微观经济学试题英文版.doc

微观经济学试题英文版.doc

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ManagerialEconomics

Part1:

1.ThepriceofgoodAgoesup.AsaresultthedemandforgoodBshiftstotheleft.Fromthiswecaninferthat:

a. goodAisanormalgood.

b. goodBisaninferiorgood.

c. goodsAandBaresubstitutes.

d. goodsAandBarecomplements.

e. noneoftheabove.

Choose:

d）thedefinitionoscomplements

2.Joe'sbudgetlineis15F+45C=900.WhenJoechooseshismostpreferredmarketbasket,hebuys10unitsofC.therefore,healsobuys:

a.10unitsofFb.30unitsofFc.50unitsofF

d.60unitsofFe.Noneoftheabove

Choose:

b）WeassumethatJoewillspendallhisincome.IfC=10,then15F=900–45（10）=450,soF=450/15=30.

3.Kimonlybuyscoffeeandcompactdiscs.Coffeecosts$0.60percup,andCDscost$12.00each.Shehas$18perweektospendonthesetwogoods.IfKimismaximizingherutility,hermarginalrateofsubstitutionofcoffeeforCDsis:

a.0.05b.20c.18d.1.50e.Noneoftheabove

Choose:

a）AtKim'smostpreferredmarketbasket,herMRSequalsthepriceratio（Pcoffee/PCD）,whichequals0.6/12or0.05.

4.Thebandwagoneffectcorrespondsbesttowhichofthefollowing?

a. snobeffect.

b. externaleconomy.

c. negativenetworkexternality.

d. positivenetworkexternality.

Choose:

d）

5.AGiffengood

a. isalwaysthesameasaninferiorgood.

b. isthespecialsubsetofinferiorgoodsinwhichthesubstitutioneffectdominatestheincomeeffect.

c. isthespecialsubsetofinferiorgoodsinwhichtheincomeeffectdominatesthesubstitutioneffect.

d. musthaveadownwardslopingdemandcurve.

Choose:

c）thedefinitionofGiffengood

6.AnEngelcurveforagoodhasapositiveslopeifthegoodis:

a.aninferiorgood.b.aGiffengood.

c.anormalgood.d.a,b,andcaretrue.

e.Noneoftheaboveistrue.

Choose:

c）InferiorandGiffengoodshavenegativelyslopedEngelcurves.

7.ThepriceofbeefandquantityofbeeftradedareP*andQ*,respectively.Giventhisinformation,consumersurplusisthearea:

a.0BCQ*b.ABCc.ACP*d.CBP*e.0ACQ*

Choose:

d）Consumersurplusistheareabetweenthedemandlineandtheprice.

8.InFigure1,holdingincomeconstant,whatchangemusthaveoccurredtorotatethebudgetlinefromtheoldline

（1）tothenewline

（2）?

（1）

（2）

Pizza

Coke

Figure1

a.ThepriceofCokefell

b.Thepriceofpizzafell

c.Thepriceofpizzarose

d.ThepriceofCokewentup

e.bandc

Choose:

b）Thehorizontalintercept,I/PC,isunchanged,whichimpliesthatPCcouldnothavechanged（holdingincomeconstant）.SincetheslopeisPP/PC,theslopechangemeansthatthepriceofpizzamusthavefallen.ThiscanalsobeseenintuitivelyfromFigure1,sincetheconsumercannowbuymorepizzathanbeforeifhespendsallhisincomeonpizza.

9.Andybuys10poundsofonionspermonthwhenthepriceis$0.75perpound.Ifthepricefallsto$0.50perpound,hebuys30poundsofonions.Whatishisarcelasticityofdemandoverthispricerange?

a.-1.33b.–2c.–2.5d.-6e.Noneoftheaboveiscorrect.

Choose:

c）Usingthearcelasticityformula,

Thenexttwoquestionsrefertothefollowinginformation:

OpieandGomeraretheonlytwoconsumersinthevideocassetterentalmarketintheMayberry.TheirdemandcurvesperweekarepicturedinFigure2.

10.Ifrentalscost$2.50each,thetotalquantitydemandedeachweekinthemarketis:

a.3b.6c.15d.10e.Noneoftheaboveiscorrect.

Choose:

b）Addhorizontallytogetthemarketdemandcurve.AtP=$2.50,QO=3andQG=3foratotalof6unitsdemanded.

11.Foradecreaseinpricefrom$2.50to$1.50,marketdemandis:

a.elastic.b.unitelastic.c.inelastic.

d.perfectlyinelastic.e.Moreinformationisneeded.

Choose:

a）Demandispriceelastic:

EP=%ΔQ/%ΔP=[（15-6）/6]/[（2.50-1.50）/2.50]=-3.75

OPIE

2.50

1.50

38

Quantity

（numberofcassettes）

Do

Price（$/unit）

（a）

Price（$/unit）

2.50

1.50

37

Quantity

（numberofcassettes）

COMER

DG

（b）

Figure2

12. AspresidentandCEOofMegaWorldindustries,youmustdecideonsomeveryriskyalternativeinvestments:

Project

ProfitifSuccessful

ProbabilityofSuccess

LossifFailure

ProbabilityofFailure

A

$10million

.5

-$6million

.5

B

$50million

.2

-$4million

.8

C

$90million

.1

-$10million

.9

D

$20million

.8

-$50million

.2

E

$15million

.4

$0

.6

Thehighestexpectedreturnbelongstoinvestment

a.A.b.B.c.C.d.D.e.E

Choose:

b）Ea=2Eb=6.8Ec=0Ed=6Ee=6

13. Anindividualwithaconstantmarginalut