微观经济学英文版1-8章自测题及答案

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微观经济学分章节习题及答案

微观经济学分章节习题及答案第⼆章需求、供给和均衡价格8. 若某商品的Ed＜1，表明当该商品价格下降20%时，该商品需求量减少⼩于20%。

完全竞争市场7 某完全竞争⾏业的价格和供给量在长期呈同向变动，则该⾏业的长期供给曲线A ⽔平状态B 向右下倾斜C 向右上倾斜D 呈垂直线9、垄断竞争⼚商的平均收益曲线是⼀条A 平⾏于横轴的直线B 向右上倾斜的线C 垂直于横轴的线D 与需求曲线重合的线E A和D第⼆章需求、供给和均衡价格⼀、单项选择题1. 微观经济学的⼀个基本假设前提是A 完全信息的假设B 完全竞争的假设D 边际效⽤递减的假设2. 微观经济学所要论证的根本思想或⽬的是A ⼀般均衡论B "看不见的⼿"的原理D 完全竞争市场下可以实现帕累托最优3. 微观经济学的研究对象包括A 价格理论B 单个⼚商C 单个消费者D B和C4. 下列⼏组商品的交叉价格弹性为负向的有A ⾯粉和⼤⽶ C ⽺⾁和⽜⾁D 馒头和⽶饭4. 粮⾷市场的需缺乏弹性的，当粮⾷产量因灾害⽽减少时A 粮⾷⽣产者的收⼊减少，因粮⾷产量下降C 粮⾷⽣产者的收⼊减少，因粮⾷需求量会⼤幅度减少D 粮⾷⽣产者的收⼊不变，因粮⾷价格上升与需求量减少的⽐率相同5. 下列商品中,需求价格弹性最⼤的是A 服装B 化妆品 D ⾷盐6. 某⼀时期，电冰箱的供给曲线向右移动的原因可以是A 电冰箱的价格下降C ⽣产冰箱的要素成本上升D 消费者的收⼊上升7 ⾷盐市场的需缺乏弹性的，由于某种⾮价格因素的影响使⾷盐产量下降20%，在这种情况下A ⾷盐⽣产者的收⼊减少，因为⾷盐产量下降20%B ⾷盐⽣产者的收⼊增加，因为⾷盐价格上升低于20%D ⾷盐⽣产者的收⼊不变，因为⾷盐价格上升等于20%8 在得出棉花种植户的供给曲线时，下列除哪⼀个因素以外，其余均保持为常数A ⼟壤的肥沃程度B 棉花种植⾯积C 技术⽔平9 当某消费者的收⼊上升20%，其对某商品的需求量上升5% ，则商品的需求收⼊弹性A ⼤于1C 等于1D 等于010 某⽇，X商品的替代品价格上升和互补品价格上升，分别引起X商品的需求变动量为50单位和80单位，则在它们共同作⽤下，该⽇X商品的需求数量+50-80A 增加30单位C 增加130单位D 减少130单位11. 若供给曲线上每⼀点的点弹性都等于1，则供给曲线只能是⼀条A 过原点的45 线C 平⾏于横轴的直线D 垂直于横轴的直线12 ⼀种物品需求价格弹性的⼤⼩取决于A 替代品的可获得性B 互补品的价格C 收⼊13 ⼀般情况下，商品的需求量与其价格呈反向变动，这是因为A 收⼊效应的作⽤B 替代效应的作⽤C 收⼊效应与替代效应同时发⽣作⽤14 如果⼈们收⼊⽔平提⾼，⾷物在总⽀出中的⽐重将（）A、⼤⼤增加B、稍有增加D、不变15 在两种互补品之间，其中⼀种商品价格上升，会使另⼀种商品价格B 下降C 不变D 不确定⼆、多项选择题 1 BC 2 BD 3 AC 4AC 5 BD 6CD 7BD 8CD 9ABCD 10AC1. 微观经济学的研究对象包括A 价格理论B 单个⼚商C 单个消费者D 资源配置2. 下列⼏组商品的交叉价格弹性为负向的有A ⾯粉和⼤⽶B 汽油和汽车C ⽺⾁和⽜⾁D 录⾳机和磁带3. 当出租车租⾦下调后,对公共汽车服务的A 需求减少B 需求量增加C 需求曲线左移D 需求⽆法确定4. 需求量的变动是指A 由于价格变动引起的需求量的变动B ⾮价格因素引起的需求量的变动C 同⼀条需求曲线上点的移动D 需求曲线的移动5 下列⼏组商品的交叉价格弹性为正向（⼤于0）的有A 汽油和汽车B ⾯粉和⼤⽶C 苹果和⾃⾏车D 猪⾁和⽜⾁6 某⼀时期彩电的需求曲线向左平⾏移动的原因可以是A 彩电价格下降B 消费者对彩电的预期价格上升C 消费者的收⼊⽔平下降D 消费者对彩电的预期价格下降7 假定某耐⽤消费品的需求函数Qd=400-5P时的均衡价格为50，当需求函数变为Qd=600-5P时，（供给不变）均衡价格将A 低于50 B ⾼于50C 等于50D 上升8 以下因素导致⼩麦的供给曲线向左移动A ⼩麦的价格下降B ⼩麦的种植技术提⾼C 种植⼩麦的成本上升D 预期⼩麦的价格下降9 影响⼀种商品需求数量的因素包括A 商品本⾝的价格B 消费者的收⼊⽔平C 相关商品的价格D 消费者的偏好10 在⼀般情况下，供给曲线A 向右上倾斜B 向右下倾斜C 斜率为正D 斜率为负三、判断1. 价格分析是微观经济学分析的核⼼。

微观经济学Chapter-1-16英文习题

E) are no longer relevant. Ans: B 6.The description of economics as, "cool heads in the service of warm hearts", means that: A) allocating scarce resources may require painful decisions. B) costs and benefits need to be weighed objectively. C) the proper balance must be struck between the discipline of the market and the generosity of the welfare state. D) all of the above. E) none of the above. Ans: D 7. When moving along a production possibilities frontier, the opportunity cost to society of obtaining more of one of the two goods: A) is measured in dollar terms. B) usually decreases as more of the good is produced. C) is measured by the amount of the other good that must be given up. D) is measured by the additional resources that must be used to produce the good. E) is usually constant. Ans: C 8.These data reflect three possible combinations of food and nothing that can be produced from a given set of resources. Food 10 5 0 Clothing O X 50 Refer to the above data. If both clothing and food always use all inputs in the same proportion, then X must be: A) 25. B) more than 25. C) less than 25. D) 50. E) cannot not be determined from the data Ans: A 9. Being on the production-possibility frontier between guns and butter means that: A) it is impossible to produce any more guns. B) it is impossible to produce any more butter. C) more guns can be produced only by doing without some butter. D) population is in equilibrium. E) if society becomes more productive in producing butter, then we can have more butter but not more guns. Ans: C 10. A shift in a production-possibility frontier can result from:

2019微观经济学Microeconomics英文版题库完整版

Microeconomics, 10e (Parkin)Chapter 5 Efficiency and Equity1 Resource Allocation Methods1) In the United States, resources are most often allocated byA) market price.B) command system.C) lottery.D) contest.Answer: ATopic: Resource Allocation MethodsSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking2) A contest is a good way to allocate scarce resources whenA) the efforts of the players are hard to monitor directly.B) the lines of responsibility are clear.C) the decision being made affects a large number of people.D) there is no effective way to distinguish among potential users.Answer: ATopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking3) The resource allocation method that is used to allocate scarce resources between private use and government use isA) first-come, first-served.B) personal characteristics.C) majority rule.D) lottery.Answer: CTopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Modified 10th editionAACSB: Reflective Thinking4) Which of the following is true?A) Lotteries work best when a resource can serve just one user at a time in a sequence.B) A market price always allocates resources better than does a command system.C) When the government decides how to allocate tax dollars among competing uses, resources are allocated by majority rule.D) Force has never played an important role in allocating scarce resources.Answer: CTopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking5) Which of the following is true?A) When resources are allocated on the basis of personal characteristics, all people who are willing and able to pay the price get the resource.B) When the range of activities to be monitored is large and complex, a command system allocates resources better than a market price.C) When a market price allocates resources, some people who are willing and able to pay that price don't get the resource.D) Force helps support the legal system on which markets function.Answer: DTopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Modified 10th editionAACSB: Reflective Thinking6) As a method of resource allocation, forceA) is not important.B) plays a crucial negative role.C) plays a crucial positive role.D) plays a crucial role for both good and ill.Answer: DTopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking7) As a method of resource allocation, market priceA) means those who are willing and able to pay get a particular good or service.B) works well when self-interest must be suppressed.C) works best inside firms and government departments.D) is efficient when there is no effective way to distinguish among potential users of a scarce resource.Answer: ATopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Modified 10th editionAACSB: Reflective Thinking8) Which of the following is true?A) When a market price allocates resources, all people who are willing and able to pay that price get the resource.B) A command system works well when the range of activities to be monitored is large and complex.C) When the government decides how to allocate tax dollars among competing uses, resources are allocated by market prices.D) When a manager offers everyone in the company the opportunity to win a prize, resources are allocated by a lottery.Answer: ATopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking9) When allocating resources using market priceA) everyone who is willing and able to pay for a good gets one.B) everyone who wants a good gets one.C) everyone who is willing to pay for a good gets one.D) everyone who is able to pay for a good gets one.Answer: ATopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking10) When scarce resources can serve only one user at a time in sequence, which method works well for allocating the scarce resources?A) first come, first servedB) lotteryC) contestD) command systemAnswer: ATopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking11) Which of the following is true?A) When a market price allocates resources, everyone who is able to pay the price gets the resource.B) A command system works well when the lines of authority and responsibility are clear .C) When the government decides how to allocate tax dollars among competing uses, resources are allocated by command.D) When a manager offers everyone in the company the opportunity to win a prize, resources are allocated by a market price.Answer: BTopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Modified 10th editionAACSB: Reflective Thinking12) Allocating resources by the order of someone in authority is a ________ allocation method.A) first-come, first-servedB) market priceC) majority ruleD) commandAnswer: DTopic: Study Guide Question, Resource Allocation MethodSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking13) Often people trying to withdraw money from their bank must wait in line, which reflects a ________ allocation method.A) first-come, first-servedB) market priceC) contestD) commandAnswer: ATopic: Study Guide Question, Resource Allocation MethodSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking14) If a person will rent an apartment only to married couples over 30 years old, that person is allocating resources using a ________ allocation method.A) first-come, first-servedB) market priceC) personal characteristicsD) commandAnswer: CTopic: Study Guide Question, Resource Allocation MethodSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking2 Benefit, Cost, and Surplus1) The value of one more unit of a good or service is theA) marginal benefit.B) minimum price that people are willing to pay for another unit of the good or service.C) marginal cost.D) opportunity cost of producing one more unit of a good or service.Answer: ATopic: Value, Willingness to Pay, and DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking2) The value of a good is equal to theA) maximum price you are willing to pay for it.B) price that you actually pay for it.C) price you actually pay for it minus the maximum you are willing to pay for it.D) maximum you are willing to pay for it minus the price you actually pay for it.Answer: ATopic: Value, Willingness to Pay, and DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking3) Marginal benefit is the benefit received from ________.A) consuming more goods or servicesB) producing the efficient quantityC) consuming the efficient quantityD) consuming one more unit of a good or serviceAnswer: DTopic: Marginal BenefitSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking4) All of the following statements about marginal benefit are correct EXCEPT the marginal benefit of a goodA) is the benefit a person receives from consuming one more unit of the good or service.B) is measured as the maximum amount that a person is willing to pay for one more unit of the good.C) is equal to zero when resource use is efficient.D) decreases as the quantity consumed of the good increases.Answer: CTopic: Marginal BenefitSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking5) Sal likes to eat pizza. The ________ is the maximum amount that Sal is willing to pay for one more piece of pizza.A) efficient priceB) efficient amountC) marginal benefitD) marginal costAnswer: CTopic: Marginal BenefitSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking6) Marginal benefitA) is the same as the total benefit received from consuming a good.B) is the maximum amount a person is willing to pay for one more unit of a good.C) increases as consumption increases.D) is the difference between total benefit and total cost.Answer: BTopic: Marginal BenefitSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking7) Jane is willing to pay $50 for a pair of shoes. The actual price of the shoes is $30. Her marginal benefit isA) $50.B) $30.C) $20.D) $80.Answer: ATopic: Marginal BenefitSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Reflective ThinkingThe table below shows the demand schedules for pizza for Abby and Barry who are the only buyers in the market.8) Based on the table, what is Abby's marginal benefit from the 10th slice of pizza?A) $4B) $13C) $0.50D) $40Answer: ATopic: Marginal BenefitSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills9) Based on the table, what is Barry's marginal benefit from the 40th slice of pizza?A) $3B) $5.50C) $0.50D) $12Answer: ATopic: Marginal BenefitSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills10) Based on the table, what is the marginal social benefit from the 45th slice of pizza?A) $3.50B) $3.25C) $0.50D) $9Answer: ATopic: Marginal Social BenefitSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills11) If you increase your consumption of soda by one additional can a week, your marginal benefit of this last can is $1.00. The ________ of this last can of soda is $1.00.A) valueB) priceC) opportunity costD) marginal costAnswer: ATopic: Value, Willingness to Pay, and DemandSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills12) A person will choose to buy a good as long asA) marginal benefit is at least as great as price.B) consumer surplus is positive.C) marginal benefit is positive.D) consumer surplus is at least as great as price.Answer: ATopic: Value, Willingness to Pay, and DemandSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking13) Sam's demand curve for pizzaA) lies above her marginal benefit curve for pizza.B) lies below her marginal benefit curve for pizza.C) is the same as her marginal benefit curve for pizza.D) has one point in common with her marginal benefit curve for pizza.Answer: CTopic: Value, Willingness to Pay, and DemandSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking14) The market demand curveA) can also be the marginal social cost curve.B) shows the value of a good that consumers must give up to get another unit of a different good.C) by itself determines equilibrium prices.D) can also be the marginal social benefit curve.Answer: DTopic: Marginal Benefit and DemandSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking15) The market demand curve also isA) a marginal social cost curve.B) a marginal social benefit curve.C) an opportunity cost curve.D) a consumer surplus curve.Answer: BTopic: Marginal Benefit and DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking16) The market demand curve for coffee is the same as theA) marginal social cost curve of coffee.B) marginal social benefit curve of coffee.C) opportunity cost curve of coffee.D) marginal social benefit curve minus the marginal social cost curve of coffee.Answer: BTopic: Marginal Benefit and DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking17) A market demand curve measuresA) how much a consumer is willing to pay for an additional unit of the good.B) the marginal social benefit of an additional unit of the good.C) the marginal social cost of an additional unit of the good.D) Both answers A and B are correct.Answer: DTopic: Value, Willingness to Pay, and DemandSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking18) Moving down along the market demand curve for hot dogs, theA) maximum price that people are willing to pay for hot dogs increases.B) marginal social benefit of hot dogs decreases.C) marginal social cost of hot dogs increases.D) consumer surplus of the last hot dog consumed increases.Answer: BTopic: Value, Willingness to Pay, and DemandSkill: ConceptualQuestion history: Modified 10th editionAACSB: Reflective Thinking19) The market demand curve is constructed by adding theA) quantities demanded by each individual at each price.B) prices that each individual is willing to pay at each quantity.C) Neither answer A nor answer B is correct.D) Both answer A and answer B are correct.Answer: ATopic: Individual Demand and Market DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking20) A market demand curve is constructed byA) a horizontal summation of each individual demand curve.B) averaging each individual demand curve.C) dividing one individual demand curve by the number of consumers in the market.D) a vertical summation of each individual demand curve.Answer: ATopic: Individual Demand and Market DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking21) A market demand curve can be constructed byA) adding the prices all consumers will pay for any given quantity.B) adding the quantities that all consumers buy at each price.C) adding the quantities that a consumer buys at the highest price.D) None of the above answers is correct.Answer: BTopic: Individual Demand and Market DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking22) The market demand curve for iPads is the ________ of all the individual demand curves for iPads.A) horizontal productB) horizontal sumC) vertical sumD) vertical productAnswer: BTopic: Individual Demand and Market DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking23) Given the individual demands for video downloads in the above table, and assuming that these three people are the only ones in the market, which of the following statements is NOT true about market demand for video downloads?A) The market quantity demanded at a price of $5 is 10.B) The height of the market demand curve at a quantity demanded of 22 is $3.C) The height of the market demand curve at a quantity demanded of 16 is $5.D) The market quantity demanded at a price of $2 is 28.Answer: CTopic: Individual Demand and Market DemandSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical SkillsQuantity of tennis24) Jill and Jed have individual demand curves for tennis rackets given in the table above and are the only two demanders in the market. What is the market quantity demanded at the price of $30?A) 2B) 5C) 11D) 18Answer: BTopic: Individual Demand and Market DemandSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills25) Homer, Bart, and Lisa are the only consumers in the market. Using the information in the above table, what is the market demand for chocolate chip cookies at $4.00 per pound?A) 21 poundsB) 17 poundsC) 11 poundsD) 4 poundsAnswer: CTopic: Individual Demand and Market DemandSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills26) Consumer surplus is the ________ summed over the quantity bought.A) marginal social benefit minus the marginal social costB) number of dollars' worth of other goods and services forgone to obtain one more unit of a good or serviceC) value of a good or service minus the price paid for the good or serviceD) value of a good or service plus the price paid for the good or serviceAnswer: CTopic: Consumer SurplusSkill: RecognitionQuestion history: Modified 10th editionAACSB: Reflective Thinking27) ________ is the value of a good minus the price paid for it summed over the quantity bought.A) Producer surplusB) Consumer surplusC) SurplusD) ShortageAnswer: BTopic: Consumer SurplusSkill: RecognitionQuestion history: Modified 10th editionAACSB: Reflective Thinking28) Consumer surplus is theA) value of a good expressed in dollars.B) price of a good expressed in dollars.C) value of a good minus the price paid for it summed over the quantity bought.D) value of a good plus the price paid for it summed over the quantity bought.Answer: CTopic: Consumer SurplusSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking29) Consider the market for hot dogs. As long as the marginal benefit of consuming hot dogs is greater than the price of hot dogs,A) people receive consumer surplus from eating hot dogs.B) the price of hot dogs will rise.C) the value of hot dogs will rise.D) there is no decreasing marginal benefit of eating hot dogs.Answer: ATopic: Consumer SurplusSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking30) If the price of a pizza increases and the demand curve for pizza does not shift, then the consumer surplus from pizza will ________.A) increaseB) decreaseC) equal the producer surplus if the market produces the efficient quantity of pizzaD) remain the sameAnswer: BTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking31) Nick can purchase each milkshake for $2. For the first milkshake purchased Nick is willing to pay $4, for the second milkshake $3, for the third milkshake $2 and for the fourth milkshake $1. What is the value of Nick's consumer surplus for the milkshakes he buys?A) $2B) $9C) $3D) $10Answer: CTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills32) A used car was recently priced at $20,000.00. Seeing the car, Bobby thought, "It's nice, but ifI have to pay more than $19,500 for this car, then I would rather do without it." After negotiations, Bobby purchased the car for $19,250.00. His consumer surplus was equal toA) $19,500.00.B) $1,750.00.C) $250.00.D) $0.00.Answer: CTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills33) When the Smith's were shopping for their present home, the asking price from the previous owner was $250,000.00. The Smith's had decided they would pay no more than $245,000.00 for the house. After negotiations, the Smith's actually purchased the house for $239,000.00. They, therefore, enjoyed a consumer surplus ofA) $239,000.00.B) $5,000.00.C) $6,000.00.D) $11,000.00.Answer: CTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills34) The latest model car in the dealer's showroom has a sticker price of $35,000.00. Fred, the shopper, has decided that he would pay no more than $32,000.00 for the car. After two hours of bargaining with the saleswoman, Fred actually purchases the car for $31,000.00. Fred, therefore, has obtained a consumer surplus ofA) $35,000.00.B) $32,000.00.C) $4,000.00.D) $1,000.00.Answer: DTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills35) Jane is willing to pay $50 for a pair of shoes. The actual price of the shoes is $30. Her consumer surplus on this pair of shoes isA) $20.B) $50.C) $30.D) $80.Answer: ATopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills36) Charlene is willing to pay $5.00 for a sandwich. If Charlene must pay ________ for a sandwich, she ________.A) $4.00; does not receive consumer surplusB) $4.00; receives consumer surplusC) $6.00; receives consumer surplusD) $6.00; receives a marginal costAnswer: BTopic: Consumer SurplusSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills37) Joe is willing to pay $4 for his first slice of pizza and $3 for his second slice of pizza. If the price is $2, on his two slices of pizza Joe receives a total consumer surplus ofA) $4.B) $3.C) $2.D) $1.Answer: BTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills38) Jane is willing to pay $4 for the first cup of coffee a day, $2.50 for the second cup, and $1 for the third cup, after which she won't buy any coffee. The price of a cup of coffee is $2.40. How many cups of coffee per day will Jane buy?A) 1B) 2C) 3D) NoneAnswer: BTopic: Demand and Marginal BenefitSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills39) Jane is willing to pay $4 for the first cup of coffee a day, $2.50 for the second cup, and $1 for the third cup, after which she won't buy any coffee. The price of a cup of coffee is $2.40. Jane's consumer surplus from the coffee she buys is $________ per day.A) $1.60B) $1.70C) $4.80D) $6.50Answer: BTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills40) Consider a market that has linear supply and demand curves, and is in equilibrium. The area above the price line and below the demand curve isA) consumer surplus.B) producer surplus.C) marginal cost.D) marginal benefit.Answer: ATopic: Consumer SurplusSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking41) Four people each have a different willingness to pay for one unit of a good: George will pay $15, Glen will pay $12, Tom will pay $10, and Peter will pay $8. If price is equal to $9 per unit then the quantity demanded in the market will be ________ and the consumer surplus for this unit will be ________.A) 3; $10B) 3; $37C) 3; $36D) 4; $8Answer: ATopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills42) Four people each have a different willingness to pay for one unit of a good: George will pay $15, Glen will pay $12, Tom will pay $10, and Peter will pay $8. If price decreases from $9 to $8 then the consumer surplus from this unit will increase byA) $3.B) $4.C) $2.D) $1.Answer: ATopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills43) The figure above shows Clara's demand for CDs. If the price for a CD is $15, then ClaraA) receives no consumer surplus on the 6th CD she buys.B) receives a total of $10 of consumer surplus.C) will buy no CDs.D) receives a total of $40 of consumer surplus.Answer: ATopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills44) The figure above shows Clara's demand for CDs. The price for a CD is $15. Which statement is true?A) When Clara buys 6 CDs, she receives $15 of consumer surplus on her 6th CD.B) When Clara buys 6 CDs, she receives a total of $15 of consumer surplus.C) When Clara buys 6 CDs, she receives a total of $30 of consumer surplus.D) When Clara buys 6 CDs, she receives a total of $45 of consumer surplus.Answer: DTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills45) The figure above shows Clara's demand for CDs. At a price of $20 for a CD, the value of Clara's total consumer surplus for all the CDs she buys isA) $40.B) $30.C) $20.D) $4.Answer: CTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills46) The figure above shows Clara's demand for CDs. At a price of $5 for a CD, the value of Clara's total consumer surplus for all the CDs she buys isA) $5.B) $10.C) $25.D) $125.Answer: DTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills47) The figure above shows Clara's demand for CDs. If the price of a CD were to increase from $15 to $25, Clara's total consumer surplus for all the CDs she buys wouldA) decrease by $40.B) remain unchanged.C) decrease by $90.D) increase by $80.Answer: ATopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills48) The above figure shows Dana's marginal benefit curve for ice cream. If the price of ice cream is $2 per gallon, then the maximum that Dana is willing to pay for the 8th gallon of ice cream isA) $1.B) $2.C) $3.D) $5.Answer: CTopic: Value, Willingness to Pay, and DemandSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills49) In the above figure, the individual's consumer surplus will be highest ifA) the price of ice cream is $5 per gallon.B) the price of ice cream is $3 per gallon.C) the price of ice cream is $2 per gallon.D) ice cream is free.Answer: DTopic: Consumer SurplusSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills$2 per gallon, then Dana's consumer surplus from the 4th gallon of ice cream isA) $0.B) $2.C) $3.D) $10.Answer: BTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills51) The above figure shows Dana's marginal benefit curve for ice cream. If the price of ice cream is $2 per gallon, then Dana's consumer surplus from the 4th gallonA) is greater than her consumer surplus from the 8th gallon.B) is the same as her consumer surplus from the 8th gallon.C) is less than her consumer surplus from the 8th gallon.D) could be greater than, equal to, or less than the consumer surplus from the 8th gallon. Answer: ATopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills52) The above figure shows Dana's marginal benefit curve for ice cream. If the price of ice cream is $2 per gallon, then the gallon that gives Dana exactly zero consumer surplus isA) the 8th gallon.B) the 12th gallon.C) the 16th gallon.D) the 20th gallon.Answer: BTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills。

《西方经济学（微观）》第01章到第09章在线测试

《西方经济学（微观）》第01章到第09章在线测试《西方经济学(微观)》第02xx在线测试第一题、单项选择题（每题1分，5道题共5分）1、以下属于实证经济学命题的是AA、最高限价将导致短缺B、政府应该限制公司总裁的收入C、政府应该增加对低收入者的补贴D、政府应该提高所得税税率2、以下属于微观经济学问题的是BA、人口增长问题B、猪肉价格上升过快C、银行不愿意放贷D、出口减少3、理性的人是CA、聪明的人B、知识丰富的人C、有目的采取行动的人D、不会犯错误的人4、边际分析是CA、总量分析B、综合分析C、增加一个如何的分析D、深入的分析5、我们有经济问题是因为DA、资源稀缺B、我们想要的多于大自然xx给我们的C、我们不满足现状D、以上都对第二题、多项选择题（每题2分，5道题共10分）1、资源稀缺所导致的三个基本问题是ABCA、生产什么B、如何生产C、如何分配D、如何管理E、如何征税2、经济物品是ACDEA、稀缺物品B、自由物品C、需要节约利用的物品D、慎重选择用途的物品E、其使用有代价的物品3、微观经济学研究BCEA、金融危机B、消费者效用最大化问题C、工资问题D、银行体制问题E、价格问题4、以下属于实证经济学命题的是ABCDEA、技术进步是经济增长的主要原因B、市场竞争会导致收入分配不均等C、增加货币供给会导致物价上升D、政府限制物价上升会导致排队E、增加出口补贴会导致出口增加。

5、在经济现象中的均衡状态ABCA、没有变化趋势B、参与者的计划得到实现C、供求平衡D、有正的经济利润E、没有稀缺物品第三题、判断题（每题1分，5道题共5分）1、自由物品就是不要钱的物品。

错误2、稀缺物品是绝对数量有限的物品。

错误3、微观经济研究通货膨胀问题。

错误4、均衡状态是静止不变的状态。

错误5、没有免费的午餐就是没有不要钱的午餐。

错误《西方经济学(微观)》第03xx在线测试第一题、单项选择题（每题1分，5道题共5分）1、当乒乓球拍的价格下降时，其他不变，对乒乓球的需求量将AA、增加B、减少C、不变D、视具体情况而定2、依照需求规律AA、苹果价格下降导致销售量增加B、汽车价格提高，xx的人数增加C、价格下降需求增加D、价格下降使得人们更需要苹果3、供给规律意味着BA、价格上升，供给增加B、价格上升，供给量增加C、价格上升，需求量增加D、价格上升，需求增加4、一种商品出现短缺是因为DA、生产得太少B、生产得太多C、价格太高D、价格太低5、一种商品出现剩余是因为CA、生产得太多C、价格太高D、价格太低第二题、多项选择题（每题2分，5道题共10分）1、优良的货币应具有的性质有ABCDA、易于出售B、便于携带C、易于分割D、质地均匀E、易于生产2、苹果的需求的决定因素有BCDEA、苹果的价格B、桔子的价格C、香蕉的价格D、人们的收入E、桃子的价格3、均衡价格是ABCDEA、供求平衡的价格B、同时满足需求方程和供给方程的价格C、没有短缺和剩余的价格D、没有调整趋势的价格E、需求量等于供给量的价格4、一种商品的供给和需求同时增加BCA、价格必定上升B、交易量必定增加C、价格可能上升也可能下降D、交易量必定减少E、价格上升且交易量增加5、彩电价格下降的可能原因有ABCDA、生产成本下降了C、进口增加了D、电视节目质量下降了E、冰箱价格上升第三题、判断题（每题1分，5道题共5分）1、在经济学中，一个市场是指人们进行交易的场所。

微观经济学英文版试题库答案TB1_micro_ch19

Chapter 19Uncertainty and InformationCheckpoint 19.1Decisions in the Face of Uncertainty19.1.1)Expected wealth is a weighted average in which the weights areA)average utilities.B)0.5 and 0.5C)marginal utilities.D)total utilities.E)probabilities.Answer:ETopic:Expected incomeSkill:Level 1: DefinitionObjective:Checkpoint 19.1Author:MR19.1.2)A risk-averse personʹs marginal utility of wealthA)increases as wealth increases.B)decreases as wealth increases.C)first increases as wealth increases and then eventually decreases as wealth increases.D)is constant.E)is negative.Answer:BTopic:Utility of wealthSkill:Level 2: Using definitionsObjective:Checkpoint 19.1Author:MR19.1.3)For a risk averse person, an increase in wealth brings ________ total utility of wealth and________ marginal utility of wealth.A)higher; no change inB)higher; higherC)higher; lowerD)lower; higherE)lower; lowerAnswer:CTopic:Utility of wealthSkill:Level 2: Using definitionsObjective:Checkpoint 19.1Author:MR724 19.1.4)The slope of the utility of wealth curve of a risk -averse personA)increases as wealth increases.B)is U -shaped.C)decreases as wealth increases.D)is constant.E)is negative.Answer:CTopic:Utility of wealthSkill:Level 1: DefinitionObjective:Checkpoint 19.1Author:MR19.1.5)A risk averse person ʹs utility of wealth curve has aA)positive slope and becomes steeper to the right.B)positive slope and becomes flatter to the right.C)U -shape.D)negative slope and becomes steeper to the right.E)negative slope and becomes flatter to the right.Answer:BTopic:Utility of wealthSkill:Level 1: DefinitionObjective:Checkpoint 19.1Author:MR19.1.6)If Ringo is risk averse, at a wealth of $200,000 his utility of wealth curve has ________ slopeand his marginal utility of wealth is ________ than at a wealth of $100,000.A)a negative; smallerB)a negative; largerC)the same; smallerD)a positive; smallerE)a positive; largerAnswer:DTopic:Utility of wealthSkill:Level 2: Using definitionsObjective:Checkpoint 19.1Author:MRBade/Parkin Foundations of Microeconomics , Fourth Edition·Chapter 19 Uncertainty and Information 725 19.1.7)An increase in Metaʹs wealth from $3,000 to $6,000 raises her utility from 80 units to 100units. If she is risk averse, with a wealth of $9,000 her utility might beA)99 units.B)100 units.C)114 units.D)120 units.E)126 units.Answer:CTopic:Utility of wealthSkill:Level 2: Using definitionsObjective:Checkpoint 19.1Author:MR19.1.8)An increase in Toddʹs wealth from $2 million to $4 million raises his utility from 400 units to500 units. If he has a utility of wealth curve with the typical shape showing risk aversion,then with a wealth of $6 million his utility might beA)500 units.B)570 units.C)600 units.D)620 units.E)More information is needed to determine which of the above answers is correct.Answer:BTopic:Utility of wealthSkill:Level 2: Using definitionsObjective:Checkpoint 19.1Author:MR19.1.9)Pedroʹs utility of wealth is 6 units for $10,000 and 10 units for $20,000. A friend gave him alottery ticket for his birthday. The ticket won, giving him either $10,000 with probability 0.5or $20,000 with probability 0.5. Pedroʹs expected utility from the lottery ticket isA)between 6 and 8 units.B)equal to 8 units.C)more than 10 units.D)between 8 and 10 units.E)equal to 10 units.Answer:BTopic:Expected utilitySkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MR72619.1.10)Nancy ʹs utility of wealth curve is given in the above figure. Option A gives Nancy $100 forsure. Option B gives Nancy $50 half the time and $150 half the time. Nancy ʹs expected utility of option AA)is greater than the expected utility of option B.B)is the same as the expected utility of option B.C)is less than the expected utility of option B.D)could be either greater or less than the expected utility of option B.E)is not comparable to the expected utility of option B.Answer:ATopic:Expected utilitySkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MRBade/Parkin Foundations of Microeconomics , Fourth Edition·Chapter 19 Uncertainty and Information 727 19.1.11)Nancyʹs utility of wealth curve is given in the above figure. She is faced with a riskyproposition which yields an income of $50 one-third of the time, $100 one-third of the time,and $150 one-third of the time. Her expected utility isA)100.B)140.C)150.D)420.E)None of the above answers is correct.Answer:BTopic:Expected utilitySkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MR19.1.12)Danaʹs utility of wealth is 65 units at $3,000, 80 units at $5,000, and 95 units at $9,000. Danamust choose between options A and B. Option A gives him wealth of $5,000 for sure. OptionB gives him $3,000 with probability 0.5 or $9,000 with probability 0.5. Dana willA)choose option A.B)choose option B.C)be indifferent between option A and option B because they have the same risk.D)be indifferent between option A and option B because they have the same expectedutility.E)None of the above answers is correct.Answer:DTopic:Making a choice under uncertaintySkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MR19.1.13)Jessica must choose option A or option B. Option A gives her $10,000 for sure. Option B givesher $5,000 if a fair coin toss shows heads and $15,000 if it shows tails. If Jessica is risk averseher utility of wealth curve becomesA)flatter as her wealth increases and she will choose option A.B)flatter as her wealth increases and she will choose option B.C)steeper as her wealth increases and she will choose option A.D)flatter as her wealth increases and she is indifferent between choosing option A oroption B.E)steeper as her wealth increases and she will choose option B.Answer:ATopic:Making a choice under uncertaintySkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MR728 19.1.14)Pablo must choose among options A, B, and C. Option A gives him $10,000 for sure. OptionB gives him $4,000 with probability 0.5 or $16,000 with probability 0.5. OptionC gives him $8,000 with probability 0.5 or $12,000 with probability 0.5. If he receives diminishingmarginal utility from wealth, Pablo willA)choose option A.B)choose option B.C)choose option C.D)be indifferent among options A and B.E)be indifferent among options A, B, and C.Answer:ATopic:Making a choice under uncertaintySkill:Level 4: Applying modelsObjective:Checkpoint 19.1Author:MR19.1.15)Nick has two job offers, one as a financial planner and one as an economist for a regionalbank. The income that Nick expects to earn as a financial planner depends how effective he is in getting clients. He estimates that he might receive either $80,000 and a utility of 75, with a probability of .50, or he might earn $30,000 and a utility of 35, with a probability of .50. The economist job pays $45,000 per year and has a utility of 55. The expected income as afinancial planner is ________ and as an economist is ________.A)$60,000; $45,000B)55; 55C)$80,000 and $30,000; $45,000D)$55,000; $45,000E)None of the above answers is correct.Answer:DTopic:Expected incomeSkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MRBade/Parkin Foundations of Microeconomics , Fourth Edition·Chapter 19 Uncertainty and Information 729 19.1.16)Nick has two job offers, one as a financial planner and one as an economist for a regionalbank. The income that Nick expects to earn as a financial planner depends how effective he isin getting clients. He estimates that he might receive either $80,000 and a utility of 75, with aprobability of .50, or he might earn $30,000 and a utility of 35, with a probability of .50. Theeconomist job pays $45,000 per year and has a utility of 55. To maximize his expected utility,which job should Nick take?A)Nick is indifferent between the two jobs.B)Nick is better off if he takes the economist job.C)Nick is better off if he takes the job of financial planner.D)Nick should look around for another job.E)None of the above answers is correct.Answer:ATopic:Making a choice under uncertaintySkill:Level 4: Applying modelsObjective:Checkpoint 19.1Author:MRWealthTotal utility(thousands ofdollars)0010502090301204014019.1.17)Gunnar can work as a campus security officer at a guaranteed salary of $20,000 per year or asa real estate agent. If Gunnar works as a real estate agent, there is a 50 percent chance that hewill earn $10,000 per year and a 50 percent chance that he will earn $30,000 per year. Basedon the table above, Gunnarʹs expected utility if he works as a real estate agent isA)170.B)50.C)85.D)20.E)90.Answer:CTopic:Expected utilitySkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MR730 19.1.18)Gunnar can work as a campus security officer at a guaranteed salary of $20,000 per year or asa real estate agent. If Gunnar works as a real estate agent, there is a 50 percent chance that he will earn $10,000 per year and a 50 percent chance that he will earn $30,000 per year. Based on the above table, to maximize his expected utility, Gunnar willA)choose to work as a campus security officer.B)choose to work as a real estate agent.C)be indifferent between being a campus security officer and being a real estate agent.D)accept neither job.E)It is impossible to tell which job he would prefer without additional information.Answer:ATopic:Making a choice under uncertaintySkill:Level 4: Applying modelsObjective:Checkpoint 19.1Author:MRBade/Parkin Foundations of Microeconomics , Fourth Edition·Chapter 19 Uncertainty and Information 73119.1.19)Lucy works as a college instructor for a fixed annual salary of $30,000. She is consideringquitting this job and becoming a real estate broker. Lucy believes that as a realtor she has a40 percent chance to make $60,000 per year and a 60 percent chance to make $25,000 a year.The figure above shows Lucyʹs utility of income curve (U). Lucyʹs expected annual incomefrom real estate brokerage isA)$39,000.B)$42,500.C)$60,000.D)$33,000.E)$47,500.Answer:ATopic:Expected incomeSkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MR732 19.1.20)Lucy works as a college instructor for a fixed annual salary of $30,000. She is consideringquitting this job and becoming a real estate broker. Lucy believes that as a realtor she has a 40 percent chance to make $60,000 per year and a 60 percent chance to make $25,000 a year.The figure above shows Lucy ʹs utility of income curve (U ). Lucy ʹs expected utility from real estate brokerage isA)117.B)103.C)100.D)110.E)93.Answer:BTopic:Expected utilitySkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MR19.1.21)Lucy works as a college instructor for a fixed annual salary of $30,000. She is consideringquitting this job and becoming a real estate broker. Lucy believes that as a realtor she has a 40 percent chance to make $60,000 per year and a 60 percent chance to make $25,000 a year.The figure above shows Lucy ʹs utility of income curve (U ). Lucy will decide to ________ and she will definitely make this choice because it gives her a greater expected ________.A)keep her current job; incomeB)keep her current job; income and utilityC)keep her current job; utilityD)quit her job and become a realtor; utilityE)quit her job and become a realtor; incomeAnswer:DTopic:Making a choice under uncertaintySkill:Level 4: Applying modelsObjective:Checkpoint 19.1Author:MR Bade/Parkin Foundations of Microeconomics , Fourth Edition·19.1.22)Lucy works as a college instructor for a fixed annual salary of $30,000. She is consideringquitting this job and becoming a real estate broker. Lucy believes that as a realtor she has a40 percent chance to make $60,000 per year and a 60 percent chance to make $25,000 a year.The figure above shows Lucyʹs utility of income curve (U). Of the following, what minimum salary raise (if any) should Lucyʹs current employer offer her to persuade her to stay?A)No raise is necessary as Lucy is better off with her current salary than with herexpected income as a realtor.B)$8,000C)$5,000D)$3,000E)$1,000Answer:DTopic:Making a choice under uncertaintySkill:Level 5: Critical thinkingObjective:Checkpoint 19.1Author:MR19.1.23)Stan, who is risk averse, can invest in project A or project B. Project A returns $3,000 withprobability 1/2 and $9,000 with probability 1/2. Project B returns nothing with probability 1/2 and $12,000 with probability 1/2. For Stan, project A hasA)greater expected wealth and greater expected utility than project B.B)greater expected wealth but lower expected utility than project B.C)lower expected wealth and lower expected utility than project B.D)the same expected wealth and the same expected utility as project B.E)the same expected wealth but higher expected utility than project B.Answer:ETopic:Making a choice under uncertaintySkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MR19.1.24)The cost of risk is the amount by which expected wealth must increase to give the same________ as a no-risk situation.A)marginal wealthB)marginal utilityC)expected utilityD)expected wealthAnswer:CTopic:Cost of riskSkill:Level 2: Using definitionsObjective:Checkpoint 19.1Author:MR19.1.25)In the figure above, Lourdita faces a 0.5 probability of receiving $3,000 and a 0.5 probabilityof receiving $9,000. Her cost of bearing this risk is the distance fromA)A to F.B)E to DC)A to D.D)B to E.E)C to E.Answer:DTopic:Cost of riskSkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MR19.1.26)Kedran is indifferent between option A, which gives her $10,000 for sure, and option B,which gives her $5,000 with probability 0.4 or $15,000 with probability 0.6. Kedranʹs cost of risk for option B isA)zero.B)$1,000.C)$15,000D)$5,000.E)$10,000.Answer:BTopic:Cost of riskSkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MR19.1.27)Nicole is indifferent between option A, which gives her $20,000 for sure, and option B, whichgives her $10,000 with probability 0.5 or $32,000 with probability 0.5. Nicoleʹs cost of risk foroption B isA)zero.B)$1,000.C)$2,000.D)$20,000.E)$32,000.Answer:BTopic:Cost of riskSkill:Level 3: Using modelsObjective:Checkpoint 19.1Author:MRCheckpoint 19.2Buying and Selling Risk19.2.1)Of U.S. households, the proportion with life insurance is approximatelyA)20 percent.B)33 percent.C)40 percent.D)60 percent.E)80 percent.Answer:ETopic:Eye on the U.S. economy, insurance in the United StatesSkill:Level 1: DefinitionObjective:Checkpoint 19.2Author:MR19.2.2)The average amount that Americans spend on private insurance is approximatelyA)2 percent of their income.B)7 percent of their income.C)10 percent of their income.D)15 percent of their income.E)25 percent of their income.Answer:BTopic:Eye on the U.S. economy, insurance in the United StatesSkill:Level 1: DefinitionObjective:Checkpoint 19.2Author:MR19.2.3)Out of main types of insurance listed below, Americans spend the most on ________insurance.A)lifeB)healthC)autoD)property and casualtyE)life and autoAnswer:BTopic:Eye on the U.S. economy, insurance in the United StatesSkill:Level 1: DefinitionObjective:Checkpoint 19.2Author:MR19.2.4)Dane has a car valued at $20,000 that gives him a utility of 80. There is a 5 percent chancethat he will have an accident that will make his car worthless, in which case his utility will be zero. His utility from a wealth of $15,000 is 76. The maximum amount Dane will be willing to pay for insurance isA)$1,000.B)$3,000.C)$5,000.D)$750.E)$15,000.Answer:CTopic:Maximum value of insuranceSkill:Level 4: Applying modelsObjective:Checkpoint 19.2Author:MR19.2.5)Dan has a car valued at $10,000 that gives him a utility of 50 units. There is a 10 percentchance that he will have an accident that will make his car worthless, in which case his utility will be zero. His utility from a wealth of $7,000 is 45 units. The maximum amount Dan will be willing to pay for car insurance isA)$1,000.B)$3,000.C)$10,000.D)$7,000.E)zero.Answer:BTopic:Maximum value of insuranceSkill:Level 4: Applying modelsObjective:Checkpoint 19.2Author:MR19.2.6)Van, whose utility of wealth curve is shown in the above figure, owns a home that is valuedat $100,000. There is a 10 percent chance that the house will be destroyed by hurricane. The minimum cost of insurance in this case isA)$10,000.B)$20,000.C)$100,000.D)$30,000.E)$40,000.Answer:ATopic:Minimum cost of insuranceSkill:Level 3: Using modelsObjective:Checkpoint 19.2Author:MR19.2.7)Van, whose utility of wealth curve is shown in the above figure, owns a home that is valuedat $100,000. Initially there is a 10 percent chance that the house will be destroyed byhurricane. As the risk of destruction due to hurricane rises from 10 percent to 20 percent, the minimum cost of insuranceA)stays the same.B)increases by $100,000.C)increases by $10,000.D)increases by $20,000.E)increases by $30,000.Answer:CTopic:Minimum cost of insuranceSkill:Level 3: Using modelsObjective:Checkpoint 19.2Author:MR19.2.8)Van, whose utility of wealth curve is shown in the above figure, owns a home that is valuedat $100,000. There is a 10 percent chance that the house will be destroyed by hurricane. The maximum value of insurance to Van isA)$10,000.B)$15,000.C)$20,000.D)$30,000.E)$100,000.Answer:DTopic:Maximum value of insuranceSkill:Level 4: Applying modelsObjective:Checkpoint 19.2Author:MR19.2.9)Bruce Copperwoodʹs utility of wealth curve is illustrated in the above figure. Bruce ispresently employed at a salary of $100,000. There is a 10 percent probability that Bruce will be totally disabled, in which case he will have no wealth. The maximum amount that Bruce is willing to pay for a disability insurance policy that would pay him $100,000 in the case oftotal disability isA)$10,000.B)$20,000.C)$80,000.D)$100,000.E)None of the above answers is correct.Answer:BTopic:Maximum value of insuranceSkill:Level 4: Applying modelsObjective:Checkpoint 19.2Author:MR19.2.10)Bruce Copperwoodʹs utility of wealth curve is illustrated in the above figure. Bruce ispresently employed at a salary of $100,000. There is a 10 percent probability that Bruce willbe totally disabled, in which case he will have no wealth. An insurance company (with nooperating expenses) would be willing to offer Bruce a disability insurance policy paying$100,000 in the case of total disability for a minimum premium ofA)$1,000.B)$10,000.C)$20,000.D)$100,000.E)None of the above answers is correct.Answer:BTopic:Minimum cost of insuranceSkill:Level 3: Using modelsObjective:Checkpoint 19.2Author:MRCheckpoint 19.3Private Information19.3.1)Of the following, the best example of private information is whenA)Michael knows the price of a gallon of milk at the minimart but Michelle doesnʹt know.B)you know some of your used carʹs defects but a potential buyer cannot find out aboutthem until after buying.C)you donʹt know the quality of a used car and must hire a trained mechanic who tellsyou all its defects.D)you wonʹt know the price of a gallon of milk at the minimart until you go to theminimart.E)you pay the owner of a used car a little extra and she lets you know all of the carʹsdefects.Answer:BTopic:Private informationSkill:Level 2: Using definitionsObjective:Checkpoint 19.3Author:MR19.3.2)Moral hazard results from ________ information and adverse selection results from ________information.A)private; privateB)private; publicC)public; privateD)public; publicE)private and public; privateAnswer:ATopic:Private informationSkill:Level 1: DefinitionObjective:Checkpoint 19.3Author:MR19.3.3)Adverse selection is the tendency for people who accept contracts to be those whoA)buy goods and then regret it later.B)buy goods for more than their own reservation price.C)plan to use private information to the disadvantage of the less well-informed party.D)plan to impose the pooling equilibrium.E)plan to impose the pooling equilibrium.Answer:CTopic:Adverse selectionSkill:Level 1: DefinitionObjective:Checkpoint 19.3Author:MR19.3.4)Moral hazard occurs ________ an agreement is made and when monitoring the parties to theagreement is ________.A)before; easyB)before; costlyC)after; easyD)after; costlyE)both before and after; easyAnswer:DTopic:Moral hazardSkill:Level 1: DefinitionObjective:Checkpoint 19.3Author:MR19.3.5)Moral hazard exists chiefly because ofA)economies of scale.B)diseconomies of scale.C)private information.D)public information.E)signals.Answer:CTopic:Moral hazardSkill:Level 2: Using definitionsObjective:Checkpoint 19.3Author:MR19.3.6)Because Don has health insurance, he is more likely to see the doctor when he has a cold.This is an example ofA)adverse selection.B)moral hazard.C)both moral hazard and adverse selection.D)private information.E)a pooling equilibrium.Answer:BTopic:Moral hazardSkill:Level 2: Using definitionsObjective:Checkpoint 19.3Author:MR19.3.7)If Sally drives less carefully after buying auto insurance, she illustratesA)adverse selection.B)negative selection.C)moral hazard.D)signaling hazard.E)lemon hazard.Answer:CTopic:Moral hazardSkill:Level 2: Using definitionsObjective:Checkpoint 19.3Author:MR19.3.8)Paying salespeople a fixed wage contract, one in which income does not depend on thevolume of sales, avoidsA)both adverse selection and moral hazard.B)neither adverse selection nor moral hazard.C)adverse selection but not moral hazard.D)a separating equilibrium.E)moral hazard but not adverse selection.Answer:BTopic:Moral hazard and adverse selectionSkill:Level 5: Critical thinkingObjective:Checkpoint 19.3Author:MR19.3.9)The use of incentive payments for salespeople combatsA)both adverse selection and moral hazard.B)neither adverse selection nor moral hazard.C)adverse selection but not moral hazard.D)moral hazard but not adverse selection.Answer:ATopic:Moral hazard and adverse selectionSkill:Level 3: Using modelsObjective:Checkpoint 19.3Author:MR19.3.10)Your grade point average acts as ________ to potential employers.A)a signalB)a reservation priceC)adverse selectionD)a guaranteeE)insuranceAnswer:ATopic:Eye on your life, signaling your abilitySkill:Level 1: DefinitionObjective:Checkpoint 19.3Author:MR19.3.11)Suppose that there are only two types of used cars, peaches and lemons. Peaches are worth$10,000 and lemons are worth $4,000. Without effective signals such as warranties, theowners of peaches cannot sell their cars for $10,000 because theA)owners of peaches cannot convince buyers that their cars are worth $10,000.B)buyers cannot convince owners of peaches to sell their cars for $10,000.C)owners of lemons cannot convince buyers that their cars are worth more than $4,000.D)owners of lemons tell potential buyers that the car is a lemon.E)buyers cannot convince owners of lemons to sell their cars for $4,000.Answer:ATopic:Market for used carsSkill:Level 3: Using modelsObjective:Checkpoint 19.3Author:MR19.3.12)Suppose that there are only two types of used cars, peaches and lemons and that it is notpossible for a buyer to tell which is which. Peaches are worth $10,000, and lemons are worth $6,000. Three fourths of all used cars are peaches, and one fourth are lemons. In a marketwith no signals, for instance, a market without warranties, the average value of cars actually sold will beA)$6,000.B)$7,000.C)$4,000.D)$9,000.E)$10,000.Answer:ATopic:Market for used carsSkill:Level 4: Applying modelsObjective:Checkpoint 19.3Author:MR19.3.13)Suppose there are only two kind of cars in the market for used cars: lemons and good cars.A lemon is worth $1,000 both to its current owner and to anyone who buys it. A good car isworth $8,000 to its current and potential owners. Buyers canʹt tell whether a car is a lemonuntil after they have bought the car, and there is no warranty. What is the prevailing price ofa used car?A)$8,000B)$1,000C)$9,000D)$4,500E)The prevailing price depends on how many lemons and how many good cars aretraded.Answer:BTopic:Market for used carsSkill:Level 4: Applying modelsObjective:Checkpoint 19.3Author:MR19.3.14)The used car market without warranties suffers fromA)perfect competition.B)oligopoly.C)adverse selection and moral hazard.D)excessive signaling.E)a separating equilibrium.Answer:CTopic:Market for used cars; warrantiesSkill:Level 1: DefinitionObjective:Checkpoint 19.3Author:MR19.3.15)One of the ways the market for used cars copes with the problems associated with privateinformation is through the offering ofA)leases.B)insurance.C)warranties.D)low interest rates.E)low prices.Answer:CTopic:Market for used cars; warrantiesSkill:Level 1: DefinitionObjective:Checkpoint 19.3Author:MR19.3.16)Warranties in the used car market ________ the problem of private information therebycausing the price of good and bad used cars to ________.A)reduce; be the sameB)reduce; differC)magnify; be the sameD)magnify; differE)have no effect on; not changeAnswer:BTopic:Market for used cars; warrantiesSkill:Level 2: Using definitionsObjective:Checkpoint 19.3Author:MR19.3.17)Dan, age 19, may have trouble buying insurance at a low price becauseA)the insurance company has private information that he is a risky driver.B)the insurance company fears a separating equilibrium.C)the insurance company has private information that his signals are valid.D)insurance companies fear that he has private information that his deductible is toohigh.E)insurance companies fear that he has private information that he is a risky driver.Answer:ETopic:Market for insuranceSkill:Level 2: Using definitionsObjective:Checkpoint 19.3Author:MR。

微观经济学英文版题库练习完整版

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。

东北财经大学大一经济学专业微观经济学英文试卷及答案 (2)

东北财经大学微观经济学纸质练习试卷姓名：学号：得分：A Multiple choice1) The opportunity cost of good A in terms of good B is equal to theA) money price of good A minus the money price of good B.B) money price of good B minus the money price of good A.C) ratio of the money price of good A to the money price of good B.D) ratio of the money price of good B to the money price of good A.Answer: C2) Which of the following is consistent with the law of demand?A) An increase in the price of a DVD causes an increase in the quantity of DVDs demanded.B) An increase in the price of a soda causes a decrease in the quantity of soda demanded.C) A decrease in the price of a gallon of milk causes a decrease in the quantity of milk demanded.D) A decrease in the price of juice causes no change in the quantity of juice demanded.Answer: B3) If the price of chicken falls, then in the market for beef,A) the demand curve for beef shifts rightward.B) the demand curve for beef shifts leftward.C) there is a movement downward along the demand curve for beef.D) there is a movement upward along the demand curve for beef.Answer: B4)The quantity supplied of a good or service is the amount thatA) producers wish they could sell at a higher price.B) is actually bought during a given time period at a given price.C) people are willing to buy during a given time period at a given price.D) producers plan to sell during a given time period at a given price.Answer: D5)The figure above shows supply curves for soft drinks. Suppose the economy is at point a. A decrease in the price of sugar used to make soft drinks is shown as a movement from point a to a point such asA) none of the points that are illustrated. B) point b.C) point c. D) point d.of a Blu-ray disc player increases, resulting in the demand for Blu-ray discs decreasing by 8,000 units at all prices. What are the new equilibrium quantity and equilibrium price of Blu-ray discs?A) 8,000 and $8 B) 16,000 and $16 C) 20,000 and $20 D) 28,000 and $28Answer: B7) If a market is NOT in equilibrium, then which of the following is likely to occur?A) The demand curve will shift to bring the market to equilibrium.B) The supply curve will shift to bring the market to equilibrium.C) The price will adjust to bring the market to equilibrium.D) Both A and B are correct.Answer: C8) Long-distance travel by bus is an inferior good. As people's incomes increase and other things remain the same, you predict that theA) price of long-distance travel by bus will fall and the demand for long-distance travel by bus will increase.B) price of long-distance travel by bus will fall.C) demand for long-distance travel by bus will decrease and the price will rise.D) demand for long-distance travel by bus will increase as the price of long-distance travel by bus falls.Answer: B9)In the above figure, a change in quantity supplied with unchanged supply is represented by a movement fromA) point a to point e. B) point b to point a. C) point e to point c. D) point b to point e.Answer: B10) In the above figure, if D2 is the original demand curve and the population falls, which price and quantity might result?A) point a, with price P2 and quantity Q2B) point b, with price P1 and quantity Q1C) point c, with price P3 and quantity Q3D) point d, with price P1 and quantity Q3Answer: B11)To maximize its revenue,A) a firm facing inelastic demand should always raise its price.B) a firm facing elastic demand should always raise its price.C) a firm should always charge the highest price possible regardless of the elasticity of demand.D) None of the above answers is correct.Answer: A12)Florida State University has just lowered the price of its season football tickets from $350.00 to $300.00. As a result, there was an increase in the number of season tickets purchased from 43,000 to 47,000. The price elasticity of demand for season tickets equalsA) 1.71. B) 1.58. C) 0.71. D) 0.58.Answer: D13)The greater the magnitude of the absolute value of the income elasticity of demand for a good, the more theA) demand for that good changes when income changes.B) total revenue for firms producing that good changes when income changes.C) price of the good changes when income changes.D) All of the above answers are correct.Answer: D14)As time passes after a change in the price, the supply of a good or serviceA) becomes more elastic. B) becomes less elastic.C) initially becomes more elastic and then becomes less elastic.D) initially becomes less elastic and then becomes more elastic.Answer: A15) An important determinant of the price elasticity of supply is the extent to whichA) the commodity is a luxury or a necessity.B) the demand for it is both price and income elastic.C) the product has many complements or substitutes.D) production requires the use of particularly scarce or specialized resources.Answer: D16) When the price of perfume changes from $24 to $26, the quantity supplied increases from 100 jars to 150 jars. What is the elasticity of supply of perfume?A) 0.04 B) 25.0 C) 5.0 D) 0.2Answer: C17). Suppose that the demand for corn is price inelastic. If a technological advance makes corn farms more productive, the equilibrium price of corn will ________ and the farmers' total revenue will ________.A) rise; increase B) rise; decrease C) fall; increase D) fall; decreaseAnswer: D18).Suppose the equilibrium price of bottled water has risen from $1.00 per bottle to $2.00 per bottle and the equilibrium quantity has increased. These changes are a result of a ________ shift of the________ curve for bottled water.A) rightward; demand B) rightward; supplyC) leftward; supply D) leftward; demandAnswer: AB True or false1) A movement along the demand curve shows a change in demand.Answer: FALSE2)For consumers, chocolate chip cookies and doughnuts are substitutes. So, an increase in the price of chocolate chip cookies will lead to a rightward shift in the demand curve for doughnuts. Answer: TRUE3)The supply curve indicates the minimum quantity that a producer would be willing to supply at alternative prices.Answer: FALSE4)An increase in technology will shift the good's supply curve rightward.Answer: TRUE5)During the mid-2000s, the average price of a used car fell by nearly $500 and the quantity sold nation-wide decreased by several thousands each year. This set of results is a contradiction of the law of demand.Answer: FALSE6) If the demand for cigarettes decreases after the U.S. Surgeon General publicizes five new diseases associated with smoking, this is conclusive evidence that the demand for cigarettes is elastic. Answer: FALSE7)The elasticity of demand is constant along a downward sloping straight-line demand curve. Answer: FALSE8) For baseball memorabilia fans, the baseball with which Hank Aaron hit his 735th career home run is perfectly inelastic in supply and in demand.Answer: FALSE9)The larger the portion of a person's total budget spent on a good, the more inelastic the demand for the good.Answer: FALSE10)Goods or services that can be produced only by using unique or rare productive resources tend to have a low elasticity of supply.Answer: TRUEC CalculationThe diagram above illustrates the market for apartments in Victoria, British Columbia.a) If the current rent is $300 per month, is there a shortage or surplus in the apartment market and how much is the shortage or surplus?b) What is the equilibrium rent and quantity of apartments?Answer:a) If the rent is $300 per month, there is a shortage of 30,000 apartments.b) The equilibrium rent is $400 per month and the equilibrium quantity is 40,000 apartments.。

微观经济学习题答案

CHAPTER 2THE BASICS OF SUPPLY AND DEMAND REVIEW QUESTIONSshape of the demand curve it faces by raising the price and observing the change in quantity sold. The university official is not observing the entire demand curve, but rather only the equilibrium price and quantity over the last 15 years. If demand is shifting upward, as supply shifts u pward, demand could have any elasticity. (See Figure 2.7, for example.) Demand80 20 16100 18 18120 16 20a. Calculate the price elasticity of demand when the price is $80. When theprice is $100.We know that the price elasticity of demand may be calculated usingequation 2.1 from the text:EQQPPPQQPDDDDD ==∆∆∆∆.With each price increase of $20, the quantity demanded decreases by 2. Therefore,.1.0202-=-=⎪⎭⎫ ⎝⎛∆∆P Q D At P = 80, quantity demanded equals 20 and().40.01.02080-=-⎪⎭⎫⎝⎛=D ESimilarly, at P = 100, quantity demanded equals 18 and().56.01.018100-=-⎪⎭⎫ ⎝⎛=D Eb.Calculate the price elasticity of supply when the price is $80. When the price is $100.The elasticity of supply is given by:E Q Q P PP Q Q PS SS SS ==∆∆∆∆.With each price increase of $20, quantity supplied increases by 2. Therefore,.1.0202==⎪⎭⎫⎝⎛∆∆P Q S At P = 80, quantity supplied equals 16 and()5.01.01680=⎪⎭⎫ ⎝⎛=S E .Similarly, at P = 100, quantity supplied equals 18 and().56.01.018100=⎪⎭⎫⎝⎛=S Ec.What are the equilibrium price and quantity?The equilibrium price and quantity are found where the quantity supplied equals the quantity demanded at the same price. As we see from the table, the equilibrium price is $100 and the equilibrium quantity is 18 million.d.Suppose the government sets a price ceiling of $80. Will there be a shortage, and, if so, how large will it be?With a price ceiling of $80, consumers would like to buy 20 million, butproducers will supply only 16 million. This will result in a shortage of 4 million.3. Refer to Example 2.5 on the market for wheat. At the end of 1998, both Brazil and Indonesia opened their wheat markets to US farmers. Suppose that these new market add 200 million bushels of U.S. wheat. What would the free market price of wheat have been and what quantity would have been produced and sold by U.S. farmers?The following equations describe the market for wheat in 1985:Q S = 1,800 + 240PandQ D = 2,580 - 194P .If these new market add 200 million bushels of wheat, the new demand curve 'Q D, would be equal to Q ED + 200, or 'Q D= (2,580 - 194P ) + 200 = 2,780 - 194P Equating supply and the new demand, we may determine the new equilibrium price,1,800 + 240P = 2,780 - 194P , or 434P = 980, or P* = $2.26 per bushel.To find the equilibrium quantity, substitute the price into either the supply or demand equation, e.g.,Q S = 1,800 + (240)(2.26) = 2,342andQ D = 2,780 - (194)(2.26) = 2,342.CHAPTER 3CONSUMER BEHAVIOR2. Draw the indifference curves for the following individuals’ preferences for two goods: hamburgers and soft drinks. Indicate the direction in which the individuals ’ satisfaction (or utility) is increasing.a. Joe has convex indifferences curves and dislikes both hamburgers and soft drinks. hamburgerssoft drinks.b.Jane loves hamburgers and dislikes soft drinks, If she is served a soft drink, she willpour it down the drain rather than drink it.hamburgerssoft drinksc. Bob loves hamburgers and dislikes soft drinks, If he is served a soft drink, he will drinkit to be polite. hamburgersdrinksd. Molly loves hamburgers and soft drinks, but insists on consuming exactly one softdrink for every two hamburgers that s he eats.Soft drinks1 2 324 6e.Bill likes hamburgers, but neither likes nor dislikes soft drinks。

微观经济学第八章习题答案

解答：第一，从商品的角度来看，微观经济学可以分为两个部分，即关于“产品”的理论和关于“要素”的理论。

前者讨论产品的价格和数量的决定，后者讨论要素的价格和数量的决定。

第二，产品的理论和要素的理论是相互联系的。

特别是，产品理论离不开要素理论，否则就不完全。

这是因为，首先，产品理论在讨论产品的需求曲线时，假定了消费者的收入水平既定，但并未说明收入水平是如何决定的；其次，在推导产品的供给曲线时，假定了生产要素的价格既定，但并未说明要素的价格是如何决定的。

这两点都与要素理论有关。

因此，要素理论可以看成是产品理论的自然延伸和发展。

第三，在西方经济学中，产品的理论通常被看成是“价值”理论，要素理论通常被看成是“分配”理论。

产品理论加上要素理论，或者，价值理论加上分配理论，构成了整个微观经济学的一个相对完整的体系。

2.试述完全竞争厂商的要素使用原则。

解答：第一，厂商在使用要素时同样遵循利润最大化原则，即要求使用要素的“边际成本”和“边际收益”相等。

第二，在完全竞争条件下，使用要素的边际收益等于“边际产品价值”(要素的边际产品和产品价格的乘积)，而使用要素的边际成本等于“要素价格”。

于是，完全竞争厂商使用要素的原则是：边际产品价值等于要素价格。

3.完全竞争厂商的要素使用原则与利润最大化产量原则有何关系？解答：从表面上看，完全竞争企业(实际上也包括其他企业)在生产过程中似乎有两个不同的决策要做：第一，购买多少要素？这是所谓的“要素需求”问题——使用多少要素才能够使利润达到最大？第二，生产多少产量？这是所谓的“产品供给”问题——生产多少产量才能够使利润达到最大？实际上，这两个问题是一回事。

这是因为在企业的要素需求和产品供给之间存在着一定的关系：如要减少对要素的需求，则产品供给常常就不得不减少；反之，如要增加对产品的供给，则要素的需求常常又不得不增加。

二者之间的关系就是所谓的生产函数：Q＝Q(L)。

这里，L为企业使用的要素数量(如劳动)，Q为使用要素L所生产的产品数量。

《微观经济学：利润最大化与竞争性供给》问答与练习(英文版含答案)

《微观经济学：利润最大化与竞争性供给》问答与练习（英文版含答案）PROFIT MAXIMIZATION AND COMPETITIVE SUPPLY1. Why would a firm that incurs losses choose to produce rather than shut down?Losses occur when revenues do not cover total costs. Revenues could still be greater thanvariable costs, but not fixed costs. If a firm is incurring a loss, it will seek to minimizethat loss. In the short run, losses will be minimized as long as the firm covers its variablecosts. In the long run, all costs are variable. Thus, all costs must be covered if the firmis to remain in business.2. The supply curve for a firm in the short run is the short-run marginal cost curve (above the point of minimum average variable cost). Why is the supply curve in the long run not the long-run marginal cost curve (above the point of minimum average total cost)?In the short run, a change in the market price induces the profit-maximizing firm tochange its optimal level of output. This optimal output occurs when price is equal tomarginal cost, as long as marginal cost exceeds average variable cost. Therefore, thesupply curve of the firm is its marginal cost curve, above average variable cost. (Whenthe price falls below average variable cost, the firm will shut down.)In the long run, the firm adjusts its inputs so that its long-run marginal cost is equal tothe market price. At this level of output, it is operating on a short-run marginal costcurve where short-run marginal cost is equal to price. As the long-run price changes,the firm gradually changes its mix of inputs to minimize cost. Thus, the long-run supplyresponse is this adjustment from one set of short-run marginal cost curves to another.3. In long-run equilibrium, all firms in the industry earn zero economic profit. Why is this true?The theory of perfect competition explicitly assumes that there are no entry or exitbarriers to new participants in an industry. With free entry, positive economic profitsinduce new entrants. As these firms enter, the supply curve shifts to the right, causinga fall in the equilibrium price of the product. Entry will stop, and equilibrium will beachieved, when economic profits have fallen to zero.4. What is the difference between economic profit and producer surplus?While economic profit is the difference between total revenue and total cost, producersurplus is the difference between total revenue and total variable cost. The differencebetween economic profit and producer surplus is the fixed cost of production.5. Why do firms enter an industry when they know that in the long run economic profit will be zero?Firms enter an industry when they expect to earn economic profit. These short-runprofits are enough to encourage entry. Zero economic profits in the long run implynormal returns to the factors of production, including the labor and capital of the ownersof firms. For example, the owner of a small business might experience positiveaccounting profits before the foregone wages from running the business are subtractedfrom these profits. If the revenue minus other costs is just equal to what could be earnedelsewhere, then the owner is indifferent to staying in business or exiting.6. At the beginning of the twentieth century, there were many small American automobile manufacturers. At the end of the century, there are only three large ones. Suppose that this situation is not the result of lax federal enforcement of antimonopoly laws. How do you explain the decrease in the number of manufacturers? (Hint: What is the inherent cost structure of the automobile industry?) Automobile plants are highly capital-intensive. Assuming there have been noimpediments to competition, increasing returns to scale can reduce the number of firmsin the long run. As firms grow, their costs decrease with increasing returns to scale.Larger firms are able to sell their product for a lower price and push out smaller firms inthe long run. Increasing returns may cease at some level of output, leaving more thanone firm in the industry.7. Industry X is characterized by perfect competition, so every firm in the industry is earning zero economic profit. If the product price falls, no firms can survive. Do you agree or disagree? Discuss.Disagree. As the market price falls, firms cut their production. If price falls belowaverage total cost, firms continue to produce in the short run and cease production in thelong run. If price falls below average variable costs, firms cease production in the shortrun. Therefore, with a small decrease in price, i.e., less than the difference between theprice and average variable cost, firms can survive. With larger price decrease,i.e.,greater than the difference between price and minimum average cost, no firms survive.8. An increase in the demand for video films also increases the salaries of actors and actresses. Is the long-run supply curve for films likely to be horizontal or upward sloping? Explain.The long-run supply curve depends on the cost structure of the industry. If there is a fixedsupply of actors and actresses, as more films are produced, higher salaries must be offered.Therefore, the industry experiences increasing costs. In an increasing-cost industry, thelong-run supply curve is upward sloping. Thus, the supply curve for videos would beupward sloping.9. True or false: A firm should always produce at an output at which long-run average cost is minimized. Explain.False. In the long run, under perfect competition, firms should produce where averagecosts are minimized. The long-run average cost curve is formed by determining theminimum cost at every level of output. In the short run, however, the firm might not beproducing the optimal long-run output. Thus, if there are any fixed factors of production,the firm does not always produce where long-run average cost is minimized.10. Can there be constant returns to scale in an industry with an upward-sloping supply curve? Explain.Constant returns to scale imply that proportional increases in all inputs yield the sameproportional increase in output. Proportional increases in inputs can induce higherprices if the supply curves for these inputs are upward sloping. Therefore, constantreturns to scale does not always imply long-run horizontal supply curves.11. What assumptions are necessary for a market to be perfectly competitive? In light of what you have learned in this chapter, why is each of these assumptions important?The two primary assumptions of perfect competition are (1) all firms in the industry areprice takers, and (2) there is free entry and exit of firms from the market. This chapterdiscusses how competitive equilibrium is achieved under these assumptions. In particular,we have seen that in a competitive equilibrium, price is equal to marginal cost. Bothassumptions insure this equilibrium condition in the long run. In the short run, pricecould be greater than average cost, implying positive economic profits. With free entryand exit, positive economic profits would encourage other firms to enter. This entryexerts downward pressure on price until price is equal to both marginal cost andminimum average cost.12. Suppose a competitive industry faces an increase in demand (i.e., the curve shifts upward). What are the steps by which a competitive market insures increased output? Does your answer change if the government imposes a price ceiling?If demand increases with fixed supply, price and profits increase. The price increaseinduces the firms in the industry to increase output. Also, with positive profit, firmsenter the industry, shifting the supply curve to the right. With an effective price ceiling,profit will be lower than without the ceiling, reducing the incentive for firms to enter theindustry. With zero economic profit, no firms enter and there is no shift in the supplycurve.13. The government passes a law that allows a substantial subsidy for every acre of land used to grow tobacco. How does this program affect the long-run supply curve for tobacco?A subsidy to tobacco pro duction decreases the firm’s costs of production. These costdecreases encourage other firms to enter tobacco production, and the supply curve for theindustry shifts out.1. From the data in Table 8.2, show what happens to the firm’s output ch oice and profit if the price of the product falls from $40 to $35.The table below shows the firm’s revenue and cost information when the price falls to $35.At a price of $35, the firm should produce seven units to maximize profits, because this isthe point closest to where price equals marginal cost without having marginal cost exceedprice.2. Again, from the data in Table 8.2, show what happens to the firm’s output choice and profit if the fixed cost of production increases from $50 to $100, and then to $150. What general conclusion can you reach about the effects of fixed costs on the firm’s output choice?The table below shows the firm’s revenue and cost information for Fixed Cost, FC of 50,100, and 150.With fixed costs of 100, the firm maximizes profit at 8 units of output. It also minimizeslosses with fixed costs of 150 at the same level. Fixed costs do not influence the optimalquantity, because they do not influence marginal cost.3. Suppose you are the manager of a watchmaking firm operating in a competitive market. Your cost of production is given by C = 100 + Q2, where Q is the level of output and C is total cost. (The marginal cost of production is 2Q. The fixed cost of production is $100.)a. If the price of watches is $60, how many watches should you produce to maximize profit?Profits are maximized where marginal cost is equal to marginal revenue. Here,marginal revenue is equal to $60; recall that price equals marginal revenue in acompetitive market:60 = 2Q, or Q = 30.b. What will the profit level be?Profit is equal to total revenue minus total cost:π = (60)(30) - (100 + 302) = $800.c. At what minimum price will the firm produce a positive output?A firm will produce in the short run if the revenues it receives are greater than its variablecosts. Remember that the firm’s short-run supply curve is its marginal cost curve abovethe minimum of average variable cost. Here, average variable cost is VCQQQQ ==2.Also, MC is equal to 2Q. So, MC is greater than AVC for any quantity greater than 0. This means that the firm produces in the short run as long as price is positive.4. Use the same information as in Exercise 1 to answer the following.a. Derive the firm’s short-run supply curve. (Hint: you may want to plot the appropriate costcurves.)The firm’s short-run supply curve is its marginal cost curve above average variable cost.The table below lists marginal cost, total cost, variable cost, fixed cost, and averagevariable cost.Q P TR TC MC TVC TFC AVC0 40 0 50 -50 ___ 0 50 ___1 40 40 100 -60 50 50 50 50.02 40 80 128 -48 28 78 50 39.03 40 120 148 -28 20 98 50 32.74 40 160 162 -2 14 112 50 28.05 40 200 180 20 18 130 50 26.06 40 240 200 40 20 150 50 25.07 40 280 222 58 22 172 50 24.68 40 320 260 60 38 210 50 26.3b. If 100 identical firms are in the market, what is the industry supply curve?For 100 firms with identical cost structures, the market supply curve is the horizontalsummation of each firm’s output at each price.Figure 8.4.b5. A sales tax of $1 per unit of output is placed on one firm whose product sells for $5 in a competitive industry.a. How will this tax affect the cost curves for the firm?With the imposition of a $1 tax on a single firm, all its cost curves shift up by $1.b. What will happen to the firm’s price, output, and profit in the short run?Since the firm is a price-taker in a competitive market, the imposition of the tax on onlyone firm does not change the market price. Since the firm’s short-run supply curve is itsmarginal cost curve above average variable cost and that marginal cost curve has shiftedup (inward), the firm supplies less to the market at every price. Profits are lower atevery quantity.c. What will happen in the long run?If the tax is placed on a single firm, that firm will go out of business.6. Suppose that a competitive firm’s marginal cost of producing output q is given byMC(q) = 3 + 2q. Assume that the market price of the firm’s product is $9:a. What level of output will the firm produce?To maximize profits, the firm should set marginal revenue equal to marginal cost. Giventhe fact that this firm is operating in a competitive market, the market price it faces isequal to marginal revenue. Thus, the firm should set the market price equal to marginalcost to maximize its profits:9 = 3 + 2q, or q = 3.Total revenue is price times quantity:TR = ($9)(3) = $27.Profit is total revenue minus total cost:= $27 - $21 = $6.Therefore, the firm is earning positive economic profits.8. A competitive industry is in long-run equilibrium. A sales tax is then placed on all firms in the industry. What do you expect to happen to the price of the product, the number of firms in the industry, and the output of each firm in the long run?With the imposition of a sales tax on all firms, the supply curve shifts up and a newequilibrium will result with a lower quantity and a higher price. This shift in supplyrepresents lower production for all firms.*9. A sales tax of 10 percent is placed on half the firms (the polluters) in a competitive industry. The revenue is paid to the remaining firms (the nonpolluters) as a 10 percent subsidy on the value of output sold.a. Assuming that all firms have identical constant long-run average costs before the sales tax-subsidy policy, what do you expect to happen to the price of the product, the output of each of the firms, and industry output, in the short run and the long run? (Hint: How does price relate to industry input?)The price of the product depends on the quantity produced by all firms in the industry.The immediate response to the sales-tax=subsidy policy is a reduction in quantity bypolluters and an increase in quantity by non-polluters. If a long-run competitiveequilibrium existed before the sales-tax=subsidy policy, price would have been equal tomarginal cost and long-run minimum average cost. For the polluters, the price after thesales tax is below long-run average cost; therefore, in the long run, they will exit theindustry. Furthermore, after the subsidy, the non-polluters earn economic profits thatwill encourage the entry of non-polluters. If this is a constant cost industry and the lossof the polluters’ output is compensated by an increase in the non-polluters’ output, theprice will remain constant.b. Can such a policy always be achieved with a balanced budget in which tax revenues are equal tosubsidy payments? Why? Explain.As the polluters exit and non-polluters enter the industry, revenues from pollutersdecrease and the subsidy to the non-polluters increases. This imbalance occurs whenthe first polluter leaves the industry and persist’s ever after.。

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第一章 1. Beth’s friends want to take her to a movie or a play for her birthday. Beth chooses to attend the play. We know that: a. Beth has made an irrational decision. b. not seeing the movie is Beth’s opportunity cost of attending the play. c. Beth did not make a decision at the margin. d. seeing the play did not cost Beth anything since she did not have to pay for the ticket.

2. A market economy relies on a. decentralized choices coordinated by Adam Smith’s “invisible hand.” b. centralized choices coordinated by Adam Smith’s “invisible hand.” c. decentralized choices coordinated by the “visible hand” of authority. d. centralized choices coordinated by the “visible hand” of authority.

3. Which of the following is an example of market power? a. Elaine engages in less research than she would if the government were to subsidize her research activities. b. Mark’s company charges a higher price for its product because government regulations force the company to clean-up its emissions into a local waterway. c. Because of the high cost of gasoline, Jennifer buys a smaller, more fuel-efficient car. d. The town’s only cable company charges a higher price than it would if it faced competition from other firms.

4. Government regulation of the economy may be beneficial if: a. externalities exist. b. there is too much competition. c. there is no market power. d. special interest groups act to influence government policy.

5. Which of the following variables is the key ingredient in improving the standard of living of the average citizen? a. low inflation b. low unemployment rates c. productivity increases d. population growth

6. Externalities occur when a. one person’s actions affect the well-being of a bystander. b. the government imposes taxes. c. increases in the price of oil cause gasoline prices to rise. d. higher wages result in increased spending.

7. Which of the following are NOT examples of market failure? a. There is only one firm that employs all the workers of Smalltown. b. BUU is the sole provider of long-distance for the United States. c. As a result of its production processes, REA Corporation emits two tons of air pollutants daily. d. None of the above.

8. Government intervention in the marketplace a. always benefits society. b. always harms society. c. may either benefit or harm society depending on the type and extent of government intervention. d. is rarely influenced by political considerations.

9. Trade between two countries a. makes both countries better off. b. can benefit one country but not both. c. causes one country to gain and the other country to lose. d. is a zero-sum game.

10. Inflation refers to a. a continuing decrease in the overall level of prices in the economy. b. an increase in the overall level of prices in the economy. c. a persistent increase in the amount of goods which can be purchased with a given amount of money. d. an increase in some individual prices in the economy.

11. In most cases, high or persistent inflation is caused by: a. too rapid growth in the quantity of money. b. a reduction in the quantity of money. c. an increase in unemployment. d. an increase in productivity.

12. To say that people make decisions at the margin means that they a. wait until the last minute before making a decision. b. weigh the additional costs and additional benefits of small changes. c. make decisions that determine whether or not they will live their lives on the edge of subsistence. d. make decisions on issues that are relatively unimportant for their economic well-being.

13. According to the Phillips curve, a. there is no tradeoff between inflation and unemployment. b. if inflation increases, so does unemployment. c. increases in unemployment are associated with a rise in prices. d. there is a short-run tradeoff between inflation and unemployment. 14. When economists say that individuals respond to incentives, they mean that a. if the benefit of an activity increases, people will engage in more of that activity. b. once individuals have made a mistake, they will never make the same mistake again. c. individuals act very quickly when faced with a problem. d. individuals respond to positive stimuli, but not to negative stimuli.

15. Economics is primarily the study of a. how to make money in the stock market. b. how to operate a business successfully. c. how society manages its scarce resources. d. the methods that government might use to transform a scarce good into an economic good.

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