trade but total production in the economy is unchanged. (F) 17. For both parties to gain from trade, the price at which they trade must lie exactly in the middle of the two opportunity costs. (F)18. David Ricardo was the author of the 1817 book Principles of Political Economy and Taxation. (T)19. International trade may make some individuals in a nation better off, while other individuals are made worse off. (T)20. Trade can make some individuals worse off, even as it makes the country as a whole better off. (T) SHORT ANSWER1. Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why? Absolute advantage refers to productivity, as in the producer who can produce a product at a lower cost in terms of the resources used in production. Comparative advantage refers to the producer who can produce a product at a lower opportunity cost. Comparative advantage is the principle upon which trade patterns are based. Comparative advantage is based on opportunity cost, and opportunity cost measures the real cost to an individual or country of producing a particular product. Opportunity cost is therefore the information necessary for an individual or nation to determine whether to produce a good or buy it from someone else.2. The only two countries in the world, Alpha and Omega, face the following production possibilities frontiers.Alpha’s Production Possibilities Frontier Omega’s Pro duction Possibilities Frontiera.Assume that each country decides to use half of its resources in the production of eachgood. Show these points on the graphs for each country as point A.b.If these countries choose not to trade, what would be the total world production ofpopcorn and peanuts?c.Now suppose that each country decides to specialize in the good in which each has acomparative advantage. By specializing, what is the total world production of eachproduct now?d.If each country decides to trade 100 units of popcorn for 100 units of peanuts, show onthe graphs the gain each country would receive from trade. Label these points B. Alpha’s Production Possibilities Frontier Omega’s Production Possibilities Frontiera.Alpha would be producing 125 units of peanuts and 75 units of popcorn (point A on itsproduction possibilities frontier) and Omega would be producing 50 units of peanutsand 150 units of popcorn (point A on its production possibilities frontier).b.The total world production of peanuts would be 175 units and the total world productionof popcorn would be 225 units.c.The total world production of peanuts would now be 250 units and the total worldproduction of popcorn would now be 300 units.d.Alpha would be producing 250 units of peanuts and would trade 100 of them to Omega,leaving Alpha with 150 units of peanuts. Alpha would then receive 100 units of popcornfrom Omega. Omega would be producing 300 units of popcorn and would trade 100 ofthem to Alpha, leaving Omega with 200 units of popcorn. Omega would then receive100 units of peanuts from Alpha.Choice1. People who provide you with goods and services (b)a.are acting out of generosity.b.do so because they get something in return.c.have chosen not to become interdependent.d.are required to do so by the government.2. When an economist points out that you and millions of other people are interdependent, he or she is referring to the fact that we all (b)a.rely upon the government to provide us with the basic necessities of life.b.rely upon one another for the goods and services we consume.c.have similar tastes and abilities.d.are concerned about one another’s well-being.3. When can two countries gain from trading two goods? (d)a.when the first country can only produce the first good and the second country can onlyproduce the second goodb.when the first country can produce both goods, but can only produce the second good atgreat cost, and the second country can produce both goods, but can only produce thefirst good at great costc.when the first country is better at producing both goods and the second country is worseat producing both goodsd.Two countries could gain from trading two goods under all of the above conditions.4. Shannon bakes cookies and Justin grows vegetables. In which of the following cases is it impossible for both Shannon and Justin to benefit from trade? (a)a.Shannon does not like vegetables and Justin does not like cookies.b.Shannon is better than Justin at baking cookies and Justin is better than Shannon atgrowing vegetables.c.Justin is better than Shannon at baking cookies and at growing vegetables.d.Both Shannon and Justin can benefit from trade in all of the above cases.5. A production possibilities frontier is bowed outward when (d)a.the more resources the economy uses to produce one good, the fewer resources it hasavailable to produce the other good.b.an economy is self-sufficient instead of interdependent and engaged in trade.c.the rate of tradeoff between the two goods being produced is constant.d.the rate of tradeoff between the two goods being produced depends on how much ofeach good is being produced.” could bea.100.b.150.c.200.d.250.7. Assume for the United States that the opportunity cost of each airplane is 100 cars. Then which of these pairs of points could be on the United States' production possibilities frontier? (c)a.(200 airplanes, 5,000 cars) and (150 airplanes, 4,000 cars)b.(200 airplanes, 10,000 cars) and (150 airplanes, 20,000 cars)c.(300 airplanes, 15,000 cars) and (200 airplanes, 25,000 cars)d.(300 airplanes, 25,000 cars) and (200 airplanes, 40,000 cars)8. What must be given up to obtain an item is called (c)a.out-of-pocket cost.parative worth.c.opportunity cost.d.absolute value.9. A farmer has the ability to grow either corn or cotton or some combination of the two. Given no other information, it follows that the farmer’s opportunity cost of a bushel of corn multiplied by his opportunity cost of a bushel of cotton (c)a.is equal to 0.b.is between 0 and 1.c.is equal to 1.d.is greater than 1.10. If Korea is capable of producing either shoes or soccer balls or some combination of the two, then(d)a.Korea should specialize in the product in which it has an absolute advantage.b.it would be impossible for Korea to have an absolute advantage over another country inboth products.c.it would be difficult for Korea to benefit from trade with another country if Korea isefficient in the production of both goods.d.Korea’s opportunity cost of shoes is the inverse of its opportunity cost of soccer balls.11. Mike and Sandy are two woodworkers who both make tables and chairs. In one month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. Given this, we know that the opportunity cost of 1 chair is (a)a.1/5 table for Mike and 1/3 table for Sandy.b.1/5 table for Mike and 3 tables for Sandy.c. 5 tables for Mike and 1/3 table for Sandy.d. 5 tables for Mike and 3 tables for Sandy.12. If Shawn can produce more donuts in one day than Sue can produce in one day, then (c)a.Shawn has a comparative advantage in the production of donuts.b.Sue has a comparative advantage in the production of donuts.c.Shawn has an absolute advantage in the production of donuts.d.Sue has an absolute advantage in the production of donuts.13. Kelly and David are both capable of repairing cars and cooking meals. Which of the following scenarios is not possible? (c)a.Kelly has a comparative advantage in repairing cars and David has a comparativeadvantage in cooking meals.b.Kelly has an absolute advantage in repairing cars and David has an absolute advantagein cooking meals.c.Kelly has a comparative advantage in repairing cars and in cooking meals.d.David has an absolute advantage in repairing cars and in cooking meals.14. Comparative advantage is related most closely to which of the following? (b)a.output per hourb.opportunity costc.efficiencyd.bargaining strength in international trade15. Two individuals engage in the same two productive activities. In which of the following circumstances would neither individual have a comparative advantage in either activity? (c)a.One individual’s production possibilities frontier is steeper than the other individual’sproduction possibilities frontier.b.One individual is faster at both activities than the other individual.c.One individual’s opportunity costs are the same as the other individual’s opportunitycosts.d.None of the above is correct; one of the two individuals always will have a comparativeadvantage in at least one of the two activities.16. Total output in an economy increases when each person specializes becausea.there is less competition for the same resources.b.each person spends more time producing that product in which he or she has acomparative advantage.c. a wider variety of products will be produced within each country due to specialization.ernment necessarily plays a larger role in the economy due to specialization.17. Which of the following statements is not correct? (d)a.Trade allows for specialization.b.Trade has the potential to benefit all nations.c.Trade allows nations to consume outside of their production possibilities curves.d.Absolute advantage is the driving force of specialization.18. By definition, imports are (d)a.people who work in foreign countries.b.goods in which a country has an absolute advantage.c.limits placed on the quantity of goods leaving a country.d.goods produced abroad and sold domestically.19. By definition, exports are (d)a.limits placed on the quantity of goods brought into a country.b.goods in which a country has an absolute advantage.c.people who work in foreign countries.d.goods produced domestically and sold abroad.20. Which of the following would not result from all countries specializing according to the principle of comparative advantage? (d)a.The size of the economic pie would increase.b.Worldwide production of goods and services would increase.c.The well-being of citizens in each country would be enhanced.d.Each country’s production possibilities frontier would shift outward.Chapter 4The Market Forces of Supply and DemandTRUE OR FALSE1. In a market economy, supply and demand determine both the quantity of each good produced and2. the price at which it is sold. (T)3. Prices allocate a market economy’s scarce resources. (T)4. Sellers as a group determine the demand for a product, and buyers as a group determine the supply of a product. (F)5. In a competitive market, the quantity of each good produced and the price at which it is sold are not determined by any single buyer or seller. (T)6. In a perfectly competitive market, the goods offered for sale are all exactly the same. (T)7. The law of demand states that, other things equal, when the price of a good rises, the quantity demanded of the good rises, and when the price falls, the quantity demanded falls. (F)8. The market demand curve shows how the total quantity demanded of a good varies as the income ofbuyers varies, while all the other factors that affect how much consumers want to buy are held constant. (F)9. If something happens to alter the quantity demanded at any given price, then the demand curve shifts. (T)10. If the demand for a good falls when income falls, then the good is called an inferior good. (F)11. A decrease in income will shift the demand curve for an inferior good to the right. (T)12. An increase in the price of a substitute good will shift the demand curve for a good to the right. (T)13. A decrease in the price of a complement will shift the demand curve for a good to the left. (F)14. If a person expects the price of socks to increase next month, then that person’s current demand for socks will increase. (T)15. A decrease in the price of a product and an increase in the number of buyers in the market affect the demand curve in the same general way. (F)16. Whenever a determinant of demand other than price changes, the demand curve shifts. (T)17. The quantity supplied of a good or service is the amount that sellers are willing and able to sell at a particular price. (T)18. When the price of a good is high, selling the good is profitable, and so the quantity supplied is large. (T)19. If something happens to alter the quantity supplied at any given price, then we move along the fixed supply curve to a new quantity supplied. (F)20. A decrease in supply shifts the supply curve to the left. (T)21. A reduction in an input price will cause a change in quantity supplied, but not a change in supply.(F)22. If there is an improvement in the technology used to produce a good, then the supply curve for that good will shift to the left. (F)23. When a seller expects the price of its product to decrease in the future, the seller's supply curve shifts left now. (F)24. When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied. (F)25. Price will rise to eliminate a surplus. (F)26. Sellers respond to a shortage by cutting their prices. (F)27. A shortage will occur at any price below equilibrium price and a surplus will occur at any price above equilibrium price. (T)28. In a market, the price of any good adjusts until quantity demanded equals quantity supplied. (T)29. A decrease in demand will cause a decrease in price, which will cause a decrease in supply. (F) SHORT ANSWER1.a. What is the difference between a "change in demand" and a "change in quantity demanded?"Graph your answer.b.For each of the following changes, determine whether there will be a change in quantitydemanded or a change in demand.i. a change in the price of a related goodii. a change in tastesiii. a change in the number of buyersiv. a change in pricev. a change in consumer expectationsvi. a change in incomea. A change in demand refers to a shift of the demand curve. A change in quantitydemanded refers to a movement along a fixed demand curve.b. A change in price causes a change in quantity demanded. All of the other changes listedshift the demand curve.A change in quantity supplied A change in supply2.Suppose we are analyzing the market for hot chocolate. Graphically illustrate the impact each of the following would have on demand or supply. Also show how equilibrium price and equilibrium quantity would change.a.Winter starts and the weather turns sharply colder.b.The price of tea, a substitute for hot chocolate, falls.c.The price of cocoa beans decreases.d.The price of whipped cream falls.e. A better method of harvesting cocoa beans is introduced.f.The Surgeon General of the U.S. announces that hot chocolate cures acne.g.Protesting farmers dump millions of gallons of milk, causing the price of milk to rise.h.Consumer income falls because of a recession, and hot chocolate is considered a normalgood.i.Producers expect the price of hot chocolate to increase next month.j.Currently, the price of hot chocolate is $0.50 per cup above equilibrium.(a) (b)(c) (d) (e) (f)(g) (h)(i) (j)In (j), a price above equilibrium will affect both quantity demanded and quantity supplied and will cause a surplus in the market. It will not cause either demand or supply to shift.3.Fill in the table below, showing whether equilibrium price and equilibrium quantity go up, go down, stay the same, or change ambiguously.CHOICE1. Which of the following is an example of a market? (d)a. a gas stationb. a garage salec. a barber shopd.All of the above are examples of markets. (d)2. In a competitive market, the price of a producta.is determined by buyers and the quantity of the product produced is determined bysellers.b.is determined by sellers and the quantity of the product produced is determined bybuyers.c.and the quantity of the product produced are both determined by sellers.d.None of the above is correct.3. A downward-sloping demand curve illustrates (d)a.that demand decreases over time.b.that prices fall over time.c.the relationship between income and quantity demanded.d.the law of demand.4. Refer to Table 4-1. Whose demand does not obey the law of demand? (c)a.Aaron’sb.Angela’sc.Austin’sd.Alyssa’s5. Refer to Table 4-1. If these are the only four buyers in the market, then the market quantity demanded at a price of $1 is (d)a. 4 units.b.7.75 units.c.14 units.d.31 units.6. When we move along a given demand curve, (c)a.only price is held constant.b.income and price are held constant.c.all nonprice determinants of demand are held constant.d.all determinants of quantity demanded are held constant.7. Which of the following is not held constant in a supply schedule? (c)a.technologyb.the price of the goodc.the prices of inputsd.expectations8. A market supply curve is determined by (b)a.vertically summing individual supply curves.b.horizontally summing individual supply curves.c.finding the average quantity supplied by sellers at each possible price.d.finding the average price at which sellers are willing and able to sell a particular quantityof the good.9. A decrease in quantity supplied (a)a.results in a movement downward and to the left along a fixed supply curve.b.results in a movement upward and to the right along a fixed supply curve.c.shifts the supply curve to the left.d.shifts the supply curve to the right.10. Another term for equilibrium price is (b)a.dynamic price.b.market-clearing price.c.quantity-defining price.d.balance price.11. If, at the current price, there is a surplus of a good, then (a)a.sellers are producing more than buyers wish to buy.b.the market must be in equilibrium.c.the price is below the equilibrium price.d.quantity demanded equals quantity supplied.12. If a shortage exists in a market, then we know that the actual price is (c)a.above the equilibrium price and quantity supplied is greater than quantity demanded.b.above the equilibrium price and quantity demanded is greater than quantity supplied.c.below the equilibrium price and quantity demanded is greater than quantity supplied.d.below the equilibrium price and quantity supplied is greater than quantity demanded.13. If the demand for a product increases, then we would expect (c)a.equilibrium price to increase and equilibrium quantity to decrease.b.equilibrium price to decrease and equilibrium quantity to increase.c.equilibrium price and equilibrium quantity both to increase.d.equilibrium price and equilibrium quantity both to decrease.14. If the supply of a product decreases, then we would expect (a)a.equilibrium price to increase and equilibrium quantity to decrease.b.equilibrium price to decrease and equilibrium quantity to increase.c.equilibrium price and equilibrium quantity both to increase.d.equilibrium price and equilibrium quantity both to decrease.15. When supply and demand both increase, equilibrium (d)a.price will increase.b.price will decrease.c.quantity may increase, decrease, or remain unchanged.d.price may increase, decrease, or remain unchanged.16. What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell? (a)a.Price would fall and the effect on quantity would be ambiguous.b.Price would rise and the effect on quantity would be ambiguous.c.Quantity would fall and the effect on price would be ambiguous.d.Quantity would rise and the effect on price would be ambiguous.17. Which of these statements does not apply to market economies? (c)a.Prices prevent decentralized decision making from degenerating into chaos.b.Prices coordinate the actions of millions of people with varying abilities and desires.c.Prices ensure that anyone who wants a product can get it.d.Prices ensure that what needs to get done does in fact get done.Chapter 5Elasticity and its Its ApplicationTRUE OR FALSE1. The demand for bread is likely to be more elastic than the demand for solid-gold bread plates. (F)2. In general, demand curves for luxuries tend to be price elastic. (T)3. Goods with close substitutes tend to have more elastic demands than do goods without close substitutes. (T)4. The demand for gasoline will respond more to a change in price over a period of five weeks than over a period of five years. (F)5. The price elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in price. (T)6. Demand is inelastic if the price elasticity of demand is greater than 1. (F)7. Price elasticity of demand along a linear, downward-sloping demand curve increases as price falls.(F)8. If the price elasticity of demand is equal to 1, then demand is unit elastic. (T)9. When demand is inelastic, a decrease in price increases total revenue. (F)10. The income elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in income. (T)11. Normal goods have negative income elasticities of demand, while inferior goods have positive income elasticities of demand. (F)12. If the cross-price elasticity of demand for two goods is negative, then the two goods are substitutes. (T)13. If the cross-price elasticity of demand for two goods is negative, then the two goods are complements. (T)14. Price elasticity of supply measures how much the quantity supplied responds to changes in the price. (T)15. Supply and demand both tend to be more elastic in the long run and more inelastic in the short run. (T)16. If the price elasticity of supply is 2 and the quantity supplied decreases by 6%, then the price must have decreased by 3%. (T)17. If a supply curve is horizontal, then supply is said to be perfectly elastic, and the price elasticity of supply approaches infinity. (T)18. A government program that reduces land under cultivation hurts farmers but helps consumers. (F)19. 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 run. (T)20. Drug interdiction, which reduces the supply of drugs, may decrease drug-related crime because the demand for drugs is inelastic. (F)Short Answer1. 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?。