哈伯德英文版微观经济学练习c12

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1. When total utility is maximized, which of the follow ing is true concerning marginal utility? A. Margi nal utility is mi ni mized. B. Marginal utility is also maximized. C. Marginal utility equals zero.D. Marginal utility is equal to total utility. 2.Which of the followi ng stateme nts concerning total utility and margi nal utility is correct? 个人收集整理，勿做商业用途A. Total utility is the sum of marginal utilities.B. Margi nal utility is the sum of total utility.C. Margi nal utility is maximized whe n total utility is zero. 资料个人收集整理，勿做商业用途D. Margi nal utility is usually larger than total utility. 资料个人收集整理，勿做商业用途3.Refer to the table below. Total utility derived from consuming three ice cream cones equals:资料个人收集整理，勿做商业用途A. 34.B. 24.C. 22.D. 6. 4.Refer A. Greater at points u and v tha n at points w and x.B. Greater at points w and x than at p oi nts u and v.资料个人收集整理，勿做商业用途C. Greatest at point y.D. The same at p oi nts u and v tha n at points w and x. 资料个人收集整理，勿做商业用途 5.What is a budget con stra int?A. A limited amount of in come available to con sumers to spend on goods and services. 资料个人收集整理，勿做商业用途B. The amount of money n ecessary to pu rchase a give n comb in atio n of goods.资料个人收集整理，勿做商业用途C. An amount of in come that yields equal marginal utility per dollar spent.资料个人收集整理，勿做商业用途D. The amount of in come that must be spent on goods and services in order to maximize utility from con sum ptio n.资料个人收集整理，勿做商业用途6.Refer to the formula below. In this case, the marginal utility per dollar spent on good X is lesstha n the marginal utility per dollar spent on good Y. Accord ing to the rule of equal marginal utility per dollar spent, what can a con sumer do in order to in crease total utility from consumption of goods X and Y?资料个人收集整 A. I ncrease the con sum pti on of good X. -----------------------------------------------B. In crease the consump ti on of good Y.C. Decrease the consump ti on of both goods.D. In crease the consump ti on of both goods.7. Supp ose you have a fixed budget for two goods, X and Y. The price of good X is Px = $10 and the p rice of good Y is Py = $5. The margi nal utility of X is MUx= 60 utils and the margi nal utility of Y is MUy = 15 utils. Should the consump ti on of X an d/or Y be higher, lower, or rema in the same?资料个人收集整理，勿做商业用途 A. Consump ti on of good X should decrease, and consump ti on of good Y should in crease.资料个资料to the figure below. Margi nal utility is:资料个人收集整理，勿做商业用途人收集整理，勿做商业用途B.The curre nt comb in ati on of goods maximizes total utility. Consump ti on should rema in the same.资料个人收集整理，勿做商业用途C.Consump ti on of good X should in crease, and consump tio n of good Y should decrease. 资料个人收集整理，勿做商业用途D.The con sum ption of goods X and Y should in crease.资料个人收集整理，勿做商业用途8.Refer to the table below. As stated in the first row, the in come of the con sumer (I) equals $20. The price of good X(Px) equals $3.00 and the price of good Y (Py) equals $2.00. Total utility derived from consuming X and Y is listed.What comb in ati on of goods X and Y will maximize utility subject to her budget con stra int?A. 4 units of X and 4 units of Y.资料个人收集整理，勿做商业用途B. 6 units of X and 6 units of Y.C. 4 units of X and 3 units of Y.D. 6 units of X and 1 unit of Y.9. Fill in the blanks. The change in the quantity demanded of a good that results from________________________________ , holdi ng all other factors con sta nt, is known as the in come effect .资料个人收集整理，勿做商业用途A.the tendency of people to be un willi ng to sell someth ing they own 资料个人收集整理，勿做商业用途B.the effect of a cha nge in price on con sumer pu rchas ing po wer 资料个人收集整理，勿做商业用途C. a cha nge in price making the good more or less expen sive relative to other goods 资料个人收集整理，勿做商业用途D.an in crease in the usefu In ess of a p roduct as the nu mber of con sumers who use it in creases 资料个人收集整理，勿做商业用途10.How do the in come and substituti on effects work whe n the p rice of an in ferior good decreases?资料个人收集整理，勿做商业用途A.The in come effect causes an in crease in the qua ntity dema nded and the substituti on effect causes a decrease inthe qua ntity dema nded. 资料个人收集整理，勿做商业用途B.Both the in come effect and the substituti on effect cause a decrease in the qua ntity dema nded of the good.资料个人收集整理，勿做商业用途C.The in come effect causes a decrease in the qua ntity dema nded and the substituti on effect causes an in crease inthe qua ntity dema nded. 资料个人收集整理，勿做商业用途D.Both the in come effect and the substituti on effect cause an in crease in the qua ntity dema nded of the good.资料个人收集整理，勿做商业用途11.Refer to the figure below. The graph shows your weekly dema nd for pi zza. How was this dema nd curve con structed?资料个人收集整理，勿做商业用途A.By computing your consumption of pizza when both the price of pizza and the number of slices you con sume per weekrema in con sta nt. 资料个人收集整理，勿做商业用途B.By computing your consump tio n of pi zza whe n the price of pi zza rema ins con sta nt. 资料个人收集整理，勿做商业用途C.By compu ti ng your op timal consump ti on of pi zza at the various p rices show n. 资料个人收集整理，勿做商业用途D. By compu ti ng your consump ti on of pi zza at various p rices, regardless of utility gain ed. 资料个人收集整理，勿做商业用途12.What are the characteristics of Giffen goods?A.Giffen goods are no rmal, not in ferior goods.B.Giffe n goods have dow nward-slo ping dema nd curves.资料个人收集整理，勿做商业用途C.Giffen goods are goods for which the in come effect p revails over the substituti on effect whe n price chan ges.资料个人收集整理，勿做商业用途D.All of the above.13.What happens whe n n etwork exter nalities are p rese nt? 资料个人收集整理，勿做商业用途A.The usefu In ess of a p roduct decreases as the nu mber of p roducts rises. 资料个人收集整理，勿做商业用途B.The usefu In ess of telecom muni cati ons equipment rises. 资料个人收集整理，勿做商业用途C.The usefu In ess of a p roduct in creases with the nu mber of con sumers who use it. 资料个人收集整理，勿做商业用途资料D. The usefu In ess of n etworks dimini shes with the nu mber of con sumers who en ter them.个人收集整理，勿做商业用途14.What are the pote ntial results of p ath depen de nee? 资料个人收集整理，勿做商业用途A.Market failure.B. A loss of efficie ncy if the gover nment chooses to in terve ne in these markets. 资料个人收集整理,勿做商业用途C. A reducti on in switch ing costs.D.All of the above.15.Which of the follow ing is con siste nt with the gen eral view of fair ness by con sumers? 资料个人收集整理，勿做商业用途A.In order to part with their mon ey, con sumers n eed to receive someth ing material in retur n. 资料个人收集整理，勿做商业用途B.Making don ati ons gives people more utility tha n if they had kept the money and spent it on themselves.资料个人收集整理，勿做商业用途C.People leave tips but on ly if they an tici pate returni ng to the same restaura nt aga in. 资料个人收集整理，勿做商业用途D.All of the above.16.I n the ultimatum game, whe n the allocator and the recipient care about fair ness, how is the distributio n of$20.00 affected? 资料个人收集整理，勿做商业用途A.Allocators and recipients always end up sharing the $20.00 equally. 资料个人收集整理，勿做商业用途B.Allocators receive everyth ing and recipien ts nothing. 资料个人收集整理，勿做商业用途C.Reci pients usually reject offers of less than a 10 perce nt share. 资料个人收集整理，勿做商业用途D.Allocators usually offer recipients a very small share.资料个人收集整理，勿做商业用途17.Refer to the figure below. When p roducers take fair ness into acco unt, which of the followi ng could be true?资料个人收集整理，勿做商业用途A.Producers could charge $75 even though the result would be a shortage. 资料个人收集整理，勿做商业用途B.P roducers could raise p rices gradually as dema nd stre ngthe ns. 资料个人收集整理，勿做商业用途C.P roducers could charge $145 in an tici patio n of stro nger dema nd. 资料个人收集整理，勿做商业用途D.The market will almost always settle in equilibrium at $125. 资料个人收集整理，勿做商业用途17 2118. Fill in the bla nks. Researchers have found that sometimes firms will give up some p rofits inthe _____________ t o kee p their customers happy and in crease their p rofits in the _______________________ .料个人收集整理，勿做商业用途A. sale of some goods; sale of other goodsB. short run; long runC. early stages of product develo pment; mature market 资料个人收集整理，勿做商业用途D. long run; short run19. Which of the followi ng mistakes do con sumers com mon ly commit whe n mak ing decisi ons? 料个人收集整理，勿做商业用途A. They are overly op timistic about their future behavior. 资料个人收集整理，勿做商业用途B. They fail to ignore sunk costs.C. They take into acco unt mon etary costs but ignore nonmon etary opportunity costs.资料个人收集整理，勿做商业用途D. All of the above.20. Using advertis ing to convert myopic con sumers into sop histicated con sumers is:资料个人收集整理，勿做商业用途A. a popu lar way for firms to gai n a comp etitive adva ntage over rival firms资料个人收集整理，勿做商业用途B. a highly p rofitable strategyC. p rofitable only un der certa in con diti onsD. not a p rofitable strategy21. Refer to the figure below. Which comb in ati ons are con sidered to be equivale nt comb in ati ons?资料个人收集整理，勿做商业用途A. All four poin ts, or comb in atio ns show n are equivale nt comb in ati ons资料个人收集整理，勿做商业用途B. In this diagram, no comb in atio n is equivale nt to ano ther. 资料个人收集整理，勿做商业用途C. The comb in ati ons u and v.D. The comb in atio ns w and t.22. Refer to the figure below. If the price of pi zza is $5, how much is the mon thly in come of the consumer?资料个人收集整理，勿做商业用途A. The mon thly in come of this con sumer is not a sin gle nu mber but it is cha nging from one 资料个人收集整理，勿做商业用途month to ano ther B. $10 C. $100 D. $202323. Refer to the figure below. Along this budget line, what do points B, C, and E have in com mon? 资料个人收集整理，勿做商业用途A. At all three points total utility is maximized.B. Any of those comb in ati ons can be obta ined with the same amount of in come. 理，勿做商业用途C. At all three points the price of burgers is the same as the p rice of tacos.资料个人收集整理，勿做商业用途22资料个人收集整D.All of the above stateme nts are correct.24.Refer to the figure below. When trying to maximize utility subject to a budget con stra int, the consumer wouldchoose?资料个人收集整理，勿做商业用途A.Point e only.B.Either point e or point j only.C.Any one of points k, e, or j.D.Point k only.25.Refer to the figure below. Which of the followi ng poin ts corres ponds to the affordable bun dle that yields thehighest total utility? 资料个人收集整理，勿做商业用途A. Poi nt e.B.P oi nt w.C.P oi nt 乙D.P oi nt b.2425版权申明本文部分内容，包括文字、图片、以及设计等在网上搜集整理。

微观经济学Chapter-1-16英文习题

E) are no longer relevant. Ans: B 6.The description of economics as, "cool heads in the service of warm hearts", means that: A) allocating scarce resources may require painful decisions. B) costs and benefits need to be weighed objectively. C) the proper balance must be struck between the discipline of the market and the generosity of the welfare state. D) all of the above. E) none of the above. Ans: D 7. When moving along a production possibilities frontier, the opportunity cost to society of obtaining more of one of the two goods: A) is measured in dollar terms. B) usually decreases as more of the good is produced. C) is measured by the amount of the other good that must be given up. D) is measured by the additional resources that must be used to produce the good. E) is usually constant. Ans: C 8.These data reflect three possible combinations of food and nothing that can be produced from a given set of resources. Food 10 5 0 Clothing O X 50 Refer to the above data. If both clothing and food always use all inputs in the same proportion, then X must be: A) 25. B) more than 25. C) less than 25. D) 50. E) cannot not be determined from the data Ans: A 9. Being on the production-possibility frontier between guns and butter means that: A) it is impossible to produce any more guns. B) it is impossible to produce any more butter. C) more guns can be produced only by doing without some butter. D) population is in equilibrium. E) if society becomes more productive in producing butter, then we can have more butter but not more guns. Ans: C 10. A shift in a production-possibility frontier can result from:

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。

Chap02Thinking Like an Economist(微观经济学(曼昆)(英文版)

Develops
theories, collects, and analyzes data to prove the theories.
Observation, Theory and More Observation!
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.

Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Circular-Flow Model
The circular-flow model is a simple way to visually show the economic transactions that occur between households and firms in the economy.
Economists use models to simplify reality in order to improve our understanding of the world Two of the most basic economic models include:

The Circular Flow Model The Production Possibilities Frontier
The Role of Assumptions
Economists make assumptions in order to make the world easier to understand. The art in scientific thinking is deciding which assumptions to make. Economists use different assumptions to answer different questions.

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。

Robert H.Frank 微观经济学原理课后习题答案1-3

第一章练习题参考答案1．你为了洗车最多愿意支付6美元，即你得到的收益是6美元，而你为别人洗车最少能得到3.5美元，也就是说你让别人给你洗车的机会成本是3.5美元，那么当你决定洗车时，你可以得到2.5美元(6－3.5＝2.5)2．所以，为了赚尽可能多的钱，会使用4磅符合肥料。

3．按照以前的收费方式，6美元为沉没成本，就是不管有多少袋垃圾，均收取6美元，所以居民就尽可能使每袋垃圾的平均成本最小化，改变收费方式以后，按照单件收费，收取的费用就随着垃圾袋数的增加而增加，所以这种方式在一定程度上会抑制垃圾袋的总数，也就使得回收垃圾袋的总数减少。

4．史密斯家：孩子每次喝可乐时:边际收益＝B1 ＞0,边际成本＝C1＝0，净收益S1＝B1－C1> 0；琼斯家：孩子每次喝可乐时：边际收益＝B2＝B1＞0，边际成本＝C2 > 0，净收益S2＝B2－C2；S1＞S2，所以史密斯家的可乐喝得快琼斯家孩子每次喝的个人成本C2＝3瓶×每瓶价格／每瓶喝的次数5．汤姆如果把钱借给迪克，那么他放弃了将钱进行蘑菇生产，也就是说他将失去将该200美元进行蘑菇生产所得到的收益，也就是该200美元的机会成本，而如果将200美元进行蘑菇生产他得到的收益如下：假设价格为P 则购买蘑菇数量为200/P。

一年以后数量加倍，变为400/P。

价格不变，那么总收入为400美元。

所以迪克需要支付的利息为200美元。

6．因为两道题使用的时间相等，但是第一道题的分值远远大于第二道题，所以若重新考试，并且时间上充裕，会考虑先第一道题；若只剩最后几秒，且两道题都还没做，则考虑先做第二道，可多得10分，大于先做第二道多得的4分。

7．两个人看演出的意愿是一样的，因为不管是玛莎丢了10美元的票还是莎拉丢了10美元的钱，都已经是沉没成本了，无法再收回了，再加上两人都是理性人并且有足够的钱再去买一张票，所以两个人购票看演出的意愿是一样的。

8．由于暴风雪使得很多人放弃了开车去现成观看比赛，也就是说，相对于你，乔伊很有可能花较少的钱买到一个较好的位置，这时，作为理性人，乔伊观看比赛的意愿会比你强。

哈伯德英文版微观经济学练习c10

哈伯德英文版微观经济学练习c10Microeconomics - Testbank 1 (Hubbard/O'Brien)Chapter 10 Technology, Production, and Costs1) T he average total cost of production is the:A) e xtra cost required to produce one more unit.B) t otal cost of production.C) t otal cost of production divided by the level of output.D) t otal cost of production multiplied times the level of output.2) A mong the potential sources of an advance in technology for a producing firm is:A) b etter trained workers.B) m ore efficient physical capital.C) h igher skill level of managers.D) a ll of the above.3) T he short run is:A) o ne day.B) o ne week.C) s ix months.D) a s long it takes a particular firm to change its plant capacity.4) A factor of production that is not fixed in the short run is:A) p hysical capital.B) t echnology.C) l abor.D) l and.5) A characteristic of the long run is:A) t here are no fixed inputs.B) a ll inputs can be varied.C) p lant capacity can be increased or decreased.D) a ll of the above.6) E conomics cost of production differ from those in accounting in that:A) e conomics includes expenditures for hired resources while accounting does not.B) e conomics adds the opportunity cost of a firm using its own resources.C) a ccounting includes expenditures for hired resources while economics does not.D) a ccounting costs are always larger than economic costs.7) W hich of the following is an implicit cost of production?A) I nterest paid on a loan to a bank.B) W ages paid to labor plus the cost of carrying benefits for workers.C) T he utility bill paid to water, electricity, and natural gas companies.D) R ent that could have been earned on a building owned and used by the firm.8) I mplicit costs of production are also called:A) o verhead.B) v ariable costs.C) d irect costs.D) o pportunity costs.9) A factor of production that generally is fixed in the short run is:A) r aw materials.B) l abor.C) a building.D) w ater.10) T he relationship between different amounts of inputs and the resulting level of output is a:A) t otal cost schedule.B) p roduction possibilities frontier.C) p roduction function.D) p roduction quota.11) I f the firm is producing nothing in the short run, then:A) t otal costs are zero.B) v ariable costs are low but positive.C) m arginal costs are negative.D) f ixed costs are positive.12) A s a firm hires more labor in the short run, the:A) l evel of total product stays constant.B) o utput per worker rises.C) e xtra output of another worker may rise at first, but eventually must fall.D) c osts of production are increasing at a fixed rate per unit of output.Refer to Figure 10.1 for the questions below.Figure 10.113) I n figure 10.1, diminishing returns to labor set in after:A) L1.B) L2.C) L3.D) n one of the above.14) I n figure 10.1, short run output is maximized at:A) L1.B) L2.C) L3.D) n one of the above.15) I n figure 10.1, AP of labor declines after L2 because:A) M P of labor is below AP of labor.B) M P of labor is falling.C) M P of labor is negative.D) M P of labor is positive.16) I f four workers can produce 18 chairs a day and five can produce 20 chairs a day, themarginal product of the fifth worker is:A) four chairs.B) f ive chairs.C) t wo chairs.D) 38 chairs.17) T he short run marginal product of labor increasing at first and then falling is an example ofthe law of:A) d emand.B) s upply.C) d iminishing marginal utility.D) d iminishing returns.18) T he reason the marginal product of labor in the short run increases at first and then falls isbecause:A) a s more labor is hired, they are not as skilled as the first ones hired.B) t here are fewer opportunities for division of labor and specialization.C) t he management is inefficient.D) t he extra workers have busy work piled on them.19) I f 11 workers can produce a total of 54 units of a productand another worker has a marginalproduct of six, then the average product of 12 workers is:A) 60.B) 54.C) 48.D) 5.20) I f another worker adds nine units of output to a group of workers who had an averageproduct of seven units, then the average product of labor:A) w ill remain the same.B) w ill increase.C) w ill decrease.D) a nd what will happen to it can not be determined.21) I f average product is decreasing, we know that:A) t otal product is negative.B) m arginal product is negative.C) m arginal product is smaller than average product.D) m arginal product is at its positive.22) I f all we know is all workers' marginal product, then total and average product can be foundby:A) d ividing marginal costs by the number of workers.B) m ultiplying the average marginal product times the number of workers.C) s umming the marginal values to find the total and multiplying it times the number ofworkers to get the average.D) s umming the marginal values to find the total and dividing it by the number of workersto get the average.23) I f we know that marginal product is equal to average product, then:A) a verage product is at a maximum.B) t otal product is at a maximum.C) m arginal product is at a maximum.D) a verage product must be falling.24) M arginal cost is U-shaped because of the:A) l aw of demand.B) l aw of diminishing marginal utility.C) l aw of diminishing returns.D) l aw of increasing costs.25) A verage total cost is equal to:A) a verage fixed costs minus average variable costs.B) t otal costs divided by the level of output.C) m arginal costs plus variable costs.D) t otal costs divided by the number of workers.Refer to Figure 10.2 for the questions below.Figure 10.226) I n figure 10.2, the difference between average total costs and average variable costs is:A) a verage fixed costs.B) m arginal costs.C) f ixed costs.D) s unk costs.27) I n figure 10.2, average variable costs approach average total costs as output rises because:A) m arginal costs are above average variable costs.B) a verage fixed costs are falling.C) f ixed costs are falling.D) t otal costs are falling.28) I n the long run:A) a ll inputs in production are variable.B) t here are no fixed costs.C) t otal costs equal variable costs.D) a ll of these are correct.29) L ong run costs are U-shaped because:A) o f the law of demand.B) o f the law of diminishing returns.C) o f economies and diseconomies of scale.D) o f the law of supply.30) I f average total cost is $50 and average fixed cost is $15 when output is 20 units, then thefirm's total variable cost at that level of output is:A) $1,000.B) $700.C) $300.D) i mpossible to determine without additional information.31) I f average total cost is $50 and average fixed cost is $15 when output is 20 units, then thefirm's average variable cost at that level of output is:A) $45.B) $35.C) $30.D) i mpossible to determine without additional information.32) W hen the average total cost is $16, the level of total cost is $800, then the number of units thefirm is producing is:A) i mpossible to determined with the information given.B) 784.C) 12,800.D) 50.33) I f a firm doubles all its inputs in the long run and it finds its average cost of production hasdecreased, then it has:A) d iminishing returns.B) e conomies of scale.C) d iseconomies of scale.D) d eclining fixed costs.34) E conomies of scale exist because as a firm increases its size in the long run:A) t he firm can afford more sophisticated technology in production.B) l abor and management can specialize their activities more.C) a s a larger input buyer the firm can purchase inputs at a lower per unit cost.D) a ll of these.35) I n natural monopolies such as the generation of electricity, long-run average costs continue todecrease as the plant size gets larger, because:A) d iminishing returns are not present.B) d iseconomies of scale are very minor but economies of scale continue.C) s omeone must have made a mistake at lower levels of output.D) t here are no fixed costs.36) W hen a firm's long-run average cost curve is horizontal for a range of output, then in thatrange the firm has:A) i ncreasing returns to scale.B) c onstant returns to scale.C) d ecreasing returns to scale.D) c onstant average fixed costs.37) A n isoquant shows:A) t he combinations of two goods that yield the same total satisfaction.B) t he combinations of two inputs that yield the same total product.C) t he combinations of two inputs that cost the same total quantity of money.D) t he combination of two goods that cost the same amount of money.38) T he typical shape of isoquants is:A) c oncave towards the origin.B) c onvex towards the origin.C) s traight downsloping line.D) s traight upsloping line.39) A s a firm substitutes labor for capital, more labor is required to equal one less unit of capitalbecause:A) c apital is always more productive than labor.B) a s less capital is used, diminishing returns to labor become more pronounced.C) d iseconomies of scale.D) t he price of each input changes.40) A n isocost line shows:A) a ll the possible combinations of two inputs the firm can use.B) a ll the possible combinations of two inputs the firm can use that have the same total cost.C) a ll the possible combinations of two inputs the firm can use that have the same marginalcost.D) a ll the possible combinations of two inputs with constant returns to scale.41) T he position of the isocost line is determined by the:A) p rices of the two inputs.B) p roductivities of the two inputs.C) l evel of total cost.D) p rice of the product.42) O n an isoquant/isocost graph the least cost combination of producing a given output is:A) a ny point on the isoquant curve.B) a ny point on the isocost curve.C) t he tangency point between the isoquant curve and the isocost line.D) o nly on one of the axes of the graph.43) D ifferent economies might use different combinations of inputs like labor and capital toproduce the same goods because of:A) d ifferent technologies.B) d ifferences in the productivity of the inputs.C) d ifferences in the prices of the inputs.D) a ll of the above.44) I f labor is the horizontal axis input and physical capital is the vertical axis input, then at theleast costs output:A) t he marginal rate of technical substitution is equal to the wage rate divided by the costof capital.B) t he marginal rate of technical substitution is multiplied times the wage rate divided bythe cost of capital.C) t he marginal rate of technical substitution is divided by the wage rate multiplied timesthe cost of capital.D) t he marginal rate of technical substitution is equal to the amount of capital divided bythe amount of labor.45) I f the amount of labor being used has a marginal product of 12 units of output per worker at awage rate of $6 per worker and the current capital amount being used has a marginal product of 20 units per machine, then for this to be a least cost combination of inputs the cost of capital must be:A) $2.B) $10.C) $20.D) I mpossible to determine with the information given.。

微观经济学的练习题以及答案英文版

微观经济学的练习题以及答案英文版Chapter 01Thinking Like an Economist Multiple Choice Questions1. Economics is best defined as the study of:A. prices and quantities.B. inflation and interest rates.C. how people make choices under the conditions of scarcity and the results of those choices.D. wages and incomes.2. Economic questions always deal with:A. financial matters.B. political matters.C. insufficient resources.D. choice in the face of limited resources.3. The range of topics or issues that fit within the definition of economics is:A. limited to market activities, e.g., buying soap.B. limited to individuals and firms.C. extremely wide, requiring only the ideas of choice and scarcity.D. very limited.4. The central concern of economics is:A. poverty.B. scarcity.C. wealth accumulation.D. overconsumption.5. The scarcity principle indicates that:A. no matter how much one has, it is never enough.B. compared to 100 years ago, individuals have less timetoday.C. with limited resources, having more of "this" means having less of "that."D. because tradeoffs must be made, resources are therefore scarce.6. The logical implication of the scarcity principle is that:A. one will never be satisfied with what one has.B. as wealth increases, making choices becomes less necessary.C. as wealth decreases, making choices becomes less necessary.D. choices must be made.7. If all the world's resources were to magically increase a hundredfold, then:A. the scarcity principle would still govern behavior.B. economics would no longer be relevant.C. the scarcity principle would disappear.D. tradeoffs would become unnecessary.8. The principle of scarcity applies to:A. the poor exclusively.B. all consumers.C. all firms.D. everyone—consumers, firms, governments, and nations.9. At the very least, Joe Average and Bill Gates are both identically limited by:A. their wealth.B. the 24 hours that comprise a day.C. their knowledge.D. their influence.10. Forest is a mountain man living in complete isolation inMontana. He is completely self-sufficient through hunting, fishing, and farming. He has not been in the city to buy anything in five years. One can infer:A. the scarcity principle does not apply to Forest.B. Forest is not required to make choices.C. the scarcity principle still applies because more hunting means less fishing and farming.D. Forest is very satisfied.11. The scarcity principle applies to:A. all decisions.B. only market decisions, e.g., buying a car.C. only non-market decisions, e.g., watching a sunset.D. only the poor.12. Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:A. not an economic problem because neither one costs money.B. not an economic problem because it's an hour that is wasted no matter what Chris does.C. an economic problem because the tuition Chris pays covers both the gym and the library.D. an economic problem because Chris has only one hour during which he can study or work out.13. Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decided to stay home and work on the paper. According to the scarcity principle, the reason Josh didn't go to the game is that:A. Josh prefers schoolwork to football games.B. writing the paper is easier than going to the game.C. Josh doesn't have enough time for writing the paper and going to the game.D. it's too expensive to go to the game.14. Whether studying the size of the U.S. economy or the number of children a couple will choose to have, the unifying concept is that wants are:A. limited, resources are limited, and thus choices must be made.B. unlimited, resources are limited, and thus choices must be made.C. unlimited, resources are limited to some but not to others, and thus some people must make choices.D. unlimited, resources are limited, and thus government needs to do more.15. The cost-benefit principle indicates that an action should be taken:A. if the total benefits exceed the total costs.B. if the average benefits exceed the average costs.C. if the net benefit (benefit minus cost) is zero.D. if the extra benefit is greater than or equal to the extra costs.16. When a person decides to pursue an activity as long as the extra benefits are at least equal to the extra costs, that person is:A. violating the cost-benefit principle.B. following the scarcity principle.C. following the cost-benefit principle.D. pursuing the activity too long.17. Choosing to study for an exam until the extra benefit(improved score) equals the extra cost (mental fatigue) is:A. not rational.B. an application of the cost-benefit principle.C. an application of the scarcity principle.D. the relevant opportunity cost.18. The scarcity principle tells us that __________, and the cost-benefit principle tells us __________.A. choices must be made; how to make the choicesB. choices must be made; that the costs can never outweigh the benefits of the choicesC. rare goods are expensive; that the costs should outweigh the benefits of the choicesD. rare goods are expensive; that the costs can never outweigh the benefits of the choices19. According to the cost-benefit principle:A. the lowest cost activity usually gives the lowest benefit.B. a person should always choose the activity with the lowest cost.C. a person should always choose the activity with the greatest benefit.D. the extra costs and benefits of an activity are more important considerations than the total costs and benefits.。

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Microeconomics - Testbank 1 (Hubbard/O'Brien)Chapter 12 Monopolistic Competition: The Competitive Model in aMore Realistic Setting1) T he key characteristics of a monopolistically competitive market structure include:A) m any, small, independently acting sellers.B) a ll sellers sell a differentiated product.C) n o barriers to entry of new rivals.D) a ll of these.2) T he key characteristics of a monopolistically competitive market structure include:A) f ew sellers.B) s ellers selling similar but differentiated products.C) h igh barriers to entry .D) a ll of these.3) W hat type of demand does a monopolistically competitive firm face?A) H orizontalB) V erticalC) D ownward slopingD) U pward sloping4) I f a monopolistically competitive firm cuts its price from $10 where it sold 25 units to $9 andsells five more units of output, its marginal revenue per unit of output is:A) $270.B) $2.50C) $20.D) $4.5) I f a monopolistically competitive firm cuts its price from $10 where it sold 25 units to $9 andsells five more units of output, its marginal revenue is:A) $270.B) $2.50.C) $20.D) $4.6) M onopolistic competition has:A) m any sellers who each face a downsloping demand curve.B) a few sellers who each face a downsloping demand curve.C) o nly one seller who faces a downsloping demand curve.D) m any sellers who each face a perfectly elastic demand curve.7) T o maximize profits, a monopolistically competitive firm would produce the output where:A) p rice equals average total cost.B) m arginal revenue equals marginal cost.C) p rice equals marginal cost.D) m arginal revenue equals price.8) I f a monopolistically competitive firm is producing at an output where marginal revenue is$23 and marginal cost is $19, then to maximize profits the firm will:A) c ontinue to produce the same quantity.B) i ncrease output.C) d ecrease output.D) s hutdown.9) I f a monopolistically competitive firm is producing at an output where marginal revenue is$111.11 and marginal cost is $118, then to maximize profits the firm will:A) c ontinue to produce the same quantity.B) i ncrease output.C) d ecrease output.D) s hutdown.10) I f a monopolistically competitive firm is producing at an output where marginal revenue is$12 and marginal cost is $12., then to maximize profits this firm will:A) c ontinue to produce the same quantity.B) i ncrease output.C) d ecrease output.D) s hutdown.11) I f a monopolistically competitive firm is producing 66 units of output where marginalrevenue equals marginal cost at a price of $18 and average total cost at that output is $16.55,then its total profit is:A) $1,188.B) $1,092.30.C) $95.70.D) $1.45.12) I f a monopolistically competitive firm is producing 50 units of output where marginal costequals marginal revenue, total cost is $1,674 and total revenue is $2,000, its average profit is:A) $326.B) $40.C) $6.52.D) i mpossible to determine without additional information.13) A monopolistically competitive firm maximizing profits will produce at a price that is:A) e qual to marginal cost.B) e qual to marginal revenue.C) g reater than marginal cost.D) l ess than marginal revenue.14) A monopolistically competitive industry that earns economic profits in the short run will:A) c ontinue to earn economic profits in the long run.B) e xperience the entry of new rival firms into the industry in the long run.C) e xperience the exit of old firms out of the industry in the long run.D) e xperience a rise in demand in the long run.15) A monopolistically competitive firm that is earning profits will, in the long run, experience:A) n ew rivals entering the market.B) d emand decreases.C) d emand for the firm's product becomes more elastic.D) a ll of the above.16) A monopolistically competitive firm earning profits in the short run will find the demand forits product decreasing in the long run because:A) c ustomers have tired of the firm's product.B) c onsumers' incomes have fallen.C) s ome of its customers have switched purchases to new entrants into the market.D) i ts costs and price has risen.17) A monopolistically competitive firm earning profits in the short run will find the demand forits product becoming more elastic in the long run because:A) m ore substitutes are available because new rivals have entered the market.B) t he price of the product relative to buyers' incomes has increased.C) c onsumers have tired of the firm's product.D) c onsumers incomes have fallen.18) A monopolistically competitive firm earning profits in the short run will find the demand forits product decreasing and becoming more elastic in the long run as new firms move into the industry until:A) t he original firm is driven into bankruptcy.B) t he firm's demand curve is perfectly elastic.C) t he firm's demand curve is tangent to its average total cost curve.D) t he firm exits the market.19) I n the long run, a typical monopolistically competitive firm will:A) e arn an economic profit.B) b reakeven.C) i ncur an economic loss.D) s hut down.20) I f a monopolistically competitive firm breaks even in an economic sense, the entrepreneur:A) s hould exit the industry.B) i s earning as much in this industry as he or she could anywhere else.C) a voids having to pay income tax.D) n one of the above.21) I f a monopolistically competitive firm breaks even in an economic sense, the entrepreneur:A) i s earning an accounting profit and will have to pay taxes on that profit.B) i s earning zero accounting and economic profit.C) s hould exit the industry.D) n one of the above.22) I f a typical monopolistically competitive firm is losing money in an economic sense, then:A) a ll firms will exit the market.B) a s some firms leave, the remaining firms find the demand for their product increasing.C) a s some firms leave, the remaining firms find the demand for their product becomesmore elastic.D) a ll of the above happen.23) P rofits earned by monopolistically competitive firms in the short run typically will decline inthe long run because:A) t heir products are of poor quality.B) b uyers realize the products are less differentiated than they initially believed.C) b uyers tire of their products.D) o f the entry of imitators.24) A monopolistically competitive firm has more control over the price of its product because:A) o f entrance of new firms into the market.B) i t can convince buyers that its product is very similar.C) i t can convince buyers that its product is differentiated.D) e ntrance of new firms is very difficult.25) A major difference between monopolistically competitive and perfectly competitive marketsis:A) t he number of sellers.B) t he degree by which market demand slopes downward.C) p roducts are not standardized in monopolistic competition.D) b arriers to entry.26) A mong the characteristics that monopolistic competition and perfect competition share is:A) m any, small independently acting sellers.B) l ow barriers to entry into the industry by new firms.C) t he typical firm breaks even in the long run.D) a ll of the above.27) I f buyers of a monopolistically competitive product feel the products of different sellers arestrongly differentiated, then:A) t he demand for each seller's product is perfectly inelastic.B) t he demand for each seller's product is perfectly elastic.C) t he demand for each seller's product is relatively inelastic.D) t he demand for each seller's product is relatively elastic.28) A monopolistically competitive firm can increase its profits beyond the long-run equilibriumbreakeven level by:A) c ontinually finding ways to produce its product at a lower cost level.B) s elling more of its product.C) m arketing its product as similar to others in the industry.D) a ll of the above.29) A monopolistically competitive firm can convince buyers that its product has value by:A) s elling the product at a lower price than rivals do.B) d ifferentiating its product to suit consumers' preferences.C) m arketing its product as similar to competitors.D) b locking entry.30) W hich of the following is NOT a characteristic of long-run equilibrium in a monopolisticallycompetitive market?A) S elling price equals average total cost.B) P roduction is at minimum average total cost.C) M arginal revenue equals marginal cost.D) S elling price is greater than marginal cost.31) H ow does the long run equilibrium of a monopolistically competitive industry differ fromthat of a perfectly competitive industry?A) I n long-run equilibrium in a monopolistically competitive firm will earn economicprofits.B) I n long-run equilibrium in a monopolistically competitive firm price will be higher thanthe average cost of production.C) I n long-run equilibrium in a monopolistically competitive firm does not use fully theplant size it built.D) I n long-run equilibrium in a monopolistically competitive firm is allocatively efficientwhile the perfectly competitive firm is not.32) I s a monopolistically competitive firm productively efficient?A) I t is NOT because it does not produce at minimum average total cost.B) I t is because it produces where marginal cost equals marginal revenue.C) I t is NOT because price is greater than marginal product.D) I t is because price equals average total costs.33) F or allocative efficiency to hold:A) p rice is equal to marginal cost.B) p rice is equal to marginal revenue.C) a verage variable cost is minimized in production.D) a verage total cost is minimized in production.Refer to Figure 12.1 for the questions below.Figure 12.134) T he monopolistic competitor in figure 12.1 will produce:A) Q1.B) Q2.C) Q3.D) Q4.35) T he monopolistic competitor in figure 12.1 will charge:A) P1.B) P2.C) P3.D) P4.36) T he monopolistic competitor in figure 12.1:A) i s making a profit.B) i s breaking even.C) s hould shut down.D) i s losing money but should operate in the short run.37) T he productive efficient output for the monopolistic competitor in figure 12.1 is:A) Q1.B) Q2.C) Q3.D) Q4.38) B rand management:A) i s picking a brand name for a new product that will attract attention.B) i s the efforts to maintain the differentiation of a product over time.C) i s the efforts to reduce the cost of production.D) i s selling the right to use a brand name in a particular market.39) W hat is the purpose of advertising by a monopolistically competitive firm?A) I ncrease demand for the firm's product.B) M ake the demand for the firm's product more inelastic.C) E arn more economic profit for the firm.D) F irms advertise for all these reasons.40) W hat is considered by some individuals to be good about advertising by monopolisticallycompetitive firms?A) A dvertising can act as a barrier to entry.B) A dvertising has a low cost.C) F irms tend to advertise their best products, so the quantity of advertising providesconsumers with useful information.D) F irms that advertise have lower costs of production.41) A dvertising, marketing, and brand management are all done by monopolisticallycompetitive firms in an effort to:A) s atisfy buyers with the lowest possible price.B) p roduce at the lowest possible average total cost level.C) i ncrease demand and make it more inelastic to earn above break-even profits.D) t o get price to equal average total costs.42) A n advantage of trademarking your product is:A) a trademark differentiates your product.B) a trademark means no one else can legally produce a similar product.C) a trademark means your product name may become highly associated with the product.D) a ll of the above.43) A disadvantage for consumers who buy a product of a monopolistically competitive firm is:A) t hey have no choice in the attributes of the product.B) t hey pay a price greater than the marginal cost of production.C) t hey have no choice about whether to buy or not.D) t hey pay a price greater than average total cost.44) A n advantage to consumers from buying a product of a monopolistically competitive firm is:A) t hey are paying a price greater than marginal cost.B) t hey are paying for product advertising.C) t hey can buy a product more closely suited to their tastes.D) t hey can buy the same product as everyone else.。