2009经济学模拟试卷
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1 Microeconomics Final Test 2009
I. Multiple Choice (1 points per each. In total 40 points)
Identify the letter of the choice that best completes the statement or answers the question.
_a___ 1. Which of the following will change a nation's comparative
advantage?
a. a technological advance in producing manufactured goods
b. a doubling of all wages
c. quotas on imports
d. a change in consumers' preferences for imported goods
_b___ 2. If Japan can produce each unit of steel using fewer
resources than Canada does,
a. Canada has an absolute advantage in steel production.
b. Japan has an absolute advantage in steel production.
c. Japan has a comparative advantage in steel production.
d. Canada has a comparative advantage in steel production.
2 ___c_ 3. Suppose you are considering going to the movies, and you
place a $12 value on your anticipated enjoyment of the movie. The
ticket price is $6 and you would be giving up two hours of work,
where you earn $5 per hour. You would go to
a. work; the opportunity cost of the movies exceeds the expected
benefit.
b. the movies; your incentive is the $6 excess expected benefit.
c. the movies; your enjoyment will exceed the lost wages by $2.
d. the movies; the benefit of $18 exceeds the lost wages.
__a__ 4. The amount of a good or service that buyers would be
willing and able to purchase at a specific price is known as
a. quantity demanded.
b. demand.
c. supply.
d. quantity supplied.
3 b____ 5. Which of the following are the best examples of substitute
goods?
a. personal computers and computer software programs
b. milk and cookies
c. IBM and Gateway personal computers
d. hot dogs and mustard
__c__ 6. Which of the following sets of goods are most likely to be
complementary goods?
a. shoes and pizza
b. automobiles and computers
c. baseballs and baseball gloves
d. football tickets and baseball tickets
_c___ 7. An increase in the number of tomato producers will
a. increase market supply because the price of tomatoes will rise.
b. increase market supply because market demand will increase as
more tomatoes are produced.
c. increase market supply because market supply is the sum of all the
individual tomato producers' supply curves.
d. increase market demand but leave market supply unchanged.
4 __c __ 8. If price elasticity of demand is 2.0, this implies that
consumers would
a. buy twice as much of the good if price falls by 10 percent.
b. require a 2 percent cut in price to raise quantity demanded of the
good by 1 percent.
c. buy 2 percent more of the good in response to a 1 percent cut in
price.
d. require at least a $2 increase in price before showing any response
to the price increase.
__b__ 9. If Weiskamp T-Shirt Co. lowers its price from $6 to $5 and
finds that students increase their quantity demanded from 400 to 600
T-shirts, then the demand for Weiskamp T-shirts within this price
range is
a. price inelastic.
b. price elastic.
c. unit elastic.
d. cross elastic.
5 __b__ 10. A 5 percent increase in the price of sugar reduces sugar
consumption by about 10 percent. The increase causes households to
a. spend more on sugar.
b. spend less on sugar.
c. spend the same amount on sugar.
d. consume more goods like coffee and tea that are complements of
sugar.
__c__ 11. In which of the markets listed below would you expect the
least elastic response from suppliers?
a. fast food
b. soft drink
c. road building
d. Picasso paintings
___b_ 12. If the price elasticity of supply equals zero, this implies
that
a. suppliers can easily change quantity supplied when price changes.
b. the supply curve is perfectly vertical.
c. the percentage change in price of the good supplied is zero.
d. the percentage change in quantity supplied equals the percentage
change in price. 6
__b_ 13. If the equilibrium price of bread is $2 and the government
imposes a $1.50 price ceiling on the price of bread,
a. more bread will be produced to meet the increased demand.
b. there will be a shortage of bread.
c. the demand for bread will decrease because suppliers will reduce
their supply.
d. a surplus of bread will emerge.
_d___14. Rent controls typically end up
a. increasing rents received by landlords.
b. raising property values.
c. encouraging landlords to overspend for maintenance.
d. discouraging new housing construction.
__b__ 15. Assume that the government sets a ceiling on the interest
rate that banks charge on loans. If the ceiling is set below the market
equilibrium interest rate, the result will be
a. a surplus of credit.
b. a shortage of credit.
