Essentials of Economics英語單元測(cè)試

1、MankiwEssentials of EconomicsTest BankPoints1.Multiple ChoiceEconomics deals primarily with the concept of( )scarcity.poverty.change.power.Which of the following is NOT included in the decisions that every society must make?( )what goods will be producedwho will produce goodswhat determines consumer

2、 preferences消費(fèi)者的偏好who will consume the goodsA rational decision maker takes an action only if the( )marginal benefit is less than the marginal cost.marginal benefit is greater than the marginal cost.average benefit is greater than the average cost.marginal benefit is greater than both the average co

3、st and the marginal cost.Macroeconomics is the study of（）individual decision makers.economic history.economy-wide phenomena.how firms maximize profitA microeconomist might study each of the following EXCEPT( )the effects of rent control on housing in New York City.how a college student makes financi

4、al decisions.how tariffs on shoes affects the shoe industry.the effect on the economy when unemployment rates change.The term market failure refers to( )a situation in which the market on its own fails to allocate resources efficiently.an unsuccessful advertising campaign which reduces buyer demand.

5、a situation in which competition among firms becomes ruthless.a firm which is forced out of business because of losses.Which of the following is an example of a normative 規(guī)范（主觀）statement?( )If the price of a product decreases, quantity demanded increases. Reducing tax rates on the wealthy would be g

6、ood for the country. If the national saving rate were to increase, so would the rate of economic growth.All of the above are correct.For each good produced in a market economy, demand and supply determine( )the price of the good, but not the quantity.the quantity of the good, but not the price.both

7、price and quantity.neither price nor quantity is determined by demand and supply, because prices are ultimately set by producers.A higher price for batteries電池 would tend to（ ）increase the demand for flashlights.increase the demand for electricity.decrease the demand for electricity.increase the dem

8、and for batteriesTwo goods are complements if a decrease in the price of one good( )increases the quantity demanded of the other good.reduces the demand for the other good.reduces the quantity demanded of the other good.raises the demand for the other good.If a shortage exists in a market we know th

9、at the actual price is( )below equilibrium price and quantity demanded is greater than quantity supplied.above equilibrium price and quantity demanded is greater than quantity supplied.above equilibrium price and quantity supplied is greater than quantity demanded.below equilibrium price and quantit

10、y supplied is greater than quantity demanded.When the government prevents prices from adjusting naturally to supply and demand( )it stabilizes the economy by reducing market uncertainties.it adversely affects the allocation of resources.影響了資源的分配the improvement in equity justifies the reduction in ef

11、ficiency.the improvement in efficiency justifies the reduction in equity.Knowing that the demand for wheat is inelastic, if all farm voluntarily plowed under 10 percent of their wheat crop, then ( )consumers of wheat would buy more wheat.wheat farmers would suffer a reduction in their revenue.wheat

12、farmers would increase their revenue.the demand for wheat would decrease.Suppose that a steel factory emits a certain amount of air pollution, which constitutes a negative externality. The social cost of producing the steel includes the( )private costs of the steel producers and the price consumers

13、pay for the steel.private costs of the steel producers and the costs to the bystanders affected by the pollution.costs to the bystanders effected by the pollution only.price consumers pay for the steel.The Tragedy of commons can be corrected by( )providing more of the resource for public use.assigni

14、ng property rights to individuals.公地悲劇可以通過產(chǎn)權(quán)私人化來解決providing government subsidies for the resource.making certain everyone in the economy has access to the resourceWhich of the following is NOT true?( )In the presence of a market failure, government action might not improve on the market outcome beca

15、use sometimes public policies simply reward the politically powerful.In the presence of a market failure, government action might not improve on the market outcome because some leaders are not fully informed about the effects of their actions.In the presence of a market failure, government action ca

16、n sometimes improve on the market outcome.In the presence of a market failure, government action will always improve on the market outcome.If an economy is producing efficiently( )there is no way to produce more of one good without producing less of the other.it is possible to produce more of both g

17、oods.it is possible to produce more of one good without producing less of the other.it is not possible to produce more of one good at any cost.The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the( )amount of the other good that must be given up.

18、其他商品的數(shù)量需要放棄market price of the additional amount produced.amount of resources that must be devoted to its production. dnumber of dollars that must be spent to produce it.When a firm is operating at an efficient scale( ) average variable cost is minimized.average fixed cost is minimized.average total

19、 cost is minimized.None of the above are correct.Figure 1According figure 1, on the production possibilities frontier shown, the opportunity cost to the economy of getting 30 additional toothbrushes by moving from point A to point D is( )10 toasters.15 toasters.20 toasters.25 toasters.When a profits

20、-maximizing firm in a perfectly competitive market has zero economic profit, accounting profit( )is negative (accounting losses).is positive.is also zero.could be positive, negative or zeroIn the figure2 shown, the movement from point A to point B is a( )shift of the curve.change in preferences.move

21、ment along the curve.因?yàn)槭莾r(jià)格的變動(dòng)，所以沿著曲線All of the above are correct.Figure 2In the figure 3 shown, the movement from point B to point C is a( )shift of the curve.change in price. movement along the curve.change in costs to the firm.Figure 3Two goods are substitutes if a decrease in the price of one goo

22、d( )increases the demand for the other good.reduces the demand for the other good.reduces the quantity demanded of the other good.increases the quantity demanded of the other good.Two goods are complements if a decrease in the price of one good( )increases the quantity demanded of the other good.red

23、uces the demand for the other good.reduces the quantity demanded of the other good.raises the demand for the other good.If a decrease in income increases the demand for a good, then the good is( )a substitute good.a complement good.a normal good.an inferior good.On the firgue3, the movement from D t

24、o D1 is called an increase in demand.a decrease in demand.a decrease in quantity demanded.an increase in quantity demanded.Which of the following will definitely cause equilibrium quantity to fall?( )demand increases and supply decreasesdemand and supply both decreasedemand decreases and supply incr

25、easesdemand and supply both increaseIf the demand for a product increases, we would expect equilibrium price( )to increase and equilibrium quantity to decrease.to decrease and equilibrium quantity to increase.and equilibrium quantity to both increase.and equilibrium quantity to both decrease.New car

26、s are normal goods. What will happen to the equilibrium price of new cars if the price of gasoline rises, the price of steel falls, public transportation becomes cheaper and more comfortable, auto-workers accept lower wages and automobile insurance becomes more expensive?( )Price will rise.Price wil

27、l fall.Price will stay exactly the same.The price change will be ambiguous.What will happen to the equilibrium price of new textbooks if more students attend college, paper becomes cheaper, textbook authors accept lower royalties and fewer used textbooks are sold?( )Price will rise.Price will fall.P

28、rice will stay exactly the same.The price change will be ambiguous.If the price elasticity of demand for a good is 4.0, then a 10 percent increase in price would result in a( )4.0 percent decrease in the quantity demanded.10 percent decrease in the quantity demanded.40 percent decrease in the quanti

29、ty demanded.400 percent decrease in the quantity demanded.According to the firgue4, when price falls from point $40 to $30 we know that demand must be( )elastic, since total revenue increases from $8000 to $9000.inelastic, since total revenue increases from $8000 to $9000.inelastic, since total reve

30、nue decreases from $9000 to $8000.unit elastic, since total revenue decreases from $9000 to $8000. Figure 4The cross-price elasticity of demand can tell us whether goods are( )normal or inferior.elastic or inelastic.luxuries or plements or substitutes.If wheat farmers know that the demand for wheat

31、is inelastic, and they want to increase their total revenue, they should all( )plant more wheat so that they would be able to sell more each year.increase spending on fertilizer in an attempt to produce more on the acres they farm.reduce the number of acres they plant in wheat.use better machinery.O

32、PEC successfully raised the world price of oil in the 1970s and early 1980s primarily due to( )an inelastic demand for oil and a reduction in the amount of oil supplied.a reduction in the amount of oil supplied and a world-wide oil embargo.a world-wide oil embargo and an elastic demand for oil.a red

33、uction in the amount of oil supplied and an elastic demand for oil.A price ceiling( )is a legal maximum on the price at which a good can be sold.is a legal minimum on the price at which a good can be sold.occurs when the price in the market is temporarily above equilibrium.will usually result in a m

34、arket surplus.A price floor( )is a legal 合法的minimum on the price at which a good can be sold.is a legal maximum on the price at which a good can be sold.will generally result in a market shortage.will benefit the consumer, but hurt the supplier.A binding price ceiling causes( )a shortage, which cann

35、ot be eliminated消除 through market adjustment.a surplus, which cannot be eliminated through market adjustment.a shortage, which is temporary, since market adjustment will cause price to rise.a surplus, which is temporary, since market adjustment will cause price to rise.In the figure5 shown, a bindin

36、g price ceiling is shown in( )panel (a).panel (b).both panel (a) and panel (b).neither panel (a) nor panel (b).Figure5According to the figure6 shown, the equilibrium price in the market before the tax is imposed is( )$1.00.$3.50.$5.00.$6.00. Figure 6If a tax is imposed on a market with inelastic dem

37、and and elastic supply( )buyers will bear most of the burden of the tax.sellers will bear most of the burden of the tax.the burden of the tax will be shared equally between buyers and sellers.it is impossible to determine how the burden of the tax will be shared.If a tax is imposed on a market with

38、elastic demand and inelastic supply( )buyers will bear most of the burden of the tax.sellers will bear most of the burden of the tax.the burden of the tax will be shared equally between buyers and sellers.it is impossible to determine how the burden of the tax will be shared.Suppose that a tax is pl

39、aced on books. If the buyer pays the majority of the tax we know that the( )supply curve is more inelastic than the demand curve.demand curve is more inelastic than the supply ernment has placed the tax on the ernment has placed the tax on the buyer.Cameron visits a sporting goods

40、 store to buy a new set of golf clubs. He is willing to pay $750 for the clubs, but buys them on sale for $575. Camerons consumer surplus from the purchase is( )$175.$575.$750.$1,325.According to the figure7 shown, what area represents total surplus in the market when the price is P1?( )A + BB + CC

41、+ DA + B + C + D figure 7A profits-maximizing firm will shut down in the short run when( )priceaverage variable cost. priceaverage total costaverage revenuemarginal cost.average revenue average fixed costfigure8According to the figure8, the loss in total welfare resulting from the levying of the tax

42、 is represented by area ( )A + B + C.D + E + F.A + B + D + F.C + E. Taxes cause deadweight losses because( )they transfer purchasing power to the government which always wastes money.they prevent buyers and sellers from realizing some of the gains from trade.marginal buyers and sellers leave the mar

43、ket causing the quantity sold to fall.Both b and c are correct.The Laffer curve indicates each of the following EXCEPT income tax collections will be( )拉佛曲線是一條拋物線very low if income tax rates are very low.very low if income tax rates are very high.at a maximum if income tax rates are at some intermed

44、iate level between very low and very high.very high if income tax rates are very high.The impact of one persons actions on the well-being of a bystander is called(D)an economic dilemma.deadweight loss.the third-party problem.an externality.Which of the following statements is most correct about a ma

45、rket which is characterized by a negative production externality?( )P166The equilibrium quantity of output is equal to the socially optimal quantity.The equilibrium quantity of output is greater than the socially optimal quantity.負(fù)外部性的明顯特征，市場(chǎng)生產(chǎn)的數(shù)量大于社會(huì)合意的數(shù)量，而正外部性是小于，所以才會(huì)有矯正稅和補(bǔ)貼。Government interventio

46、n is not required to achieve a socially optimal quantity of output.The cost to the producer exceeds the cost to society.Which of the following is true concerning government attempts to internalize externalities?( )Government should tax goods with negative externalities and subsidize goods with posit

47、ive externalities.Government should tax goods with either positive or negative externalities.Government should subsidize goods with either positive or negative externalities.Government should tax goods with positive externalities and subsidize goods with negative externalities.The Coase theorem sugg

48、ests that private markets may not be able to solve the problem of externalities( )when the number of interested parties is large and bargaining costs are high.if government does not actively become involved in the process.if the firm in the market is a monopoly.if some people benefit from the extern

49、ality.In some cases, pollution permits may be better than a Pigovian tax because(D)pollution permits allow for a market solution while a Pigovian tax does not.pollution permits generate more revenue for the government than a Pigovian tax.Pollution permits are never preferred over a Pigovian tax.the

50、government can set a maximum level of pollution using permits.If one persons use of a good diminishes another persons enjoyment of it, the good is( )rival.excludable.normal.exhaustible.A good is excludable if( )one persons use of the good diminishes another persons enjoyment of it.the government can

51、 regulate its availability.it is not a normal good.people can be prevented from using it.According to experience, the most effective solution to highway congestion is to( )build more roads.set a price for access to roads, which is paid by those who use them.discourage urban sprawl by subsidizing urb

52、an apartment rents.All of the above are correct.The marginal cost curve crosses the average total cost curve at( )the efficient scale.the minimum point on the average total cost curve.a point where the marginal cost curve is rising.All of the above are correct.Which of the following statements about

53、 costs is correct?( )When marginal cost is less than average total cost, average total cost is rising.The total cost curve is U-shaped.As the quantity of output increases, marginal cost eventually rises.All of the above are correct.！期中分界According to figure 9, This firm experiences diseconomies of sc

54、ale at what output levels?( )output levels above Noutput levels between M and Noutput levels below MAll of the above are correct, if the firm is operating in the long run.firgue9When price is below average variable cost, a firm in a competitive market will(A)shut down and incur fixed costs.shut down

55、 and incur both variable and fixed costs.continue to operate as long as average revenue exceeds marginal cost.continue to operate as long as average revenue exceeds average fixed cost.Because monopoly firms do not have to compete with other firms, the outcome in a market with a monopoly is often( )n

56、ot in the best interest of society.one that fails to maximize total economic well-being.inefficient.All of the above are correctA natural monopoly occurs when( )the product is sold in its natural state (such as water or diamonds).there are economies of scale over the relevant range of output.the fir

57、m is characterized by a rising marginal cost duction requires the use of free natural resources, such as water or air.Which of following statements is correct( )The benefits that accrue to a monopoly firms owners are equal to the costs that are incurred by consumers of that firms product.Th

58、e deadweight loss that arises in monopoly stems from the fact that the profit-maximizing monopoly firm produces a quantity of output that exceeds the socially-efficient quantity.The deadweight loss caused by monopoly is similar to the deadweight loss caused by a tax on a product.The main social prob

59、lem caused by monopoly is monopoly profit.Which of the following statements is (are) true of a monopoly?（ ）A monopoly has the ability to set the price of its product at whatever level it desires.A monopolys total revenue will always increase when it increases the price of its product.A monopoly can

60、earn unlimited profits.(i) only(ii) only(i) and (ii)(ii) and (iii)Which of the following is not included in GDP?（ a ）unpaid cleaning and maintenance 保養(yǎng)of housesservices such as those provided by lawyers and hair styliststhe estimated rental value of owner-occupied housingproduction of foreign citize