商务经济学期末考试试卷

1、PAGE PAGE 5装订线班级： 姓名： 学号： 装订线班级： 姓名： 学号： 请将回答写在答题本上，写在试卷上无效！INSTRUCTIONS TO CANDIDATES1.This is a closed book examination; therefore no written material, reference books or notes will be permitted into the examination room.2.Write your answers in the answer booklets provided. Number each question cl

2、early.3.This examination is divided into three parts:Part A: Thirty multiple-choice questions - answer all questions (45marks).Part B: Ten true or false questions-answer all questions (10 marks).Part C: Six short-answer questions - answer three (3) only (3 x 10 = 30 marks).Part D: Two essay question

3、s - answer one (1) only (1 x 15 = 15 marks).PART AThirty (30) multiple choice questions. Students should attempt all thirty multiple choice questions. Each multiple choice question is worth one and a half mark (1.5).1. All economic questions arise fromA.equalityB.opportunity costC.scarcityD.efficien

4、cy2. Which of following will NOT cause change in demand for ice cream?A.a change in seasonsB.a change in consumer incomesC. a change in the price of ice creamD.a change in consumers taste3.The shift of the supply curve of pizza illustrated in Figure 1 could be the result of A.a rise in income if piz

5、za is a normal good.B.an increase in the number of firms producing pizza.C.a rise in the price of pizza.D.a rise in the wage paid the workers who make pizza.SS0S1 Figure 1 4.When income increases by 6 percent, the demand for potatoes decreases by 2 percent. The income elasticity of demand for potato

6、es equalsA.-2.00B.3.00C.0.33D.-0.335.When the percentage change in the quantity supplied exceeds the percentage change in the percentage change in the price, and then supply is A.elasticB.inelasticC.unit elasticD.perfectly inelastic6. When the government imposes a price ceiling:A.the market equilibr

7、ium is established at a lower priceB.a black market will developC.it will become effectively only where the ceiling price is set above the equilibrium price D.there will be a surplus of unsold goods7.The income elasticity of demand for an inferior goods will be:A.between 0 and 1B.greater than 0C.les

8、s than 0D. independent of the level of income8.Monopoly is characterized by:A.only one producer of the good or serviceB.absence of close substitutes for the goodC.barriers to entryD.all of the above9.Suppose the demand for barley is perfectly elastic. The supply curve of barley is upward sloping. Th

9、e supply curve of barley is upward sloping. If a tax is imposed on barley, A. barley sellers pay the entire tax. B. barley buyers pay the entire tax.C.the government pays the entire tax.D.who pays the tax depends on whether the government imposes the tax on barley sellers or no barley buyers.10.Whic

10、h of the following best describes an externality?A.something that is external to the economy.B.an effect of a transaction felt by someone other than the consumer or producer.C.anything produced in other countries.D.a change from what is normal 11.The short run is a time period during whichA.some of

11、the firms resources are fixed.B.all of the firms resources are fixed.C.all of the firms resources are variable.D.the firm cannot increase its output.12.The demand curve faced by a perfectly competitive firm is A.C.U-shapedD.upward slopingTable1 shows output and total costs of a perfectly competitive

12、 firm producing a product X. Use the data provide in this to answer questions13-15.Output(quantity of product X per hour)Total cost(dollars per hour)05.0018.0029.00312.50417.20522.00629.0013.The total fixed costs of production are14.The average fixed costs when producing 4 units of output are15.The

13、average variable costs when producing 2 units of output are16.If firms in a perfectly competitive market have economic losses, then as time passes firms _ and the market _.17.Private goods as opposed to public goods are:A.always produced by private firms.B.rival but non-exclusive.C.exclusive but non

14、-rival. D. both rival and exclusive.18.The efficient level of output of a good with negative externalities is where:19.Perfectly competitive firms that seek to maximise profit will:20.Marginal revenue in perfectly competitive markets equals:21. When all of the economys labour, land, capital and entr

15、epreneurial ability fully employed, the value of production is calledA.potential GDPB.real GDPC.nominal GDPD.actual GDP22.Unemployment that occurs when a worker has insufficient skills or their skills on longer are needed in the economy is called:A.structural unemploymentB.frictional unemploymentC.s

16、easonal unemploymentD.cyclical unemployment23.If the Consumer Price Index rises from 300 to 333 in a particular year, the rate of inflation in that year is:A.B.33 percentC.91 percentD.10 percent24.If current GDP is above the long-run AS curve(or potential GDP), then we are currently in a _ and unemp

17、loyment is _ than the natural rate.25.A rise in investment spending by firms will lead to :26.Which of the following is not a reason for GDP incorrectly measuring the value of total output?27.If intermediate goods and services were included in the GDP:A.GDP would then have to be deflated for changes

18、 in the price levelB.GDP would be overstatedC.GDP would be understatedD.Nominal GDP would exceed real GDP ATCATC1ATC2ATC3ATC42,000 Figure1 28. Figure 1 shows four of a firms ATC curves. If the firms produces 2 000 units per day, it will use the plant size that corresponds to A.ATC1B.ATC2C.ATC3D.ATC4

19、29. When the economy is at full employment,A.the natural unemployment rate equals zeroB.the amount of cyclical unemployment equals zeroC.the amount of structural unemployment equals zeroD.there is no unemployment30.Stagflation is a combination of _ real GDP and a _ price level.A.increasing; risingPA

20、RT B True or False （T or F）Each question is worth one (1) mark.If the price of apple is below the equilibrium price, there is a shortage of apple and the price of apple will rise until the shortage disappears.When new technology for producing computers is used by manufacturers, the supply of compute

21、rs decreases.If the cross elasticity of demand is negative, the two goods are substitutes.Above the midpoint of a straight-line demand curve, demand is inelastic.A flu vaccination has an external benefit, so the marginal private benefit curve for flu vaccinations lies above the marginal social benef

22、it curve for flu vaccination.Most production processes initially have decreasing marginal returns followed eventually by increasing marginal returns.A regulated natural monopoly produces the efficient quantity of output when it is regulated to use a marginal cost pricing rule.As the price level fall

23、s, other things remaining the same, the quantity of real GDP demanded increases.The income approach uses data on consumption expenditure, investment, government purchases of goods and services, and net exports of goods and services to calculate GDP.As currently measured, real GDP does not include th

24、e value of home production. PART CShort Answers. Students should attempt any three (3) from the following six (6) short answer questions. Each short answer question is worth ten (10) marks.1.Show how the concept of cross price elasticity of demand can be used to classify any pair of goods as either

25、(a) substitutes or (b) complements. Give examples.2. Explain how the imposition of a pollution tax on polluting firms such as firms in the power supply industry, might act to internalize the negative externality resulting from coal use in production.3. Under perfect competition, in the long run, onl

26、y normal profit is earned. Explain why is so?4.To measure changes in production, why do we use real GDP rather than nominal GDP?5.What is the effect on aggregate supply if the money price of oil rises?6. Your price elasticity of demand for bananas is 4. If the price of bananas rise by 5 percent, what is The percentage change in the quantity of bananas you buy? The change in your expenditure on banana