9年级第一学期期末考试微观经济学复习资料双语版
微观经济学-曼昆英文版本
A Firm’s Long-Run Decision to Exit
• Cost of exiting the market: revenue loss = TR
• Benefit of exiting the market: cost savings = TC (zero FC in the long run) • So, firm exits if TR < TC
Because of 1 & 2, each buyer and seller is a
“price taker” – takes the price as given.
The Revenue of a Competitive Firm
• Total revenue (TR)
• Average revenue (AR)
Qa Q 1 Qb
Q
MC and the Firm’s Supply Decision
If price rises to P2, then the profitmaximizing quantity rises to Q2.
Costs MC P2 MR2 MR
The MC curve determines the firm’s Q at any price. P1 Hence,
Introduction: A Scenario
• Three years after graduating, you run your own business. • You must decide how much to produce, what price to charge, how many workers to hire, etc. • What factors should affect these decisions?
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。
英文版微观经济学复习提纲Chapter 10. Monopolistic competition
10Monopolistic Competition: The Competitive Model in a More RealisticSettingChapter SummaryMost markets in Australia have many buyers and sellers, low entry barriers and differentiated goods and services for sale. These are characteristics of monopolistic competition. Each monopolistically competitive firm faces a downward-sloping demand curve so marginal revenue is less than price. Firms maximise profit by producing the level of output that makes marginal revenue equal marginal cost. The firm may earn an economic profit or suffer an economic loss in the short run. Since there are low entry barriers, economic profits will cause new firms to enter the market. A firm that earns short-run profits will earn zero economic profit in the long run as entry from new firms shifts the firm’s demand curve to the left and causes it to become more elastic. If a firm suffers economic losses in the short run, other firms will exit the market and shift the firm’s demand curve to the right and cause it to become less elastic. In the long run, the firm’s demand curve will be tangent to its long-run average total cost curve, but average total cost will be greater than its minimum level.Monopolistic competition and perfect competition differ in their long-run equilibrium positions. Monopolistically competitive firms charge a price greater than marginal cost and they do not produce at minimum average total cost. A monopolistically competitive firm has excess capacity. If it increases its output it could produce at a lower average cost. But consumers benefit from being able to purchase a product that is differentiated and more closely suited to their tastes.Firms can use marketing to differentiate their products. Marketing tools include brand management and advertising.Learning ObjectivesWhen you finish this chapter you should be able to:1.Explain why a monopolistically competitive firm has a downward-sloping demand curve.A monopolistically competitive firm is able to raise its price without losing all of its customers.Some customers are willing to pay the higher price because the firm has a favourable location, can offer better service or a higher quality product, among other reasons.2.Explain how a monopolistically competitive firm decides the quantity to produce and theprice to charge. All firms maximise profits by producing where marginal revenue is equal to marginal cost. Since price is greater than marginal revenue, a monopolistically competitive firmMonopolistic competition: the competitive market in a more realistic setting 154 produces where price is greater than marginal cost. The firm will earn economic profits if its price exceeds average total cost in the short run.3.Analyse the situation of a monopolistically competitive firm in the long run. Since entrybarriers are low in monopolistically competitive industries, short-run profits give entrepreneurs an incentive to enter the market and establish new firms. The entry of new firms will shift the demand curves of existing firms to the left and make them more elastic. If firms suffer short-run economic losses, some firms will exit the industry in the long run. This will shift the demand curves of remaining firms to the right and make them more inelastic. In the long run, the demand curve of a typical firm will be tangent to its average total cost curve.pare the efficiency of monopolistic competition and perfect competition. In the long runthe profit-maximising level of output for a monopolistically competitive firm occurs where price is greater than marginal cost and the firm is not at the minimum point of its average total cost curve. Unlike a perfectly competitive firm, a monopolistically competitive firm does not achieve allocative efficiency or productive efficiency.5.Define marketing and explain how firms use it to differentiate their products. Marketingrefers to all the activities necessary for a firm to sell a product to consumers. Firms use brand management and advertising to earn profits and defend profits from competitors.6.Identify the key factors that determine a firm’s profitability. The most important factorsunder a firm’s control are its ability to differentiate its product and to produce at a lower average cost than competing firms. Other factors that affect profitability are not under a firm’s control.These factors include the prices of the inputs it uses in production and random chance. Chapter ReviewChapter Opener: Starbucks: Growth through Product DifferentiationSince the first Starbucks coffee shop opened in 1971, the firm has grown into a worldwide company. But the growth has been in the number of shops, over 8,000, rather than the size of the shops themselves. Starbucks faces competition from other firms. Neighbourhoods often have three or more coffeehouses. Barriers to entry into the market for coffeehouses are low and firms differentiate their products by offering different menus and services.Demand and Marginal Revenue for a Firm in a Monopolistically Competitive MarketMonopolistic competition is a market structure in which barriers to entry are low, and many firms compete by selling similar, but not identical, products. Production differentiation allows monopolistically competitive firms to raise their prices without losing all their customers. (A price increase will, however, cause some customers to switch to another similar product.)The control monopolistically competitive firms have over their prices is limited because they face competition from firms selling similar products. Since firms face downward-sloping demand curves when marginal revenue is less than price.10155 ChapterHelpful Study HintRestaurants, convenience stores, bookstores and petrol stations are all examples ofmonopolistically competitive firms. Petrol stations display their prices so thatdifferences between stations can easily be compared. Many motorists are willing tobuy at a slightly higher per litre price if a station is in a more convenient location thana station that offers a lower price. Some consumers believe there are differencesbetween various brands of petrol. These customers are willing to pay a somewhathigher price for what they perceive as a superior product. The next time you drive orride in a car, notice how much difference there is between the prices charged by thestations you pass.How a Monopolistically Competitive Firm Maximises Profits in the Short RunAs with firms in other markets, a monopolistically competitive firm will maximise profits by producing the level of output that makes marginal revenue (MR) equal to marginal cost (MC). Because the MR curve lies below the firm’s demand curve, the firm will maximise profits where price (P) exceeds MC.Helpful Study HintThe table and graph in Figure 10.4 provide an example of a firm that makes a short-run profit. Notice that (a) the relevant values for MR, MC and ATC are determined atthe profit-maximising quantity, or where MR=MC, (b) when firms earn profits theATC curve crosses the demand curve at two points, and (c) at the profit maximisingoutput P > MR.What Happens to Profits in the Long Run?Short-run profits give entrepreneurs an incentive to enter a market and establish new firms. The demand curve of an established firm shifts to the left as new firms enter the market. Entry will continue until the firm’s demand curve is tangent to its ATC curve. In the long run, the firm’s price will equal average total cost, the firm breaks even and the firm’s demand curve becomes more elastic.Short-run losses will lead some firms to exit their market. As a result, the demand curve for a firm remaining in the market shifts to the right and becomes less elastic. The exit of firms continues until the representative firm can charge a price equal to the average total cost in the long run.Monopolistic competition: the competitive market in a more realistic setting 156Helpful Study HintThis section of the textbook contains several features to help you understand thetransition of the market from short-run to long-run equilibrium. Don’t Let ThisHappen to You! (pages 321-2) warns you not to confuse economic and accountingprofit. Graphs in Figure 10.5 (page 320) illustrate the short run for a firm earningprofits and how these profits are eliminated in the long run firm. Table 10.2 (page321) offers a comprehensive graphical summary of the short run and long run for amonopolistically competitive firm. Making the Connection 10.1 (page 322) andSolved Problem 10.2 (page 322) use the experience of Apple Computers to analysethe short run and long run under monopolistic competition. Making the Connection10.2 describes the efforts of a cosmetics company to stay ahead of its competition.Comparing Perfect Competition and Monopolistic CompetitionThere are two important differences between long-run equilibrium perfect competition and monopolistic competition. Monopolistically competitive firms charge a price greater than marginal cost and they do not produce at minimum average total cost. Since price exceeds marginal cost, allocative efficiency is not achieved, and since price is greater than minimum average total cost, productive efficiency is not achieved. Monopolistically competitive firms have excess capacity. Despite these characteristics, consumers benefit from purchasing products that are differentiated.Helpful Study HintAlthough monopolistic competition appears to fall short of perfect competition interms of economic efficiency, the textbook rightly notes that consumers are willing topay for the variety offered by monopolistically competitive firms. Consider usingpetrol stations once again as an example. Let’s say there are three petrol stations on asingle street corner. During most hours of the day at least one or two of the stationsare not busy; one can interpret this as excess capacity. But during rush hours all threestations have customers. Enough drivers are willing to pay to keep all three stationsoperating for the convenience of not waiting in long lines during peak hours.Supermarkets offer another example of consumers’ willingness to pay for greaterconvenience. Most supermarkets open additional check-out lines – some forconsumers with just a few items to buy – when long lines start to form.How Marketing Differentiates ProductsFirms can differentiate their products through marketing. Marketing refers to all the activities necessary for a firm to sell a product to a consumer. Firms use two marketing tools to differentiate their products. The first marketing tool is brand management. Brand management refers to the actions of a firm157 Chapter10intended to maintain the differentiation of a product over time. Economic profits are earned when a firm introduces a new product, but this leads to the entry of firms producing similar products and the profits are eliminated. Firms use brand management to put off the time when they will no longer be able to earn profits. The second marketing tool is advertising. Advertising shifts the demand curve for a product to the right and makes the demand curve more inelastic. Successful advertising allows the firm to sell more at every price. Advertising also increases costs. If the increase in revenue from advertising exceeds the costs, profits will rise.Once a firm has established a brand name it has an incentive to defend it. Firms can apply for a trademark. A trademark grants legal protection against other firms using a product’s name. Companies will spend substantial amounts of money to ensure that their brand names are entitled to legal protection. If firms do not prevent the unauthorised use of their trademarks, they may be no longer entitled to legal protection.What Makes a Firm Successful?A firm can control some of the factors that allow it to make economic profits. Other factors are uncontrollable. Controllable factors include the ability a firm has to differentiate its product and the ability a firm has to produce at a lower average total cost than competing firms. Uncontrollable factors include input prices, changes in consumer tastes and random chance.Solved ProblemChapter 10 in the textbook includes two Solved Problems to support learning objectives 2 (“Explain how a monopolistically competitive firm decides the quantity to produce and the price to charge”) and 3 (“Analyse the situation of a monopolistically competitive firm in the long run”). The following Solved Problem supports another of this chapter’s learning objectives.Solved Problem 12-3 Supports learning objective 5: Define marketing and explain how firms use it to differentiate their products.We Came. We Marketed. We Sold.3Com Corporation was incorporated in the U.S. in 1979 and specialises in providing computer network devices such as routers and network switches. Among 3Com’s clients are businesses that want to improve the communication and security capabilities of their computer systems. 3Com is not a household name in the manner of McDonald’s or Microsoft, but marketing is an important part of the company’s success. It faces stiff competition from other computer service providers, such as Cisco Systems, and uses advertising and trademarks to influence its customers. 3Com’s advertising efforts are aimed primarily at computer network managers; for example, an advertising agency developed a two-page ad for 3Com titled “We Came. We Saw. We Routed.” Ads such as these are placed in publications most likely to be seen by the target audience. It would be less effective for 3Com to place ads in People or Time magazines, since few of their readers are computer network managers, than it would be to advertise in business publications. The importance of establishing and maintaining 3Com’s trademarks is indicated by the guidelines the firm’s legal experts issue to employees. The following is a small sample of these guidelines for over 40 company and product trademarks:Always Use a Trademark as an Adjective, Followed by the Appropriate Description(s).If not, the trademark could become generic…make sure that 3Com and the ® symbol(3Com®) precedes a trademark mention of the product or service.Monopolistic competition: the competitive market in a more realistic setting 158 Correct: The 3Com® NBX® business telephone has powerful call processingfeatures. Incorrect: NBX® has powerful call-processing features.Sources: /corpinfo/en_US/legal/trademark/tmn_list.html/Portfolio/Advertising/advertising.html(a) Define marketing and explain the importance of marketing to firms.(b) Explain how 3Com Corporation uses marketing to differentiate its products.Solving the ProblemStep 1: Review the chapter material. Since this refers to the material in “How Marketing Differentiates Products,” you may want to review this section of the textbook which begins on page 327.Step 2: Define marketing and explain the importance of marketing to firms. Marketing refers to all the activities necessary for a firm to sell a product to a consumer. To earn profits, monopolistically competitive firms must differentiate their products. These firms use two marketing tools to do this: brand management and advertising.Step 3: Explain how 3Com Corporation uses marketing to differentiate its products. 3Com Corporation uses brand management, including extensive use of trademarks, and advertising to differentiate its products. 3Com Corporation focuses its marketing strategies on its customers; such as computer network managers.Self-Test(Answers are provided at the end of the Self-Test.)Multiple-Choice Questions1Why does a monopolistically competitive firm have a downward-sloping demand curve?a Because the firm is considered to be a monopoly in its own market.b Because changing the price will affect the quantity sold.c Because the firm is close to a price taker, like a wheat farmer.d Because the level of output produced depends on the cost structure of the firm.2In which case is the firm’s demand curve the same as marginal revenue?a In the monopolistically competitive case.b In the perfectly competitive case.c In both the monopolistically competitive case and the perfectly competitive case.d In neither the monopolistically competitive case nor the perfectly competitive case.3Which of the following measures is conceptually the same as price?a Marginal revenue.b Total revenue.c Average revenue.d None of the above.159 Chapter104When a monopolistically competitive firm cuts price, good and bad things happen. Which of the following is considered a good thing?a The price effect.b The output effect.c The revenue effect.d All of the above are good things.5Refer to the table below. What is the average revenue associated with the sixth unit of output produced and sold?a$3.00b$2.00c$0.50d None of the above. There is insufficient information to answer the question.6Refer to the figure below. A downward move along the demand curve results in a gain and a loss of revenue. Which area represents the loss of revenue?a Area A.b Area B.c Both A and B represent revenue losses.d An area not shown.Monopolistic competition: the competitive market in a more realistic setting 1607If a firm has the ability to affect the price of the good or service it sells, what is the relationship between its marginal revenue curve and its demand curve?a The firm will have a marginal revenue curve that is above its demand curve.b The firm will have a marginal revenue curve that is below its demand curve.c The firm will have a marginal revenue curve that is the same as its demand curve.d The firm will have an upward-sloping marginal revenue curve and a downward-slopingdemand curve.8Which of the following types of firms use the marginal revenue equals marginal cost approach to maximise profits?a Perfectly competitive firms.b Monopolistically competitive firms.c Both perfectly competitive and monopolistically competitive firms.d Neither perfectly competitive nor monopolistically competitive firms.9Refer to the figure below. In order to maximise profit, what price should the firm charge?a$18b$15c$8d$410Refer to the figure below. Which firm is maximising profits?a The firm on the left.b The firm on the right.c Both firms.d Neither firm.161 Chapter1011Refer to the figure below. When total cost is subtracted from total revenue, which area remains?a Area A.b Area B.c Area A + B.d None of the above. That information cannot be obtained from this graph.Monopolistic competition: the competitive market in a more realistic setting 162 12Refer to the table below. What level of output should be produced in order to maximise profit?a 1 unit of output.b 5 units of output.c 6 units of output.d10 units of output.13How does the entry of new coffeehouses affect the profits of existing coffeehouses?a Entry will shift the market demand curve for coffee to the right.b Entry will shift the firm’s demand curve to the right.c Entry will make the firm’s demand curve more elastic.d Entry will in no way affect the profits of existing coffeehouses.14Refer to the figure below. Which graph depicts a situation in which firms might exit the industry?a The graph on the left.b The graph in the middle.c The graph on the right.d None of the above.15Refer to the figure below. Which graph best depicts the profit or loss situation for a monopolistically competitive firm in the long run?a The graph on the left.b The graph in the middle.c The graph on the right.d None of the above.16For a monopolistically competitive firm, is zero economic profit inevitable in the long run?a Yes. There is nothing the firm can do to avoid zero economic profit in the long run.b No. A firm could try to avoid losing its profit in the long run by producing a productidentical to those of competing firms.c No. A firm could try to avoid losing profits by reducing production costs and improvingits products.d No. A firm could simply offer goods that are cheaper to produce even if they have lessvalue than those offered by competing firms.17Refer to the graph below. Which equilibrium level of output indicates excess capacity?a Q1.b Q2.c Both Q1 and Q2.d Neither Q1 nor Q2.18What trade-offs do consumers face when buying a product from a monopolistically competitive firm?a Consumers pay a lower price but also have fewer choices.b Consumers pay a price greater than marginal cost but also have choices more suited totheir tastes.c Consumers pay a higher price but are happy knowing that the industry is highly efficient.d Consumers pay a price as low as the competitive price but have difficulty finding andbuying the product.19What is the term given to the actions of a firm intended to maintain the differentiation of a product over time?a Brand management.b Advertising.c Marketing.d Campaigning.20Refer to the figure below. Which of the following terms is missing in the box on the right?a Brand management.b Marketing.c Profitability.d Demand.Short Answer Questions1.Describe how Starbucks has used brand management to differentiate its products.2.What is the most important characteristic that perfectly competitive and monopolisticallycompetitive firms have in common?3.Why is it not possible for a monopolistically competitive firm to produce at minimum averagetotal cost in long run equilibrium?4.The overall strength of the economy has an important influence on the profits of firms. Althoughfirms cannot affect the economy’s performance, knowledge of how economy-wide changes affect the demand for their products can help firms respond to these changes. What product information would be most useful for firms to have?5.Some of Coca-Cola’s employees are required to visit restaurants and bars and order mixeddrinks. What motivation would Coca-Cola have to encourage their employees to “drink on the job?”True/False QuestionsT F 1. The marginal revenue curve lies below the demand curve for any firm that hasthe ability to affect the price of the product it sells.T F 2. Monopolistically competitive firms charge a price greater than marginal costin both the short run and the long run.T F 3. Unlike perfectly competitive firms, monopolistically competitive firms earnlong run profits.T F 4. When some firms exit a monopolistically competitive market, the demand curves of firms that remain become less elastic.T F 5. Among the factors that make a firm successful but are not under its control isthe ability to differentiate its product.T F 6. Brand management refers to all activities necessary for a firm to sell a productto a consumer.T F 7. Unlike perfectly competitive firms, monopolistically competitive firms haveexcess capacity.T F 8. Because a monopolistically competitive firm has a downward sloping demandcurve, marginal revenue will always be lower than price.T F 9. An important reason why Starbucks has been able to maintain control over theoperations of its coffeehouses is that they are all company-owned, notfranchises.T F 10. One motive for advertising is to make the demand for a product more elasticso that when price is lowered there will be a greater increase in quantitydemanded.Answers to the Self-TestMultiple-Choice QuestionsQuestion Answer Explanation1 b Because changing the price affects the quantity sold, a monopolisticallycompetitive firm will face a downward-sloping demand curve, rather than the horizontal demand curve faced by a competitive firm, like a wheat farmer. 2 bA perfectly competitive firm faces a horizontal demand curve and does not have to cut the price in order to sell a larger quantity. A monopolistically competitive firm, however, must cut the price to sell more, so its marginal revenue curve will slope downward and will be below its demand curve. 3 cPrice is revenue per unit, or average revenue. Average revenue is equal to total revenue divided by quantity. Because total revenue equals price multiplied by quantity, dividing by quantity leaves just price. Therefore, average revenue is always equal to price. This will be true for firms in any of the four market structures. 4 bWhen the firm cuts the price by $0.50, one good thing and one bad thing happen: The good thing: It sells one more café latte; we can call this the output effect. The bad thing: It receives $.050 less for each café latte that it could have sold at the higher price; we can call this the price effect. 5 aAverage revenue equals price, which is $6.00 when six units are sold. Or, average revenue equals total revenue divided by output, or $18.00/6 = $3.00. 6 aArea A shows the loss of revenue from a price cut = $.50 x 5 = $2.50. 7 bEvery firm that has the ability to affect the price of the good or service it sells will have a marginal revenue curve that is below its demand curve. Only firms in perfectly competitive markets, which can sell as many units as they want at the market price, have marginal revenue curves that are the same as their demand curves. 8 cAll firms use the same approach to maximise profits: Produce where marginal revenue is equal to marginal cost. 9 bMarginal cost equals marginal revenue when 900 units of output are produced and sold. Consumers are willing to pay $15 for 900 units. 1 cIn both cases, the output level is set where marginal revenue equals marginal cost. 11 aCorrect. Profit = (P – ATC) Q, or alternatively, Profit = TR – TC, where TR = P x Q, and TC = ATC x Q. 12 b At this level of output, marginal revenue of $1.50 equals marginal cost.13 c As new coffeehouses open, the firm’s demand curve will shift to the left. Thedemand curve will shift because the existing firms will sell fewer cups of coffeeat each price now that there are additional coffee coffeehouses in the area selling similar drinks. The demand curve will also become more elastic becauseconsumers in the area now have additional coffeehouses from which to buycoffee, so existing firms will lose more customers if they raise their prices.14 b Since price is less than average total cost, the firm is suffering losses. Firm losses will lead to the exit of some firms in the industry.15 b In the long run, a monopolistically competitive firm earns zero economic profit, or P = ATC.16 c Firms try to avoid losing profits by reducing the cost of producing their products,by improving their products, or by convincing consumers their products areindeed different from what competitors offer. To stay one step ahead of itscompetitors, a firm has to offer consumers goods or services that they perceiveto have greater value than those offered by competing firms.17 a The monopolistically competitive firm has excess capacity equal to thedifference between its profit-maximising level of output and the productivelyefficient level of output.18 bConsumers face a trade-off when buying the product of a monopolisticallycompetitive firm: They are paying a price that is greater than marginal cost andthe product is not being produced at minimum average cost, but they benefit from being able to purchase a product that is differentiated and more closelysuited to their tastes.19 a The actions of a firm intended to maintain the differentiation of a product over time are called brand management.20 c The factors under a firm’s control—the ability to differentiate its product and theability to produce it at lower cost—combine with the factors beyond its controlto determine the firm’s profitability.Short Answer Responses1. The textbook describe several brand management methods Starbucks uses to differentiate itsproducts. “Competitors have found it difficult to duplicate Starbucks’ European espresso bar atmosphere…Most importantly, Starbucks has continued to be very responsive to its customers’ preferences…” In addition, company-owned coffeehouses (rather than franchise businesses) enable Starbucks to have greater control of the products sold and how they are marketed. Despite the success it has enjoyed, low entry barriers will eventually enable other firms to copy much of what Starbucks has done. Starbucks must continue to use brand management techniques to postpone the time when its economic profits are eliminated.2. Low entry barriers are common to both market structures. This ensures that firms earn zeroeconomic profits in the long run.。
微观经济学试题英文版
Managerial EconomicsPart 1:1. The price of good A goes up. As a result the demand for good B shifts to the left. From this we can infer that:a. good A is a normal good.b. good B is an inferior good.c. goods A and B are substitutes.d. goods A and B are complements.e. none of the above.Choose: d) the definition os complements2. Joe's budget line is 15F + 45C = 900. When Joe chooses his most preferred market basket, he buys 10 units of C. therefore, he also buys :a. 10 units of Fb. 30 units of Fc. 50 units of Fd. 60 units of Fe. None of the aboveChoose: b) We assume that Joe will spend all his income. If C = 10, then 15F =900 – 45(10) =450, so F = 450/15 =30.3. Kim only buys coffee and compact discs. Coffee costs $0.60 per cup, and CDs cost $12.00 each. She has $18 per week to spend on these two goods. If Kim is maximizing her utility, her marginal rate of substitution of coffee for CDs is:a. 0.05b. 20c. 18d. 1.50e. None of the aboveChoose: a) At Kim's most preferred market basket, her MRS equals the price ratio (Pcoffee/PCD), which equals 0.6/12 or 0.05.4. The bandwagon effect corresponds best to which of the following?a. snob effect.b. external economy.c. negative network externality.d. positive network externality.Choose: d)5. A Giffen gooda. is always the same as an inferior good.b. is the special subset of inferior goods in which the substitution effect dominates the income effect.c. is the special subset of inferior goods in which the income effect dominates the substitution effect.d. must have a downward sloping demand curve.Choose: c) the definition of Giffen good6. An Engel curve for a good has a positive slope if the good is :a. an inferior good.b. a Giffen good.c. a normal good. d. a, b, and c are true.e. None of the above is true.Choose: c) Inferior and Giffen goods have negatively sloped Engel curves.7. The price of beef and quantity of beef traded are P* and Q*, respectively. Given this information, consumer surplus is the area:a. 0BCQ*b. ABCc. ACP*d. CBP*e. 0ACQ*Choose: d)Consumer surplus is the area between the demand line and the price.8. In Figure 1, holding income constant, what change must have occurred to rotate the budget line from the old line(1) to the new line(2)?Figure 1a. The price of Coke fellb. The price of pizza fellc. The price of pizza rosed. The price of Coke went upe. b and cChoose: b) The horizontal intercept, I/PC, is unchanged, which implies that PC could not have changed (holding income constant). Since the slope is PP/PC, the slope change means that the price of pizza must have fallen. This can also be seen intuitively from Figure 1, since the consumer can now buy more pizza than before if he spends all his income on pizza.9. Andy buys 10 pounds of onions per month when the price is $0.75 per pound. If the price falls to $0.50 per pound, he buys 30 pounds of onions. What is his arc elasticity of demand over this price range?a. - 1.33b.–2c.–2.5d. - 6e. None of the above is correct.Choose: c) Using the arc elasticity formula,5.22)1030(2)75.050.0()75.050.0()1030(-=÷+÷⨯⨯--=⨯∆∆=Q P P Q EP The next two questions refer to the following information: Opie and Gomer are the only twoconsumers in the video cassette rental market in the Mayberry. Their demand curves per week are pictured in Figure 2.10. If rentals cost $2.50 each, the total quantity demanded each week in the market is : a. 3 b. 6 c. 15 d. 10 e. None of the above is correct.Choose: b) Add horizontally to get the market demand curve. At P = $2.50, QO = 3 and QG = 3 for a total of 6 units demanded.11. For a decrease in price from $2.50 to $1.50, market demand is :a. elastic.b. unit elastic. c. inelastic.d. perfectly inelastic.e. More information is needed. Choose: a) Demand is price elastic:EP = %ΔQ/%ΔP = [(15-6)/(a)12. As president and CEO of MegaWorld industries, you must decide on some very risky alternative investments:a. A.b. B.c. C.d. D.e. EChoose: b) Ea=2 Eb=6.8 Ec=0 Ed=6 Ee=613. An individual with a constant marginal utility of income will bea. risk averse.b. risk neutral.c. risk loving.d. insufficient information for a decision.Choose: b)An individual with a constant marginal utility of income is risk neutral.14. In the figure below, what is true about the two jobs?a.Job 1 has a lower standard deviation than Job 2.b.All outcomes in both jobs have the same probability of occurrence.c. A risk-averse person would prefer Job 2.d. A risk-neutral person would prefer Job 1.e.Job 1 has a higher expected income than Job 2.Choose: a) Job 1 has a lower standard deviation than Job 2. Expected income of Job 1 equals to Job 2.Part 2:The demand curves for steak, eggs, and hot dogs are given in the table below. The current price of steak is $5. The price of eggs is $2.50, and the price of hot dogs is $0.75. Fill in the remaining columns of the table using this information. Indicate which goods are substitutes andSolution:Steak and eggs are complements. Steak and hotdogs and eggs and hotdogs are substitutes. Part 3:Draw indifference curves to represent the following descriptions of consumer preferences:a. I can’t taste the difference between apple and grape jelly, but I likethem both.b. I only like grape jelly and never eat apple jelly.c. Apple and grape jelly are better mixed, although I don’t care to o much about the proportions. Answer:a) See Figure 7(a). Since the consumer can not tell the difference between the two flavors, all he would care about is the total amount of jelly he has.b) See Figure 7(b). An increase in the amount of apple jelly does not affect the consumer since he never eats it.c) See Figure 7(c). Here, a mixed bundle is better than an extreme one, but the consumer is willing to trade off the different flavors.Figure 7Part 4:There are reasons other than fads, fashions, and consumer insecurity for bandwagon and snob effects. Various types of externalities in the consumption of certain goods also exist. Explain which these effects (bandwagon or snob) might be present in the following cases: a. A restaurant that is often crowded b. A personal computer software product c. A rock concertAnswer:a) A price decrease will attract more customers, but the crowding(longer lines, poorer service)will discourage others. This would resemble a snob effect.b) The more people you expect to buy a software product, the more likely you can find anotherexperienced user to ask questions about it. Also, the more likely it is that a computer bookstore will carry publications about how to use the software. Thus, we would expect to see a bandwagon effect.c) Here, crowding might discourage some customers. But, since part of the enjoyment of a concert is seeing the band with other fans, we might observe a bandwagon effect.Part 5:Tom Wilson is the operations manager for Bi-Corp, a real estate investment firm. Tom must decide if Bi-Corp is to invest in a strip mall in a northeast metropolitan area. If the shopping center is highly successful, after tax profits will be $100,000 per year. Moderate success would yield anOunces of Grape Jelly Ounces of Apple Jelly(a)Ounces of Grape JellyOunces of Apple Jelly(b)(c)Ounces of Grape JellyOunces of Apple Jellyannual profit of $50,000, while the project will lose $10,000 per year if it is unsuccessful. Past experience suggests that there is a 40% chance that the project will be highly successful, a 40% chance of moderate success, and a 20% probability that the project will be unsuccessful. a. Calculate the expected value and standard deviation of profit.b. The project requires an $800,000 investment. If Bi-Corp has an 8% opportunity cost oninvested funds of similar riskiness, should the project be undertaken? Solution:a.Expected Value∑==n1i ^i ^i P πππi ^ P i ^ πi ^P i ^100,000 .4 40,00050,000 .4 20,000 -10,000 .2 -2,000π = 58,000Standard deviationσππ=-=∑i2i ^i 1nPπi ^ ππi -ππi 2-ππi 2P -100,000 42,000, 764,000,000 705,600,00050,000 -8,000 64,000,000 25,600,000 -10,000 -68,000 4,624,000,000 924,800,000σ2 = 1,656,000,000σ = 40,693.98 b.Bio-Corp's opportunity cost is 8% of 800,000 or 0.08 x 800,000 = 64,000.The expected value of the project is less than the opportunity cost. Bi-Corp should not undertake the project.。
微观经济学(双语版)第2章
与
均
衡
价
第
16 四、供给表和供给曲线
二
章
供给也可以用供给表和供给曲线来表示商品的供给量和价格之间的关系。
供给表是表示商品的供给量与价格之间函数关系的表格 [13]。 如表 2-3所示。
需
求
、
供
供给曲线是表示商品的供给量和价格之间函数关系的图形。 如将表 2-3所列的价格 与供给量之间的关系用图示法表示出来即得到供给曲线。如图2-5 所示。
求
身价格的下降而增加。 需求定理强调其他因素不变这一前提， 即在相 关商品价格、 消费者偏好、 消费者收入等因素保持不变的情况下， 研究需求
、
量随价格的变动关系。 离开了这一前提， 需求定理就无法成立。
供
给
与
均
衡
价
第
11 六、需求量的变动与需求的变动
二
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需求量的变动 12 是指在决定需求量的其他因素不变的条件下， 只是由于
给
在图 2-5 中， 横轴 OQ 代表供给量， 纵轴 OP 代表价格， S 为供给曲线。供给曲线向右上方倾斜
与
表明供给量与价格呈同方向变动。
均
衡
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第
17 五、供给定理
二
章
根据上述分析， 我们可以把商品价格与供给量之间的关系概括为如下供
给定理： 在其他条件不变的条件下， 某商品价格上涨， 供给量就会增加， 价
格与需求量之间的关系， 并以 P 表示价格， 则需求函数可以表示为： D=f(p)
供
如果某商品需求量与价格之间是线性关系， 即需求曲线是一条直线， 则 需求函数为：
给
D=a-bp 需求还可以用需求表和需求曲线更为直观地表示。 需求表是表示某种商
《微观经济学》复习资料完整版
（2）特点：过程不可知性
3、动态分析（dynamic analysis）：
（1）定义：分析中引入时间因素，把经济现象的变化当作一个过程，研究的是经济变量变化的过程及其规律。又称为过程分析
（2）特点：考察整个变化过程
五、经济模型（economic model）：
只有这些最基本的需要满足到维持生存所必需的程度后，其他的需要才能成为新的激励因素
安全需要（safety）：人类要求保障自身安全、摆脱事业和丧失财产威胁、避免职业病的侵袭、接触严酷的监督等方面的需要
满足后就不再是激励因素
社会需要（social）：友爱的需要-人人都需要伙伴之间、同事之间关系融洽或保持友谊和忠诚
一般研究家庭和企业如何进行经济决策、如何在市场上进行交易的经济学（个人、企业如何选择，研究个量变化）
它被称为市场均衡理论或价格理论（生产者、消费者活动形成均衡价格，是重要激励）
（2）宏观经济学(Macro-economics)：
以整个国民经济总体作为考察对象，研究社会总体经济问题以及经济变量的总量是怎样决定与变动的经济学分支学科。是谓“鸟瞰”(bird’s eye)
（1）通货膨胀：定义——价格总水平持续上涨，一般用消费者价格指数（CPI）表示
本质——表明货币内在价值减少原因——货币发行过量
影响——资产严重缩水，严重阻碍经济增长步伐
（2）关系：通货膨胀与失业之间在短期内存在着一种负相关关系，它们之间的关系被称为菲利普斯曲线（Phillips curve），政府须就此作出取舍
正文：
微观经济学高鸿业第五版
第一章导论
第一节经济学的研究对象
一、经济学产生的原因：
微观经济学期末考试试卷及参考复习资料
《微观经济学》期末综合测试一、名词解释题（每小题3分，共15分）1、机会成本：2、价格歧视：3、纳什均衡：4、恩格尔定律：5、帕累托最优：二、单项选择题（每小题1分，共15分）1、下列的说法中正确的是（）。
A．生产要素的边际技术替代率是规模报酬递减规律造成的B．边际收益递减规律是规模报酬递减规律造成的C．规模报酬递减是边际收益递减规律造成的D．生产要素的边际技术替代率递减是边际收益递减规律造成的2、按照古诺模型，下列哪一说法不正确。
（）A．双头垄断者没有认识到他们的相互依赖性B．每个双头垄断商都假定对方保持产量不变C．每个双头垄断者假定对方价格保持不变D．均衡的结果是稳定的3、相对于市场分配而言，下列哪一种情况减少了收入或财产分配的不平等状况。
（）A．政府向穷人的转移支付 B.累退所得税C.大量的遗产D.婚姻的门当户对4、下列命题中哪一个是规范经济学的命题。
（）A.征税对中等收入家庭是不公平的B. 1982年8月政府把贴现率降到10％C. 1981年失业率超过9％D.社会保险税的课税依据现已超过30000美元5、已知消费者收入是100元，商品X的价格是10元，Y的价格是3元，假定他打算购买7单位X和10单位Y，这时商品X和Y的边际效用分别为50和18。
如果要获得最大效用，他应该（）。
A.增加X购买，同时减少Y的购买B.增加X购买，同时增加Y的购买C.减少X购买，同时增加Y的购买D.减少X购买，同时减少Y的购买6、某厂商每年从企业的总收入中取出一部分作为自己所提供的生产要素的报酬,这部分资金被视为（）。
A. 显成本B. 隐成本C. 会计成本D. 经济利润7、在囚犯的两难选择中，（）。
A.双方独立依照自身利益行事，导致最好的结果B.双方进行合作，得到了最好的结果C.双方独立依照自身利益行事，导致最不利的局面D.以上说法均不正确8、基尼系数的增大将表明（）。
A．收入不平均程度的增加 B．收入不平均程度的减少C．洛伦兹曲线与横轴重合 D．洛伦兹曲线与纵轴重合9、如果上游工厂污染了下游居民的饮水，按科斯定理问题即可妥善解决。
曼昆宏观经济经济学第九版英文原版复习资料3
Answers to Textbook Questions and ProblemsCHAPTER3 National Income: Where It Comes From and Where It GoesQuestions for Review1. The factors of production and the production technology determine the amount of output an economycan produce. The factors of production are the inputs used to produce goods and services: the most important factors are capital and labor. The production technology determines how much output can be produced from any given amounts of these inputs. An increase in one of the factors of production or an improvement in technology leads to an increase in the economy’s output.2. When a firm decides how much of a factor of production to hire or demand, it considers how thisdecision affects profits. For example, hiring an extra unit of labor increases output and thereforeincreases revenue; the firm compares this additional revenue to the additional cost from the higher wage bill. The additional revenue the firm receives depends on the marginal product of labor (MPL) and the price of the good produced (P). An additional unit of labor produces MPL units of additional output, which sells for P dollars per unit. Therefore, the additional revenue to the firm is P ⨯MPL. The cost of hiring the additional unit of labor is the wage W. Thus, this hiring decision has the following effect on profits:ΔProfit= ΔRevenue –ΔCost= (P ⨯MPL) –W.If the additional revenue, P ⨯MPL, exceeds the cost (W) of hiring the additional unit of labor, then profit increases. The firm will hire labor until it is no longer profitable to do so—that is, until the MPL falls to the point where the change in profit is zero. In the equation above, the firm hires labor until ΔP rofit = 0, which is when (P ⨯MPL) = W.This condition can be rewritten as:MPL = W/P.Therefore, a competitive profit-maximizing firm hires labor until the marginal product of labor equals the real wage. The same logic applies to the firm’s decision regarding how much capital to hire: the firm will hire capital until the marginal product of capital equals the real rental price.3. A production function has constant returns to scale if an equal percentage increase in all factors ofproduction causes an increase in output of the same percentage. For example, if a firm increases its use of capital and labor by 50 percent, and output increases by 50 percent, then the production function has constant returns to scale.If the production function has constant returns to scale, then total income (or equivalently, total output) in an economy of competitive profit-maximizing firms is divided between the return to labor, MPL ⨯L, and the return to capital, MPK ⨯K. That is, under constant returns to scale, economic profit is zero.4. A Cobb–Douglas production function has the form F(K,L) = AKαL1–α. The text showed that theparameter αgives capital’s share of income. So if capital earns one-fourth of total income, then α=0.25. Hence, F(K,L) = AK0.25L0.75.5. Consumption depends positively on disposable income—i.e. the amount of income after all taxes havebeen paid. Higher disposable income means higher consumption.The quantity of investment goods demanded depends negatively on the real interest rate. For an investment to be profitable, its return must be greater than its cost. Because the real interest ratemeasures the cost of funds, a higher real interest rate makes it more costly to invest, so the demand for investment goods falls.6. Government purchases are a measure of the value of goods and services purchased directly by thegovernment. For example, the government buys missiles and tanks, builds roads, and provides services such as air traffic control. All of these activities are part of GDP. Transfer payments are government payments to individuals that are not in exchange for goods or services. They are the opposite of taxes: taxes reduce household disposable income, whereas transfer payments increase it. Examples of transfer payments include Social Security payments to the elderly, unemployment insurance, and veterans’ benefits.7. Consumption, investment, and government purchases determine demand for the economy’s output,whereas the factors of production and the production function determine the supply of output. The real interest rate adjusts to ensure that the demand for the ec onomy’s goods equals the supply. At theequilibrium interest rate, the demand for goods and services equals the supply.8. When the government increases taxes, disposable income falls, and therefore consumption falls as well.The decrease in consumption equals the amount that taxes increase multiplied by the marginalpropensity to consume (MPC). The higher the MPC is, the greater is the negative effect of the tax increase on consumption. Because output is fixed by the factors of production and the production technology, and government purchases have not changed, the decrease in consumption must be offset by an increase in investment. For investment to rise, the real interest rate must fall. Therefore, a tax increase leads to a decrease in consumption, an increase in investment, and a fall in the real interest rate.Problems and Applications1. a. According to the neoclassical theory of distribution, the real wage equals the marginal product oflabor. Because of diminishing returns to labor, an increase in the labor force causes the marginalproduct of labor to fall. Hence, the real wage falls.Given a Cobb–Douglas production function, the increase in the labor force will increase the marginal product of capital and will increase the real rental price of capital. With more workers,the capital will be used more intensively and will be more productive.b. The real rental price equals the marginal product of capital. If an earthquake destroys some of thecapital stock (yet miraculously does not kill anyone and lower the labor force), the marginalproduct of capital rises and, hence, the real rental price rises.Given a Cobb–Douglas production function, the decrease in the capital stock will decrease the marginal product of labor and will decrease the real wage. With less capital, each worker becomes less productive.c. If a technological advance improves the production function, this is likely to increase the marginalproducts of both capital and labor. Hence, the real wage and the real rental price both increase.d. High inflation that doubles the nominal wage and the price level will have no impact on the realwage. Similarly, high inflation that doubles the nominal rental price of capital and the price levelwill have no impact on the real rental price of capital.2. a. To find the amount of output produced, substitute the given values for labor and land into theproduction function:Y = 1000.51000.5 = 100.b. According to the text, the formulas for the marginal product of labor and the marginal product ofcapital (land) are:MPL = (1 –α)AKαL–α.MPK = αAKα–1L1–α.In this problem, α is 0.5 and A is 1. Substitute in the given values for labor and land to find themarginal product of labor is 0.5 and marginal product of capital (land) is 0.5. We know that thereal wage equals the marginal product of labor and the real rental price of land equals the marginal product of capital (land).c. Labor’s share of the output is given by the marginal product of labor times the quantity of labor, or50.d. The new level of output is 70.71.e. The new wage is 0.71. The new rental price of land is 0.35.f. Labor now receives 35.36.3. A production function has decreasing returns to scale if an equal percentage increase in all factors ofproduction leads to a smaller percentage increase in output. For example, if we double the amounts of capital and labor output increases by less than double, then the production function has decreasing returns to scale. This may happen if there is a fixed factor such as land in the production function, and this fixed factor becomes scarce as the economy grows larger.A production function has increasing returns to scale if an equal percentage increase in all factorsof production leads to a larger percentage increase in output. For example, if doubling the amount of capital and labor increases the output by more than double, then the production function has increasing returns to scale. This may happen if specialization of labor becomes greater as the population grows.For example, if only one worker builds a car, then it takes him a long time because he has to learn many different skills, and he must constantly change tasks and tools. But if many workers build a car, then each one can specialize in a particular task and become more productive.4. a. A Cobb–Douglas production function has the form Y = AKαL1–α. The text showed that the marginalproducts for the Cobb–Douglas production function are:MPL = (1 –α)Y/L.MPK = αY/K.Competitive profit-maximizing firms hire labor until its marginal product equals the real wage, and hire capital until its marginal product equals the real rental rate. Using these facts and theabove marginal products for the Cobb–Douglas production function, we find:W/P = MPL = (1 –α)Y/L.R/P = MPK = αY/K.Rewriting this:(W/P)L = MPL ⨯L = (1 –α)Y.(R/P)K = MPK ⨯K = αY.Note that the terms (W/P)L and (R/P)K are the wage bill and total return to capital, respectively.Given that the value of α = 0.3, then the above formulas indicate that labor receives 70 percent of total output (or income) and capital receives 30 percent of total output (or income).b. To determine what happens to total output when the labor force increases by 10 percent, considerthe formula for the Cobb–Douglas production function:Y = AKαL1–α.Let Y 1 equal the initial value of output and Y 2 equal final output. We know that α = 0.3. We also know that labor L increases by 10 percent:Y 1 = AK 0.3L 0.7. Y 2 = AK 0.3(1.1L )0.7.Note that we multiplied L by 1.1 to reflect the 10-percent increase in the labor force. To calculate the percentage change in output, divide Y 2 by Y 1:Y 2Y 1=AK 0.31.1L ()0.7AK 0.3L 0.7=1.1()0.7=1.069.That is, output increases by 6.9 percent.To determine how the increase in the labor force affects the rental price of capital, consider the formula for the real rental price of capital R/P :R/P = MPK = αAK α–1L 1–α.We know that α = 0.3. We also know that labor (L ) increases by 10 percent. Let (R/P )1 equal the initial value of the rental price of capital, and let (R/P )2 equal the final rental price of capital after the labor force increases by 10 percent. To find (R/P )2, multiply L by 1.1 to reflect the 10-percent increase in the labor force:(R/P )1 = 0.3AK –0.7L 0.7. (R/P )2 = 0.3AK –0.7(1.1L )0.7.The rental price increases by the ratioR /P ()2R /P ()1=0.3AK -0.71.1L ()0.70.3AK -0.7L 0.7=1.1()0.7=1.069So the rental price increases by 6.9 percent. To determine how the increase in the labor forceaffects the real wage, consider the formula for the real wage W/P :W/P = MPL = (1 – α)AK αL –α.We know that α = 0.3. We also know that labor (L ) increases by 10 percent. Let (W/P )1 equal the initial value of the real wage, and let (W/P )2 equal the final value of the real wage. To find (W/P )2, multiply L by 1.1 to reflect the 10-percent increase in the labor force:(W/P )1 = (1 – 0.3)AK 0.3L –0.3. (W/P )2 = (1 – 0.3)AK 0.3(1.1L )–0.3.To calculate the percentage change in the real wage, divide (W/P )2 by (W/P )1:W /P ()2W /P ()1=1-0.3()AK 0.31.1L ()-0.31-0.3()AK 0.3L-0.3=1.1()-0.3=0.972That is, the real wage falls by 2.8 percent.c. We can use the same logic as in part (b) to setY 1 = AK 0.3L 0.7. Y 2 = A (1.1K )0.3L 0.7.Therefore, we have:Y 2Y 1=A 1.1K ()0.3L 0.7AK 0.3L 0.7=1.1()0.3=1.029This equation shows that output increases by about 3 percent. Notice that α < 0.5 means thatproportional increases to capital will increase output by less than the same proportional increase to labor.Again using the same logic as in part (b) for the change in the real rental price of capital:R /P ()2R /P ()1=0.3A 1.1K ()-0.7L 0.70.3AK -0.7L 0.7=1.1()-0.7=0.935The real rental price of capital falls by 6.5 percent because there are diminishing returns to capital; that is, when capital increases, its marginal product falls.Finally, the change in the real wage is:W /P ()2W /P ()1=0.7A 1.1K ()0.3L -0.30.7AK 0.3L -0.3=1.1()0.3=1.029Hence, real wages increase by 2.9 percent because the added capital increases the marginalproductivity of the existing workers. (Notice that the wage and output have both increased by the same amount, leaving the labor share unchanged —a feature of Cobb –Douglas technologies.)d. Using the same formula, we find that the change in output is:Y 2Y 1=1.1A ()K 0.3L 0.7AK 0.3L 0.7=1.1This equation shows that output increases by 10 percent. Similarly, the rental price of capital and the real wage also increase by 10 percent:R /P ()2R /P ()1=0.31.1A ()K -0.7L 0.70.3AK -0.7L 0.7=1.1W /P ()2W /P ()1=0.71.1A ()K 0.3L -0.30.7AK 0.3L -0.3=1.15. Labor income is defined asW P ´L =WLP Labor’s share of income is defined asWL P æèççöø÷÷/Y =WL PYFor example, if this ratio is about constant at a value of 0.7, then the value of W /P = 0.7*Y /L . Thismeans that the real wage is roughly proportional to labor productivity. Hence, any trend in laborproductivity must be matched by an equal trend in real wages. O therwise, labor’s share would deviate from 0.7. Thus, the first fact (a constant labor share) implies the second fact (the trend in real wages closely tracks the trend in labor productivity).6. a. Nominal wages are measured as dollars per hour worked. Prices are measured as dollars per unitproduced (either a haircut or a unit of farm output). Marginal productivity is measured as units of output produced per hour worked.b. According to the neoclassical theory, technical progress that increases the marginal product offarmers causes their real wage to rise. The real wage for farmers is measured as units of farm output per hour worked. The real wage is W /P F , and this is equal to ($/hour worked)/($/unit of farm output).c. If the marginal productivity of barbers is unchanged, then their real wage is unchanged. The realwage for barbers is measured as haircuts per hour worked. The real wage is W /P B , and this is equal to ($/hour worked)/($/haircut).d. If workers can move freely between being farmers and being barbers, then they must be paid thesame wage W in each sector.e. If the nominal wage W is the same in both sectors, but the real wage in terms of farm goods isgreater than the real wage in terms of haircuts, then the price of haircuts must have risen relative to the price of farm goods. We know that W /P = MPL so that W = P MPL . This means that P F MPL F = P H MPL B , given that the nominal wages are the same. Since the marginal product of labor for barbers has not changed and the marginal product of labor for farmers has risen, the price of a haircut must have risen relative to the price of the farm output. If we express this in growth rate terms, then the growth of the farm price + the growth of the marginal product of the farm labor = the growth of the haircut price.f. The farmers and the barbers are equally well off after the technological progress in farming, giventhe assumption that labor is freely mobile between the two sectors and both types of peopleconsume the same basket of goods. Given that the nominal wage ends up equal for each type ofworker and that they pay the same prices for final goods, they are equally well off in terms of what they can buy with their nominal income. The real wage is a measure of how many units of output are produced per worker. Technological progress in farming increased the units of farm outputproduced per hour worked. Movement of labor between sectors then equalized the nominal wage.7. a. The marginal product of labor (MPL)is found by differentiating the production function withrespect to labor:MPL=dY dL=13K1/3H1/3L-2/3An increase in human capital will increase the marginal product of labor because more human capital makes all the existing labor more productive.b. The marginal product of human capital (MPH)is found by differentiating the production functionwith respect to human capital:MPH=dY dH=13K1/3L1/3H-2/3An increase in human capital will decrease the marginal product of human capital because there are diminishing returns.c. The labor share of output is the proportion of output that goes to labor. The total amount of outputthat goes to labor is the real wage (which, under perfect competition, equals the marginal product of labor) times the quantity of labor. This quantity is divided by the total amount of output to compute the labor share:Labor Share=(13K1/3H1/3L-2/3)LK1/3H1/3L1/3=1 3We can use the same logic to find the human capital share:Human Capital Share=(13K1/3L1/3H-2/3)HK1/3H1/3L1/3=1 3so labor gets one-third of the output, and human capital gets one-third of the output. Since workers own their human capital (we hope!), it will appear that labor gets two-thirds of output.d. The ratio of the skilled wage to the unskilled wage is:Wskilled Wunskilled =MPL+MPHMPL=13K1/3L-2/3H1/3+13K1/3L1/3H-2/31K1/3L-2/3H1/3=1+LHNotice that the ratio is always greater than 1 because skilled workers get paid more than unskilled workers. Also, when H increases this ratio falls because the diminishing returns to human capitallower its return, while at the same time increasing the marginal product of unskilled workers.e. If more colleges provide scholarships, it will increase H, and it does lead to a more egalitariansociety. The policy lowers the returns to education, decreasing the gap between the wages of more and less educated workers. More importantly, the policy even raises the absolute wage of unskilled workers because their marginal product rises when the number of skilled workers rises.8. The effect of a government tax increase of $100 billion on (a) public saving, (b) private saving, and (c)national saving can be analyzed by using the following relationships:National Saving = [Private Saving] + [Public Saving]= [Y –T –C(Y –T)] + [T –G]= Y –C(Y –T) –G.a. Public Saving—The tax increase causes a 1-for-1 increase in public saving. T increases by $100billion and, therefore, public saving increases by $100 billion.b. Private Saving—The increase in taxes decreases disposable income, Y –T, by $100 billion. Sincethe marginal propensity to consume (MPC) is 0.6, consumption falls by 0.6 $100 billion, or $60 billion. Hence,ΔPrivate Saving = –$100b – 0.6 (–$100b) = –$40b.Private saving falls $40 billion.c. National Saving—Because national saving is the sum of private and public saving, we canconclude that the $100 billion tax increase leads to a $60 billion increase in national saving.Another way to see this is by using the third equation for national saving expressed above, that national saving equals Y –C(Y –T) –G. The $100 billion tax increase reduces disposableincome and causes consumption to fall by $60 billion. Since neither G nor Y changes, nationalsaving thus rises by $60 billion.d. Investment—To determine the effect of the tax increase on investment, recall the nationalaccounts identity:Y = C(Y –T) + I(r) + G.Rearranging, we findY –C(Y –T) –G = I(r).The left side of this equation is national saving, so the equation just says that national savingequals investment. Since national saving increases by $60 billion, investment must also increaseby $60 billion.How does this increase in investment take place? We know that investment depends on thereal interest rate. For investment to rise, the real interest rate must fall. Figure 3-1 illustrates saving and investment as a function of the real interest rate.The tax increase causes national saving to rise, so the supply curve for loanable funds shifts to the right. The equilibrium real interest rate falls, and investment rises.9. If consumers increase the amount that they consume today, then private saving and, therefore, nationalsaving will fall. We know this from the definition of national saving:National Saving = [Private Saving] + [Public Saving]= [Y –T –C(Y –T)] + [T –G].An increase in consumption decreases private saving, so national saving falls.Figure 3-2 illustrates saving and investment as a function of the real interest rate. If national saving decreases, the supply curve for loanable funds shifts to the left, thereby raising the real interest rate and reducing investment.10. a. Private saving is the amount of disposable income, Y – T, that is not consumed:S private= Y – T – C= 8,000 – 2,000 – [1,000 + (2/3)(8,000 – 2,000)]= 1,000.Public saving is the amount of taxes the government has left over after it makes its purchases:S public= T – G= 2,000 – 2,500= –500.National saving is the sum of private saving and public saving:S national= S private+ S public= 1,000 + (500)= 500.b. The equilibrium interest rate is the value of r that clears the market for loanable funds. We alreadyknow that national saving is 500, so we just need to set it equal to investment:S national= I500 = 1,200 – 100rSolving this equation for r, we find:r = 0.07 or 7%.c. When the government increases its spending, private saving remains the same as before (noticethat G does not appear in the S private equation above) while government saving decreases. Puttingthe new G into the equations above:S private= 1,000S public= T – G= 2,000 – 2,000= 0.Thus,S national= S private+ S public= 1,000 + (0)= 1,000.d. Once again the equilibrium interest rate clears the market for loanable funds:S national= I1,000 = 1,200 – 100rSolving this equation for r, we find:r = 0.02 or 2%.11. To determine the effect on investment of an equal increase in both taxes and government spending,consider the national income accounts identity for national saving:National Saving = [Private Saving] + [Public Saving]= [Y –T –C(Y –T)] + [T –G].We know that Y is fixed by the factors of production. We also know that the change in consumption equals the marginal propensity to consume (MPC) times the change in disposable income. This tells us thatΔNational Saving= {–ΔT – [MPC ⨯ (–ΔT)]} + [ΔT –ΔG]= [–ΔT + (MPC ⨯ΔT)] + 0= (MPC – 1) ΔT .The above expression tells us that the impact on national saving of an equal increase in T and G depends on the size of the marginal propensity to consume. The closer the MPC is to 1, the smaller is the fall in saving. For example, if the MPC equals 1, then the fall in consumption equals the rise in government purchases, so national saving [Y – C (Y – T ) – G ] is unchanged. The closer the MPC is to 0 (and therefore the larger is the amount saved rather than spent for a one-dollar change in disposable income), the greater is the impact on saving. Because we assume that the MPC is less than 1, we expect that national saving falls in response to an equal increase in taxes and government spending.The reduction in saving means that the supply of loanable funds curve will shift to the left in Figure 3-3. The real interest rate rises, and investment falls.12. a. The demand curve for business investment shifts out to the right because the subsidy increases thenumber of profitable investment opportunities for any given interest rate. The demand curve for residential investment remains unchanged.b. The total demand curve for investment in the economy shifts out to the right since it represents thesum of business investment, which shifts out to the right, and residential investment, which isunchanged. As a result the real interest rate rises as in Figure 3-4.c. The total quantity of investment does not change because it is constrained by the inelastic supply of savings. The investment tax credit leads to a rise in business investment, but an offsetting fall in residential investment. That is, the higher interest rate means that residential investment falls (a movement along the curve), whereas the rightward shift of the business investment curve leads business investment to rise by an equal amount. Figure 3-5 shows this change. Note that I 1B +I 1R +I 2B +I 2R =S .13. In this chapter, we concluded that an increase in government expenditures reduces national saving andraises the interest rate. The increase in government expenditure therefore crowds out investment by the full amount of the increase. Similarly, a tax cut increases disposable income and hence consumption.This increase in consumption translates into a fall in national saving, and the increase in consumption crowds out investment by the full amount of the increase.If consumption depends on the interest rate, then saving will also depend on it. The higher the interest rate, the greater the return to saving. Hence, it seems reasonable to think that an increase in the interest rate might increase saving and reduce consumption. Figure 3-6 shows saving as an increasing function of the interest rate.Consider what happens when government purchases increase. At any given level of the interest rate, national saving falls by the change in government purchases, as shown in Figure 3-7. The figure shows that if the saving function slopes upward, investment falls by less than the amount thatgovernment purchases rises by. This happens because consumption falls and saving increases inresponse to the higher interest rate. Hence, the more responsive consumption is to the interest rate, the less investment is crowded out by government purchases.14. a. Figure 3-8 shows the case where the demand for loanable funds is stable but the supply of funds(the saving schedule) fluctuates perhaps reflecting temporary shocks to income, changes ingovernment spending, or changes in consumer confidence. In this case, when interest rates fall,investment rises; when interest rates rise, investment falls. We would expect a negative correlation between investment and interest rates.b. Figure 3-9 shows the case where the supply of loanable funds (saving) is stable, whereas thedemand for loanable funds fluctuates, perhaps reflecting ch anges in firms’ expectations about the marginal product of capital. We would now find a positive correlation between investment and the interest rate—when demand for funds rises, it pushes up the interest rate, so we observe thatinvestment and the real interest rate increase at the same time.c. If both curves shift, we might generate a scatter plot as in Figure 3-10, where the economyfluctuates among points A, B, C, and D. Depending on how often the economy is at each of these points, we might find little clear relationship between investment and interest rates.d. Situation (c) seems fairly reasonable—as both the supply of and demand for loanable fundsfluctuate over time in response to changes in the economy.。
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IGCSE经济期末考试复习重点(九年级)Topic 1: Basic economic problem1.the nature of economic problem（经济问题的本质）:The central economic problem is scarcity.（基本的经济问题是稀缺） Scarcity means the limited resources cannot satisfy people’s unlimited wants.（稀缺意味着有限的资源不能满足人类无限的欲望） It leads to: what to produce? How to produce? For whom to produce? （它导致：生产什么？如何生产？为谁生产？）2. opportunity cost （机会成本）: The benefits from the next best thing foregone.（所放弃的次优选择的收益）There is an opportunity cost when people have to make choices.（当人们做选择的时候出现机会成本）3. factors of production（生产要素）.1).Land: all natural resources used in production.（投入生产的所有自然资源） e.g. oil, fish.2).Labor: all the physical and mental contribution of employees. （所有雇员的脑力和体力投入）E.g. skilled/unskilled worker.3).Capital: man-made resources used to producing other things.（制造其它产品的人造资源）E.g. machines, tools, factories.4).Enterprise: the ability to run a business, organize the other three factors of production, take risk and make profits.(运作企业，组织其它三种生产要素，承担风险和利润的能力).eg. entrepreneur4. production possibility curve（生产可能性曲线）: A curve that shows the maximum combination of two types of products that can be produced with existing resources.(描述现有资源可以制造的两种产品的最大组合的曲线)5. Market system: (private sector)（市场经济体制）1) Meant: The resources owned by producers and consumers,（制造者和消费者拥有资源）demand and supply decide prices,（需求和供给决定价格） resources allocated by price mechanism,（价格机制用于分配资源） firms aim to make most profits,（企业目标是最大利润） the economy work efficiently,（经济运作有效率） but it lacks of government intervention.（但没有政府干涉）2) Advantages（优点）:①It produce a wide variety of goods and services to satisfy consumers’ wants.（制造大量的多种多样的产品和服务满足消费者欲望）②It responds quickly to changes in consumer wants.（快速对消费者欲望变化做出反应）③It encourages innovations in products and new, more efficient methods of productionbecause firms competition, （鼓励产品创新和更有效率的生产方式因为企业竞争）production become more efficient,（生产变得更有效率） lower costs and increase sales and profit.（降低成本，增加销售和利润）④There are no taxes on incomes and wealth or on goods and services.（对收入、财富或产品和服务没有税）3) Disadvantages（缺点）:①Only profitable goods and services will be provided.（仅仅有利润的产品和服务被提供） It fails to provide public and merit goods. （不能提供公共品和优值品）②Resources will only be employed if it’s profitable to do so.（资源只有有利润的时候才会被使用）③Harmful goods may be produced and available because of profits,（有害产品会被制造和提供） such as drugs and weapons（比如毒品和武器）.④Producers may ignore harmful effects of their production on environment or people’s health .（制造者忽视生产对环境或健康带来的有害影响）⑤Some monopoly firms may dominate the supply of a good or service and charge high prices.（一些垄断公司控制产品和服务的供给并提高价格）⑥Firms will only supply products to consumers who are able to pay for them.（企业仅仅供给产品给有能力支付的消费者）6. Mixed system: (how to allocated resources in mixed economy)In the mixed system, both private-sector and public sector owned and controls scarce resources, producers, consumers and government decides what and how to produce.（在混合经济体制中，私有部门和公共部门拥有和控制稀缺资源，制造者、消费者和政府决定生产什么和如何生产）①private sector own scarce resources with the aim of making most profit. (私有部门拥有稀缺资源，生产目的是利润最大化)②government organize resources to provide some goods and services to people in need and can also use laws and regulations to control harmful activities.（政府组织资源去提供人们需要的产品和服务，同时使用法律和法规去控制有害活动）7. The advantages of mixed system :It attempts to overcome the disadvantages of a market economy by using government intervention to regulate different markets.（它企图通过使用政府干涉来规范不同的市场，克服市场经济体制的缺点）① Government can provide public goods and merit goods; it can raise money by taxes.（政府提供公共品和优值品，通过税收筹集资金）② In a mixed economy, the public sector can employ people who may otherwise be unemployed and provide unemployed benefits and payments to low incomes people.（混合经济体制中，公共部门雇佣工人）③ Government may stop consuming harmful goods by making them illegal or placing high taxes.(政府通过使其不合法或高税收来阻止消费有害产品)④ In a mixed economy, government can protect the natural environment or people’s health and safety by tax, laws and regulations.(混合经济体制中，政府通过税收、法律法规来保护环境和人们健康)⑤ Monopoly can regulate by government to keep low prices, or be broken up into smaller firms to increase competition and choice.（政府规范垄断企业控制价格，引导小企业加入行业增强竞争和选择）Topic 2: market forces and market failureSection1: market price(市场价格)1. What determines the demand for a product?（影响产品需求的因素有哪些？）1) Changes in the price of a product causes a movement along the demand curve;（产品价格的变化导致沿着需求曲线的滑动）2) Changes in consumer’s income and taxes on income;（消费者收入和收入税的变化）3) The prices of complements and substitutes;（互补品和替代品的价格）4) Changes in tastes, habit, fashion and popularity;（口味、习惯、时尚、流行的变化）5) Advertising;(广告)6) Changes in population;(size, age structure)（人口的变化，比如规模、年龄结构）7) Other factors: weather; interest rates; law.（其它因素：天气、利息率、法律等）2. What determines the supply for a product?（影响产品需求的因素有哪些？）1) Changes in the price of a product causes a movement along the supply curve; （产品价格的变化导致沿着供给曲线的滑动）2) Changes in the cost of factors of production: wages ,material, rent ,social security;（生产要素成本的变化：工资、原材料、租金、社会保障等）3) Technical progress;（技术进步）4) Business optimism （企业乐观）5) Governments subsidy and indirect taxes（政府补贴和间接税）6) Changes in other products’ profits（其它企业利润的变化）7) Other factors: weather, war, natural disaster, political factors.（其它因素：天气、战争、自然灾害、政治因素等）3. Explain, with example, what are complements and substitutes.（举例解释互补品和替代品的定义）Complementary goods are products that needs to be consumed together, such as car and petrol.（需要一起消费的产品，比如汽车和汽油）Substitutes are products that similar and compete to satisfy the same consumer demand, such as coffee and tea. （产品相似都能满足一种消费者需要，相互替代。