Multiple Choices Questions (75%, 3% each)
需求
1)In the above figure, an increase in the quantity demanded is represented by a movement from point d to
A)pointb only.
B)pointc only.
C)pointa.
D)both points b and c.
Answer: C
2)Normal goods are those for which demand decreases as
A)the price of a complement falls.
B)the price of a substitute falls.
C)income decreases.
D)the good’s own price rises.
Answer: B
供給
Point / Production of X / Production of Ya / 0 / 40
b / 4 / 36
c / 8 / 28
d / 12 / 16
e / 16 / 0
3)Refer to the table above, which gives five points on a nation’s PPF. The opportunity cost of increasing the production of X from 8 to 12 units is a total of
A)1.33 units of Y.
B)3.5 units of Y.
C)8 units of Y.
D)12 units of Y.
Answer: D
4)The difference between the lowest price a producer is willing to sell for a good and the price the producer actually sells is called:
A)consumer surplus
B)producer surplus
C)excess supply
D)excess demand
Answer: B
市場均衡
5)The above figure illustrates the labor market for local fast food restaurants. What would be the effects of a minimum wage imposed at $5.50 per hour?
A)unemployment equal to 400 hours.
B)unemployment equal to 200 hours.
C)a shortage of 400 hours.
D)nothing because the minimum wage has no effect on the equilibrium price and quantity.
Answer: A
6)In the above figure, CBL is the cost of breaking the law. If it is illegal to buy, but not illegal to sell, then the price will be
A)$500.
B)$400.
C)$300.
D)$200.
Answer: D
供需彈性
7)The above figure illustrates the demand for hamburgers. When the price is $1.00 a hamburger, the elasticity of demand is ______and a 1 percent increase in the price will ______the quantity of hamburgers demanded by ______percent.
A)1.00; decrease; 0.40
B)0.40; decrease; 0.40
C)2.50; increase; 2.50
D)5.00; decrease; 5.00
Answer: B
8)If the price elasticity of demand for Coke is 1.2, then a reduction in the selling price will:
A)increase the total revenue
B)decrease the total revenue
C)lead to no change in total revenue
D)first increase and then decrease total revenue
Answer: A
消費者選擇
9)Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. If Dave buys 15 pizza each week, what is the maximum number of magazines can he buy?
A)40
B)20
C)10
D)200
Answer: C
10)The price of milk rises to $4 a carton. “If you’re got kids and you’re living on a fixed income, then you’re making hard choices,” Gioia said.If, even after the price rise, Gioia’s marginal utility per dollar from milk is higher than that from other goods, what will Gioia do to maximize her utility?
A)Increase the quantity of milk she buys
B)Decrease the quantity of milk she buys
C)Not change the quantity of milk she buys
D)Increase the quantity of milk she buys only if her income increases
Answer:A
生產理論與成本分析
11)Total variable cost
A)increases as output increases.
B)does not change as output changes.
C)decreases as output increases.
D)initially decreases and then increases as output increases.
Answer: A
Output(tons of rice per year) / Total cost
(dollars per ton)
0 / $1,000
1 / $1,200
2 / $1,600
3 / $2,200
4 / $3,000
5 / $4,000
12)Based on the table above which shows Chip’s costs, if rice sells for $600 a ton, Chip’s profit-maximizing output is
A)less than one ton.
B)between two and three tons.
C)between three and four tons.
D)between one and two tons.
Answer: B
13)Based on the table above which shows Chip’s costs, if rice sells for $600 a ton, Chip
A)earns an economic profit and should stay open in the short run.
B)earns an economic profit, but should shut down in the short run.
C)incurs an economic loss, but should stay open in the short run.
D)incurs an economic loss and should shut down in the short run.
Answer: C
完全競爭市場
14)Firms in perfectly competitive industries have a ______individual demand curve when the price is on the vertical axis and the quantity is on the horizontal axis. The shape of the curve is result of the firm being a ______.
A)horizontal; price taker
B)downward sloping; price maker
C)vertical; price taker
D)downward sloping; price taker
Answer: A
15)Suppose that firms selling a good in a perfectly competitive market are incurring economic losses. Over time, ______.
A)new firms will enter the market, the price of the good will rise, and economic losses will decrease
B)some firms will exit the market, the price of the good will rise, and economic losses will decrease
C)new firms will enter the market, the price of the good will fall, and economic losses will increase
D)some firms will exit the market, the price of the good will fall, and economic losses will decrease
Answer:B
16)A shutdown point occurs at the level of output where:
A)average revenue equals to average fixed cost
B)average revenue equals to average variable cost
C)average revenue equals to average total cost
D)marginal revenue equals to marginal cost
Answer: B
獨占
17)Which area in the above figure shows the consumer surplus at the price and quantity that would be set by a single-price monopoly?
A)A + B
B)A + B + C + D + E
C)C + D
D)C + D + E + F + G + H
Answer: A
國民所得的衡量
Item / Millions ofdollars
Personal consumption expenditure / 80
Government expenditure on goods and services / 30
Net taxes / 35
Gross private domestic investment / 20
Imports of goods and services / 10
Exports of goods and services / 20
18)Using the information in the table above, calculate the value of GDP.
A)$185 million
B)$145 million
C)$195 million
D)$140 million
Answer: D
19)GDP counts only final goods and services because this
A)method avoids including any goods that are produced this year and sold next year.
B)method avoids double counting of goods going through several stages of production.
C)amount can be more easily determined in the marketplace.
D)method avoids understating the value of GDP produced during a given year.
Answer: B
20)When using the income approach to measure GDP at market prices, after summing all factor incomes we ______.
A)subtract depreciation because profit is reported as net profit
B)add depreciation because capital depreciates when goods and services are manufactured
C)add indirect taxes less subsidies to convert aggregate income from factor cost to market price
D)add depreciation and indirect taxes less subsidies
Answer:D
21)The business cycle is defined as:
A)the fluctuations of real GDP above potential GDP.
B)the fluctuations of real GDP below potential GDP.
C)the fluctuations of real GDP around potential GDP.
D)the fluctuations of real GDP growth rate.
Answer: C
失業
22)In a town 100 people are unemployed, 1,000 are employed, and the working-age population is 1,400.The labor force participation rate in this town is ______.
A)78.6 percent
B)71.4 percent
C)64.3 percent
D)66.6 percent
Answer:A
23)The natural unemployment includes:
A)both structural and cyclical unemployment.
B)both frictional and cyclical unemployment.
C)both frictional and structural unemployment.
D)frictional, structural and cyclical unemployment in all.
Answer: C
通貨膨脹。
CPI basket quantity / 2003 price / 2011 priceDVDs / 10 discs / $16 per disc / $12 per disc
Bottled water / 200 bottles / $1.00 per bottle / $1.25 per bottle
24)If 2003 is the reference base period, what is the price index for the CPI basket of goods for 2011 in the above table?
A)97.3
B)102.8
C)128.0
D)zero because the price of CDs fell and the price of water increased
Answer: B
25)If the price level for the last three months has been 112, 125, and 126, we would say
A)inflation has been constant over the three months.
B)inflation was more rapid between the first and second month than between the second and third month.
C)inflation was less rapid between the first and second month than between the second and third month.
D)inflation has steadily increased over the three months.
Answer: B
Short Questions (25%)
Price(dollars per unit) / Quantity demanded
(units)
30 / 0
25 / 10
20 / 20
15 / 30
10 / 40
5 / 50
0 / 60
1)The table above has the market demand schedule in an industry that has two firms in it. The marginal cost of this product is zero because these two firms have exclusive ownership of the resource and it does not cost any additional amount to produce additional units.
A)If the firms cooperate with each other so that they operate as a monopoly, what price will they charge and what (total) output will they produce? (4%)
B)If the firms cannot cooperate but instead behave as perfect competitors, what will be the price and the (total) output they produce? (4%)
Answer:
A)As a monopoly, the price will be $15 and the total output will be 30 units. This price and output combination is where they maximize their total profit because it is here that the marginal revenue equals zero. (The marginal revenue equals zero because this is the price and output combination for which total revenue is maximized and marginal revenue equals zero when total revenue is maximized.)
B)The perfectly competitive price is equal to marginal cost. Because marginal cost is equal to zero,the price will be $0 and the output will be 60 units.
2)Consider an economy produced 100 apples and 50 oranges in year 1. The price of apple is $2 and the price of orange is $5. In year 2, the production of apples is 120 and oranges decreased by 10%. The price of the apples is $3 and the price of oranges is $6.
A)Calculate the nominal GDP in year 1 and 2. (4%)
B)Use year 2 as based year, calculate the CPI in year 1 and 2. (3%)
C)What is the inflation rate from year 1 to year 2? What is the inflation rate if we use year 1 as based year? (4%)
Answer:
A)Nominal GDP in year 1: 100(2)+50(5)=450; Nominal GDP in year 2: 120(3)+45(6)=630
B)CPI in year 1: [120(2)+45(5)]/[120(3)+45(6)](100)=73.80; CPI in year 2: 100
C)Inflation: (100-73.80)/73.80=35.48%; Inflation (base year: 1): [100(3)+50(6)]/450-1=33.33%
3)Consider an economy with the price of apple is $5 and the price of orange is $10. John, with $100 in his pocket, is making the decision on how to spend this $100.
A)Suppose that John value apple as much as orange at a constant rate, what is the optimal consumption bundle for John? (3%)
B)If the price of orange dropped to $4, what is the change in John’s demand of apple? (3%)
Answer:
A)The optimal bundle is 20 apples.
B)The demand of apples dropped to 0 if the price of orange dropped to $4.