微观经济学62.docx

微观经济学62.docx

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微观经济学62

chapter6

Description

本次测验由二十个选择题组成

Thisassessmentisworth50points.

Note:

CorrectanswersappearinBlue.IncorrectanswersandskippedquestionsappearinRedafter'Yourresponse'.

1.Ofthefollowingcharacteristics,whichoneappliesexclusivelytoaperfectlycompetitivefirm?

（2.50points）

Yourresponse:

e.

Ithasanarrowrangeofpricesitcanchargeforitsoutput.

Feedback:

LearningObjective:

Profit-maximizingfirmsinperfectlycom

LevelofLearning:

Comprehension

Source:

Unique

Type:

WordProblem

0pointsawarded.

Thecorrectansweris:

a.Italwaysearnsaprofit.

b.Itseeksonlytominimizecosts.

c.Itcansellallitwantstoatthemarketprice.

d.Itwillneverearnaprofit.

e.Ithasanarrowrangeofpricesitcanchargeforitsoutput.

2.Theshortrunisdefinedas

（2.50points）

Yourresponse:

d.

aperiodinwhichatleastonefactorofproductionisfixed.

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

ProductioninShortRun

LevelofLearning:

Knowledge

Source:

Unique

Type:

WordProblem

2.50pointsawarded.

Thecorrectansweris:

a.oneyearorless.

b.aperiodinwhichallfactorsofproductionarevariable.

c.theperiodoftimebetweenquarterlyaccountingreports.

d.aperiodinwhichatleastonefactorofproductionisfixed.

e.aperiodinwhichatmostonefactorofproductionisfixed.

3.Conditionsthatarenecessaryforamarkettobeperfectlycompetitiveinclude:

（2.50points）

Yourresponse:

e.

AandCbutnotB.

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

Profit-maximizingfirmsinperfectlycom

LevelofLearning:

Comprehension

Source:

Unique

Type:

WordProblem

2.50pointsawarded.

Thecorrectansweris:

a.Thefirmssellastandardizedproduct.

b.Marketdemandfortheproductisperfectlyelastic.

c.Firmscaneasilybuyandselltheproductiveresourcesnecessarytocompeteinthemarket.

d.A,B,andC.

e.AandCbutnotB.

4.

Reference:

6-3

Ifthemarketpriceforthisgoodis$6,howmanyunitswouldthissupplierproduce?

（2.50points）

Yourresponse:

d.

300

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

Thinkingaboutsupply

LevelofLearning:

Application

Source:

Unique

Type:

CalculationProblem

2.50pointsawarded.

Thecorrectansweris:

a.50

b.150

c.250

d.300

e.350ormore

5.Onereasonthatvariablefactorsofproductiontendtoshowdiminishingreturnsintheshortrunisthat

（2.50points）

Yourresponse:

c.

therearetoomanyworkersusingafixedamountofproductiveresources.

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

ProductioninShortRun

LevelofLearning:

Application

Source:

Unique

Type:

WordProblem

2.50pointsawarded.

Thecorrectansweris:

a.costsaretoohigh.

b.toomuchcapitalequipmentisidle.

c.therearetoomanyworkersusingafixedamountofproductiveresources.

d.thefirmhasbecometoolargetoeffectivelymanageworkers.

e.thecostofhiringadditionalworkersincreasesasfirmsseektohiremore.

6.Supposeafirmiscollecting$1,250intotalrevenuesandthetotalcostsofitsvariablefactorsofproductionare$1,000atitscurrentlevelofoutput.Intheshortrun,onecanpredictthatthefirmwill

（2.50points）

Yourresponse:

d.

continuetooperate.

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

Discusstheshutdownpoint

LevelofLearning:

Application

Source:

Unique

Type:

CalculationProblem

2.50pointsawarded.

Thecorrectansweris:

a.shutdown.

b.earnaprofit.

c.earnaloss.

d.continuetooperate.

e.raiseitsprice.

7.Afirm'soutputpriceis$8andthefirmisproducing77unitswithamarginalcostof$11.Thefirmshould

（2.50points）

Yourresponse:

b.

decreaseproduction.

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

Applypriceequalsmarginalcostrule

LevelofLearning:

Application

Source:

Unique

Type:

CalculationProblem

2.50pointsawarded.

Thecorrectansweris:

a.loweritsprice.

b.decreaseproduction.

c.increaseproduction.

d.raiseitsprice.

e.hiremoreworkers.

8.

Reference:

6-14

WhenthedemandisP2=$15,whatistheprofitmaximizingoutput?

（2.50points）

Yourresponse:

c.

60

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

GraphicalApproachtoProfit-Max

LevelofLearning:

Application

Source:

Unique

Type:

CalculationProblem

2.50pointsawarded.

Thecorrectansweris:

a.30

b.45

c.60

d.80

e.100

9.Supposeafirmiscollecting$1345intotalrevenuesandthetotalcostofitsfixedfactorsofproductionrisefrom$200to$300.Onecanspeculatethatthefirmwill

（2.50points）

Yourresponse:

e.

earnsmallerprofitsorgreaterlosses.

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

Fixedcosts&profitmaximizingoutput

LevelofLearning:

Application

Source:

Unique

Type:

CalculationProblem

2.50pointsawarded.

Thecorrectansweris:

a.expandoutput.

b.raiseprice.

c.earngreaterprofitsorsmallerlosses.

d.contractoutput.

e.earnsmallerprofitsorgreaterlosses.

10.

Reference:

6-14

WhenthedemandisP2=$15,thisfirmshould______.

（2.50points）

Yourresponse:

c.

keepoperatingaslongaslossisnotgreaterthantotalcost.

Feedback:

LearningObjective:

GraphicalApproachtoProfit-Max

LevelofLearning:

Application

Source:

Unique

Type:

CalculationProblem

0pointsawarded.

Thecorrectansweris:

a.continueoperateintheshortrunandthinkaboutshuttingdowninthelongrun.

b.discontinueoperationintheshortrunsincethereisalosswhenoperating.

c.keepoperatingaslongaslossisnotgreaterthantotalcost.

d.discontinueoperationintheshortrunsinceaveragevariablecostisgreaterthanprice.

e.discontinueoperationintheshortrunsinceaveragetotalcostisgreaterthanprice.

11.

Reference:

6-3

Ifthemarketconsistsof50identicalsellers,howmuchwillbesuppliedatthepriceof$14?

（2.50points）

Yourresponse:

d.

17,500

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

Thinkingaboutsupply

LevelofLearning:

Application

Source:

Unique

Type:

CalculationProblem

2.50pointsawarded.

Thecorrectansweris:

a.350

b.1,750

c.35,000

d.17,500

e.175,000

12.Whichofthefollowingwouldcausesupplytoshifttotheleft?

（2.50points）

Yourresponse:

c.

Thepriceofthegoodfalls.

Feedback:

LearningObjective:

Discussthedeterminantsofsupply

LevelofLearning:

Application

Source:

Unique

Type:

WordProblem

0pointsawarded.

Thecorrectansweris:

a.Wagesrise.

b.Demandforthegoodfalls.

c.Thepriceofthegoodfalls.

d.Expectationsaboutfuturedemandimprove.

e.Thenumberoffirmsintheindustryrises.

13.Congestionoftheworkspaceandfixedfactorsofproductionatthefirm

（2.50points）

Yourresponse:

c.

demonstratethelawofdiminishingmarginalreturns.

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

Lawofdiminishingmarginalreturns

LevelofLearning:

Comprehension

Source:

Unique

Type:

WordProblem

2.50pointsawarded.

Thecorrectansweris:

a.explainhighemployeeturnover.

b.causeincreasedworkspaceviolence.

c.demonstratethelawofdiminishingmarginalreturns.

d.explaindecreasedemployeemorale.

e.resultinincreasedself-employment.

14.ThisgraphshowsthecostfunctionsofMoe'smushroomgatheringbusiness,whichisperfectlycompetitive.

Reference:

6-13

Moe'ssupplycurveis

（2.50points）

Yourresponse:

e.

curveAabovecurveC.

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

MarginalCostasSupplyCurve

LevelofLearning:

Application

Source:

Unique

Type:

GraphicalProblem

2.50pointsawarded.

Thecorrectansweris:

a.notshownonthisgraph.

b.curveCtotherightofcurveA.

c.curveBtotherightofcurveA.

d.curveAabovecurveB.

e.curveAabovecurveC.

15.

*Pizzassellfor$10apie.

Reference:

6-10

Whenthepizzashopemploys3workersperday,itwillexperience______intotalcost.

（2.50points）

Yourresponse:

e.

$950

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

CalculateTR,TC,andprofits

LevelofLearning:

Application

Source:

Unique

Type:

CalculationProblem

2.50pointsawarded.

Thecorrectansweris:

a.$100

b.$450

c.$500

d.$850

e.$950

16.Partoftheupwardslopingportionofthemarginalcostcurveisthefirm's

（2.50points）

Yourresponse:

c.

supplycurve.

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

Marginalcostsandthesupplycurve

LevelofLearning:

Comprehension

Source:

Unique

Type:

WordProblem

2.50pointsawarded.

Thecorrectansweris:

a.productionfunction.

b.totalcostcurve.

c.supplycurve.

d.diminishingmarginalreturnscurve.

e.profitcurve.

17.Firmsmaximizeprofitwhen

（2.50points）

Yourresponse:

d.

marginalcostsequalprice.

（Youansweredcorrectly!

）

Feedback:

LearningObjective:

Applypriceequalsmarginalcostrule

LevelofLearning:

Comprehension

Source:

Unique

Type:

WordProblem

2.50pointsawarded.

Thecorrectansweris:

a.averagecostsareminimized.

b.totalcostsareminimized.

c.averagecostsequalprice.

d.marginalcostsequalprice.

e.Alloftheabovearenecessaryforprofitmaximization.

18.Whatmightcauseasupplyfunctiontoshifttotheleft?

（2.50points）

Yourresponse:

b.

Anexpectationthattheproduct'sownpricewillfallinthefuture.

Feedback:

LearningObjective:

Discussthedeterminantsofsupply

LevelofLearning:

Application

Source:

Unique

Type:

WordProblem

0pointsawarded.

Thecorrectanswer