exeCh1

Additional Exercise for Chapter 11. When you are involved in a social process that involves the assembly and use of ____ to create goods and services capable of satisfying social needs and wants, what you are doing is _______.A) productive resources ... businessB) basic outputs ... economicsC) productive process ... managementD) capital ... control2. Which of the following is NOT included in the concept of capital?A) distributing facilities B) servicesC) tools D) transportation3. The return that business owners receive for assembling the basic inputs and taking risks of business ownership is known as ______.A) profit B) fringe benefitsC) rent D) interest4. The way in which workers are allowed to focus all their efforts on one specific work rather than on several tasks is known as ______.A) mass production B) specificationC) specialization D) automation5. The most important trend of the 1980s in U.S. business world is __________, particularly in the form of hostile takeovers.A) mergers B) labor unionsC) computerization D) consumer preference6. Which of the following is not the major economic goal of the U.S.?A) economic freedom B) economic growthC) utility maximization D) price stability7. Industrial in which a few firms produce most or all of the output of a product and in which large capital requirements or other factors keep out many firms are _______ .A) oligopolies B) monopolistic competitionC) socialism D) communism8. Economic growth is often indicated by all of the following factors EXCEPT________.A) gross national product B) price stabilityC) national income D) personal income9. To be exactly, price stability is mainly measured by _____.A) consumer price index B) inflationC) stagflation D) purchasing power10. To know how well an economic system is performed, which of the following factors needn't to be taken into consideration ?A) GNP B) Leading economic indicatorsC) Standard of living D) Unemployment rate11. Which of the following is defined as a measure of output per unit of time per worker?A) productivity B) efficiencyC) accountability D) effectiveness12. The market structure characterized by barriers to entry is defined as __________.A) perfect competition B) pure monopolyC) oligopoly D) monopolistic competition13. If a government owns the communications, transportation, utilities industries, and some of the natural-resource industries while most other activities is carried on by private enterprises, the economic system of the country is that of _______________.A) socialism B) communismC) capitalism D) mixed economy14. Which of the following is wrong about the understanding of the term business?A) Business makes use of four productiveresources.B) Business involves in providing goods andservices needed or desired by people.C) A healthy business world provides more incomeand a lower standard of living for all people. D) The outputs of business activities can be eithertangible or intangible.15. The consequences of the Industrial Revolution include all of the following except _______.A) mass production B) specializationC) automation D) assembly line16. Consumers always try to _______ satisfaction by choosing among the things that please them most.A) maximize B) minimizeC) reduce D) appropriate17. __ is the personal income minus personal taxes.A) investment income B) money incomeC) personal income D) disposable income18. A general upward movement of prices or downward movement of purchasing power is ___.A) inflation B) boomC) prosperity D) depreciation19. In the 1970s and very early 1980s, the U.S.economy experienced ______.A) stagflation B) full employment C) industrial revolution D) merger era20. _____ are legal entities established by the laws as artificial being, invisible, intangible, and existing only in contemplation of the law.A) Partnerships B) Sole proprietorshipsC) Corporations D) Joint Ventures21. If the merging companies perform essentially the same functions in the same industry, the merger is called a ________________.A) horizontal merger B) vertical mergerC) conglomerate D) takeover22. _______ are the joining together of two firms in which one of them (usually the larger ) takes over the other, causing it to lose its identity.A) takeovers B) mergersC) Business Combinations D) acquisitions23. Which of the following does not belong to the advantages of corporations?A) Owners of corporations aren’t required to payincome taxes on the profits of their activities.B) The corporation is a legal entity that existsseparate from its owners.C) Transfer of ownership doesn’t terminate thecorporation.D). The life of corporations is unlimited.24. The merger of Coca-Cola and Columbia Pictures is an example of______A) conglomerate B) combinationC) hostile takeover D) shortgun merger25. Ease of transferability of ownership is one of the advantages of ______A) sole proprietorships B) corporationC) partnership D) cooperative26. The major purpose of cooperatives is _______.A) for maximum possible profitsB) to generate sufficient revenues for the ownersC) to satisfy the customer’s needs to the possibleextentD) to achieve mutual benefits27. Public involvement in quasi-public corporations usually derives from some aspects of the business that is __________.A) unappealing to private investorsB) appealing to private investorsC) substantial capital requirements that would beforthcoming immediately and easily.D) risks concerned.Additional WordsAccelerator principle 加速原理Aggregate demand 总需求Aggregate demand (AD) curve 总需求曲线Aggregate supply 总供给Aggregate supply (AS) curve 总供给曲线Demand curve (or demand schedule) 需求曲线(或需求表)Price-elasticity of demand 需求的价格弹性Price-elasticity of supply 供给的价格弹性Income elasticity of demand 需求的收入弹性Resource allocation资源配置Allocative efficiency 配置效率Average propensity to consume 平均消费倾向Average revenue 平均收益Barriers to entry 进入壁垒Break-even point (in macroeconomics) （宏观经济学中的）收支相抵点Zero-profit-point 零利润点Business cycles 商业周期Coase theorem 科斯定理Collusive oligopoly 寡头勾结垄断Competitive equilibrium 竞争均衡Competitive market 竞争性市场Complements 互补品Constant returns to scale 规模报酬不变Decreasing returns to scale 规模报酬递减Consumer surplus 消费者剩余Crowding-out hypothesis 挤出(效应)假说Diminishing marginal utility，law of 边际效用递减规律Economies of scale 规模经济External diseconomies 外部不经济External economies 外部经济Externalities 外部性Game theory 博弈论General equilibrium analysis 一般均衡分析Partial equilibrium analysis 局部均衡分析Indifference curve 无差异曲线Indifference map 无差异曲线图Infant industry 幼稚产业Intellectual property rights 知识产权Invisible hand 看不见的手Labor supply 劳动供给Labor theory of value 劳动价值论Marginal principle 边际原则Marginal propensity of consume (MPC) 边际消费倾向Marginal revenue (MR) 边际收益Marginal utility (MU) 边际效用Market failure 市场失灵Opportunity cost 机会成本Pareto efficiency (or Pareto optimality) 帕累托效率(或帕累托最优)Phillips curve 菲利普斯曲线Returns to scale 规模收益Substitution rule 替代原则Welfare economics 福利经济学Key to ExercisesExe. 11.factors of production; basic outputs2.factor markets, output3.Economics; profit maximization4.sole proprietorships, partnerships, corporations; quasi-public corporations, cooperatives5.general partnerships, limited partnerships, joint venturesw of demand; law of supply7.economic growth, full employment, price stability8.horizontal merger, vertical merger, conglomerate Exe. 21.周期性失业2.主要经济指标3.景气指数4.管理技术5.物价总体水平6.垄断性竞争7.零售业8.生产资料，资本货物9.成本推动型通货膨胀10.计划经济11.full employment12.structural unemployment13.profit maximization14.grocery market15.quasi-public corporation16.gross national product17.horizontal merger18.proprietor income19.stagflation20.purchasing powerExe. 31.Profit maximization is the basic goal of all corporations and businesses. Failure to do this will result in the failure to achieve other objectives.2.As a kind of business organization, the advantages of listed companies rest in their ease of obtaining additional capital, stability of existence and limited liability in case of bankruptcy. Small businesses can be found in agriculture, services, wholesale and retail trade, manufacturing and construction, with sole proprietorships and partnerships as their basic forms of organization.3.Economics can be divided into macroeconomics and microeconomics, mainly studying how people use scarce resources to produce and distribute goods and services.Exe. 41.经济增长可以用国民生产总值、国民收入、个人收入和个人可支配收入等衡量。