经济学原理__英文版复习题

复习题：

一、True or False：

1. Government policies that improve equality usually increase efficiency at the same time.

2. A rational decisionmaker takes an action if and only if the marginal cost exceeds the marginal benefit.

3.Trade allows each person to specialize in the activities he or she does best, thus increasing each individual's productivity.

4. the production possibilities frontier shows the opportunity cost of one good as measured in terms of the other good.

5. When a production possibilities frontier is bowed outward, the opportunity cost of the first good in terms of the second good increases as more of the second good is produced.

6. For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunity cost of the other good.

7. If a country has the comparative advantage in producing a product, then that country must also have the absolute advantage in producing that product.

8.An increase in the price of pizza will shift the demand curve for pizza to the left.

9. A decrease in supply shifts the supply curve to the right.

10. The demand for gasoline will respond more to a change in price over a period of five weeks than over a period of five years.

11. Suppose that when the price rises by 10% for a particular good, the quantity demanded of that good falls by 30%. The price elasticity of demand for this good is equal to 1/3.

12. Demand is inelastic if the price elasticity of demand is greater than 1.

13.A price ceiling is a legal minimum on the price at which a good or service can be sold.

14. A price floor set above the equilibrium price is not binding.

15 .The equilibrium of supply and demand in a market maximizes the total benefits to buyers and sellers of participating in that market.

16. Efficiency is related to the size of the economic pie, whereas equality is related to how the pie gets sliced and distributed.

17. When markets fail, public policy can potentially remedy the problem and increase economic efficiency.

18. As the size of a tax increases, the government's tax revenue rises, then falls.

19.Because the supply of land is perfectly elastic, the deadweight loss of a tax on land is very large.

20.In principle, trade can make a nation better off, because the gains to the winners exceed the losses to the losers.

21. If a tariff is placed on watches, the price of both domestic and imported watches will rise by the amount of the tariff.

22. When a country that imports shoes imposes a tariff on shoes, buyers of shoes in that country become worse off.

23. A verage total cost reveals how much total cost will change as the firm alters its level of production.

24. Economies of scale often arise because higher production levels allow specialization among workers.

25. If long-run average total cost is rising, then the firm is experiencing economies of scale.

26. The shape of the marginal cost curve tells a producer something about the marginal product of her workers.

27. A firm operating in a perfectly competitive industry will shut down in the short run but earn losses if the market price is less than that firm’s average variable cost.

28. A firm will shut down in the short run if revenue is not sufficient to cover all of its fixed costs of production.

29. The marginal firm in a competitive market will earn zero economic profit in the long run.

30. Copyrights and patents are examples of barriers to entry that afford firms monopoly pricing powers.

31. Like competitive firms, monopolies choose to produce a quantity in which margi nal revenue equals marginal cost.

32. For a profit-maximizing firm in a monopolistically competitive market, when price is equal to average total cost, price must lie above marginal cost.

33. A firm in a monopolistically competitive market can earn both short-run and long-run profits.

34. When a firm in a monopolistically competitive market earns zero economic profit, its product price must equal marginal cost.

35. As the number of firms in an oligopoly becomes very large, the price effect disappears.

36. If two players engaged in a prisoner’s dilemma game are likely to repeat the game, they are more likely to cooperate than if they play the game only once.

二、Multiple Choice

1. In most societies, resources are allocated by

A a single central planner.

b B a small number of central planners.

c C those firms that use resources to provide goods an

d services.

d D th

e combined actions o

f millions of households and firms.

2. Sophia is planning her activities for a hot summer day. She would like to go to

the local swimming pool and see the latest blockbuster movie, but because she can only get tickets to the movie for the same time that the pool is open she can only choose one activity. This illustrates the basic principle that

a A people respond to incentives.

b B rational people think at the margin.

c C people face tradeoffs.

d D improvements in efficiency sometimes com

e at the expense of

equality.

3. The opportunity cost of obtaining more of one good is shown on the production

possibilities frontier as the

a A amount of the other good that must be given up.

b B market price of the additional amount produced.

c C amount of resources that must be devote

d to its production.

d D number of dollars that must b

e spent to produce it.

4. When economists make normative statements, they are

a A speaking as scientists.

b B speaking as policy advisers.

c C making claims about how the worl

d is.

d D revealing that they ar

e very liberal in their views o

f how the world

works.

5. What must be given up to obtain an item is called

a A out-of-pocket cost.

b B comparative worth.

c C opportunity cost.

d D absolut

e value.

6. Suppose that a worker in Boatland can produce either 5 units of wheat or 25

units of fish per year, and a worker in Farmland can produce either 25 units of wheat or 5 units of fish per year. There are 30 workers in each country. No trade occurs between the two countries. Boatland produces and consumes 75 units of wheat and 375 units of fish per year while Farmland produces and

consumes 375 units of wheat and 75 units of fish per year. If trade were to

occur, Boatland would trade 90 units of fish to Farmland in exchange for 80

units of wheat. If Boatland now completely specializes in fish production, how many units of fish could it now consume along with the 80 units of imported

wheat?

a A 490 units

b B 500 units

c C 610 units

d D 660 units

7. The opportunity cost of an item is

a A the number of hours that one must work in order to buy one unit of

the item.

b B what you give up to get that item.

c C always less than the dollar value of the item.

d D always greater than th

e cost o

f producin

g the item.

8. In a market economy, supply and demand are important because they

a A play a critical role in the allocation of the economy’s scarce

resources.

b B determine how much of each good gets produced.

c C can be use

d to predict th

e impact on the economy o

f various

events and policies.

d D ll of th

e above are correct.

9. The supply of a good or service is determined by

a A those who buy the good or service.

b B the government.

c C those who sell the goo

d or service.

d D both thos

e who buy and those who sell the good or service.

10. Which of the following is not a characteristic of a perfectly competitive market?

a A Different sellers sell identical products.

b B There are many sellers.

c C Sellers must accept the price the market determines.

d D All of th

e above are characteristics o

f a perfectly competitive

market.

11. The law of demand states that, other things equal,

a A when the price of a good falls, the demand for the good rises.

b B when the price of a good rises, the quantity demanded of the good

rises.

c C when the price of a goo

d rises, th

e demand for the good falls.

d D when th

e price o

f a good falls, the quantity demanded of the good

rises.

12 The price elasticity of demand measures

a A buyers’ responsiveness to a change in the price of a good.

b B the extent to which demand increases as additional buyers enter

the market.

c C how much more of a goo

d consumers will demand when incomes

rise.

d D th

e movement along a supply curve when there is a change in

demand.

13. Which of the following statements about the price elasticity of demand is

correct?

a A The price elasticity of demand for a good measures the willingness

of buyers of the good to buy less of the good as its price increases.

b B Price elasticity of demand reflects the many economic,

psychological, and social forces that shape consumer tastes.

c C Other things equal, if goo

d x has clos

e substitutes and good y does

not have close substitutes, then the demand for good x will be more elastic

than the demand for good y.

d D All of th

e above are correct.

14. Minimum-wage laws dictate

a A the exact wage that firms must pay workers.

b B a maximum wage that firms may pay workers.

c C a minimum wage that firms may pay workers.

d D a minimum wag

e and a maximum wage that firms may pay

workers.

15. If a price ceiling is not binding, then

a A the equilibrium price is above the price ceiling.

b B the equilibrium price is below the price ceiling.

c C it has no legal enforcement mechanism.

d D Mor

e than one o

f the above is correct.

16. Willingness to pay

a A measures the value that a buyer places on a good.

b B is the amount a seller actually receives for a good minus the

minimum amount the seller is willing to accept.

c C is the maximum amount a buyer is willing to pay minus the

minimum amount a seller is willing to accept.

d D is th

e amount a buyer is willing to pay for a good minus the amount

the buyer actually pays for it.

17. A demand curve reflects each of the following except the

a A willingness to pay of all buyers in the market.

b B value each buyer in the market places on the good.

c C highest price buyers are willing to pay for each quantity.

d D ability of buyers to obtain th

e quantity they desire.

18. What happens to the total surplus in a market when the government imposes a

tax?

a A Total surplus increases by the amount of the tax.

b B Total surplus increases but by less than the amount of the tax.

c C Total surplus decreases.

d D Total surplus is unaffected by th

e tax.

19. To measure the gains and losses from a tax on a good, economists use the tools

of

a A macroeconomics.

b B welfare economics.

c C international-trade theory.

d D circular-flow analysis.

20. A tax on a good

a A gives buyers an incentive to buy more of the good than they

otherwise would buy.

b B gives sellers an incentive to produce less of the good than they

otherwise would produce.

c C creates a benefit to the government, the size of which exceeds the

loss in surplus to buyers and sellers.

d D All of th

e above are correct.

21. Suppose Scotland goes from being an isolated country to being an exporter of

wool. As a result,

a A consumer surplus of Scottish consumers of wool increases.

b B producer surplus of Scottish producers of wool increases.

c C total surplus of Scottish wool consumers an

d producers remains

constant.

d D it is reasonabl

e to infer that other countries have a comparative

advantage over Scotland in wool production.

22. After a country goes from disallowing trade in coffee with other countries to

allowing trade in coffee with other countries,

a A the domestic price of coffee will be greater than the world price of

coffee.

b B the domesti

c price of coffee will be lower than the worl

d pric

e of

coffee.

c C the domestic price of coffee will equal the worl

d pric

e o

f coffee.

d D Th

e world price o

f coffee does not matter; the domestic price of

coffee prevails.

23. Which of the following costs do not vary with the amount of output a firm

produces?

a A average fixed costs

b B fixed costs and average fixed costs

c C marginal costs an

d averag

e fixed costs

d D fixed costs

24. If a firm produces nothing, which of the following costs will be zero?

a A total cost

b B fixed cost

c C opportunity cost

d D variabl

e cost

25. When firms are said to be price takers, it implies that if a firm raises its price,

a A buyers will go elsewhere.

b B buyers will pay the higher price in the short run.

c C competitors will also raise their prices.

d D firms in th

e industry will exercise market power.

26. Suppose a firm operates in the short run at a price above its average total cost

of production. In the long run the firm should expect

a A new firms to enter the market.

b B the market price to fall.

c C its profits to fall.

d D All of th

e above are correct.

27. A monopoly market is characterized by

a A many buyers and sellers.

b B “natural” products.

c C barriers to entry.

d D a Nash equilibrium.

28. A firm that is the sole seller of a product without close substitutes is

a A perfectly competitive.

b B monopolistically competitive.

c C an oligopolist.

d C a monopolist.

29. Sizable economic profits can persist over time under monopoly if the

monopolist

a A produces that output where average total cost is at a maximum.

b B is protected by barriers to entry.

c C operates as a price taker rather than a price maker.

d D realizes revenues that exceed variabl

e costs.

30. A monopolistically competitive market has characteristics that are similar to

a A a monopoly only.

b B a competitive firm only.

c C both a monopoly an

d a competitiv

e firm.

d D neither a monopoly nor a competitiv

e firm.

31. In monopolistically competitive markets, free entry and exit suggests that

a A the market structure will eventually be characterized by perfect

competition in the long run.

b B all firms earn zero economi

c profits in the long run.

c C some firms will be able to earn economic profits in the long run.

d D som

e firms will be forced to incur economic losses in the long run.

32. When a firm's demand curve is tangent to its average total cost curve, the

a A firm's economic profit is zero.

b B firm may be earning economi

c profits.

c C firm must be operating at its efficient scale.

d D Both a and c ar

e correct.

33. An oligopoly would tend to restrict output and drive up price if

a A barriers to entering the industry are negligible.

b B firms engage in informative advertising.

c C firms produce a standardize

d product.

d D firms collud

e and behave like a monopoly.

34. The prisoners' dilemma provides insights into the

a A difficulty of maintaining cooperation.

b B benefits of avoiding cooperation.

c C benefits of government ownership of monopoly.

d D eas

e with which oligopoly firms maintain high prices.

35. In a two-person repeated game, a tit-for-tat strategy starts with

a A cooperation and then each player mimics the other player's last

move.

b B cooperation and then each player is unresponsive to the strategic

moves of the other player.

c C noncooperation an

d then each player pursues his or her own

self-interest.

d D noncooperation and then each player cooperates when th

e other

player demonstrates a desire for the cooperative solution.

36. We know that people tend to overuse common resources. This problem can

be viewed as an example of

a A a game in which the players succeed in reaching the cooperative

outcome.

b B the prisoners’ d ilemma.

c C a situation to which game theory does not apply because of a lack

of strategic thinking.

d D a situation to which gam

e theory does not apply because o

f too

many decision-makers.

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