微观经济学试题英文版
英文微观经济学试题及答案
英文微观经济学试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a characteristic of a perfectly competitive market?A. Many buyers and sellersB. Homogeneous productsC. Free entry and exitD. Monopoly powerAnswer: D2. The law of diminishing returns states that:A. The total product of labor increases as more labor is addedB. The marginal product of labor eventually decreases as more labor is addedC. The average product of labor is always higher than the marginal productD. The marginal product of labor is always higher than the average productAnswer: B3. In the short run, a firm in a perfectly competitive market will shut down if:A. Total revenue is greater than total variable costB. Total revenue is less than total costC. Total revenue is less than total variable costD. Total revenue is less than average total costAnswer: C4. The demand for a good is likely to be more elastic when:A. The good has many close substitutesB. The good is a luxury itemC. The good is a necessityD. The good represents a small proportion of consumer's incomeAnswer: A5. The consumer surplus is the difference between:A. The maximum price a consumer is willing to pay and the market priceB. The market price and the minimum price a consumer is willing to payC. The maximum price a consumer is willing to pay and the minimum price a consumer is willing to payD. The minimum price a consumer is willing to pay and the market priceAnswer: A...（此处省略其他选择题）二、简答题（每题10分，共30分）1. Explain the concept of price elasticity of demand and itsdeterminants.Answer: Price elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. The determinants of price elasticity include the availability of substitutes, the proportion of income spent on the good, the necessity of the good, and the time period over which the demand is being considered.2. What is the difference between a normal good and aninferior good?Answer: A normal good is a good for which the demand increases as income increases, while the demand for aninferior good decreases as income increases. This is because normal goods are typically considered desirable or of higher quality, while inferior goods are seen as lower quality substitutes that consumers prefer to avoid as their income increases.3. Define the law of supply and give an example.Answer: The law of supply states that, all else being equal, the quantity supplied of a good will increase as the price of the good increases, and decrease as the price of the good decreases. An example of this would be the supply of oil; if the price of oil rises, producers are more likely to increase production and supply more oil to the market.三、计算题（每题25分，共50分）1. A firm has the following total cost function: TC = 0.5Q^2 - 4Q + 100. Calculate the firm's average total cost (ATC) and marginal cost (MC) at the quantity level of Q = 50.Answer:To find the average total cost (ATC), we divide the total cost (TC) by the quantity (Q):\[ ATC = \frac{TC}{Q} = \frac{0.5Q^2 - 4Q + 100}{Q} \]At Q = 50:\[ ATC = \frac{0.5(50)^2 - 4(50) + 100}{50} = \frac{1250}{50} = 25 \]The marginal cost (MC) is the derivative of the total cost function with respect to quantity:\[ MC = \frac{dTC}{dQ} = 0.5 \times 2Q - 4 \]At Q = 50:\[ MC = 0.5 \times 2 \times 50 - 4 = 50 - 4 = 46 \]2. A monopolist faces the demand function P = 100 - 2Q and has a total cost function TC = 10Q. Calculate the profit-maximizing level of output and the corresponding price.Answer:First, calculate the marginal revenue (MR) by taking the derivative of the total revenue (TR) with respect to Q. TR is P*Q, so:\[ TR = (100 -。
微观经济学的练习试题以和答案解析英文版
Chapter 01 Thinking Like anEconomist 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 definitionof 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.pared to 100 years ago, individuals have less time today.C.with limited resources, having more of "this" means having less of "that."D.because tradeoffs must be made, resources are therefore scarce.6.The logical implication of the scarcity principle is that:A.one will never be satisfied with what one has.B.as wealth increases, making choices becomes less necessary.C.as wealth decreases, making choices becomes less necessary.D.choices must be made.7.If all the world's resources were to magically increase a hundredfold, then:A.the scarcity principle would still govern behavior.B.economics would no longer be relevant.C.the scarcity principle would disappear.D.tradeoffs would become unnecessary.8.The principle of scarcity applies to:A.the poor exclusively.B.all consumers.C.all firms.D.everyone —consumers, firms, governments, and nations.9.At the very least, Joe Average and Bill Gates are both identically limited by:A.their wealth.B.the 24 hours that comprise a day.C.their knowledge.D.their influence.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 hasa paper due on Monday. It will take him the whole weekend to write the paper. Josh decided to stay homea nd 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 goingto 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.下载可编辑16. Whena person decides to pursue an activity as long as the extrabenefits 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. .专业.整理.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 thecost-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 thecost. lowestC. 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). The cost-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 marginalbenefit 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 Collegeat $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoNamea t $15,000 per year.24.The opportunity cost of attending Elite U is:A.$50,000B.$10,000C.$20,000D.$15,00025.The opportunity cost of attending State College is:A.$30,000B.$20,000C.$15,000D.$10,000rry 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.rry 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.下载可编辑29. Relative to a person who earns minimum wage, a person whoearns$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. .专业.整理.D. the sameo pportunity cost of spending time on leisureactivities.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. Amyi s 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.下载可编辑34. Sally earned $25,000 per year before she became a mother.Aftershe became a mother, she told her employer that her opportunity costof 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. .专业.整理.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 _ isA.benefit; $12,000 B.cost; $15,000 C.economic surplus; $3,000 D. economic surplus; $12,000下载可编辑37. In general, rational decision making requires one to choose theactions that yield the:A. largest total benefits.B. smallest total costs.C. smallest net benefits.D. largest economic surpluses..专业.整理.38.Suppose the most you would be willing to pay for a planeticket home is $250, but you buy one online for $175. The economic surplus of buying the online ticket is:A.$175.B.$250.C.$75.D.$0.39.The use of economic models, like the cost-benefit principle, means economists believe that:A.this is exactly how people choose between alternatives.B.this is a reasonable abstraction of how people choose between alternatives.C.those who explicitly make decisions this way are smarter.D.with enough education, all people will start to explicitly make decisions this way.40.Jenna decides to see a movie that costs $7 for the ticket and has an opportunity cost of $20. After the movie, she says to one of her friends that the movie was not worth it. Apparently:A.Jenna failed to apply the cost-benefit model to her decision.B.Jenna was not rational.C.Jenna overestimated the benefits of the movie.D.Jenna underestimated the benefits of the movie.41.Most of us make sensible decisions most of the time, because:A.we know the cost-benefit principle.B.subconsciously we are weighing costs and benefits.C.most people know about the scarcity principle.D.we conduct hypothetical mental auctions when we make decisions.42.Suppose a person makes a choice that seems inconsistent with the cost-benefit principle. Which of the following statements represents the most reasonable conclusion to draw?A.The person (explicitly or implicitly) over-estimated the benefits 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 equally well.B.eliminate differences in the way people behave.C.generalize about patterns in decision-making.D.distinguish economics students from everyone else.44.Economic models claim to be:A.reasonable abstractions of how people make choices, highlighting the most important factors.B.exact replications of the decision-making process people use.C.interesting chalkboard exercises with little applicability to the real world.D.exceptionally accurate methods of predicting nearly all behavior of everyone.45.The cost-benefit model used by economists is:A.unrealistic because it is too detailed and specific to apply to a variety of situations.B.unrealistic because everyone can think of times when he or she violated the principle.eful because everyone follows it all of the time.eful because most people follow it most of the time.下载可编辑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.puters have allowed economists to develop abstract models..专业.整理.下载可编辑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.Moeh as 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 thevalueMoe 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..专业.整理.D.the costs will be overstated.Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450.51.If you do not use the frequent-flyer coupon to fly, should you go to Miami?A.Yes, your benefit is more than your cost.B.No, your benefit is less than your cost.C.Yes, your benefit is equal to your cost.D.No, because there are no benefits in the trip.52.What is the opportunity cost of using the coupon for the Miami trip?A.$100B.$450C.$500D.$55053.If you use the frequent-flyer coupon to fly to Atlanta, would you get any economic surplus by making the trip?A.No, there is a loss of $50.B.Yes, surplus of $350.C.Yes, surplus of $400.D.Yes, surplus of $100.54.If the Chicago-Atlanta round-trip air fare is $350, should you go to Miami?A.No, there is a loss of $50.B.No, there is a loss of $100.C.Yes, there is economic surplus of $50.D.Yes, there is economic surplus of $400.55. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-schoolchildren.Childcare for their children costs $12,000 per year. Pat hasdecidedto stay home and take care of the children. Pat must:A. value spending time with the children by more than $25,000. .专业.整理.B. value spending time with the children by more than $12,000.C. value spending time with the children by more than $13,000.D. value spending time with the children as much as does Chris.You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. (Assume that you would not have been willing to pay any more than $35 for this concert.) Your boss called and she is looking for someone to cover a shift on Saturday at the same time as the concert. You will have to work 4 hours and she will pay you time and a half, which is $9/hr.56.Should you go to the concert instead of working Saturday?A.Yes, your benefit is more than your cost.B.No, your benefit is less than your cost.C.Yes, your benefit is equal to your cost.D.No, because there are no benefits in the concert.57.What is the opportunity cost of going to the concert?A.$1B.$9C.$35D.$3658.What is your opportunity cost, if you go to work on Saturday?A.$0B.$9C.$35D.$3659.Your economic surplus of going to work on Saturday is:A.$0B.$1C.$35D.$36Matt has decided to purchase his textbooks for the semester. His options are to purchase the books via the Internet with next day delivery to his home at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Lastweek 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。
微观经济学练习题与答案英文版
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 time today.C. with limited resources, having more of "this" means having less of "that."D. because tradeoffs must be made, resources are therefore scarce.6. The logical implication of the scarcity principle is that:A. one will never be satisfied with what one has.B. as wealth increases, making choices becomes less necessary.C. as wealth decreases, making choices becomes less necessary.D. choices must be made.7. If all the world's resources were to magically increase a hundredfold, then:A. the scarcity principle would still govern behavior.B. economics would no longer be relevant.C. the scarcity principle would disappear.D. tradeoffs would become unnecessary.8. The principle of scarcity applies to:A. the poor exclusively.B. all consumers.C. all firms.D. everyone—consumers, firms, governments, and nations.9. At the very least, Joe Average and Bill Gates are both identically limited by:A. their wealth.B. the 24 hours that comprise a day.C. their knowledge.D. their influence.10. Forest is a mountain man living in complete isolation in Montana. He is completely self-sufficient through hunting, fishing, and farming. He has not been in the city to buy anything in five years. One can infer:A. the scarcity principle does not apply to Forest.B. Forest is not required to make choices.C. the scarcity principle still applies because more hunting means less fishing and farming.D. Forest is very satisfied.11. The scarcity principle applies to:A. all decisions.B. only market decisions, e.g., buying a car.C. only non-market decisions, e.g., watching a sunset.D. only the poor.12. Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:A. not an economic problem because neither one costs money.B. not an economic problem because it's an hour that is wasted no matter what Chris does.C. an economic problem because the tuition Chris pays covers both the gym and the library.D. an economic problem because Chris has only one hour during which he can study or work out.13. Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decided to stay home and work on the paper. According to the scarcity principle, the reason Josh didn't go to the game is that:A. Josh prefers schoolwork to football games.B. writing the paper is easier than going to the game.C. Josh doesn't have enough time for writing the paper and going to the game.D. it's too expensive to go to the game.14. Whether studying the size of the U.S. economy or the number of children a couple will choose to have, the unifying concept is that wants are:A. limited, resources are limited, and thus choices must be made.B. unlimited, resources are limited, and thus choices must be made.C. unlimited, resources are limited to some but not to others, and thus some people must make choices.D. unlimited, resources are limited, and thus government needs to do more.15. The cost-benefit principle indicates that an action should be taken:A. if the total benefits exceed the total costs.B. if the average benefits exceed the average costs.C. if the net benefit (benefit minus cost) is zero.D. if the extra benefit is greater than or equal to the extra costs.16. When a person decides to pursue an activity as long as the extra benefits are at least equal to the extra costs, that person is:A. violating the cost-benefit principle.B. following the scarcity principle.C. following the cost-benefit principle.D. pursuing the activity too long.17. Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is:A. not rational.B. an application of the cost-benefit principle.C. an application of the scarcity principle.D. the relevant opportunity cost.18. The scarcity principle tells us that __________, and the cost-benefit principle tells us __________.A. choices must be made; how to make the choicesB. choices must be made; that the costs can never outweigh the benefits of the choicesC. rare goods are expensive; that the costs should outweigh the benefits of the choicesD. rare goods are expensive; that the costs can never outweigh the benefits of the choices19. According to the cost-benefit principle:A. the lowest cost activity usually gives the lowest benefit.B. a person should always choose the activity with the lowest cost.C. a person should always choose the activity with the greatest benefit.D. the extra costs and benefits of an activity are more important considerations than the total costs and benefits.20. A rational person is one who:A. is reasonable.B. makes choices that are easily understood.C. possesses well-defined goals and seeks to achieve them.D. is highly cynical.21. The seventh glass of soda that Tim consumes will produce an extra benefit of 10 cents and has an extra cost of zero (Tim is eating at the cafeteria). The cost-benefit principle predicts that Tim will:A. realize he has had too much soda to drink and go home.B. drink the seventh glass and continue until the marginal benefit of drinking another glass of soda is zero.C. volunteer to empty out the fountain.D. not drink the seventh glass.22. Janie must either mow the lawn or wash clothes, earning her a benefit of $30 or $45, respectively. She dislikes both equally and they both take the same amount of time. Janie will therefore choose to _________ because the economic surplus is ________.A. mow the lawn; greaterB. wash clothes; greaterC. mow the lawn; smallerD. wash clothes; smaller23. Dean decided to play golf rather than prepare for tomorrow's exam in economics. One can infer that:A. Dean has made an irrational choice.B. Dean is doing poorly in his economics class.C. the economic surplus from playing golf exceeded the surplus from studying.D. the cost of studying was less than the cost of golfing.Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year.24. The opportunity cost of attending Elite U is:A. $50,000B. $10,000C. $20,000D. $15,00025. The opportunity cost of attending State College is:A. $30,000B. $20,000C. $15,000D. $10,00026. Larry maximizes his surplus by attending:A. Elite U, because $60,000 is greater than the benefit at the other schools.B. State College, because the difference between the benefit and cost is greatest there.C. NoName U, because Larry has a full scholarship there.D. Elite U, because the opportunity costs of attending Elite U are the lowest.27. Larry has decided to go to Elite U. Assuming that all of the values described are correct, for Larry to decide on Elite U, he must have:A. calculated his surplus from each choice and picked the one with the highest surplus.B. underestimated the benefits of attending NoName.C. miscalculated the surplus of attending Elite U.D. determined the opportunity cost of each choice and picked the one with the lowest opportunity cost.28. Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. The opportunity cost of going to the beach is:A. the $12 she spent on the umbrella, food and drinks.B. only $1 because she would have spent the money on food and drinks whether or not she went to the beach.C. the movie she missed seeing.D. the movie she missed seeing plus the $12 she spent on the umbrella, food and drinks.29. Relative to a person who earns minimum wage, a person who earns $30 per hour has:A. a lower opportunity cost of working longer hours.B. a higher opportunity cost of taking a day off.C. a lower opportunity cost of driving farther to work.D. the same opportunity cost of spending time on leisure activities.30. The opportunity cost of an activity is the value of:A. an alternative forgone.B. the next-best alternative forgone.C. the least-best alternative forgone.D. the difference between the chosen activity and the next-best alternative forgone.31. Amy is thinking about going to the movies tonight. A ticket costs $7 and she will have to cancel her dog-sitting job that pays $30. The cost of seeing the movie is:A. $7.B. $30.C. $37.D. $37 minus the benefit of seeing the movie.32. Economic surplus is:A. the benefit gained by taking an action.B. the price paid to take an action.C. the difference between the benefit gained and the cost incurred of taking an action.D. the wage someone would have to earn in order to take an action.33. The Governor of your state has cut the budget for the University and increased spending on Medicaid. This is an example of:A. the pitfalls of considering average costs instead of marginal costs.B. poor normative economic decision making.C. poor positive economic decision making.D. choice in the face of limited resources.34. Sally earned $25,000 per year before she became a mother. After she became a mother, she told her employer that her opportunity cost of working is now $50,000, and so she is not willing to work for anything less. Her decision is based on:A. the high cost of raising a child.B. her desire to save for her child's college expenses.C. her increased value to her employer.D. the value she places on spending time with her child.35. Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. As a result:A. attending State U. for four years is costless for Alex.B. Alex has no incentive to work hard while at State U.C. the cost of attending State U. is the amount of money Alex could have earned working for four years.D. the cost of attending State U. is the sum of the benefits Alex would have had attending each of the four other schools to which Alex had been admitted.36. Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck, but she finds one for $12,000. Her __________ is __________.A. benefit; $12,000B. cost; $15,000C. economic surplus; $3,000D. economic surplus; $12,00037. In general, rational decision making requires one to choose the actions that yield the:A. largest total benefits.B. smallest total costs.C. smallest net benefits.D. largest economic surpluses.38. Suppose the most you would be willing to pay for a plane ticket home is $250, but you buy one online for $175. The economic surplus of buying the online ticket is:A. $175.B. $250.C. $75.D. $0.39. The use of economic models, like the cost-benefit principle, means economists believe that:A. this is exactly how people choose between alternatives.B. this is a reasonable abstraction of how people choose between alternatives.C. those who explicitly make decisions this way are smarter.D. with enough education, all people will start to explicitly make decisions this way.40. Jenna decides to see a movie that costs $7 for the ticket and has an opportunity cost of $20. After the movie, she says to one of her friends that the movie was not worth it. Apparently:A. Jenna failed to apply the cost-benefit model to her decision.B. Jenna was not rational.C. Jenna overestimated the benefits of the movie.D. Jenna underestimated the benefits of the movie.41. Most of us make sensible decisions most of the time, because:A. we know the cost-benefit principle.B. subconsciously we are weighing costs and benefits.C. most people know about the scarcity principle.D. we conduct hypothetical mental auctions when we make decisions.42. Suppose a person makes a choice that seems inconsistent with the cost-benefit principle. Which of the following statements represents the most reasonable conclusion to draw?A. The person (explicitly or implicitly) over-estimated the benefits 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 equally well.B. eliminate differences in the way people behave.C. generalize about patterns in decision-making.D. distinguish economics students from everyone else.44. Economic models claim to be:A. reasonable abstractions of how people make choices, highlighting the most important factors.B. exact replications of the decision-making process people use.C. interesting chalkboard exercises with little applicability to the real world.D. exceptionally accurate methods of predicting nearly all behavior of everyone.45. The cost-benefit model used by economists is:A. unrealistic because it is too detailed and specific to apply to a variety of situations.B. unrealistic because everyone can think of times when he or she violated the principle.C. useful because everyone follows it all of the time.D. useful because most people follow it most of the time.46. Barry owns a clothing store in the mall and has asked two economic consultants to develop models of consumer behavior that he can use to increase sales. Barry should choose the model that:A. does not include simplifying assumptions.B. is the most detailed and complex.C. assumes that consumers apply the cost-benefit principle.D. predicts that consumers will always prefer Barry's store to the competing stores.47. Economists use abstract models because:A. every economic situation is unique, so it is impossible to make generalizations.B. every economic situation is essentially the same, so specific details are unnecessary.C. they are useful for describing general patterns of behavior.D. computers have allowed economists to develop abstract models.48. Most people make some decisions based on intuition rather than calculation. This is:A. irrational, because intuition is often wrong.B. consistent with the economic model of decision-making, because calculating costs and benefits leads to decision-making pitfalls.C. consistent with the economic model because people intuitively compare the relative costs and benefits of the choices they face.D. inconsistent with the economic model, but rational because intuition takes into account non-financial considerations.49. Moe has a big exam tomorrow. He considered studying this evening, but decided to go out with Curly instead. Since Moe always chooses rationally, it must be true that: A. the opportunity cost of studying tonight is less than the value Moe gets from spending time with Curly.B. the opportunity cost of studying tonight is equal to the value Moe gets from spending time with Curly minus the cost of earning a low grade on the exam.C. Moe gets more benefit from spending time with Curly than from studying.D. Moe gets less benefit from spending time with Curly than from studying.50. If one fails to account for implicit costs in decision making, then applying thecost-benefit rule will be flawed because:A. the benefits will be overstated.B. the costs will be understated.C. the benefits will be understated.D. the costs will be overstated.Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450.51. If you do not use the frequent-flyer coupon to fly, should you go to Miami?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the trip.52. What is the opportunity cost of using the coupon for the Miami trip?A. $100B. $450C. $500D. $55053. If you use the frequent-flyer coupon to fly to Atlanta, would you get any economic surplus by making the trip?A. No, there is a loss of $50.B. Yes, surplus of $350.C. Yes, surplus of $400.D. Yes, surplus of $100.54. If the Chicago-Atlanta round-trip air fare is $350, should you go to Miami?A. No, there is a loss of $50.B. No, there is a loss of $100.C. Yes, there is economic surplus of $50.D. Yes, there is economic surplus of $400.55. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school children. Childcare for their children costs $12,000 per year. Pat has decided to stay home and take care of the children. Pat must:A. value spending time with the children by more than $25,000.B. value spending time with the children by more than $12,000.C. value spending time with the children by more than $13,000.D. value spending time with the children as much as does Chris.You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. (Assume that you would not have been willing to pay any more than $35 for this concert.) Your boss called and she is looking for someone to cover a shift on Saturday at the same time as the concert. You will have to work 4 hours and she will pay you time and a half, which is $9/hr.56. Should you go to the concert instead of working Saturday?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the concert.57. What is the opportunity cost of going to the concert?A. $1B. $9C. $35D. $3658. What is your opportunity cost, if you go to work on Saturday?A. $0B. $9C. $35D. $3659. Your economic surplus of going to work on Saturday is:A. $0B. $1C. $35D. $36Matt has decided to purchase his textbooks for the semester. His options are to purchase the books via the Internet with next day delivery to his home at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.因为他们提供75折的正常价格16美元。
微观经济学试题及答案英文
微观经济学试题及答案英文Microeconomics Exam Questions and AnswersQuestion 1: Define the law of demand and explain how itrelates to the concept of price elasticity of demand.Answer 1: The law of demand states that, all else being equal, the quantity demanded of a good or service will decrease asthe price increases. Price elasticity of demand measures the responsiveness of the quantity demanded to a change in price. If the quantity demanded changes significantly in response to a price change, the demand is said to be elastic. Conversely, if the quantity demanded changes very little, the demand is inelastic.Question 2: What is the difference between a firm's total revenue and marginal revenue?Answer 2: Total revenue is the total income received by afirm from selling its product, calculated as the price perunit multiplied by the quantity sold. Marginal revenue, onthe other hand, is the additional revenue generated fromselling one more unit of the product. It is the change intotal revenue divided by the change in quantity sold. In a perfectly competitive market, marginal revenue equals the price, but in a market with some degree of monopoly power, marginal revenue is less than the price.Question 3: Explain the concept of consumer surplus and howit is calculated.Answer 3: Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. It is a measure of the welfare gain to consumers from participating in a market. It is calculated by finding the area under the demand curve but above the market price, which represents the total amount consumers would have been willing to pay for each unit up to the quantity they actually purchase.Question 4: What is the marginal cost and how does it relateto a firm's decision to produce?Answer 4: Marginal cost is the cost of producing oneadditional unit of a good or service. It is the change intotal cost resulting from producing one more unit. Firms will continue to produce additional units as long as the marginal cost is less than the marginal revenue. If the marginal cost exceeds the marginal revenue, the firm will reduce production, as producing one more unit would result in a loss.Question 5: Define economies of scale and explain how they affect a firm's cost structure.Answer 5: Economies of scale refer to the cost advantagesthat a firm experiences when it increases its level of output. As the scale of production increases, the average cost perunit of output decreases due to factors such as spreadingfixed costs over more units, specialization of labor, andbulk purchasing discounts. This can lead to lower per-unit costs and potentially higher profits.Question 6: What is the difference between a normal good and an inferior good?Answer 6: A normal good is a good for which the demand increases as consumers' income increases. In contrast, an inferior good is a good for which the demand decreases as consumers' income increases. This is because consumers tend to substitute inferior goods with superior or higher-quality goods when their income rises.End of ExamPlease note that this is a sample set of microeconomics exam questions and answers. The actual content of an exam would depend on the specific topics covered in the course and the level of difficulty desired by the instructor.。
最新微观经济学试题英文版资料
精品文档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/%Δ(a)12. As president and CEO of MegaWorld industries, you must decide on some very risky alternative investments:a. A.b. B.c. C.d. D.e. EChoose: b) Ea=2 Eb=6.8 Ec=0 Ed=6 Ee=613. An individual with a constant marginal utility of income will bea. risk averse.b. risk neutral.c. risk loving.d. insufficient information for a decision.Choose: b)An individual with a constant marginal utility of income is risk neutral.14. In the figure below, what is true about the two jobs?a.Job 1 has a lower standard deviation than Job 2.b.All outcomes in both jobs have the same probability of occurrence.c. A risk-averse person would prefer Job 2.d. A risk-neutral person would prefer Job 1.e.Job 1 has a higher expected income than Job 2.Choose: a) Job 1 has a lower standard deviation than Job 2. Expected income of Job 1 equals to Job 2.Part 2:The demand curves for steak, eggs, and hot dogs are given in the table below. The current price of steak is $5. The price of eggs is $2.50, and the price of hot dogs is $0.75. Fill in the remaining columns of the table using this information.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 ap ple 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 too much about theproportions.Answer:a) See Figure 7(a). Since the consumer can not tell the difference between the two flavors, all he would care about is the total amount of jelly he has.b) See Figure 7(b). An increase in the amount of apple jelly does not affect the consumer since he never eats it.c) See Figure 7(c). Here, a mixed bundle is better than an extreme one, but the consumer is willing to trade off the different flavors.Figure 7Part 4:There are reasons other than fads, fashions, and consumer insecurity for bandwagon and snob effects. Various types of externalities in the consumption of certain goods also exist. Explain which these effects (bandwagon or snob) might be present in the following cases:a. A restaurant that is often crowdedb. A personal computer software productc. A rock concertAnswer:Ounces of Grape Jelly Ounces of Apple Jelly (a) Ounces of Grape Jelly Ounces of Apple Jelly(b) (c) Ounces of Grape Jelly Ounces ofApple Jellya) 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.c) Here, crowding might discourage some customers. But, since part of the enjoyment of a concert is seeing the band with other fans, we might observe a bandwagon effect.Part 5:Tom Wilson is the operations manager for Bi-Corp, a real estate investment firm. Tom must decide if Bi-Corp is to invest in a strip mall in a northeast metropolitan area. If the shopping center is highly successful, after tax profits will be $100,000 per year. Moderate success would yield 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 ππ50,000 .4 20,000 -10,000 .2 -2,000Standard deviation100,000 42,000, 764,000,000 705,600,00050,000 -8,000 64,000,000 25,600,000 -10,000 -68,000 4,624,000,000 924,800,000b.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.。
微观经济学的练习试题以和答案解析英文版
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 time today.C. with limited resources, having more of "this" means having less of "that."D. because tradeoffs must be made, resources are therefore scarce.6. The logical implication of the scarcity principle is that:A. one will never be satisfied with what one has.B. as wealth increases, making choices becomes less necessary.C. as wealth decreases, making choices becomes less necessary.D. choices must be made.7. If all the world's resources were to magically increase a hundredfold, then:A. the scarcity principle would still govern behavior.B. economics would no longer be relevant.C. the scarcity principle would disappear.D. tradeoffs would become unnecessary.8. The principle of scarcity applies to:A. the poor exclusively.B. all consumers.C. all firms.D. everyone—consumers, firms, governments, and nations.9. At the very least, Joe Average and Bill Gates are both identically limited by:A. their wealth.B. the 24 hours that comprise a day.C. their knowledge.D. their influence.10. Forest is a mountain man living in complete isolation in Montana. He is completely self-sufficient through hunting, fishing, and farming. He has not been in the city to buy anything in five years. One can infer:A. the scarcity principle does not apply to Forest.B. Forest is not required to make choices.C. the scarcity principle still applies because more hunting means less fishing and farming.D. Forest is very satisfied.11. The scarcity principle applies to:A. all decisions.B. only market decisions, e.g., buying a car.C. only non-market decisions, e.g., watching a sunset.D. only the poor.12. Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:A. not an economic problem because neither one costs money.B. not an economic problem because it's an hour that is wasted no matter what Chris does.C. an economic problem because the tuition Chris pays covers both the gym and the library.D. an economic problem because Chris has only one hour during which he can study or work out.13. Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decided to stay home and work on the paper. According to the scarcity principle, the reason Josh didn't go to the game is that:A. Josh prefers schoolwork to football games.B. writing the paper is easier than going to the game.C. Josh doesn't have enough time for writing the paper and going to the game.D. it's too expensive to go to the game.14. Whether studying the size of the U.S. economy or the number of children a couple will choose to have, the unifying concept is that wants are:A. limited, resources are limited, and thus choices must be made.B. unlimited, resources are limited, and thus choices must be made.C. unlimited, resources are limited to some but not to others, and thus some people must make choices.D. unlimited, resources are limited, and thus government needs to do more.15. The cost-benefit principle indicates that an action should be taken:A. if the total benefits exceed the total costs.B. if the average benefits exceed the average costs.C. if the net benefit (benefit minus cost) is zero.D. if the extra benefit is greater than or equal to the extra costs.16. When a person decides to pursue an activity as long as the extra benefits are at least equal to the extra costs, that person is:A. violating the cost-benefit principle.B. following the scarcity principle.C. following the cost-benefit principle.D. pursuing the activity too long.17. Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is:A. not rational.B. an application of the cost-benefit principle.C. an application of the scarcity principle.D. the relevant opportunity cost.18. The scarcity principle tells us that __________, and the cost-benefit principle tells us __________.A. choices must be made; how to make the choicesB. choices must be made; that the costs can never outweigh the benefits of the choicesC. rare goods are expensive; that the costs should outweigh the benefits of the choicesD. rare goods are expensive; that the costs can never outweigh the benefits of the choices19. According to the cost-benefit principle:A. the lowest cost activity usually gives the lowest benefit.B. a person should always choose the activity with the lowest cost.C. a person should always choose the activity with the greatest benefit.D. the extra costs and benefits of an activity are more important considerations than the total costs and benefits.20. A rational person is one who:A. is reasonable.B. makes choices that are easily understood.C. possesses well-defined goals and seeks to achieve them.D. is highly cynical.21. The seventh glass of soda that Tim consumes will produce an extra benefit of 10 cents and has an extra cost of zero (Tim is eating at the cafeteria). The cost-benefit principle predicts that Tim will:A. realize he has had too much soda to drink and go home.B. drink the seventh glass and continue until the marginal benefit of drinking another glass of soda is zero.C. volunteer to empty out the fountain.D. not drink the seventh glass.22. Janie must either mow the lawn or wash clothes, earning her a benefit of $30 or $45, respectively. She dislikes both equally and they both take the same amount of time. Janie will therefore choose to_________ because the economic surplus is ________.A. mow the lawn; greaterB. wash clothes; greaterC. mow the lawn; smallerD. wash clothes; smaller23. Dean decided to play golf rather than prepare for tomorrow's exam in economics. One can infer that:A. Dean has made an irrational choice.B. Dean is doing poorly in his economics class.C. the economic surplus from playing golf exceeded the surplus from studying.D. the cost of studying was less than the cost of golfing.Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year.24. The opportunity cost of attending Elite U is:A. $50,000B. $10,000C. $20,000D. $15,00025. The opportunity cost of attending State College is:A. $30,000B. $20,000C. $15,000D. $10,00026. Larry maximizes his surplus by attending:A. Elite U, because $60,000 is greater than the benefit at the other schools.B. State College, because the difference between the benefit and cost is greatest there.C. NoName U, because Larry has a full scholarship there.D. Elite U, because the opportunity costs of attending Elite U are the lowest.27. Larry has decided to go to Elite U. Assuming that all of the values described are correct, for Larry to decide on Elite U, he must have: A. calculated his surplus from each choice and picked the one with the highest surplus.B. underestimated the benefits of attending NoName.C. miscalculated the surplus of attending Elite U.D. determined the opportunity cost of each choice and picked the one with the lowest opportunity cost.28. Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. The opportunity cost of going to the beach is:A. the $12 she spent on the umbrella, food and drinks.B. only $1 because she would have spent the money on food and drinks whether or not she went to the beach.C. the movie she missed seeing.D. the movie she missed seeing plus the $12 she spent on the umbrella, food and drinks.29. Relative to a person who earns minimum wage, a person who earns $30 per hour has:A. a lower opportunity cost of working longer hours.B. a higher opportunity cost of taking a day off.C. a lower opportunity cost of driving farther to work.D. the same opportunity cost of spending time on leisure activities.30. The opportunity cost of an activity is the value of:A. an alternative forgone.B. the next-best alternative forgone.C. the least-best alternative forgone.D. the difference between the chosen activity and the next-best alternative forgone.31. Amy is thinking about going to the movies tonight. A ticket costs $7 and she will have to cancel her dog-sitting job that pays $30. The cost of seeing the movie is:A. $7.B. $30.C. $37.D. $37 minus the benefit of seeing the movie.32. Economic surplus is:A. the benefit gained by taking an action.B. the price paid to take an action.C. the difference between the benefit gained and the cost incurred of taking an action.D. the wage someone would have to earn in order to take an action.33. The Governor of your state has cut the budget for the University and increased spending on Medicaid. This is an example of:A. the pitfalls of considering average costs instead of marginal costs.B. poor normative economic decision making.C. poor positive economic decision making.D. choice in the face of limited resources.34. Sally earned $25,000 per year before she became a mother. After she became a mother, she told her employer that her opportunity cost of working is now $50,000, and so she is not willing to work for anything less. Her decision is based on:A. the high cost of raising a child.B. her desire to save for her child's college expenses.C. her increased value to her employer.D. the value she places on spending time with her child.35. Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. As a result:A. attending State U. for four years is costless for Alex.B. Alex has no incentive to work hard while at State U.C. the cost of attending State U. is the amount of money Alex could have earned working for four years.D. the cost of attending State U. is the sum of the benefits Alex would have had attending each of the four other schools to which Alex had been admitted.36. Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck, but she finds one for $12,000. Her __________ is __________.A. benefit; $12,000B. cost; $15,000C. economic surplus; $3,000D. economic surplus; $12,00037. In general, rational decision making requires one to choose the actions that yield the:A. largest total benefits.B. smallest total costs.C. smallest net benefits.D. largest economic surpluses.38. Suppose the most you would be willing to pay for a plane ticket home is $250, but you buy one online for $175. The economic surplus of buying the online ticket is:A. $175.B. $250.C. $75.D. $0.39. The use of economic models, like the cost-benefit principle, means economists believe that:A. this is exactly how people choose between alternatives.B. this is a reasonable abstraction of how people choose between alternatives.C. those who explicitly make decisions this way are smarter.D. with enough education, all people will start to explicitly make decisions this way.40. Jenna decides to see a movie that costs $7 for the ticket and has an opportunity cost of $20. After the movie, she says to one of her friends that the movie was not worth it. Apparently:A. Jenna failed to apply the cost-benefit model to her decision.B. Jenna was not rational.C. Jenna overestimated the benefits of the movie.D. Jenna underestimated the benefits of the movie.41. Most of us make sensible decisions most of the time, because:A. we know the cost-benefit principle.B. subconsciously we are weighing costs and benefits.C. most people know about the scarcity principle.D. we conduct hypothetical mental auctions when we make decisions.42. Suppose a person makes a choice that seems inconsistent with the cost-benefit principle. Which of the following statements represents the most reasonable conclusion to draw?A. The person (explicitly or implicitly) over-estimated the benefits 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 equally well.B. eliminate differences in the way people behave.C. generalize about patterns in decision-making.D. distinguish economics students from everyone else.44. Economic models claim to be:A. reasonable abstractions of how people make choices, highlighting the most important factors.B. exact replications of the decision-making process people use.C. interesting chalkboard exercises with little applicability to the real world.D. exceptionally accurate methods of predicting nearly all behavior of everyone.45. The cost-benefit model used by economists is:A. unrealistic because it is too detailed and specific to apply to a variety of situations.B. unrealistic because everyone can think of times when he or she violated the principle.C. useful because everyone follows it all of the time.D. useful because most people follow it most of the time.46. Barry owns a clothing store in the mall and has asked two economic consultants to develop models of consumer behavior that he can use to increase sales. Barry should choose the model that:A. does not include simplifying assumptions.B. is the most detailed and complex.C. assumes that consumers apply the cost-benefit principle.D. predicts that consumers will always prefer Barry's store to the competing stores.47. Economists use abstract models because:A. every economic situation is unique, so it is impossible to make generalizations.B. every economic situation is essentially the same, so specific details are unnecessary.C. they are useful for describing general patterns of behavior.D. computers have allowed economists to develop abstract models.48. Most people make some decisions based on intuition rather than calculation. This is:A. irrational, because intuition is often wrong.B. consistent with the economic model of decision-making, because calculating costs and benefits leads to decision-making pitfalls.C. consistent with the economic model because people intuitively compare the relative costs and benefits of the choices they face.D. inconsistent with the economic model, but rational because intuition takes into account non-financial considerations.49. Moe has a big exam tomorrow. He considered studying this evening, but decided to go out with Curly instead. Since Moe always chooses rationally, it must be true that:A. the opportunity cost of studying tonight is less than the value Moe gets from spending time with Curly.B. the opportunity cost of studying tonight is equal to the value Moe gets from spending time with Curly minus the cost of earning a low grade on the exam.C. Moe gets more benefit from spending time with Curly than from studying.D. Moe gets less benefit from spending time with Curly than from studying.50. If one fails to account for implicit costs in decision making, then applying the cost-benefit rule will be flawed because:A. the benefits will be overstated.B. the costs will be understated.C. the benefits will be understated.D. the costs will be overstated.Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450.51. If you do not use the frequent-flyer coupon to fly, should you go to Miami?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the trip.52. What is the opportunity cost of using the coupon for the Miami trip?A. $100B. $450C. $500D. $55053. If you use the frequent-flyer coupon to fly to Atlanta, would you get any economic surplus by making the trip?A. No, there is a loss of $50.B. Yes, surplus of $350.C. Yes, surplus of $400.D. Yes, surplus of $100.54. If the Chicago-Atlanta round-trip air fare is $350, should you go to Miami?A. No, there is a loss of $50.B. No, there is a loss of $100.C. Yes, there is economic surplus of $50.D. Yes, there is economic surplus of $400.55. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school children. Childcare for their children costs $12,000 per year. Pat has decided to stay home and take care of the children. Pat must:A. value spending time with the children by more than $25,000.B. value spending time with the children by more than $12,000.C. value spending time with the children by more than $13,000.D. value spending time with the children as much as does Chris.You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. (Assume that you would not have been willing to pay any more than $35 for this concert.) Your boss called and she is looking for someone to cover a shift on Saturday at the same time as the concert. You will have to work 4 hours and she will pay you time and a half, which is $9/hr.56. Should you go to the concert instead of working Saturday?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the concert.57. What is the opportunity cost of going to the concert?A. $1B. $9C. $35D. $3658. What is your opportunity cost, if you go to work on Saturday?A. $0B. $9C. $35D. $3659. Your economic surplus of going to work on Saturday is:A. $0B. $1C. $35D. $36Matt has decided to purchase his textbooks for the semester. His options are to purchase the books via the Internet with next day delivery to his home at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.因为他们提供75折的正常价格16美元。
微观经济学 英文版 题库 练习完整版
Chapter 01Thinking Like an Economist Multiple Choice Questions1. Economics is best defined as the study of:A. prices and quantities.B. inflation and interest rates.C. how people make choices under the conditions of scarcity and the results of those choices.D. wages and incomes.2. Economic questions always deal with:A. financial matters.B. political matters.C. insufficient resources.D. choice in the face of limited resources.3. The range of topics or issues that fit within the definition of economics is:A. limited to market activities, e.g., buying soap.B. limited to individuals and firms.C. extremely wide, requiring only the ideas of choice and scarcity.D. very limited.4. The central concern of economics is:A. poverty.B. scarcity.C. wealth accumulation.D. overconsumption.5. The scarcity principle indicates that:A. no matter how much one has, it is never enough.B. compared to 100 years ago, individuals have less time today.C. with limited resources, having more of "this" means having less of "that."D. because tradeoffs must be made, resources are therefore scarce.6. The logical implication of the scarcity principle is that:A. one will never be satisfied with what one has.B. as wealth increases, making choices becomes less necessary.C. as wealth decreases, making choices becomes less necessary.D. choices must be made.7. If all the world's resources were to magically increase a hundredfold, then:A. the scarcity principle would still govern behavior.B. economics would no longer be relevant.C. the scarcity principle would disappear.D. tradeoffs would become unnecessary.8. The principle of scarcity applies to:A. the poor exclusively.B. all consumers.C. all firms.D. everyone—consumers, firms, governments, and nations.9. At the very least, Joe Average and Bill Gates are both identically limited by:A. their wealth.B. the 24 hours that comprise a day.C. their knowledge.D. their influence.10. Forest is a mountain man living in complete isolation in Montana. He is completely self-sufficient through hunting, fishing, and farming. He has not been in the city to buy anything in five years. One can infer:A. the scarcity principle does not apply to Forest.B. Forest is not required to make choices.C. the scarcity principle still applies because more hunting means less fishing and farming.D. Forest is very satisfied.11. The scarcity principle applies to:A. all decisions.B. only market decisions, e.g., buying a car.C. only non-market decisions, e.g., watching a sunset.D. only the poor.12. Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:A. not an economic problem because neither one costs money.B. not an economic problem because it's an hour that is wasted no matter what Chris does.C. an economic problem because the tuition Chris pays covers both the gym and the library.D. an economic problem because Chris has only one hour during which he can study or work out.13. Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decided to stay home and work on the paper. According to the scarcity principle, the reason Josh didn't go to the game is that:A. Josh prefers schoolwork to football games.B. writing the paper is easier than going to the game.C. Josh doesn't have enough time for writing the paper and going to the game.D. it's too expensive to go to the game.14. Whether studying the size of the U.S. economy or the number of children a couple will choose to have, the unifying concept is that wants are:A. limited, resources are limited, and thus choices must be made.B. unlimited, resources are limited, and thus choices must be made.C. unlimited, resources are limited to some but not to others, and thus some people must make choices.D. unlimited, resources are limited, and thus government needs to do more.15. The cost-benefit principle indicates that an action should be taken:A. if the total benefits exceed the total costs.B. if the average benefits exceed the average costs.C. if the net benefit (benefit minus cost) is zero.D. if the extra benefit is greater than or equal to the extra costs.16. When a person decides to pursue an activity as long as the extra benefits are at least equal to the extra costs, that person is:A. violating the cost-benefit principle.B. following the scarcity principle.C. following the cost-benefit principle.D. pursuing the activity too long.17. Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is:A. not rational.B. an application of the cost-benefit principle.C. an application of the scarcity principle.D. the relevant opportunity cost.18. The scarcity principle tells us that __________, and the cost-benefit principle tells us __________.A. choices must be made; how to make the choicesB. choices must be made; that the costs can never outweigh the benefits of the choicesC. rare goods are expensive; that the costs should outweigh the benefits of the choicesD. rare goods are expensive; that the costs can never outweigh the benefits of the choices19. According to the cost-benefit principle:A. the lowest cost activity usually gives the lowest benefit.B. a person should always choose the activity with the lowest cost.C. a person should always choose the activity with the greatest benefit.D. the extra costs and benefits of an activity are more important considerations than the total costs and benefits.20. A rational person is one who:A. is reasonable.B. makes choices that are easily understood.C. possesses well-defined goals and seeks to achieve them.D. is highly cynical.21. The seventh glass of soda that Tim consumes will produce an extra benefit of 10 cents and has an extra cost of zero (Tim is eating at the cafeteria). Thecost-benefit principle predicts that Tim will:A. realize he has had too much soda to drink and go home.B. drink the seventh glass and continue until the marginal benefit of drinking another glass of soda is zero.C. volunteer to empty out the fountain.D. not drink the seventh glass.22. Janie must either mow the lawn or wash clothes, earning her a benefit of $30 or $45, respectively. She dislikes both equally and they both take the same amount of time. Janie will therefore choose to _________ because the economic surplus is ________.A. mow the lawn; greaterB. wash clothes; greaterC. mow the lawn; smallerD. wash clothes; smaller23. Dean decided to play golf rather than prepare for tomorrow's exam in economics. One can infer that:A. Dean has made an irrational choice.B. Dean is doing poorly in his economics class.C. the economic surplus from playing golf exceeded the surplus from studying.D. the cost of studying was less than the cost of golfing.Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year.24. The opportunity cost of attending Elite U is:A. $50,000B. $10,000C. $20,000D. $15,00025. The opportunity cost of attending State College is:A. $30,000B. $20,000C. $15,000D. $10,00026. Larry maximizes his surplus by attending:A. Elite U, because $60,000 is greater than the benefit at the other schools.B. State College, because the difference between the benefit and cost is greatest there.C. NoName U, because Larry has a full scholarship there.D. Elite U, because the opportunity costs of attending Elite U are the lowest.27. Larry has decided to go to Elite U. Assuming that all of the values described are correct, for Larry to decide on Elite U, he must have:A. calculated his surplus from each choice and picked the one with the highest surplus.B. underestimated the benefits of attending NoName.C. miscalculated the surplus of attending Elite U.D. determined the opportunity cost of each choice and picked the one with the lowest opportunity cost.28. Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. The opportunity cost of going to the beach is:A. the $12 she spent on the umbrella, food and drinks.B. only $1 because she would have spent the money on food and drinks whether or not she went to the beach.C. the movie she missed seeing.D. the movie she missed seeing plus the $12 she spent on the umbrella, food and drinks.29. Relative to a person who earns minimum wage, a person who earns $30 per hour has:A. a lower opportunity cost of working longer hours.B. a higher opportunity cost of taking a day off.C. a lower opportunity cost of driving farther to work.D. the same opportunity cost of spending time on leisure activities.30. The opportunity cost of an activity is the value of:A. an alternative forgone.B. the next-best alternative forgone.C. the least-best alternative forgone.D. the difference between the chosen activity and the next-best alternative forgone.31. Amy is thinking about going to the movies tonight. A ticket costs $7 and she will have to cancel her dog-sitting job that pays $30. The cost of seeing the movie is:A. $7.B. $30.C. $37.D. $37 minus the benefit of seeing the movie.32. Economic surplus is:A. the benefit gained by taking an action.B. the price paid to take an action.C. the difference between the benefit gained and the cost incurred of taking an action.D. the wage someone would have to earn in order to take an action.33. The Governor of your state has cut the budget for the University and increased spending on Medicaid. This is an example of:A. the pitfalls of considering average costs instead of marginal costs.B. poor normative economic decision making.C. poor positive economic decision making.D. choice in the face of limited resources.34. Sally earned $25,000 per year before she became a mother. After she becamea mother, she told her employer that her opportunity cost of working is now $50,000, and so she is not willing to work for anything less. Her decision is based on:A. the high cost of raising a child.B. her desire to save for her child's college expenses.C. her increased value to her employer.D. the value she places on spending time with her child.35. Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. As a result:A. attending State U. for four years is costless for Alex.B. Alex has no incentive to work hard while at State U.C. the cost of attending State U. is the amount of money Alex could have earned working for four years.D. the cost of attending State U. is the sum of the benefits Alex would have had attending each of the four other schools to which Alex had been admitted.36. Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck, but she finds one for $12,000. Her __________ is __________.A. benefit; $12,000B. cost; $15,000C. economic surplus; $3,000D. economic surplus; $12,00037. In general, rational decision making requires one to choose the actions that yield the:A. largest total benefits.B. smallest total costs.C. smallest net benefits.D. largest economic surpluses.38. Suppose the most you would be willing to pay for a plane ticket home is $250, but you buy one online for $175. The economic surplus of buying the online ticket is:A. $175.B. $250.C. $75.D. $0.39. The use of economic models, like the cost-benefit principle, means economists believe that:A. this is exactly how people choose between alternatives.B. this is a reasonable abstraction of how people choose between alternatives.C. those who explicitly make decisions this way are smarter.D. with enough education, all people will start to explicitly make decisions this way.40. Jenna decides to see a movie that costs $7 for the ticket and has an opportunity cost of $20. After the movie, she says to one of her friends that the movie was not worth it. Apparently:A. Jenna failed to apply the cost-benefit model to her decision.B. Jenna was not rational.C. Jenna overestimated the benefits of the movie.D. Jenna underestimated the benefits of the movie.41. Most of us make sensible decisions most of the time, because:A. we know the cost-benefit principle.B. subconsciously we are weighing costs and benefits.C. most people know about the scarcity principle.D. we conduct hypothetical mental auctions when we make decisions.42. Suppose a person makes a choice that seems inconsistent with the cost-benefit principle. Which of the following statements represents the most reasonable conclusion to draw?A. The person (explicitly or implicitly) over-estimated the benefits orunder-estimated the costs or both.B. The cost-benefit principle is rarely true.C. The person does not grasp how decisions should be made.D. The person is simply irrational.43. Economic models are intended to:A. apply to all examples equally well.B. eliminate differences in the way people behave.C. generalize about patterns in decision-making.D. distinguish economics students from everyone else.44. Economic models claim to be:A. reasonable abstractions of how people make choices, highlighting the most important factors.B. exact replications of the decision-making process people use.C. interesting chalkboard exercises with little applicability to the real world.D. exceptionally accurate methods of predicting nearly all behavior of everyone.45. The cost-benefit model used by economists is:A. unrealistic because it is too detailed and specific to apply to a variety of situations.B. unrealistic because everyone can think of times when he or she violated the principle.C. useful because everyone follows it all of the time.D. useful because most people follow it most of the time.46. Barry owns a clothing store in the mall and has asked two economic consultants to develop models of consumer behavior that he can use to increase sales. Barry should choose the model that:A. does not include simplifying assumptions.B. is the most detailed and complex.C. assumes that consumers apply the cost-benefit principle.D. predicts that consumers will always prefer Barry's store to the competing stores.47. Economists use abstract models because:A. every economic situation is unique, so it is impossible to make generalizations.B. every economic situation is essentially the same, so specific details are unnecessary.C. they are useful for describing general patterns of behavior.D. computers have allowed economists to develop abstract models.48. Most people make some decisions based on intuition rather than calculation. This is:A. irrational, because intuition is often wrong.B. consistent with the economic model of decision-making, because calculating costs and benefits leads to decision-making pitfalls.C. consistent with the economic model because people intuitively compare the relative costs and benefits of the choices they face.D. inconsistent with the economic model, but rational because intuition takes into account non-financial considerations.49. Moe has a big exam tomorrow. He considered studying this evening, but decided to go out with Curly instead. Since Moe always chooses rationally, it must be true that:A. the opportunity cost of studying tonight is less than the value Moe gets from spending time with Curly.B. the opportunity cost of studying tonight is equal to the value Moe gets from spending time with Curly minus the cost of earning a low grade on the exam.C. Moe gets more benefit from spending time with Curly than from studying.D. Moe gets less benefit from spending time with Curly than from studying.50. If one fails to account for implicit costs in decision making, then applying the cost-benefit rule will be flawed because:A. the benefits will be overstated.B. the costs will be understated.C. the benefits will be understated.D. the costs will be overstated.Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450.51. If you do not use the frequent-flyer coupon to fly, should you go to Miami?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the trip.52. What is the opportunity cost of using the coupon for the Miami trip?A. $100B. $450C. $500D. $55053. If you use the frequent-flyer coupon to fly to Atlanta, would you get any economic surplus by making the trip?A. No, there is a loss of $50.B. Yes, surplus of $350.C. Yes, surplus of $400.D. Yes, surplus of $100.54. If the Chicago-Atlanta round-trip air fare is $350, should you go to Miami?A. No, there is a loss of $50.B. No, there is a loss of $100.C. Yes, there is economic surplus of $50.D. Yes, there is economic surplus of $400.55. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school children. Childcare for their children costs $12,000 per year. Pat has decided to stay home and take care of the children. Pat must:A. value spending time with the children by more than $25,000.B. value spending time with the children by more than $12,000.C. value spending time with the children by more than $13,000.D. value spending time with the children as much as does Chris.You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. (Assume that you would not have been willing to pay any more than $35 for this concert.) Your boss called and she is looking for someone to cover a shift on Saturday at the same time as the concert. You will have to work 4 hours and she will pay you time and a half, which is $9/hr.56. Should you go to the concert instead of working Saturday?A. Yes, your benefit is more than your cost.B. No, your benefit is less than your cost.C. Yes, your benefit is equal to your cost.D. No, because there are no benefits in the concert.57. What is the opportunity cost of going to the concert?A. $1B. $9C. $35D. $3658. What is your opportunity cost, if you go to work on Saturday?A. $0B. $9C. $35D. $3659. Your economic surplus of going to work on Saturday is:A. $0B. $1C. $35D. $36Matt has decided to purchase his textbooks for the semester. His options are to purchase the books via the Internet with next day delivery to his home at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.因为他们提供75折的正常价格16美元。
微观经济学英文试卷
精品文档-可编辑内蒙古农业大学微观经济学课程测试试卷（A ）P l e a s e p r i n t . I f t h e a n s w e r i s u n r e c o g n i z a b l e , i t w i l l b e c o u n t e d a s w r o n g a n s w e r .Y o u s h o u l d a n s w e r i n E n g l i s h o r C h i n e s e , n u m b e r s , o r g r a p h s .Ⅰ. C o n c e p t s （3 p o i n t s e a c h , t o t a l 15 p o i n t s ）1. O p p o r t u n i t y c o s t2. E x t e r n a l i t y3. D e a d w e i g h t l o s s4. C o m p e t i t i v e m a r k e t5. D i m i n i s h i n g m a r g i n a l p r o d u c tⅡ. T r u e o r F a l s e Q u e s t i o n s (2 p o i n t s e a c h ，t o t a l 20 p o i n t s )( f ) 1.I f a p p l e a n d o r a n g e a r e s u b s t i t u t e s , w h e n p r i c e o f a p p l e i n c r e a s e s , t h e n t h e d e m a n d f o r o r a n g e d e c r e a s e s .(f)2.T h e p r i c e e l a s t i c i t y o f d e m a n d r e m a i n s c o n s t a n t a l o n g a l i n e a r d e m a n d c u r v e.(t)3.W h e n p r i c e c e i l i n g i s b e l o w e q u i l i b r i u m p r i c e i n a c o m p e t i t i v e m a r k e t,t h e p r i c e c e i l i n g i s b i n d i n g,a n d t h e r e i s s h o r t a g e i n t h e m a r k e t.(t)4.T o t a l s u r p l u s i s t h e v a l u e s t o b u y e r s m i n u s t h e c o s t t o s e l l e r s.(f)5.W h e n t a x e d i s l e v i e d o n t h e g o o d i n a c o m p e t i t i v e m a r k e t, t h e t a x r e v e n u e g o t b y t h e g o v e r n m e n t e q u a l s t h e f a l l i n p r o d u c e r a n d c o n s u m e r s u r p l u s.(f)6.I f t h e w o r l d p r i c e o f a g o o d e x c e e d s t h e d o m e s t i c p r i c e, t h e c o u n t r y s h o u l d i m p o r t t h e g o o d i n s t e a d t o e x p o r t i t. (t)7.I n t h e p r e s e n c e o f a n e g a t i v e e x t e r n a l i t y,Qi so p t i m u m.t h e r e f o r e l a r g e r t h a n t h e Qm a r k e t(f)8.P r i c e a l w a y s e q u a l s t o m a r g i n a l r e v e n u e f o r a l l k i n d s o f f i r m s.(t)9.D e m a n d c u r v e f o r a m o n o p o l y f i r m i s t h e m a r k e t d e m a n d c u r v e.(f)10.I n t h e l o n g r u n,m o n o p o l i s t i c c o m p e t i t i v e f i r m s p r o d u c e a t t h e i r l o w e s t a v e r a g e t o t a l c o s t.Ⅲ.S i n g l e C h o i c e Q u e s t i o n s(2p o i n t s e a c h，t o t a l20p o i n t s)(d)1.I f t h e c r o s s-p r i c e e l a s t i c i t y o f d e m a n d f o r t w o g o o d s i s n e g a t i v e,t h e s e t w o g o o d a r e?A.L u x u r y g o o d s.B.N e c e s s i t i e s.C.S u b s t i t u t e s.D.C o m p l e m e n t s.(a)2.A l t h o u g h b u y e r s a n d s e l l e r s s h a r e t h e b u r d e n o f t a x t o g e t h e r,s e l l e r s s h a r e m o r e i f t h e g o o d i s________A.F o o d.B.C l o t h e s.C.H o u s i n g.D.E n t e r t a i n m e n t g o o d.(c)3.C o n s u m e r s u r p l u s i s t h e a r e a＿＿＿＿A.A b o v e t h e s u p p l y c u r v e a n d b e l o w t h e p r i c e.B.B e l o w t h e s u p p l y c u r v e a n d b e l o w t h e p r i c eC.B e l o w t h e d e m a n d c u r v e a n d a b o v e t h e p r i c eD.B e l o w t h e d e m a n d c u r v e a n d b e l o w t h e p r i c e(a)4.I f w e d o u b l e t h e s i z e o f t a x u n d e r t h e p e r f e c t l y c o m p e t i t i v e m a r k e t,s o t h e d e a d w e i g h t l o s s_____________A.I s f o u r t i m e s a s t h e o r i g i n a l o n e.B.I s t w i c e a s t h e o r i g i n a l o n e.C.R e m a i n t h e s a m eD.M a y i n c r e a s e o r d e c r e a s e.(b)5.W h i c h o f t h e f o l l o w i n g i t e m s i s a n e x a m p l e o f p u b l i c g o o d s?A.F i s h e s i n t h e o c e a n.B.N a t i o n a l d e f e n s e.C.A p p l e s o n a h o u s e h o l d’s a p p l e t r e e.D.H o t d o g s i n a p i c n i c.()6.I f t h e p r o d u c t i o n f u n c t i o n h a s t h e a t t r i b u t e o fd i m i n i s h i n g m a r g i n a l re t u r n s,t h e s l o p e of t h e t o t a l c o s t c u r v e w h i c h i s a s s o c i a t e d w i t h t h e p r o d u c t i o n f u n c t i o nA.I n c r e a s e s w h e n p r o d u c e d q u a n t i t y i n c r e a s eB.D e c r e a s e s w h e n p r o d u c e d q u a n t i t y i n c r e a s e.C.R e m a i n s t h e s a m e.D.M a y b e a n y o n e m e n t i o n e d a b o v e.(d)7.I f t h e m a r g i n a l c o s t c u r v e i s b e l o w t h e a v e r a g e t o t a l c o s t c u r v e,_________.A.A v e r a g e t o t a l c o s t i n c r e a s e s.B.A v e r a g e f i x e d c o s t i n c r e a s e s.C.A v e r a g e t o t a l c o s t a c h i e v e s i t s m i n i m u m.D.A v e r a g e t o t a l c o s t d e c r e a s e s.( b ) 8. I f a c o m p e t i t i v e f i r m a c h i e v e i t s l o n g -r u ne q u i l i b r i u m s t a t e ,A. I t s a v e r a g e t o t a l c o s t a c h i e v e s i t s m i n i m u m .B. M a r g i n a l c o s t e q u a l s m a r g i n a l r e v e n u e .C. I t g e t s z e r o e c o n o m i c p r o f i t .D. A l l t h e i t e m s m e n t i o n e d a b o v e a r e c o r r e c t .( a ) 9. T h e i n e f f i c i e n c y o f m o n o p o l y i s c a u s e d b y _______A. D e f i c i e n t p r o d u c t i o n o f m o n o p o l y .B. O v e r p r o d u c t i o n o f m o n o p o l y .C. M o n o p o l i s t i c p r o f i t .D. M o n o p o l i s t i c l o s s .( a ) 10.T h e m e a n i n g o f “m o n o p o l i s t i c ” i n “m o n o p o l i s t i c c o m p e t i t i o n ” i s ______A . m o n o p o l i s t i c c o m p e t i t i v e f i r m f a c e s a d o w n w a r d s l o p i n g d e m a n d c u r v e .B . m o n o p o l i s t i c c o m p e t i t i v e f i r m c a n f r e e l y e n t e r a n d e x i t t h e m a r k e t .C . m o n o p o l i s t i c c o m p e t i t i v e f i r m c h a r g e s t h e p r i c e a si t s m a r g i n a l c o s t .D . m o n o p o l i s t i c c o m p e t i t i v e f i r m p r o d u c e a t i t se f f i c i e n t s c a l e .Ⅳ. P r o b l e m s f o r c a l c u l a t i o n (t o t a l 20 p o i n t s )1. T h e m o n o p o l y ’s c o s t i s a f u n c t i o n o f i t s o u t p u t , w h i c h i sC(Q)=Q22+12,a n d t h e m o n o p o l y f a c e s t h e l i n e a r i n v e r s e d e m a n df u n c t i o n:P=24—Q(t o t a l10p o i n t s)(1)C a l c u l a t e f o l l o w i n g i t e m s:m a r g i n a l c o s t,a v e r a g e f i x e dc o s t,a v e r a g e v a r i a b l e c o s t,a v e r a g e t o t a l c o s t,a nd m a r g i n a l re v e n u e(5p o i n t s)(2)C a l c u l a t e p r o f i t-m a x i m i z i n g o u t p u t(2p o i n t s)a n d p r o f i t-m a x i m i z i n g p r i c e(1p o i n t),d e t e r m i n e i t s e c o n o m i c p r o f i t(2p o i n t s)2.T h e f o l l o w i n g i s t h e d e m a n d s c h e d u l e f o r c o n s u m e r s o f w a t c h i n g t w o i d e n t i c a l b a s e b a l l g a m e s i n a c i t y.T h e b a s e b a l l f i e l d a n d b a s e b a l l p l a y e r s f o r t h e s e t w o t e a m s a r e f r e e l y p r o v i d e d b y t h e b a s e b a l l l e a g u e(t o t a l10p o i n t s)(1)I f i t i s a p e r f e c t l y c o m p e t i t i v e m a r k e t,d e t e r m i n e t h e p r i c e a n d q u a n t i t y.(2p o i n t s)(2)I f t h e d u o p o l y m a k e s c o l l u s i o n t o b e c o m e a c a r t e l,d e t e r m i n e t h e p r i c e,q u a n t i t y a n d p r o f i t f o r e a c h f i r m i f t h e o n l y g o a l f o r t h e m i s p r o f i t m a x i m i z i n g.(3p o i n t s)(3)I f t h e y f a i l t o m a k e c o l l u s i o n,d e t e r m i n e t h e i r i n d i v i d u a l p r o f i t i f N a s h e q u i l i b r i u m i s a c h i e v e d.(3p o i n t s)(4)D r a w o u t t w o t e a m’s s t r a t e g i e s a b o u t t h e i r o u t p u t s a n d p r o f i t s(N o t e:U s e t h e c h a r t o f p r i s o n e r’d i l e m m a s h o w n i n o u r t e x t b o o k,p l e a s e).(2p o i n t s)Ⅴ.S h o r t a n s w e r s i t e m s(t o t a l25p o i n t s)1.W h y f i r m s i n a p e r f e c t l y c o m p e t i t i v e m a r k e t p r o d u c e a t t h e i re f f i c i e n t s c a l e s w h e n t h e y a c h i e v e t h e i r l o n g r u n e q u i l i b r i u m? (5p o i n t s)完全竞争厂商在长期内对全部生产要素的调整可以表现为两个方面：一方面表现为厂商进入或退出一个行业，这也就是行业内企业数量的调整；另一方面表现为厂商对生产规模的调整。
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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. Giventhis 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 arcelasticity 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 dogs is $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 two flavors, all he would care about is the total amount of jelly he has.b) See Figure 7(b). An increase in the amount of apple jelly does not affect the consumer since he never eats it.c) See Figure 7(c). Here, a mixed bundle is better than an extreme one, but the consumer is willing to trade off the different flavors.Figure 7Part 4:There are reasons other than fads, fashions, and consumer insecurity for bandwagon and snob effects. Various types of externalities in the consumption of certain goods also exist. Explain which these effects (bandwagon or snob) might be present in the following cases:a. A restaurant that is often 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.Ounces of Grape Jelly Ounces of Apple Jelly (a) Ounces of Grape Jelly Ounces of Apple Jelly(b) (c) Ounces of Grape Jelly Ounces ofApple Jellyb) 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.c) Here, crowding might discourage some customers. But, since part of the enjoyment of a concert is seeing the band with other fans, we might observe a bandwagon effect.Part 5:Tom Wilson is the operations manager for Bi-Corp, a real estate investment firm. Tom must decide if Bi-Corp is to invest in a strip mall in a northeast metropolitan area. If the shopping center is highly successful, after tax profits will be $100,000 per year. Moderate success would yield 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=-=∑i2i ^i 1nPπi ^ ππi -ππi 2-ππi 2P -100,000 42,000, 764,000,000 705,600,00050,000 -8,000 64,000,000 25,600,000 -10,000 -68,000 4,624,000,000 924,800,000 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.。