哈伯德英文版微观经济学练习c18
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 theonly two consumers 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. 3b. 6c. 15d. 10e. 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(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 dogsis $0.75. Fill in the remaining columns of the table using this information.Solution: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 twoflavors, 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 crowdedb. A personal computer software productc. 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 canfind another experienced 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.Ounces of Grape Jelly Ounces of Apple Jelly (a Ounces ofGrape JellyOunces ofApple Jelly(b (c Ounces ofGrape JellyOunces ofAppleJellyc) 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 an annual 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 coston invested 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=-=∑i 2i ^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 4,624,000,000 924,800,000 σ2 = 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Chapter-1-16英文习题
E) are no longer relevant. Ans: B 6.The description of economics as, "cool heads in the service of warm hearts", means that: A) allocating scarce resources may require painful decisions. B) costs and benefits need to be weighed objectively. C) the proper balance must be struck between the discipline of the market and the generosity of the welfare state. D) all of the above. E) none of the above. Ans: D 7. When moving along a production possibilities frontier, the opportunity cost to society of obtaining more of one of the two goods: A) is measured in dollar terms. B) usually decreases as more of the good is produced. C) is measured by the amount of the other good that must be given up. D) is measured by the additional resources that must be used to produce the good. E) is usually constant. Ans: C 8.These data reflect three possible combinations of food and nothing that can be produced from a given set of resources. Food 10 5 0 Clothing O X 50 Refer to the above data. If both clothing and food always use all inputs in the same proportion, then X must be: A) 25. B) more than 25. C) less than 25. D) 50. E) cannot not be determined from the data Ans: A 9. Being on the production-possibility frontier between guns and butter means that: A) it is impossible to produce any more guns. B) it is impossible to produce any more butter. C) more guns can be produced only by doing without some butter. D) population is in equilibrium. E) if society becomes more productive in producing butter, then we can have more butter but not more guns. Ans: C 10. A shift in a production-possibility frontier can result from:
哈伯德英文版微观经济学练习c09
Microeconomics - Testbank 1 (Hubbard/O'Brien)Chapter 9 Consumer Choice and Behavioral Economics1) E conomists assume the goal of consumers is to:A) d o as little work as possible to survive.B) m ake themselves as well off as possible.C) e xpend all their income.D) c onsume as much as possible.2) M arginal utility is:A) t he total satisfaction received from consuming a good or service.B) t he average satisfaction received from consuming a good or service.C) t he extra satisfaction received from consuming one unit of a good or service.D) n one of these describes marginal utility.3) A s a consumer consumes more and more of a good or service in a particular time period,eventually marginal utility:A) r ises.B) i s constant.C) d eclines.D) f luctuates.4) I f a consumer receives 20 units of utility from consuming two units of a good and forconsuming three units this consumer receives 25 units of utility, the marginal utility ofconsuming the third unit is:A) 45 utility units.B) 25 utility units.C) 20 utility units.D) 5 utility units.5) I f a consumer receives 20 units of utility from consuming two units of a good and fromconsuming three units this consumer receives 25 units of utility, the marginal utility ofconsuming the second unit is:A) 25 utility units.B) 20 utility units.C) 5 utility units.D) u nknown as more information is needed to determine the answer.6) I f a consumer receives 22 units of marginal utility for consuming the first unit of a good, 20units from consuming the second, and 15 from the third, the total utility of consuming thethree units is:A) 57 utility units.B) 35 utility units.C) 15 utility units.D) u nknown as more information is needed to determine the answer.7) T otal utility:A) a lways increases as a person consumes more and more of a good.B) h as a constant rate of increase as a person consumes more and more of a good.C) i s equal to the sum of the marginal utilities of all units consumed.D) i s negative when marginal utility is declining.8) I f, as a person consumes more and more of a good, each additional unit adds less satisfactionthan the previous unit consumed, we are seeing the working of the law of:A) d emand.B) s upply.C) i ncreasing opportunity cost.D) d iminishing marginal utility.9) M arginal utility can be:A) n egative.B) z ero.C) p ositive.D) a ll of these.10) I f, when you consume another unit of a good, your marginal utility is zero, then:A) y ou want more of the good.B) y our total utility has peaked.C) y ou have not yet reached the point of diminishing marginal utility.D) y ou should consume less of this good.11) C onsumers have to make tradeoffs in deciding what to consume because:A) t hey can only consume so much each day.B) t here is not enough time to consume everything.C) t hey are limited by a budget constraint.D) t here is not enough of all goods produced.12) I f your total satisfaction increases when you consume another unit, your marginal utilitymust be:A) i ncreasing.B) d ecreasing.C) n egative.D) p ositive.13) I f you ate too many pieces of pie and got sick, then at least the last piece of pie:A) h ad constant marginal utility.B) h ad constant total utility.C) h ad negative marginal utility.D) h ad positive marginal utility.14) T otal utility typically increases at a decreasing rate as a consumer consumes more of onegood or service, so marginal utility must:A) r emains constant.B) i ncrease also.C) d ecrease.D) b e negative.15) S omething has utility for a consumer if it:A) i s scarce.B) h as a high price.C) i s something everyone else wants.D) g enerates enjoyment or satisfaction.16) W hen marginal utility is zero, total utility is:A) m aximized.B) d ecreasing.C) n egative.D) i ncreasing.17) C onsumers maximize total utility within their budget constraint by:A) b uying the cheapest goods they can find.B) b uying whatever they like the best.C) b uying the good with the largest marginal utility per dollar spent.D) b uying the same dollar amount of each good.18) I f a consumer always buys goods rationally, then:A) t he total utilities of the different goods consumed will be equal.B) t he average utilities of the different goods consumed will be equal.C) t he marginal utility per dollar spent on all goods will be equal.D) t he marginal utility of the different goods consumed will be equal.19) S uppose Joe is maximizing total utility within his budget constraint and the price of jeans is$25 and yielded 100 units of extra satisfaction. If the price of a shirt is $20, then the extra satisfaction received for the last shirt must be:A) 2000 units of utility.B) 500 units of utility.C) 100 units of utility.D) 80 units of utility.20) I f a consumer is maximizing total utility by buying goods X and Y, for a consumer to buymore of good X:A) t he consumer is maximizing so nothing can change the consumption of X.B) t he price of X has to fall.C) t he price of X has to rise.D) t he price of Y has to fall.21) M ost would prefer to drive a luxury car that has all the options, but more people buy lessexpensive cars even though they could afford the luxury car because:A) c ar buyers are irrational.B) t he total utility of less expensive cars is greater than luxury cars.C) t he marginal utility per dollar spent on the less expensive car is higher than on luxurycars.D) n one of these can explain this.22) I f a consumer is purchasing good X at $5 and gets 25 units of marginal utility from the lastunit and good Y at $3 and gets 12 units of marginal utility from the last unit, the consumer:A) i s maximizing total utility and does not want to change their consumption of good X orgood Y.B) w ants to consume more of good X and less of good Y.C) w ants to consume more of good Y and less of good X.D) w ants to consume less of both good X and good Y.23) I f a consumer is obtaining nine units of utility per dollar spent on apples and six units ofutility per dollar spent on oranges, then the consumer:A) i s maximizing total utility.B) w ants to buy more apples and less oranges.C) w ants to buy more oranges and less apples.D) w ants to buy less oranges and less apples.24) I f a consumer is utility maximizing and the price of one good falls, what has happened to themarginal utility divided by the price of the good and what should the consumer do?A) M U/P has increased and the consumer should buy more of this good.B) M U/P has increased and the consumer should buy less of this good.C) M U/P has decreased and the consumer should buy more of this good.D) M U/P has decreased and the consumer should buy less of this good.25) W hen the price of a normal good falls causing your purchasing power to rise, you buy moreof it due to:A) t he substitution effect.B) t he income effect.C) t he deadweight loss effect.D) t he elasticity effect.26) W hen the price of a good falls and you buy more of it because it is relatively less expensive,this is called:A) t he substitution effect.B) t he income effect.C) t he deadweight loss effect.D) t he elasticity effect.27) I f a normal good you are consuming has its price increase, you will buy less of it because:A) t he negative income effect is greater than the positive substitution effect.B) t he positive income and substitution effects work together.C) t he negative income and substitution effects work together.D) t he positive income effect is smaller than and the negative substitution effect.28) I f an inferior good you are consuming has its price increase, you will buy less of it because:A) t he negative income effect is smaller than the positive substitution effect.B) t he positive income and substitution effects work together.C) t he negative income and substitution effects work together.D) t he positive income effect is larger than and the negative substitution effect.29) W hen price decreases for a normal good, the income and substitution effects:A) w ork in the same direction to increase quantity demanded.B) w ork in the same direction to decrease quantity demanded.C) w ork in opposite directions and quantity demanded increases.D) w ork in opposite directions and quantity demanded decreases.30) A Giffen good:A) m ust be an inferior good.B) i s one where the positive income effect of a price increase is larger than the negativesubstitution effect.C) i s one where buyers increase quantity demanded when price increases.D) a ll of the above.31) T o be a Giffen good a good must be:A) a normal good.B) i nferior with an income effect that is larger than the opposing substitution effect.C) i nferior with an income effect that is smaller than the opposing substitution effect.D) i nferior with an income effect and a substitution effect working in the same direction.32) A network externality is when:A) t here is production cost savings from being networked with suppliers.B) t here is production cost savings from being networked with buyers.C) t he utility of a good is affected by how many others use the good.D) t he utility of a good is affected by celebrities who use the good.33) A good is path dependent, when:A) c onsumers get utility from consuming goods that others are consuming such asrestaurants.B) t he first technology that was adopted has an advantage over a better technology thatcame later.C) p eople who move location follow the path of people who moved before them.D) i t can only be used in one way.34) B usiness firms might raise prices only if costs have increased but not when demand hasincreased because:A) d emand changes are hard to determine while cost changes are provided by suppliers.B) f ear that the public may demand the government put a price ceiling on the product.C) f ear that buyers will consider demand-caused price increases as unfair and buyelsewhere.D) c ost changes are usually permanent while demand changes are often temporaryfluctuations.35) S unk costs:A) a re costs that have already been paid and cannot be recaptured.B) a re important for optimal decision making.C) a re costs associated with repairing something you already own.D) a re costs that firms sink into marketing.36) W hat is held constant along one indifference curve?A) P rices of goodsB) M arginal rate of substitutionC) M arginal utilityD) T otal utility37) I ndifference curves intersect:A) a t equilibrium.B) t he consumer optimum.C) w here the marginal rate of substitution for each indifference curve is equal.D) n ever.38) T he indifference curve shows what a consumer:A) w ants.B) c an buy.C) w ill buy.D) c an't buy.39) T he budget constraint on an indifference curve graph shows what a consumer:A) w ants.B) c an buy.C) w ill buy.D) h as bought.40) T he rational consumer will buy that combination of the two goods on an indifference curvegraph that is where:A) t he indifference curve intersects the horizontal axis.B) t he indifference curve intersects the vertical axis.C) a n indifference curve is tangent to the budget constraint.D) t he budget constraint intersects one of the axes.41) W hen the price of one of the goods on an indifference curve graph increases while the otherremains constant, the consumer's:A) i ndifference curve becomes more concave away from the origin.B) i ndifference curve becomes straighter.C) b udget constraint moves away from the origin on the axis of the good whose price hasincreased.D) b udget constraint moves in towards the origin on the axis of the good whose price hasincreased.42) O n an indifference curve/budget constraint graph, the substitution effect of a price change forone good is shown as a movement:A) a long one indifference curve.B) f rom one indifference curve to another one.C) f rom one equilibrium point to another one.D) a long one budget constraint.43) O n an indifference curve/budget constraint graph, the income effect of a price change of onegood is shown as a movement:A) a long one indifference curve.B) f rom one indifference curve to another.C) f rom one equilibrium point to another.D) a long one budget constraint.44) A n increase in a consumer's income is shown on an indifference curve/budget constraintgraph by:A) i ndifference curves all shifting inward.B) i ndifference curves all shifting outward.C) b udget constraint shifting inward.D) b udget constraint shifting outward.Refer to Figure 9.1 for the questions below.Figure 9.145) I n figure 9.1, a change in income is shown in:A) p anel a.B) p anel b.C) p anel c.D) n one of the above.46) I n figure 9.1, a change in the price of candy is shown in:A) p anel a.B) p anel b.C) p anel c.D) n one of the above.47) I n figure 9.1, beginning with the lower level of utility, an increase in the price of popcorn isshown in:A) p anel a.B) p anel b.C) p anel c.D) n one of the above.48) I n figure 9.1 beginning with the lower level of utility, panel c shows:A) a n increase in income.B) a n increase in the price of candy.C) a decrease in the price of candy.D) n one of the above.。
哈伯德英文版微观经济学练习c10
哈伯德英文版微观经济学练习c10Microeconomics - Testbank 1 (Hubbard/O'Brien)Chapter 10 Technology, Production, and Costs1) T he average total cost of production is the:A) e xtra cost required to produce one more unit.B) t otal cost of production.C) t otal cost of production divided by the level of output.D) t otal cost of production multiplied times the level of output.2) A mong the potential sources of an advance in technology for a producing firm is:A) b etter trained workers.B) m ore efficient physical capital.C) h igher skill level of managers.D) a ll of the above.3) T he short run is:A) o ne day.B) o ne week.C) s ix months.D) a s long it takes a particular firm to change its plant capacity.4) A factor of production that is not fixed in the short run is:A) p hysical capital.B) t echnology.C) l abor.D) l and.5) A characteristic of the long run is:A) t here are no fixed inputs.B) a ll inputs can be varied.C) p lant capacity can be increased or decreased.D) a ll of the above.6) E conomics cost of production differ from those in accounting in that:A) e conomics includes expenditures for hired resources while accounting does not.B) e conomics adds the opportunity cost of a firm using its own resources.C) a ccounting includes expenditures for hired resources while economics does not.D) a ccounting costs are always larger than economic costs.7) W hich of the following is an implicit cost of production?A) I nterest paid on a loan to a bank.B) W ages paid to labor plus the cost of carrying benefits for workers.C) T he utility bill paid to water, electricity, and natural gas companies.D) R ent that could have been earned on a building owned and used by the firm.8) I mplicit costs of production are also called:A) o verhead.B) v ariable costs.C) d irect costs.D) o pportunity costs.9) A factor of production that generally is fixed in the short run is:A) r aw materials.B) l abor.C) a building.D) w ater.10) T he relationship between different amounts of inputs and the resulting level of output is a:A) t otal cost schedule.B) p roduction possibilities frontier.C) p roduction function.D) p roduction quota.11) I f the firm is producing nothing in the short run, then:A) t otal costs are zero.B) v ariable costs are low but positive.C) m arginal costs are negative.D) f ixed costs are positive.12) A s a firm hires more labor in the short run, the:A) l evel of total product stays constant.B) o utput per worker rises.C) e xtra output of another worker may rise at first, but eventually must fall.D) c osts of production are increasing at a fixed rate per unit of output.Refer to Figure 10.1 for the questions below.Figure 10.113) I n figure 10.1, diminishing returns to labor set in after:A) L1.B) L2.C) L3.D) n one of the above.14) I n figure 10.1, short run output is maximized at:A) L1.B) L2.C) L3.D) n one of the above.15) I n figure 10.1, AP of labor declines after L2 because:A) M P of labor is below AP of labor.B) M P of labor is falling.C) M P of labor is negative.D) M P of labor is positive.16) I f four workers can produce 18 chairs a day and five can produce 20 chairs a day, themarginal product of the fifth worker is:A) four chairs.B) f ive chairs.C) t wo chairs.D) 38 chairs.17) T he short run marginal product of labor increasing at first and then falling is an example ofthe law of:A) d emand.B) s upply.C) d iminishing marginal utility.D) d iminishing returns.18) T he reason the marginal product of labor in the short run increases at first and then falls isbecause:A) a s more labor is hired, they are not as skilled as the first ones hired.B) t here are fewer opportunities for division of labor and specialization.C) t he management is inefficient.D) t he extra workers have busy work piled on them.19) I f 11 workers can produce a total of 54 units of a productand another worker has a marginalproduct of six, then the average product of 12 workers is:A) 60.B) 54.C) 48.D) 5.20) I f another worker adds nine units of output to a group of workers who had an averageproduct of seven units, then the average product of labor:A) w ill remain the same.B) w ill increase.C) w ill decrease.D) a nd what will happen to it can not be determined.21) I f average product is decreasing, we know that:A) t otal product is negative.B) m arginal product is negative.C) m arginal product is smaller than average product.D) m arginal product is at its positive.22) I f all we know is all workers' marginal product, then total and average product can be foundby:A) d ividing marginal costs by the number of workers.B) m ultiplying the average marginal product times the number of workers.C) s umming the marginal values to find the total and multiplying it times the number ofworkers to get the average.D) s umming the marginal values to find the total and dividing it by the number of workersto get the average.23) I f we know that marginal product is equal to average product, then:A) a verage product is at a maximum.B) t otal product is at a maximum.C) m arginal product is at a maximum.D) a verage product must be falling.24) M arginal cost is U-shaped because of the:A) l aw of demand.B) l aw of diminishing marginal utility.C) l aw of diminishing returns.D) l aw of increasing costs.25) A verage total cost is equal to:A) a verage fixed costs minus average variable costs.B) t otal costs divided by the level of output.C) m arginal costs plus variable costs.D) t otal costs divided by the number of workers.Refer to Figure 10.2 for the questions below.Figure 10.226) I n figure 10.2, the difference between average total costs and average variable costs is:A) a verage fixed costs.B) m arginal costs.C) f ixed costs.D) s unk costs.27) I n figure 10.2, average variable costs approach average total costs as output rises because:A) m arginal costs are above average variable costs.B) a verage fixed costs are falling.C) f ixed costs are falling.D) t otal costs are falling.28) I n the long run:A) a ll inputs in production are variable.B) t here are no fixed costs.C) t otal costs equal variable costs.D) a ll of these are correct.29) L ong run costs are U-shaped because:A) o f the law of demand.B) o f the law of diminishing returns.C) o f economies and diseconomies of scale.D) o f the law of supply.30) I f average total cost is $50 and average fixed cost is $15 when output is 20 units, then thefirm's total variable cost at that level of output is:A) $1,000.B) $700.C) $300.D) i mpossible to determine without additional information.31) I f average total cost is $50 and average fixed cost is $15 when output is 20 units, then thefirm's average variable cost at that level of output is:A) $45.B) $35.C) $30.D) i mpossible to determine without additional information.32) W hen the average total cost is $16, the level of total cost is $800, then the number of units thefirm is producing is:A) i mpossible to determined with the information given.B) 784.C) 12,800.D) 50.33) I f a firm doubles all its inputs in the long run and it finds its average cost of production hasdecreased, then it has:A) d iminishing returns.B) e conomies of scale.C) d iseconomies of scale.D) d eclining fixed costs.34) E conomies of scale exist because as a firm increases its size in the long run:A) t he firm can afford more sophisticated technology in production.B) l abor and management can specialize their activities more.C) a s a larger input buyer the firm can purchase inputs at a lower per unit cost.D) a ll of these.35) I n natural monopolies such as the generation of electricity, long-run average costs continue todecrease as the plant size gets larger, because:A) d iminishing returns are not present.B) d iseconomies of scale are very minor but economies of scale continue.C) s omeone must have made a mistake at lower levels of output.D) t here are no fixed costs.36) W hen a firm's long-run average cost curve is horizontal for a range of output, then in thatrange the firm has:A) i ncreasing returns to scale.B) c onstant returns to scale.C) d ecreasing returns to scale.D) c onstant average fixed costs.37) A n isoquant shows:A) t he combinations of two goods that yield the same total satisfaction.B) t he combinations of two inputs that yield the same total product.C) t he combinations of two inputs that cost the same total quantity of money.D) t he combination of two goods that cost the same amount of money.38) T he typical shape of isoquants is:A) c oncave towards the origin.B) c onvex towards the origin.C) s traight downsloping line.D) s traight upsloping line.39) A s a firm substitutes labor for capital, more labor is required to equal one less unit of capitalbecause:A) c apital is always more productive than labor.B) a s less capital is used, diminishing returns to labor become more pronounced.C) d iseconomies of scale.D) t he price of each input changes.40) A n isocost line shows:A) a ll the possible combinations of two inputs the firm can use.B) a ll the possible combinations of two inputs the firm can use that have the same total cost.C) a ll the possible combinations of two inputs the firm can use that have the same marginalcost.D) a ll the possible combinations of two inputs with constant returns to scale.41) T he position of the isocost line is determined by the:A) p rices of the two inputs.B) p roductivities of the two inputs.C) l evel of total cost.D) p rice of the product.42) O n an isoquant/isocost graph the least cost combination of producing a given output is:A) a ny point on the isoquant curve.B) a ny point on the isocost curve.C) t he tangency point between the isoquant curve and the isocost line.D) o nly on one of the axes of the graph.43) D ifferent economies might use different combinations of inputs like labor and capital toproduce the same goods because of:A) d ifferent technologies.B) d ifferences in the productivity of the inputs.C) d ifferences in the prices of the inputs.D) a ll of the above.44) I f labor is the horizontal axis input and physical capital is the vertical axis input, then at theleast costs output:A) t he marginal rate of technical substitution is equal to the wage rate divided by the costof capital.B) t he marginal rate of technical substitution is multiplied times the wage rate divided bythe cost of capital.C) t he marginal rate of technical substitution is divided by the wage rate multiplied timesthe cost of capital.D) t he marginal rate of technical substitution is equal to the amount of capital divided bythe amount of labor.45) I f the amount of labor being used has a marginal product of 12 units of output per worker at awage rate of $6 per worker and the current capital amount being used has a marginal product of 20 units per machine, then for this to be a least cost combination of inputs the cost of capital must be:A) $2.B) $10.C) $20.D) I mpossible to determine with the information given.。
微观经济学的练习题以及答案英文版
微观经济学的练习题以及答案英文版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 timetoday.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 inMontana. 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.。
微观经济学英文版1-8章自测题及答案
微观经济学英文版1-8章自测题及答案第一章1. Beth’s friends want to take her to a movie or a play for her birthday. Beth chooses to attend the play. We know that:a. Beth has made an irrational decision.b. not seeing the movie is Beth’s opportunity cost of attending the play.c. Beth did not make a decision at the margin.d. seeing the play did not cost Beth anything since she did not have to pay for the ticket.2. A market economy relies ona. decentrali zed choices coordinated by Adam Smith’s “invisible hand.”b. centralized choices coordin ated by Adam Smith’s “invisible hand.”c. decentralized choices coordinated by the “visible hand” of authority.d. centralized choices coordinated by the “visible hand” of authority.3. Which of the following is an example of market power?a. Elaine engages in less research than she would if the government were to subsidize her research activities.b. Mark’s company charges a higher price for its product because government regulations force the company to clean-up its emissions into a local waterway.c. Because of the high cost of gasoline, Jennifer buys a smaller, more fuel-efficient car.d. The town’s only cable company charges a higher price than it would if it faced competition from other firms.4. Government regulation of the economy may be beneficial if:a. externalities exist.b. there is too much competition.c. there is no market power.d. special interest groups act to influence government policy.5. Which of the following variables is the key ingredient in improving the standard of living of the average citizen?a. low inflationb. low unemployment ratesc. productivity increasesd. population growth6. Externalities occur whena. one person’s actions affect the well-being of a bystander.b. the government imposes taxes.c. increases in the price of oil cause gasoline prices to rise.d. higher wages result in increased spending.7. Which of the following are NOT examples of market failure?a. There is only one firm that employs all the workers of Smalltown.b. BUU is the sole provider of long-distance for the United States.c. As a result of its production processes, REA Corporation emits two tons of air pollutants daily.d. None of the above.8. Government intervention in the marketplacea. always benefits society.b. always harms society.c. may either benefit or harm society depending on the typeand extent of government intervention.d. is rarely influenced by political considerations.9. Trade between two countriesa. makes both countries better off.b. can benefit one country but not both.c. causes one country to gain and the other country to lose.d. is a zero-sum game.10. Inflation refers toa. a continuing decrease in the overall level of prices in the economy.b. an increase in the overall level of prices in the economy.c. a persistent increase in the amount of goods which can be purchased with a given amount of money.d. an increase in some individual prices in the economy.11. In most cases, high or persistent inflation is caused by:a. too rapid growth in the quantity of money.b. a reduction in the quantity of money.c. an increase in unemployment.d. an increase in productivity.12. To say that people make decisions at the margin means that theya. wait until the last minute before making a decision.b. weigh the additional costs and additional benefits of small changes.c. make decisions that determine whether or not they will live their lives on the edge of subsistence.d. make decisions on issues that are relatively unimportant for their economic well-being.13. According to the Phillips curve,a. there is no tradeoff between inflation and unemployment.b. if inflation increases, so does unemployment.c. increases in unemployment are associated with a rise in prices.d. there is a short-run tradeoff between inflation and unemployment.14. When economists say that individuals respond to incentives, they mean thata. if the benefit of an activity increases, people will engage in more of that activity.b. once individuals have made a mistake, they will never make the same mistake again.c. individuals act very quickly when faced with a problem.d. individuals respond to positive stimuli, but not to negative stimuli.15. Economics is primarily the study ofa. how to make money in the stock market.b. how to operate a business successfully.c. how society manages its scarce resources.d. the methods that government might use to transform a scarce good into an economic good.16. What ever must be given up to obtain some item isa. an explicit cost.b. an opportunity cost.c. an historical cost.d. an accounting cost.17. Scarcity arises because ofa. limited resources.b. poverty.c. too little money in an economy.d. government inefficiencies.18. “There is no such thing as a free lunch.” This expression meansa. no decision is cost-free.b. if Jan and Jim go out to eat lunch, one of them must pay for the lunch or the restaurant will call the police.c. while some actions involve a cost, others do not.d. that scarcity exists in some situations, but does not in others.参考答案：1.b2.a3.d4.a5.c6.a7.d8.c9.a 10.b11.a 12.b 13.d 14.a 15.c 16.b 17.a 18.a第二章1. Economists use assumptionsa. to make the real world easier to understand.b. to make their models more accurately reflect the real world.c. to make their models more complex.d. to make it more difficult to understand how the real world operates.2. Which of the following is an example of a normative economic statement?a. If the economy is experiencing full employment, a largetax cut will create inflation.b. An increase in the government’s budget deficit will cause an increase in interest rates.c. A decrease in the minimum wage will decrease unemployment among teens.d. The federal government should increase spending on education.3. A technological advance or an increase in the factors of production is represented asa. a shift of the production possibilities frontier in towards the origin.b. a shift of the production possibilities frontier away from the origin.c. a movement down the production possibilities frontier.d. a movement up the production possibilities frontier.4. Microeconomics is the study ofa. how households and firms make decisions and how they interact in the market.b. economy-wide phenomena.c. inflation, unemployment, and economic growth.d. the impact of government actions on the economy.5. Macroeconomics is concerned primarily witha. the way things are produced.b. the prices of particular goods and services.c. the behavior of consumers.d. the study of economy-wide phenomena.6. According to the circular flow modela. in the market for goods and services, households are buyers and firms are sellers.b. the market for goods and services, households are sellersand firms are buyers.c. in the market for factors of production, households are buyers and firms are sellers.d. firms are the owners of the factors of production.7. A production possibilities frontier showsa. the prices at which alternative goods will be produced.b. the input combinations that allow a country to produce a given amount of output.c. the tax revenue a government receives at various tax rates.d. the various combinations of two goods a country can produce with its factors of production and the available production technology.8. Which of the following is a statement of positive economics?a. Income taxes should be reduced in order to increase economic growth.b. A reduction in tax rates will increase the after-tax incomes of the rich.c. Tax rates ought to be reduced so that people will work more.d. All people who are on welfare for more than 24 months should be required to work.9. In the circular-flow model, households receive income in the form of:a. wages only.b. wages and rent.c. wages and rent and profit.d. rent only.10. A good economic model such as supply and demand is like a road map becausea. it omits many details to allow us to use only pertinent information.b. it accurately depicts all the details of the real-world.c. it is complex enough that only those with high intellect can understand it.d. it makes little use of assumptions.参考答案：1.a2.d3.b4.a5.d6.a7.d8.b9.c 10.a第三章1. Mary can produce housing at a lower opportunity cost than Joan. Economists would say thata. Mary has the comparative advantage in the production of housing.b. Joan has the comparative advantage in the production of housing.c. Mary has the absolute advantage in the production of housing.d. Joan has the absolute advantage in the production of housing.2. When trade takes placea. both parties will probably be worse off.b. one pa rty must gain at the other party’s expense.c. both parties can be better off.d. one party will gain and the other party will be neither better nor worse off.3. The average worker in the United States can produce 20 tons of coal or 10 tons of iron per hour. The average worker in Canada can produce either 10 tons of coal or 10 tons of iron per hour. The United States has a comparative advantage in the production ofa. iron.b. coal.c. both iron and coal.d. neither iron nor coal.4. If Brazil can produce more shoes with one hour of labor than Argentina, which of the following is necessarily true?a. Brazil has a comparative advantage in the production of shoes.b. Brazil exports shoes to Argentina if there is free trade.c. Brazil has an absolute advantage in the production of shoes.d. All of the above are true.5. Comparative advantage describes the situation wherea. one producer has more resources than another producer.b. a producer produces more output than another producer.c. the opportunity cost of producing a good is smaller for one producer than for a second producer.d. the opportunity cost of producing a good is the same for both producers.6. With trade, a c ountry’s set of consumption opportunities liesa. inside the production possibility frontier.b. outside the production possibility frontier.c. at the same point as the production possibility frontier.d. inside the production possibilities frontier at some points and on the production possibilities frontier at other points.7. In France each unit of labor can produce 3 bottles of wine or 2 shirts. In Portugal each unit of labor can produce 2 bottles of wine or 1 shirt. Which country has a comparative advantage in producing wine?a. Franceb. Portugalc. Both France and Portugal.d. Neither France nor Portugal.8. If Argentina produces shirts with a smaller sacrifice of shoes than Brazil,a. Argentina has an absolute advantage in shirt production.b. Brazil has an absolute advantage in shirt production.c. Argentina should import shirts from Brazil.d. Brazil should import shirts from Argentina.9. A country should specialize in the production of those goodsa. that have the highest price.b. that use the most labor.c. for which a country has an absolute advantage.d. for which a country has a comparative advantage.10. Which of the following is true when countries specialize according to their comparative advantage?a. It is possible to increase world output of all goods.b. It is possible to increase world output of some goods onlyby reducing the output of others.c. One country is likely to gain from trade while others lose.d. All countries will lose from trade.参考答案：1.a2.c3.b4.c5.c6.b7.b8.d9.d 10.a第四章1. Which of the following is a characteristic of perfect competition?a. A single seller.b. A small number of buyers.c. Buyers and sellers are price setters.d. Buyers and sellers are price takers.2. A decrease in the price of pizza willa. decrease the quantity of pizza demanded.b. increase the quantity of pizza demanded.c. decrease the demand for pizza.d. increase the demand for pizza.3. When income increases, purchases of houses increase. This meansa. the demand curve for housing has shifted rightward.b. there has been a movement down the demand curve forhousing.c. the demand curve for housing has shifted leftward.d. there has been a movement up the demand curve for housing.4. Suppose oranges are currently selling for $2.00 per pound. The equilibrium price of oranges is $1.56 per pound. We would expecta. a shortage to exist and the market price of oranges to increase.b. a shortage to exist and the market price of oranges to decrease.c. a surplus to exist and the market price of oranges to increase.d. a surplus to exist and the market price of oranges to decrease.5. Suppose the price of Coke increases. What would happen to the equilibrium price and quantity of Pepsi?a. Both the equilibrium price and quantity of Pepsi would increase.b. Both the equilibrium price and quantity of Pepsi would decrease.c. The equilibrium price of Pepsi would increase, and the equilibrium quantity of Pepsi would decrease.d. The equilibrium price of Pepsi would decrease, and the equilibrium quantity of Pepsi would increase.6. Suppose there is an advance in technology that allows the automobile industry to manufacture automobiles more cheaply.We would expecta. an increase in both the equilibrium price and the equilibrium quantity of automobiles.b. a decrease in both the equilibrium price and the equilibrium quantity of automobiles.c. an increase in the equilibrium price and a decrease in equilibrium quantity of automobiles.d. a decrease in the equilibrium price and an increase in the equilibrium quantity of automobiles.7. When both supply and demand increasea. equilibrium price rises, and so does equilibrium quantity.b. equilibrium price falls, but equilibrium quantity rises.c. equilibrium quantity rises.d. it is impossible to speculate about the results for equilibrium price or equilibrium quantity.8. Because cars and gasoline are complements, an increase in the price of gasoline willa. increase the demand for cars.b. decrease the demand for cars.c. increase the demand for gasoline.d. decrease the demand for gasoline.9. A change in which of the following will cause a movement along the supply curve?a. a change in the state of technologyb. a change in taxesc. a change in expectations about future pricesd. a change in the price of the good10. Suppose the price of land increases. At the same time, income increases. What would happen to the equilibrium priceand quantity of housing?a. Equilibrium price will decrease. We cannot predict what will happen to equilibrium quantity.b. Equilibrium price will increase. We cannot predict what will happen to equilibrium quantity.c. Equilibrium quantity will decrease. We cannot predict what will happen to equilibrium price.d. Equilibrium quantity will increase. We cannot predict what will happen to equilibrium price.参考答案：1.d2.b3.a4.d5.a6.d7.c8.b9.d 10.b第五章1. Which of the following statements is correct?a. The demand for luxuries tends to be more elastic than the demand for necessities.Correct. Demand for luxuries can be more sensitive to price changes.b. If there are no close substitutes for a good, demand will be very elastic.c. The shorter the time period, the more elastic is demand.d. Ho w a good’s market is defined has no impact on the good’s elasticity.2. If the quantity of movie tickets sold decreases by 20 percent when the price increases by 10 percent, demand over this price range is:a. inelastic.b. elastic.c. perfectly inelastic.d. perfectly elastic.3. Given that the demand for cocaine is inelastic, how will a reduction in supply affect totalrevenue of those selling this drug (other things equal)?a. Total revenue will rise.b. Total revenue will fall.c. Total revenue will not change.d. The effect on total revenue cannot be predicted.4. The local movie theater lowers admission prices in an attempt to increase its revenues. The managers of the theater must believe demand to bea. unit price elastic.b. perfectly price inelastic.c. price elastic.d. price inelastic.5. The income elasticity of demand for good X is estimated to be -0.5. This suggests that good X isa. a complementary good.b. a substitute good.c. a normal good.d. an inferior good.6. Suppose the cross-price elasticity of demand is a negative number. We know thata. the two goods are complements.b. the two goods are substitutes.c. the two goods are inferior goods.d. the two goods are normal goods.7. If the percentage change in the quantity supplied of a good is less than the percentage change in price, then supply of the good isa. elastic.b. inelastic.c. normal.d. inferior.8. Suppose the supply curve for a good is vertical. We know that supply isa. price elastic.b. perfectly price inelastic.c. unit price elastic.d. perfectly price elastic.9. If the price of one dozen eggs increases from $1.60 to $2.00, quantity demanded will decrease from 600 to 400. The elasticity of demand for eggs (using the mid-point formula) isa. 0.8.b. 1.8.c. 11.26.d. 1.9.10. The cross-price elasticity of T oyotas and Nissans is a positive number. This would indicate that Toyotas and Nissans area. substitutes.b. complements.c. luxuries.d. necessities.参考答案：1.a2.b3.a4.c5.d6.a7.b8.b9.b 10.a第六章1. A shortage will occur ifa. a price ceiling is set above the equilibrium price.b. a price ceiling is set below the equilibrium price.c. a price floor is set above the equilibrium price.d. a price floor is set below the equilibrium price.2. If the government establishes a legal price floor for a good, the result will be a(n):a. shortage of the good, but only if the floor is equal to the equilibrium price.b. surplus of the good, but only if the floor is above the equilibrium price.c. surplus of the good, but only if the floor is below the equilibrium price.d. shortage of the good, but only if the floor is above the equilibrium price.3. If a price ceiling above the equilibrium price is imposed on gasoline, which of the following will result?a. There will be a surplus of gasoline.b. The quantity demanded will exceed the quantity supplied.c. The quantity supplied will exceed the quantity demanded.d. The quantity of gasoline demanded will equal the quantity of gasoline supplied.4. A price ceiling isa. a legal maximum price at which a good can be sold.b. a legal minimum price at which a good can be sold.c. typically equal to the equilibrium price of a good.d. a price set by government that varies with market conditions.5. A wage is the price for labor. A minimum wage set above equilibrium wage would be an example of:a. a price ceiling.b. a price floor.c. a gap in prices or wages.d. a wage settlement.6. Tax incidence deals witha. the level of taxable income.b. the level of taxation on sales.c. the dollar amount of incidental taxes.d. who bears the burden of a tax.7. Sellers pay more of a tax imposed on a good whena. the demand for the good is more inelastic.b. the supply of the good is more elastic.c. the supply of the good is less elastic.d. the supply of and the demand for the good have the same elasticity.8. Assume the government wants to impose a tax on wine. It wants to minimize the negative impact the tax has on consumers in the form of higher prices. It will achieve this goal ifa. demand is relatively elastic.b. demand is relatively inelastic.c. supply is relatively elastic.d. the supply curve and the demand curve for wine have the same elasticity.9. If the tax on bottled water were raised by $1 per bottle, we would expecta. buyers to bear the entire tax in the form of higher prices.b. sellers to bear the tax in the form of lower prices.c. part of the tax to fall on buyers in the form of higher prices, and part of the tax to fall on sellers in the form of lower prices.d. government revenues to fall.10. A law requiring sellers to pay the government a tax on cigarettes has the effect ofa. shifting the supply curve to the right.b. changing the slope of the supply curve.c. shifting the supply curve to the left.d. changing the slope of the demand curve.参考答案：1. b2.b3.d4.a5.b6.d7.c8.a9.c 10.c第七章1. The difference between the amount a seller is paid for a good and the cost of producing that good is known asa. net social cost.b. producer surplus.c. consumer surplus.d. total utility.2. Markets will NOT allocate resources efficiently ifa. there are many buyers and sellers.b. there is perfect competition.c. there are externalities.d. the market is allowed to reach equilibrium.3. Micha can provide Albert’s Services a networked computer system at a cost of $500.Albert’s manager will pa y her $700 for providing the system. Micha’s producer surplus isa. $700.b. $500.c. $200.d. $0.4. An increase in the price of a good will causea. an increase in producer surplus and a decrease in consumer surplus.b. a decrease in producer surplus and an increase in consumer surplus.c. both producer and consumer surplus to increase.d. both producer and consumer surplus to decrease.5. The study of how the allocation of resources affects economic well-being is calleda. consumer economics.b. macroeconomics.c. welfare economics.d. supply-side economics.6.If a consumer is willing and able to pay $15.00 for a particular good but the price of the good is $17.00, then thea. consumer would have consumer surplus of $2.00.b. consumer would increase his/her willingness and ability to pay by earning more.c. consumer would not purchase the good and would not have any consumer surplus.d. market must not be a perfectly competitive market.7. On a graph, consumer surplus would be the areaa. between the demand and supply curves.b. below the demand curve and above price.c. below the price and above the supply curve.d. below the demand curve to the right of equilibrium price.8. Total surplus in a market is represented by the total areaa. under the demand curve and above the price.b. above the supply curve and up to the equilibrium price.c. under price and up to the point of equilibrium.d. between the demand and supply curves up to the point of equilibrium.9. When economists say that markets are efficient, they are assuming that markets area. perfectly competitive.b. not for illegal products.c. regulated by the government.d. monopolistic.10. “Laissez-faire” is a French expression which literally meansa. to make do.b. to get involved.c. whatever works.d. allow them to do.参考答案：1. b2.c3.c4.a5.c6.c7.b8.d9.a 10.d第八章1. A tax placed on a product causes the price the buyer paysa. and the price the seller receives to be higher.b. and the price the seller receives to be lower.c. to be lower and the price the seller receives to be higher.d. to be higher and the price the seller receives to be lower.2. Suppose a tax is imposed on the buyers of a product. The burden of the tax will falla. entirely on the buyers.b. entirely on the sellers.c. entirely on the government.d. on both the buyers and the sellers.3. Total tax revenue received by government can be expressed asa. T/Q.b. T＋Q.c. T×Q.d. T－Q.4. When the government places a tax on a producta. the cost of the tax to buyers and sellers will be less than the revenue raised from the tax by the government.b. the cost of the tax to buyers and sellers will equal the revenue raised from the tax by the government.c. the cost of the tax to buyers and sellers exceeds the revenue raised from the tax by the government.d. without additional information, such as the elasticity of demand for this product, it is impossible to compare tax cost with tax revenue.5. Deadweight loss is thea. reduction in total surplus that results from a tax.b. loss of profit to businesses when a tax is imposed.c. reduction in consumer surplus when a tax is placed onbuyers.d. decline in government revenue when taxes are reduced ina market.6. A tax has a deadweight loss becausea. it induces the government to spend more.b. it induces buyers to consume less and sellers to produce less.c. it causes a disequilibrium in the market.d. the loss to buyers is greater than the loss to sellers.7. The amount of deadweight loss that will result from a tax is determined by thea. price elasticity of demand and supply.b. number of buyers of the product in the market.c. number of suppliers of the product in the market.d. percentage of the purchase price the tax amounts to.8. The size of the tax and the deadweight loss of a tax area. positively related.b. negatively related.c. independent of each other.d. equal to each other.9. The greater the elasticities of demand and supply thea. smaller the deadweight loss from a tax.b. less intrusive a tax will be on a market.c. greater the deadweight loss from a tax.d. more equitable the distribution of a tax between buyers and sellers.10. If the size of a tax increases, tax revenue willa. increase.b. decrease.c. remain the same.d. increase, then decrease.参考答案：1.d2.d3.c4.c5.a6.b7.a8.a9.c 10.d。
哈伯德英文版微观经济学练习c16
Microeconomics - Testbank 1 (Hubbard/O'Brien)Chapter 16 The Markets for Labor and Other Factors of Production1) W ages determined in a market economy are determined by:A) e mployers deciding how much they can afford to pay.B) t he government comparing the value of various jobs.C) t he interaction between the demand for labor and the supply of labor.D) t he court system deciding what are fair wages.2) D emand in factor markets is unique because:A) d emand for a factor of production is so difficult to determine.B) d emand comes from worker productivity and the revenue situation of the firm nottastes and preferences of consumers.C) d emand is based on the tastes and preferences of firms.D) d emand is based on the tastes and preferences of resource owners.3) M arginal revenue product (MRP) of labor for a competitive seller is:A) e qual to the change in total product from hiring one more worker.B) e qual to the marginal product of labor times the price of the product.C) e qual to the price of the product times the quantity sold.D) e qual to the marginal revenue of the good times the price of the product.4) M arginal revenue product (MRP) for a competitive seller is equal to the marginal product oflabor times the price of the product or:A) t he selling price times the total product of labor.B) t he selling price of the product times the number workers hired.C) t he change in total revenue that results from hiring another worker.D) w here marginal revenue equals marginal cost.5) M arginal revenue product (MRP):A) i s the firm's demand for labor.B) i s the firms supply of labor.C) i s the workers supply of labor.D) i s the workers demand for labor.6) M arginal revenue product (MRP):A) t ells a firm how much to produce at each price.B) t ells a firm how many workers to hire at each wage rate.C) t ells workers how much to work at each wage rate.D) t ells workers how much to produce at each wage rate.7) T he primary reason a competitive firm's demand for labor slopes downward is because:A) a dditional labor hired are not as efficient as the first ones hired.B) i n the short run, as more labor is hired, labor's marginal product falls because of the lawof diminishing returns.C) t he extra revenue the firm earns decreases as more output is produced.D) t he firm's demand curve is downward sloping.8) T he firm's gain in profit from hiring another worker is:A) t he marginal revenue product of the extra worker.B) t he difference between marginal revenue product and the wage of the worker.C) t he extra output of the extra worker.D) t he reduction in costs from hiring another worker.9) I f a competitive firm is paying a wage of $12 an hour and another worker would produce fiveunits of output in an hour which sells for $3 each, then to maximize profits the firm should:A) n ot change its employment.B) l ay off some workers.C) h ire an extra worker.D) t here is not enough information to answer the question.10) I f a competitive firm is paying a wage of $12 an hour and another worker would produce fourunits of output per hour, then to maximize profits the firm should:A) n ot change its employment.B) h ire the extra worker.C) l ayoff some workers.D) n ot enough information is given to answer the question.11) I f a competitive firm is paying a wage of $12 an hour and the last worker hired producedthree units of output in an hour that sells for $3 each, then to maximize profits the firm should:A) n ot change its employment.B) l ay off some workers.C) h ire another worker.D) t here is not enough information to answer the question.12) I f a competitive firm is paying a wage of $12 an hour and the last worker hired produced fourunits of output in an hour that sells for $3 each, then to maximize profits the firm should:A) n ot change its employment.B) l ay off some workers.C) h ire another worker.D) t here is not enough information to answer the question.13) I f MP stands for marginal product, P stands for price, and W stands for wage, then theequation that represents the condition where a competitive firm would hire another worker is:A) P X MP = W.B) P X MP < W.C) P X MP > W.D) P X W > MP.14) I f MP stands for marginal product, P stands for price, and W stands for wage, then theequation that represents a situation where a competitive firm is maximizing profits in hiring labor is:A) P X MP = W.B) P X MP > W.C) P X MP < W.D) M P X W = P.15) I f MP stands for marginal product, P stands for price, and W stands for wage,then theequation that represents a situation where a competitive firm should lay off some workers tomaximiz e profits is:A) P X MP = W.B) P X MP > W.C) P X MP < W.D) P/MP = W.16) A n increase in the wage rate causes:A) a n increase in a firm's demand for labor.B) a decrease in a firm's demand for labor.C) a decrease in the quantity of labor demanded.D) a n increase in labor's marginal productivity.17) A n increase in a competitive firm's demand for labor could be caused by:A) a decrease in the market wage rate.B) a n increase in the market demand for the firm's product.C) a decrease in the marginal product of workers.D) a n increase in the price of capital that is used by labor in production.18) A n increase in a competitive firm's demand for labor could be caused by:A) a n increase in the price of the firm's product.B) a technological improvement.C) a n increase in human capital in the labor force.D) a ll of the above.19) I f there is an improvement in technology, then the:A) q uantity demanded of labor will decrease.B) demand for labor will increase.C) d emand for labor will decrease.D) q uantity demanded of labor will increase.20) T he substitution effect of a wage increase is:A) t aking more leisure and working less because income has increased.B) w orking more and taking less leisure because of leisure's higher opportunity cost.C) t aking less leisure and working more because income has increase.D) w orking less and taking more leisure because income had increased.21) T he labor supply for an industry would increase if:A) i mmigration in the area increases.B) t he percentage of the population of ages 16 to 65 increases.C) e mployment alternatives available to workers increase.D) a ll of the above.22) U nemployment rates are higher in European economies than in the U.S. because:A) p eople in Europe do not have as strong a work ethic as Americans do.B) u nemployment benefits are more generous in Europe than in the U.S.C) w orkers in Europe are less productive than workers in the U.S.D) E uropean industries pay a lower wage rate than industries in the U.S.23) L abor demand for the economy increases, when:A) w ages have decreased.B) w ages have increased.C) l abor is more productive.D) t he supply of labor has fallen.Refer to Figure 16.1 for the questions below.Figure 16.124) I f labor demand rises in figure 16.1, then:A) t he equilibrium wage rate and equilibrium quantity of labor rise.B) t he equilibrium wage rate and equilibrium quantity of labor fall.C) t he equilibrium wage rate falls and equilibrium quantity of labor rises.D) t he equilibrium wage rate rises and equilibrium quantity of labor falls.25) I f labor supply rises in figure 16.1, then:A) t he equilibrium wage rate and equilibrium quantity of labor rise.B) t he equilibrium wage rate and equilibrium quantity of labor fall.C) t he equilibrium wage rate falls and equilibrium quantity of labor rises.D) t he equilibrium wage rate rises and equilibrium quantity of labor falls.26) I f labor supply and labor demand fall in figure 16.1, then:A) t he equilibrium wage rate rises.B) t he equilibrium wage rate falls.C) t he equilibrium quantity of labor rises.D) t he equilibrium quantity of labor falls.27) I f labor supply falls and labor demand rises in figure 16.1, then:A) t he equilibrium wage rate rises.B) t he equilibrium wage rate falls.C) t he equilibrium quantity of labor rises.D) t he equilibrium quantity of labor falls.28) T he productivity of labor increases, when:A) t he level of education among workers rises.B) t he supply of capital equipment increases.C) there is technological progress.D) all of the above.29) T he average wage rate in the labor market rises:A) i f labor demand and labor supply are increasing at the same rate.B) i f labor supply and labor demand are falling.C) i f labor demand and labor supply are both increasing.D) i f labor demand increases more than labor supply increases.30) D ifferent wages between occupations can be explained by:A) s ome occupations being more important than others.B) r elative differences between labor demand and supply.C) t he power of different employers.D) a ll of the above.31) W age rates depend on:A) t he product's total valueB) t he product's average valueC) t he product's marginal valueD) n one of the above.32) S ome sports stars earn very high levels of income relative to other occupations and over timethe difference has been increasing because:A) t he supply of sports stars has decreased.B) t he supply of sports stars has increased due to college athletic programs.C) t echnological advances such as cable televisions has increased the demand for sportsentertainment.D) t he supply of sports teams had decreased.33) C ompensating differentials are:A) n onmonetary benefits from being employed such as health care.B) w ages paid to workers where the supply of labor is great relative to demand.C) h igher wages that compensate workers for unpleasant aspects of a job.D) h igher wages that compensate the more experienced workers in a field.34) A worker might earn a compensating wage differential for:A) e ffort.B) a ccepting risk.C) l ong hours.D) n one of the above.35) I f national laws protecting the health and safety of workers completely eliminate any and allrisk, then:A) w orkers in risky occupations become better off.B) c ompensating wage differentials disappear and workers in risky occupations may beworse off.C) c ompensating differentials would grow because workers could not be compensated bybeing given lower risk jobs.D) m ore people would be employed.36) E conomic discrimination is when an employer:A) p ays workers the lowest wage they can.B) p ays workers different wages on the basis of an irrelevant characteristic of the worker.C) p ays workers who are not as productive as other workers lower wages.D) p ays workers compensating wage differentials.37) E conomic discrimination:A) g reatly distorts earnings of women and racial minorities.B) b y itself can explain all wage rate differentials.C) a nd its impact has been very difficult to measure.D) i s greater today than in the past.38) A n employer that economically discriminates:A) h as lower costs of production.B) c an hire productive workers at a lower wage.C) i s restricting the supply of workers it will hire and causing the employer to pay a higherwage.D) m akes a higher profit.39) W orker discrimination is when:A) w orkers will not take risky jobs.B) w orkers refuse to work with a person of a different race.C) c ustomers will not buy the product produced by a racially diverse workforce.D) e mployers pay different employees different wages based on race.40) T hat some talented people may not enter an occupation because they have heard that peoplewith their personal characteristics do not get hired in that occupation is known as:A) e conomic discrimination.B) a compensating difference.C) a negative feedback loop.D) w orker discrimination.41) T he primary purpose of labor unions is:A) t raining workers to be safer.B) m aking sure all members earn identical incomes.C) b argaining with employers about wages and working conditions.D) e ndorsing candidates and donating money to them.42) I f a firm is the only hirer of a factor of production, it is known as:A) a monopoly.B) a competitor.C) a monopsony.D) a n economically discriminating firm.。
微观经济学的练习题以及答案英文版
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 economicsis: 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 lessnecessary.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. theirknowledge.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 andfarming.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 thecost-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 thechoicesB. 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 Uis: A. $50,000B. $10,000C. $20,000D. $15,00025. The opportunity cost of attending State Collegeis: 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 andbenefits.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 or under-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 equallywell.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 Miamitrip? 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 onSaturday? A. $0B. $9C. $35D. $3659. Your economic surplus of going to work on Saturdayis: 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。
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Microeconomics - Testbank 1 (Hubbard/O'Brien)Chapter 18 The Tax System and the Distribution of Income1) A mong the roles the government plays in helping a market system work efficiently is:A) e nforcing contracts between private individuals.B) p roviding private property rights, independent courts, a financial system, andeducational, transportation, and communication systems.C) p roducing public goods that private firms will not produce.D) a ll of the above.2) T he largest source of revenue for the U.S. federal government is from:A) t ariffs collected on imported goods.B) p roperty taxes imposed on private property.C) s ales taxes on items bought for consumption.D) i ncome taxes on wages and salaries of households and the profits of firms.3) A t the US state and local level, the largest revenue source is:A) s tate income taxes on wages and salaries and corporate profits.B) p roperty tax on real estate within the state.C) g eneral sales and excise taxes on goods sold within the state.D) g rants from the federal government.4) I f, as your taxable income decreases, you pay a smaller percentage of taxable income in taxes,the tax is:A) r egressive.B) p roportional.C) p rogressive.D) u nfair.5) I f, as your taxable income decreases, you pay a larger percentage of taxable income in taxes,the tax is:A) r egressive.B) p roportional.C) p rogressive.D) u nfair.6) I f, as your taxable income decreases, you pay a constant percentage of taxable income in taxes,the tax is:A) r egressive.B) p roportional.C) p rogressive.D) r andom.7) A personal exemption refers to:A) t he tax rate that applies to a particular tax bracket.B) t he tax bracket that represents very basic living expenses.C) a n income amount that can be subtracted from income that represents basic livingexpenses.D) e xpenditure amounts the are allowed to be subtracted from taxable income.8) T he largest percentage of U.S. federal income taxes are paid by:A) l owest income taxpayers.B) m iddle income taxpayers.C) h ighest income taxpayers.D) A ll taxpayers pay the same percent of federal income taxes.9) U nder the U.S. federal income tax system:A) a ll taxpayers pay the same percentage of income to the federal government.B) t he lowest income earners pay the highest percentage of income to the federalgovernment.C) t he middle income earners pay the highest percentage of income to the federalgovernment.D) t he highest income earners pay the highest percentage of income to the federalgovernment.10) A marginal tax rate is:A) t otal taxable income divided by taxes paid.B) t axes paid divided by total taxable income.C) c hange in taxes paid divided by the change in total taxable income.D) c hange in taxable income divided by change in taxes paid.11) I f the marginal tax rate is greater than the average tax rate as taxable income increases, the taxstructure is:A) r egressive.B) p roportional.C) p rogressive.D) u nfair.12) I f the marginal tax rate is less than the average tax rate as taxable income increases, the taxstructure is:A) r egressive.B) p roportional.C) p rogressive.D) u nfair.13) I f the marginal tax rate is equal to the average tax rate as taxable income increases, then thetax structure is:A) r egressive.B) p roportional.C) p rogressive.D) u nfair.14) T he corporate income tax:A) i s primarily paid by low earning corporations.B) i s the first tax of double taxation of the profits of corporations.C) i s regressive.D) a ll of the above.Refer to Figure 18.1 for the questions below.Figure 18.115) I n figure 18.1, the sales tax revenue of the government is:A) B+C.B) F+G.C) E+H.D) B+C+F+G.16) I n figure 18.1, the part of the tax paid by consumers is:A) B+C.B) F+G.C) E+H.D) B+C+F+G.17) I n figure 18.1, the part of the tax paid by the producers is:A) B+C.B) F+G.C) E+H.D) B+C+F+G.18) I n figure 18.1, the excess burden of the tax is:A) B+C.B) F+G.C) E+H.D) B+C+F+G.19) T he ability to pay principle of taxation implies that:A) t hose who earn the most should be the ones who pay more taxes.B) v ertical equity occurs when high income people pay relatively more in taxes.C) p rogressive taxes are more equitable than regressive taxes.D) a ll of the above.20) T he belief that two taxpayers in the same economic circumstances should pay the same levelof taxes is known as the:A) a bility-to-pay principle.B) v ertical equity principle.C) h orizontal equity principle.D) b enefits-received principle.21) G asoline excise taxes that are typically used for highway construction and maintenance areconsistent with the principle of taxation known as the:A) a bility-to-pay principle.B) h orizontal-equity principle.C) v ertical equity principle.D) b enefits-received principle.22) A sales tax on a product borne to a greater proportion by sellers than by buyers when:A) d emand is more price elastic than supply is.B) d emand is less price elastic than supply is.C) d emand's price elasticity is equal to that of supply.D) d emand has any elasticity.23) "Sin taxes" are intended to:A) i ncrease the amount of the producted supplied.B) g enerate money to subsidize production of the products taxed.C) r educe the quantity demanded.D) g enerate funds to aid in medical care of those harmed by the product.24) T he poverty line is:A) a n arbitrary level of income chosen by the President.B) t he level of income equal to triple the income needed to purchase adequate nutrition.C) t he income level below which a person is exempt from taxes.D) n one of the above.25) T he characteristics of people with high incomes include:A) b eing more productive than average.B) o wning greater than average amounts of capital.C) h aving better than average luck.D) a ll of the above.26) T he income distribution in an economy can be illustrated graphically with:A) a Gini curve.B) a Lorenz curve.C) a pie chart.D) a bar chart.27) I f the actual Lorenz curve is a 45 degree line from the lower left corner to the upper right, thenthe economy has:A) a bsolute income inequality.B) a bsolute income equality.C) a n unequal distribution of income.D) a n unfair distribution of income.28) I f the actual Lorenz curve runs along the lower horizontal axis and the right side vertical line,the economy has:A) a bsolute income inequality.B) a bsolute income equality.C) a moderately unequal distribution of income.D) n one of the above.29) T he Lorenz curve for most actual market economies are:A) a straight line from the lower left corner to the upper right corner.B) a right angle line from the lower left corner up to the upper right corner.C) a curved line from the lower left corner up to the upper right corner.D) n one of the above.30) I f the Gini coefficient is equal to one, then:A) t here is absolute equality of incomes within the economy.B) t here is absolute inequality of incomes within the economy.C) t here is moderate inequality of incomes within the economy.D) t here is moderate equality of incomes within the economy.31) I f the Gini coefficient is equal to zero, then:A) t here is absolute equality of incomes within the economy.B) t here is absolute inequality of incomes within the economy.C) t here is moderate equality of incomes within the economy.D) t here is moderate inequality of incomes within the economy.32) I f the Gini coefficient is equal to 0.65, then:A) t here is absolute equality of incomes within the economy.B) t here is absolute inequality of incomes within the economy.C) t here is moderate equality of incomes within the economy.D) t here is moderate inequality of incomes within the economy.33) I f the Gini coefficient is equal to 0.28, then:A) t here is absolute equality of incomes within the economy.B) t here is absolute inequality of incomes within the economy.C) t here is moderate equality of incomes within the economy.D) t here is moderate inequality of incomes within the economy.34) T he type of tax that would help reduce income inequality is:A) a regressive tax.B) a proportional tax.C) a progressive tax.D) a n excess burden tax.35) R ecent reductions in world poverty have been due to:A) f oreign aid from high-income nations like the U.S.B) w orld increase in the price of crude oil.C) e conomic growth in Asia and Latin America.D) m ore countries keeping out imports.。