微观经济学纸质练习ch5-ch6 助教答案版

微观经济学纸质练习ch5-ch6姓名：学号：得分：A Multiple choice1) In the figure above, when production is 3 units with a price of $3, the producer surplus in this market equalsA) b + g. B) f + g. C) a + b + f + g. D) a + b + f + g + h + i. Answer: B2) Underproduction of good ________ create a deadweight loss and overproduction of a good ________ create a deadweight loss.A) will; will B) will; will not C) will not; will D) will not; will not Answer: A3) Susan thinks the only fair outcome is one in which she has three slices of pizza a week. Susan is using a ________ concept of fairness.A) "it's not fair if the result isn't fair" B) "it's not fair if the rules aren't fair" C) "big tradeoff" D) "Novak principle"Answer: A4) When a rent ceiling is imposed in a housing market, the opportunity cost of housing equals theA) rent.B) market equilibrium rent that would prevail in the absence of a rent ceiling.C) value of the time and resources spent searching plus the rent.D) consumer surplus.Answer: C5) The price ceiling depicted in the above figure results inA) consumer surplus increasing from $30 thousand to $34.5 thousand.B) producer surplus decreasing from $24 thousand to $6 thousand.C) a deadweight loss of $16 thousand.D) Both answers A and B are correct.Answer: D6) A minimum wage set above the equilibrium wage willA) create a shortage of labor.B) create a surplus of labor.C) have no effect because the equilibrium level of employment is not affected by a minimum wage above the equilibrium wage.D) create a lower wage rate for skilled workers than for unskilled workers. Answer: B7) In the above figure, a price ceiling of $4 wouldA) result in a shortage in the long run. B) result in a surplus in the long run.C) have no effect.D) result in a surplus in the short run but have no effect in the long run. Answer: C8) If a tax is imposed in a market in which demand is perfectly inelasticA) the buyers pay the entire tax. B) the sellers pay the entire tax.C) the buyers and the sellers both pay a portion of the tax.D) neither the buyer nor the seller pays the tax.Answer: A9) The above figure shows the market for neckties. Based on the graph, how much tax per necktie has been imposed by the government?A) $1.25 per tie B) $1.00 per tie C) $0.75 per tieD) More information is needed to determine the tax that the government has imposed. Answer: B10) The above figure shows the market for blouses. The government decides to impose the sales tax on sellers, as shown in the figure. Using the figure, how much tax revenue does the government raise?A) $20,000 B) $40,000 C) $60,000 D) $80,000Answer: B11) The above figure shows the market for blouses. The government decides to impose the sales tax on sellers, as shown in the figure. The amount of the tax paid by the sellers would be greater than shown in the figure ifA) the demand was more elastic. B) the demand was more inelastic.C) the supply was more elastic. D) Both answers A and C are correct. Answer: A12). When a rent ceiling is imposed in a housing market, the opportunity cost of housing equals theA) rent.B) market equilibrium rent that would prevail in the absence of a rent ceiling.C) value of the time and resources spent searching plus the rent.D) consumer surplus.Answer: C13) Using the above figure, CBL is the cost of breaking the law. What is the equilibrium price and quantity if beer is legal?A) $5 per quart and 300 quarts of beer B) $3 per quart and 500 quarts of beerC) $3 per quart and 100 quarts of beer D) $1 per quart and 300 quarts of beer Answer: B14). The above figure shows the marginal social benefit and marginal social cost curves of chocolate in the nation of Kaffenia. What is the marginal social benefit from the 100th pound of chocolate each day?A) $1.50 per pound B) $1.00 per poundC) $0.50 per pound D) None of the above answers is correct.Answer: A15).The above figure shows the marginal social benefit and marginal social cost curves of chocolate in the nation of Kaffenia. What is the marginal social cost of producing the 250th pound of chocolate each day?A) $625.00 per pound B) $2.50 per poundC) $1.00 per pound D) $0.50 per poundAnswer: B16. The above figure shows the demand and supply curves for housing. What would be the effects of a rent ceiling equal to $500 per month?A) a surplus equal to 3,000 apartmentsB) a shortage equal to 3,000 apartmentsC) a shortage equal to 250 apartmentsD) nothing because the rent ceiling has no effect on the equilibrium price and quantityAnswer: B17. The above figure shows the demand and supply curves for housing As a result of a rent ceiling at $500, the deadweight loss is represented by the areaA) rectangle feag. B) triangle gfe. C) triangle eca. D) triangle acb. Answer: C18). In the above figure, the price paid by the buyer before the tax is ________ per compact disc, and the price paid by the buyer after the tax is ________ per compact disc. what is the amount of the tax per compact disc?A) $20; $20;$10 B) $20; $30; $20 C) $30; $20;$30 D) $30; $30; $40 Answer: BB True or false1) The opportunity cost to the consumer of purchasing and consuming one more unit of a good is called the marginal benefit.Answer: FALSE2) In a competitive equilibrium, the total consumer surplus must equal the total producer surplus.Answer: FALSE3) A competitive market is always efficient.Answer: FALSE4) Marginal cost is the minimum price that producers must receive to induce them to produce another unit of a good or service.Answer: TRUE5) A rent ceiling set above the equilibrium rent efficiently allocates resources in the housing market.Answer: FALSE6) One way to assure that poor people will have a plentiful supply of affordable housing available to them is by imposing rent ceilings.Answer: FALSE7).If the elasticities of demand for alcohol, tobacco and gasoline are low and theelasticities of supply are high, then the burden of these taxes (excise taxes) falls more heavily on buyers than on sellers..Answer: TRUE8)good shifts the demand curve leftward because the tax raises the price that consumers must pay.Answer: FALSE9) If the demand is perfectly elastic, buyers pay the entire tax.Answer: FALSE10) Because a subsidy raises marginal benefit, it can be used to eliminate the deadweight loss from overproduction.Answer: FALSEC CalculationWage rate (dollars per hour)Quantitydemanded(hours permonth)Quantitysupplied(hours permonth)3 800 4004 700 5005 600 6006 500 7007 400 8002) The table above shows the demand for and supply of labor in a small less developed country.a) Draw the demand and supply curves. What are the equilibrium wage and the levelof employment?b) Currently, the minimum wage is set at $4.50 per hour. How many hours are worked? How many hours of labor are unemployed?c) If the minimum wage is raised to $6 per hour, what are employment and unemployment?Answer:a) The figure above shows the labor market. The equilibrium wage rate is $5 and the equilibrium level of employment is 600 hours a month.b) The minimum wage of $4.50 an hour is below the equilibrium wage rate, so the actual wage is the equilibrium wage, at which 600 hours of labor are employed and no one is unemployed.c) The minimum wage of $6 an hour is above the equilibrium wage rate, so the actual wage is the minimum wage, at which 500 hours of labor per month are employed. At this wage rate, the quantity of labor supplied (700 hours) is greater than the quantitydemanded (500 hours), so the surplus of labor, or unemployment, is 200 hours.。