曼昆《经济学原理》(宏观)第五版测试题库(33)

一、选择题：（每小题1分，共20分）1.一国的生产可能性曲线上的点表示（D）A.通货膨胀B.该国可利用的资源减少及技术水平降低C.失业或者资源没有被充分利用D.社会使用既定的生产资源所能生产商品的最大组合2.学校里一块新停车场的机会成本是（ C ）A.由此引发的所有费用B.由用于建造停车场的机器设备的折旧大小决定C. 由用于其他用途产生的最大价值决定D.由在停车场停车所需的费用来决定3.下列有关无差异曲线的特点说法正确的是（ A ）A. 无差异曲线的斜率为负值B. 同一平面中，两条无差异曲线可能会相交于一点C. 无差异曲线向右上方倾斜，并凸向原点D.离原点越远，无差异曲线代表的效用水平越小4. 如果商品A和B是替代的，则A的价格下降将造成（ D ）A.A的需求曲线向右移动B.A的需求曲线向左移动B.B的需求曲线向右移动D.B的需求曲线向左移动5.两种商品中若其中的一种价格变化时，这两种商品的购买量同时增加或减少，则这两种商品的交叉价格弹性系数为（ A ）A.负B.正C. 零D. 16.市场均衡要求（ D ）A.政府平衡供求双方的力量B.价格与数量相等C.价格保持不变D.在某一价格水平上，买者想要购买的数量恰好等于卖者想卖的数量7. 当总效用增加时，边际效用应该（ C ）A.为正值，并其值不断增加B. 为负值，并其值不断减少C.为正值，并其值不断减少D. 以上任何一种情况都有可能8.当生产函数Q=f （ L，K ）的APL为递减时，则MPL（ D ）。

A.递减且为正B.递减且为负C.为零D.上述情况都可能9.在以下四种情况中，哪一种实现了生产要素的最适组合：（ C ）A. MPK / PK<MPL/ PLB. MPK / PK>MPL / PLC. MPK / PK=MPL/ PLD. MPK / PK ≥MPL/ PL10.边际成本低于平均成本时（ B ）。

A.平均成本上升B.平均成本下降C.成本下降D.平均可变成本上升11.长期边际成本曲线呈U型的原因是（ A ）。

曼昆《经济学原理》（宏观）第五版测试题库（23）Chapter 23Measuring a Nation's IncomeTRUE/FALSE1. In years of economic contraction, firms throughout the economy increase their production of goods and services, employment rises, and jobs are easy to find.ANS: F DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economic expansion MSC: Definitional2. Macroeconomic statistics include GDP, the inflation rate, the unemployment rate, retail sales, and the trade deficit.ANS: T DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Definitional3. Macroeconomic statistics tell us about a particular household, firm, or market.ANS: F DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Definitional4. Macroeconomics is the study of the economy as a whole.ANS: T DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Definitional5. The goal of macroeconomics is to explain the economic changes that affect many households, firms, and markets simultaneously.ANS: T DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Definitional6. Microeconomics and macroeconomics are closely linked.ANS: T DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Microeconomics | Macroeconomics MSC: Definitional7. The basic tools of supply and demand are as central to macroeconomic analysis as they are to microeconomic analysis.TOP: Demand | Supply MSC: Definitional8. GDP is the most closely watched economic statistic because it is thought to be the best single measure of asociety’s economic well-being.ANS: T DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Definitional9. GDP can measure either the total income of everyone in the economy or the total expenditure on theeconomy’s output of goods and services, but GDP cannot measure both at the same time.ANS: F DIF: 2 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Interpretive10. For an economy as a whole, income must exceed expenditure.ANS: F DIF: 1 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economics11. An economy’s income is the same as its expenditure because every transaction has a buyer and a seller. ANS: T DIF: 1 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Income | Expenditure MSC: Definitional12. GDP is the market value of all final goods and services produced by a country’s citizens in a given period oftime.ANS: F DIF: 1 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Definitional13. GDP adds together many different kinds of products into a single measure of the value of economic activity byusing market prices.ANS: T DIF: 1 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Definitional14. U.S. GDP includes the market value of rental housing, but not the market value of owner-occupied housing. ANS: F DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Interpretive15. U.S. GDP excludes the production of most illegal goods.ANS: T DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economics16. U.S. GDP includes estimates of the value of items that are produced and consumed at home, such as housework and car maintenance.ANS: F DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Applicative17. GDP includes only the value of final goods because the value of intermediate goods is already included in the prices of the final goods.ANS: T DIF: 1 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP | Intermediate goods MSC: Definitional18. Additions to inventory subtract from GDP, and when the goods in inventory are later used or sold, the reductions in inventory add to GDP.ANS: F DIF: 1 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP | Inventory MSC: Definitional19. While GDP includes tangible goods such as books and bug spray, it excludes intangible services such as the services provided by teachers and exterminators.ANS: F DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Applicative20. At a rummage sale, you buy two old books and an old rocking chair; your spending on these items is not included in current GDP.ANS: T DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Applicative21. When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP.ANS: F DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economics1560 Chapter 23 /Measuring a Nation's Income22. If the U.S. government reports that GDP in the third quarter was $12 trillion at an annual rate, then the amount of income and expenditure during quarter three was $3 trillion.ANS: T DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Applicativedifferent stories about overall economic conditions.ANS: F DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP | Income MSC: Interpretive24. Expenditures by households on education are included in the consumption component of GDP.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Consumption MSC: Interpretive25. Most goods whose purchases are included in the investment component of GDP are used to produce other goods.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Investment MSC: Interpretive26. New home construction is included in the consumption component of GDP.ANS: F DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Investment MSC: Interpretive27. Changes in inventory are included in the investment component of GDP.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Investment MSC: Interpretive28. The investment component of GDP refers to financial investment in stocks and bonds.ANS: F DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Investment MSC: Interpretive29. The government purchases component of GDP includes salaries paid to soldiers but not Social Security benefits paid to the elderly.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Government purchases MSC: Interpretive30. If the value of an economy’s imports exceeds the value of that economy’s exports, then net exports is a negative number.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economics31. If someone in the United States buys a surfboard produced in Australia, then that purchase is included in both the consumption component of U.S. GDP and the net exports component of U.S. GDP.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Consumption | Net exports MSC: Applicative32. If consumption is $4000, exports are $300, government purchases are $1000, imports are $400, and investment is $800, then GDP is $5700.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economics33. If exports are $500, GDP is $8000, government purchases are $1200, imports are $700, and investment is $800, then consumption is $6200.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Consumption MSC: Applicative34. If consumption is $1800, GDP is $4300, government purchases are $1000, imports are $700, and investment i s $1200, then exports are $300.ANS: F DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Exports MSC: Applicative35. U.S. GDP was almost $14 billion in 2007.ANS: F DIF: 1 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Definitional36. In 2007, government purchases was the largest component of U.S. GDP.ANS: F DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Interpretive37. If total spending rises from one year to the next, then the economy must be producing a larger output of goods and services.ANS: F DIF: 2 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Interpretive38. An increase in nominal U.S. GDP necessarily implies that the United States is producing a larger output of goods and services.TOP: Nominal GDP MSC: Interpretive39. Nominal GDP uses constant base-year prices to place a value on the economy’s production of goods a nd services, while real GDP uses current prices to place a value on the economy’s production of goods and services.ANS: F DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Nominal GDP | Real GDP MSC: Definitional40. Real GDP evaluates current production using prices that are fixed at past levels and therefore shows how the economy’s overall production of goods and services changes over time.ANS: T DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Real GDP MSC: Definitional41. The term real GDP refers to a country’s actual GDP as opposed to its estimated GDP.ANS: F DIF: 2 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Real GDP MSC: Interpretive42. Changes in real GDP reflect only changes in the amounts being produced.ANS: T DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Real GDP MSC: Definitional43. Real GDP is a better gauge of economic well-being than is nominal GDP.ANS: T DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economics1562 Chapter 23 /Measuring a Nation's Income44. Changes in the GDP deflator reflect only changes in the prices of goods and services.ANS: T DIF: 2 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP deflator MSC: Interpretive45. If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125.ANS: T DIF: 2 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP deflator MSC: Applicative46. If nominal GDP is $12,000 and the GDP deflator is 80, then real GDP is $15,000.TOP: Real GDP MSC: Applicative47. Economists use the term inflation to describe a situation in whic h the economy’s overall production level isrising.ANS: F DIF: 1 REF: 23-4NAT: Analytic LOC: Unemployment and inflation TOP: InflationMSC: Definitional48. If the GDP deflator in 2006 was 160 and the GDP deflator in 2007 was 180, then the inflation rate in 2007 was12.5%.ANS: T DIF: 2 REF: 23-4NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Applicative49. If the GDP deflator in 2004 was 150 and the GDP deflator in 2005 was 120, then the inflation rate in 2005 was25%.ANS: F DIF: 2 REF: 23-4NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Applicative50. The GDP deflator can be used to take inflation out of nominal GDP.ANS: T DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP deflator MSC: Definitional51. In 2004, the level of U.S. real GDP was close to four times its 1965 l evel.ANS: T DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Real GDP MSC: Definitional52. The output of goods and services produced in the United States has grown on average 3.2 percent per year. ANS: T DIF: 1 REF: 23-4NAT: Analytic LOC: Productivity and growthTOP: GrowthMSC: Definitional53. Periods during which real GDP rises are called recessions.ANS: F DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Recessions MSC: Definitional54. Recessions are associated with lower incomes, rising unemployment, and falling profits.TOP: Recessions MSC: Definitional55. If real GDP is higher in one country than in another, then we can be sure that the standard of living is higher inthe country with the higher real GDP.ANS: F DIF: 2 REF: 23-5NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Real GDP | Standard of living MSC: Interpretive56. Real GDP per person tells us the income and expenditure of the average person in the economy.ANS: T DIF: 1 REF: 23-5NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Real GDP per person MSC: Definitional57. GDP does not directly measure those things that make life worthwhile, but it does measure our ability toobtain many of the inputs into a worthwhile life.ANS: T DIF: 1 REF: 23-5NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Definitional58. GDP does not make adjustments for leisure time, environmental quality, or volunteer work.ANS: T DIF: 2 REF: 23-5NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Interpretive59. Other things equal, in countries with higher levels of real GDP per person, life expectancy and literacy ratesare higher than in countries with lower levels of real GDP per person.ANS: T DIF: 2 REF: 23-5NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: InterpretiveSHORT ANSWER1. GDP is defined as the market value of all final goods and services produced within a country in a given periodof time. In spite of this definition, some production is left out of GDP. Explain why some final goods and services are not included.ANS:GDP excludes some products because they are so difficult to measure. These products include services performed by individuals for themselves and their families, and most goods that are produced and consumed at home and, therefore, never enter the marketplace. In addition, illegal products are not included in GDP even if they can be measured because, by society's definition, they are bads, not goods.DIF: 2 REF: 23-2 NAT: AnalyticLOC: The study of economics and definitions of economics TOP: GDPMSC: Interpretiveincluded directly as part of GDP, but the value of intermediate goods produced and not sold is includeddirectly as part of GDP.ANS:Intermediate goods produced and sold during the year are not included separately as part of GDP because the value of those goods is included in the value of the final goods produced from them. If the intermediate good is produced but not sold during the year, its value is included as inventory investment for the year in which it was produced. If inventory investment was not included as part of GDP, true production would be underestimated for the year the intermediate good went into inventory, and overestimated for the year the intermediate good is used or sold.DIF: 2 REF: 23-2 NAT: AnalyticLOC: The study of economics and definitions of economics TOP: GDP | Intermediate goods MSC: Interpretive1564 Chapter 23 /Measuring a Nation's Income3. Since it is counted as investment, why doesn't the purchase of earthmoving equipment from China by a U.S.corporation increase U.S. GDP?ANS:The purchase of foreign equipment is counted as investment, but GDP measures only the value of production within the geographic borders of the United States. In order to avoid including the value of the imported equipment, imports are subtracted from GDP. Hence, the value of the equipment in investment is canceled by subtracting its value as an import.DIF: 2 REF: 23-3 NAT: AnalyticLOC: The study of economics and definitions of economics TOP: GDP | Investment | Imports MSC: Applicative4. Identify the immediate effect of each of the following events on U.S. GDP and its components.a. James receives a Social Security check.b. John buys an Italian sports car.c. Henry buys domestically produced tools for his construction company.ANS:a. Since this is a transfer payment, there is no change to GDP or to any of its components.b. Consumption and imports will rise and cancel each other out so that there is no change in U.S. G DP.c. This increases the investment component of GDP and so increases GDP.DIF: 2 REF: 23-3 NAT: AnalyticLOC: The study of economics and definitions of economicsTOP: GDP | Transfer payments | Net exports | Investment MSC: Applicative5. Between 1929 and 1933, NNP measured in current prices fell from $96 billion to $48 billion. Over the sameperiod, the relevant price index fell from 100 to 75.a. What was the percentage decline in nominal NNP from 1929 to1933?b. What was the percentage decline in real NNP from 1929 to 1933? Show your work.ANS:a. NNP measured in current prices is nominal NNP. Nominal NNP fell from $96 billion to $48 billion, adecline of 50 percent.($96 b/100) 100 = $96 b. Real NNP in 1933 was ($48 b/75) 100 = $64 b. Real NNP fell from$96 billion to $64 billion, a decline of 33 percent.DIF: 2 REF: 23-4 NAT: AnalyticLOC: The study of economics and definitions of economics TOP: Nominal NNP | Real NNP MSC: Applicative6. You find that your paycheck for the year is higher this year than last. Does that mean that your real incomehas increased? Explain carefully.ANS:Real income is nominal income adjusted for general increase in prices. I f my paycheck is higher this year than last, my nominal income has increased. Whether my real income has increased or not depends on what has happened since last year to the level of prices of things I buy with my income. If the percentage increase in prices is less than the percentage increase in my nominal income, then my real income h as increased. Otherwise, my real income has not increased.DIF: 2 REF: 23-4 NAT: AnalyticLOC: The study of economics and definitions of economicsTOP: Nominal income | Real income MSC: Interpretive7. U.S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, and what does itnot tell us, about the well-being of U.S. residents?ANS:Since this is in real terms, it tells us that the U.S. is able to make a lot more stuff than in the past. Some of the increase in real GDP is probably due to an increase in population, so we could say more if we knew what had happened to real GDP per person. Supposing that there was also an increase in real GDP per person, we can say that the standard of living has risen. Material things are an important part of well-being. Having sufficient amounts of things such as food, shelter, and clothing are fundamental to well-being. Other things such as security, a safe environment, access to safe water, access to medical care, justice, and freedom also matter. However, many of these things are more easily obtained by being able to produce more using fewer resources. Countries with higher real GDP per person tend to have longer life spans, less discrimination towards women, less child labor, and a higher rate of literacy.DIF: 2 REF: 23-5 NAT: AnalyticLOC: The study of economics and definitions of economicsTOP: Real GDP | Economic welfare MSC: InterpretiveSec00 - Measuring a Nation's IncomeMULTIPLE CHOICE1. Statistics that are of particular interest to macroeconomistsa. are largely ignored by the media.b. are widely reported by the media.c. include the equilibrium prices of individual goods and services.d. tell us about a particular household, firm, or market.ANS: B DIF: 2 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Interpretiveb. the interaction between households and firms.c. economy-wide phenomena.d. regulations on firms and unions.ANS: C DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Definitional3. Which of the following newspaper headlines is more closely related to what microeconomists study than to what macroeconomists study?a. Unemployment rate rises from 5 percent to 5.5 percent.b. Real GDP grows by 3.1 percent in the third quarter.c. Retail sales at stores show large gains.d. The price of oranges rises after an early frost.ANS: D DIF: 2 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Microeconomics | Macroeconomics MSC: Interpretive4. Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist?a. Why do prices in general rise by more in some countries than in others?b. Why do wages differ across industries?c. Why do production and income increase in some periods and not in others?d. How rapidly is GDP currently increasing?ANS: B DIF: 2 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Microeconomics | Macroeconomics MSC: Interpretive1566 Chapter 23 /Measuring a Nation's Income5. Which of the following topics are more likely to be studied by a macroeconomist than by a microeconomist?a. the effect of taxes on the prices of airline tickets, the profitability of automobile-manufacturingfirms, and employment trends in the food-service industryb. the price of beef, wage differences between genders, and antitrust lawsc. how consumers maximize utility, and how prices are established in markets for agriculturalproductsd. the percentage of the labor force that is out of work, and differences in average income fromcountry to countryANS: D DIF: 2 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Microeconomics | Macroeconomics MSC: Interpretive6. We would expect a macroeconomist, as opposed to a microeconomist, to be particularly interested ina. explaining how economic changes affect prices of particular goods.b. devising policies to deal with market failures such as externalities and market power.c. devising policies to promote low inflation.d. identifying those markets that are competitive and those that are not competitive.ANS: C DIF: 2 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Microeconomics | Macroeconomics MSC: Interpretive7. Which of the following is not a question that macroeconomists address?a. Why is average income high in some countries while it is low in others?b. Why does the price of oil rise when war erupts in the Middle East?c. Why do production and employment expand in some years and contract in others?d. Why do prices rise rapidly in some periods of time while they are more stable in other periods? ANS: B DIF: 2 REF: 23-0 NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Interpretive8. The basic tools of supply and demand area. useful only in the analysis of economic behavior in individual markets.b. useful in analyzing the overall economy, but not in analyzing individual markets.c. central to microeconomic analysis, but seldom used in macroeconomic analysis.d. central to macroeconomic analysis as well as to microeconomic analysis.ANS: D DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Demand | Supply MSC: Definitional9. Which of the following statistic is usually regarded as the best single measure of a society’s economic well-being?a. the unemployment rateb. the inflation ratec. gross domestic productd. the trade deficitANS: C DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: DefinitionalSec01 - Measuring a Nation's Income - The Economy's Income and Expenditure MULTIPLE CHOICE1. Which of the following statements about GDP is correct?a. GDP measures two things at once: the total income of everyone in the economy and the unemployment rate of the economy’s labor force.b. Money continuously flows from households to government and then back to households, and GDP measures this flow of money.c. GDP is to a nation’s economy as household income is to a household.d. All of the above are correct.ANS: C DIF: 2 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Interpretive2. Gross domestic product measures two things at once:a. the total spending of everyone in the economy and the total saving of everyone in the economy.b. the total income of everyone in the economy and the total expenditure on the economy's output of goods and services.c. the value of the economy's output of goods and services for domestic citizens and the value of the economy's output of goods and services for the rest of the world.d. the total income of households in the economy and the total profit of firms in the economy. ANS: B DIF: 1 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Definitional3. For an economy as a whole,a. wages must equal profit.b. consumption must equal saving.c. income must equal expenditure.d. the number of buyers must equal the number of sellers.ANS: C DIF: 2 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Income | Expenditure MSC: Interpretive4. For an economy as a whole, income must equal expenditure becausea. the number of firms is equal to the number of households in an economy.b. international law requires that income equal expenditure.c. every dollar of spending by some buyer is a dollar of income for some seller.d. every dollar of saving by some consumer is a dollar of spending by some other consumer. ANS: C DIF: 2 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Income | Expenditure MSC: Interpretive5. If an economy’s GDP rises, then it must be the case that the economy’sa. income rises and saving falls.b. income and saving both rise.c. income rises and expenditure falls.d. income and expenditure both rise.ANS: D DIF: 2 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economics TOP: Income | Expenditure MSC: Interpretive。

曼昆《经济学原理》（宏观）第五版测试题库（25）Chapter 25Production and GrowthTRUE/FALSE1. If per capita real income grows by 2 percent per year, then it will double in approximately 20 years.ANS: F DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional2. Over the period 1870-2006, the United States experienced an average annual growth rate of real GDP perperson of about 4 percent per year.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional3. In 2006, income per person in the United States was about 12 times that in India.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional4. Over the period 1900-2006, Brazil’s rate of economic growth exceeded t hat of China.ANS: T DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional5. If a country has a higher level of productivity than another, then it also has a higher level of real GDP.ANS: F DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Analytical6. International data on real GDP per person give us a sense of how standards of living vary across countries. ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Real GDPMSC: Definitional7. Real GDP per person in rich countries, such as Germany, is sometimes more than 10 times that of poorcountries like Pakistan.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Standard of livingMSC: Definitional8. Both the standard of living and the growth of real GDP per person vary widely across countries.NAT: Analytic LOC: Productivity and growthTOP: Standard of living | Real GDP MSC: Definitional9. If they could increase their growth rates slightly, countries with low income would catch up with richcountries in about ten years.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growthTOP: Economic growth | Catch-up effect MSC: Interpretive10. In the United States real GDP per person is about $44,000, while in some poor countries real GDP per personis less than $3,000.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional168311. Although growth rates across countries vary some, rankings of countries by income remain pretty much thesame over time.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional12. International data on the history of real GDP growth rates shows that over the last 100 years or so, richcountries got richer and poor countries got poorer.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional13. Productivity can be computed as number of hours worked divided by output.ANS: F DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Definitional14. Indonesians, for example, have a lower standard of living than Americans because they have a lower level of productivity.ANS: T DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Productivity | Standard of living MSC: Interpretive15. If Country A produces 6,000 units of goods and services using 600 hours of labor, and if Country Bproduces 5,000 units of goods and services using 450 units of labor, then productivity is higher in Country B than in Country A.NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Applicative16. Like physical capital, human capital is a produced factor of production.ANS: T DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Physical capital | Human capital MSC: Interpretive17. Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education, training, and experience.ANS: T DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Human capitalMSC: Definitional18. A forest is an example of a nonrenewable resource.ANS: F DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Natural resourcesMSC: Definitional19. Historical trends in the prices of most natural resources compared to prices of other goods indicate that natural resources have become scarcer over time.ANS: F DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Natural resourcesMSC: Interpretive20. It is possible for a country without a lot of domestic natural resources to have a high standard of living. ANS: T DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Natural resources | Standard of living MSC: Interpretiveword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1685 21. Constant returns to scale is the point on a production function where increasing inputs will no longer increaseoutput.ANS: F DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Constant returns to scaleMSC: Interpretive22. As capital per worker rises, output per worker rises. However, the increase in output per worker from anaddition to capital is smaller, the larger is the existing amount of capital per worker.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Production functionMSC: Analytical23. An increase in the saving rate does not permanently increase the growth rate of real GDP per person. ANS: T DIF: 2 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Saving rateMSC: Definitional24. Other things the same, another unit of capital will increase output by more in a poor country than in a rich country.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growthTOP: Productivity | Diminishing returns MSC: Interpretive25. The catch-up effect refers to the idea that poor countries, despite their best efforts, are not likely ever to experience the economic growth rates of wealthier countries.ANS: F DIF: 2 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Catch-up effectMSC: Interpretive26. Two countries with the same saving rates must have the same growth rate of real GDP per person. ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Saving rate | Catch-up effectMSC: Definitional27. When Americans invest in Russia, the income of Russians (that is, Russian GNP) rises by more than does production in Russia (that is, Russian GDP).ANS: F DIF: 3 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Foreign investmentMSC: Applicative28. If your company opens and operates a branch in a foreign country, you will be engaging in foreign direct investment.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: International trade and finance TOP: Foreign investmentMSC: Definitional29. Investment in human capital has opportunity costs, but investment in physical capital does not.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growthTOP: Opportunity costs | Human capital | Physical capital MSC: Interpretive30. Incentives for parents to send their children to school, such as small monthly payments to parents if their children have regular attendance, appear to increase school attendance.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional31. A country that made its courts less corrupt and its government more stable would likely see its standard of living rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Definitional32. If a country made it easier for people to establish and prove the ownership of their property, real GDP per person would likely rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Interpretive33. Economists generally believe that inward-oriented policies are more likely to foster growth than outward oriented policies.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Trade policyMSC: Definitional34. If a rich country reduced subsidies to domestic producers who produce goods for which poor countries have a comparative advantage, the standard of living in these poor countries would likely rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Trade policyMSC: Definitional35. One reason that governments may find it useful to sponsor universities and basic research is that to a large extent knowledge is generally a private good.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Public goodsMSC: Interpretive36. The population growth rate tends to be higher in developed countries than in developing countries.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional37. In countries where women are discriminated against, policies that increase the likelihood of career success and educational opportunities for women are likely to decrease the birth rate.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional38. Countries with high population growth rates tend to have lower levels of educational attainment.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional39. Studies confirm that controlling for other variables such as the percentage of GDP devoted to investment, poor countries tend to grow at a faster rate than rich countries.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Catch-up effectMSC: Definitional40. An increase in capital increases productivity only if it is purchased and operated by domestic residents. ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Foreign investmentMSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1687 41. Other things the same, an economy’s f actors of production are likely to be used more effectively if there is aneconomywide respect for property rights.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Definitional42. Economist Michael Kremer found that world growth rates fell as population increased.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: DefinitionalSHORT ANSWER1. Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbersto compute the percentage increase in real GDP per person from 1987 to 2005.ANS:Real GDP per person in 1987 was $6,435,000/243= about $26,481. Income per person in 2005 was$11,092,000/296.6 = about $37,397. Income per person grew by (37,397 - 26,481)/26,481 = about 41.2 percent. DIF: 1 REF: 25-1 NAT: AnalyticLOC: Productivity and growth T OP: Real GDP | Economic growthMSC: Applicative2. Why is productivity related to the standard of living? In your answer be sure to explain what productivity andstandard of living mean. Make a list of things that determine labor productivity.ANS:The standard of living is a measure of how well people live. Income per person is an important dimension of the standard of living and is positively correlated with other things such as nutrition and life expectancy that make people better off. Productivity measures how much people can produce in an hour. As productivity increases, people can produce more (and use less to produce the same amount) and so their standard of living increases.The factors that determine labor productivity include the amounts of physical capital (equipment and structures), human capital (knowledge and skills), and natural resources available to workers, as well as the state of technological knowledge in society.DIF: 2 REF: 25-1 NAT: AnalyticLOC: Productivity and growth T OP: Productivity | Standard of livingMSC: Interpretive3. What is a production function? Write an equation for a typical production function, and explain what each ofthe terms represents.ANS:A production function is a mathematical representation of the relationship between the quantity of inputs used in production and the quantity of output produced using these inputs. A typical production function could be written as Y = A F(L, K, H, N), where Y denotes the quantity of output, L the quantity of labor, K the quantity of physical capital, H the quantity of human capital, N the quantity of natural resources, and A is a variable that reflects the available production technology.DIF: 2 REF: 25-2 NAT: AnalyticLOC: The Study of economics, and definitions of economics TOP: Production functionMSC: Interpretive4. What is the difference between human capital and technology?ANS:Technology is society's understanding of production techniques. Human capital is the labor force's understanding of these ideas. A society may have lots of information available about how to produce goods, but still have lots of people who know little of this information. For example, in the United States there exists information about how best to use a butter churn and how to make lye soap, but most people know nothing about it.DIF: 2 REF: 25-2 NAT: AnalyticLOC: Productivity and growth T OP: Human capital | TechnologyMSC: Interpretive5. The catch-up effect says that countries with low income can grow faster than countries with higher income.However, in statistical studies that include many diverse countries we do not observe the catch-up-effectunless we control for other variables that affect productivity. Considering the determinants of productivity, list and explain some things that would tend to prohibit or limit a poor country's ability to catch up with the rich ones.ANS:The argument that poor countries will tend to catch up with rich ones is based on the idea that another unit of capital will increase output more in a country that has little capital than one that has much capital. So, for a given share of GDP devoted to investment, a poor country will grow faster than a rich one.This argument assumes that other things are the same, but share of GDP invested may be lower in a poor country and the productivity of investment may be less. A politically unstable environment where property rights are unprotected or not securetends to discourage investment. A country that has limited trade because of legal restrictions or geography cannot focus on producing what it produces best and so has lower productivity. To get the most out of investment, or even simply to use some types of new investment, requires having workers who have acquired some basic human capital.DIF: 3 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Catch-up effectMSC: Analytical6. Some data that at first might seem puzzling: The share of GDP devoted to investment was similar for theUnited States and South Korea from 1960-1991. However, during these same years South Korea had a 6percent growth rate of average annual income per person, while the United States had only a 2 percent growth rate. If the saving rates were the same, why were the growth rates so different?ANS:The explanation is based on the concept of diminishing returns to capital. A country that has a lot of income, and so a lot of capital, gains less by adding more capital than does a country that currently has little capital. It is easy to envision how a poor country without much capital could increase its output considerably with even a little more capital.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Investment | Catch-up effect | Diminishing returnsMSC: Analytical7. In addition to investment in physical and human capital, what other public policies might a country adopt toincrease productivity?ANS:In addition to investment in physical and human capital, a country might increase productivity by (a) specifying and enforcing property rights, (b) encouraging free trade, (c) controlling population growth, and (d) promoting research and development. DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Productivity MSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1689 8. Why does a nation’s standard of living depend on property rights?ANS:Property rights are an important prerequisite for the price system to work in a market economy. If an individual or company is not confident that claims over property or over the income from property can be protected, or that contracts can be enforced, there will be little incentive for individuals to save, invest, or start new businesses. Likewise, there will be little incentive for foreigners to invest in the real or financial assets of the country. The distortion of incentives will reduce efficiency in resource allocation and will reduce saving and investment which in turn will reduce the standard of living.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Property rightsMSC: Interpretive9. How do outward-oriented policies affect a nation's productivity?ANS:Most economists believe that poor nations are better off pursuing outward-oriented policies that promote free trade. Countries that use their comparative advantage in trade are, in effect, helping themselves through the gains from trade in the same way that nations that develop new technology raise their standard of living. Hence, a country that eliminates trade restrictions will experience the same kind of economic growth that would occur after a major technological advance. Inward-oriented tradepolicies are akin to a country choosing to restrict the use of superior technologies.DIF: 1 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Economic growthMSC: Interpretive10. At first patents might seem like a deterrent to growth because in effect they restrict the use of new technology.Yet many economists believe that patents generate growth. Explain why.ANS:Once someone comes up with an idea it is often easy for others to take advantage of it so that the idea becomes part of a society’s knowledge. So, knowledge is frequently a public good. Without patents an inventor’s reward for research and development of a good idea would be smaller. So, patents increase the incentives for firms and individuals to engage in research. The negative consequences of temporarily restricting the use of new ideas with patents is outweighed by the increase in new ideas that patents induce.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Economic growthMSC: Interpretive11. Some economists argue that it is possible to raise the standard of living by reducing population growth. As an economist interested in incentives rather than coercion, what kind of policy would you recommend to slow population growth?ANS:Since bearing a child has an opportunity cost, policies designed to increase the opportunity cost of bearing children would likely reduce population growth rates. In particular, women with the opportunity to receive a good education and desirable employment tend to want to have fewer children than do those with fewer opportunities outside the home. Hence, policies designed to increase educational and employment opportunities for women will likely reduce population growth rates without coercion.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Population growth | Standard of livingMSC: Interpretive12. Compare and contrast the population theories of Malthus and Kremer.ANS:The difference is that Malthus predicted that population growth would be greater than growth in the ability to increase output. He believed that people would continue to populate the earth until output reached a subsistence level. On the other hand Kremer argues that population growth increased productivity allowing people to improve their standard of living despite growing population. Kremer argues that with more population comes more innovations. The improvements in technology outweighed any adverse impact of the increase in population on the standard of living.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Population growth | EconomistsMSC: InterpretiveSec00 - Production and GrowthMULTIPLE CHOICE1. The average income in a rich country, such as the United States or Japan, is more thana. 3 times, but less than 5 times, the average income in a poor country, such as Indonesia or Nigeria.b. 5 times, but less than 10 times, the average income in a poor country, such as Indonesia or Nigeria.c.10 times, but less than 20 times, the average income in a poor country, such as Indonesia orNigeria.d.more than 20 times the average income in a poor country, such as Indonesia or Nigeria.ANS: C DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional2. Over the past century in the United States, real GDP per person has grown, on average, by abouta. 1 percent per year.b. 2 percent per year.c. 3 percent per year.d. 5 percent per year.ANS: B DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional3. During the past century the average growth rate of U.S. real GDP per person implies that it doubled, on average, about everya.100 years.b.70 years.c.35 years.d.25 years.ANS: C DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive4. In the United States, as measured by real GDP per person, average income is about how many times as high as average income a century ago?a.2b.4c.6d.8ANS: D DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 16915. Over the last century, U.S. real GDP per person grew at a rate of abouta. 2 percent per year, so that it is now 2 times as high as it was a century ago.b. 2 percent per year, so that it is now 8 times as high as it was a century ago.c. 4 percent per year, so that it is now 2 times as high as it was a century ago.d. 4 percent per year, so that it is now 8 times as high as it was a century ago.ANS: B DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional6. Over the past 100 years, U.S. real GDP per person has doubled about every 35 years. If, in the next 100 years, it doubles every 25 years, then a century from now U.S. real GDP per person will bea. 4 times higher than it is now.b.8 times higher than it is now.c.12 times higher than it is now.d.16 times higher than it is now.ANS: D DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive7. Over the past century in the United States, average income as measured by real GDP per person has grown abouta. 4 percent per year, which implies a doubling about every 18 years.b. 4 percent per year, which implies a doubling about every 8 years.c. 2 percent per year, which implies a doubling about every 35 years.d. 2 percent per year, which implies a doubling about every 18 years.ANS: C DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive8. In which of the following countries has economic growth been sufficiently strong in recent history to propel that country from being among the poorest in the world to being among the richest in the world?a.Indiab.Mexicoc.Nigeriad.SingaporeANS: D DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional9. Average income has been stagnant for many years ina.Argentina.b.Singapore.c.Nigeria.d.All of the above are correct.ANS: C DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional10. Which of the following statements is correct?a.The level of real GDP is a good gauge of economic prosperity, and the growth of real GDP is agood gauge of economic progress.b.The level of real GDP is a good gauge of economic progress, and the growth of real GDP is a goodgauge of economic prosperity.c.The level of real GDP is a good gauge of economic prosperity, and the level of real GDP per personis a good gauge of economic progress.d.The level of real GDP is a good gauge of economic progress, and the level of real GDP per personis a good gauge of economic prosperity.ANS: A DIF: 2 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: InterpretiveSec01 - Production and Growth - Economic Growth around the WorldMULTIPLE CHOICE1. You are told that Country A experienced growth of real GDP per person of 4 percent per year throughout the 1900s. In view of other countries’ experience, you would have to characterize Country A’s growth asa.exceptionally high.b.moderately high.c.moderately low.d.exceptionally low.ANS: A DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive2. You are told that Country A experienced growth of real GDP per person of 0.5 percent per year throughout the 1900s. In view of other countries’ experience, you would have to characterize Country A’s growth asa.exceptionally high.b.moderately high.c.moderately low.d.exceptionally low.ANS: D DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive3. As of 2006, using real GDP per person as a measure, we would classifya.the United States and Mexico as advanced economies and Bangladesh as a middle-income country.b.Canada as an advanced economy, Mexico as a middle-income country, and Mali as a poor country.c.Japan and India as advanced economies and Mexico as a poor country.d.Japan as an advanced economy, the United Kingdom as a middle-income country, and Argentina asa poor country.ANS: B DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Standard of livingMSC: Interpretive4. Over the period 1900-2006, which of the following countries experienced the highest average annual growth rate of real GDP per person?a.Indonesiab.Indiac.Pakistand.BrazilANS: D DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitionalword⽂档可⾃由复制编辑。

曼昆《经济学原理》（微观）第五版测试题库（21）Chapter 21The Theory of Consumer ChoiceTRUE/FALSE1. The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles of Economics.ANS: T DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Definitional2. A consumer’s budget constraint for goods X and Y is determined by how much the consumer likes good X relative to good Y.ANS: F DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Definitional3. The slope of the budget constraint reveals the relative price of good X compared to good Y.ANS: T DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative4. A budget constraint illustrates bundles that a consumer prefers equally, while an indifference curve illustrates bundles that are equally affordable to a consumer.ANS: F DIF: 2 REF: 21-1 | 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative5. For a typical consumer, most indifference curves are bowed inward.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive6. For a typical consumer, most indifference curves are downward sloping.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive7. For a typical consumer, indifference curves can intersect if they satisfy the property of transitivity.ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive8. When two goods are perfect complements, the indifference curves are right angles.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complementsMSC: Interpretive9. The indifference curves for left shoes and right shoes are right angles.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complementsMSC: Applicative10. The indifference curves for perfect substitutes are straight lines.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect substitutesMSC: Applicative1406Chapter 21/The Theory of Consumer Choice 1407 11. The indifference curves for nickels and dimes are straight lines. ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect substitutesMSC: Applicative12. When two goods are perfect substitutes, the indifference curves are right angles.ANS: F DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complements | Perfect substitutesMSC: Interpretive13. If goods A and B are perfect substitutes, then the marginal rate of substitution of good A for good B isconstant.ANS: T DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitution | Perfect substitutesMSC: Interpretive14. The slope at any point on an indifference curve equals the absolute price at which a consumer is willing tosubstitute one good for the other.ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Interpretive15. The marginal rate of substitution between goods A and B measures the price of A relative to the price of B. ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional16. The marginal rate of substitution is the slope of the budget constraint.LOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional17. The marginal rate of substitution is the slope of the indifference curve.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional18. At a consumer’s optimal choice, the consumer chooses the combinati on of goods that equates the marginal rate of substitution and the price ratio.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: OptimizationMSC: Interpretive19. At a consumer’s optimal choice, the consumer chooses the combin ation of goods such that the ratio of the marginal utilities equals the ratio of the prices.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: OptimizationMSC: Interpretive20. If consumers purchase more of a good when their income rises, the good is a normal good.ANS: T DIF: 1 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Normal goods | Inferior goodsMSC: Definitional21. If a consumer purchases more of good B when his income rises, good B is an inferior good.ANS: F DIF: 1 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Normal goods | Inferior goodsMSC: Definitional22. If a consumer purchases more of good A when her income falls, good A is an inferior good.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Inferior goodsMSC: Definitional23. The income effect of a price change is unaffected by whether the good is a normal or inferior good. ANS: F DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Income effectMSC: Interpretive24. The income effect of a price change is the change in consumption that results from the movement to a new indifference curve.LOC: Utility and consumer choice TOP: Income effectMSC: Interpretive25. The direction of the substitution effect is not influenced by whether the good is normal or inferior.ANS: T DIF: 3 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice KEY: Substitution effectMSC: Analytical26. The substitution effect of a price change is the change in consumption that results from the movement to a new indifference curve.ANS: F DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Substitution effectMSC: Interpretive27. All points on a demand curve are optimal consumption points.ANS: T DIF: 3 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Demand MSC: Analytical28. Economists use the term Giffen good to describe a good that violates the law of demand.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Interpretive29. Giffen goods are inferior goods for which the income effect dominates the substitution effect.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Definitional30. Economists have found evidence of a Giffen good when studying the consumption of rice in the Chinese province of Hunan.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Applicative31. Katie wins $1 million in her state’s lottery. If Katie drastically reduces the number of hours she works after she wins the money, we can infer that the income effect is larger than the substitution effect for her.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive32. Susie wins $1 million in her state’s lottery. If Susie keeps working after she wins the money, we can inferthat the income effect is larger than the substitution effect for her.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive33. A rational person can have a negatively-sloped labor supply curve.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Applicativeword⽂档可⾃由复制编辑Chapter 21/The Theory of Consumer Choice 1409 34. The substitution effect in the work-leisure model induces a person to work less in response to higher wages,which tends to make the labor-supply curve slope upward.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive35. The income effect in the work-leisure model induces a person to work less in response to higher wages, whichtends to make the labor-supply curve slope backward.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive36. Some economists have advocated reducing the taxation of interest and other capital income, arguing that sucha policy change would raise the after-tax interest rate that savers can earn and would thereby encourage peopleto save more.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: Interpretive37. A rise in the interest rate will generally result in people consuming more when they are old if the substitutioneffect outweighs the income effect.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: Interpretive38. A rise in the interest rate will generally result in people consuming less when they are old if the substitutioneffect outweighs the income effect.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: InterpretiveSHORT ANSWER1. Answer the following questions based on the table. A consumer is able to consume the following bundles ofrice and beans when the price of rice is $2 and the price of beans is $3.RICE BEANS1206408a.How much is this consumer's income?b.Draw a budget constraint given this information. Label it B.c.Construct a new budget constraint showing the change if the price of rice falls $1. Label this C.d.Given the original prices for rice ($2) and beans ($3), construct a new budget constraint if thisconsumer's income increased to $48. Label this D.ANS:a.$24b.c.d.DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicativeword⽂档可⾃由复制编辑Chapter 21/The Theory of Consumer Choice 1411 2. Draw a budget constraint that is consistent with the following prices and income.Income = 200P Y = 50P X = 25a.Demonstrate how your original budget constraint would change if income increases to 500.b.Demonstrate how your original budget constraint would change if P Y decreases to 20.c.Demonstrate how your original budget constraint would change if P X increases to 40.ANS:DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicativeword ⽂档可⾃由复制编辑3.Assume that a consumer faces the following budget constraints.a. Assuming that income is the same on both occasions, describe the difference in relative pricesbetween Panel A and Panel B.b. If income in Panel B is $126, what is the price of good X?c. If income in Panel A is $84, what is the price of good Y?d. Assuming that the price of good X is the same on both occasions, describe the difference inincome and price of good Y between Panel A and Panel B.ANS:a. The price of good Y is relatively higher in Panel A than Panel B. Said another way, the price ofX is relatively lower in Panel A than Panel B.b. $9c. $12d. Income in Panel A is twice the income in Panel B, and the price of "Y" in Panel B is 1/18 theprice of "Y" in Panel A.DIF: 2 REF: 21-1NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative 4. Evaluate the following statement, "Warren Buffet is the second richest person in the world. He doesn't faceany constraint on his ability to purchase commodities he wants."ANS:Everyone faces scarcity of resources, regardless of how rich they are because wants are assumed to be infinite.DIF: 1 REF: 21-1NAT: Analytic LOC: Utility and consumer choiceTOP: Budget constraint MSC: Interpretive 5. List and briefly explain each of the four properties of indifference curves.ANS:1: Higher indifference curves are preferred to lower ones, because consumers usually prefer more of something to less of it. 2: Indifference curves are downward sloping. The slope of an indifference curve reflects the rate at which the consumer is willing to substitute one good for another. If the quantity of one good is reduced, the quantity of the other good must increase in order for the consumer to be equally happy. 3: Indifference curves do not cross. Ifindifference curves did cross, the same point could be on two different curves, thus contradicting the assumption that consumers prefer more of both goods to less. 4: Indifference curves are bowed inward. This is because people are more willing to trade away goods that they have in abundance and less willing to trade away goods of which they have less.DIF: 1 REF: 21-2NAT: Analytic LOC: Utility and consumer choiceTOP: Indifference curves MSC: InterpretiveChapter 21/The Theory of Consumer Choice 14136. Draw indifference curves that reflect the following preferences.a.pencils with white erasers and pencils with pink erasersb.left shoes and right shoesc.potatoes and riced.income and polluted waterANS:DIF: 2 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Indifference curves MSC: Applicative7. Graphically demonstrate the conditions associated with a consumer optimum. Carefully label all curves andaxes.ANS:Where M=IncomeDIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Optimization MSC: Applicative8. Explain the relationship between the budget const raint and indifference curve at a consumer’s optimum. ANS:Since the budget constraint is tangent to the indifference curve at a consumer’s optimum, the slope of the budget constraint (relative market prices) and the slope of the indifference curve (the marginal rate of substitution) are equal at the optimal consumption point.DIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Interpretiveword⽂档可⾃由复制编辑Chapter 21/The Theory of Consumer Choice 1415 9. Assume that a person consumes two goods, Coke and Snickers. Use a graph to demonstrate how the consumeradjusts his/her optimal consumption bundle when the price of Coke decreases. Carefully label all curves and axes. What will happen to consumption if Coke is a normal good? What will happen to consumption if Coke is an inferior good? (Remember to explain the possible change when the income effect dominates and when the substitution effect dominates.)ANS:If Coke is a normal good, the consumption of Coke will increase when the price decreases. If Coke is an inferior good and the substitution effect dominates, the consumption of Coke will increase when the price decreases. If Coke is an inferior good and the income effect dominates, the consumption of Coke will decrease when the price decreases. If consumption decreases, the demand curve is upward sloping, and Coke would be a Giffen good. Giffen goods are very rare in the real world, and Coke is not likely to be one.DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Applicative。

第32章开放经济的宏观经济理论一、概念题1．贸易政策（trade policy）答：贸易政策指直接影响一国进口或出口物品与劳务量的政府政策。

一国的对外贸易政策，是一国政府为实现一定的政策目标在一定时期内对本国进出口贸易所实行的政策，它是为国家最高利益服务的，是统治阶级意志的集中反映。

它包括：对外贸易总政策、国别对外贸易政策、进出口商品政策。

一个国家的对外贸易政策是这个国家的经济政策和对外政策的重要组成部分，它随着世界政治、经济形势的变化，国际政治、经济关系的发展而改变，同时它也反映各国经济发展的不同水平，反映各国在世界市场上的力量和地位，另外它还受到一国内部不同利益集团的影响。

一国的对外贸易政策有两种基本类型：自由贸易政策和保护贸易政策。

2．资本外逃（capital flight）答：资本外逃指出于安全或保值方面的考虑，短期资本持有者迅速将其从一国转移到另一国的行为或过程。

引起资本外逃的具体原因有三种：①一国政局动荡不稳，资本外逃以求安全。

②一国国内经济情况日益恶化，国际收支持续逆差，其货币可能发生贬值，资本逃至币值稳定的国家以期保值。

③一国加强外汇管制或颁布新法，使资本使用受到限制或资本收益减少，资本外逃以免遭受损失。

在本世纪发生的两次世界大战和20世纪30年代经济大萧条时期，欧美等国家曾出现过大规模的资本外逃现象。

近年来，发生大量资本外逃的主要是发展中国家，主要是因为这些国家的国内经济形势严峻，债务负担沉重，国际收支状况不断恶化以及国内政局动荡。

资本外逃对于一国的经济发展和国际收支稳定有着十分不利的影响。

它将降低该国的国内储蓄水平，从而造成投资下降和生产萎缩；它将加剧国际收支逆差，从而引起外汇储备的减少和国际清偿能力的恶化；大量资本外逃时，如果一国试图维持一定的生产和消费水平，势必引起外债负担的迅速积累。

因此，防止资本外逃是一国宏观经济政策的一项重要任务。

二、复习题1．说明可贷资金市场与外汇市场的供给与需求。

第一篇导言复习题第一章宏观经济学的科学1、解释宏观经济学和微观经济学之间的差距，这两个领域如何相互关联？【答案】微观经济学研究家庭和企业如何作出决策以及这些决策在市场上的相互作用。

微观经济学的中心原理是家庭和企业的最优化——他们在目的和所面临的约束条件下可以让自己的境况更好。

而相对的，宏观经济学研究经济的整体情况，它主要关心总产出、总就业、一般物价水平和国际贸易等问题，以及这些宏观指标的波动趋势与规律。

应该看到，宏观经济学研究的这些宏观经济变量是以经济体系中千千万万个体家庭和企业之间的相互作用所构成的。

因此，微观经济决策总是构成宏观经济模型的基础，宏观经济学必然依靠微观经济基础。

2、为什么经济学家建立模型？【答案】一般来说，模型是对某些具体事物的抽象，经济模型也是如此。

经济模型可以简洁、直接地描述所要研究的经济对象的各种关系。

这样，经济学家可以依赖模型对特定的经济问题进行研究；并且，由于经济实际不可控，而模型是可控的，经济学家可以根据研究需要，合理、科学的调整模型来研究各种经济情况。

另外，经济模型一般是数学模型，而数学是全世界通用的科学语言，使用规范、标准的经济模型也有利于经济学家正确表达自己的研究意图，便于学术交流。

3、什么是市场出清模型？什么时候市场出清的假设是适用的？【答案】市场出清模型就是供给与需求可以在价格机制调整下很快达到均衡的模型。

市场出清模型的前提条件是价格是具有伸缩性的（或弹性）。

但是，我们知道价格具有伸缩性是一个很强的假设，在很多实际情况下，这个假设都是不现实的。

比如：劳动合同会使劳动力价格在一段时期内具有刚性。

因此，我们必须考虑什么情况下价格具有伸缩性是合适的。

现在一般认为，在研究长期问题时，假设价格具有伸缩性是合理的；而在研究短期问题时，最好假设价格具有刚性。

因为，从长期看，价格机制终将发挥作用，使市场供需平衡，即市场出清，而在短期，价格机制因其他因素制约，难以很快使市场出清。

问题与应用‎1．描写下列每‎种情况所面‎临的权衡取‎舍：A．一个家庭决‎定是否买一‎辆新车。

答：如果买新车‎就要减少家‎庭其他方面‎的开支，如：外出旅行，购置新家具‎；如果不买新‎车就享受不‎到驾驶新车‎外出的方便‎和舒适。

B．国会议员决‎定对国家公‎园支出多少‎。

答：对国家公园‎的支出数额‎大，国家公园的‎条件可以得‎到改善，环境会得到‎更好的保护‎。

但同时，政府可用于‎交通、邮电等其他‎公共事业的‎支出就会减‎少。

C．一个公司总‎裁决定是否‎新开一家工‎厂。

答：开一家新厂‎可以扩大企‎业规模，生产更多的‎产品。

但可能用于‎企业研发的‎资金就少了‎。

这样，企业开发新‎产品、利用新技术‎的进度可能‎会减慢。

D．一个教授决‎定用多少时‎间备课。

0答：教授若将大‎部分时间用‎于自己研究‎，可能会出更‎多成果，但备课时间‎减少影响学‎生授课质量‎。

E．一个刚大学‎毕业的学生‎决定是否去‎读研究生。

答：毕业后参加‎工作，可即刻获取‎工资收入；但继续读研‎究生，能接受更多‎知识和未来‎更高收益。

2．你正想决定‎是否去度假‎。

度假的大部‎分成本((机票、旅馆、放弃的工资‎))都用美元来‎衡量，但度假的收‎益是心理的‎。

你将如何比‎较收益与成‎本呢??答：这种心理上‎的收益可以‎用是否达到‎既定目标来‎衡量。

对于这个行‎动前就会作‎出的既定目‎标，我们一定有‎一个为实现‎目标而愿意‎承担的成本‎范围。

在这个可以‎承受的成本‎范围内，度假如果满‎足了既定目‎标，如：放松身心、恢复体力等‎等，那么，就可以说这‎次度假的收‎益至少不小‎于它的成本‎。

3．你正计划用‎星期六去从‎事业余工作‎，但一个朋友‎请你去滑雪‎。

去滑雪的真‎实成本是什‎么？现在假设你‎已计划这天‎在图书馆学‎习，这种情况下‎去滑雪的成‎本是什么？请解释之。

答：去滑雪的真‎实成本是周‎六打工所能‎赚到的工资‎，我本可以利‎用这段时间‎去工作。

如果我本计‎划这天在图‎书馆学习，那么去滑雪‎的成本是在‎这段时间里‎我可以获得‎的知识。

曼昆经济学基础知识试题及标准答案《经济学基础》模拟试卷一一、名词解释：（每小题２分，共５小题１０分）1、消费者剩余：2、国民收入：3、均衡价格：4、供给价格弹性：5、无差异曲线：二、单项选择：（每小题1分，共15小题15分）1、经济学上所说的稀缺性是指（）A.欲望的无限性B.资源的无限稀缺C.资源的相对有限D.欲望的相对有限2、宏观经济学要解决的问题是（）A.资源配置B.资源利用C.整个经济如何实现最大化D.国民收入的决定3、如果X商品价格上升，引起Y商品需求曲线向右移动，则（）A.X与Y是替代商品B.X与Y是互补商品C.X与Y 是独立品D.X与Y无法确定4、当汽车油价急剧上涨时,对汽车的需求将( )A.减少B.保持不变C.增加D.以上都有可能5、如商品甲和乙是互补品,甲的价格提高将导致( )A.乙的需求曲线右移B.乙的需求曲线左移C.乙的供给曲线右移D.乙的供给曲线左移6、如果一种商品的需求缺乏弹性，商品价格上升5%将使（）A.需求量的增加超过5%B.求量的增加小于5%C.需求量的减少超过5%D.需求量的减少小于5%7、如果价格上升10%能使买者总支出增加2%，则该商品的需求价格弹性（）A.缺乏弹性B.富有弹性C.具有单位弹性D.完全无弹性8、对于一种商品,消费者想要的数量都已有了,这时( )A.总效用为零B. 边际效用小于零C. 边际效用最大D.总效用最大9、缘于一种商品相对价格的变化导致的对该商品需求的变化叫做（）A.收入效应B.替代效应C.溢出效应D.挤出效应10、等成本曲线向外平行移动表明（）A.成本增加B.生产要素价格上升了C.产量提高了D.以上都不对11、等产量曲线是指这条曲线的各点代表（）A.为生产同样产量投入要素的各种组合的比例是不能变化的B.为生产同等产量投入要素的价格是不变的C. 不管投入各种要素量如何，产量总是相D.投入要素的各种组合所能生产的产量都是相等的12、一般地，若厂商的价格低于( )时它将停止营业A.平均成本B.平均可变成本C.平均固定成本D.边际成本13、一个垄断厂商要取得最大利润（）A.可以自由定价B.可以在缺乏的部分自由定价C.可以在富有弹性的部分自由定价D.必须使MR=MC14、资本这种生产要素的价格是（）A.工资B.利润C.地租D.利息15、当其他生产要素不变，而一种生产要素增加时（）A.总产量会一直增加B.总产量会一直减少C.总产量先增后减D. 总产量先减后增三、判断：（每小题1分，共15小题15分）1、世界石油价格下降有助与增加购买汽车的需求。

第三篇供给与需求(Ⅱ)：市场和福利第七章消费者、生产者与市场效率复习题1．解释买者的支付意愿、消费者剩余和需求曲线如何相关。

答：需求曲线反映了买者的支付意愿。

在任何一种数量时，需求曲线给出的价格表示边际买者的支付意愿。

需求曲线以下和价格以上的总面积是一种物品或劳务市场上所有买者消费者剩余的总和。

2．解释卖者的成本、生产者剩余和供给曲线如何相关。

答：供给曲线的高度与卖者的成本相关。

在任何一种数量时，供给曲线给出的价格表示边际卖者的成本。

价格之下和供给曲线以上的面积衡量市场的生产者剩余。

3．在供求图中，说明市场均衡时的生产者和消费者剩余。

答：APE的面积代表消费者剩余；PBE的面积代表生产者剩余。

图7－1 供求图4．什么是效率?它是经济决策者的惟一目标吗?答：效率是指资源配置使社会所有成员得到的总剩余最大化的性质。

除了效率外，经济决策者还应该关心平等。

实际上，市场交易的好处很像在市场参与者之间分割一块蛋糕，经济决策者不仅要关心如何将经济蛋糕做大，即效率；还要考虑如何在市场参与者之间分这块蛋糕，这就涉及公平问题。

5．看不见的手有什么作用?答：每一个市场参与者都会尽力追求自己的利益，看不见的手指引他们在相互竞争中达到一个并非他们本意想要达到的目的，这就是市场均衡点。

在均衡点上，消费者剩余和生产者剩余总和最大化，整个社会福利达到最大。

6．说出两种市场失灵的名字。

解释为什么每一种都可能使市场结果无效率。

答：市场失灵包括市场势力和外部性。

如果某一市场上存在市场势力，即只有极少部分(可能是一个)买者或卖者可以控制市场价格，他们就会使价格趋向于对他们这一小部分人有益的水平。

于是，市场价格和数量背离供求平衡，社会福利达不到最大，市场失去效率。

外部性是某些市场参与者的行为对旁观者福利的影响。

它使市场福利还要取决于买者评价和卖者成本之外的其他因素。

由于买者和卖者在决定消费和生产时并没有考虑这种负作用。

所以，从整个社会角度来看，市场均衡可能是无效率的。