微观经济学模拟题分析解析

1、Microeconomics Final Test 2010 I. Multiple Choice (1 points per each. In total 40 points) Identify the letter of the choice that best completes the statement or answers the question. _A_1. Which of the following will change a nations comparative advantage? A. a technological advance in producing man

2、ufactured goods B. a doubling of all wages C. quotas on imports D. a change in consumers preferences for imported goods 影响比较优势的因素：气候和自然资源；劳动力和资本的相对充裕；技术；外部经济 _D_ 2. If Japan can produce each unit of steel using fewer resources than Canada does, A. Canada has an absolute advantage in steel production

3、. B. Japan has an absolute advantage in steel production. C. Japan has a comparative advantage in steel production. D. Canada has a comparative advantage in steel production. 绝对优势：数量比较优势：机会成本 _B_ 3. Suppose you are considering going to the movies, and you place a $12 value on your anticipated enjoym

4、ent of the movie. The ticket price is $6 and you would be giving up two hours of work, where you earn $5 per hour. You would go to A. work; the opportunity cost of the movies exceeds the expected benefit. B. the movies; your incentive is the $6 excess expected benefit. C. the movies; your enjoyment

5、will exceed the lost wages by $2. D. the movies; the benefit of $18 exceeds the lost wages. _D_ 4. The amount of a good or service that buyers would be willing and able to purchase at a specific price is known as A. quantity demanded. B. demand. C. supply. supplied. quantity D._C_ 5. Which of the fo

6、llowing are the best examples of substitute goods? a. personal computers and computer software programs b. milk and cookies c. IBM and Gateway personal computers d. hot dogs and mustard _B_ 6. If the decline of Good As price leads the demand curve of Good B moving to the right, A. Good A and Good B

7、are substitutes. B. Good A and Good B are complements. C. Good A is an inferior good, Good B is a luxury good. D. Good A is a luxury good, Good B is an inferior good. _ 7. If price elasticity of demand is 2.0, this implies that consumers would A. buy twice as much of the good if price falls by 10 pe

8、rcent. B. require a 2 percent cut in price to raise quantity demanded of the good by 1 percent. C. buy 2 percent more of the good in response to a 1 percent cut in price. D. require at least a $2 increase in price before showing any response to the price increase. _ 8. If Weiskamp T-Shirt Co. lowers

9、 its price from $6 to $5 and finds that students increase their quantity demanded from 400 to 600 T-shirts, then the demand for Weiskamp T-shirts within this price range is A. price inelastic. B. price elastic. C. unit elastic. D. cross elastic. _ 9. A 5 percent increase in the price of sugar reduce

10、s sugar consumption by about 10 percent. to households causes increase TheA. spend more on sugar. B. spend less on sugar. C. spend the same amount on sugar. D. consume more goods like coffee and tea that are complements of sugar. _ 10. In which of the markets listed below would you expect the least

11、elastic response from suppliers? A. fast food B. soft drink C. road building D. Picasso paintings _ 11. If the price of Good A decreases from $10 to $9 and its quantity demanded increases 100, its price elasticity of demand is A. inelastic. B. elastic. C. unit-elastic. D. unclear. _ 12. If the equil

12、ibrium price of bread is $2 and the government imposes a $1.50 price ceiling on the price of bread, A. more bread will be produced to meet the increased demand. B. there will be a shortage of bread. C. the demand for bread will decrease because suppliers will reduce their supply. D. a surplus of bre

13、ad will emerge. _13. Rent controls typically end up A. increasing rents received by landlords. B. raising property values. maintenance. for overspend to landlords encouraging C.D. discouraging new housing construction.3 _ 14. Assume that the government sets a ceiling on the interest rate that banks

14、charge on loans. If the ceiling is set below the market equilibrium interest rate, the result will be A. a surplus of credit. B. a shortage of credit. C. greater profits for banks issuing credit. D. a perfectly inelastic supply of credit in the market place. _ 15. Which of the following best explain

15、s the source of consumer surplus for good A? A. Many consumers would be willing to pay more than the market price for good A. B. Many consumers pay prices that are greater than the equilibrium price of good A. C. Many consumers think the market price of good A is greater than its cost. D. Many consu

16、mers think the price elasticity of demand for good A is unit elastic. _ 16. If you had been willing to pay $2.19 for the gallon of milk purchased at the supermarket but were required to pay only $1.89, you have gained A. a refund of $.30 from the clerk. B. a consumer surplus amounting to $.30. C. ex

17、cess marginal benefit of $2.19. D. producer surplus of $.30. _17. If demand increases when supply is perfectly elastic, then A. consumer surplus will remain the same. B. consumer surplus will increase. C. it is not possible to predict the change in consumer surplus. price. in increase the with decre

18、ase will surplus consumer D._ 18. Producer surplus tends to be large when A. supply is elastic. B. demand is elastic. C. supply is inelastic. D. demand is inelastic. _ 19. Which of the following is an example of a positive externality? A. air pollution B. a person who litters in a public park C. a c

19、onsumer whose dream comes true when she buys a new convertible D. a nice garden in front of your neighbors house _ 20. Deadweight loss A. means that there is a loss to some individuals without a corresponding gain to others. B. is not really a loss to society because what one individual loses anothe

20、r individual gains. C. can be eliminated by sales taxes. D. can occur even if output is at the efficient level.4 _21. The slope of an indifference curve is A. marginal rate of substitution. B. marginal rate of technical substitution. C. marginal rate of transformation. D. marginal utility. _ 22. Whe

21、n total output increases from 100to 101 and total costs 315,to 300formincrease ismarginal cost 30. A. 330. B. 300. C. 15. D._23. As Als Radiator Co. continues to add workers, while keeping the same amount of machinery, some workers may be underutilized because they have little work to do while waiti

22、ng in line to use the machinery. When this occurs, Als Radiator Co. encounters A. economies of scale. B. diseconomies of scale. C. increasing marginal returns. D. diminishing marginal returns. _ 24. If the price ratio of commodities X and Y is 1.25 and their ratio of marginal utility is 2, in order

23、to maximize utility the consumer should A. buy more X and buy less Y. B. buy more Y and buy less X. C. buy more X and Y at the same time. D. buy less X and Y at the same time. _25. Which of the following is the best example of a variable cost? A. monthly payments for hired labor B. property tax paym

24、ents C. monthly rent payments for a warehouse D. pension payments to retired workers _ 26. The minimum points of theaverage variable cost and average total occur curvescost where A. the marginal cost curve lies below the average variable cost and average total cost curves. B. the marginal cost curve

25、 intersects those curves. C. wages are the lowest. D. the slope of total cost is the smallest. output of cost marginal the falls, labor of product marginal the When 27. _A. falls, then rises. B. becomes negative. C. rises. D. remains constant. 5 _ 28. Which of the following factors is most likely to

26、 shift IBMs total cost and marginal cost curves downward? A. a technological advance resulting in increased productivity B. higher property taxes charged by the municipal government C. increased wages to attract additional computer operators D. a reduction in subsidies from the state government _ 29

27、. When total production decreases, A. APLis zero. B. APLis negative. C. APL is zero. D. APL is negative. _ 30. Since the 1980s, Wal-Mart stores have appeared in almost every community in America. Wal-Martbuys their goods in large quantities and therefore at cheaper prices. Wal-Mart also locates its

28、stores where land prices are low, usually outside of the community business district. Many customers shop at Wal-Mart because of low prices and free parking. Local retailers, like the neighborhood drug store, often go out of business because they lose customers. This story demonstrates that A. consu

29、mers are boycotting local retailers whose prices are relatively higher. B. there are diseconomies of scale in retail sales. C. there are economies of scale in retail sales. D. there are diminishing returns to producing and selling retail goods. _31. Which of the followings is mostly unlikely to be a

30、 monopolist? A. the only doctor in a small town. company. Coca-Cola the B.C. the electricity company in a region. D. the tap-water company in a region. _ 32. If a firm can produce the same level of output when it uses more one unit of labor while using less two units of capital, MRTSLK is A. 0.5. B.

31、 2. C. 1. D. 4. _ 33. Which of the followings is correct when AC is at the lowest point? A. AVC=FC. B. MC=AC. C. P=AVC. D. P=MC. _ 34. A saving grace of monopoly compared with competition is that A. monopolists have more incentives to reduce their production costs. B. the output restricted by a mono

32、polist is a good way to reduce pollution in a polluted industry. C. keeping monopoly is better to technical innovation because of patent rights. D. given a market scale, the only firm can always cause diseconomy of scale. _ 35. A perfectly competitive market refers to A. the quantity of goods and se

33、rvices produced and consumed by participants accounts only a6 small fraction of total goods and services in the market. B. participants in the market are price takers. C. the products exchanged are identical. D. all of above. equilibrium short-run the market, competitive perfectly a in firm a For _3

34、6.means that A. P=the lowest AC. B. P=MC. C. there not exist economic profit. D. there not exist economic loss. _ 37. Most markets are not monopolies in the real world because A. firms usually face downward-sloping demand curves. B. supply curves slope upward. C. price is usually set equal to margin

35、al cost by firms. D. there are reasonable substitutes for most goods. _ 38. The supply curve of a monopolist A. is upper-slope. B. is its marginal cost curve. C. is its marginal revenue curve. D. does not exist. _ 39. In which kind of following markets a firm can charge the highest price via price d

36、iscrimination? A. when the price elasticity of demand is highest. B. when the price elasticity of demand is lowest. C. when the price elasticity of demand is inelastic. D. when the price elasticity of demand is elastic. _ 40. In a perfectly competitive market the prices of factors X, Y, and Z are re

37、spectively $6, $4, and $1, while their marginal products are respectively 12, 8, and 2 units with the price of $1 each unit, therefore, A. marginal revenue of X, Y, and Z is respectively smaller than its price. B. marginal revenue of X, Y, and Z equals respectively to its price. price. its than bigg

38、er respectively is Z and Y, X, of revenue marginal C.D. the above answers B, and C are true. II. Term definition (2 points per each. 20 points in total) 1. Opportunity cost 2. Production possibilities frontier 3. Substitution effect 4. Economies of Scale 5. Price floor 6. Coase theorem 7. Public Goo

39、ds 8. Stockholders equity 9. Economic profit 10. Endowment effect III. Discussion (4 points per each. 20 points in total) 1. Why are the marginal and average cost curves U-shaped? 2. What are the main sources of comparative advantage? 3. What is the main reason for deciding whether to produce or to

40、shut down in the short run? dilemma? prisoners the escape firms Can dilemma? prisoners the is What 4. 5. When a firm plans to expand production, there are two ways of raising capitals by using either bank loans with interest rate of 10% or the firms profit. The manager of the firm wants to choose th

41、e latter way. His reason is that the firms profit is less expensive because it is free of interests. What do you think about the managers choice? IV. Case Analysis (20 points in total) Began in 2002 and after the hearing conference of witnesses, the department of railway implemented completely a flo

42、ating ticket price in the Spring Transportation. However, its effect was very little: there were 128 million person-times of passengers in the Spring Transportation via railway in 2002; while the number of passengers is respectively 134 million in 2003, 137 million in 2004, 140 million in 2005, 150

43、million in 2006, and 156 million in 2007. Please answer the following questions: (1). For the markup of ticket prices in the Spring Transportation during the consecutive years, there were some reasons given by the department of railway: one reason was that “the markup of ticket prices is good to cut

44、ting the mountain-peak and filling the valley”, while a second reason was that “the markup can distribute passengers and mitigate the pressure of railway transportation”, etc. Please apply elasticity analysis to discussing these reasons. (8 points) (2). Based on the relationship between elasticity a

45、nd revenue, can we get rid of our suspicion that the markup in the Spring Transportation is a handful of gains by the railway-related companies? (5 points) (3). The price of railway transportation is regulated by the government.Due to the disputed markup of ticket prices in the Spring Transportation

46、 during the years, the department of railway promised to keep a stable price in 2008. However, lots of people were disappointed at the way of price-down in the low-seasons but getting-back to the normal price in the Spring Transportation. Please make your comments on it. (7 points) Microeconomics Fi

47、nal Test 2009 I. Multiple Choice (1 points per each. In total 40 points) Identify the letter of the choice that best completes the statement or answers the question. _ 1. Which of the following will change a nations comparative advantage? a. a technological advance in producing manufactured goods b.

48、 a doubling of all wages c. quotas on imports d. a change in consumers preferences for imported goods _ 2. If Japan can produce each unit of steel using fewer resources than Canada does, a. Canada has an absolute advantage in steel production. b. Japan has an absolute advantage in steel production.

49、c. Japan has a comparative advantage in steel production. d. Canada has a comparative advantage in steel production. _ 3. Suppose you are considering going to the movies, and you place a $12 value on your anticipated enjoyment of the movie. The ticket price is $6 and you would be giving up two hours

50、 of work, where you earn $5 per hour. You would go to a. work; the opportunity cost of the movies exceeds the expected benefit. b. the movies; your incentive is the $6 excess expected benefit. c. the movies; your enjoyment will exceed the lost wages by $2. d. the movies; the benefit of $18 exceeds t

51、he lost wages. _ 4. The amount of a good or service that buyers would be willing and able to purchase at a specific price is known as a. quantity demanded. b. demand. c. supply. d. quantity supplied. _ 5. Which of the following are the best examples of substitute goods? a. personal computers and com

52、puter software programs b. milk and cookies c. IBM and Gateway personal computers d. hot dogs and mustard _ 6. Which of the following sets of goods are most likely to be complementary goods? a. shoes and pizza b. automobiles and computers c. baseballs and baseball gloves tickets baseball and tickets

53、 football d.2 _ 7. An increase in the number of tomato producers will a. increase market supply because the price of tomatoes will rise. b. increase market supply because market demand will increase as more tomatoes are produced. c. increase market supply because market supply is the sum of all the

54、individual tomato producers supply curves. d. increase market demand but leave market supply unchanged. _ 8. If price elasticity of demand is 2.0, this implies that consumers would a. buy twice as much of the good if price falls by 10 percent. b. require a 2 percent cut in price to raise quantity de

55、manded of the good by 1 percent. c. buy 2 percent more of the good in response to a 1 percent cut in price. d. require at least a $2 increase in price before showing any response to the price increase. _ 9. If Weiskamp T-Shirt Co. lowers its price from $6 to $5 and finds that students increase their quantity demanded from 400 to 600 T-shirts, then the demand for Weiskamp T-shirts within this price range is a. price inelastic. b. price elastic. c. unit elastic. d. cross elastic. _ 10. A 5 percen