CMA+Exam+Part1+Business+Economics+1及答案解析.doc

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1、CMA+Exam+Part1+Business+Economics+1及答案解析(总分：41.00，做题时间：120 分钟)一、Business Economics(总题数：41，分数：41.00)1.Which one of the following would cause the demand curve for bagels to shift to the left?（分数：1.00）A.A decrease in the cost of muffins.B.An increase in the population.C.A decrease in the price of bagel

2、s.D.An increase in the supply of bagels.2.Which one of the following would cause the demand curve for prepared meals sold in supermarkets to shift to the right?（分数：1.00）A.An increase in the price of prepared meals.B.An increase in consumer income.C.A decrease in the price of restaurant meals.D.An in

3、crease in the supply of prepared meals.3.If a decrease in the demand for Product X causes the demand curve for Product Y to shift to the right, then X and Y are most likely to be which of the following?（分数：1.00）A.Shoes and laces.B.Butter and margarine.C.Knives and forks.D.Cars and gasoline.4.All of

4、the following will increase the demand for a factor of production except（分数：1.00）A.an increase in the demand for the product.B.an increase in the marginal revenue product of the factor of production.C.training aimed at increasing productivity.D.an increase in the supply of the factor of production.5

5、.If the demand for a product is elastic, a price increase will result in（分数：1.00）A.no change in total revenue.B.an increase in total revenue.C.a decrease in total revenue.D.an indeterminate change in revenue.6. （分数：1.00）A.At a price of $30, there will be excess demand.B.A market clearing price canno

6、t be determined.C.At a price of $80, there will be insufficient supply.D.A market price of $50 cannot exist for very long.7. （分数：1.00）A.In the short-term, there would be excess supply at a price of $40.B.In the long-run, if producers costs per unit decline, then a reasonable market clearing price co

7、uld be $65.C.In the short-term, there would be excess demand at a price of $70.D.In the long-run, if producers costs per unit increase, then a reasonable market clearing price could be $70.8.If the quantity demanded is less than the quantity supplied at a particular price, then（分数：1.00）A.there is a

8、shortage and the price will increase over time.B.the price is below the equilibrium price.C.there is a surplus and the price will decrease over time.D.there is a surplus and demand will increase over time.9.If a products price elasticity of demand is greater than one, then a 1% price increase will c

9、ause the quantity demanded to（分数：1.00）A.increase by more than 1%.B.increase by less than 1%.C.decrease by less than 1%.D.decrease by more than 1%.10.With regard to elasticity, all of the following statements are correct except that（分数：1.00）A.the price elasticity of demand is calculated as the percen

10、tage change in quantity demanded divided by the percentage change in price.B.the availability of substitute products generally results in a product having high price elasticity.C.the price elasticity of demand indicates the degree of response to a change in price.D.demand tends to be more inelastic

11、when the expenditures on a product are quite high relative to a consumers budget.11.When a perfectly elastic demand curve is plotted on a graph with price on the vertical axis and quantity on the horizontal axis, the curve is（分数：1.00）A.parallel to the horizontal axis.B.parallel to the vertical axis.

12、C.downward sloping with a kink in it.D.upward sloping from the origin.12.If the demand for a good is elastic, then a(n)（分数：1.00）A.decrease in price will increase total revenue.B.increase in price will increase total revenue.C.decrease in price will decrease total revenue.D.increase in price will hav

13、e no effect on total revenue.13.If the cross elasticity of demand for two products, A and B, is positive, then an increase in Bs price will cause the demand for（分数：1.00）A.A to decrease.B.A to increase.C.B to increase.D.B to remain unchanged.14.Which one of the following statements correctly defines

14、the income elasticity of demand?（分数：1.00）A.The percentage change in quantity demanded divided by the percentage change in income.B.The percentage change in income divided by the percentage change in quantity demanded.C.The percentage change in quantity supplied divided by the percentage change in in

15、come.D.The percentage change in income divided by the percentage change in quantity supplied.15.Which one of the following best describes the cross elasticity of demand?（分数：1.00）A.The percentage change in quantity demanded of one product divided by the percentage change in its price.B.The percentage

16、 change in price of a product divided by the percentage change in quantity demanded.C.The percentage change in quantity demanded of one product divided by the percentage change in price of another product.D.The percentage change in price of one product divided by the percentage change in quantity de

17、manded of another product.16. （分数：1.00）A.0.4B.1.5C.2.0D.2.517.According to cross elasticity of demand, if the quantity demanded of one product varies directly with the change in the price of another product, then the two products are（分数：1.00）A.substitute goods.B.complementary goods.C.independent goo

18、ds.D.normal goods.18.All of the following factors are determinants of market demand except（分数：1.00）A.the price of the product.B.consumer income.C.prices of substitute products.D.the supply of the product.19.All of the following are violations of antitrust laws except（分数：1.00）A.selling below cost onl

19、y in certain geographical areas.B.collusion pricing to restrain trade.C.predatory pricing to drive out competition.D.price discrimination by service companies.20.The goals of antitrust legislation include protecting all of the following except?（分数：1.00）A.competition, by outlawing monopolies and proh

20、ibiting unfair competition.B.consumers welfare, by prohibiting deceptive and unfair business practices.C.small business firms, from economic pressures by big business competitors.D.domestic firms, from unfair practices of foreign corporations.21.Federal antitrust laws are enforced by use of all of t

21、he following except ?（分数：1.00）A.an injunction to prohibit a specific action.B.an order for specific performance.C.criminal sanctions, including imprisonment and fines.D.revocation of the corporations charter and liquidation of the firm.22.In defending an antitrust case charging price discrimination,

22、 a company is least likely to be able to successfully defend its behavior if（分数：1.00）A.discounts are granted to larger purchasers.B.there are differences in manufacturing or delivery costs.C.the companys pricing policy is a good faith effort to meet the price of competitors.D.the company is merely f

23、ollowing the price leadership of dominant firms.23.Which one of the following is a characteristic of the economic concept of utility?（分数：1.00）A.It is easily quantifiable.B.It is objective.C.It is subjective.D.It is impossible to quantify.24.Which one of the following statements with regard to the co

24、nsumption of goods and its relationship to utility is correct?（分数：1.00）A.As consumption of a commodity decreases, the marginal utility derived from that commodity will also decrease.B.As consumption of a commodity increases, the total utility derived from that commodity decreases.C.As consumption of

25、 a commodity increases, the marginal utility derived from that commodity will eventually decrease.D.Consumption of a commodity is determined at the point where the marginal utility of the commodity is at its maximum.25.For a consumer, the law of diminishing marginal utility means that the consumer a

26、chieves（分数：1.00）A.less satisfaction as more of a product is consumed.B.more satisfaction as more of a product is consumed.C.more consumption of a product as income rises.D.less consumption of a product as income falls.26.A consumers budget line shows various combinations of any two products that（分数：

27、1.00）A.can be purchased with a given money income.B.will yield the same level of satisfaction to a consumer.C.have positive cross elasticity of demand.D.have negative cross elasticity of demand.27.Which one of the following statements concerning indifference curves is correct?（分数：1.00）A.The quantity

28、 demanded can be determined at the point where indifference curves cross.B.Indifference curves measure voter apathy of government policy.C.Indifference curves are used to determine the comparative advantage of trading in two commodities.D.Combinations of goods which are equally preferred by a consum

29、er are depicted using indifference curves.28.The concept of economic profit is best defined as total（分数：1.00）A.revenue minus all accounting costs.B.income minus the sum of total fixed and variable costs.C.revenue minus the sum of total fixed and variable costs.D.revenue minus all explicit and implic

30、it costs.29.“Economic costs” often differ from costs shown in a firms financial statements. For a corporation, a major difference would arise due to（分数：1.00）A.interest costs.B.salary and wage costs.C.opportunity costs.D.state and local tax costs.30.Which of the following costs, when subtracted from

31、total revenue, yields economic profit?（分数：1.00）A.Variable costs.B.Recurring operating costs.C.Fixed and variable costs.D.Opportunity costs of all inputs.31.Williams makes $35,000 a year as an accounting clerk. He decides to quit his job to enter an MBA program full-time. Assume Williams doesnt work

32、in the summer or hold any part-time jobs. His tuition, books, living expenses, and fees total $25,000 a year. Given this information, the annual total economic cost of Williams MBA studies is（分数：1.00）A.$10,000.B.$35,000.C.$25,000.D.$60,000.32.Jenson Products, a manufacturer of kitchen appliances, is

33、 attempting to estimate its long-run cost structure in light of changing economic conditions. Which one of the following potential changes would have the least impact on Jensons long-run production costs?（分数：1.00）A.An increase in the sales tax rate.B.More stringent consumer safety legislation.C.Labo

34、r cost escalation.D.A decrease in the supply of skilled labor.33.When a firm employs more of a variable input to a fixed input, and output rises by smaller and smaller amounts, the firm is experiencing（分数：1.00）A.diminishing marginal utility.B.diminishing returns.C.increasing opportunity costs.D.dise

35、conomies of scale.34. （分数：1.00）A.$667.B.$850.C.$1,217.D.$2,550.35. （分数：1.00）A.$113.64.B.$125.00.C.$215.91.D.$250.00.36. （分数：1.00）A.$26.B.$130.C.$146.D.$150.37. （分数：1.00）A.$179.B.$210.C.$286.D.$464.38. （分数：1.00）A.$180.00.B.$140.00.C.$104.16.D.$40.00.39.The total cost of producing 100 units of a good

36、is $800. If a firms average variable cost is $5 per unit, then the firms（分数：1.00）A.average fixed cost is $3.B.total variable cost is $300.C.marginal cost is $3.D.marginal cost is $8.40. （分数：1.00）A.$30.00.B.$40.00.C.$50.00.D.$57.83.41.A change in any one of the following would cause a shift in a firm

37、s cost curve except for a change in（分数：1.00）A.the level of output.B.tax rates.C.technological improvements.D.resource costs.CMA+Exam+Part1+Business+Economics+1答案解析(总分：41.00，做题时间：120 分钟)一、Business Economics(总题数：41，分数：41.00)1.Which one of the following would cause the demand curve for bagels to shift

38、to the left?（分数：1.00）A.A decrease in the cost of muffins. B.An increase in the population.C.A decrease in the price of bagels.D.An increase in the supply of bagels.解析：2.Which one of the following would cause the demand curve for prepared meals sold in supermarkets to shift to the right?（分数：1.00）A.An

39、 increase in the price of prepared meals. B.An increase in consumer income.C.A decrease in the price of restaurant meals.D.An increase in the supply of prepared meals.解析：3.If a decrease in the demand for Product X causes the demand curve for Product Y to shift to the right, then X and Y are most lik

40、ely to be which of the following?（分数：1.00）A.Shoes and laces.B.Butter and margarine. C.Knives and forks.D.Cars and gasoline.解析：4.All of the following will increase the demand for a factor of production except（分数：1.00）A.an increase in the demand for the product.B.an increase in the marginal revenue pr

41、oduct of the factor of production.C.training aimed at increasing productivity.D.an increase in the supply of the factor of production. 解析：5.If the demand for a product is elastic, a price increase will result in（分数：1.00）A.no change in total revenue.B.an increase in total revenue.C.a decrease in tota

42、l revenue. D.an indeterminate change in revenue.解析：6. （分数：1.00）A.At a price of $30, there will be excess demand. B.A market clearing price cannot be determined.C.At a price of $80, there will be insufficient supply.D.A market price of $50 cannot exist for very long.解析：7. （分数：1.00）A.In the short-term

43、, there would be excess supply at a price of $40.B.In the long-run, if producers costs per unit decline, then a reasonable market clearing price could be $65.C.In the short-term, there would be excess demand at a price of $70.D.In the long-run, if producers costs per unit increase, then a reasonable

44、 market clearing price could be $70. 解析：8.If the quantity demanded is less than the quantity supplied at a particular price, then（分数：1.00）A.there is a shortage and the price will increase over time.B.the price is below the equilibrium price.C.there is a surplus and the price will decrease over time.

45、 D.there is a surplus and demand will increase over time.解析：9.If a products price elasticity of demand is greater than one, then a 1% price increase will cause the quantity demanded to（分数：1.00）A.increase by more than 1%.B.increase by less than 1%.C.decrease by less than 1%.D.decrease by more than 1%

46、. 解析：10.With regard to elasticity, all of the following statements are correct except that（分数：1.00）A.the price elasticity of demand is calculated as the percentage change in quantity demanded divided by the percentage change in price.B.the availability of substitute products generally results in a p

47、roduct having high price elasticity.C.the price elasticity of demand indicates the degree of response to a change in price.D.demand tends to be more inelastic when the expenditures on a product are quite high relative to a consumers budget. 解析：11.When a perfectly elastic demand curve is plotted on a

48、 graph with price on the vertical axis and quantity on the horizontal axis, the curve is（分数：1.00）A.parallel to the horizontal axis. B.parallel to the vertical axis.C.downward sloping with a kink in it.D.upward sloping from the origin.解析：12.If the demand for a good is elastic, then a(n)（分数：1.00）A.dec

49、rease in price will increase total revenue. B.increase in price will increase total revenue.C.decrease in price will decrease total revenue.D.increase in price will have no effect on total revenue.解析：13.If the cross elasticity of demand for two products, A and B, is positive, then an increase in Bs price will cause the demand for（分数：1.00）A.A to decrease.B.A to increase. C.B to increase.D.B to remain unchanged.解析：14.Which one of the following statements correctly defines the income elasticity of demand?（分数：1.00）A.The percentage change in quantity demanded divid