微观-试题类型题量及参考答案

1. multiple choices(4×15=60) (CH01-08)

2. short answer problems(5×8=40) (CH02-09)

1. Multiple Choice (4×15=60)

1）A demand curve of the form: Q = a - bP, where a and b are positive real numbers,:

a. is an upward sloping straight line.

b. has a constant price elasticity of demand.

c. is a downward sloping straight line.

d. is parabolic.

2）52.If prices and income in a two-good society double, what will happen to the budget line?

a. The intercepts of the budget line will increase.

b. The intercepts of the budget line will decrease.

c. The slope of the budget line may either increase or decrease.

d. Insufficient information is given to determine what effect the change will have on the budget line but we know society

is worse-off.

e. There will be no effect on the budget line.

3）If Px = Py, then when the consumer maximizes utility,

a. X must equal Y.

b. MU(X) must equal MU(Y).

c. MU(X) may equal MU(Y), but it is not necessarily so.

d. X and Y must be substitutes.

4）Assume that beer is an inferior good. If the price of beer falls, then the substitution effect results in the person buying

______ of the good and the income effect results in the person buying ______ of the good.

a. more, more

b. more, less

c. less, more

d. less, less

5）In closing down a military base, environmental inspectors found 100 tons of toxic waste. Which of the following is

NOT a determinant of the consumer surplus generated by cleaning up 40 tons of waste?

a. the price of removing a ton of toxic waste

b. the original quantity of toxic waste found by the inspectors

c. the quantity of toxic waste removed by cleanup

d. the effect of each ton reduction of toxic waste on the profitability of the alternative uses for this land

e. the effect of each ton reduction of toxic waste on the health of citizens living near the base

6）Suppose that the marginal cost of an additional ton of steel produced by the Japanese is the same whether the steel is

set aside for domestic use or exported abroad. If the price elasticity of demand for steel is greater abroad than it is in

Japan, which of the following will be correct?

a. The Japanese will sell more steel abroad than they will sell in Japan.

b. The Japanese will sell more steel in Japan than they will sell abroad.

c. The Japanese will sell steel at a lower price abroad than they will charge domestic users.

d. The Japanese will sell steel at a higher price abroad than they will charge domestic users.

e. Insufficient information exists to determine whether the price or quantity will be higher or lower abroad.

7）Use the following two statements to answer this question:

I. If the marginal product of labor is zero, the total product of labor is at its maximum.

II. If the marginal product of labor is at its maximum, the average product of labor is falling.

a. Both I and II are true.

b. I is true, and II is false.

c. I is false, and II is true.

d. Both I and II are false.

8）The cost-output elasticity equals 1.4. This implies that:

a. there are neither economies nor diseconomies of scale.

b. there are economies of scale.

c. there are diseconomies of scale.

d. marginal cost is less than average cost.

9）If price is between AVC and ATC, the best and most practical thing for a perfectly competitive firm to do is

a. raise prices.

b. lower prices to gain revenue from extra volume.

c. shut down immediately, but not liquidate the business.

d. shut down immediately and liquidate the business.

e. continue operating, but plan to go out of business.

10）The Lerner index measures

a. a firm's potential monopoly power.

b. the amount of monopoly power a firm chooses to exercises when maximizing profits.

c. a firm's potential profitability.

d. an industry's potential market power.

11), 12), 13), 14), 15)

2. Short Answer Problems (5×8=40)

1）The demand for a bushel of wheat in 1981 was given by the equation 3550266DQP. At a price of $3.46 per

bushel, what is the price elasticity of demand? If the price of wheat falls to $3.27 per bushel, what happens to the

revenue generated from the sale of wheat? Solution:

At a price of $3.46 per bushel, the quantity demanded for wheat is 2,629.64 bushels of wheat. At a price of $3.27 per

bushel, the quantity demanded for wheat is 2,680.18. The price elasticity of demand at $3.46 is

3.4650.540.35.2,629.640.19DPQEQP At a price of $3.46 per bushel, the revenue generated from the sale of

wheat is $12,558.554. At a price of $3.27 per bushel, the revenue generated from the sale of wheat is $8,764.1886.

Wheat revenue drops by $3,794.366 when price decreases from $3.46 to $3.27 per bushel.