经济学：微观经济分析及答案解析.doc

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1、经济学：微观经济分析及答案解析(总分：110.00，做题时间：90 分钟)一、B单项选择题/B(总题数：110，分数：110.00)1.The law of diminishing marginal returns explains: A. the shape of the long-run average cost curves. B. the upward sloping portion of the short-run marginal cost curve. C. the initial decrease in the short-run average costs.（分数：1.00）

2、A.B.C.2.Which of the following statements regarding marginal costs (MC) and average variable costs (AVC) is most accurate? A. MC = AVC when AVC is at its minimum. B. MC AVC when AVC is at its minimum. C. MC = Average total cost when AVC is at its minimum.（分数：1.00）A.B.C.3.Which of the following most

3、accurately describes societys allocation of resources to the production of goods with external costs or external benefits? External costs External benefits A. Over-allocation Over-allocation B. Under-allocation Under-allocation C. Over-allocation Under-allocation（分数：1.00）A.A. B.B. C.C. 4.Which of th

4、e following statements is most likely to characterize the principal-agent problem between buyers and sellers of services? A. Principals can impose their own objectives on agents. B. Principals can have complete information about agent behavior. C. Agents cannot be completely monitored.（分数：1.00）A.B.C

5、.5.Suppose that the demand curve for honey shifts such that the equilibrium price for a pound of honey increases from $ 7 to $ 9 per pound. At the new equilibrium, the quantity supplied increases from 500 pounds per month to 600 pounds per month, although the supply curve has not shifted. The elasti

6、city of supply for honey is closest to:（分数：1.00）A.A. +0.91. B.B. +0.73. C.C. +1.12.6.Thompson Industries has the following short-run cost structure per level of production output: Output Units (Q) Total Costs (TC) Fixed Costs (FC) 30000 $ 240000 $12000 50000 $ 360000 $12000 70000 $ 480000 $12000 900

7、00 $ 570000 $12000 Based on the above and assuming a sales price of $10 per unit, what is the marginal cost per unit if the Companys output is increased from 50000 units to 70000 units?（分数：1.00）A.A. $6.86 B.B. $6.00 C.C. $4.607.Christine Dobbs is watching a public affairs television program on which

8、 one of the participants makes the following Statements: Statement 1: A common resource is an obstacle to the efficient allocation of resources unless it generates external benefits. Statement 2: The idea of utilitarianism suggests that market allocation of resources does not maximize the value of a

9、n economy to all individuals. However, achieving the results that utilitarianism regards as optimal involves a loss of economic output. Should Dobbs agree or disagree with these statements? Statement 1 Statement 2 A. Disagree Agree B. Agree Agree C. Agree Disagree（分数：1.00）A.A. B.B. C.C. 8.Two ways i

10、n which economic activity may be coordinated include: A. market coordination and structural coordination. B. firm coordination and structural coordination. C. market coordination and firm coordination.（分数：1.00）A.B.C.9.The demand for oil is more inelastic in the short-run than the supply of oil, but

11、it is not perfectly inelastic. Based only on this factor, if the government imposes a $ 5.00 per barrel tax on oil producers : A. The incidence of the tax will fall most heavily on oil producers, because the tax is imposed directly on them. B. The incidence of the tax will be split between oil produ

12、cers and oil consumers, with most of the tax being paid by oil producers. C. The incidence of the tax will be split between oil producers and oil consumers, with most of the tax being paid by oil consumers.（分数：1.00）A.B.C.10.Which of the following most accurately describes elasticity of supply? Elast

13、icity of supply is the percentage change in the quantity supplied divided by the percentage change in: A. price and it equals zero when supply is perfectly elastic. B. price and it equals zero when supply is perfectly inelastic. C. quantity demanded and it equals infinity when supply is perfectly in

14、elastic.（分数：1.00）A.B.C.11.Gene Bawerk, an economics professor, is lecturing on the factors that influence the price elasticity of demand. He makes the following assertions: Statement 1: For most goods, demand is more elastic in the long run than the short run. Statement 2: Demand for a good becomes

15、more elastic when a close substitute for it becomes available on the market. Are Bawerks statements correct? Statement 1 Statement 2 A. Correct Incorrect B. Incorrect Correct C. Correct Correct（分数：1.00）A.A. B.B. C.C. 12.If a 10 percent income increase caused a group of consumers to increase their pu

16、rchases of television sets from 95 to 105, the groups income elasticity of demand for television sets would be closest to:（分数：1.00）A.A. 1.00. B.B. 0.10. C.C. 0.83.13.For markets with perfectly elastic supply and perfectly inelastic supply, respectively, the introduction of a tax will most likely res

17、ult in: Markets with perfectly elastic supply Markets with perfectly inelastic supply A. A price increase, and the seller bears the tax A price increase, and the buyer bears the tax B. A price increase, and supply remains the same No change in price, and the buyer bears the tax C. A price increase,

18、and the buyer bears the tax No change in price, and the seller bears the tax（分数：1.00）A.A. B.B. C.C. 14.Which of the following is least likely to be the long-run effect of a price ceiling that is set below the equilibrium price?（分数：1.00）A.A. Sellers take bribes. B.B. Suppliers discriminate. C.C. Sell

19、ers improve quality.15.Which of the following most accurately describes the condition that typically exists when marginal product is at a maximum?（分数：1.00）A.A. Marginal cost is at a minimum. B.B. Average product is at a minimum. C.C. Average variable cost is increasing.16.Which of the following stat

20、ements about price elasticity is most likely FALSE? A. The elasticity of demand of a good increases over time. B. If the price of gasoline increases, total expenditures on gasoline will increase. C. If the price of a brand of toilet paper increases, total expenditure on that brand of toilet paper wi

21、ll increase.（分数：1.00）A.B.C.17.The free-rider problem, an obstacle to efficiency, is most likely associated with:（分数：1.00）A.A. monopolies B.B. public goods C.C. subsidies and quotas18.Producer surplus is most accurately defined as the. A. difference between the opportunity cost of producing the last

22、unit of a good or service and the price received for that unit. B. sum of the differences between the marginal benefit and the marginal cost for each unit of good produced and consumed over the total number of units produced and consumed. C. sum of the differences between the price received for each

23、 unit of good produced and the opportunity cost of each unit.（分数：1.00）A.B.C.19.Holding the quantity of labor constant, output increases as the quantity of capital increases, but at a decreasing rate. This phenomenon is most accurately described as: A. diminishing marginal costs of capital. B. dimini

24、shing marginal returns to labor. C. diminishing marginal product of capital.（分数：1.00）A.B.C.20.If the price of product X increases from $2.00 per unit to $ 2.25 per unit, the demand will decrease from 7.5 million units to 6.7 million units. What is the price elasticity of demand for the product, and

25、is the demand for the product elastic or inelastic?（分数：1.00）A.A. -1.04; elastic. B.B. -0.96; elastic. C.C. -0.96; inelastic.21.Which of the following most accurately describes the impact of a price ceiling set below the equilibrium price for a good and a minimum wage set above the equilibrium wage?

26、Price ceiling Minimum wage A. Shortage Decreased unemployment B. Surplus Increased unemployment C. Shortage Increased unemployment（分数：1.00）A.A. B.B. C.C. 23.Georges Appliance Center sells big screen televisions. On a representative model, when the price was reduced from $ 2450 to $ 2275, monthly dem

27、and increased from 175 to 211 units. What is the price elasticity of demand?（分数：1.00）A.A. -2.14. B.B. -1.69. C.C. -2.53.24.Assume that Rajesh Singhs income increased from $20000 per year to $30000 per year, and his demand for “store-brand“ bread decreased from 80 loaves to 40 loaves per year. Which

28、of the following most accurately describes Singhs income elasticity for store-brand bread? A. Income elasticity is +1.00 and store-brand bread is a complimentary good. B. Income elasticity is -0.60 and store-brand bread is an inferior good. C. Income elasticity is -1.67 and store-brand bread is an i

29、nferior good.（分数：1.00）A.B.C.25.For a given good or service, the marginal social benefit ( MSB and the marginal social cost (MSC) curves are least accurately described by which of the following? A. Producer surplus is determined by price and the MSC curve and consumer surplus is determined by price a

30、nd the MSB curve. B. The efficient allocation of resources occurs where the difference between the MSB and MSC curves is maximized. C. The market demand curve is the same as the MSB curve, and the market supply curve is the same as the MSC curve.（分数：1.00）A.B.C.26.Equilibrium in a perfectly competiti

31、ve market results in a quantity for which the: A. difference between consumer and producer surpluses is maximized. B. consumer and producer surpluses are equal. C. sum of consumer and producer surpluses is maximized.（分数：1.00）A.B.C.27.The demand for labor will be less elastic: A. at lower wage rates

32、than at higher wage rates. B. in the long run than in the short run. C. the less labor intensive the production process.（分数：1.00）A.B.C.28.A columnist is discussing how the efficient quantity of output for a good or service is determined. These two statements appear in his column: Statement 1: The eq

33、uilibrium quantity of production for a good or service can be considered efficient as long as the marginal social benefit of that quantity is greater than its marginal social cost. Statement 2: Subsidies and quotas typically result in production of a good or service in quantities at which the margin

34、al social cost exceeds the marginal social benefit. Are these statements correct? Statement 1 Statement 2 A. Correct Correct B. Correct Incorrect C. Incorrect Incorrect（分数：1.00）A.A. B.B. C.C. 29.Marginal benefit is most accurately described as the: A. benefit from producing one more unit of a good o

35、r service. B. benefit an individual gets from consuming an additional unit of a good or service. C. benefit that must be forgone in order to consume an additional unit of a good or service.（分数：1.00）A.B.C.30.Which of the following conditions is most likely to exist for a typical production process wh

36、en average product is at its maximum? A. Marginal product is increasing. B. Marginal product is at a minimum. C. Average variable cost is at a minimum.（分数：1.00）A.B.C.31.Which of the following relationships most accurately describes the inefficiency resulting from government imposed production quotas

37、? A. Marginal benefit exceeds marginal cost leading to underproduction. B. Marginal benefit exceeds marginal cost leading to overproduction. C. Marginal cost exceeds marginal benefit leading to overproduction.（分数：1.00）A.B.C.32.If accurately calculated, will the amount of accounting profit for a firm

38、 generally: be below that firms economic consider both that firms profit for the same time period? explicit and implicit costs? A. No No B. No Yes C. Yes No（分数：1.00）A.A. B.B. C.C. 33.Which of the following most accurately describes the shapes of the average variable cost (AVC) and average total cost

39、 (ATC) curves? A. The AVC and ATC curves are both U-shaped. B. The AVC and ATC curves both decrease initially, and then flatten. C. The AVC curve is U-shaped whereas the ATC curve declines initially then flattens.（分数：1.00）A.B.C.34.A candidate for public office has proposed a program of wealth transf

40、ers based on the principles of utilitarianism. In support of her proposal, she makes the following statements: Statement 1: “Increasing taxes on high income earners will cause them to work more hours to maintain their after-tax income, resulting in greater economic output. “ Statement 2: “The govern

41、ment will need to hire people to manage and administer the wealth transfers. These new jobs will further expand economic output. “ Are these statements correct or incorrect? Statement 1 Statement 2 A. Incorrect Correct B. Correct Incorrect C. Incorrect Incorrect（分数：1.00）A.A. B.B. C.C. 35.Because cop

42、per producers are allowed to release harmful chemicals into the air, the industry supply curve is not the marginal social cost curve. Given this situation and a copper market that is otherwise competitive, copper producers will A. produce less than the efficient amount of copper, an example of the “

43、free rider“ problem. B. produce less than the efficient amount of copper, resulting in a dead weight loss from underproduction. C. produce more than the efficient amount of copper, resulting in a deadweight loss from overproduction.（分数：1.00）A.B.C.36.The effect of a price ceiling set above the equili

44、brium price is most accurately described by which of the following statements? A. It will have no effect on equilibrium price and quantity. B. It will affect equilibrium price, but not equilibrium quantity. C. Quantity demanded will exceed quantity supplied.（分数：1.00）A.B.C.37.Which of the following m

45、ost accurately describes the relationship between the average total cost (ATC) curve and the average variable cost (AVC) curve? The vertical distance between the ATC and AVC curves: A. decreases as output increases. B. increases as output increases. C. remains constant as output increases.（分数：1.00）A

46、.B.C.38.If the last unit of input increases total product we know that the marginal product of that input is:（分数：1.00）A.A. negative. B.B. positive. C.C. increasing.39.At the equilibrium levels of output and price in a competitive industry without taxes: A. consumer surplus is maximized. B. producer

47、surplus is maximized. C. the sum of producer and consumer surplus is maximized.（分数：1.00）A.B.C.40.New legislation setting a price ceiling will most likely cause:（分数：1.00）A.A. a market surplus. B.B. a market shortage. C.C. a decrease in demand.41.ff the marginal benefit of the last unit of a good or s

48、ervice consumed was $25, the marginal benefit of the next unit consumed is most likely to be:（分数：1.00）A.A. $25. B.B. $24. C.C. $26.42.Compared to normal markets, the existence of fraud and the use of violence in black markets generally leads to:（分数：1.00）A.A. poorer economic efficiency. B.B. superior

49、 economic efficiency. C.C. lower profit rates for sellers.43.Which of the following is least likely to be the result of a minimum wage? A. Unemployment will rise. B. There will be an abundance of low-skilled workers willing to work. C. Labor will be substituted for capital.（分数：1.00）A.B.C.44.Which of the following is least likely to affect the elasticity of supply for a good? A. The time frame for making the supply decision. B. The uniqueness of production inputs. C. The relative amount of income spent on the good.（分数：1.00）A.B.C