微观经济学错题集

Microeconomics, 8e (Parkin)Chapter 1 What Is Economics?3) All economic questions arise becauseA) people are greedy.B) production possibilities are unlimited.C) we want more than we can get.D) people are irrational.6) When an economist talks of scarcity, the economist is referring to theA) ability of society to employ all of its resources.B) ability of society to consume all that it produces.C) inability of society to satisfy all human wants because of limited resources.D) ability of society to continually make technological breakthroughs and increase production. Chapter 485) Of the following, demand is likely to be the least elastic forA) diamonds.B) insulin for diabetics. （药品是缺乏弹性商品）C) iceberg lettuce.D) pink grapefruit.19) Which of the following leads a good to have a high elasticity of supply?I. The good must be produced using unique resources.II. The good is produced using commonly available resources.A) I only 资源越稀缺供给余越没弹性B) II only （注意题目问的是elasticity of supply不是elasticity of demand）C) I and IID) neither I nor IIP Q30 850 1230) The table gives some data on the supply of roses in a small town. When the price rises from $15 a dozen to $25 a dozen, the elasticity of supply is ________.A) 1.25B) 5.00C) 0.20D) 0.80Chapter 67) In the figure above, the demand curve shifts rightward from D0 to D1 so that D1 is the relevant demand curve. Suppose the government imposes a rent ceiling of $300 per month. In the short run there will beA) a shortage of 500,000 apartments.B) a shortage of 400,000 apartments.C) a shortage of 200,000 apartments.D) no shortage nor a surplus of apartments.24) In the figure above, originally the apartment rental market is in short-run and long-run equilibrium with a rent of $600 per month. Then the government imposes a rent ceiling of $500 per month. Now suppose that demand increases. The increase in demand results in the quantity suppliedA) increasing.B) staying the same.C) decreasing.D) increasing, staying the same, or decreasing depending on how much demand increases.28) In the figure above, originally the apartment rental market is in short-run and long-run equilibrium with a rent of $600 per month. Then the government imposes a rent ceiling of $500 per month. The deadweight loss is borne byA) the producers only.B) the consumers only.C) all producers and some consumers.D) all consumers and some producers.46) The price ceiling depicted in the above figure results inA) consumer surplus increasing from $30 thousand to $34.5 thousand.B) producer surplus decreasing from $24 thousand to $6 thousand.C) a deadweight loss of $16 thousand.D) Both answers A and B are correct.7 6 46 5 55 4 64 3 73 2 813) In the table above, what is the level of unemployment (in millions of workers) if the minimum wage is set at $4 per hour?A) 0.B) 1.C) 3.D) 4.15) In the table above, the market is in equilibrium. Then a minimum wage is set at $7 per hour. The number of workers who lose their jobs will beA) 0.B) 1 million.C) 3 million.D) 5 million.17) In the figure above, D0 is the demand for labor curve. Imposing a minimum wage of $6 per hour will initiallyA) increase employment from 20 to 40 million hours per year.B) increase employment from 30 to 40 million hours per year.C) decrease employment from 40 to 20 million hours per year.D) decrease employment from 30 to 20 million hours per year.20) The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $3 per hour is imposed. Employment will decrease byA) 0 hours.B) 10 million hours per year.C) 20 million hours per year.D) 30 million hours per year.21) The market for unskilled labor is illustrated in the figure above. The market is in equilibriumand then a minimum wage of $5 per hour is imposed. Unemployment will equalA) 0 hours.B) 10 million hours per year.C) 20 million hours per year.D) 30 million hours per year.11) In the figure above, if a tax of $2 per widget is imposed on sellers, then the price of widgets paid by the buyer will beA) more than or equal to $8.B) between $8 and $6.C) $6.D) less than $6.Chapter 1210) An industry in which one firm can supply the entire market at a lower price than can two or more firms is called aA) legal monopoly.B) natural monopoly.C) single-price monopoly.D) price-discriminating monopoly.11) Which of the following is true of a natural monopoly?A) Its long-run average cost curve slopes upward as it intersects the demand curve.B) Economies of scale exist to only a very low level of output.C) The firm can supply the entire market at a lower cost than could two or more firms.D) The firm is not protected by any barrier to entry.17) A single-price monopolyA) charges all consumers the lowest price that they want to pay for each unit purchased.B) produces less output than it would if it could price discriminate.C) eliminates all the consumer surplus.D) creates a smaller deadweight loss than it would if it could price discriminate.19) When natural or legal forces work to protect a firm from potential competitors, the market is said to have ________.A) non-competitive supplyB) non-competitive entryC) barriers to entryD) restricted competition29) If the wage rate that a monopoly has to pay for labor services decreases, then its marginal cost curve ________.A) and the demand curve shift rightwardB) and the marginal revenue and average total cost curves shift rightwardC) shifts rightward and so does the marginal revenue curveD) shifts rightward and the marginal revenue curve does not change因为MR由D决定的1) Total revenue equalsA) marginal revenue multiplied by quantity sold.B) price multiplied by quantity sold.C) total cost minus profit.D) the area between the demand curve and the marginal revenue curve.20) A single-price monopoly will set its price according to which of the following rules?A) P = MR and MR equals MCB) P equals MC where the MC curve crosses the demand curve（易误选）C) P equals MR where the MR curve crosses the demand curveD) None of the above answers is correct.P Q MR TC27 1 27 2824 2 21 3321 3 15 4018 4 9 4915 5 3 6012 6 -3 739 7 -9 8822) Using the data in the above table for a single-price monopolist, how many units of output will be produced?A) 0 unitsB) 4 unitsC) 5 unitsD) 6 units25) Monopolies can earn an economic profit in the long run because ofA) rent seeking by competitors.B) the elastic demand for the monopoly's product.C) the cost-savings gained by the monopoly.D) barriers to enter the monopoly's market.P Q TC100 0 40090 10 80080 20 140070 30 220060 40 320027) Dee's TV Repair is the only TV repair shop in a small town. Dee is a single-price monopolist. Based on the demand and cost information in the table above, what quantity of TV repairs should Dee undertake?A) 0 per weekB) 10 per weekC) 20 per weekD) 30 per week38) An unregulated, single-price monopoly is shown in the figure above. If fixed cost is $20, the monopoly's total costs when it is maximizing its profit will beA) $30.B) $40.C) $80D) $140.P Q16 014 112 210 38 46 54 62 70 845) The table above gives the demand schedule for water bottled by Wanda's Healthy Waters. If Wanda's is a monopoly and maximizes its profit, what is the range of possible prices atWanda's will sell water?A) at exactly $8 a bottleB) some price below $8 a bottleC) some price over $8 a bottle （易错，从Figure12.4结合Figure12.3）D) at only $16 a bottle46) La Bella Pizza is the only pizza place on Pepper Island. The figure above shows La Bella Pizza's demand curve, marginal revenue curve, and marginal cost curve. At La Bella Pizza's profit-maximizing output, its annual total revenue isA) $168,000.B) $312,000. （注意区别Economics Profit 和Total Revenue）C) $336,000.D) $624,000.P Q16 015 114 213 312 411 510 69 78 856) The table above gives the demand schedule for water bottled by Wanda's Healthy Waters. If the marginal cost is a constant $4 a bottle, Wanda's will produce ________ a day and charge________ a bottle.A) 8 bottles; $8B) 4 bottles; $12C) 1 bottle; $15D) 6 bottles; $1030) Prime Pharmaceuticals has developed a new asthma medicine, for which it has a patent. An inhaler can be produced at a constant marginal cost of $2/inhaler. The demand curve, marginal revenue curve, and marginal cost curve for this new asthma inhaler are in the figure above. With its patent giving it a monopoly for its new inhaler, if Prime Pharmaceuticals could perfectly price discriminate, then which of the following is true?A) It would produce and sell 16 million inhalers.B) Inhalers would sell for $5 each.C) Inhalers would sell for $2 each.D) None of the above answers is correct.。