AP微观经济模拟卷一Mutiplechoice Question.docx
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AP微观经济模拟卷一Mutiplechoice Question.docx
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AP微观经济模拟卷一MutiplechoiceQuestion
Multiple-ChoiceQuestions
Time—1hourand10minutes
60questions
Forthemultiple-choicequestionsthatfollow,selectthebestanswer.
1.Atthebirthdaypartyofyourbestfriend,youseeSkylarhelphimselftoasecondpieceofcake.Forthisindividual,itmustbethecasethat
A.themarginalbenefitofthesecondpieceofcakeislessthanthemarginalcost.
B.thetotalbenefitreceivedfromeatingcakeisfalling.
C.theratioofmarginalbenefitovermarginalcostislessthanone.
D.themarginalbenefitofthesecondpieceofcakeisgreaterthanthemarginalcost.
E.Skylarisirrationallyconsumingtoomuchcake.
2.Nancyhasthechoicetospendonehourstudyingforanexam,mowingthelawnforonehouratawageof$6,orbabysittinghernieceforonehouratawageof$8.IfweknowthatNancyhaschosentostudyfortheexam,whichofthefollowingistrue?
A.Thebenefitreceivedfromstudyingisgreaterthantheopportunitycostof$8.
B.Theopportunitycostofstudyingis$14,whichislessthanthebenefitreceivedfromstudying.
C.Nancyisindifferentbetweenstudyingandmowingthelawn.
D.Nancy'sbehaviorisirrationalsincebabysittingwasclearlysuperiortoallotheroptions.
E.Nancyisindifferentbetweenbabysittingandmowingthelawn.
3.Supposethemarketforrosesiscurrentlyinequilibrium.Ifthesupplyofrosesfalls,whileatthesametimethedemandforrosesrises,whatcanyousayaboutthepriceandquantityofrosesinthemarket?
A.Priceandquantitybothrise.
B.Pricerises,butthechangeinquantityisambiguous.
C.Priceandquantitybothfall.
D.Quantityrises,butthechangeinpriceisambiguous.
E.Neitherpricenorquantitychangeastheseshiftsoffsetoneanother.
4.TheUnitedStatesistradingsalmontoPeruinexchangeforanchovies.Ifthesenationsaretradingbaseduponrelativeopportunitycosts,whatmustbethecase?
A.TheUnitedStateshascomparativeadvantageinanchovyproductionandPeruhascomparativeadvantageinsalmonproduction.
B.TheUnitedStateshascomparativeadvantageinsalmonproductionandPeruhascomparativeadvantageinanchovyproduction.
C.TheUnitedStateshasabsoluteadvantageinanchovyproductionandPeruhasabsoluteadvantageinsalmonproduction.
D.TheUnitedStateshasabsoluteadvantageinsalmonproductionandPeruhasabsoluteadvantageinanchovyproduction.
E.TheUnitedStateshascomparativeadvantageinsalmonproductionandPeruhasabsoluteadvantageinanchovyproduction.
5.Whichofthefollowingisthebestexampleofapublicgood?
A.Privateviolinlessons
B.Thevolunteerfiredepartmentinyourcommunity
C.Aticketforadmissiontoamuseum
D.Abagofpotatochips
E.Ahistorytextbook
6.Whichofthefollowingstatementsaretrueofacapitalistmarketeconomy?
I.Economicresourcesarepubliclyowned.
II.Freedomofenterpriseiscritical.
III.Thepricesystemallocatesresourcesinthemostefficientway.
D.Ionly
E.IIonly
F.IIIonly
G.IandIIonly
H.IIandIIIonly
Questions7–9refertothegraphbelow.
7.Assumingnogovernmentinvolvementinthismarket,ifthecurrentpricewereatthelevelof0A,wewouldexpect
A.asurplusinthemarkettobeeliminatedbyrisingprices.
B.ashortageinthemarkettobeeliminatedbyfallingprices.
C.asurplusinthemarkettobeeliminatedbyfallingprices.
D.ashortageinthemarkettobeeliminatedbyrisingprices.
E.adecreaseinquantitysuppliedandanincreaseinquantitydemandedasthepricerises.
8.Ifthemarketisinitiallyinequilibrium,whichofthefollowingwouldcreateanewequilibriumatpointH?
A.Adecreaseinconsumerincomeifthisgoodisnormal.
B.Anincreaseinthepriceofasubstituteforthisgood.
C.Adecreaseinthecostofaproductioninputforthisgood.
D.Anincreaseinthenumberofconsumersofthisgood.
E.Anincreaseinconsumerincomeifthisgoodisnormal.
9.Ifthepriceweretorisefrom0Bto0C,
A.dollarsspentonthisgoodwouldincreaseifdemandforthegoodwerepriceelastic.
B.dollarsspentonthisgoodwoulddecreaseifdemandforthegoodwerepriceinelastic.
C.dollarsspentonthisgoodwouldincreaseifdemandforthegoodwerepriceinelastic.
D.dollarsspentonthisgoodwouldincreaseifdemandforthegoodwereunitarypriceelastic.
E.dollarsspentonthisgoodwoulddecreaseifdemandforthegoodwereunitarypriceelastic.
10.EverydayMollyspendsherlunchmoneyconsumingapples,at$1each,andoranges,at$2each.Athercurrentlevelofconsumption,Molly'smarginalutilityofapplesis12andhermarginalutilityoforangesis18.Ifshehasalreadyspentallofherlunchmoney,howshouldMollychangeherconsumptiondecisiontomaximizeutility?
A.Sheshouldmakenochanges;sheisconsumingtheutilitymaximizingcombinationofapplesandoranges.
B.Sheshouldincreaseherappleconsumptionanddecreaseherorangeconsumptionuntilthemarginalutilityperdollarisequalforboth.
C.Sheshoulddecreaseherappleconsumptionandincreaseherorangeconsumptionuntilthemarginalutilityperdollarisequalforboth.
D.Sheshouldincreaseherappleconsumptionanddecreaseherorangeconsumptionuntilthemarginalutilityisequalforboth.
E.Sheshoulddecreaseherappleconsumptionandincreaseherorangeconsumptionuntilthemarginalutilityisequalforboth.
11.Whentheproductionorconsumptionofagoodcreatesapositiveexternality,itisdeemedamarketfailurebecauseatthemarketquantity
A.themarginalsocialbenefitexceedsthemarginalsocialcost.
B.themarginalsocialcostexceedsthemarginalsocialbenefit.
C.societyproducestoomuchofthegood.
D.theprivatebenefitsfromconsumingthegoodexceedthesocialbenefits.
E.asurplusofthegoodalwaysexistswithoutgovernmentintervention.
12.Whichofthefollowingwouldbestcompleteashortdefinitionofeconomics?
"Economicsisthestudyof…"
A.howunlimitedresourcesareallocatedbetweenscarcewants.
B.howmoneyiscirculatedthroughtheeconomy.
C.howcorporationsmaximizethesharepriceoftheirstock.
D.hownationstradegoodsandservicesinaglobalmarketplace.
E.howscarceresourcesareallocatedtosatisfyunlimitedwants.
13.Supposethepriceelasticityofdemandforcigarettesislessthanone.Whenanexcisetaxisimposedoncigaretteproduction,itchangestheprice,quantity,andconsumerspendinginwhichofthefollowingways?
14.Whichofthefollowingistrueofapricefloor?
A.Thepricefloorshiftsthedemandcurvetotheleft.
B.Aneffectivefloorcreatesashortageofthegood.
C.Thepricefloorshiftsthesupplycurveofthegoodtotheright.
D.Tobeaneffectivefloor,itmustbesetabovetheequilibriumprice.
E.Thegovernmentsetsthepricefloortoassistconsumerswhoareexploitedattheequilibriumprice.
15.YouaretoldthattheincomeelasticityforCDsis+1.5.Thismeansthat
A.a10percentincreaseinincomeproducesa15percentincreaseinconsumptionofCDs.CDsareanormalluxurygood.
B.a10percentincreaseinincomeproducesa15percentincreaseinconsumptionofCDs.CDsareaninferiorgood.
C.a10percentincreaseinincomeproducesa15percentdecreaseinconsumptionofCDs.CDsareaninferiorgood.
D.a10percentincreaseinthepriceofCDsproducesa15percentdecreaseinconsumptionofCDs.CDsareapriceelasticgood.
E.a10percentincreaseinthepriceofCDsproducesa15percentdecreaseinconsumptionofCDs.CDsareapriceinelasticgood.
16.Whichofthefollowingcausesthesupplycurveofpapertoshifttotheleft?
A.Paperproducersexpectlowerpaperpricesinthemonthsahead.
B.Thepriceofpencils,acomplementtopaper,increases.
C.Improvementsinthetechnologyusedtoproducepaper.
D.Householdincomefalls.
E.Environmentalconcernsreducetheyearlyamountoftimberthatcanbeharvested.
17.Usingthediagramabove,whichofthefollowingmighthavecausedtheoutwardmovementoftheproductionpossibilityfrontier?
A.Adecreaseintheavailabilityoffertilefarmland.
B.Aplagueofdestructivegrasshoppers.
C.Anincreaseintheproductivityofthelaborforce.
D.Asevereandlong-lastingdrought.
E.Adeclineintherateoftechnologicalimprovements.
18.Supposethecountygovernmentsendseachparentacouponthatcanbeusedtosubsidizethecostofsendingeachchildtodaycare.Whatwouldyouexpecttooccurinthemarketfordaycareservices?
A.Thedemandfordaycarefalls,loweringtheprice.
B.Thedemandfordaycarerises,increasingtheprice.
C.Thesupplyofdaycarerises,loweringtheprice.
D.Thesupplyofdaycarefalls,increasingtheprice.
E.Apermanentshortageofdaycareservicesexists.
19.Monopolydeadweightlossistheresultof
A.settingthepriceabovemarginalcost.
B.settingthepriceaboveaveragetotalcost.
C.monopolyoutputbeinggreaterthanthecompetitiveoutput.
D.long-runnormalprofits.
E.marginalrevenueequalingmarginalcost.
20.ThemarketforCincinnatiRedsbaseballticketsiscurrentlyinequilibrium.WhichofthefollowingeventswouldmostlikelyincreasetheconsumersurplusreceivedbyRedsfans?
A.TheRedsofferdiscountedparkingforallhomegames.
B.TheRedsincreasehotdogpricestoreflectahighercostofbuns.
C.ThecityofCincinnatiisundertakingahugehighwayconstructionprojectthatstrandsfansinpregametrafficjamsforhours.
D.TheRedsmustincreaseticketpricestoaffordthemosttalentedplayers.
E.Fansmustpayasteepservicechargeinordertopurchaseticketsonlineoroverthephone.
21.IfMatt'stotalutilityfromconsumingbratwurstincreasedataconstantrate,nomatterhowmanybratwurstMattconsumed,whatwouldMatt'sdemandcurveforbratwurstlooklike?
A.Vertical
B.Horizontal
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