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2012-2013春季学期微观经济学复习题

选择题

1. The concept that goods produced abroad and sold domestically is called

a. Export

b. Investment

c. import

d. Trade

2. The basic question which economics studies is

a. how to produce

b. What to produce

c. produce for whom

d. All of the above are correct

3. Which of the following choice is not the opportunity cost for having a vacation?

a. train ticket

b. earnings if you work

c. expense for food

d. time

4. In a perfectly competitive market:

a. there is only a seller and a buyer

b. there are many sellers, but only a buyer

c. There is only a seller, but many buyers

d. There are many sellers and buyers

5. Suppose shoes and socks are complements, then if the price of shoes raise, demand of the socks will

a. increase

b. reduce

c. Not change

d. it’s hard to judge

6. Which of the following condition need to face tradeoffs?

a. Watching TV

b. Going to work

c. Going shopping

d. All of the above are correct

7. Suppose both US and China produce cars toys, based on the following form, which country has

a comparative advantage in producing cars and which country has a comparative advantage in producing toys?

2012-2013春季学期微观经济学复习题

b. US, China

c. China, US

d. China, China

8. According to the law of supply, when the price of a good rises

a. The demand of the good reduce

b. The supply of the good increase

c. The demand of the good increase

d. The supply of the good reduce

9. Which of the following incidents will shift Demand curve of milk to the right?

a. the price of milk rises

b. people have more preference on milk

c. the price of milk fall

d. there is a disease happened on cows

10. If the price of a good is lower than its equilibrium price then:

a. there is a surplus and the price will go up

b. there is a surplus and the price will go down

c. there is a shortage and the price will go up

d. there is a shortage and the price will go down

11. A binding price floor will cause a maximum surplus if:

a. the Supply is elastic but the Demand is inelastic

b. the supply is inelastic but the Demand is elastic

c. both of supply and demand are elastic

d. Both of supply and demand are inelastic

12. Accroding to the following Production Possibilities Frontier of two countries. In which country is the opportunity cost of cloth lower? In which country is the opportunity cost of wine is lower?

2012-2013春季学期微观经济学复习题

a . France, France

b .England, England

c .France, England

d .England, France

13. If the price elasticity of supply for one good is 0, the supply curve of the good will be : P

2012-2013春季学期微观经济学复习题

Q

14.Suppose that consumers use 15% of their income on the food, then the income elasticity of demand for food is :

a.0.15

b.1.00

c.1.15

d.1.50

15. When the cross-price elasticity of demand between two goods is negative, those two goods will be:

a. complements

b. substitutes

c. inferior goods

d. normal goods

16.Other things equal, when the supply of workers is low, one would predict that market wages would be:

a. relatively high.

b. relatively low.

c. determined solely by factors that affect deman

d.

d. determined outside the domain of economic theory.

17.Which of the following statements is correct?

a. Both a competitive firm and a monopolist are price takers.

b. Both a competitive firm and a monopolist are price makers.

c. A competitive firm is a price taker, whereas a monopolist is a price maker.

d. A competitive firm is a price maker, whereas a monopolist is a price taker.

18. Which of the following is not a determinant of the price elasticity of demand for a good?

a. the time horizon

b. the steepness or flatness of the supply curve for the good

c. the definition of the market for the good

d. the availability of substitutes for the good

19. Whether a good is a luxury or necessity depends on the

a. price of the good.

b. preferences of the buyer.

c. intrinsic properties of the goo

d.

d. scarcity of the good.

20. The price elasticity of demand for eggs

a. is computed as the percentage change in quantity demanded of eggs divided by the

percentage change in price of eggs.

b. will be lower if there is a new invention that is a close substitute for eggs.

c. will be higher if consumers consider eggs to be a necessity.

d. All of the above are correct.

Table 5-1

2012-2013春季学期微观经济学复习题

in Table 5-1?

a. A is grapes, and B is fruit.

b. A is T-shirts, and B is socks.

c. A is train tickets before cars were invented, and B is train tickets after cars were

invented.

d. A is diamond necklaces, and B is beds.

22. If a price ceiling is not binding, then

a. there will be a surplus in the market.

b. there will be a shortage in the market.

c. the market will be less efficient than it would be without the price ceiling.

d. there will be no effect on the market price or quantity sold.

23. Welfare economics explains which of the following in the market for DVDs?

a. The government sets the price of DVDs; firms respond to the price by producing a specific

level of output.

b. The government sets the quantity of DVDs; firms respond to the quantity by charging a

specific price.

c. The market equilibrium price for DVDs maximizes the total welfare to DVD buyers and

sellers.

d. The market equilibrium price for DVDs maximizes consumer welfare but minimizes producer

welfare.

24. Consumer surplus

a. is the amount a buyer pays for a good minus the amount the buyer is willing to pay for

it.

b. is represented on a supply-demand graph by the area below the price and above the demand

curve.

c. measures the benefit sellers receive from participating in a market.

d. measures the benefit buyers receive from participating in a market. Table 7-1

2012-2013春季学期微观经济学复习题

is $15, then who would be willing to purchase the product?

a. Lori

b. Lori and Audrey

c. Lori, Audrey, and Zach

d. Lori, Audrey, Zach, and Calvin

26.This table refers to five possible buyers' willingness to pay for a case of Vanilla Coke. Refer to Table 7-2. If the price of Vanilla Coke is $6.90, who will purchase the good?

2012-2013春季学期微观经济学复习题

b. Megan, Mallory and Audrey

c. David, Laura and Megan

d. David and Laura

27. Refer to Table 7-6. You are selling extra tickets to the Midwest Regional Sweet 16 game in the men’s NCAA basketball tournament. The table shows the willingness to pay of the four potential buyers in the market for a ticket to the game. Which of

the following graphs represents the market demand curve?

a.

2012-2013春季学期微观经济学复习题

2012-2013春季学期微观经济学复习题

$400$350$300

$5001234

c.

$400$350$300

$5001234

b.

2012-2013春季学期微观经济学复习题

2012-2013春季学期微观经济学复习题

$400$350$300

$5001234

d.

$500$400$350$300

$5001234

28. Ray buys a new tractor for $118,000. He receives consumer surplus of $13,000 on his purchase. Ray's willingness to pay is

a. $13,000.

b. $105,000.

c. $118,000.

d. $131,000.

29. Cost is a measure of the

a. seller's willingness to sell.

b. seller's producer surplus.

c. producer shortage.

d. seller's willingness to buy. Figure 7-9

2012-2013春季学期微观经济学复习题

25

50

7510012515017520025

5075100125150175200225250275300

30. Refer to Figure 7-9. If the supply curve is S, the demand curve is D, and the equilibrium

price is $100, what is the producer surplus?

a. $625

b. $1,250

c. $2,500

d. $5,000

31. When a tax is placed on a product, the price paid by buyers

a. rises, and the price received by sellers rises.

b. rises, and the price received by sellers falls.

c. falls, and the price received by sellers rises.

d. falls, and the price received by sellers falls. Figure 8-1

Demand Supply

P''

P'P'''

J K L

M

N

I Y

B

Quantity Price

32. Refer to Figure 8-1. Suppose the government imposes a tax of P' - P'''. Total surplus

after the tax is measured by the area

a. I+Y.

b. J+K+L+M.

c. I+Y+B.

d. I+J+K+L+M+Y.

33. Suppose a tax of $4 per unit is imposed on a good, and the tax causes the equilibrium

quantity of the good to decrease from 2,000 units to 1,700 units. The tax decreases consumer surplus by $3,000 and decreases producer surplus by $4,400. The deadweight loss of the tax is

a. $200.

b. $400.

c. $600.

d. $1,200.

34. Buyers of a product will bear the larger part of the tax burden, and sellers will bear a smaller part of the tax burden, when the

a. tax is placed on the sellers of the product.

b. tax is placed on the buyers of the product.

c. supply of the product is more elastic than the demand for the product.

d. demand for the product is more elastic than the supply of the product. 35. The size of the deadweight loss generated from a tax is affected by the

a. elasticities of both supply and demand.

b. elasticity of demand only.

c. elasticity of supply only.

d. total revenue collected by the government. 36. An externality is

a. the costs that parties incur in the process of agreeing and following through on a

bargain.

b. the uncompensated impact of one person's actions on the well-being of a bystander.

c. the proposition that private parties can bargain without cost over the allocation of

resources.

d. a market equilibrium tax.

37. Externalities tend to cause markets to be

a. inefficient.

b. unequal.

c. unnecessary.

d. overwhelmed.

Figure 10-5

2012-2013春季学期微观经济学复习题

38. Refer to Figure 10-5. Which price and quantity combination represents the social optimum?

a. P0 and Q1.

b. P2 and Q1.

c. P1 and Q0.

d. P2 and Q0.

39. If the government were to limit the release of air-pollution produced by a steel mill to

75 parts per million, the policy would be considered

a. regulation.

b. corrective tax.

c. subsidy.

d. market-based policy.

40. In a market that is characterized by imperfect competition,

a. firms are price takers.

b. there are always a large number of firms.

c. there are at least a few firms that compete with one another.

d. the actions of one firm in the market never have any impact on the other firms' profits.

41. Firms in industries that have competitors but do not face so much competition that they are price takers are operating in either a(n)

a. oligopoly or perfectly competitive market.

b. oligopoly or monopoly market.

c. oligopoly or monopolistically competitive market.

d. monopoly or monopolistically competitive market.

42. Which of the following is an example of a monopolistically competitive industry?

a. computer operating systems

b. tennis balls

c. movies

d. cable television

43. Select the type of market that is described by the following attributes: many firms, differentiated products, and free entry.

a. natural monopoly

b. perfectly competition

c. monopolistic competition

d. monopoly

44. Because monopolistically competitive firms produce differentiated products, each firm

a. faces a demand curve that is horizontal.

b. faces a demand curve that is vertical.

c. has no control over product price.

d. has some control over product pric

e.

45. Which of the following conditions is characteristic of a monopolistically competitive firm in short-run equilibrium?

a. P = AR

b. MR = MC

c. P > MC

d. All of the above are correct.

46. For a profit-maximizing monopolistically competitive firm, price exceeds marginal cost in

a. the short run but not in the long run.

b. the long run but not in the short run.

c. both the short run and the long run.

d. neither the short run nor the long run.

Figure 16-1. The figure is drawn for a monopolistically competitive firm.

2012-2013春季学期微观经济学复习题

18

12

47. Refer to Figure 16-1. The firm’s profit -maximizing level of output is a. 8 units. b. 12 units. c. 16 units. d. 24 units.

Figure 16-4

48. Refer to Figure 16-4. Which of the graphs depicts a short-run equilibrium that will encourage the entry of other firms into a monopolistically competitive industry?

2012-2013春季学期微观经济学复习题

a. panel a

b. panel b

c. panel c

d. panel d

49. In which of the following markets is economic profit driven to zero in the long run?

a. oligopoly

b. monopoly

c. monopolistic competition

d. cartels

50.As new firms enter a monopolistically competitive market, profits of existing firms

a. rise, and product diversity in the market increases.

b. rise, and product diversity in the market decreases.

c. decline, and product diversity in the market increases.

d. decline, and product diversity in the market decreases.

51.Joe’s Juice Shop operates in a monopolistically competitive market. Joe’s is currently producing where its average total cost is minimized. In the long run we would expect Joe’s outpu t to

a. decrease and average total cost to increase.

b. decrease and average total cost to decrease.

c. remain unchanged as Joe's is doing the best it can.

d. increase and average total costs to decreas

e.

52. Which of the following formulas would corr ectly calculate a monopolist’s profit?

a. profit = price – marginal cost

b. profit = price – average total cost

c. profit = (price – marginal cost) quantity

d. profit = (price – average total cost) quantity

53. In comparison to perfect competition, monopolistic competition is characterized by

a. efficient scale.

b. pricing at marginal cost.

c. excess capacity.

d. All of the above are correct.

54.In a monopolistically competitive market, social welfare would be enhanced if

a. price equaled marginal cost.

b. government regulation eliminated the product-variety externality.

c. the government raised taxes to subsidize firms that price below average total cost.

d. there were fewer firms, making the industry closer to an oligopoly.

55.Hotels in New York City frequently experience an average vacancy rate of about 20 percent

(i.e., on an average night, 80 percent of the hotel rooms are full). This kind of excess capacity is indicative of what kind of market?

a. monopoly

b. perfect competition

c. monopolistic competition

d. oligopoly

56.If a monopolistically competitive firm can increase its level of production and lower its average total cost of production at the same time then

a. the firm has a product-variety opportunity.

b. the firm has excess capacity.

c. the firm has a business-stealing opportunity.

d. the firm is producing a quantity of output higher than its efficient scale of production.

57.A special kind of imperfectly competitive market that has only two firms is called

a. a two-tier competitive structure.

b. an incidental monopoly.

c. a doublet.

d. a duopoly.

58. An agreement among firms in a market about quantities to produce or prices to charge is called

a. collusion.

b. a strategic situation.

c. excess capacity.

d. tying.

59. As the number of sellers in an oligopoly becomes very large,

a. the quantity of output approaches the socially efficient quantity.

b. the price approaches marginal cost.

c. the price effect is diminishe

d.

d. All of the above are correct.

60. In a particular town, Comvision and Veriview are the only two providers of cable TV service. Comvision and Veriview constitute a

a. duopoly, whether they collude or not.

b. cartel, whether they collude or not.

c. Nash industry, whether they collude or not.

d. monopolistically competitive market if they charge the same pric

e.

61. Because a firm's demand for a factor of production is derived from its decision to supply

a good in the market, it is called a

a. differentiated demand.

b. secondary demand.

c. derived deman

d.

d. hybrid demand-supply.

62.Rosie’s Flower Shop sells floral arrangements for $20 each. If Rosie hires 10 workers, she can sell 600 arrangements per week. If she hires 11 workers, she can sell 650 arrangements per week. Rosie pays each of her workers $400 per week. Which of the following is correct?

a. For the 11th worker, the marginal profit is $1,000.

b. For the 11th worker, the marginal revenue product is $1,000.

c. The firm is maximizing its profit.

d. If the firm is employing 11 workers, then its profit would increase if it cut back to

10 workers.

63. The marginal product of labor is

a. the increase in the amount of output from an additional unit of labor.

b. the total amount of output divided by the total units of labor.

c. total revenue minus total cost.

d. also called the marginal profit.

64. Sally runs a hair styling salon. Sally is a profit-maximizing owner whose firm operates in a competitive market. The marginal cost of a haircut is $11. What is the maximum wage that Sally will pay her stylists?

a. less than $11 per haircut

b. $11 per haircut

c. more than $11 haircut

d. There is insufficient information to answer this question.

65. Value of marginal product is defined as the additional

a. output a firm would receive after hiring one more factor of production.

b. cost of hiring one more factor of production.

c. revenue earned from selling one more unit of product.

d. revenue earned from hiring one more factor of production.

66.If the value of the marginal product of labor exceeds the wage, then hiring another worker increases the firm's

a. profit.

b. total cost.

c. total revenue.

d. All of the above are correct.

67.A difference in wages that reflects differences in the nonpay features of two jobs is called

a. a compensating differential.

b. a wage adjustment.

c. an efficiency wage.

d. a minimum wag

e.

68.The poverty rate is the percentage of the population that have a family income level below the

a. income maintenance threshold.

b. poverty line.

c. bottom quintile of the income distribution.

d. minimum wag

e.

69.When a good is excludable,

a. one person's use of the good diminishes another person's ability to use it.

b. people can be prevented from using the good.

c. no more than one person can use the good at the same time.

d. everyone will be excluded from using the good.

70.. Goods that are rival in consumption include both

a. club goods and public goods.

b. public goods and common resources.

c. common resources and private goods.

d. private goods and club goods.

71. A streetlight is a

a. private good.

b. club good.

c. common resource.

d. public good.

72.Economists normally assume that the goal of a firm is to

a. maximize its total revenue.

b. maximize its profit.

c. minimize its explicit costs.

d. minimize its total cost.

73. Total revenue equals

a. price x quantity.

b. price/quantity.

c. (price x quantity) - total cost.

d. output - input.

74.. Joy sells 200 glasses of iced tea at $0.50 each. Her total costs are $25. Her profits are

a. $25.

b. $75.

c. $100.

d. $175.

75 . Which of the following statements is correct?

a. Opportunity costs equal explicit minus implicit costs.

b. Economists consider opportunity costs to be included in a firm’s total revenues.

c. Economists consider opportunity costs to be included in a firm’s costs of production.

d. All of the above are correct.

76.A situation in which the price has reached the level where quantity supplied equals quantity demanded is called

a. scale economy

b. economy

c. equality

d. equilibrium quantity

77.Trade among nations is ultimately based on

a. surplus

b. comparative advantage

c. goods difference

d. goods preference

78.

Area D represents: ( )

a. government revenues as a result of tariff.

b. gain in welfare of domestic consumers as a result of tariff.

c. deadweight loss from overproduction as a result of tariff.

d. gain in welfare of domestic producers as a result of tariff.

79.Reaching an efficient bargain is difficult when the

a. externality is large.

b. number of interested parties is large.

c. externality is negative.

d. government becomes involved.

80.If children impose a negative externality, the following must be true:

a. Parents would rather have fewer children.

b. Parent's costs exceed the benefits associated with having children.

c. Parents do not bear the full cost imposed by their children.

d. All of the above are tru

e.

81.A lighthouse is typically considered a good example of a public good because

a. the owner of the lighthouse is able to exclude beneficiaries from enjoying the lighthouse.

b. there is rarely another lighthouse nearby to provide competition.

c. a nearby port authority cannot avoid paying fees to the lighthouse owner.

d. all passing ships are able to enjoy the benefits of the lighthouse without paying. 82.Each of the following would be considered a common resource EXCEPT

a. clean air.

b. congested roads.

c. national defense.

d. open grazing land.

83.The marginal product of labor is defined as the change in

a. output per additional unit of revenue.

b. output per additional unit of labor.

c. revenue per additional unit of labor.

d. revenue per additional unit of output.

84.Marginal cost tells us the.

a. value of all resources used in a production process.

b. marginal increment to profitability when price is constant.

c. amount by which total cost rises when output is increased by one unit.

d. amount by which output rises when labor is increased by one unit.

85.A tax for which high-income and low-income taxpayers pay the same fraction of income is called

a. marginal tax

b. proportional tax

c. progressive tax

d. regressive tax

86.A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, and its average total cost is $8. It follows that the firm's

a. average total cost curve intersects the marginal cost curve at an output level of less than100 units.

b. average variable cost curve intersects the marginal cost curve at an output level of less than 100 units.

c. profit is $200.

d. All of the above are correct.

87.Economic profit is equal to():

(i)total revenue – (explicit costs + implicit costs)

(ii) total revenue – opportunity costs.

(iii) accounting profit + implicit costs.

a. (i) only

b. (i) and (ii)

c. (ii) and (iii).

d. All of the above are correct.

88.A natural monopolist's ability to price its product is

a. constrained by the market demand curve.

b. constrained by market supply.

c. not affected by market deman

d.

d. enhanced by regulatory control of the government.

89.The information in the table below depicts the total demand for premium channel digital cable TV subscriptions in a small urban market. Assume that each digital cable TV operator pays a fixed cost of $100,000 (per year) to provide premium digital channels in the market area and that the marginal cost of providing the premium channel service to a household is zero.

Quantity Price (per year)

0 $120

3,000 $100

6,000 $80

9,000 $60

12,000 $40

15,000 $20

18,000 $0

Assume that there are two profit-maximizing digital cable TV companies operating in this market. Further assume that they are able to "collude" on price and quantity of premium digital channel subscriptions to sell. As part of their collusive agreement they decide to take an equal share of the market. How much profit will each company make?

a. $170,000

b. $40,000

c. $480,000

d. $540,000

90.A strategy that is best for a player in a game regardless of the strategies chosen by the other players is called

a. top strategy

b. best strategy

c. dominant strategy

d. perfect strategy

91.Ignoring oligopoly and focusing on the other three types of market structure, in which of those market structures does a profit-maximizing firm charge a price that exceeds marginal cost?

a. monopoly only

b. monopoly and monopolistic competition only

c. monopoly, monopolistic competition, and perfect competition

d. It depends on whether we are in the short run or the long run.

92."In a long-run equilibrium, price is equal to average total cost." This statement applies to.

a. competitive markets, but not to monopolistically competitive markets or monopolies.

b. competitive and monopolistically competitive markets, but not to monopolies.

c. competitive and monopolistically competitive markets and to monopolies.

d. None of the above is correct.

93.Economists have defended brand names as a useful way for consumers to ensure that the goods they buy are of

a. average quality

b. best quality

c. low quality

d. high quality

94.In monopolistically competitive markets, the property of free entry and exit suggests that.

a. the market structure will eventually be characterized by perfect competition in

the long run.

b. all firms earn zero economic profits in the long run.

c. some firms will be able to earn economic profits in the long run.

d. some firms will be forced to incur economic losses in the long run.

95.If the price of a substitute to good X increases, then the

a. demand for good X will decrease.

b. market price of good X will decrease.

c. demand for good X will increase.

d. quantity demanded for good X will increas

e. 96.Saving and borrowing behavior is indicative of a family

a. that is most likely to be poor.

b. that has a difficult time balancing its standard of living.

c. adjusting its standard of living to reflect transitory changes in income.

d. that is most likely to be on the upper end of the income distribution.

97.

2012-2013春季学期微观经济学复习题

According to the table shown, Japan has a comparative advantage in

a. airplanes and the United States has an absolute advantage in cars.

b. cars and the United States has an absolute advantage in airplanes.

c. cars and the United States has an absolute advantage in neither goo

d.

d. airplanes and the United States has an absolute advantage in both goods.

98. An oligopoly is a market in which

a. there are only a few sellers, each offering a product similar or identical to the

others.

b. firms are price takers.

c. the actions of one seller in the market have no impact on the other sellers’

profits.

d. All of the above are correct.

99. Benefits from free trade include each of the following EXCEPT

a. increased variety of goods.

b. lower costs because of economies of scale.

c. enhanced flow of ideas.

d. reduced competition.

100.Of the following, the main reason why OPEC has been unable to keep oil prices high is that

a. demand tends to become more elastic in the long run

b. supply tends to be more inelastic in long run

c. government regulations have prevented it.

d. massive new petroleum discoveries have increased the supply

判断题

1. Trade allows a country to consume outside its production possibilities frontier.

2. Whenever a determinant of demand other than price changes, the demand curve shifts.

3. Producer surplus tends to be large when supply is elastic.

4. The shape of the marginal cost curve tells a producer something about the marginal product of her workers.

5.The three most important factors of production are labor, land and capital.

6.The more elastic the supply and demand curves in a market, the more taxes in that market distort behavior, and the more likely it is that a tax cut will raise tax revenue.

7.If a tariff is placed on watches, the price of both domestic and imported watches will rise by the amount of the tariff.

8. Roads can be considered either public goods or common resources, depending on how congested they are.

9. Negative externalities lead markets to produce a smaller quantity of a good than is socially desirable, while positive externalities lead markets to produce a larger quantity of a good than is socially desirable.

10.If the social cost of producing robots is less than the private cost of producing robots, the private market produces too few robots.

11.Economic profit is typically higher than accounting profit.

12.The supply curve of a firm in a competitive market is the average variable cost curve, above the minimum of marginal cost.

13. The price of calculators increases by 15 percent and the quantity demanded per week falls by 45 percent. The price elasticity of demand is 3.

14. A 5 percent increase in the price of sugar reduces sugar consumption by about 10 percent. The increase causes households to spend more on sugar.

15. For a firm in a perfectly competitive market, the short-run equilibrium means that P=the lowest AC.

16. Long-run supply is always horizontal for competitive industries.

17. In the case of oligopoly markets, self-interest prevents cooperation and leads to an inferior outcome for the firms that are involved.

18. When a firm in a monopolistically competitive market earns zero economic profit, its product price must equal marginal cost.

19.If advertising decreases the elasticity of demand for specific brand names of hard liquor, we would expect firms to be more able to exercise market power as a result.

20. The labor supply curve reflects how workers’ decisions about the labor-leisure tradeoff respond to changes in the opportunity cost of leisure.

21. A competitive, profit-maximizing firm hires workers up to the point at which the wage equals the price of the final good.