在线网课学习课堂《微观经济学(Microeconomics)(东北财大）》单元测试考核答案

注：不含主观题
第1题
Economics deals primarily with the concept of ( )
A scarcity.
B poverty.
C change.
D power.
第2题
Choices must be made in the use of resources (
)
A because
they are in finite supply.
B because
they are in finite demand.
C only
if the resources are nonrenewable.
D because
they are in infinite supply.
第3题
Economics is best defined as the study of (
)
A how society manages its scarce resources.
B how to run a business most profitably.
C how to predict inflation, unemployment, and stock prices.
D how the government can stop the harm from unchecked self-interest.
第4题
The three sources of income for the household are (
)
A taxes,
subsidies from the government, and rent.
B wages,
rent, and profit.
C wages,
rent, and subsidies from the government.
D wages,
rebates, and rent.
E
第5题
Households play what role() in the circular flow diagram? (
)
A purchasers
of factors of production and sellers of services.
B purchasers
of factors of production and sellers of goods.
C purchasers
of goods and services only.
D purchasers
of goods and services and sellers of factors of production.
1.2 Quick Quiz
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第1题
The
adage, “There is no such thing as a free lunch,” is used
to illustrate the concept of ( )
A tradeoffs.
B scarcity.
C productivity.
D efficiency.
第2题
Your opportunity cost of going to a movie is (
)
A the price of the ticket.
B the price of the ticket plus the cost of any soda and popcorn you buy
at the theater.
C the total cash expenditure needed to go to the movie plus the value
of your time.
D zero, as long as you enjoy the movie and consider it a worthwhile use
of time and money.
第3题
The opportunity cost of taking this exam is equal to (
)
A the value of the time that you spend taking the exam.
B the expense of your textbook.
C the tuition payment for this class.
D the number of questions.
第4题
The opportunity cost of building an additional parking lot at your
school is (
)
A the
cost of concrete, labor, etc. used to build the lot.
B the
value of the property and resources used at their next best
alternative use.
C the
value of the property and resources used at all of their alternative
uses.
D infinite,
and so we cannot estimate it.
第5题
Suppose you are considering going to the movies, and you place a 50
value on your anticipated enjoyment of the movie. The ticket price is35
and you would be giving up two hours of work, where you earn 10
per hour. You would go to (
)
A work;
the opportunity cost of the movies exceeds the expected benefit.
B the
movies; your incentive is the 15
excess expected benefit.
C the
movies; your enjoyment will exceed the lost wages by 30.
D the
movies; the benefit of 85
exceeds the lost wages.
1.3 Quick Quiz
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第1题
The production possibilities frontier demonstrates the basic
economic principle that (
)
A economies are always efficient.
B assuming full employment, supply will always determine demand.
C assuming full employment, an economy is efficient only when the
production of capital goods in a particular year is greater than the
production of consumption goods in that year.
D assuming full employment, to produce more of any one thing, the
economy must produce less of at least one other good.
第2题
All points on
a production possibilities frontier show the (
)
A maximum satisfaction that households receive from their purchases of
goods.
B minimum quantities of resources that must be used to produce a given
quantity of output.
C maximum output that society can produce with given resources and technology.
D minimum output that society can produce with given resources and technology.
第3题
Which of the following would not result in an outward shift of a nation’s production possibilities frontier? (
)
A a reduction in the unemployment rate.
B a rise in labor productivity.
C advances in technology.
D an expanding resource base.
第4题
Opportunity
costs most often increase as you move down a production
possibilities frontier because (
)
A resources are not completely adaptable to alternative uses.
B factors of production are limited and human wants are unlimited.
C efficiencies are generated by large-scale production.
D economic efficiency is only possible in the short run.
第5题
Suppose an
economy has the production possibilities frontier shown in the
diagram and is operating at position A. Which of the statements
below is false? (
)
A This economy could produce more of both capital and consumption
goods.
B This economy is experiencing full employment.
C This economy could produce more capital goods without decreasing the
quantity of consumption goods produced.
D This economy could produce more consumption goods without decreasing
the quantity of capital goods produced.
1.4 Quick Quiz
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第1题
A simplifying assumption (
)
A affects the important conclusions of an economic model.
B increases the level of detail in an economic model.
C limits the validity of an economic model’s conclusion.
D eliminates unnecessary details from an economic model.
第2题
The ultimate purpose of an economic model is to (
)
A
B establish assumptions that closely resemble reality.
C help us to understand economic behavior.
D guide government policy decisions.
第3题
An economic model (
)
A uses equations to understand normative economic phenomena.
B often omits crucial elements.
C simplifies reality in order to focus on crucial elements.
D cannot be proven wrong.
第4题
“An increase in interest rates will lower economic growth.”
This statement is (
)
A a
positive economic statement.
B a
normative economic statement.
C untrue
in every case.
D controversial,
and so not a valid economic issue.
第5题
The distinction between positive and normative economics (
)
A is
that positive economics applies only to microeconomic problems.
B is
that normative economics applies only to microeconomic problems.
C
D helps
us to understand why economists sometimes disagree with one another.
1.5 Quick Quiz
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第1题
In an hour, David can wash 2 cars or mow 1 lawn, and Ron can wash 3
cars or mow 1 lawn. Who has the absolute advantage in car washing,
and who has the absolute advantage in lawn mowing? (
)
A David in washing, Ron in mowing.
B Ron in washing, David in mowing.
C David in washing, neither in mowing.
D Ron in washing, neither in mowing.
第2题
Once again, in an hour, David can wash 2 cars or mow 1 lawn, and Ron
can wash 3 cars or mow 1 lawn. Who has the comparative advantage in
car washing, and who has the comparative advantage in lawn mowing? (
)
A David in washing, Ron in mowing.
B Ron in washing, David in mowing.
C David in washing, neither in mowing.
D Ron in washing, neither in mowing.
第3题
When two individuals produce efficiently and then make a mutually
beneficial trade based on comparative advantage, (
)
A they both obtain consumption outside their production possibilities
frontier.
B they both obtain consumption inside their production possibilities
frontier.
C one individual consumes inside her production possibilities frontier,
while the other consumes outside hers.
D each individual consumes a point on her own production possibilities
frontier.
第4题
Which goods will a nation typically import? (
)
A Those goods in which the nation has an absolute advantage.
B Those goods in which the nation has a comparative advantage.
C Those goods in which other nations have an absolute advantage.
D Those goods in which other nations have a comparative advantage.
第5题
Suppose that in the United States, producing an aircraft takes 10,000
hours of labor and producing a shirt takes 2 hours of labor. In
China, producing an aircraft takes 40,000 hours of labor and
producing a shirt takes 4 hours of labor. What will these nations
trade? (
)
A China will export aircraft, and the United States will export shirts.
B China will export shirts, and the United States will export aircraft.
C Both nations will export shirts.
D There are no gains from trade in this situation.
2.1 Quick Quiz
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第1题
The amount of a good or service that buyers would be willing and
able to purchase at a specific price is known as (
)
A quantity demanded.
.
B demand.
C supply.
D quantity supplied.
第2题
The demand curve for Beanie Baby dolls shows the quantity of dolls demanded (
)
A by suppliers of those dolls.
B at the equilibrium price for Beanie Baby dolls.
C at each level of income.
D at each possible price of Beanie Baby dolls.
第3题
A change in which of the following will NOT shift the demand curve
for hamburgers? (
)
A the price of hot dogs
B the price of hamburgers
C the price of hamburger buns
D the income of hamburger consumers
第4题
Which of the following sets of goods are most likely to be complementary goods?(
)
A Shoes and pizza.
B Automobiles and computers.
C Baseballs and baseball gloves.
D Football tickets and baseball tickets.
第5题
Which of the following are the best examples of substitute goods? (
)
A Personal computers and computer software programs.
B Milk and cookies.
C IBM and HP personal computers.
D Hot dogs and mustard.
2.2 Quick Quiz
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第1题
An increase in the number of tomato producers will (
)
A increase market supply because the price of tomatoes will rise.
B increase market supply because market demand will increase as more
tomatoes are produced.
C increase market supply because market supply is the sum of all
individual tomato producers’ supply curves.
D increase market demand but leave market supply unchanged.
第2题
In a market, to find the total amount supplied at a particular
price, (
)
A we must add up all of the amounts firms are willing and able to
supply at that price.
B we need to know the demand for the good as well.
C the tastes and preferences of buyers must be established.
D the income level of buyers would need to be determined.
第3题
The movement from point A to point B on the graph would be caused by (
)
A a decrease in the price of the good.
B an increase in the price of the good.
C an increase in technology.
D a decrease in input prices.
第4题
The movement from point A to point B on the graph is called (
)
A a decrease in supply.
B an increase in supply.
C an increase in the quantity supplied.
D a decrease in the quantity supplied.
第5题
When evaluating differences or similarities between an increase in supply and an increase in quantity supplied we know that (
)
A the former is a shift of the curve and the latter is a movement
along the curve.
B the former is a movement along the curve and the latter is a
shift of the curve.
C both are shifts of the supply curve.
D both are movements along the curve.
2.3 Quick Quiz
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第1题
Adam Smith’s “invisible
hand” refers to (
)
A the subtle and often hidden methods that businesses use to profit at
consumers’ expense.
B the ability of free markets to reach desirable outcomes, despite the
self-interest of market participants.
C the ability of government regulation to benefit consumers, even if
the consumers are unaware of the regulations.
D the way in which producers or consumers in unregulated markets impose
costs on innocent bystanders.
第2题
During
the last few decades in the United States, health officials have
argued that eating too much beef might be harmful to human health. As
a result, there has been a significant decrease in the amount of beef
produced. Which of the following best explains the decrease in
production? (
)
A Beef
producers, concerned about the health of their customers, decided to
produce relatively less beef.
B Government
officials, concerned about consumer health, ordered beef producers to
produce relatively less beef.
C Individual
consumers, concerned about their own health, decreased their demand
for beef, which lowered the relative price of beef, making it less
attractive to produce.
D Anti-beef
protesters have made it difficult for both buyers and sellers of beef
to meet in the marketplace.
第3题
Suppose that the incomes
of buyers in a particular market for a normal good decline and there
is also a reduction in input prices. What would we expect to occur in
this market? (
)
A The
equilibrium price would increase, but the impact on the amount sold
in the market would be ambiguous.
B The
equilibrium price would decrease, but the impact on the amount sold
in the market would be ambiguous.
C Both
equilibrium price and equilibrium quantity would increase.
D Equilibrium
quantity would increase, but the impact on equilibrium price would be
ambiguous.
第4题
A
movement along the supply curve might be caused by a change in (
)
A technology.
B input
prices.
C expectations
about future prices.
D the
price of the good or service.
第5题
If
a shortage exists in a market we know that the actual price is (
)
A below
equilibrium price and quantity demanded is greater than quantity
supplied.
B above
equilibrium price and quantity demanded is greater than quantity
supplied.
C above
equilibrium price and quantity supplied is greater than quantity
demanded.
D below
equilibrium price and quantity supplied is greater than quantity
demanded.
3.1 Quick Check
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第1题
A life-saving medicine without
any close substitutes will tend to have (
)
A a small elasticity of demand.
B a large elasticity of demand.
C a small elasticity of supply.
D a large elasticity of supply.
第2题
The price of a good rises from 8to12, and the quantity demanded
falls from 110 to 90 units. Calculated with the midpoint method, the
elasticity is (
)
A 1/5.
B 1/2.
C 2.
D 5.
第3题
A linear, downward-sloping demand curve is (
)
A inelastic.
B unit elastic.
C elastic.
D inelastic at some points, and elastic at others.
第4题
If price
elasticity of demand is 2.0, this implies that consumers would (
)
A buy twice as much of the good if price falls by 10 percent.
B require a 2 percent cut in price to raise quantity demanded of the
good by 1 percent.
C buy 2 percent more of the good in response to a 1 percent cut in
price.
D require at least a $2 increase in price before showing any response
to the price increase.
第5题
If the price
elasticity of demand within the price range from 1and1.25 for
carrots is 0.79 and for radishes is 1.6, then within that price range
(
)
A carrots are more price elastic than radishes.
B radishes are more price elastic than carrots.
C carrots and radishes must be substitute goods.
D carrots and radishes must be complementary goods.
3.2 Quick Quiz
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第1题
Tampa
Electric plans to raise the price of electricity in order to increase
revenue. Apparently, they think that the demand for electricity is:
(
)
A elastic.
B inelastic
C unit
elastic.
D zero.
第2题
Suppose
that an SUV dealer cut her prices by 20%. She then finds that her
SUV sales revenues have increased by 15%. What can you say about the
price elasticity of demand for SUVs? (
)
A it is
elastic
B it is
inelastic
C it is
unit elastic
D not
enough information to answer the question
第3题
In
the mid-1980s, the state of Texas raised the price of personalized
automobile license plates from 25to70. The state’s revenue
from the personalized license plates then fell. From this
information, what can you say about the price elasticity of demand
for personalized plates?
(
)
A it is
elastic
B it is
inelastic
C it is
unit elastic
D not
enough information to answer the question
第4题
According
to recent studies at M.I.T. and the University of Michigan, a 10
percent increase in the price of cigarettes leads to a 14 percent
drop in sales to teenagers. What is the price elasticity of demand
among teenagers?
(
)
A it is
elastic
B it is
inelastic
C it is
unit elastic
D not
enough information to answer the question
第5题
In
the early 1990s, East German taxicab drivers were on strike demanding
lower cab fares. What must the drivers have believed about the price
elasticity of demand for taxi rides?
(
)
A The
drivers believed the price elasticity of demand was elastic.
B The
drivers believed the price elasticity of demand was inelastic.
C The
drivers believed that the price elasticity of demand was unit
elastic.
D There
is not enough information to answer the question.
4.1 Quick Quiz
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第1题
Jen values her time at 60anhour.Shespends2hoursgivingColleenamassage.Colleenwaswillingtopayasmuchat300 for the massage, but they negotiate a price of $200. In this transaction, (
)
A consumer surplus is $20 larger than producer surplus.
B consumer surplus is $40 larger than producer surplus.
C producer surplus is $20 larger than consumer surplus.
D producer surplus is $40 larger than consumer surplus.
第2题
The demand curve for cookies is downward sloping. When the price of
cookies is 2,thequantitydemandedis100.Ifthepricerisesto3, what happens to consumer surplus? (
)
A It falls by less than $100.
B It falls by more than $100.
C It rises by less than $100.
D It rises by more than $100.
第3题
John has been working as a tutor for 300asemester.Whentheuniversityraisesthepriceitpaystutorsto400, Emily enters the
market and begins tutoring as well. How much does producer surplus
rise as a result of this price increase? (
)
A by less than $100
B between 100and200
C between 200and300
D by more than $300
第4题
Which of the following best explains the source of consumer surplus
for good A? (
)
A Many consumers would be willing to pay more than the market price for
good A.
B Many consumers pay prices that are greater than the equilibrium price
of good A.
C Many consumers think the market price of good A is greater than its
cost.
D Many consumers think the price elasticity of demand for good A is
unit elastic.
第5题
Sellers’ costs of producing various units of the good are shown
by the (
)
A height of the demand curve.
B width of the demand curve.
C width of the supply curve.
D height of the supply curve.
4.2 Quick Quiz
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第1题
An efficient allocation of
resources maximizes (
)
A consumer surplus.
B producer surplus.
C consumer surplus plus producer surplus.
D consumer surplus minus producer surplus.
第2题
When a market is in equilibrium, the buyers are those with the
__________ willingness to pay and the sellers are those with the
__________ costs. (
)
A highest, highest
B highest, lowest
C lowest, highest
D lowest, lowest
第3题
Producing a quantity larger than the equilibrium of supply and demand
is inefficient because the marginal buyer’s willingness to pay
is (
)
A negative.
B zero.
C positive but less than the marginal seller’s cost.
D positive and greater than the marginal seller’s cost.
第4题
An equilibrium
when there is perfect competition (
)
A is undesirable.
B is economically efficient.
C leads to high consumer surplus at the expense of producer surplus.
D can be economically efficient only if the government steps in with
price floors to protect sellers.
第5题
Equity involves
(
)
A whether or not the outcome of an economic system is an large as
possible.
B whether or not the outcome of an economic system is divided fairly
among participants.
C the way that government becomes involved in fighting for an
efficient allocation of resources.
D maximization of total surplus.
5.1 Quick Quiz
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第1题
Which of the following is an example of a positive externality? (
)
A Bob mows Hillary’s lawn and is paid $100 for performing the
service.
B While mowing the lawn, Bob’s lawnmower spews out smoke that
Hillary’s neighbor Kristen has to breathe.
C Hillary’s newly cut lawn makes her neighborhood more
attractive.
D Hillary’s neighbors pay her if she promises to get her lawn cut
on a regular basis.
第2题
If the production of a good yields a negative externality, then the
social-cost curve lies ___________ the supply curve, and the socially
optimal quantity is ___________ than the equilibrium quantity. (
)
A above, greater
B above, less
C below, greater
D below, less
第3题
The social cost of a good is (
)
A its benefit to the people who buy and consume it.
B its total benefit to everyone in society.
C its cost to everyone in the society that occurs in addition to the
private costs.
D the cost paid by the firm that produces and sells it.
第4题
The private benefit of consuming a good is (
)
A its benefit to the people who buy and consume it.
B its total benefit to everyone in the society.’
C its cost to everyone in the society.
D the cost paid by the firm that produces and sells it.
第5题
Because there are positive externalities from higher education, (
)
A private markets would provide too little of it.
B private markets would provide too much of it.
C the government should impose a tax on college students.
D the government should impose a tax on students’ families.
5.2 Quick Quiz
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第1题
The Coase theorem does NOT
apply if (
)
A there is a significant externality between two parties.
B the court system vigorously enforces all contracts.
C transaction costs make negotiating difficult.
D both parties understand the externality fully.
第2题
Internalizing an
externality means (
)
A the good becomes a public good.
B government regulations or taxes are sufficient to eliminate the
externality completely.
C government imposes regulations that eliminate the externality
completely.
D incentives are altered so that people take account of the external
effects of their actions.
第3题
What economic
argument suggests that if transactions costs are sufficiently low,
the equilibrium is economically efficient regardless of how property
rights are distributed? (
)
A The Coase Theorem.
B Say’s Law.
C The Law of Comparative Advantage.
D The Law of Supply.
第4题
Flu shots are
associated with a positive externality. (Those who come in contact
with people who are inoculated are helped as well.) Given perfect
competition with no government intervention in the vaccination
market, which of the following holds? (
)
A At the current output level, the marginal social benefit exceeds the
marginal private benefit.
B The current output level is inefficiently low.
C A per-shot subsidy could turn an inefficient situation into an
efficient one.
D All of the above hold.
第5题
A dentist shared an office building with a radio station.  The electrical current from the dentist’s drill causes static in the radio broadcast, causing the radio station to lose 10,000indiscountedfutureprofits.Theradiostationcouldputupashieldatacostof30,000; the dentist could buy a new drill that causes less interference for $6,000.  Either would restore the radio station’s lost profits.
What is the economically efficient outcome? (
)
A The radio station puts up a shield, which it pays for.
B The radio station puts up a shield, which the dentist pays for.
C The radio station does not put up a shield and the dentist does not buy a new drill.
D The dentist gets a new drill and it does not matter who pays for it.
5.3 Quick Quiz
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第1题
When the government levies a
tax on a good equal to the external cost associated with the good’s
production, it ___________ the price paid by consumers and makes the
market outcome ___________ efficient. (
)
A increases, more
B increases, less
C decreases, more
D decreases, less
第2题
Which of the following statements about corrective taxes is NOT true?(
)
A Economists prefer them to command-and-control regulation.
B They raise government revenue.
C They cause deadweight losses.
D They reduce the quantity sold in a market.
第3题
The government auctions off 500 units of pollution rights. They sell
for 50perunit,raisingtotalrevenueof25,000. This policy is
equivalent to a corrective tax of ___________ per unit of pollution .
(
)
A $10
B $50
C $450
D $500
第4题
A benefit of
taxes over regulation to internalize externalities is (
)
A it is easier to choose the optimal amount of taxes than the optimal
amount of regulation.
B regulations are more difficult to impose than taxes.
C taxes equate the social costs with the social benefits.
D taxes provide incentives to adopt new methods to reduce the
externality.
第5题
Which of the
following is NOT a method that could effectively deal with negative
externalities? (
)
A Relying on voluntary compliance.
B Taxing the output of industries that pollute.
C Creating legal environmental standards.
D Increasing public spending on cleanup and reduction of pollution.
5.4 Quick Quiz
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第1题
Which categories of goods are
excludable? (
)
A private goods and club goods
B private goods and common resources
C public goods and club goods
D public goods and common resources
第2题
Which categories of goods are rival in consumption? (
)
A private goods and club goods
B private goods and common resources
C public goods and club goods
D public goods and common resources
第3题
Which of the following is an example of a public good? (
)
A residential housing
B national defense
C restaurant meals
D fish in the ocean
第4题
Public goods are (
)
A efficiently provided by market forces.
B underprovided in the absence of government.
C overused in the absence of government.
D a type of natural monopoly.
第5题
The free-rider problem (
)
A forces supply of a public good to exceed demand.
B allows more people to pay for the public good than if it were a
private good.
C encourages overuse of a good that is freely available.
D holds the equilibrium quantity of a public good below the
economically efficient level.
5.5 Quick Quiz
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第1题
Which of the following is an
example of a common resource? (
)
A residential housing
B national defense
C restaurant meals
D fish in the ocean
第2题
Common resources are (
)
A efficiently provided by market forces.
B underprovided in the absence of government.
C overused in the absence of government.
D a type of natural monopoly.
第3题
The overuse of a
common resource relative to its economically efficient use is called
(
)
A monopolistic competition.
B tragedy of the commons.
C common resource abuse.
D communism.
第4题
Imagine a 2,000-acre park with picnic benches, trees, and a pond.  Suppose it is publicly owned, and people are invited to enjoy its beauty.  Of course, when the weather is nice it is difficult to find parking, and the trash cans overflow with food wrappers on summer afternoons.  Otherwise, it is a great place.  The park is a common good because (
)
A when trash cans overflow, a negative externality becomes a positive externality.
B it is not fenced to control access.
C if too many people use it, one person’s use can prevent others from using it.
D you have to drive to get there and the automobile is a private good.
第5题
What causes the tragedy of the commons? (
)
A Social and private incentives differ.
B Common goods are nonrival and nonexclusive.
C Common goods are nonexclusive, but rival.
D Both A and C are correct.
6.1 Quick Quiz
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第1题
Emilio buys pizza for 10andsodafor2. He has income of $100. His budget constraint will
experience a parallel outward shift if which of the following events
occur? (
)
A The price of pizza falls to 5,thepriceofsodafallsto1, and
his income falls to $50.
B The price of pizza rises to 20,thepriceofsodarisesto4, and
his income remains the same.
C The price of pizza falls to 8,thepriceofsodafallsto1, and
his income rises to $120.
D The price of pizza rises to 20,thepriceofsodarisesto4, and
his income rises to $400.
第2题
Suppose the
price of pizza is 8,thepriceofcolais2, and the consumer’s
income is 16.Theconsumer′sbudgetlinemeasurespizzaonthehorizontalaxisandcolaontheverticalaxis.Giventheinformationabove,ifthepriceofcoladoublesto4, then (
)
A the budget line intersects the vertical axis at 16 colas.
B the slope of the budget line rises to –1/2.
C the budget line intersects the vertical axis at 4 colas.
D the budget line shifts inward in a parallel fashion.
第3题
Suppose the
price of pizza is 8,thepriceofcolais2, and the consumer’s
income is 16.Theconsumer′sbudgetlinemeasurespizzaonthehorizontalaxisandcolaontheverticalaxis.Giventheinformationabove,iftheconsumer′sincomerisesto32, then
the budget line for pizza and cola would (
)
A now intersect the horizontal axis at 4 pizzas and the vertical axis
at 16 colas.
B not change.
C now intersect the horizontal axis at ¼ pizza and the vertical
axis at 1/16 cola.
D rotate outward with an increased quantity of cola consumed.
第4题
Budget
constraints exist for consumers because (
)
A their utility from consuming goods eventually reaches a maximum
level.
B even with unlimited incomes they have to pay for each good they
consume.
C they have to pay for goods and they have limited incomes.
D prices and incomes are inversely related.
第5题
If the price of bread is zero, a budget line between bread (on the vertical axis) and cheese (on the horizontal axis) would (
)
A be vertical.
B coincide with the vertical axis.
C coincide with the horizontal axis.
D be horizontal.
6.2 Quick Quiz

第1题
At any point on an
indifference curve, the slope of the curve measures the consumer’s(
)
A income.
B willingness to trade one good for the other.
C perception of the two goods as substitutes or complements.
D elasticity of demand.
第2题
Indifference
curves tend to be bowed inward because of diminishing (
)
A marginal rates of substitution.
B demand for the good as prices rise.
C income.
D supply of the good being consumed.
第3题
The marginal
rate of substitution between two goods equals (
)
A the marginal utility of one divided by the marginal utility of the
other.
B the marginal utility of one times the marginal utility of the other.
C the marginal cost of one times the marginal cost of the other.
D the price of one good divided by the price of the other.
第4题
Each of the following are characteristics of an indifference map except (
)
A moving northeast to a new indifference curve will increase utility.
B points on the same indifference curve yield equal utility.
C the axes represent levels of utility for each of the goods.
D indifference curves cannot cross.
第5题
Along
an indifference curve that bows inward, the marginal rate of
substitution of a good (
)
A rises as the quantity of the good rises.
B decreases
as the quantity of the good rises.
C remains
the same as the quantity of the good rises.
D rises
as the quantity of the good falls.
6.3 Quick Quiz

第1题
Matthew and Susan are both
optimizing consumers in the markets for shirts and hats, where they
pay 100forashirtand50 for hat. Matthew buys 4 shirts and 16
hats, while Susan buys 6 shirts and 12 hats. From this information,
we can infer that Matthew’s marginal rate of substitution is
_____ hats per shirt, while Susan’s is _____. (
)
A 2, 1
B 2, 2
C 4, 1
D 4, 2
第2题
Charlie buys only milk and cereal. Milk is a normal good, while
cereal is an inferior good. When the price of milk rises, Charlie
buys (
)
A less of both goods.
B more milk and less cereal.
C less milk and more cereal.
D less milk, but the impact on cereal is ambiguous.
第3题
If the price of pasta increases and a consumer buys more pasta, we
can infer that (
)
A pasta is a normal good, and the income effect is greater than the
substitution effect.
B pasta is a normal good, and the substitution effect is greater than
the income effect.
C pasta is an inferior good, and the income effect is greater than the
substitution effect.
D pasta is an inferior good, and the substitution effect is greater
than the income effect.
第4题
Equilibrium in the consumption of food () and clothing () occurs at
which point in the figure?  (
)
A A
B B
C C
D D
第5题
When
there are two goods (milk and pizza), the consumer’s optimum is
typically found by locating the basket where the marginal rate of
substitution of milk in terms of pizza equals Pm/Pp (the price of
milk divided by the price of pizza).  In words this equality means: (
)
A The amount of pizza that I am willing to give up for another milk at this point is greater than the amount of pizza that the market tells me I must give up to get another milk.
B The amount of pizza that I am willing to give up for another milk at this point is less than the amount of pizza that the market tells me I must give up to get another milk.
C The amount of pizza that I am willing to give up for another milk at this point is equal to the amount of pizza that the market tells me I must give up to get another milk.
D The amount of pizza that I am willing to give up for another milk at this point is equal to the amount of milk that the market tells me I must give up to get another pizza.
7.1 Quick Quiz

第1题
The three types of firms are: (
)
A sole proprietorship.
B partnership.
C corporation.
D all of above.
第2题
Economists assume that the goal of the firm is to (
)
A maximize total revenue.
B maximize profits.
C minimize costs.
D do all of the above.
第3题
The advantage of corporation is (
)
A unlimited liability.
B easy to start.
C limited liability.
D double taxation.
第4题
The disadvantage of sole proprietorship is (
)
A difficult to raise money.
B easy to start.
C double taxation.
D limited liability.
第5题
The disadvantage of partnership is (
)
A double taxation.
B unlimited liability.
C easy to start.
D reducing costs for each partner.
7.2 Quick Quiz

第1题
Raj
opens up a lemonade stand for two hours. He spends 10foringredientsandsells60 worth of lemonade. In the same two hours,
he could have mowed his neighbor’s lawn for $40. Raj has an
accounting profit of ______ and an economic profit of ______. (
)
A 50,10
B 90,50
C 10,50
D 50,90
第2题
Diminishing marginal product explains why, as a firm’s output
increases, (
)
A the production function and total-cost curve both get steeper.
B the production function and total-cost curve both get flatter.
C the production function gets steeper, while the total-cost curve gets
flatter.
D the production function gets flatter, while the total-cost curve gets
steeper.
第3题
A firm is producing 1,000 units at a total cost of 5,000.Ifitweretoincreaseproductionto1,001units,itstotalcostwouldriseto5,008. What does this information tell you about the firm? (
)
A Marginal cost is 5,andaveragevariablecostis8.
B Marginal cost is 8,andaveragevariablecostis5.
C Marginal cost is 5,andaveragetotalcostis8.
D Marginal cost is 8,andaveragetotalcostis5.
第4题
A firm is producing 20 units with an average total cost of 25andmarginalcostof15. If it were to increase production to 21 units,
which of the following must occur?
(
)
A Marginal cost would decrease.
B Marginal cost would increase.
C Average total cost would decrease.
D Average total cost would increase.
第5题
The government imposes a $1,000 per year license fee on all pizza
restaurants. Which cost curves shift as a result? (
)
A average total cost and marginal cost
B average total cost and average fixed cost
C average variable cost and marginal cost
D average variable cost and average fixed cost
7.3 Quick Quiz

第1题
If a higher level of
production allows workers to specialize in particular tasks, a firm
will likely exhibit ________ of scale and ________ average total
cost. (
)
A economies, falling
B economies, rising
C diseconomies, falling
D diseconomies, rising
第2题
If a firm
experiences constant returns to scale at all output levels, then its
long-run average total cost curve would (
)
A slope downward.
B be horizontal.
C slope upward.
D slope downward for low output levels and upward for high output
levels.
第3题
Which of the
following explains why long-run average cost at first decreases as
output increases? (
)
A Diseconomies of scale.
B Less efficient use of inputs.
C Fixed costs become spread out over more units of output.
D Gains from specialization of inputs.
第4题
Since the
1980s, Walmart stores have appeared in almost every community in
America. Walmart buys their goods in large quantities and therefore
at cheaper prices. Walmart also locates its stores where land prices
are low, usually outside of the community business district. Many
customers shop at Walmart because of low prices and free parking.
Local retailers, like the neighborhood drug store, often go out of
business because they lose customers. This story demonstrates that (
)
A consumers are boycotting local retailers whose prices are relatively
higher.
B there are diseconomies of scale in retail sales.
C there are economies of scale in retail sales.
D there are diminishing returns to producing and selling retail goods.
第5题
Economies of scale (
)
a.
A change in the size of operations and therefore is
B long-run consideration. b.
requires
C more intensive use of existing plant and therefore is
D short-run consideration. c.
means that
E doubling of plant size will double output. d.
requires
F change in the size of plant and therefore is
G short-run
consideration.
8.1 Quick Quiz
第1题
One of the
defining characteristics of a perfectly competitive market is (
)
A a small number of sellers.
B a large number of buyers and a small number of sellers.
C a standardized product.
D significant advertising by firms to promote their products.
第2题
Which of the following firms is the closest to being a perfectly competitive firm? (
)
A A hot dog vendor in New York.
B Microsoft Corporation.
C Ford Motor Company.
D The campus
bookstore.
第3题
Free entry
means that (
)
A there are no costs of entering into an industry.
B no legal barriers prevent a firm from entering an industry.
C a firm’s marginal cost is zero.
D a firm has no fixed costs in the short run.
第4题
Which of the following conditions distinguishes monopolistic
competition from perfect competition? (
)
A Number of sellers.
B Freedom of entry and exit.
C Small size firms.
D Differentiation of product.
第5题
Which of the following is a characteristic of oligopoly or monopolistic competition, but not perfect competition? (
)
A Advertising and sales promotion.
B Profit maximization according to the MR = MC rule.
C Firms being price takers rather than price makers.
D Horizontal demand and marginal revenue curves.
8.2 Quick Quiz

第1题
A
competitive firm maximizes profit by choosing the quantity at which (
)
A average total cost is at its minimum.
B marginal cost equals the price.
C average total cost equals the price.
D marginal cost equals average total cost.
第2题
A competitive firm’s short-run supply curve is its ___________
cost curve above its ___________ cost curve. (
)
A average total, marginal
B average variable, marginal
C marginal, average total
D marginal, average variable
第3题
If a profit-maximizing, competitive firm is producing a quantity at
which marginal cost is between average variable cost and average
total cost, it will (
)
A keep producing in the short run but exit the market in the long run.
B shut down in the short run but return to production in the long run.
C shut down in the short run and exit the market in the long run.
D keep producing both in the short run and in the long run.
第4题
In the long-run equilibrium of a competitive market with identical
firms, what is the relationship between price P,
marginal cost MC,
and average total cost ATC?(
)
A P >MC andP >ATC.
B P >MC andP =ATC.
C P =MC andP >ATC.
D P =MC andP =ATC.
第5题
This table describes the relationship between output, marginal revenue, and marginal cost.  If the firm is currently producing 14 units, what would you advise them to do? (
)
A Decrease quantity to 13.
B Increase quantity to 15.
C Remain at 14 units.
D Increase quantity to 16 units.
8.3 Quick Quiz

第1题
The textile industry is a competitive industry composed of a
large number of small firms. In recent years, these firms have
suffered economic losses and many sellers have left the industry.
Economic theory suggests that these conditions will (
)
A shift the demand curve outward so that price will rise to the level
of production cost.
B cause the remaining firms to collude so that they can produce more
efficiently.
C cause the market supply to decline and the price of textiles to
rise.
D cause firms in the textile industry to suffer long-run economic
losses.
第2题
If there is an increase in market demand in a perfectly competitive
market, then in the short run (
)
A there will be no change in the demand curves faced by individual
firms in the market.
B the demand curve for firms will shift downward.
C the demand curve for firms will become more elastic.
D profits will rise.
第3题
When market conditions in a competitive industry are such that firms
cannot cover their production costs, then (
)
A the firms will suffer long-run economic losses.
B the firms will suffer short-run economic losses that will be exactly
offset by long run economic profits.
C some firms will go out of business, causing prices to rise until the
remaining firms can cover their production costs.
D all firms will go out of business, since consumers will not pay
prices that enable firms to cover their production costs.
第4题
The short-run market supply curve in a perfectly competitive
industry (
)
A shows the total quantity supplied by all firms at each possible
price.
B is perfectly inelastic at the market price.
C is perfectly elastic at the market price.
D is usually downward-sloping.
第5题
If all firms have the same costs of production, then in long-run equilibrium, (
)
A price exceeds all firms’ average cost.
B price exceeds all firms’ marginal cost.
C some firms have positive profits.
D all firms have zero profits and just cover their opportunity costs.
8.4 Quick Quiz

第1题
A firm is a natural monopoly
if it exhibits the following as its output increases: (
)
A decreasing marginal revenue
B increasing marginal cost
C decreasing average revenue
D decreasing average total cost
第2题
Sizable
economic profits can persist over time under monopoly if the
monopolist (
)
A produces that output where average total cost is at a maximum.
B is protected by barriers to entry.
C operates as a price taker rather than a price maker.
D realizes revenues that exceed variable costs.
第3题
Most markets are not monopolies in the real world because (
)
A firms usually face downward-sloping demand curves.
B supply curves slope upward.
C price is usually set equal to marginal cost by firms.
D there are reasonable substitutes for most goods.
8.5 Quick Quiz

第1题
For a profit-maximizing
monopoly that charges the same price to all consumers, what is the
relationship between price P,
marginal revenue MR,
and marginal cost MC?( )
A P =MR andMR =MC.
B P >MR andMR =MC.
C P =MR andMR >MC.
D P >MR andMR >MC.
第2题
The marginal revenue of the second unit is (
)
A $10
B $20
C $30
D $40
第3题
The marginal cost of the fourth unit is (
)
A $60
B $40
C $20
D $10
第4题
The maximum profit this monopolist can earn is (
)
A $40
B $30
C $20
D $15
第5题
To maximize profit, the
monopolist sets price at (
)
A $40
B $20
C $0
D $10
8.6 Quick Quiz

第1题
Compared to the social optimum, a monopoly firm chooses (
)
A a quantity that is too low and a price that is too high.
B a quantity that is too high and a price that is too low.
C a quantity and a price that are both too high.
D a quantity and a price that are both too low.
第2题
The deadweight loss from monopoly arises because (
)
A the monopoly firm makes higher profits than a competitive firm would.
B some potential consumers who forgo buying the good value it more than
its marginal cost.
C consumers who buy the good have to pay more than marginal cost,
reducing their consumer
surplus.
D the monopoly firm chooses a quantity that fails to equate price and
average revenue.
第3题
Concerning
public utilities, the stated reason for resorting to regulation of a
monopoly, rather than promoting competition through antitrust, is
that the industry in question is believed to be a (
)
A profit-maximizing monopoly.
B producer of externalities.
C revenue-maximizing monopoly.
D natural monopoly.
第4题
Splitting up a
monopoly is often justified on the grounds that (
)
A consumers prefer dealing with small firms.
B small firms have lower costs.
C competition is inherently efficient.
D nationalization is a less preferred option.
第5题
The task of economic regulation is to (
)
A protect monopoly profits.
B approximate the results of the competitive market.
C replace competition with government ownership.
D decrease the monopoly profit.
8.7 Quick Quiz

第1题
Which of the following
conditions does NOT describe a firm in a monopolistically competitive
market? (
)
A It makes a product different from its competitors.
B It takes its price as given by market conditions.
C It maximizes profit both in the short run and in the long run.
D It has the freedom to enter or exit in the long run.
第2题
Which of the following goods best fits the definition of monopolistic
competition? (
)
A wheat
B tap water
C crude oil
D soft drinks
第3题
A monopolistically competitive firm will increase its production if (
)
A marginal revenue is greater than marginal cost.
B marginal revenue is greater than average total cost.
C price is greater than marginal cost.
D price is greater than average total cost.
第4题
New firms will enter a monopolistically competitive market if (
)
A marginal revenue is greater than marginal cost.
B marginal revenue is greater than average total cost.
C price is greater than marginal cost.
D price is greater than average total cost.
第5题
What is true of a monopolistically competitive market in long-run
equilibrium? (
)
A Price is greater than marginal cost.
B Price is equal to marginal revenue.
C Firms make positive economic profits.
D Firms produce at the minimum of average total cost.
8.8 Quick Quiz

第1题
The key
feature of an oligopolistic market is that (
)
A each firm produces a different product from other firms.
B a single firm chooses a point on the market demand curve.
C each firm takes the market price as given.
D a small number of firms are acting strategically.
第2题
If an oligopolistic industry organizes itself as a cooperative
cartel, it will produce a quantity of output that is __________ the
competitive level and __________ the monopoly level. (
)
A less than, more than
B more than, less than
C less than, equal to
D equal to, more than
第3题
If an oligopoly does not cooperate and each firm chooses its own
quantity, the industry will produce a quantity of output that is
__________ the competitive level and __________ the monopoly level. (
)
A less than, more than
B more than, less than
C less than, equal to
D equal to, more than
第4题
As the number of firms in an oligopoly grows large, the industry
approaches a level of output that is __________ the competitive level
and __________ the monopoly level. (
)
A less than, more than
B more than, less than
C less than, equal to
D equal to, more than
第5题
The prisoners’ dilemma is a two-person game illustrating that (
)
A the cooperative outcome could be worse for both people than the Nash
equilibrium.
B even if the cooperative outcome is better than the Nash equilibrium
for one person, it might be worse for the other.
C even if cooperation is better than the Nash equilibrium, each person
might have an incentive not to cooperate.
D rational, self-interested individuals will naturally avoid the Nash
equilibrium because it is worse for both of them.
9.1 Quick Quiz

第1题
The demand for labor by a particular firm is ultimately derived from
(
)
A the
productivity of labor.
B the
productivity of the firm’s other inputs.
C demand
for the firm’s output.
D the
market supply of labor.
第2题
If firms are competitive and profit-maximizing, the demand curve for
labor is determined by (
)
A the opportunity cost of workers’ time.
B the value of the marginal product of labor.
C offsetting income and substitution effects.
D the value of the marginal product of capital.
第3题
A bakery operating in competitive markets sells its output for 20percakeandhireslaborat10 per hour. To maximize profit, it
should hire labor until the marginal product of labor is (
)
A 1/2 cake per hour.
B 2 cakes per hour.
C 10 cakes per hour.
D 15 cakes per hour.
第4题
A technological advance that increases the marginal product of labor
shifts the labor- __________ curve to the __________. (
)
A demand, left
B demand, right
C supply, left
D supply, right
第5题
If eight workers can manufacture 70 tables per day and nine workers
can manufacture 90 tables per day, and if tables can be sold for $10
each, the value of marginal product of the ninth worker is (
)
A 20
tables.
B 90
tables.
C $200.
D $900.
9.2 Quick Quiz

第1题
Ricky leaves his job as a high school math teacher and returns to
school to study the latest developments in computer programming,
after which he takes a higher paying job at a software firm. This is
an example of (
)
A a compensating differential.
B human capital.
C signaling.
D efficiency wages.
第2题
Lucy and Ethel work at a local department store. Lucy, who greets
customers as they arrive, is paid less than Ethel, who cleans the
bathrooms. This is an example of (
)
A a compensating differential.
B human capital.
C signaling.
D efficiency wages.
第3题
Fred runs a small manufacturing company. He pays his employees about
twice what other firms in the area pay, even though he could pay less
and still recruit all the workers he wants. He believes that higher
wages make his workers more loyal and hard-working. This is an
example of(
)
A a compensating differential.
B human capital.
C signaling.
D efficiency wages.
第4题
A business consulting firm hires Vivian because she was a math major
in college. Her new job does not require any of the mathematics she
learned, but the firm believes that anyone who can graduate with a
math degree must be very smart. This is an example of (
)
A a compensating differential.
B human capital.
C signaling.
D efficiency wages.
第5题
If a workers is indifferent between a job with a wage of 12perhourandajobwithawageof15 per hour, then the (
)
A higher-paying job enjoys a compensating wage differential of $3 per hour.
B higher-paying job enjoys a compensating wage differential of $15 per hour.
C lower-paying job is intrinsically more attractive than the higher-paying job.
D worker’s preferences are not rational.

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