经济学原理对应练习21

1、Chapter 21The Theory of Consumer ChoiceMultiple ChoiceThe theory of consumer choice provides the foundation for understanding a. the structure of a firm.the profitability of a firm.a firms product demand.a firms product supply. ANS: CPTS: 1DIF: 1REF: 21-0TOP: Consumer choiceMSC: DefinitionalThe theo

2、ry of consumer choice examinesthe determination of output in competitive markets.the tradeoffs inherent in decisions made by consumers.how consumers select inputs into manufacturing production processes.the determination of prices in competitive markets.ANS: BPTS: 1DIF: 1REF: 21-0TOP: Consumer choic

3、eMSC: DefinitionalConsider two goods, books and hamburgers. The slope of the consumers budget constraint is measured by the a. consumers income divided by the price of hamburgers.relative price of books and hamburgers.consumers marginal rate of substitution.number of books purchased divided by the n

4、umber of hamburgers purchased. ANS: BPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: InterpretiveIf a consumers income decreases, the budget constraint for CDs and DVDs willshift outward, parallel to the original budget constraint.shift inward, parallel to the original budget constraint.rotate outwa

5、rd along the CD axis because we can afford more CDs.rotate outward along the DVD axis because we can afford more DVDs. ANS: BPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: AnalyticalIf the relative price of a concert ticket is 3 times the price of a meal at a good restaurant, then the opportunity c

6、ost of a concert ticket can be measured by the a. slope of the budget constraint.slope of an indifference curve.marginal rate of substitution.income effect. ANS: APTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: AnalyticalWhen the price of a shirt falls, thequantity of shirts demanded falls.quantity

7、of shirts demanded rises.quantity of shirts supplied rises.demand for shirts falls. ANS: BPTS: 1DIF: 1REF: 21-1TOP: Demand MSC: Analytical898Chapter 21/The Theory of Consumer Choice899A budget constraintshows the prices that a consumer chooses to pay for products he consumes.shows the purchases made

8、 by consumers.shows the consumption bundles that a consumer can afford.represents the consumption bundles that give a consumer equal satisfaction.ANS: CPTS: 1DIF: 1REF: 21-1TOP: Budget constraintMSC: DefinitionalAssume that a college student spends her income on books and pizza. The price of a pizza

9、 is $8.00, and the price of a book is $15. If she has $100 of income, she could choose to consume a. 8 pizzas and 4 books.4 pizzas and 5 books.9 pizzas and 3 books.4 pizzas and 3 books.ANS: DPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: ApplicativeAssume that a college student spends her income on

10、 mac-n-cheese and CDs. The price of one box of mac-n-cheese is $1.00, and the price of one CD is $12.00. If she has $100 of income, she could choose to consume15 boxes of mac-n-cheese and 6 CDs.20 boxes of mac-n-cheese and 7 CDs.10 boxes of mac-n-cheese and 8 CDs.30 boxes of mac-n-cheese and 6 CDs.A

11、NS: APTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: ApplicativeA consumer that doesnt spend all of her incomewould be at a point outside of her budget constraint.would be at a point inside her budget constraint.must not be consuming positive quantities of all goods.must be consuming at a point wher

12、e her budget constraint touches one of the axes.ANS: BPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: InterpretiveAn increase in income will cause a consumers budget constraint toshift outward, parallel to its initial position.shift inward, parallel to its initial position.pivot around the Y axis.pi

13、vot around the X axis.ANS: APTS: 1DIF: 2REF: 21-1Figure 21-1CDsTOP: Budget constraintMSC: Analytical900Chapter 21/The Theory of Consumer ChoiceRefer to Figure 21-1 . Which point in the figure showing a consumer s budget constraint represents the consumersincome divided by the price of a CD? a. Point

14、 A b. Point C c. Point D d. Point E ANS: CPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: ApplicativeRefer to Figure 21-1 . A consumer that chooses to spend all of her income could be at which point(s) on the budget constraint?AEB, C, or DA, B, C, or DANS: CPTS: 1DIF: 1REF: 21-1TOP: Budget constrain

15、tMSC: ApplicativeRefer to Figure 21-1 . All of the points identified in the figure represent possible consumption options with the exception of a. A b. E c. A and E d. None. All points are possible consumption options.ANS: BPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: ApplicativeFigure 21-2901Cha

16、pter 21/The Theory of Consumer ChoiceRefer to Figure 21-2 . Which of the graphs in the figure reflects a decrease in the price of good X only?a. graph (a) b. graph (b) c. graph (c) d. graph (d) ANS: BPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: AnalyticalRefer to Figure 21-2 . Which of the graphs

17、 in the figure reflects an increase in the price of good Y only?a. graph (a) b. graph (b) c. graph (c) d. graph (d) ANS: CPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: AnalyticalRefer to Figure 21-2 . Which of the graphs in the figure could reflect a decrease in the prices of both goods? a. graph

18、(a) b. graph (b) c. graph (c) d. graph (d) ANS: DPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: AnalyticalThe slope of the budget constraint is determined by therelative price of the goods measured on the axes.relative price of the goods measured on the axes and the consum er s income.endowment of

19、productive resources.preferences of the consumer.ANS: APTS: 1DIF: 1REF: 21-1TOP: Budget constraintMSC: DefinitionalThe slope of the budget constraint is all of the following exceptthe relative price of two goods.the rate at which a consumer can trade one good for another.the marginal rate of substit

20、ution.constant.ANS: CPTS: 1DIF: 1REF: 21-1TOP: Budget constraintMSC: Definitional(b)Figure 21-31042902Chapter 21/The Theory of Consumer ChoiceRefer to Figure 21-3 . In graph (a), if income is equal to $120, the price of good y is a. $1 b. $2 c. $3 d. $4ANS: CPTS: 1DIF: 2REF: 21-1TOP: Budget constrai

21、ntMSC: ApplicativeRefer to Figure 21-3 . In graph (a), what is the price of good y relative to good x (i.e., Py/Px)? a. 1/3 b. 1/4 c. 3 d. 4ANS: BPTS: 1DIF: 3REF: 21-1TOP: Budget constraintMSC: ApplicativeRefer to Figure 21-3 . In graph (b), what is the price of good x relative to good y (i.e., Px/P

22、y)? a. 2/7 b. 3/6 c. 7/2 d. 7ANS: APTS: 1DIF: 3REF: 21-1TOP: Budget constraintMSC: ApplicativeRefer to Figure 21-3 . Assume that a consumer faces both budget constraints in graph (a) and graph (b) on two different occasions. If her income has remained constant, what has happened to prices?The price

23、of X in graph (a) is higher than the price of X in graph (b).The price of Y in graph (a) is higher than the price of Y in graph (b).The prices of both X and Y are lower in graph (a).None of the above are true.ANS: APTS: 1DIF: 3REF: 21-1TOP: Budget constraintMSC: AnalyticalSuppose a consumer spends h

24、er income on two goods: music CDs and DVDs. If the consumer has $200 to allocate to these two goods, the price of a CD is $10, and the price of a DVD is $20, what is the maximum number of CDs the consumer can purchase? a. 10 b. 20 c. 40 d. 50ANS: BPTS: 1DIF: 1REF: 21-1TOP: Budget constraintMSC: Appl

25、icativeSuppose a consumer spends her income on two goods: music CDs and DVDs. If the price of a CD is $8, the price of a DVD is $20, and we graph the budget constraint by placing the quantity of CDs purchased on the horizontal axis, what is the slope of the budget constraint? a. -5.0 b. -2.5 c. -0.4

26、d. The slope of the budget constraint cannot be determined without knowing the income the consumer has available to spend on the two goods.ANS: CPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: Applicative903Chapter 21/The Theory of Consumer ChoiceSuppose a consumer is currently spending all of her a

27、vailable income on two goods: music CDs and DVDs. If the price of a CD is $9, the price of a DVD is $18, and she is currently consuming 10 CDs and 5 DVDs, what is the consumers income?$90$180$270$360ANS: BPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: ApplicativeA consumer is currently spending all

28、 of her available income on two goods: music CDs and DVDs. At her current consumption bundle she is spending twice as much on CDs as she is on DVDs. If the consumer has $120 of income and is consuming 10 CDs and 2 DVDs, what is the price of a CD?$4$8$12$20ANS: BPTS: 1DIF: 3REF: 21-1TOP: Budget const

29、raintMSC: AnalyticalThe following diagram shows a budget constraint for a particular consumer.If the price of x is $10, what is the price of y?$15$25$35$70ANS: CPTS: 1DIF: 3REF: 21-1TOP: Budget constraintMSC: AnalyticalBudget constraints exist for consumers becausetheir utility from consuming goods

30、eventually reaches a maximum level.even with unlimited incomes they have to pay for each good they consume.they have to pay for goods and they have limited incomes.prices and incomes are inversely related.ANS: CPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: Interpretive904Chapter 21/The Theory of C

31、onsumer ChoiceA family on a trip budgets $800 for meals and gasoline. If the price of a meal for the family is $50, how many meals can the family buy if they do not buy any gasoline? a. 8 b. 16 c. 24 d. 32ANS: BPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: ApplicativeA family on a trip budgets $80

32、0 for meals and hotel accommodations. Suppose the price of a meal is $40. In addition, suppose the family could afford a total of 8 nights in a hotel if they don t buy any meals. How many mealsfamily afford if they gave up two nights in the hotel?1258ANS: CPTS: 1DIF: 3REF: 21-1TOP: Budget constraint

33、MSC: ApplicativeIf the price of bread is zero, the budget constraint between bread (on the vertical axis) and cheese (on the horizontal axis) would a. be vertical.coincide with the vertical axis.coincide with the horizontal axis.be horizontal.ANS: APTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: Ana

34、lyticalScenario 21-1Suppose the price of pizza is $10, the price of cola is $1, and the consumer s income is $50. In addition, suppoconsumer s budget constraint measures pizza on the horizontal axis and cola on the vertical axis.Refer to Scenario 21-1. If the price of cola doubles to $2, then thebud

35、get constraint intersects the vertical axis at 25 colas.slope of the budget constraint rises to -2.budget constraint intersects the vertical axis at 100 colas.budget constraint shifts inward in a parallel fashion.ANS: APTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: ApplicativeRefer to Scenario 21-1

36、. If the consumers income rises to $60, then the budget line for pizza and cola wouldnow intersect the horizontal axis at 6 pizzas and the vertical axis at 60 colas.not change.now intersect the horizontal axis at 4 pizzas and the vertical axis at 16 colas.rotate outward along the cola axis.ANS: APTS

37、: 1DIF: 1REF: 21-1TOP: Budget constraintMSC: ApplicativeAn increase in a consumers incomeincreases the slope of the consumers budget constraint.has no effect on the slope of the consumers budget constraint.decreases the slope of the consumers budget constraint.has no effect on the consumers budget c

38、onstraint.ANS: BPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: Analytical905Chapter 21/The Theory of Consumer ChoiceA decrease in a consumers incomeincreases the slope of the consumers budget constraint.has no effect on the consumers budget constraint.decreases the slope of the consumers budget con

39、straint.has no effect on the slope of the consumers budget constraint.ANS: DPTS:1DIF: 2REF: 21-1TOP: Budget constraintMSC: AnalyticalThe price of gin has risen from $7 to $9 per bottle, the price of cocktail onions has fallen from $6 to $5 per jar, and Elizabeths income has stayed fixed at $46 per w

40、eek. Since the price changes, Elizabeth has been buying 4 bottles of gin and 2 jars of cocktail onions per week. At the original prices, 4 bottles of gin and 2 jars of cocktail onions would haveexactly exhausted her income.cost more than her income.cost less than her income.could have maximized her

41、satisfaction given her budget constraint.ANS: CPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: ApplicativeThe price of gin has risen from $7 to $9 per bottle, the price of cocktail onions has fallen from $6 to $5 per jar, and Elizabeths income has stayed fixed at $46 per week. If you put gin on the

42、vertical axis and cocktail onions on the horizontal axis, then the budget constraint a. is steeper after the price changes.is flatter after the price changes.is the same after the price changes.shifts in parallel to the old budget constraint after the price changes.ANS: BPTS: 1DIF: 2REF: 21-1TOP: Bu

43、dget constraintMSC: ApplicativeSuppose the only two goods that Brett consumes are wine and cheese. When wine sells for $10 a bottle and cheese sell for $10 a pound, he buys 6 bottles of wine and 4 pounds of cheese spending his entire income of $100. One day the price of wine falls to $5 a bottle and

44、 the price of cheese increases to $20 a pound, while his income does not change. The bundle of wine and cheese that he purchased at the old prices, now costs, at the new prices, a. the same amount.less than Bretts income.more than Bretts income.not enough information to answer the question.ANS: CPTS

45、: 1DIF: 1REF: 21-1TOP: Budget constraintMSC: ApplicativeSuppose the only two goods that Brett consumes are wine and cheese. When wine sells for $10 a bottle and cheese sell for $10 a pound, he buys 6 bottles of wine and 4 pounds of cheese spending his entire income of $100. One day the price of wine

46、 falls to $5 a bottle and the price of cheese increases to $20 a pound, while his income does not change. If you place wine on the vertical axis and cheese on the horizontal axis, then a. the slope of Bretts budget has not changed.the slope of Bretts budget constraint is flatter at the new prices.th

47、e slope of Bretts budget constraint is steeper at the new prices.Bretts budget constraint has shifted in parallel to the budget constraint with the old prices.ANS: CPTS: 1DIF: 2REF: 21-1TOP: Budget constraintMSC: ApplicativeConsider the indifference curve map for nickels and quarters. Assume nickels

48、 are on the vertical axis and quarters are on the horizontal axis. The indifference curves for nickels and quarters a. are straight lines with slope of -1/5 b. are straight lines with a slope of -1.are straight lines with a slope of -5.are L shaped.ANS: CPTS: 1DIF: 2REF: 21-2TOP: Perfect substitutes

49、MSC: Applicative906Chapter 21/The Theory of Consumer ChoiceAll of the following are properties of indifference curves except a. higher indifference curves are preferred to lower ones. b. indifference curves are downward sloping. c. indifference curves do not cross. d. indifference curves are bowed o

50、utward.ANS: DPTS: 1DIF: 1REF: 21-2TOP: Indifference CurveMSC: InterpretiveA consumer s preferences for right shoes and left shoes can be represented by indifference curves that are a. bowed out from the origin b. bowed in towards the origin c. straight lines d. right anglesANS: DPTS: 1DIF: 1REF: 21-

51、2TOP: Indifference CurveMSC: InterpretiveA consumer s preferences for $1 bills and $20 bills can be represented by indifference curves that are a. bowed out from the origin b. bowed in towards the origin c. straight lines d. right anglesANS: CPTS: 1DIF: 1REF: 21-2TOP: Indifference CurveMSC: Interpre

52、tiveEconomists represent a consumers preferences using a. demand curves.budget constraints.indifference curves.supply curves.ANS: CPTS: 1DIF: 1REF: 21-2TOP: Indifference CurveMSC: DefinitionalIf two bundles of goods give a consumer the same satisfaction, the consumer must beon her budget constraint.

53、in a position of equilibrium.indifferent between the bundles.Both a and c are correct.ANS: CPTS: 1DIF: 2REF: 21-2Ouinlity ofTwinkiesOuantkty ol HO-HOSTOP: Indifference CurveMSC: InterpretiveChapter 21/The Theory of Consumer Choice907Refer to Figure 21-4 . Which of the following statements is correct

54、?Point A is preferred equally to point E.Point A is preferred equally to point C.The bundle associated with point B contains more Ho-Hos than that associated with point C.The bundles along indifference curve I 1 are preferred to those along indifference curve I 2.ANS: BPTS: 1DIF: 1REF: 21-2TOP: Indi

55、fference CurveMSC: AnalyticalRefer to Figure 21-4 . Which of the following statements is true?If a consumer moves from point C to point A, her loss of Ho-Hos cannot be compensated for by an increase in Twinkies.Point E is preferred to all other points identified in the figure.Since more is preferred

56、 to less, point C may be preferred to point E in some circumstances for this consumer.Even though point E has more of both goods than point B, we could draw a different set of indifference curves in which point B is preferred to point E.ANS: BPTS: 1DIF: 2REF: 21-2TOP: Indifference CurveMSC: Analytic

57、alRefer to Figure 21-4 . Which of the following statements is not true for a consumer who moves from point B to point C?At point C the consumer would be willing to give up a larger number of Ho-Hos in exchange for a Twinkie thanat point B.The marginal rate of substitution at points C and B are the s

58、ame since the points lie on the same indifference curve.The consumer is willing to sacrifice Twinkies to obtain Ho-Hos.The consumer receives the same level of satisfaction at points B and C.ANS: BPTS: 1DIF: 2REF: 21-2TOP: Indifference CurveMSC: AnalyticalRefer to Figure 21-4 . Which of the following

59、 statements is true for a consumer who moves from point A to point D?It is difficult to compare the level of consumer satisfaction between points D and A.The consumer is indifferent between point A and point D.The consumer is definitely worse off.The consumer is likely to place a higher relative val

60、ue on Twinkies at point A than at point D.ANS: CPTS: 1DIF: 2REF: 21-2TOP: Indifference CurveMSC: AnalyticalRefer to Figure 21-4 . A person that chooses to consume bundle C is likely toreceive higher total satisfaction at point C than at point A.spend more on bundle C than bundle A.receive higher mar