Chapter07曼昆经济学.docx
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Chapter07曼昆经济学.docx
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Chapter07曼昆经济学
Chapter7
Consumers,Producers,andtheEfficiencyofMarkets
MULTIPLECHOICE
1.Welfareeconomicsisthestudyof
a.thewell-beingoflessfortunatepeople.
b.welfareprogramsintheUnitedStates.
c.theeffectofincomeredistributiononworkeffort.
d.howtheallocationofresourcesaffectseconomicwell-being.
ANSWER:
d.howtheallocationofresourcesaffectseconomicwell-being.
TYPE:
MDIFFICULTY:
1
2.Thestudyofhowtheallocationofresourcesaffectseconomicwell-beingiscalled
a.consumereconomics.
b.macroeconomics.
c.welfareeconomics.
d.supply-sideeconomics.
ANSWER:
c.welfareeconomics.
TYPE:
MDIFFICULTY:
1
3.Withrespecttowelfareeconomics,theequilibriumpriceofaproductisconsideredtobethebestpricebecauseit
a.maximizestotalrevenuetofirmsandtotalutilitytobuyers.
b.maximizesthetotalwelfareofbuyersandsellers.
c.minimizescostsandmaximizesprofitsofsellers.
d.minimizesthelevelofwelfarepaymentstothosewhonolongerlivebelowthepovertyline.
ANSWER:
b.itmaximizesthetotalwelfareofbuyersandsellers.
TYPE:
MDIFFICULTY:
2
4.Positiveanalysisreferstowhat
a.is.
b.shouldbe.
c.couldbe.
d.ispoliticallycorrect.
ANSWER:
a.is.
TYPE:
MDIFFICULTY:
1
5.Normativeanalysisreferstowhat
a.is.
b.shouldbe.
c.maximizesefficiency.
d.ispoliticallycorrect.
ANSWER:
b.shouldbe.
TYPE:
MDIFFICULTY:
1
6.Theequilibriumofsupplyanddemandinamarket
a.maximizestheprofitsofproducers.
b.canonlybeachievedwithgovernmentintervention.
c.producesbothanefficientandequitablemarketoutcome.
d.maximizesthetotalbenefitsreceivedbybuyersandsellers.
ANSWER:
d.maximizesthetotalbenefitsreceivedbybuyersandsellers.
TYPE:
MDIFFICULTY:
2
7.Theparticularpricethatresultsinquantitysuppliedbeingequaltoquantitydemandedisthebestpricebecauseit
a.maximizescostsoftheseller.
b.maximizestheprofitofbuyers.
c.maximizesthetotalwelfareofbuyersandsellers.
d.minimizestheexpenditureofbuyers.
ANSWER:
c.maximizesthetotalwelfareofbuyersandsellers.
TYPE:
MDIFFICULTY:
2
8.SupposethatLarry,MoeandCurlyarebiddinginanauctionforamint-conditionvideoofCharlieChaplin’sfirstmovie.Eachhasinmindamaximumamountthathewillbid.Thismaximumiscalled
a.aresistanceprice.
b.willingnesstopay.
c.consumersurplus.
d.producersurplus.
ANSWER:
b.willingnesstopay.
TYPE:
MSECTION:
1DIFFICULTY:
1
9.Willingnesstopaymeasuresthe
a.amountabuyeriswillingtopayforagoodminustheamountthebuyeractuallypaysforit.
b.amountaselleractuallyreceivesforagoodminustheminimumamounttheselleriswillingtoaccept.
c.maximumamountabuyeriswillingtopayminustheminimumamountaselleriswillingtoaccept.
d.maximumamountthatabuyerwillpayforagood.
ANSWER:
d.maximumamountthatabuyerwillpayforagood.
TYPE:
MSECTION:
1DIFFICULTY:
2
10.Consumersurplusis
a.abuyer’swillingnesstopayminustheprice.
b.abuyer’swillingnesstopayplustheprice.
c.thepriceoftheproductminusthebuyer’swillingnesstopay.
d.whenthebuyer’swillingnesstopayandthepriceoftheproductareequal.
ANSWER:
a.abuyer’swillingnesstopayminustheprice.
TYPE:
MSECTION:
1DIFFICULTY:
2
11.Consumersurplusmeasures
a.theamountofaproductaconsumercanbuyatapricebelowequilibriumprice.
b.thedifferencebetweentheamountaconsumerhastopayandtheamounttheconsumerwaswillingtopay.
c.thenumberofconsumerswhoareexcludedfromamarketbecauseofscarcity.
d.howmuchabuyervaluesagood.
ANSWER:
b.thedifferencebetweentheamountaconsumerhastopayandtheamounttheconsumerwaswillingtopay.
TYPE:
MSECTION:
1DIFFICULTY:
2
12.Aconsumer’swillingnesstopaymeasures
a.thecostofagoodtothebuyer.
b.howmuchabuyervaluesagood.
c.howmuchabuyerhastopaytoreceiveagood.
d.howmuchasellerreceivesfromthesaleofagood.
ANSWER:
b.howmuchabuyervaluesagood.
TYPE:
MSECTION:
1DIFFICULTY:
2
13.Ifaconsumeriswillingandabletopay$15.00foraparticulargoodbutthepriceofthegoodis$17.00,thenthe
a.consumerwouldhaveconsumersurplusof$2.00.
b.consumerwouldincreasehis/herwillingnessandabilitytopaybyearningmore.
c.consumerwouldnotpurchasethegoodandwouldnothaveanyconsumersurplus.
d.marketmustnotbeaperfectlycompetitivemarket.
ANSWER:
c.consumerwouldnotpurchasethegoodandwouldnothaveanyconsumersurplus.
TYPE:
MSECTION:
1DIFFICULTY:
2
14.Ifaconsumeriswillingandabletopay$20.00foraparticulargoodbutonlyhastopay$14.00,theconsumersurplusis
a.$6.00.
b.$14.00.
c.$20.00.
d.$34.00.
ANSWER:
a.$6.00.
TYPE:
MSECTION:
1DIFFICULTY:
2
15.Belvaiswillingtopay$65.00forapairofshoesforaformaldance.Shefindsapairatherfavoriteoutletshoestorefor$48.00.Belva’sconsumersurplusis
a.$17.
b.$31.
c.$48.
d.$65.
ANSWER:
a.$17.
TYPE:
MSECTION:
1DIFFICULTY:
1
16.IfBrockiswillingtopay$400foranewsuit,butisabletobuythesuitfor$350,hisconsumersurplusis
a.$50.
b.$150.
c.$350.
d.$400.
ANSWER:
a.$50.
TYPE:
MSECTION:
1DIFFICULTY:
1
17.SupposeLauren,LeslieandLydiaallpurchasebulletinboardsfortheirroomsfor$15each.Lauren’swillingnesstopaywas$35,Leslie’swillingnesstopaywas$25,andLydia’swillingnesstopaywas$30.Totalconsumersurplusforthesethreewouldbe
a.$15.
b.$25.
c.$35.
d.$45.
ANSWER:
d.$45.
TYPE:
MSECTION:
1DIFFICULTY:
2
18.SupposeLauren,LeslieandLydiaallpurchasebulletinboardsfortheirroomsfor$15each.Lauren’swillingnesstopaywas$35,Leslie’swillingnesstopaywas$25,andLydia’swillingnesstopaywas$30.Whichofthethreereceivesthemostconsumersurplusfromherpurchase?
a.Lauren
b.Leslie
c.Lydia
d.Theyeachreceivedthesameconsumersurplussincetheyeachpaidthesameforthebulletinboard.
ANSWER:
a.Lauren
TYPE:
MSECTION:
1DIFFICULTY:
2
19.ShannonbuysanewCDplayerforhercarfor$135.Shereceivesconsumersurplusof$25onherpurchase.Herwillingnesstopayis
a.$25.
b.$110.
c.$135.
d.$160.
ANSWER:
d.$160.
TYPE:
MSECTION:
1DIFFICULTY:
2
BUYER
WILLINGNESSTOPAY
MIKE
$50.00
SANDY
$30.00
JONATHAN
$20.00
HALEY
$10.00
20.Ifthetablerepresentsthewillingnesstopayof4buyersandthepriceoftheproductis$15,thenwhowouldbewillingtopurchasetheproduct?
a.Mike
b.MikeandSandy
c.Mike,Sandy,andJonathan
d.Mike,Sandy,Jonathan,andHaley
ANSWER:
c.Mike,Sandy,andJonathan
TYPE:
MSECTION:
1DIFFICULTY:
2
21.Janinewouldbewillingtopay$50toseeLesMisérables,butbuysaticketforonly$30.Janinevaluestheperformanceat
a.$20.
b.$30.
c.$50.
d.$80.
ANSWER:
c.$50.
TYPE:
MSECTION:
1DIFFICULTY:
1
22.Chadiswillingtopay$4.00togethissecondcupofmorninglatté.Hefindsavendorsellinglattéfor$3.75.Chad’sconsumersurplusis
a.$0.25.
b.$0.50.
c.$3.75.
d.$4.00.
ANSWER:
a.$0.25.
TYPE:
MSECTION:
1DIFFICULTY:
1
23.Denisevaluesastainlesssteeldishwasherforhernewhouseat$500,butbuysitfor$350.Denise’swillingnesstopayis
a.$150.
b.$350.
c.$500.
d.$850.
ANSWER:
c.$500.
TYPE:
MSECTION:
1DIFFICULTY:
2
24.Denisevaluesastainlesssteeldishwasherforhernewhouseat$500.Theactualpriceofthedishwasheris$650.Denise
a.buysthedishwasherandreceivesaconsumersurplusof$150.
b.buysthedishwasherandreceivesaconsumersurplusof$500.
c.doesnotbuythedishwasherbecauseherwillingnesstopayisgreaterthantheprice.
d.doesnotbuythedishwasherbecauseherwillingnesstopayislessthantheprice.
ANSWER:
d.doesnotbuythedishwasherbecauseherwillingnesstopayislessthantheprice.
TYPE:
MSECTION:
1DIFFICULTY:
2
25.Amybuysanewdogfor$150.Shereceivesconsumersurplusof$100onherpurchase.Herwillingnesstopayis
a.$50.
b.$100.
c.$150.
d.$250.
ANSWER:
d.$250.
TYPE:
MSECTION:
1DIFFICULTY:
2
26.Raybuysanewtractorfor$118,000.Hereceivesconsumersurplusof$13,000onhispurchase.Ray’swillingnesstopayis
a.$13,000.
b.$105,000.
c.$118,000.
d.$131,000.
ANSWER:
d.$131,000.
TYPE:
MKEY1:
ESECTION:
1OBJECTIVE:
2RANDOM:
Y
27.Jeffdecidesthathewouldpayasmuchas$3,000foranewlaptopcomputer.Hebuysthecomputerandrealizesconsumersurplusof$700.HowmuchdidJeffpayforhiscomputer?
a.$700
b.$2,300
c.$3,000
d.$3,700
ANSWER:
b.$2,300
TYPE:
MSECTION:
1DIFFICULTY:
2
28.Cameronvisitsasportinggoodsstoretobuyanewsetofgolfclubs.Heiswillingtopay$750fortheclubs,butbuysthemonsalefor$575.Cameron’sconsumersurplusfromthepurchaseis
a.$175.
b.$575.
c.$750.
d.$1,325.
ANSWER:
a.$175.
TYPE:
MSECTION:
1DIFFICULTY:
1
29.Nathanbuysanewsoundsystemforhisdormroomfor$500.Hereceivesconsumersurplusof$400fromthepurchase.HowmuchdoesNathanvaluehissoundsystem?
a.$100
b.$400
c.$500
d.$900
ANSWER:
d.$900
TYPE:
MSECTION:
1DIFFICULTY:
2
30.Consumersurplusisthe
a.quantityofagoodconsumersgetfree.
b.amountaconsumerhastopaylesstheamounttheconsumerwaswillingtopay.
c.amountaconsumeriswillingtopaylesstheamounttheconsumeractuallypays.
d.totalvalueofagoodtoaconsumer.
ANSWER:
c.amountaconsumeriswillingtopaylesstheamounttheconsumeractuallypays.
TYPE:
MSECTION:
1DIFFICULTY:
1
31.Ifthepriceaconsumerpaysforaproductisequaltoaconsumer’swillingnesstopay,then
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