经济学原理一

經濟學原理一

期末考試題(A)

6/17/2003

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學生學號

一、單選題(45分)

1. A natural monopoly is a desirable market structure because:

(a)When unregulated, it offers a firm a higher profit margin which creates jobs

for the economy.

(b)When regulated, it can be forced to produce at the same output level as an

unregulated monopoly.

(c)It can offer the products consumers want at the lowest possible price because

of economies of scale.

(d)It generates more jobs for the economy than a competitive market structure

does.

2.If profit regulation is used to control a natural monopolist, then the monopolist is

likely to:

(a)Attempt to reduce the costs of production.

(b)Inflate or pad the costs of production.

(c)Increase the quality of their product in an effort to increase sales.

(d)Reduce maintenance of plant and equipment.

3.The case for deregulation rests on the argument that:

(a)Costs of market failure exceed costs of government failure.

(b)Regulations are more costly to implement than the market failure that is to be

corrected.

(c)Regulation aids adaptation to market changes in tastes, costs, and technology.

(d)Antitrust intervention is less costly than regulation.

4.The economic costs of pollution control are:

(a)The dollars spent on pollution-control equipment, administrative costs,

compliance training, etc.

(b)The quantity of resources used to control pollution.

(c)The improved resource productivity provided by pollution control.

(d)The most highly valued alternative goods and services that could be produced

if the resources were not used to reduce pollution.

5.If there is no pollution associated with an economic activity, social costs are:

(a)The full resource costs of an economic activity.

(b)Equal to private costs.

(c)Equal to the costs of an economic activity borne by the producer.

(d)All of the above.

6.Which of the following would be the best way to use the market mechanism to

discourage automobile pollution?

(a)Subsidies paid to automobile companies for research and development of new

anti-pollution devices for cars.

(b)Emission charges based on the amount of pollution from different types of

cars.

(c)Subsidies for victims of pollution.

(d)Regulation of the amount of pollution allowed by automobiles.

7.An upward-sloping supply curve of labor reflects:

(a)The increasing opportunity cost of labor.

(b)The increase in quantity supplied as prices fall.

(c)The increasing marginal utility of income as a person works more hours.

(d)All of the above.

8.Which of the following would not shift the market demand for labor, ceteris

paribus?

(a)The wage paid to labor.

(b)The productivity of labor.

(c)The demand for final products.

(d)All of the above.

9.If the MPP of an additional unit of labor is 3 units per hour, product price is

constant at $6 per unit, and the wage rate is $15 per hour, then:

(a)The additional unit of labor should be employed.

(b)The additional unit of labor should not be employed because it costs more than

it is worth.

(c)The employer should lower wages and accept less employment of labor.

(d)Product price must be reduced if profits are to be made.

10.Higher interest rates:

(a)Reflect a higher opportunity cost of money.

(b)Lower the future value of current dollars.

(c)Raise the present value of future payments.

(d)Result in a higher risk premium.

11.Which of the following is not a reason to hold stock?

(a)To receive payments on the firm's debt.

(b)To receive potential capital gains.

(c)To take part in the selection of the board of directors.

(d)To receive potential dividends.

12.Liquidity is:

(a)The ability of an asset to be converted to cash.

(b)Directly affected by the coupon rate.

(c)Not important for bondholders.

(d)The opportunity cost of purchasing a bond.

13.The size distribution of income best measures the answer to the:

(a)FOR WHOM question.

(b)WHAT question.

(c)HOW question.

(d)WHY question.

14.If the tax law is regressive, it will result in a:

(a)Smaller Gini coefficient.

(b)Greater area between absolute equality and the Lorenz curve.

(c)A smaller income differential between rich and poor.

(d)All of the above.

15.Increasing tax rates on businesses can be justified based on equity considerations

when:

(a)Perfectly competitive conditions exist.

(b)The tax is a flat tax.

(c)Externalities exist.

(d)Long-run economic profits exist.

二、是非題(25分)

Response to each statement true, false, or uncertain and then justify your response. The justification of your response is the most important part of your answer.

1.The marginal benefits of regulation should exceed the marginal costs of regulation

if additional regulations are to be imposed.

2.When a firm pollutes, its marginal cost curve no longer intersects the average total

cost curve at its lowest point.

3.The most cost-efficient factor of production is the one that produces the greatest

output per unit of input.

4.Stock prices will increase, ceteris paribus, when the prevailing interest rate

increases.

5.The essential economic benefit of absolute income equality is that it creates a

market link between effort and reward.

三、計算/畫圖題(24分)

1.（10分）

Figure 1.

6

809096102

(1)In Figure 1., what is the equilibrium wage rate? How many workers are

unemployed at this wage?

(2)In Figure 1., if the minimum wage is set at $10, how many workers will be hired?

How many workers are unemployed, and how many of them are originally employed at the equilibrium wage rate?

2. （6分） Figure 2.

C U M U L A T IV E PE R C E N T A G E O F FA M IL IE S C U M U L A T I V E P E R C E N T A G E O F I N C O M E 0102030405070608090100

102030405060708090100D C B A Figure 2 illustrates Lorenz curves for 4 different economies. For which economy would lower income families receive a larger share of total income? For Which economy would the highest 20% income families receive the largest share of total income?

3. Compute the tax rates for the three taxpayers shown in Table 1. Then use the table to answer the following questions.（8分）

Table 1: Taxable income and tax computations T a x a b l e T a x e s E f f e c t i v e N o m i n a l

I n c o m e i n c o m e p a i d t a x r a t e t a x r a t e

T a x p a y e r (d o l l a r s ) (d o l l a r s ) (d o l l a r s ) (p e r c e n t ) (p e r c e n t ) 1 $200,000 $100,000 $ 8,000 _____% _____%

2 100,000 80,000 10,000 _____ _____

3 60,000 48,000 10,000 _____ _____ (1) In Table 1, what is the effective tax rate for taxpayer 1?

(2) In Table 1, what is the nominal tax rate for taxpayer 2?

四、分析題(16分)

Does any one have an incentive to maintain auto-exhaust control devices in good working order? How can we ensure that they will be maintained?