微观经济学试题.docx
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微观经济学试题.docx
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微观经济学试题
Singlechoice
1.Thephenomenonofscarcitystemsfromthefactthat().
A)mosteconomies’productionmethodsarenotverygood.
B)inmosteconomies,wealthypeopleconsumedisproportionatequantitiesofgoodsandservices.
C)governmentsrestrictproductionoftoomanygoodsandservices.
D)resourcesarelimited.
2.Inamarketeconomy,supplyanddemandareimportantbecausethey().
A)playacriticalroleintheallocationoftheeconomy’sscarceresources.
B)determinehowmuchofeachgoodgetsproduced.
C)canbeusedtopredicttheimpactontheeconomyofvariouseventsandpolicies.
D)Alloftheabovearecorrect.
3.Whatwillhappentotheequilibriumpriceofnewtextbooksifmorestudentsattendcollege,paperbecomescheaper,textbookauthorsacceptlowerroyalties,andfewerusedtextbooksaresold?
()
A)Pricewillrise.
B)Pricewillfall.
C)Pricewillstayexactlythesame.
D)Thepricechangewillbeambiguous.
4.Thepresenceofapricecontrolinamarketforagoodorserviceusuallyisanindicationthat().
A)aninsufficientquantityofthegoodorservicewasbeingproducedinthatmarkettomeetthepublic’sneed.
B)theusualforcesofsupplyanddemandwerenotabletoestablishanequilibriumpriceinthatmarket.
C)policymakersbelievedthatthepricethatprevailedinthatmarketintheabsenceofpricecontrolswasunfairtobuyersorsellers.
D)policymakerscorrectlybelievedthatpricecontrolswouldgeneratenoinequitiesoftheirownonceimposed.
5.Policymakersusetaxes().
A)toraiserevenueforpublicpurposesbutnottoinfluencemarketoutcomes.
B)bothtoraiserevenueforpublicpurposesandtoinfluencemarketoutcomes.
C)whentheyrealizethatpricecontrolsaloneareinsufficienttocorrectmarketinequities.
D)onlyinthosemarketsinwhichtheburdenofthetaxfallsclearlyonthesellers.
6.Theparticularpricethatresultsinquantitysuppliedbeingequaltoquantitydemandedisthebestpricebecauseit().
A)maximizescostsoftheseller.
B)maximizestaxrevenueforthegovernment.
C)maximizesthecombinedwelfareofbuyersandsellers.
D)minimizestheexpenditureofbuyers.
7.Economistssaythatamarketwheregoodsarenotconsumedbythosevaluingthegoodsmosthighlyis().
A)laissez-faire..
B)unequal.
C)inefficient.
D)rational.
8.Tofullyunderstandhowtaxesaffecteconomicwell-being,wemustcomparethe().
A)consumersurplustotheproducersurplus.
B)pricepaidbybuyerstothepricereceivedbysellers.
C)reducedwelfareofbuyersandsellerstotherevenueraisedbythegovernment.
D)consumersurplustothedeadweightloss.
9.Labortaxesmaydistortlabormarketsgreatlyif().
A)laborsupplyishighlyinelastic.
B)manyworkerschoosetowork40hoursperweekregardlessoftheirearnings.
C)thenumberofhoursmanypart-timeworkerswanttoworkisverysensitivetothewagerate.
D)“underground”workersdonotrespondtochangesinthewagesoflegaljobsbecausetheyprefernottopaytaxes.
10.Thedifferencebetweenaccountingprofitandeconomicprofitis().
A)explicitcosts.
B)implicitcosts.
C)totalrevenue.
D)marginalproduct.
11.Resourcesare().
A)scarceforhouseholdsbutplentifulforeconomies.
B)plentifulforhouseholdsbutscarceforeconomies.
C)scarceforhouseholdsandscarceforeconomies.
D)plentifulforhouseholdsandplentifulforeconomies.
12.Theprinciplethat"tradecanmakeeveryonebetteroff"appliestointeractionsandtradebetween().
A)families.
B)stateswithintheUnitedStates.
C)nations.
D)Alloftheabovearecorrect.
13.Oneadvantagemarketeconomieshaveovercentrally-plannedeconomiesisthatmarketeconomies().
A)provideanequaldistributionofgoodsandservicestohouseholds.
B)establishasignificantroleforgovernmentintheallocationofresources.
C)solvetheproblemofscarcity.
D)aremoreefficient.
14.Theproductionpossibilitiesfrontierisagraphthatshowsthevariouscombinationsofoutputthataneconomycanpossiblyproducegiventheavailablefactorsofproductionand().
A)society’spreferences.
B)theavailableproductiontechnology.
C)afairdistributionoftheoutput.
D)theavailabledemandfortheoutput.
15.Wheneconomistsaretryingtoexplaintheworld,theyare().
A)scientists.
B)policyadvisers.
C)intherealmofmicroeconomicsratherthanmacroeconomics.
D)intherealmofnormativeeconomicsratherthanpositiveeconomics.
16.Foraself-sufficientproducer,theproductionpossibilitiesfrontier().
A)isthesameastheconsumptionpossibilitiesfrontier.
B)isgreaterthantheconsumptionpossibilitiesfrontier.
C)islessthantheconsumptionpossibilitiesfrontier.
D)isalwaysastraightline.
17.SupposeSusancanwashthreewindowsperhourorshecanironsixshirtsperhour.Paulcanwashtwowindowsperhourorhecanironfiveshirtsperhour.
()
A)SusanhasanabsoluteadvantageoverPaulinwashingwindows.
B)SusanhasacomparativeadvantageoverPaulinwashingwindows.
C)PaulhasacomparativeadvantageoverSusaninironingshirts.
D)Alloftheabovearecorrect.
18.Inacompetitivemarket,thepriceofaproduct().
A)isdeterminedbybuyers,andthequantityoftheproductproducedisdeterminedbysellers.
B)isdeterminedbysellers,andthequantityoftheproductproducedisdeterminedbybuyers.
C)andthequantityoftheproductproducedarebothdeterminedbysellers.
D)Noneoftheaboveiscorrect.
19.Whatwouldhappentotheequilibriumpriceandquantityoflattésifthecostofproducingsteamedmilk,whichisusedtomakelattés,rises?
()
A)Boththeequilibriumpriceandquantitywouldincrease.
B)Boththeequilibriumpriceandquantitywoulddecrease.
C)Theequilibriumpricewouldincrease,andtheequilibriumquantitywoulddecrease.
D)Theequilibriumpricewoulddecrease,andtheequilibriumquantitywouldincrease.
20.Thepriceelasticityofdemandmeasureshowmuch().
A)quantitydemandedrespondstoachangeinprice.
B)quantitydemandedrespondstoachangeinincome.
C)pricerespondstoachangeindemand.
D)demandrespondstoachangeinsupply.
21.Ifthepriceofnaturalgasrises,whenisthepriceelasticityofdemandlikelytobethehighest?
()
A)immediatelyafterthepriceincrease
B)onemonthafterthepriceincrease
C)threemonthsafterthepriceincrease
D)oneyearafterthepriceincrease
22.Forwhichofthefollowingtypesofgoodswouldtheincomeelasticityofdemandbepositiveandrelativelylarge?
()
A).allinferiorgoods
B)allnormalgoods
C)goodsforwhichtherearemanycomplements
D)luxuries
23.Tofullyunderstandhowtaxesaffecteconomicwell-being,wemust().
A)assumethateconomicwell-beingisnotaffectedifalltaxrevenueisspentongoodsandservicesforthepeoplewhoarebeingtaxed.
B)comparethetaxesraisedintheUnitedStateswiththoseraisedinothercountries,especiallyFrance.
C)comparethereducedwelfareofbuyersandsellerstotheamountofrevenuethegovernmentraises.
D)takeintoaccountthefactthatalmostalltaxesreducethewelfareofbuyers,increasethewelfareofsellers,andraiserevenueforthegovernment.
24.Whenataxonagoodisenacted,().
A)buyersandsellerssharetheburdenofthetaxregardlessofwhetherthetaxisleviedonbuyersoronsellers.
B)buyersalwaysbearthefullburdenofthetax.
C)sellersalwaysbearthefullburdenofthetax.
D)sellersbearthefullburdenofthetaxifthetaxisleviedonthem;buyersbearthefullburdenofthetaxifthetaxisleviedonthem.
25.Adecreaseinthesizeofataxismostlikelytoincreasetaxrevenueinamarketwith().
A)elasticdemandandelasticsupply.
B)elasticdemandandinelasticsupply.
C)inelasticdemandandelasticsupply.
D)inelasticdemandandinelasticsupply.
26.Ifthetaxonagoodisdoubled,thedeadweightlossofthetax().
A)increasesby50percent.
B)doubles.
C)triples.
D)quadruples.
27.Economistsassumethatthetypicalpersonwhostartsherownbusinessdoessowiththeintentionof().
A)donatingtheprofitsfromherbusinesstocharity.
B)capturingthehighestnumberofsalesinherindustry.
C)maximizingprofits.
D)minimizingcosts.
28.IfDarrensells300glassesoficedteaat$0.50each,histotalrevenuesare().
A)$150.
B)$299.50.
C)$300.
D)$600.
29.Totalcostisthe().
A)amountafirmreceivesforthesaleofitsoutput.
B)fixedcostlessvariablecost.
C)marketvalueoftheinputsafirmusesinproduction.
D)quantityofoutputminusthequantityofinputsusedtomakeagood.
30.Afirm'sopportunitycostsofproductionareequaltoits().
A)explicitcostsonly.
B)implicitcostsonly.
C)explicitcosts+implicitcosts.
D)explicitcosts+implicitcosts+totalrevenue.
31.Whichofthefollowingproductswouldbeconsideredscarce?
()
A)automobiles
B)footballsautographedbyMessi
C)tomatos
D)Alloftheabovearecorrect.
32.Whichofthefollowingstatementsaboutthepriceelasticityofdemandiscorrect?
()
A)Thepriceelasticityofdemandforagoodmeasuresthewillingnessofbuyersofthegoodtobuylessofthegoodasitspriceincreases.
B)Priceelasticityofdemandreflectsthemanyeconomic,psychological,andsocialforcesthatshapeconsumertastes.
C)Otherthingsequal,ifgoodxhasclosesubstitutesandgoodydoesnothaveclosesubstitutes,thenthedemandforgoodxwillbemoreelasticthanthedemandforgoody.
D)Alloftheabovearecorrect.
33.Giventhemarketforillegaldrugs,whenthegovernmentissuccessfulinreducingtheflowofdrugsintotheUnitedStates,().
A)supplydecreases,demandisunaffected,
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