经济学原理对应练习-05.doc
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经济学原理对应练习-05.doc
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Chapter5/ElasticityandItsApplicationsv215
Chapter5
ElasticityandItsApplications
MultipleChoice
1. Ingeneral,elasticityisameasureof
a. theextenttowhichadvancesintechnologyareadoptedbyproducers.
b. theextenttowhichamarketiscompetitive.
c. howfastthepriceofagoodrespondstoashiftofthesupplycurveordemandcurve.
d. howmuchbuyersandsellersrespondtochangesinmarketconditions.
ANS:
D PTS:
1 DIF:
1 REF:
5-0
TOP:
Elasticity MSC:
Definitional
2. Whenstudyinghowsomeeventorpolicyaffectsamarket,elasticityprovidesinformationonthe
a. directionoftheeffectonthemarket.
b. magnitudeoftheeffectonthemarket.
c. speedofadjustmentofthemarketinresponsetotheeventorpolicy.
d. numberofmarketparticipantswhoaredirectlyaffectedbytheeventorpolicy.
ANS:
B PTS:
1 DIF:
2 REF:
5-0
TOP:
Elasticity MSC:
Interpretive
3. Howdoestheconceptofelasticityallowustoimproveuponourunderstandingofsupplyanddemand?
a. Elasticityallowsustoanalyzesupplyanddemandwithgreaterprecisionthanwouldbethecaseintheabsenceoftheelasticityconcept.
b. Elasticityprovidesuswithabetterrationaleforstatementssuchas“anincreaseinxwillleadtoadecreaseiny”thanwewouldhaveintheabsenceoftheelasticityconcept.
c. Withoutelasticity,wewouldnotbeabletoaddressthedirectioninwhichpriceislikelytomoveinresponsetoasurplusorashortage.
d. Withoutelasticity,itisverydifficulttoassessthedegreeofcompetitionwithinamarket.
ANS:
A PTS:
1 DIF:
2 REF:
5-0
TOP:
Elasticity MSC:
Interpretive
4. Elasticityimprovesourunderstandingofsupplyanddemandbyadding
a. measuresofequity.
b. measuresofefficiency.
c. aquantitativeelementtoouranalysis.
d. aqualitativeelementtoouranalysis.
ANS:
C PTS:
1 DIF:
2 REF:
5-0
TOP:
Elasticity MSC:
Interpretive
5. Thepriceelasticityofdemandmeasureshowmuch
a. quantitydemandedrespondstoachangeinprice.
b. quantitydemandedrespondstoachangeinincome.
c. pricerespondstoachangeindemand.
d. demandrespondstoachangeinsupply.
ANS:
A PTS:
1 DIF:
1 REF:
5-1
TOP:
Priceelasticityofdemand MSC:
Definitional
6. Thepriceelasticityofdemandmeasures
a. buyers’responsivenesstoachangeinthepriceofagood.
b. theextenttowhichdemandincreasesasadditionalbuyersenterthemarket.
c. howmuchmoreofagoodconsumerswilldemandwhenincomesrise.
d. themovementalongasupplycurvewhenthereisachangeindemand.
ANS:
A PTS:
1 DIF:
1 REF:
5-1
TOP:
Priceelasticityofdemand MSC:
Definitional
7. Demandissaidtobeelasticif
a. thepriceofthegoodrespondssubstantiallytochangesindemand.
b. demandshiftssubstantiallywhenincomeortheexpectedfuturepriceofthegoodchanges.
c. buyersdonotrespondmuchtochangesinthepriceofthegood.
d. buyersrespondsubstantiallytochangesinthepriceofthegood.
ANS:
D PTS:
1 DIF:
2 REF:
5-1
TOP:
Elasticdemand MSC:
Definitional
8. Demandissaidtobeinelasticif
a. buyersrespondsubstantiallytochangesinthepriceofthegood.
b. demandshiftsonlyslightlywhenthepriceofthegoodchanges.
c. thequantitydemandedchangesonlyslightlywhenthepriceofthegoodchanges.
d. thepriceofthegoodrespondsonlyslightlytochangesindemand.
ANS:
C PTS:
1 DIF:
2 REF:
5-1
TOP:
Inelasticdemand MSC:
Definitional
9. Ifdemandisinelastic,then
a. buyersdonotrespondmuchtoachangeinprice.
b. buyersrespondsubstantiallytoachangeinprice,buttheresponseisveryslow.
c. buyersdonotaltertheirquantitiesdemandedmuchinresponsetoadvertising,fads,orgeneralchangesintastes.
d. thedemandcurveisveryflat.
ANS:
A PTS:
1 DIF:
2 REF:
5-1
TOP:
Inelasticdemand MSC:
Definitional
10. Whenquantitydemandedrespondsstronglytochangesinprice,demandissaidtobe
a. fluid.
b. elastic.
c. dynamic.
d. highlyvariable.
ANS:
B PTS:
1 DIF:
1 REF:
5-1
TOP:
Elasticdemand MSC:
Definitional
11. Whichofthefollowingstatementsaboutthepriceelasticityofdemandiscorrect?
a. Thepriceelasticityofdemandforagoodmeasuresthewillingnessofbuyersofthegoodtomoveawayfromthegoodasitspriceincreases.
b. Priceelasticityofdemandreflectsthemanyeconomic,psychological,andsocialforcesthatshapeconsumertastes.
c. Otherthingsequal,ifgoodxhasclosesubstitutesandgoodydoesnothaveclosesubstitutes,thenthedemandforgoodxwillbemoreelasticthanthedemandforgoody.
d. Alloftheabovearecorrect.
ANS:
D PTS:
1 DIF:
2 REF:
5-1
TOP:
Priceelasticityofdemand MSC:
Interpretive
12. Foragoodthatisanecessity,
a. quantitydemandedtendstorespondsubstantiallytoachangeinprice.
b. demandtendstobeinelastic.
c. thelawofdemandoftendoesnotapply.
d. Alloftheabovearecorrect.
ANS:
B PTS:
1 DIF:
2 REF:
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