微觀經濟學chapter26習題答案

1、Chapter 2 Thinking Like an EconomistsTRUE OR FALSE1. Economists devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories. (T)2. While the scientific method is applicable to studying natural sciences, it is not applicable to studying a nations econom

2、y. (F)3. It is difficult for economists to make observations and develop theories, but it is easy for economists to run experiments to generate data to test their theories. (F)4. Good assumptions simplify a problem without substantially affecting the answer. (T)5. Assumptions can simplify the comple

3、x world and make it easier to understand. (T)6. Economic models omit many details to allow us to see what is truly important. (T)7. The circular-flow diagram explains, in general terms, how the economy is organized and how participants in the economy interact with one another. (T)8. In the circular-

4、flow diagram, households and firms are the decision makers. (T)9. In the circular-flow diagram, factors of production are the goods and services produced by firms. (F)10. In the circular-flow diagram, firms own the factors of production and use them to produce goods and services. (F)11. In the circu

5、lar-flow diagram, one loop represents the flow of goods and services, and the other loop represents the flow of factors of production. (F)12. The production possibilities frontier is a graph that shows the various combinations of outputs that the economy can possibly produce given the available fact

6、ors of production and the available production technology. (T)13. Refer to Figure 2-1, if this economy uses all its resources in the dishwasher industry, it produces 35 dishwashers and no doghouses. (T)Figure 2-114. Refer to Figure 2-1, it is possible for this economy to produce 75 doghouses. (F)15.

7、 Refer to Figure 2-1, it is possible for this economy to produce 30 doghouses and 20 dishwashers. (T)16. Refer to Figure 2-1, it is possible for this economy to produce 45 doghouses and 30 dishwashers. (F)17. Refer to Figure 2-1, unemployment could cause this economy to produce at point B. (T)18. Re

8、fer to Figure 2-1, the opportunity cost of moving from point A to point D is 10 dishwashers. (T)19. Refer to Figure 2-1, the opportunity cost of moving from point B to point D is 15 doghouses. (F)20. Refer to Figure 2-1, the opportunity cost of an additional doghouse increases as more doghouses are

9、produced. (T)21. If an economy can produce more of one good without giving up any of another good, then the economys current production point is inefficient. (T)22. When a production possibilities frontier is bowed outward, the opportunity cost of the first good in terms of the second good increases

10、 as more of the second good is produced. (F)23. A production possibilities frontier will be bowed outward if some of the economys resources are better suited to producing one good than another. (T)24. While the production possibilities frontier is a useful model, it cannot be used to illustrate econ

11、omic growth. (F)25. Microeconomics is the study of how households and firms make decisions and how they interact in specific markets. (T)26. Macroeconomics is the study of economy-wide phenomena. (T)27. Economists acting as scientists make positive statements, while economists acting as policy advis

12、ers make normative statements. (T)28. Normative statements describe how the world is, while positive statements prescribe how the world should be. (F)29. "Other things equal, an increase in supply causes a decrease in price" is a normative statement, not a positive statement. (F)30. There

13、is only one explanation for why economists give conflicting advice on policy issues, and it is that they have different values about what policy should try to accomplish. (F)31. The slope of a line is equal to the change in the x-variable divided by the change in the y-variable. (F)Chapter 3 Interde

14、pendence And The Gains From TradeTRUE OR FALSE1. Interdependence among individuals and interdependence among nations are both based on the gains from trade. (T)2. If a person chooses self-sufficiency, then she can only consume what she produces. (T)3. If Wrex can produce more math problems per hour

15、and more book reports per hour than Maxine can, then Wrex cannot gain from trading math problems and book reports with Maxine. (F)4. Trade allows a country to consume outside its production possibilities frontier. (T)5. Opportunity cost refers to how many inputs a producer requires to produce a good

16、. (F)6. Opportunity cost measures the trade-off between two goods that each producer faces. (T)7. For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunity cost of the other good. (T)8. If one producer has the absolute advantage in the production of a

17、ll goods, then that same producer will have the comparative advantage in the production of all goods as well. (F)9. If a country has the comparative advantage in producing a product, then that country must also have the absolute advantage in producing that product. (F)10. If one producer is able to

18、produce a good at a lower opportunity cost than some other producer, then the producer with the lower opportunity cost is said to have an absolute advantage in the production of that good. (F)11. Unless two people who are producing two goods have exactly the same opportunity costs, then one person w

19、ill have a comparative advantage in one good, and the other person will have a comparative advantage in the other good. (T)12. The principle of comparative advantage states that, regardless of the price at which trade takes place, everyone will benefit from trade if they specialize in the production

20、 of the good for which they have a comparative advantage. (F)13. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative advantage. (T)14. Two countries can achieve gains from trade even if one country has an absolute advantage in t

21、he production of both goods. (T)15. As long as two people have different opportunity costs, each can gain from trade with the other, since trade allows each person to obtain a good at a price lower than his or her opportunity cost. (T)16. When each person specializes in producing the good in which h

22、e or she has a comparative advantage, each person can gain from trade but total production in the economy is unchanged. (F)17. For both parties to gain from trade, the price at which they trade must lie exactly in the middle of the two opportunity costs. (F)18. David Ricardo was the author of the 18

23、17 book Principles of Political Economy and Taxation. (T)19. International trade may make some individuals in a nation better off, while other individuals are made worse off. (T)20. Trade can make some individuals worse off, even as it makes the country as a whole better off. (T) SHORT ANSWER1. Expl

24、ain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?Absolute advantage refers to productivity, as in the producer who can produce a product at a lower cost in terms of the res

25、ources used in production. Comparative advantage refers to the producer who can produce a product at a lower opportunity cost. Comparative advantage is the principle upon which trade patterns are based. Comparative advantage is based on opportunity cost, and opportunity cost measures the real cost t

26、o an individual or country of producing a particular product. Opportunity cost is therefore the information necessary for an individual or nation to determine whether to produce a good or buy it from someone else.2. The only two countries in the world, Alpha and Omega, face the following production

27、possibilities frontiers.Alphas Production Possibilities FrontierOmegas Production Possibilities Frontiera.Assume that each country decides to use half of its resources in the production of each good. Show these points on the graphs for each country as point A.b.If these countries choose not to trade

28、, what would be the total world production of popcorn and peanuts?c.Now suppose that each country decides to specialize in the good in which each has a comparative advantage. By specializing, what is the total world production of each product now?d.If each country decides to trade 100 units of popco

29、rn for 100 units of peanuts, show on the graphs the gain each country would receive from trade. Label these points B.Alphas Production Possibilities FrontierOmegas Production Possibilities Frontiera.Alpha would be producing 125 units of peanuts and 75 units of popcorn (point A on its production poss

30、ibilities frontier) and Omega would be producing 50 units of peanuts and 150 units of popcorn (point A on its production possibilities frontier).b.The total world production of peanuts would be 175 units and the total world production of popcorn would be 225 units.c.The total world production of pea

31、nuts would now be 250 units and the total world production of popcorn would now be 300 units.d.Alpha would be producing 250 units of peanuts and would trade 100 of them to Omega, leaving Alpha with 150 units of peanuts. Alpha would then receive 100 units of popcorn from Omega. Omega would be produci

32、ng 300 units of popcorn and would trade 100 of them to Alpha, leaving Omega with 200 units of popcorn. Omega would then receive 100 units of peanuts from Alpha.Choice1. People who provide you with goods and services (b)a.are acting out of generosity.b.do so because they get something in return.c.hav

33、e chosen not to become interdependent.d.are required to do so by the government.2. When an economist points out that you and millions of other people are interdependent, he or she is referring to the fact that we all (b)a.rely upon the government to provide us with the basic necessities of life.b.re

34、ly upon one another for the goods and services we consume.c.have similar tastes and abilities.d.are concerned about one anothers well-being.3. When can two countries gain from trading two goods? (d)a.when the first country can only produce the first good and the second country can only produce the s

35、econd goodb.when the first country can produce both goods, but can only produce the second good at great cost, and the second country can produce both goods, but can only produce the first good at great costc.when the first country is better at producing both goods and the second country is worse at

36、 producing both goodsd.Two countries could gain from trading two goods under all of the above conditions.4. Shannon bakes cookies and Justin grows vegetables. In which of the following cases is it impossible for both Shannon and Justin to benefit from trade? (a)a.Shannon does not like vegetables and

37、 Justin does not like cookies.b.Shannon is better than Justin at baking cookies and Justin is better than Shannon at growing vegetables.c.Justin is better than Shannon at baking cookies and at growing vegetables.d.Both Shannon and Justin can benefit from trade in all of the above cases.5. A producti

38、on possibilities frontier is bowed outward when (d)a.the more resources the economy uses to produce one good, the fewer resources it has available to produce the other good.b.an economy is self-sufficient instead of interdependent and engaged in trade.c.the rate of tradeoff between the two goods bei

39、ng produced is constant.d.the rate of tradeoff between the two goods being produced depends on how much of each good is being produced.6. The following table contains some production possibilities for an economy for a given month. (d)SweatersGloves43006?8100If the production possibilities frontier i

40、s bowed outward, then “?” could bea.100.b.150.c.200.d.250.7. Assume for the United States that the opportunity cost of each airplane is 100 cars. Then which of these pairs of points could be on the United States' production possibilities frontier? (c)a.(200 airplanes, 5,000 cars) and (150 airpla

41、nes, 4,000 cars)b.(200 airplanes, 10,000 cars) and (150 airplanes, 20,000 cars)c.(300 airplanes, 15,000 cars) and (200 airplanes, 25,000 cars)d.(300 airplanes, 25,000 cars) and (200 airplanes, 40,000 cars)8. What must be given up to obtain an item is called (c)a.out-of-pocket parative wort

42、h.c.opportunity cost.d.absolute value.9. A farmer has the ability to grow either corn or cotton or some combination of the two. Given no other information, it follows that the farmers opportunity cost of a bushel of corn multiplied by his opportunity cost of a bushel of cotton (c)a.is equal to 0.b.i

43、s between 0 and 1.c.is equal to 1.d.is greater than 1.10. If Korea is capable of producing either shoes or soccer balls or some combination of the two, then (d)a.Korea should specialize in the product in which it has an absolute advantage.b.it would be impossible for Korea to have an absolute advant

44、age over another country in both products.c.it would be difficult for Korea to benefit from trade with another country if Korea is efficient in the production of both goods.d.Koreas opportunity cost of shoes is the inverse of its opportunity cost of soccer balls.11. Mike and Sandy are two woodworker

45、s who both make tables and chairs. In one month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. Given this, we know that the opportunity cost of 1 chair is (a)a.1/5 table for Mike and 1/3 table for Sandy.b.1/5 table for Mike and 3 tables for Sandy.c.5 tables for Mik

46、e and 1/3 table for Sandy.d.5 tables for Mike and 3 tables for Sandy.12. If Shawn can produce more donuts in one day than Sue can produce in one day, then (c)a.Shawn has a comparative advantage in the production of donuts.b.Sue has a comparative advantage in the production of donuts.c.Shawn has an a

47、bsolute advantage in the production of donuts.d.Sue has an absolute advantage in the production of donuts.13. Kelly and David are both capable of repairing cars and cooking meals. Which of the following scenarios is not possible? (c)a.Kelly has a comparative advantage in repairing cars and David has

48、 a comparative advantage in cooking meals.b.Kelly has an absolute advantage in repairing cars and David has an absolute advantage in cooking meals.c.Kelly has a comparative advantage in repairing cars and in cooking meals.d.David has an absolute advantage in repairing cars and in cooking meals.14. C

49、omparative advantage is related most closely to which of the following? (b)a.output per hourb.opportunity costc.efficiencyd.bargaining strength in international trade15. Two individuals engage in the same two productive activities. In which of the following circumstances would neither individual hav

50、e a comparative advantage in either activity? (c)a.One individuals production possibilities frontier is steeper than the other individuals production possibilities frontier.b.One individual is faster at both activities than the other individual.c.One individuals opportunity costs are the same as the

51、 other individuals opportunity costs.d.None of the above is correct; one of the two individuals always will have a comparative advantage in at least one of the two activities.16. Total output in an economy increases when each person specializes becausea.there is less competition for the same resourc

52、es.b.each person spends more time producing that product in which he or she has a comparative advantage.c.a wider variety of products will be produced within each country due to ernment necessarily plays a larger role in the economy due to specialization.17. Which of the followin

53、g statements is not correct? (d)a.Trade allows for specialization.b.Trade has the potential to benefit all nations.c.Trade allows nations to consume outside of their production possibilities curves.d.Absolute advantage is the driving force of specialization.18. By definition, imports are (d)a.people

54、 who work in foreign countries.b.goods in which a country has an absolute advantage.c.limits placed on the quantity of goods leaving a country.d.goods produced abroad and sold domestically.19. By definition, exports are (d)a.limits placed on the quantity of goods brought into a country.b.goods in wh

55、ich a country has an absolute advantage.c.people who work in foreign countries.d.goods produced domestically and sold abroad.20. Which of the following would not result from all countries specializing according to the principle of comparative advantage? (d)a.The size of the economic pie would increa

56、se.b.Worldwide production of goods and services would increase.c.The well-being of citizens in each country would be enhanced.d.Each countrys production possibilities frontier would shift outward.Chapter 4 The Market Forces of Supply and DemandTRUE OR FALSE1. In a market economy, supply and demand d

57、etermine both the quantity of each good produced and 2. the price at which it is sold. (T)3. Prices allocate a market economys scarce resources. (T)4. Sellers as a group determine the demand for a product, and buyers as a group determine the supply of a product. (F)5. In a competitive market, the qu

58、antity of each good produced and the price at which it is sold are not determined by any single buyer or seller. (T)6. In a perfectly competitive market, the goods offered for sale are all exactly the same. (T)7. The law of demand states that, other things equal, when the price of a good rises, the quantity demanded of the good rises, and w