Chapter10曼昆经济学Word格式.docx

Chapter10曼昆经济学Word格式.docx

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2.Inamarketeconomy,economicactivityisguidedby

a.thegovernment.

b.businesses.

c.centralplanners.

d.prices.

3.Becausedecisionsinamarketeconomyareguidedbyindividualself-interest,thereis

a.astrongneedforgovernmentinterventioninthemarket.

b.lessefficiencyinmarketeconomiesthanincommandeconomies.

c.neverthelesstheabilitytoachievedesirableeconomicwell-beingforsocietyasawhole.

d.moreneedforastronglegalsystemtocontrolindividualgreed.

4.The“invisiblehand”leadsamarkettomaximize

a.producerprofitfromthatmarket.

b.totalbenefittosocietyfromthatmarket.

c.bothequityandefficiencyinthatmarket.

d.outputofgoodsorservicesinthatmarket.

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5.Intheabsenceofexternalitiestheinvisiblehandofthemarketplace

a.leadstoamarketoutcomethatmaximizestotalbenefittosociety.

b.isunabletoresolveinherentinefficienciesinthemarketsystem.

c.inducespeopletoactinamannerinconsistentwithselfinterest.

d.increasesthetransactionscostofcontractingbetweenpartiestoanexchange.

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6.Oneadvantagemarketeconomieshaveoverothertypesofeconomiesisthatmarketeconomies

a.provideanequaldistributionofgoodsandservicestoconsumers.

b.establishgovernmenteconomiccontrol.

c.solvetheproblemofscarcity.

d.aremoreefficient.

7.Thetermmarketfailurerefersto

a.asituationinwhichthemarket,onitsown,failstoallocateresourcesefficiently.

b.anunsuccessfuladvertisingcampaignwhichreducesdemand.

c.asituationinwhichcompetitionamongfirmsbecomesruthless.

d.afirmwhichisforcedoutofbusinessbecauseoflosses.

8.Marketfailurecanbecausedby

a.foreigncompetition.

b.externalities.

c.lowconsumerdemand.

d.governmentintervention.

9.Anexternalityistheimpactof

a.society’sdecisionsonthewell-beingofsociety.

b.aperson’sactionsonthatperson’swell-being.

c.oneperson’sactionsonthewell-beingofabystander.

d.society’sdecisionsonthewell-beingofonepersoninthesociety.

10.Anexternalityexistswhen

a.thegovernmentintercedesintheoperationofprivatemarketsbyforcingthemarkettoadjusttothebalanceofsupplyanddemand.

b.marketsarenotabletoreachequilibrium.

c.afirmsellsitsproductinaforeignmarket.

d.apersonengagesinanactivitythatinfluencesthewell-beingofabystanderandyetneitherpaysnorreceivespaymentforthateffect.

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11.Externalitiescausemarketsto

a.failtoallocateresourcesefficiently.

b.causepricetobedifferentthantheequilibriumprice.

c.benefitproducersattheexpenseofconsumers.

d.causemarketstooperatemoreequitably.

12.Whenexternalitiesarepresentinamarket

a.theestablishedequilibriummaximizesthetotalbenefittosocietyasawhole.

b.marketparticipantslosesomemarketbenefitstobystanders.

c.bothequityandefficiencyaremaximized.

d.themarketfailstoallocateresourcesefficiently.

13.Privatemarketsfailtoaccountforexternalitiesbecause

a.externalitiesdon'

toccurinprivatemarkets.

b.sellersincludecostsassociatedwithexternalitiesinthepriceoftheirproduct.

c.decisionmakersinthemarketfailtotakeaccountoftheexternaleffectsoftheirbehavior.

d.thegovernmentcaneasilycorrectanyadverseeffectonthemarketthatexternalitiesmaycause.

1DIFFICULTY:

14.Ifanexternalityispresentinamarket,economicefficiencymaybeenhancedby

a.increasedcompetition.

b.weakeningpropertyrights.

c.betterinformedmarketparticipants.

15.Negativeexternalitiesoccurwhenoneperson'

sactions

a.causeanotherpersontolosemoneyinastockmarkettransaction.

b.causehisorheremployertolosebusiness.

c.revealhisorherpreferenceforforeign-producedgoods.

d.adverselyaffectthewell-beingofabystanderwhoisnotpartytotheaction.

INTRODIFFICULTY:

16.Anegativeexternality

a.isanadverseimpactonabystander.

b.causestheproductinamarkettobeunder-produced.

c.isanadverseimpactonmarketparticipants.

d.ispresentinmarketsinwhichthegoodorserviceisundesirableforsociety.

17.Whichofthefollowingillustratestheconceptofanegativeexternality?

a.Acollegeprofessorplaysavigorousgameofracquetballwiththeracquetherecentlypurchased.

b.Afloodwipesoutafarmer’sentirecorncrop.

c.Acollegestudentplayshisnewstereosystemat2:

00a.m.

d.AjanitoreatsaBigMacduringhislunchbreak.

18.Whennegativeexternalitiesarepresentinamarket

a.producerswillbeaffected,butnotconsumers.

b.overproductionwilloccur.

c.demandwillbetoohigh.

d.themarketwillstillmaximizetotalbenefits.

19.WhichofthefollowingwouldNOTbeconsideredanegativeexternality?

a.Smelter,Inc.createssteelandpollutioninAnytown,U.S.A.

b.Yourfriendbuysanewpuppythatbarkseverynight.

c.Youhaveanadversereactiontoamedicationyourdoctorprescribedforyou.

d.Yourneighborbuysthemostpowerfulstereomoneycanbuyforhispatio.

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20.OneoftheTenPrinciplesofEconomicsisthat“marketsareusuallyagoodwaytoorganizemarketbehavior.”Useoftheword“usually”doesNOTreflectthefactthat

a.somemarketsproducenegativeexternalities.

b.theinvisiblehandofthemarketplacedoesnotalwaysleadbuyersandsellerstomaximizetotalbenefittosociety.

c.somemarketsarecharacterizedbymarketfailure.

d.othertypesofeconomiesaremoreefficientthanmarketeconomies.

21.Whenexternalitiesexist,buyersandsellers

a.neglecttheexternaleffectsoftheiractionsbutthemarketequilibriumisstillefficient.

b.donotneglecttheexternaleffectsoftheiractionsandthemarketequilibriumisefficient.

c.neglecttheexternaleffectsoftheiractionsandthemarketequilibriumisnotefficient.

d.donotneglecttheexternaleffectsoftheiractionsandthemarketequilibriumisnotefficient.

22.Dioxinemissionthatresultsfromtheproductionofpaperisagoodexampleofanegativeexternalitybecause

a.self-interestedpaperfirmsaregenerallyunawareofenvironmentalregulations.

b.therearefinesforproducingtoomuchdioxin.

c.self-interestedpaperproducerswillnotconsiderthefullcostofthedioxinpollutiontheycreate.

d.toxicemissionsaretheonlyformofanexternality.

23.IfapapermanufacturerdoesNOTbeartheentirecostofthedioxinitemitsitwill

a.emitlowerlevelsofdioxinthanissociallyefficient.

b.emithigherlevelsofdioxinthanissociallyefficient.

c.emitanacceptablelevelofdioxin.

d.notemitanydioxininanattempttoavoidpayingtheentirecost.

24.Whenthegovernmentintervenesinmarketswithexternalitiesitdoessoto

a.increaseproductionwhennegativeexternalitiesarepresent.

b.protectinterestsofbystanders.