微观经济学试题英文版Word文档格式.doc
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微观经济学试题英文版Word文档格式.doc
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sbudgetlineis15F+45C=900.WhenJoechooseshismostpreferredmarketbasket,hebuys10unitsofC.therefore,healsobuys:
a.10unitsofFb.30unitsofFc.50unitsofF
d.60unitsofFe.Noneoftheabove
b)WeassumethatJoewillspendallhisincome.IfC=10,then15F=900–45(10)=450,soF=450/15=30.
3.Kimonlybuyscoffeeandcompactdiscs.Coffeecosts$0.60percup,andCDscost$12.00each.Shehas$18perweektospendonthesetwogoods.IfKimismaximizingherutility,hermarginalrateofsubstitutionofcoffeeforCDsis:
a.0.05b.20c.18d.1.50e.Noneoftheabove
a)AtKim'
smostpreferredmarketbasket,herMRSequalsthepriceratio(Pcoffee/PCD),whichequals0.6/12or0.05.
4.Thebandwagoneffectcorrespondsbesttowhichofthefollowing?
a. snobeffect.
b. externaleconomy.
c. negativenetworkexternality.
d. positivenetworkexternality.
d)
5.AGiffengood
a. isalwaysthesameasaninferiorgood.
b. isthespecialsubsetofinferiorgoodsinwhichthesubstitutioneffectdominatestheincomeeffect.
c. isthespecialsubsetofinferiorgoodsinwhichtheincomeeffectdominatesthesubstitutioneffect.
d. musthaveadownwardslopingdemandcurve.
c)thedefinitionofGiffengood
6.AnEngelcurveforagoodhasapositiveslopeifthegoodis:
a.aninferiorgood.b.aGiffengood.
c.anormalgood.d.a,b,andcaretrue.
e.Noneoftheaboveistrue.
c)InferiorandGiffengoodshavenegativelyslopedEngelcurves.
7.ThepriceofbeefandquantityofbeeftradedareP*andQ*,respectively.Giventhisinformation,consumersurplusisthearea:
a.0BCQ*b.ABCc.ACP*d.CBP*e.0ACQ*
d)Consumersurplusistheareabetweenthedemandlineandtheprice.
8.InFigure1,holdingincomeconstant,whatchangemusthaveoccurredtorotatethebudgetlinefromtheoldline
(1)tothenewline
(2)?
(1)
(2)
Pizza
Coke
Figure1
a.ThepriceofCokefell
b.Thepriceofpizzafell
c.Thepriceofpizzarose
d.ThepriceofCokewentup
e.bandc
b)Thehorizontalintercept,I/PC,isunchanged,whichimpliesthatPCcouldnothavechanged(holdingincomeconstant).SincetheslopeisPP/PC,theslopechangemeansthatthepriceofpizzamusthavefallen.ThiscanalsobeseenintuitivelyfromFigure1,sincetheconsumercannowbuymorepizzathanbeforeifhespendsallhisincomeonpizza.
9.Andybuys10poundsofonionspermonthwhenthepriceis$0.75perpound.Ifthepricefallsto$0.50perpound,hebuys30poundsofonions.Whatishisarcelasticityofdemandoverthispricerange?
a.-1.33b.–2c.–2.5d.-6e.Noneoftheaboveiscorrect.
c)Usingthearcelasticityformula,
Thenexttwoquestionsrefertothefollowinginformation:
OpieandGomeraretheonlytwoconsumersinthevideocassetterentalmarketintheMayberry.TheirdemandcurvesperweekarepicturedinFigure2.
10.Ifrentalscost$2.50each,thetotalquantitydemandedeachweekinthemarketis:
a.3b.6c.15d.10e.Noneoftheaboveiscorrect.
b)Addhorizontallytogetthemarketdemandcurve.AtP=$2.50,QO=3andQG=3foratotalof6unitsdemanded.
11.Foradecreaseinpricefrom$2.50to$1.50,marketdemandis:
a.elastic.b.unitelastic.c.inelastic.
d.perfectlyinelastic.e.Moreinformationisneeded.
a)Demandispriceelastic:
EP=%ΔQ/%ΔP=[(15-6)/6]/[(2.50-1.50)/2.50]=-3.75
OPIE
2.50
1.50
38
Quantity
(numberofcassettes)
Do
Price($/unit)
(a)
37
Quantity
COMER
DG
(b)
Figure2
12. AspresidentandCEOofMegaWorldindustries,youmustdecideonsomeveryriskyalternativeinvestments:
Project
ProfitifSuccessful
ProbabilityofSuccess
LossifFailure
ProbabilityofFailure
A
$10million
.5
-$6million
B
$50million
.2
-$4million
.8
C
$90million
.1
-$10million
.9
D
$20million
-$50million
E
$15million
.4
$0
.6
Thehighestexpectedreturnbelongstoinvestment
a.A.b.B.c.C.d.D.e.E
b)Ea=2Eb=6.8Ec=0Ed=6Ee=6
13. Anindividualwithaconstantmarginalut
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