微观经济学的练习试题以和答案解析英文版

英文微观经济学试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a characteristic of a perfectly competitive market?A. Many buyers and sellersB. Homogeneous productsC. Free entry and exitD. Monopoly powerAnswer: D2. The law of diminishing returns states that:A. The total product of labor increases as more labor is addedB. The marginal product of labor eventually decreases as more labor is addedC. The average product of labor is always higher than the marginal productD. The marginal product of labor is always higher than the average productAnswer: B3. In the short run, a firm in a perfectly competitive market will shut down if:A. Total revenue is greater than total variable costB. Total revenue is less than total costC. Total revenue is less than total variable costD. Total revenue is less than average total costAnswer: C4. The demand for a good is likely to be more elastic when:A. The good has many close substitutesB. The good is a luxury itemC. The good is a necessityD. The good represents a small proportion of consumer's incomeAnswer: A5. The consumer surplus is the difference between:A. The maximum price a consumer is willing to pay and the market priceB. The market price and the minimum price a consumer is willing to payC. The maximum price a consumer is willing to pay and the minimum price a consumer is willing to payD. The minimum price a consumer is willing to pay and the market priceAnswer: A...（此处省略其他选择题）二、简答题（每题10分，共30分）1. Explain the concept of price elasticity of demand and itsdeterminants.Answer: Price elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. The determinants of price elasticity include the availability of substitutes, the proportion of income spent on the good, the necessity of the good, and the time period over which the demand is being considered.2. What is the difference between a normal good and aninferior good?Answer: A normal good is a good for which the demand increases as income increases, while the demand for aninferior good decreases as income increases. This is because normal goods are typically considered desirable or of higher quality, while inferior goods are seen as lower quality substitutes that consumers prefer to avoid as their income increases.3. Define the law of supply and give an example.Answer: The law of supply states that, all else being equal, the quantity supplied of a good will increase as the price of the good increases, and decrease as the price of the good decreases. An example of this would be the supply of oil; if the price of oil rises, producers are more likely to increase production and supply more oil to the market.三、计算题（每题25分，共50分）1. A firm has the following total cost function: TC = 0.5Q^2 - 4Q + 100. Calculate the firm's average total cost (ATC) and marginal cost (MC) at the quantity level of Q = 50.Answer:To find the average total cost (ATC), we divide the total cost (TC) by the quantity (Q):\[ ATC = \frac{TC}{Q} = \frac{0.5Q^2 - 4Q + 100}{Q} \]At Q = 50:\[ ATC = \frac{0.5(50)^2 - 4(50) + 100}{50} = \frac{1250}{50} = 25 \]The marginal cost (MC) is the derivative of the total cost function with respect to quantity:\[ MC = \frac{dTC}{dQ} = 0.5 \times 2Q - 4 \]At Q = 50:\[ MC = 0.5 \times 2 \times 50 - 4 = 50 - 4 = 46 \]2. A monopolist faces the demand function P = 100 - 2Q and has a total cost function TC = 10Q. Calculate the profit-maximizing level of output and the corresponding price.Answer:First, calculate the marginal revenue (MR) by taking the derivative of the total revenue (TR) with respect to Q. TR is P*Q, so:\[ TR = (100 -。

微观经济学英⽂版9-14章⾃测题及答案第九章⾃测题：1. If the world price of a product is higher than a country’s domestic price we know that countrya. should import that product.b. should no longer produce that product.c. has a comparative advantage in that product.d. could benefit by imposing a tariff on that product.2. Which of the following is NOT a benefit of trade?a. an increased variety of goodsb. lower costs through economies of scalec. increased competitiond. an ability to control domestic and world prices3. When a country allows trade and becomes an exporter of a good, domestic producersa. gain and domestic consumers lose.b. lose and domestic consumers gain.c. and domestic consumers both gain.d. and domestic consumers both lose.4. The world price of yo-yo’s is $4.00 each. The pre-trade price of yo-yo’s in Taiwan is $3.50 each. If Taiwan allows trade in yo-yo’s we know that Taiwan willa. import yo-yo’s and the price in Taiwan will be $4.00 each.b. import yo-yo’s and the price in Taiwan will be $3.50 each.c. export yo-yo’s and the price in Taiwan will be $4.00 each.d. export yo-yo’s and the price in Taiwan will be $3.50 each.5. When a country moves from a free trade position and imposes a tariff on imports, this causesa. a decrease in total surplus in the market.b. a decrease in producer surplus in the market.c. an increase in consumer surplus in the market.d. a decrease in revenue to the government.6. A tariff and an import quota will botha. increase the quantity of imports and raise domestic price.b. increase the quantity of imports and lower domestic price.c. reduce the quantity of imports and raise domestic price.d. reduce the quantity of imports and lower domestic price.7. The major difference between tariffs and import quotas is thata. tariffs create deadweight losses, but import quotas do not.b. tariffs help domestic consumers, and import quotas help domestic producers.c. tariffs raise revenue for the government, but import quotas create a surplus for import license holders.d. All of the above are correct.8. According to the graph, consumer surplusin this market before trade would bea. A.b. B + C.c. A + B + D.d. C.9. According to the graph, consumer surplusin this market after trade would bea. A.b. C + B.c. A + B + D.d. B + C + D.10. According to the graph, the change in total surplus in this market because of trade isa. Ab.Bc. Cd. D参考答案：1.c2.d3.a4.c5.a6.c7.c8.a9.c 10.d第⼗章⾃测题：1. An externality is the impact ofa. society’s decisions on the well-being of society.b. a person’s actions on that person’s well-being.c. one person’s actions on the well-being of a bystander.d. society’s decisions on the well-being of one person in the society2. If education produces positive externalities we would expecta. government to tax education.b. government to subsidize education.c. people to realize the benefits and therefore cause demand for education to increase.d. colleges to relax admission requirements.3. When a negative externality exists in a market the cost to producersa. is greater than the cost to society.b. will be the same as the cost to society.c. will be less than the cost to society.d. and society will be different regardless of whether an externality is present.4. Internalizing an externality refers to makinga. buyers and sellers take into account the external effects of their actions.b. certain that all market transaction benefits go to only buyers and sellers.c. certain government does not disrupt the internal workings of the market.d. buyers pay the full price for the products they purchase.5. Technology spillover is one type ofa. negative externality.b. positive externality.c. subsidy.d. producer surplus.6. According to the Coase theorem, private markets will solve externality problems and allocate resources efficiently as long asa. private parties can bargain without cost.b. government assigns property rights to the harmed party.c. the externalities that are present are positive and not negative.d. businesses determine an appropriate level of production.7. Pigovian taxes are typically advocated to correct for the effects ofa. positive externalities.b. negative externalities.c. regulatory burden.d. All of the above are correct.8. If the government were to limit the release of air-pollution produced by a steel mill to 10,000 units, this policy would be considered aa. regulation.b. Pigovian tax.c. subsidy.d. market-based policy.9. When one firm sells its pollution permit to another firm, which of the following does NOT occur?a. Both firms benefit.b. The total amount of pollution remains the same.c. Social welfare is enhanced.d. Over time, pollution will be eliminated.10. Which of the following policies is government most inclined to use when faced with a positive externality?a. taxationb. permitsc. subsidiesd. usage fees参考答案：1.c2.b3.c4.a5.b6.a7.b8.a9.d 10.c第⼗⼀章⾃测题1. Goods that are excludable include botha. natural monopolies and public goods.b. public goods and common resources.c. common resources and private goods.d. private goods and natural monopolies.2. Which of the following would be considered a private good?a. national defenseb. a public beachc. local cable television serviced. a bottle of natural mineral water3. The government provides public goods becausea. private markets are incapable of producing public goods.b. free-riders make it difficult for private markets to supply the socially optimal quantity.c. markets are always better off with some government oversight.d. external benefits will occur to private producers.4. The difference between technological knowledge and general knowledge is thata. general knowledge creation is usually more profitable for the creator.b. technological knowledge is excludable and general knowledge is not.c. general knowledge is excludable and technological knowledge is not.d. general knowledge is rival and technological knowledge is not.5. A lighthouse is typically considered a good example of a public good becausea. the owner of the lighthouse is able to exclude beneficiaries from enjoying the lighthouse.b. there is rarely another lighthouse nearby to provide competition.c. a nearby port authority cannot avoid paying fees to the lighthouse owner.d. all passing ships are able to enjoy the benefits of the lighthouse without paying.6. The Tragedy of the Commons results when a good isa. rival and not excludable.b. excludable and not rival.c. both rival and excludable.d. neither rival nor excludable.7. If the use of a common resource is not regulated,a. it cannot be used by anyone.b. the economy will end up with too much of a good thing.c. it becomes a private good.d. it will be overused.8. Government may be able to solve the problem of overuse of a common resource by doing each of the following EXCEPTa. regulating the use or consumption of the common resource.b. taxing the use or consumption of the common resource.c. selling the common resource to a private entity.d. allowing individuals to voluntarily reduce their use of the resource.9. Why do elephants face the threat of extinction while cows do not?a. Cattle are a valuable source of income for many people and elephants have no market value.b. There is a high demand for products that come only from the cow.c. There are still lots of cattle that roam free, while most elephants are in zoos.d. Cattle are owned by ranchers, while elephants are owned by no one.10. Excessive fishing occurs becausea. each individual fisherman has little incentive to maintain the species for the next year.b. fishermen rely on government managers to worry about fish populations.c. fishermen are concerned about the population dynamics of fish biomass, not current harvest rates.d. fishermen have other marketable skills and do not fear exploitation of fish reserves.参考答案：1.d2.d3.b4.b5.d6.a7.d8.d9.d 10.a第⼗⼆章⾃测题1. Which of the following is an implicit cost?(i) the owner of a firm forgoing an opportunity to earn a large salary working for a Wall Street brokerage firm(ii) interest paid on th e firm’s debt(iii) rent paid by the firm to lease office spacea. (ii) and (iii)b. (i) and (iii)c. (i) onlyd. All of the above are correct.2. John owns a shoe-shine business. His accountant most likely includes which of the following costs on his financial statements?a. wages John could earn washing windowsb. dividends John’s money was earning in the stock market before John sold his stock and bought a shoe-shine boothc. the cost of shoe polishd. All of the above are correct.3. Economic profita. will never exceed accounting profit.b. is most often equal to accounting profit.c. is always at least as large as accounting profit.d. is a less complete measure of profitability than accounting profit.4. Zach took $500,000 out of the bank and used it to start his new cookie business. The bankaccount pays 4 percent interest per year. During the first year of his business, Zach sold 12,000 boxes of cookies for $3 per box. Also, during the first year, the cookie business incurred costs that required outl ays of money amounting to$14,000.Zach’s economic profit for the year wasa. $–478,000.b. $–56,000.c. $2,000.d. $22,000.5. The marginal product of labor is equal to thea. incremental cost associated with a one unit increase in labor.b. incremental profit associated with a one unit increase in labor.c. increase in labor necessary to generate a one unit increase in output.d. increase in output obtained from a one unit increase in labor.6. Suppose Jan is starting up a small lemonade stand business. Va riable costs for Jan’s lemonade stand would include the cost ofa. building the lemonade stand.b. hiring an artist to design a logo for her sign.c. lemonade mix.d. All of the above are correct.7. Variable cost divided by quantity produced isa. average total cost.b. marginal cost.c. profit.d. None of the above are correct.8. The average fixed cost curvea. always declines with increased levels of output.b. always rises with increased levels of output.c. declines as long as it is above marginal cost.d. declines as long as it is below marginal cost.9. The efficient scale of the firm is the quantity of output thata. maximizes marginal product.b. maximizes profit.c. minimizes average total cost.d. minimizes average variable cost.10. Average total cost is increasing whenevera. total cost is increasing.b. marginal cost is increasing.c. marginal cost is less than average total cost.d. marginal cost is greater than average total cost.11. Which of the following expressions is correct?a. marginal cost = (change in quantity of output)/(change in total cost).b. average total cost = total cost/quantity of output.c. total cost = variable cost + marginal cost.d. All of the above are correct.12. Which of the following must always be true as the quantity of output increases?a. Marginal cost must rise.b. Average total cost must rise.c. Average variable cost must rise.d. Average fixed cost must fall.13. In the long run,a. inputs that were fixed in the short run remain fixed.b. inputs that were fixed in the short run become variable.c. inputs that were variable in the short run become fixed.d. variable inputs are rarely used.14. The length of the short runa. is different for different types of firms.b. can never exceed 3 years.c. can never exceed 1 year.d. is always less than 6 months.15. Economies of scale occur whena. long-run average total costs rise as output increases.b. long-run average total costs fall as output increases.c. average fixed costs are falling.d. average fixed costs are constant.16. Long-run average total cost curves are often U-shapeda. for the same reasons that average total cost curves are often U-shaped.b. because of constant returns to scale.c. because of increasing coordination problems at low levels of production and increasing specialization of workers at high levels of production.d. because of increasing specialization of workers at low levels of production and increasing coordination problems at high levels of production.参考答案：1.c2.c3.a4.c5.d6.c7.d8.a9.c 10.d 11.b 12.d 13.b 14.a 15.b 16.d第⼗三章⾃测题：1. For a firm in a perfectly competitive market, the price of the good is alwaysa. equal to marginal revenue.b. equal to total revenue.c. greater than average revenue.d. All of the above are correct.2. 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.3. When a competitive firm triples the amount of output it sells,a. its total revenue triples.b. its average revenue triples.c. its marginal revenue triples.d. All of the above are correct.4. When a profit-maximizing firm in a competitive market has zero economic profit, accounting profita. is negative (accounting losses).b. is positive.c. is also zero.d. could be positive, negative or zero.5. For a competitive firm,a. Total revenue = Average revenue.b. Total revenue = Marginal revenue.c. Total cost = Marginal revenue.d. Average revenue = Marginal revenue.6. If marginal cost exceeds marginal revenue, the firma. is most likely to be at a profit-maximizing level of output.b. should increase the level of production to maximize its profit.c. must be experiencing losses.d. may still be earning a profit.7. When price is greater than marginal cost for a firm in a competitive market,a. marginal cost must be falling.b. the firm must be minimizing its losses.c. there are opportunities to increase profit by increasing production.d. the firm should decrease output to maximize profit.8. When fixed costs are ignored because they are irrelevant to a business’s production decision, they are calleda. explicit costs.b. implicit costs.c. sunk costs.d. opportunity costs.9. When a firm makes a short-run decision not to produce anything during a specified period of time because of current market conditions, the firm is said toa. shut down.b. exit.c. withdraw.d. leave the industry.10. Profit-maximizing firms enter a competitive market when, for existing firms in that market,a. total revenue exceeds fixed costs.b. total revenue exceeds total variable costs.c. average total cost exceeds average revenue.d. price exceeds average total cost.11. A firm’s short-run supply curve is part of which of the following curves?a. marginal revenueb. average variable costc. average total costd. marginal cost12. Suppose you bought a ticket to a football game for $30, and that you place a $35 value on seeing the game. If you lose the ticket, then what is the maximum price you should pay for another ticket?a. $30b. $35c. $60d. $6513. When new firms have an incentive to enter a competitive market, their entry willa. increase the price of the product.b. drive down profits of existing firms in the market.c. shift the market supply curve to the left.d. All of the above are correct.14. In a perfectly competitive market, the process of entry and exit will end when, for firms in the market,a. price is equal to average variable cost.b. marginal revenue is equal to average variable cost.c. economic profits are zero.d. All of the above are correct.15. In a competitive market that is characterized by free entry and exit,a. all firms will operate at efficient scale in the short run.b. all firms will operate at efficient scale in the long run.c. the price of the product will differ across firms.d. the number of sellers in the market will steadily decrease over time.16. The assumption of a fixed number of firms is appropriate for analysis ofa. the short run, but not the long run.b. the long run, but not the short run.c. both the short run and the long run.d. neither the short run nor the long run.参考答案：1.a2.b3.a4.b5.d6.d7.c8.c9.a 10.d 11.d 12.b 13.b 14.c 15.b 16.a第⼗四章⾃测题：1. Which of the following statements is correct?a. A competitive firm is a price maker and a monopoly is a price taker.b. A competitive firm is a price taker and a monopoly is a price maker.c. Both competitive firms and monopolies are price takers.d. Both competitive firms and monopolies are price makers.2. Which of the following is an example of a barrier to entry?(i) A key resource is owned by a single firm.(ii) The costs of production make a single producer more efficient than a large number of producers. (iii) The government has given the existing monopoly the exclusive right to produce the good.a. (i) and (ii)b. (ii) and (iii)c. (i) onlyd. All of the above are correct.3. The defining characteristic of a natural monopoly isa. constant marginal cost over the relevant range of output.b. economies of scale over the relevant range of output.c. constant returns to scale over the relevant range of output.d. diseconomies of scale over the relevant range of output.4. Patent and copyright laws are major sources ofa. natural monopolies.b. government-created monopolies.c. resource monopolies.d. None of the above are correct.5. The De Beers diamond monopoly is a classic example of a monopoly thata. is government-created.b. arises from the ownership of a key resource.c. results in very little advertising of the product that the monopolist produces.d. was broken up by the government a long time ago.6. In order to sell more of its product, a monopolist musta. sell to the government.b. sell in international markets.c. lower its price.d. use its market power to force up the price of complementary products.7. For a profit-maximizing monopolist,a. P＞MR = MC.b. P = MR = MC.c. P ＞MR ＞MC.d. MR ＜MC ＜P.8. For a monopoly, the supply curve is a portion of itsa. marginal revenue curve.b. marginal cost curve.c. average total cost curve.d. none of the above; a monopoly does not have a supply curve.9. What is the monopolist’s profit under the following conditions? The profit-maximizing price charged for goods produced is $16. The intersection of the marginal revenue and marginal cost curves occurs where output is 10 units and marginal cost is $8. Average total cost for 10 units of output is $6.a. $20b. $80c. $100d. $16010. Antitrust laws allow the government toa. prevent mergers.b. break up companies.c. promote competition.d. All of the above are correct.参考答案：1.b2.d3.b4.b5.b6.c7.a8.d9.c 10.d。

Chapter 01Thinking Like an Economist Multiple Choice Questions1. Economics is best defined as the study of:A. prices and quantities.B. inflation and interest rates.C. how people make choices under the conditions of scarcity and the results of those choices.D. wages and incomes.2. Economic questions always deal with:A. financial matters.B. political matters.C. insufficient resources.D. choice in the face of limited resources.3. The range of topics or issues that fit within the definition of economics is:A. limited to market activities, e.g., buying soap.B. limited to individuals and firms.C. extremely wide, requiring only the ideas of choice and scarcity.D. very limited.4. The central concern of economics is:A. poverty.B. scarcity.C. wealth accumulation.D. overconsumption.5. The scarcity principle indicates that:A. no matter how much one has, it is never enough.B. compared to 100 years ago, individuals have less time today.C. with limited resources, having more of "this" means having less of "that."D. because tradeoffs must be made, resources are therefore scarce.6. The logical implication of the scarcity principle is that:A. one will never be satisfied with what one has.B. as wealth increases, making choices becomes less necessary.C. as wealth decreases, making choices becomes less necessary.D. choices must be made.7. If all the world's resources were to magically increase a hundredfold, then:A. the scarcity principle would still govern behavior.B. economics would no longer be relevant.C. the scarcity principle would disappear.D. tradeoffs would become unnecessary.8. The principle of scarcity applies to:A. the poor exclusively.B. all consumers.C. all firms.D. everyone—consumers, firms, governments, and nations.9. At the very least, Joe Average and Bill Gates are both identically limited by:A. their wealth.B. the 24 hours that comprise a day.C. their knowledge.D. their influence.10. Forest is a mountain man living in complete isolation in Montana. He is completely self-sufficient through hunting, fishing, and farming. He has not been in the city to buy anything in five years. One can infer:A. the scarcity principle does not apply to Forest.B. Forest is not required to make choices.C. the scarcity principle still applies because more hunting means less fishing and farming.D. Forest is very satisfied.11. The scarcity principle applies to:A. all decisions.B. only market decisions, e.g., buying a car.C. only non-market decisions, e.g., watching a sunset.D. only the poor.12. Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:A. not an economic problem because neither one costs money.B. not an economic problem because it's an hour that is wasted no matter what Chris does.C. an economic problem because the tuition Chris pays covers both the gym and the library.D. an economic problem because Chris has only one hour during which he can study or work out.13. Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decided to stay home and work on the paper. According to the scarcity principle, the reason Josh didn't go to the game is that:A. Josh prefers schoolwork to football games.B. writing the paper is easier than going to the game.C. Josh doesn't have enough time for writing the paper and going to the game.D. it's too expensive to go to the game.14. Whether studying the size of the U.S. economy or the number of children a couple will choose to have, the unifying concept is that wants are:A. limited, resources are limited, and thus choices must be made.B. unlimited, resources are limited, and thus choices must be made.C. unlimited, resources are limited to some but not to others, and thus some people must make choices.D. unlimited, resources are limited, and thus government needs to do more.15. The cost-benefit principle indicates that an action should be taken:A. if the total benefits exceed the total costs.B. if the average benefits exceed the average costs.C. if the net benefit (benefit minus cost) is zero.D. if the extra benefit is greater than or equal to the extra costs.16. When a person decides to pursue an activity as long as the extra benefits are at least equal to the extra costs, that person is:A. violating the cost-benefit principle.B. following the scarcity principle.C. following the cost-benefit principle.D. pursuing the activity too long.17. Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is:A. not rational.B. an application of the cost-benefit principle.C. an application of the scarcity principle.D. the relevant opportunity cost.18. The scarcity principle tells us that __________, and the cost-benefit principle tells us __________.A. choices must be made; how to make the choicesB. choices must be made; that the costs can never outweigh the benefits of the choicesC. rare goods are expensive; that the costs should outweigh the benefits of the choicesD. rare goods are expensive; that the costs can never outweigh the benefits of the choices19. According to the cost-benefit principle:A. the lowest cost activity usually gives the lowest benefit.B. a person should always choose the activity with the lowest cost.C. a person should always choose the activity with the greatest benefit.D. the extra costs and benefits of an activity are more important considerations than the total costs and benefits.20. A rational person is one who:A. is reasonable.B. makes choices that are easily understood.C. possesses well-defined goals and seeks to achieve them.D. is highly cynical.21. The seventh glass of soda that Tim consumes will produce an extra benefit of 10 cents and has an extra cost of zero (Tim is eating at the cafeteria). The cost-benefit principle predicts that Tim will:A. realize he has had too much soda to drink and go home.B. drink the seventh glass and continue until the marginal benefit of drinking another glass of soda is zero.C. volunteer to empty out the fountain.D. not drink the seventh glass.22. Janie must either mow the lawn or wash clothes, earning her a benefit of $30 or $45, respectively. She dislikes both equally and they both take the same amount of time. Janie will therefore choose to _________ because the economic surplus is ________.A. mow the lawn; greaterB. wash clothes; greaterC. mow the lawn; smallerD. wash clothes; smaller23. Dean decided to play golf rather than prepare for tomorrow's exam in economics. One can infer that:A. Dean has made an irrational choice.B. Dean is doing poorly in his economics class.C. the economic surplus from playing golf exceeded the surplus from studying.D. the cost of studying was less than the cost of golfing.Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year.24. The opportunity cost of attending Elite U is:A. $50,000B. $10,000C. $20,000D. $15,00025. The opportunity cost of attending State College is:A. $30,000B. $20,000C. $15,000D. $10,00026. Larry maximizes his surplus by attending:A. Elite U, because $60,000 is greater than the benefit at the other schools.B. State College, because the difference between the benefit and cost is greatest there.C. NoName U, because Larry has a full scholarship there.D. Elite U, because the opportunity costs of attending Elite U are the lowest.27. Larry has decided to go to Elite U. Assuming that all of the values described are correct, for Larry to decide on Elite U, he must have:A. calculated his surplus from each choice and picked the one with the highest surplus.B. underestimated the benefits of attending NoName.C. miscalculated the surplus of attending Elite U.D. determined the opportunity cost of each choice and picked the one with the lowest opportunity cost.28. Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. The opportunity cost of going to the beach is:A. the $12 she spent on the umbrella, food and drinks.B. only $1 because she would have spent the money on food and drinks whether or not she went to the beach.C. the movie she missed seeing.D. the movie she missed seeing plus the $12 she spent on the umbrella, food and drinks.29. Relative to a person who earns minimum wage, a person who earns $30 per hour has:A. a lower opportunity cost of working longer hours.B. a higher opportunity cost of taking a day off.C. a lower opportunity cost of driving farther to work.D. the same opportunity cost of spending time on leisure activities.30. The opportunity cost of an activity is the value of:A. an alternative forgone.B. the next-best alternative forgone.C. the least-best alternative forgone.D. the difference between the chosen activity and the next-best alternative forgone.31. Amy is thinking about going to the movies tonight. A ticket costs $7 and she will have to cancel her dog-sitting job that pays $30. The cost of seeing the movie is:A. $7.B. $30.C. $37.D. $37 minus the benefit of seeing the movie.32. Economic surplus is:A. the benefit gained by taking an action.B. the price paid to take an action.C. the difference between the benefit gained and the cost incurred of taking an action.D. the wage someone would have to earn in order to take an action.33. The Governor of your state has cut the budget for the University and increased spending on Medicaid. This is an example of:A. the pitfalls of considering average costs instead of marginal costs.B. poor normative economic decision making.C. poor positive economic decision making.D. choice in the face of limited resources.34. Sally earned $25,000 per year before she became a mother. After she became a mother, she told her employer that her opportunity cost of working is now $50,000, and so she is not willing to work for anything less. Her decision is based on:A. the high cost of raising a child.B. her desire to save for her child's college expenses.C. her increased value to her employer.D. the value she places on spending time with her child.35. Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. As a result:A. attending State U. for four years is costless for Alex.B. Alex has no incentive to work hard while at State U.C. the cost of attending State U. is the amount of money Alex could have earned working for four years.D. the cost of attending State U. is the sum of the benefits Alex would have had attending each of the four other schools to which Alex had been admitted.36. Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck, but she finds one for $12,000. Her __________ is __________.A. benefit; $12,000B. cost; $15,000C. economic surplus; $3,000D. economic surplus; $12,00037. In general, rational decision making requires one to choose the actions that yield the:A. largest total benefits.B. smallest total costs.C. smallest net benefits.D. largest economic surpluses.38. Suppose the most you would be willing to pay for a plane ticket home is $250, but you buy one online for $175. The economic surplus of buying the online ticket is:A. $175.B. $250.C. $75.D. $0.39. The use of economic models, like the cost-benefit principle, means economists believe that:A. this is exactly how people choose between alternatives.B. this is a reasonable abstraction of how people choose between alternatives.C. those who explicitly make decisions this way are smarter.D. with enough education, all people will start to explicitly make decisions this way.40. Jenna decides to see a movie that costs $7 for the ticket and has an opportunity cost of $20. After the movie, she says to one of her friends that the movie was not worth it. Apparently:A. Jenna failed to apply the cost-benefit model to her decision.B. Jenna was not rational.C. Jenna overestimated the benefits of the movie.D. Jenna underestimated the benefits of the movie.41. Most of us make sensible decisions most of the time, because:A. we know the cost-benefit principle.B. subconsciously we are weighing costs and benefits.C. most people know about the scarcity principle.D. we conduct hypothetical mental auctions when we make decisions.42. Suppose a person makes a choice that seems inconsistent with the cost-benefit principle. Which of the following statements represents the most reasonable conclusion to draw?A. The person (explicitly or implicitly) over-estimated the benefits or under-estimated the costs or both.B. The cost-benefit principle is rarely true.C. The person does not grasp how decisions should be made.D. The person is simply irrational.43. Economic models are intended to:A. apply to all examples equally well.B. eliminate differences in the way people behave.C. generalize about patterns in decision-making.D. distinguish economics students from everyone else.44. Economic models claim to be:A. reasonable abstractions of how people make choices, highlighting the most important factors.B. exact replications of the decision-making process people use.C. interesting chalkboard exercises with little applicability to the real world.D. exceptionally accurate methods of predicting nearly all behavior of everyone.45. The cost-benefit model used by economists is:A. unrealistic because it is too detailed and specific to apply to a variety of situations.B. unrealistic because everyone can think of times when he or she violated the principle.C. useful because everyone follows it all of the time.D. useful because most people follow it most of the time.46. Barry owns a clothing store in the mall and has asked two economic consultants to develop models of consumer behavior that he can use to increase sales. Barry should choose the model that:A. does not include simplifying assumptions.B. is the most detailed and complex.C. assumes that consumers apply the cost-benefit principle.D. predicts that consumers will always prefer Barry's store to the competing stores.47. Economists use abstract models because:A. every economic situation is unique, so it is impossible to make generalizations.B. every economic situation is essentially the same, so specific details are unnecessary.C. they are useful for describing general patterns of behavior.D. computers have allowed economists to develop abstract models.48. Most people make some decisions based on intuition rather than calculation. This is:A. irrational, because intuition is often wrong.B. consistent with the economic model of decision-making, because calculating costs and benefits leads to decision-making pitfalls.C. consistent with the economic model because people intuitively compare the relative costs and benefits of the choices they face.D. inconsistent with the economic model, but rational because intuition takes into account non-financial considerations.49. Moe has a big exam tomorrow. He considered studying this evening, but decided to go out with Curly instead. Since Moe always chooses rationally, it must be true that: A. the opportunity cost of studying tonight is less than the value Moe gets from spending time with Curly.B. the opportunity cost of studying tonight is equal to the value Moe gets from spending time with Curly minus the cost of earning a low grade on the exam.C. Moe gets more benefit from spending time with Curly than from studying.D. Moe gets less benefit from spending time with Curly than from studying.50. If one fails to account for implicit costs in decision making, then applying thecost-benefit rule will be flawed because:A. the benefits will be overstated.B. the costs will be understated.C. the benefits will be understated.D. the costs will be overstated.Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450.51. If you do not use the frequent-flyer coupon to fly, should you go to Miami?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the trip.52. What is the opportunity cost of using the coupon for the Miami trip?A. $100B. $450C. $500D. $55053. If you use the frequent-flyer coupon to fly to Atlanta, would you get any economic surplus by making the trip?A. No, there is a loss of $50.B. Yes, surplus of $350.C. Yes, surplus of $400.D. Yes, surplus of $100.54. If the Chicago-Atlanta round-trip air fare is $350, should you go to Miami?A. No, there is a loss of $50.B. No, there is a loss of $100.C. Yes, there is economic surplus of $50.D. Yes, there is economic surplus of $400.55. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school children. Childcare for their children costs $12,000 per year. Pat has decided to stay home and take care of the children. Pat must:A. value spending time with the children by more than $25,000.B. value spending time with the children by more than $12,000.C. value spending time with the children by more than $13,000.D. value spending time with the children as much as does Chris.You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. (Assume that you would not have been willing to pay any more than $35 for this concert.) Your boss called and she is looking for someone to cover a shift on Saturday at the same time as the concert. You will have to work 4 hours and she will pay you time and a half, which is $9/hr.56. Should you go to the concert instead of working Saturday?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the concert.57. What is the opportunity cost of going to the concert?A. $1B. $9C. $35D. $3658. What is your opportunity cost, if you go to work on Saturday?A. $0B. $9C. $35D. $3659. Your economic surplus of going to work on Saturday is:A. $0B. $1C. $35D. $36Matt has decided to purchase his textbooks for the semester. His options are to purchase the books via the Internet with next day delivery to his home at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.因为他们提供75折的正常价格16美元。

微观经济学试题及答案英文Microeconomics Exam Questions and AnswersQuestion 1: Define the law of demand and explain how itrelates to the concept of price elasticity of demand.Answer 1: The law of demand states that, all else being equal, the quantity demanded of a good or service will decrease asthe price increases. Price elasticity of demand measures the responsiveness of the quantity demanded to a change in price. If the quantity demanded changes significantly in response to a price change, the demand is said to be elastic. Conversely, if the quantity demanded changes very little, the demand is inelastic.Question 2: What is the difference between a firm's total revenue and marginal revenue?Answer 2: Total revenue is the total income received by afirm from selling its product, calculated as the price perunit multiplied by the quantity sold. Marginal revenue, onthe other hand, is the additional revenue generated fromselling one more unit of the product. It is the change intotal revenue divided by the change in quantity sold. In a perfectly competitive market, marginal revenue equals the price, but in a market with some degree of monopoly power, marginal revenue is less than the price.Question 3: Explain the concept of consumer surplus and howit is calculated.Answer 3: Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. It is a measure of the welfare gain to consumers from participating in a market. It is calculated by finding the area under the demand curve but above the market price, which represents the total amount consumers would have been willing to pay for each unit up to the quantity they actually purchase.Question 4: What is the marginal cost and how does it relateto a firm's decision to produce?Answer 4: Marginal cost is the cost of producing oneadditional unit of a good or service. It is the change intotal cost resulting from producing one more unit. Firms will continue to produce additional units as long as the marginal cost is less than the marginal revenue. If the marginal cost exceeds the marginal revenue, the firm will reduce production, as producing one more unit would result in a loss.Question 5: Define economies of scale and explain how they affect a firm's cost structure.Answer 5: Economies of scale refer to the cost advantagesthat a firm experiences when it increases its level of output. As the scale of production increases, the average cost perunit of output decreases due to factors such as spreadingfixed costs over more units, specialization of labor, andbulk purchasing discounts. This can lead to lower per-unit costs and potentially higher profits.Question 6: What is the difference between a normal good and an inferior good?Answer 6: A normal good is a good for which the demand increases as consumers' income increases. In contrast, an inferior good is a good for which the demand decreases as consumers' income increases. This is because consumers tend to substitute inferior goods with superior or higher-quality goods when their income rises.End of ExamPlease note that this is a sample set of microeconomics exam questions and answers. The actual content of an exam would depend on the specific topics covered in the course and the level of difficulty desired by the instructor.。

Chapter 01Thinking Like an Economist Multiple Choice Questions1. Economics is best defined as the study of:A. prices and quantities.B. inflation and interest rates.C. how people make choices under the conditions of scarcity and the results of those choices.D. wages and incomes.2. Economic questions always deal with:A. financial matters.B. political matters.C. insufficient resources.D. choice in the face of limited resources.3. The range of topics or issues that fit within the definition of economics is:A. limited to market activities, e.g., buying soap.B. limited to individuals and firms.C. extremely wide, requiring only the ideas of choice and scarcity.D. very limited.4. The central concern of economics is:A. poverty.B. scarcity.C. wealth accumulation.D. overconsumption.5. The scarcity principle indicates that:A. no matter how much one has, it is never enough.B. compared to 100 years ago, individuals have less time today.C. with limited resources, having more of "this" means having less of "that."D. because tradeoffs must be made, resources are therefore scarce.6. The logical implication of the scarcity principle is that:A. one will never be satisfied with what one has.B. as wealth increases, making choices becomes less necessary.C. as wealth decreases, making choices becomes less necessary.D. choices must be made.7. If all the world's resources were to magically increase a hundredfold, then:A. the scarcity principle would still govern behavior.B. economics would no longer be relevant.C. the scarcity principle would disappear.D. tradeoffs would become unnecessary.8. The principle of scarcity applies to:A. the poor exclusively.B. all consumers.C. all firms.D. everyone—consumers, firms, governments, and nations.9. At the very least, Joe Average and Bill Gates are both identically limited by:A. their wealth.B. the 24 hours that comprise a day.C. their knowledge.D. their influence.10. Forest is a mountain man living in complete isolation in Montana. He is completely self-sufficient through hunting, fishing, and farming. He has not been in the city to buy anything in five years. One can infer:A. the scarcity principle does not apply to Forest.B. Forest is not required to make choices.C. the scarcity principle still applies because more hunting means less fishing and farming.D. Forest is very satisfied.11. The scarcity principle applies to:A. all decisions.B. only market decisions, e.g., buying a car.C. only non-market decisions, e.g., watching a sunset.D. only the poor.12. Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:A. not an economic problem because neither one costs money.B. not an economic problem because it's an hour that is wasted no matter what Chris does.C. an economic problem because the tuition Chris pays covers both the gym and the library.D. an economic problem because Chris has only one hour during which he can study or work out.13. Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decided to stay home and work on the paper. According to the scarcity principle, the reason Josh didn't go to the game is that:A. Josh prefers schoolwork to football games.B. writing the paper is easier than going to the game.C. Josh doesn't have enough time for writing the paper and going to the game.D. it's too expensive to go to the game.14. Whether studying the size of the U.S. economy or the number of children a couple will choose to have, the unifying concept is that wants are:A. limited, resources are limited, and thus choices must be made.B. unlimited, resources are limited, and thus choices must be made.C. unlimited, resources are limited to some but not to others, and thus some people must make choices.D. unlimited, resources are limited, and thus government needs to do more.15. The cost-benefit principle indicates that an action should be taken:A. if the total benefits exceed the total costs.B. if the average benefits exceed the average costs.C. if the net benefit (benefit minus cost) is zero.D. if the extra benefit is greater than or equal to the extra costs.16. When a person decides to pursue an activity as long as the extra benefits are at least equal to the extra costs, that person is:A. violating the cost-benefit principle.B. following the scarcity principle.C. following the cost-benefit principle.D. pursuing the activity too long.17. Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is:A. not rational.B. an application of the cost-benefit principle.C. an application of the scarcity principle.D. the relevant opportunity cost.18. The scarcity principle tells us that __________, and the cost-benefit principle tells us __________.A. choices must be made; how to make the choicesB. choices must be made; that the costs can never outweigh the benefits of the choicesC. rare goods are expensive; that the costs should outweigh the benefits of the choicesD. rare goods are expensive; that the costs can never outweigh the benefits of the choices19. According to the cost-benefit principle:A. the lowest cost activity usually gives the lowest benefit.B. a person should always choose the activity with the lowest cost.C. a person should always choose the activity with the greatest benefit.D. the extra costs and benefits of an activity are more important considerations than the total costs and benefits.20. A rational person is one who:A. is reasonable.B. makes choices that are easily understood.C. possesses well-defined goals and seeks to achieve them.D. is highly cynical.21. The seventh glass of soda that Tim consumes will produce an extra benefit of 10 cents and has an extra cost of zero (Tim is eating at the cafeteria). Thecost-benefit principle predicts that Tim will:A. realize he has had too much soda to drink and go home.B. drink the seventh glass and continue until the marginal benefit of drinking another glass of soda is zero.C. volunteer to empty out the fountain.D. not drink the seventh glass.22. Janie must either mow the lawn or wash clothes, earning her a benefit of $30 or $45, respectively. She dislikes both equally and they both take the same amount of time. Janie will therefore choose to _________ because the economic surplus is ________.A. mow the lawn; greaterB. wash clothes; greaterC. mow the lawn; smallerD. wash clothes; smaller23. Dean decided to play golf rather than prepare for tomorrow's exam in economics. One can infer that:A. Dean has made an irrational choice.B. Dean is doing poorly in his economics class.C. the economic surplus from playing golf exceeded the surplus from studying.D. the cost of studying was less than the cost of golfing.Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year.24. The opportunity cost of attending Elite U is:A. $50,000B. $10,000C. $20,000D. $15,00025. The opportunity cost of attending State College is:A. $30,000B. $20,000C. $15,000D. $10,00026. Larry maximizes his surplus by attending:A. Elite U, because $60,000 is greater than the benefit at the other schools.B. State College, because the difference between the benefit and cost is greatest there.C. NoName U, because Larry has a full scholarship there.D. Elite U, because the opportunity costs of attending Elite U are the lowest.27. Larry has decided to go to Elite U. Assuming that all of the values described are correct, for Larry to decide on Elite U, he must have:A. calculated his surplus from each choice and picked the one with the highest surplus.B. underestimated the benefits of attending NoName.C. miscalculated the surplus of attending Elite U.D. determined the opportunity cost of each choice and picked the one with the lowest opportunity cost.28. Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. The opportunity cost of going to the beach is:A. the $12 she spent on the umbrella, food and drinks.B. only $1 because she would have spent the money on food and drinks whether or not she went to the beach.C. the movie she missed seeing.D. the movie she missed seeing plus the $12 she spent on the umbrella, food and drinks.29. Relative to a person who earns minimum wage, a person who earns $30 per hour has:A. a lower opportunity cost of working longer hours.B. a higher opportunity cost of taking a day off.C. a lower opportunity cost of driving farther to work.D. the same opportunity cost of spending time on leisure activities.30. The opportunity cost of an activity is the value of:A. an alternative forgone.B. the next-best alternative forgone.C. the least-best alternative forgone.D. the difference between the chosen activity and the next-best alternative forgone.31. Amy is thinking about going to the movies tonight. A ticket costs $7 and she will have to cancel her dog-sitting job that pays $30. The cost of seeing the movie is:A. $7.B. $30.C. $37.D. $37 minus the benefit of seeing the movie.32. Economic surplus is:A. the benefit gained by taking an action.B. the price paid to take an action.C. the difference between the benefit gained and the cost incurred of taking an action.D. the wage someone would have to earn in order to take an action.33. The Governor of your state has cut the budget for the University and increased spending on Medicaid. This is an example of:A. the pitfalls of considering average costs instead of marginal costs.B. poor normative economic decision making.C. poor positive economic decision making.D. choice in the face of limited resources.34. Sally earned $25,000 per year before she became a mother. After she becamea mother, she told her employer that her opportunity cost of working is now $50,000, and so she is not willing to work for anything less. Her decision is based on:A. the high cost of raising a child.B. her desire to save for her child's college expenses.C. her increased value to her employer.D. the value she places on spending time with her child.35. Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. As a result:A. attending State U. for four years is costless for Alex.B. Alex has no incentive to work hard while at State U.C. the cost of attending State U. is the amount of money Alex could have earned working for four years.D. the cost of attending State U. is the sum of the benefits Alex would have had attending each of the four other schools to which Alex had been admitted.36. Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck, but she finds one for $12,000. Her __________ is __________.A. benefit; $12,000B. cost; $15,000C. economic surplus; $3,000D. economic surplus; $12,00037. In general, rational decision making requires one to choose the actions that yield the:A. largest total benefits.B. smallest total costs.C. smallest net benefits.D. largest economic surpluses.38. Suppose the most you would be willing to pay for a plane ticket home is $250, but you buy one online for $175. The economic surplus of buying the online ticket is:A. $175.B. $250.C. $75.D. $0.39. The use of economic models, like the cost-benefit principle, means economists believe that:A. this is exactly how people choose between alternatives.B. this is a reasonable abstraction of how people choose between alternatives.C. those who explicitly make decisions this way are smarter.D. with enough education, all people will start to explicitly make decisions this way.40. Jenna decides to see a movie that costs $7 for the ticket and has an opportunity cost of $20. After the movie, she says to one of her friends that the movie was not worth it. Apparently:A. Jenna failed to apply the cost-benefit model to her decision.B. Jenna was not rational.C. Jenna overestimated the benefits of the movie.D. Jenna underestimated the benefits of the movie.41. Most of us make sensible decisions most of the time, because:A. we know the cost-benefit principle.B. subconsciously we are weighing costs and benefits.C. most people know about the scarcity principle.D. we conduct hypothetical mental auctions when we make decisions.42. Suppose a person makes a choice that seems inconsistent with the cost-benefit principle. Which of the following statements represents the most reasonable conclusion to draw?A. The person (explicitly or implicitly) over-estimated the benefits orunder-estimated the costs or both.B. The cost-benefit principle is rarely true.C. The person does not grasp how decisions should be made.D. The person is simply irrational.43. Economic models are intended to:A. apply to all examples equally well.B. eliminate differences in the way people behave.C. generalize about patterns in decision-making.D. distinguish economics students from everyone else.44. Economic models claim to be:A. reasonable abstractions of how people make choices, highlighting the most important factors.B. exact replications of the decision-making process people use.C. interesting chalkboard exercises with little applicability to the real world.D. exceptionally accurate methods of predicting nearly all behavior of everyone.45. The cost-benefit model used by economists is:A. unrealistic because it is too detailed and specific to apply to a variety of situations.B. unrealistic because everyone can think of times when he or she violated the principle.C. useful because everyone follows it all of the time.D. useful because most people follow it most of the time.46. Barry owns a clothing store in the mall and has asked two economic consultants to develop models of consumer behavior that he can use to increase sales. Barry should choose the model that:A. does not include simplifying assumptions.B. is the most detailed and complex.C. assumes that consumers apply the cost-benefit principle.D. predicts that consumers will always prefer Barry's store to the competing stores.47. Economists use abstract models because:A. every economic situation is unique, so it is impossible to make generalizations.B. every economic situation is essentially the same, so specific details are unnecessary.C. they are useful for describing general patterns of behavior.D. computers have allowed economists to develop abstract models.48. Most people make some decisions based on intuition rather than calculation. This is:A. irrational, because intuition is often wrong.B. consistent with the economic model of decision-making, because calculating costs and benefits leads to decision-making pitfalls.C. consistent with the economic model because people intuitively compare the relative costs and benefits of the choices they face.D. inconsistent with the economic model, but rational because intuition takes into account non-financial considerations.49. Moe has a big exam tomorrow. He considered studying this evening, but decided to go out with Curly instead. Since Moe always chooses rationally, it must be true that:A. the opportunity cost of studying tonight is less than the value Moe gets from spending time with Curly.B. the opportunity cost of studying tonight is equal to the value Moe gets from spending time with Curly minus the cost of earning a low grade on the exam.C. Moe gets more benefit from spending time with Curly than from studying.D. Moe gets less benefit from spending time with Curly than from studying.50. If one fails to account for implicit costs in decision making, then applying the cost-benefit rule will be flawed because:A. the benefits will be overstated.B. the costs will be understated.C. the benefits will be understated.D. the costs will be overstated.Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450.51. If you do not use the frequent-flyer coupon to fly, should you go to Miami?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the trip.52. What is the opportunity cost of using the coupon for the Miami trip?A. $100B. $450C. $500D. $55053. If you use the frequent-flyer coupon to fly to Atlanta, would you get any economic surplus by making the trip?A. No, there is a loss of $50.B. Yes, surplus of $350.C. Yes, surplus of $400.D. Yes, surplus of $100.54. If the Chicago-Atlanta round-trip air fare is $350, should you go to Miami?A. No, there is a loss of $50.B. No, there is a loss of $100.C. Yes, there is economic surplus of $50.D. Yes, there is economic surplus of $400.55. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school children. Childcare for their children costs $12,000 per year. Pat has decided to stay home and take care of the children. Pat must:A. value spending time with the children by more than $25,000.B. value spending time with the children by more than $12,000.C. value spending time with the children by more than $13,000.D. value spending time with the children as much as does Chris.You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. (Assume that you would not have been willing to pay any more than $35 for this concert.) Your boss called and she is looking for someone to cover a shift on Saturday at the same time as the concert. You will have to work 4 hours and she will pay you time and a half, which is $9/hr.56. Should you go to the concert instead of working Saturday?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the concert.57. What is the opportunity cost of going to the concert?A. $1B. $9C. $35D. $3658. What is your opportunity cost, if you go to work on Saturday?A. $0B. $9C. $35D. $3659. Your economic surplus of going to work on Saturday is:A. $0B. $1C. $35D. $36Matt has decided to purchase his textbooks for the semester. His options are to purchase the books via the Internet with next day delivery to his home at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.因为他们提供75折的正常价格16美元。

Chapter 7Markets in ActionCheckpoint 7.1Price Ceilings7.1.1)A price ceilingA)is an illegal price.B)is the price that exists in a black market.C)is the maximum price that can legally be charged.D)Both answers A and B are correct.E)Both answers B and C are correct.Answer:CTopic:Price ceilingSkill:Level 1: DefinitionObjective:Checkpoint 7.1Author:SA7.1.2)If a price ceiling is set above the equilibrium price, thenA)there will be a surplus of the good.B)there will be a shortage of the good.C)there will be neither a shortage nor a surplus of the good.D)the price ceiling will generate revenue for the government.E)the price ceiling affects suppliers but not demanders.Answer:CTopic:Price ceiling, shortageSkill:Level 4: Applying modelsObjective:Checkpoint 7.1Author:SA7.1.3)A price ceiling in the market for fuel oil that is below the equilibrium price willA)lead to the quantity supplied of fuel oil exceeding the quantity demanded.B)lead to the quantity demanded of fuel oil exceeding the quantity supplied.C)decrease the demand for fuel oil.D)increase the supply of fuel oil.E)have no effect in the market for fuel oil.Answer:BTopic:Price ceiling, shortageSkill:Level 4: Applying modelsObjective:Checkpoint 7.1Author:SAChapter 7 Markets in Action 277Price(dollars per sliceof pizza)Quantity supplied(slices of pizzaper week)Quantity demanded(slices of pizzaper week) 11050220403303044020550107.1.4)The demand and supply schedules for pizza are in the table above. A price ceiling of $2 perslice results inA)a surplus of 20 slices of pizza.B)a shortage of 20 slices of pizza.C)a shortage of 40 slices of pizza.D)a shortage of 60 slices of pizza.E)neither a shortage nor a surplus.Answer:BTopic:Price ceiling, shortageSkill:Level 4: Applying modelsObjective:Checkpoint 7.1Author:SA7.1.5)The demand and supply schedules for pizza are in the table above. A price ceiling of $4 perslice results inA)a surplus of 20 slices of pizza.B)a shortage of 20 slices of pizza.C)a shortage of 40 slices of pizza.D)a shortage of 60 slices of pizza.E)neither a shortage nor a surplus.Answer:ETopic:Price ceiling, shortageSkill:Level 4: Applying modelsObjective:Checkpoint 7.1Author:SA278 7.1.6)The demand and supply schedules for pizza are in the table above. If the government sets amaximum legal price of $2 per slice of pizza, thenA)there is a shortage of 20 slices of pizza.B)this maximum price is an example of a price floor.C)this maximum price is an example of a price ceiling.D)Both answers A and C are correct.E)Both answers B and C are correct.Answer:DTopic:Price ceiling, shortageSkill:Level 4: Applying modelsObjective:Checkpoint 7.1Author:SABade/Parkin Foundations of Microeconomics , Fourth Edition·Chapter 7 Markets in Action 2797.1.7)The figure above illustrates the bagel market. Which of the following statements is correct?A)With a price ceiling of $1.00 per bagel, the quantity demanded is equal to the quantitysupplied.B)With a price ceiling of $3.00 per bagel, the quantity demanded is greater than thequantity supplied.C)With a price ceiling of $1.00 per bagel, there is a shortage of bagels.D)Answers A and B are correct.E)Answers B and C are correct.Answer:CTopic:Price ceiling, shortageSkill:Level 4: Applying modelsObjective:Checkpoint 7.1Author:SA7.1.8)The figure above illustrates the bagel market. Which of the following statements is correct?A)With a price ceiling of $1.00 per bagel, the price of a bagel is $1.B)With a price ceiling of $3.00 per bagel, the price of a bagel is $2.C)With no government intervention, the equilibrium price of a bagel is $2.D) Only answers A and B are correct.E)Answers A, B, and C are correct.Answer:ETopic:Price ceilingSkill:Level 4: Applying modelsObjective:Checkpoint 7.1Author:SA280 7.1.9)In a housing market with no rent ceilings, the equilibrium rent is that for which the quantityof apartments demandedA)equals the quantity supplied.B)is greater than the quantity supplied.C)is less than the quantity supplied.D)might be greater than, equal to, or less than the quantity supplied depending onwhether the supply curve is upward sloping, horizontal, or vertical.E)None of the above answers is correct because without rent ceilings there is noequilibrium rent.Answer:ATopic:Rent ceilingSkill:Level 2: Using definitionsObjective:Checkpoint 7.1Author:JC7.1.10)Suppose the equilibrium rent in Denver is $1,050. A rent ceiling of $755 per month leads toA)a surplus of apartments in Denver.B)a shortage of apartments in Denver.C)no change in the Denver apartment market.D)fair prices in the Denver market.E)compared to the situation at the equilibrium rent, a decrease in the quantity ofapartments demanded and an increase in the quantity of apartments supplied.Answer:BTopic:Rent ceiling, shortageSkill:Level 2: Using definitionsObjective:Checkpoint 7.1Author:JC7.1.11)Suppose the equilibrium rent in Boston is $1,500. A rent ceiling of $1,600 per month leads toA)a surplus of apartments in Boston.B)a shortage of apartments in Boston.C)no change in the Boston apartment market.D)fair prices in the Boston apartment market.E)compared to the situation at the equilibrium rent, a decrease in the quantity ofapartments demanded and an increase in the quantity of apartments supplied.Answer:CTopic:Rent ceiling, shortageSkill:Level 2: Using definitionsObjective:Checkpoint 7.1Author:JCBade/Parkin Foundations of Microeconomics , Fourth Edition·Chapter 7 Markets in Action 2817.1.12)An illegal market in which the price exceeds a legally imposed price ceiling is called aA)shortage market.B)surplus market.C)black market.D)fair market.E)subsidized market.Answer:CTopic:Price ceiling, black marketSkill:Level 1: DefinitionObjective:Checkpoint 7.1Author:JC7.1.13)One of the consequences of a rent ceiling set below the equilibrium rent isA)decreased search activity.B)increased search activity.C)the establishment of landlord unions.D)surpluses of apartments.E)the elimination of the deadweight loss that would otherwise exist in the housingmarket.Answer:BTopic:Rent ceiling, searchSkill:Level 2: Using definitionsObjective:Checkpoint 7.1Author:JC7.1.14)The opportunity cost of an apartment in a rent controlled market is equal toA)the rent charged for the apartment.B)the opportunity cost of searching for the apartment.C)the rent charged for the apartment plus the opportunity cost of searching for theapartment.D)nothing because of the surplus of apartments when there are rent controls.E)the rent charged for the apartment minus the opportunity cost of searching for theapartment.Answer:CTopic:Rent ceiling, searchSkill:Level 2: Using definitionsObjective:Checkpoint 7.1Author:JC282 7.1.15)A rent ceiling in a housing marketA)makes all rents lower than the ceiling illegal to charge.B)is set above the equilibrium rent in order to have an effect.C)increases the time people spend searching for housing.D)Both answers B and C are correct.E)Both answers A and C are correct.Answer:CTopic:Rent ceiling, searchSkill:Level 3: Using modelsObjective:Checkpoint 7.1Author:SA7.1.16)In a market with a rent ceiling set below the equilibrium rent, the producer and consumersurplusA)both increase.B)both decrease but generally not to zero.C)do not change.D)are eliminated.E)are both totally converted into deadweight loss.Answer:BTopic:Rent ceiling, efficiencySkill:Level 2: Using definitionsObjective:Checkpoint 7.1Author:JC7.1.17)The deadweight loss in a housing market with a rent ceiling set below the equilibrium rent istheA)loss to those who cannot find apartments and the gain to landlords who charge blackmarket rents.B)loss to those who cannot find apartments and the loss to landlords who cannot offerhousing at the lower rent ceiling.C)loss to landlords and the gain to tenants who pay a fairer rent.D)loss to tenants and the gain to landlords who have the incentive to offer moreapartments for rent.E)gain to landlords and to tenants because now a fairer rent is charged.Answer:BTopic:Rent ceiling, deadweight lossSkill:Level 2: Using definitionsObjective:Checkpoint 7.1Author:JCBade/Parkin Foundations of Microeconomics , Fourth Edition·Chapter 7 Markets in Action 2837.1.18)Rent ceilings set below the equilibrium renti.create a deadweight loss.ii.increase search activity.iii.encourage landlords to charge a high price for new locks and keys, called ʺkey money.ʺA)i only.B)ii only.C)i and iii.D)i and ii.E)i, ii, and iii.Answer:ETopic:Rent ceiling, deadweight lossSkill:Level 3: Using modelsObjective:Checkpoint 7.1Author:SA7.1.19)In a housing market with a rent ceiling set below the equilibrium rent, as time passes thesupply of apartmentsA)decreases.B)increases.C)does not change.D)becomes fixed by the government.E)increases while the demand for apartments decreases.Answer:ATopic:Rent ceiling, change in supply over timeSkill:Level 2: Using definitionsObjective:Checkpoint 7.1Author:JC7.1.20)Which of the following is an example of the unfairness of rent control?A)Voluntary exchange is encouraged by rent control.B)Racial discrimination in renting is discouraged by rent control.C)Newcomers have a more difficult time finding apartments.D)Rich people do not get apartments in these markets.E)Too many people rent apartments.Answer:CTopic:Rent ceiling, unfairnessSkill:Level 2: Using definitionsObjective:Checkpoint 7.1Author:JC284 7.1.21)Suppose the city of Chicago imposes a rent control program that fixes rents at $400 below theequilibrium rent. With this planA)the quantity of apartments demanded will increase.B)the quantity of apartments supplied will increase.C)young people and poor people will have an easier time finding apartments.D)the deadweight loss in Chicago ʹs apartment market will be eliminated.E)there will be a surplus of apartments offered for rent.Answer:ATopic:Rent ceiling, unfairnessSkill:Level 3: Using modelsObjective:Checkpoint 7.1Author:JC7.1.22)Rent controlsA)create a deadweight loss.B)increase maintenance by landlords.C)benefit people who live in rent controlled apartments.D) Both answers A and C are correct.E) Both answers B and C are correct.Answer:DTopic:Rent ceiling, unfairnessSkill:Level 4: Applying modelsObjective:Checkpoint 7.1Author:SACheckpoint 7.2Price Floors7.2.1)A price floor isA)the highest possible legal price that can be charged for a good or service.B)usually equal to the equilibrium price established before the government imposed theprice floor.C)the lowest legal price at which a good or service can be traded.D)a legal price of zero that can be charged for a good or service.E)almost always equal to the price ceiling.Answer:CTopic:Price floorSkill:Level 1: DefinitionObjective:Checkpoint 7.2Author:JCBade/Parkin Foundations of Microeconomics , Fourth Edition·Chapter 7 Markets in Action 2857.2.2)A price floor set above the equilibrium priceA)creates a surplus.B)creates a shortage.C)creates excess demand.D)balances supply and demand.E)has no effect.Answer:ATopic:Price floor, surplusSkill:Level 4: Applying modelsObjective:Checkpoint 7.2Author:SA7.2.3)A price floorA)changes the equilibrium price if it is imposed in black markets.B)changes the price and quantity if it is set below the equilibrium price.C)changes the price and quantity if it is set above the equilibrium price.D)does not create a black market if it is set above the equilibrium price.E)changes the price and quantity only if it equals the equilibrium price.Answer:CTopic:Price floor, surplusSkill:Level 4: Applying modelsObjective:Checkpoint 7.2Author:SA7.2.4)Suppose the equilibrium price of a gallon of milk is $4. If the government imposes a pricefloor of $5 per gallon of milk, theA)quantity supplied of milk falls short of the quantity demanded.B)quantity supplied of milk exceeds the quantity demanded.C)supply increases.D)demand decreases.E)price of milk remains $4 per gallon.Answer:BTopic:Price floor, surplusSkill:Level 4: Applying modelsObjective:Checkpoint 7.2Author:SA7.2.5)Suppose the current equilibrium wage rate for housekeepers is $8.60 per hour. An increase inthe minimum wage to $7.50 per hour leads toA)a surplus of housekeepers.B)a shortage of housekeepers.C)no change in the market for housekeepers.D)an increase in the quantity of housekeepers supplied.E)unemployment of housekeepers.Answer:CTopic:Minimum wage, employmentSkill:Level 2: Using definitionsObjective:Checkpoint 7.2Author:JC7.2.6)Suppose the equilibrium wage rate for apricot pickers is $6.00 per hour and at that wage ratethe equilibrium quantity of apricot pickers employed is 14,000. If the minimum wage is set at $6.50 per hour, then theA)quantity of apricot pickers employed increases.B)quantity of apricot pickers employed decreases.C)quantity of apricot pickers employed does not change.D)wage rate for apricot pickers decreases.E)quantity of apricot pickers demanded does not change and the quantity of apricotpickers supplied does not change.Answer:BTopic:Minimum wage, employmentSkill:Level 4: Applying modelsObjective:Checkpoint 7.2Author:JC7.2.7)Suppose the current equilibrium wage rate for landscapers is $5.65 in Little Rock; $6.50 in St.Louis and $8.05 in Raleigh. An increase in the minimum wage to $6.50 per hour results inunemployment of landscapers inA)Little Rock and St. Louis.B)only Raleigh.C)Little Rock, St. Louis, and Raleigh.D)only Little Rock.E)St. Louis and Raleigh.Answer:DTopic:Minimum wage, employmentSkill:Level 3: Using modelsObjective:Checkpoint 7.2Author:JC7.2.8)Suppose the equilibrium wage rate for apricot pickers is $9.00 per hour in California and atthat wage rate the equilibrium quantity of apricot pickers is 14,000. If the minimum wage is set at $7.50 per hour, then theA)quantity of apricot pickers employed increases.B)quantity of apricot pickers employed decreases.C)quantity of apricot pickers employed does not change.D)wage rate for apricot pickers increases.E)some apricot pickers are unemployed.Answer:CTopic:Minimum wage, employmentSkill:Level 4: Applying modelsObjective:Checkpoint 7.2Author:JCWage rate(dollars per hour)Quantity demanded(workers)Quantity supplied(workers)9 40010008 600 9007 800 80061000 70051200 5007.2.9)The labor demand and labor supply schedules are given in the table above. If a minimumwage of $8 per hour is imposed,A)a surplus of 300 workers occurs.B)there is no shortage or surplus of workers.C)900 workers are employed.D)Both answers B and C are correct.E)Both answers A and C are correct.Answer:ATopic:Minimum wage, employmentSkill:Level 4: Applying modelsObjective:Checkpoint 7.2Author:SA7.2.10)The labor demand and labor supply schedules are given in the table above. If a minimumwage of $6 per hour is imposed,A)a surplus of 300 workers occurs.B)a shortage of 300 workers occurs.C)there is no surplus or shortage of workers.D)the quantity demanded is 1,000 workers.E)there is unemployment of 700 workers.Answer:CTopic:Minimum wage, employmentSkill:Level 4: Applying modelsObjective:Checkpoint 7.2Author:SA7.2.11)The figure above shows the labor market in a region. For a minimum wage to change thewage rate and amount of employment, it must beA)left to the forces of supply and demand.B)set above $6 an hour.C)set equal to $6 an hour.D)set below $6 an hour.E)set at $12 per hour.Answer:BTopic:Minimum wage, employmentSkill:Level 3: Using modelsObjective:Checkpoint 7.2Author:SA7.2.12)The figure above shows the labor market in a region. If a minimum wage of $8 an hour isimposed, then there are ________ unemployed workers.A)20,000B)40,000C)60,000D)80,000E)zeroAnswer:BTopic:Minimum wage, employmentSkill:Level 3: Using modelsObjective:Checkpoint 7.2Author:SA7.2.13)The figure above shows the labor market in a region. If a minimum wage of $8 an hour isimposed, then the quantity of labor supplied is ________ and the quantity of labor demanded is ________.A)60,000; 60,000B)80,000; 40,000C)40,000; 60,000D)60,000; 40,000E)40,000; 40,000Answer:BTopic:Minimum wage, employmentSkill:Level 3: Using modelsObjective:Checkpoint 7.2Author:SA7.2.14)The figure above shows the labor market in a region. In which of the following cases wouldthe amount of unemployment be the largest?A)when the market is at its equilibrium, with no minimum wageB)when a minimum wage of $4 an hour is imposedC)when a minimum wage of $6 an hour is imposedD)when a minimum wage of $8 an hour is imposedE)None of the above because the market will adjust so that there is no unemployment.Answer:DTopic:Minimum wage, unemploymentSkill:Level 3: Using modelsObjective:Checkpoint 7.2Author:MR7.2.15)One result of the minimum wage isA)a black market for labor that pays more than the minimum wage.B)a black market for labor that pays less than the minimum wage.C)decreased job search activity.D)a decrease in unemployment among poor and unskilled workers.E)an increase in employment among poor and unskilled workers.Answer:BTopic:Minimum wage, black marketSkill:Level 2: Using definitionsObjective:Checkpoint 7.2Author:JC7.2.16)An increase in the minimum wage to $15 per hour would lead toA)an increase in search activity for many workers.B)a decrease in search activity for many workers.C)a decrease in unemployment.D)no change in unemployment.E)no change in employment.Answer:ATopic:Minimum wage, searchSkill:Level 3: Using modelsObjective:Checkpoint 7.2Author:JC7.2.17)Suppose the marginal benefit a cherry orchard derives from hiring Lauren to pick cherries is$8 per hour. If the wage rate that Lauren earns is $7 per hour, then the orchardʹs surplus from Laurenʹs labor is ________ per hour.A)$7B)$15C)$1D)$8E)$0Answer:CTopic:Demand for labor, surplusSkill:Level 2: Using definitionsObjective:Checkpoint 7.2Author:JC7.2.18)The surplus for workers from a job is equal to theA)marginal cost of work.B)wage rate.C)marginal cost of work minus the wage rate.D)wage rate minus the marginal cost of work.E)marginal benefit of hiring a worker minus the wage rate.Answer:DTopic:Supply of labor, surplusSkill:Level 1: DefinitionObjective:Checkpoint 7.2Author:JC7.2.19)An efficient allocation of labor occurs when theA)marginal benefit to workers exceeds the marginal benefit to firms.B)marginal benefit to firms exceeds the marginal benefit to workers.C)marginal cost to workers is equal to the marginal benefit to firms.D)marginal cost and marginal benefit of both workers and the firms are equal to zero.E)marginal benefit of workers exceeds the marginal cost to firms by as much as possible.Answer:CTopic:Minimum wage, efficiencySkill:Level 3: Using modelsObjective:Checkpoint 7.2Author:SA7.2.20)If the minimum wage is set above the equilibrium wage, after taking into account theresources lost in job search, the firmsʹ surplus ________ and the workersʹ surplus ________.A)increases; increasesB)increases; decreases.C)decreases; increasesD)decreases; decreasesE)does not change; decreasesAnswer:DTopic:Minimum wage, efficiencySkill:Level 2: Using definitionsObjective:Checkpoint 7.2Author:JC7.2.21)A minimum wage set above the equilibrium wageA)decreases the deadweight loss in the market.B)decreases the workersʹ surplus because workers must spend resources looking for jobs.C)increases the firmʹs surplus.D)increases the marketʹs efficiency.E)has no effect on the market.Answer:BTopic:Minimum wage, efficiencySkill:Level 2: Using definitionsObjective:Checkpoint 7.2Author:SA7.2.22)Labor unions ________ increases in the minimum wage because an increase in the minimumwage ________ the demand for union labor.A)support; increasesB)support; decreasesC)oppose; increasesD)oppose; decreasesE)support; has no effect onAnswer:ATopic:Minimum wage, supportSkill:Level 2: Using definitionsObjective:Checkpoint 7.2Author:JC7.2.23)In the figure above, if the wage rate is $6 per hour, then theA)firmsʹ surplus is the area d+e+f.B)workersʹ surplus is the area a +b +c.C)deadweight loss equals zero.D)Only answers A and C are correct.E)Answers A, B, and C are correct.Answer:ETopic:Minimum wage, efficiencySkill:Level 4: Applying modelsObjective:Checkpoint 7.2Author:SA7.2.24)In the figure above, if the minimum wage rate is $8 per hour, then after taking account ofresources lost in job search, the workersʹ surplus is the area ________ and the firmsʹ surplus is the area ________.A)e; cB)d; bC)a; fD)f; aE)a + b + c + d + e; fAnswer:CTopic:Minimum wage, efficiencySkill:Level 4: Applying modelsObjective:Checkpoint 7.2Author:SA7.2.25)In the figure above, if the minimum wage is $8 per hour, thenA)resources used in job-search activity increase compared to the situation before theminimum wage.B)it is legal to hire workers for a wage below the minimum wage because otherwiseunemployment would result.C)the deadweight loss is minimized.D)Both answers A and B are correct.E)Both answers B and C are correct.Answer:ATopic:Minimum wage, efficiencySkill:Level 4: Applying modelsObjective:Checkpoint 7.2Author:SACheckpoint 7.3Price Supports in Agriculture7.3.1)Which of the following is true regarding a price support set above the equilibrium price?i.The price support increases the price consumers pay.ii.The price support creates a deadweight loss.iii.The price support decreases output.A)i and iiB)i and iiiC)iii onlyD)i, ii, and iiiE)i onlyAnswer:ATopic:Price supportSkill:Level 2: Using definitionsObjective:Checkpoint 7.3Author:CD7.3.2)A price support leads to inefficiency becauseA)output is more than the efficient, equilibrium quantity.B)the marginal benefit of the last unit produced is larger than the marginal cost.C)the price charged is less than the equilibrium price.D)producer surplus is less than consumer surplus.E)producers must pay a subsidy to the government.Answer:ATopic:Price support, deadweight lossSkill:Level 2: Using definitionsObjective:Checkpoint 7.3Author:CD7.3.3)Suppose the government imposes a price support that is above the equilibrium price. As aresult,A)total revenue increases.B)consumer surplus increases.C)the marginal cost of the last unit produced decreases.D)the government has effectively imposed a price ceiling.E)the subsidy the government pays decreases.Answer:ATopic:Price support, deadweight lossSkill:Level 2: Using definitionsObjective:Checkpoint 7.3Author:CDCheckpoint 7.4Integrative Questions7.4.1)The shortage created by a rent ceiling below the equilibrium rent is smallest when thedemand for housing is ________ and the supply of housing is ________.A)elastic; elasticB)elastic; inelasticC)inelastic; elasticD)inelastic; inelasticE)unit elastic; unit elasticAnswer:DTopic:IntegrativeSkill:Level 3: Using modelsObjective:IntegrativeAuthor:MR7.4.2)A regulation that sets the highest price at which it is legal to trade a good is aA)production quota.B)price floor.C)price support.D)price ceiling.E)subsidyAnswer:DTopic:IntegrativeSkill:Level 1: DefinitionObjective:IntegrativeAuthor:MR7.4.3)A regulation that sets the lowest price at which it is legal to trade a good is aA)search ceiling.B)price floor.C)production ceiling.D)price ceiling.E)subsidyAnswer:BTopic:IntegrativeSkill:Level 1: DefinitionObjective:IntegrativeAuthor:MR7.4.4)If the government imposes an effective ________, output decreases and ________ increases.A)price support; consumer surplusB)price floor; consumer surplusC)price support; total revenueD)price floor; marginal benefit to consumersE)price ceiling; efficiencyAnswer:CTopic:IntegrativeSkill:Level 3: Using modelsObjective:IntegrativeAuthor:CD7.4.5)If the government imposes an effective ________, a deadweight loss ________.A)price floor; does not occurB)price ceiling; does not occurC)price ceiling; occursD)price support; does not occurE)Both answers C and D are correct.Answer:CTopic:IntegrativeSkill:Level 3: Using modelsObjective:IntegrativeAuthor:CD7.4.6)Producers favor a ________ because ________.A)price ceiling; the equilibrium price increasesB)price support; the deadweight loss is minimizedC)price ceiling; total revenue increasesD)price support; total revenue increasesE)price ceiling; consumer surplus increasesAnswer:DTopic:IntegrativeSkill:Level 3: Using modelsObjective:IntegrativeAuthor:CD7.4.7)In order to have an impact, a ________ must be set below the equilibrium price and whenthis occurs, ________.A)price ceiling; consumer surplus increasesB)price floor; consumer surplus decreasesC)price ceiling; producer surplus decreasesD)price support; total revenue increasesE)price support; consumer surplus increasesAnswer:CTopic:IntegrativeSkill:Level 3: Using modelsObjective:IntegrativeAuthor:CD7.4.8)Which of the following describes a difference between a price support and a price ceiling?A)A price support creates a deadweight loss while a price ceiling does not.B)A price ceiling is a regulated price while a price support is a regulated quantity.C)A price support decreases the quantity while a price ceiling does not.D)A price ceiling increases the price above the equilibrium price while a price supportdoes not.E)A price support attempts to raise the price above the equilibrium price while a priceceiling does not.Answer:ETopic:IntegrativeSkill:Level 3: Using modelsObjective:IntegrativeAuthor:CD7.4.9)Both price supports and a price floor canA)create a deadweight loss.B)decrease output below the equilibrium quantity.C)decrease the price below the equilibrium price.D)increase consumer surplus.E)have no effect on producer surplus.Answer:ATopic:IntegrativeSkill:Level 3: Using modelsObjective:IntegrativeAuthor:MR7.4.10)Which of the following is true?i. A price ceiling set above the equilibrium price has no effects.ii. A price ceiling set below the equilibrium price creates a surplus.iii. A price floor set above the equilibrium price has no effects.A)Only iB)Only iiC)Only iiiD)i and iiE)ii and iiiAnswer:ATopic:IntegrativeSkill:Level 2: Using definitionsObjective:IntegrativeAuthor:CO7.4.11)Which of the following is true?i. A price ceiling is inefficient but fair.ii. A price floor is inefficient and unfair.iii. A price support increases the quantity produced.A)Only iB)Only iiC)Only iiiD)i and iiE)ii and iiiAnswer:BTopic:IntegrativeSkill:Level 2: Using definitionsObjective:IntegrativeAuthor:CO。

最新版微观经济学精品习题英文版（withanswer）（7）Chapter 7 Consumers, Producers, and the Efficiency of Markets1. Which of the following best explains the source of consumer surplus for good A? ( a )a.Many consumers would be willing to pay more than the market price for good A.b.Many consumers pay prices that are greater than the equilibrium price of good A.c.Many consumers think the market price of good A is greater than its cost.d.Many consumers think the price elasticity of demand for good A is unit elastic.2. If you had been willing to pay $2.19 for the gallon of milk purchased at the supermarket but were required to pay only $1.89, you have gained ( b )a. a refund of $.30 from the clerk.b. a consumer surplus amounting to $.30.c.excess marginal benefit of $2.19.d.producer surplus of $.30.3. The demand curve shows ( b )a.the highest price buyers actually pay for each unit of a good and the amountthey would buy.b.the highest price buyers would be willing and able to pay for each unit of thegood or the amount purchased at each price.c.the consumer surplus buyers gain from each unit of the good if they were topurchase it.d.the enjoyment consumers get from each unit of the good if they were topurchase.4. The area underneath a demand curve down to the equilibrium price is ( c )a.always less than the area under the supply curve.b.always greater than the area under the supply curve.c.consumer surplus.d.producer surplus.5. The benefit to a producer of selling a good at the equilibrium price is called ( a )a.producer surplus.b.consumer surplus.c.welfare economies.d.efficiency gain.6. Sellers’ costs of producing various units of the good are shown by the ( d )a.height of the demand curve.b.width of the demand curve.c.width of the supply curve.d.height of the supply curve.7. An economically efficient situation is one in which ( c )a.everyone has everything they need.b.everyone has above-average income.c.total surplus is maximized.d.all producers are operating at the lowest possible marginal cost.8. An equilibrium when there is perfect competition ( b )a.is undesirable.b.is economically efficient.c.leads to high consumer surplus at the expense of producer surplus.d.can be economically efficient only if the government steps in with price floorsto protect sellers.9. One way of measuring the economic inefficiency in a specific situation is to calculate the ( c )a.difference between the price of the good in the inefficient situation and theprice if the situation was efficient.b.change in revenue reported by firms.c.loss in consumer and producer surplus relative to an efficient solution.d.change in economic profits relative to an efficient solution.10. Equity involves( b )a.whether or not the outcome of an economic system is an large as possible.b.whether or not the outcome of an economic system is divided fairly amongparticipants.c.the way that government becomes involved in fighting for an efficientallocation of resources.d.maximization of total surplus.。

哈伯德英文版微观经济学练习c10Microeconomics - Testbank 1 (Hubbard/O'Brien)Chapter 10 Technology, Production, and Costs1) T he average total cost of production is the:A) e xtra cost required to produce one more unit.B) t otal cost of production.C) t otal cost of production divided by the level of output.D) t otal cost of production multiplied times the level of output.2) A mong the potential sources of an advance in technology for a producing firm is:A) b etter trained workers.B) m ore efficient physical capital.C) h igher skill level of managers.D) a ll of the above.3) T he short run is:A) o ne day.B) o ne week.C) s ix months.D) a s long it takes a particular firm to change its plant capacity.4) A factor of production that is not fixed in the short run is:A) p hysical capital.B) t echnology.C) l abor.D) l and.5) A characteristic of the long run is:A) t here are no fixed inputs.B) a ll inputs can be varied.C) p lant capacity can be increased or decreased.D) a ll of the above.6) E conomics cost of production differ from those in accounting in that:A) e conomics includes expenditures for hired resources while accounting does not.B) e conomics adds the opportunity cost of a firm using its own resources.C) a ccounting includes expenditures for hired resources while economics does not.D) a ccounting costs are always larger than economic costs.7) W hich of the following is an implicit cost of production?A) I nterest paid on a loan to a bank.B) W ages paid to labor plus the cost of carrying benefits for workers.C) T he utility bill paid to water, electricity, and natural gas companies.D) R ent that could have been earned on a building owned and used by the firm.8) I mplicit costs of production are also called:A) o verhead.B) v ariable costs.C) d irect costs.D) o pportunity costs.9) A factor of production that generally is fixed in the short run is:A) r aw materials.B) l abor.C) a building.D) w ater.10) T he relationship between different amounts of inputs and the resulting level of output is a:A) t otal cost schedule.B) p roduction possibilities frontier.C) p roduction function.D) p roduction quota.11) I f the firm is producing nothing in the short run, then:A) t otal costs are zero.B) v ariable costs are low but positive.C) m arginal costs are negative.D) f ixed costs are positive.12) A s a firm hires more labor in the short run, the:A) l evel of total product stays constant.B) o utput per worker rises.C) e xtra output of another worker may rise at first, but eventually must fall.D) c osts of production are increasing at a fixed rate per unit of output.Refer to Figure 10.1 for the questions below.Figure 10.113) I n figure 10.1, diminishing returns to labor set in after:A) L1.B) L2.C) L3.D) n one of the above.14) I n figure 10.1, short run output is maximized at:A) L1.B) L2.C) L3.D) n one of the above.15) I n figure 10.1, AP of labor declines after L2 because:A) M P of labor is below AP of labor.B) M P of labor is falling.C) M P of labor is negative.D) M P of labor is positive.16) I f four workers can produce 18 chairs a day and five can produce 20 chairs a day, themarginal product of the fifth worker is:A) four chairs.B) f ive chairs.C) t wo chairs.D) 38 chairs.17) T he short run marginal product of labor increasing at first and then falling is an example ofthe law of:A) d emand.B) s upply.C) d iminishing marginal utility.D) d iminishing returns.18) T he reason the marginal product of labor in the short run increases at first and then falls isbecause:A) a s more labor is hired, they are not as skilled as the first ones hired.B) t here are fewer opportunities for division of labor and specialization.C) t he management is inefficient.D) t he extra workers have busy work piled on them.19) I f 11 workers can produce a total of 54 units of a productand another worker has a marginalproduct of six, then the average product of 12 workers is:A) 60.B) 54.C) 48.D) 5.20) I f another worker adds nine units of output to a group of workers who had an averageproduct of seven units, then the average product of labor:A) w ill remain the same.B) w ill increase.C) w ill decrease.D) a nd what will happen to it can not be determined.21) I f average product is decreasing, we know that:A) t otal product is negative.B) m arginal product is negative.C) m arginal product is smaller than average product.D) m arginal product is at its positive.22) I f all we know is all workers' marginal product, then total and average product can be foundby:A) d ividing marginal costs by the number of workers.B) m ultiplying the average marginal product times the number of workers.C) s umming the marginal values to find the total and multiplying it times the number ofworkers to get the average.D) s umming the marginal values to find the total and dividing it by the number of workersto get the average.23) I f we know that marginal product is equal to average product, then:A) a verage product is at a maximum.B) t otal product is at a maximum.C) m arginal product is at a maximum.D) a verage product must be falling.24) M arginal cost is U-shaped because of the:A) l aw of demand.B) l aw of diminishing marginal utility.C) l aw of diminishing returns.D) l aw of increasing costs.25) A verage total cost is equal to:A) a verage fixed costs minus average variable costs.B) t otal costs divided by the level of output.C) m arginal costs plus variable costs.D) t otal costs divided by the number of workers.Refer to Figure 10.2 for the questions below.Figure 10.226) I n figure 10.2, the difference between average total costs and average variable costs is:A) a verage fixed costs.B) m arginal costs.C) f ixed costs.D) s unk costs.27) I n figure 10.2, average variable costs approach average total costs as output rises because:A) m arginal costs are above average variable costs.B) a verage fixed costs are falling.C) f ixed costs are falling.D) t otal costs are falling.28) I n the long run:A) a ll inputs in production are variable.B) t here are no fixed costs.C) t otal costs equal variable costs.D) a ll of these are correct.29) L ong run costs are U-shaped because:A) o f the law of demand.B) o f the law of diminishing returns.C) o f economies and diseconomies of scale.D) o f the law of supply.30) I f average total cost is $50 and average fixed cost is $15 when output is 20 units, then thefirm's total variable cost at that level of output is:A) $1,000.B) $700.C) $300.D) i mpossible to determine without additional information.31) I f average total cost is $50 and average fixed cost is $15 when output is 20 units, then thefirm's average variable cost at that level of output is:A) $45.B) $35.C) $30.D) i mpossible to determine without additional information.32) W hen the average total cost is $16, the level of total cost is $800, then the number of units thefirm is producing is:A) i mpossible to determined with the information given.B) 784.C) 12,800.D) 50.33) I f a firm doubles all its inputs in the long run and it finds its average cost of production hasdecreased, then it has:A) d iminishing returns.B) e conomies of scale.C) d iseconomies of scale.D) d eclining fixed costs.34) E conomies of scale exist because as a firm increases its size in the long run:A) t he firm can afford more sophisticated technology in production.B) l abor and management can specialize their activities more.C) a s a larger input buyer the firm can purchase inputs at a lower per unit cost.D) a ll of these.35) I n natural monopolies such as the generation of electricity, long-run average costs continue todecrease as the plant size gets larger, because:A) d iminishing returns are not present.B) d iseconomies of scale are very minor but economies of scale continue.C) s omeone must have made a mistake at lower levels of output.D) t here are no fixed costs.36) W hen a firm's long-run average cost curve is horizontal for a range of output, then in thatrange the firm has:A) i ncreasing returns to scale.B) c onstant returns to scale.C) d ecreasing returns to scale.D) c onstant average fixed costs.37) A n isoquant shows:A) t he combinations of two goods that yield the same total satisfaction.B) t he combinations of two inputs that yield the same total product.C) t he combinations of two inputs that cost the same total quantity of money.D) t he combination of two goods that cost the same amount of money.38) T he typical shape of isoquants is:A) c oncave towards the origin.B) c onvex towards the origin.C) s traight downsloping line.D) s traight upsloping line.39) A s a firm substitutes labor for capital, more labor is required to equal one less unit of capitalbecause:A) c apital is always more productive than labor.B) a s less capital is used, diminishing returns to labor become more pronounced.C) d iseconomies of scale.D) t he price of each input changes.40) A n isocost line shows:A) a ll the possible combinations of two inputs the firm can use.B) a ll the possible combinations of two inputs the firm can use that have the same total cost.C) a ll the possible combinations of two inputs the firm can use that have the same marginalcost.D) a ll the possible combinations of two inputs with constant returns to scale.41) T he position of the isocost line is determined by the:A) p rices of the two inputs.B) p roductivities of the two inputs.C) l evel of total cost.D) p rice of the product.42) O n an isoquant/isocost graph the least cost combination of producing a given output is:A) a ny point on the isoquant curve.B) a ny point on the isocost curve.C) t he tangency point between the isoquant curve and the isocost line.D) o nly on one of the axes of the graph.43) D ifferent economies might use different combinations of inputs like labor and capital toproduce the same goods because of:A) d ifferent technologies.B) d ifferences in the productivity of the inputs.C) d ifferences in the prices of the inputs.D) a ll of the above.44) I f labor is the horizontal axis input and physical capital is the vertical axis input, then at theleast costs output:A) t he marginal rate of technical substitution is equal to the wage rate divided by the costof capital.B) t he marginal rate of technical substitution is multiplied times the wage rate divided bythe cost of capital.C) t he marginal rate of technical substitution is divided by the wage rate multiplied timesthe cost of capital.D) t he marginal rate of technical substitution is equal to the amount of capital divided bythe amount of labor.45) I f the amount of labor being used has a marginal product of 12 units of output per worker at awage rate of $6 per worker and the current capital amount being used has a marginal product of 20 units per machine, then for this to be a least cost combination of inputs the cost of capital must be:A) $2.B) $10.C) $20.D) I mpossible to determine with the information given.。