经济学原理对应练习 05.docx
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经济学原理对应练习05
Chapter5
ElasticityandItsApplications
MultipleChoice
1.Ingeneral,elasticityisameasureof
a.theextenttowhichadvancesintechnologyareadoptedbyproducers.
b.theextenttowhichamarketiscompetitive.
c.howfastthepriceofagoodrespondstoashiftofthesupplycurveordemandcurve.
d.howmuchbuyersandsellersrespondtochangesinmarketconditions.
ANS:
DPTS:
1DIF:
1REF:
5-0
TOP:
ElasticityMSC:
Definitional
2.Whenstudyinghowsomeeventorpolicyaffectsamarket,elasticityprovidesinformationonthe
a.directionoftheeffectonthemarket.
b.magnitudeoftheeffectonthemarket.
c.speedofadjustmentofthemarketinresponsetotheeventorpolicy.
d.numberofmarketparticipantswhoaredirectlyaffectedbytheeventorpolicy.
ANS:
BPTS:
1DIF:
2REF:
5-0
TOP:
ElasticityMSC:
Interpretive
3.Howdoestheconceptofelasticityallowustoimproveuponourunderstandingofsupplyanddemand?
a.Elasticityallowsustoanalyzesupplyanddemandwithgreaterprecisionthanwouldbethecaseintheabsenceoftheelasticityconcept.
b.Elasticityprovidesuswithabetterrationaleforstatementssuchas“anincreaseinxwillleadtoadecreaseiny”thanwewouldhaveintheabsenceoftheelasticityconcept.
c.Withoutelasticity,wewouldnotbeabletoaddressthedirectioninwhichpriceislikelytomoveinresponsetoasurplusorashortage.
d.Withoutelasticity,itisverydifficulttoassessthedegreeofcompetitionwithinamarket.
ANS:
APTS:
1DIF:
2REF:
5-0
TOP:
ElasticityMSC:
Interpretive
4.Elasticityimprovesourunderstandingofsupplyanddemandbyadding
a.measuresofequity.
b.measuresofefficiency.
c.aquantitativeelementtoouranalysis.
d.aqualitativeelementtoouranalysis.
ANS:
CPTS:
1DIF:
2REF:
5-0
TOP:
ElasticityMSC:
Interpretive
5.Thepriceelasticityofdemandmeasureshowmuch
a.quantitydemandedrespondstoachangeinprice.
b.quantitydemandedrespondstoachangeinincome.
c.pricerespondstoachangeindemand.
d.demandrespondstoachangeinsupply.
ANS:
APTS:
1DIF:
1REF:
5-1
TOP:
PriceelasticityofdemandMSC:
Definitional
6.Thepriceelasticityofdemandmeasures
a.buyers’responsivenesstoachangeinthepriceofagood.
b.theextenttowhichdemandincreasesasadditionalbuyersenterthemarket.
c.howmuchmoreofagoodconsumerswilldemandwhenincomesrise.
d.themovementalongasupplycurvewhenthereisachangeindemand.
ANS:
APTS:
1DIF:
1REF:
5-1
TOP:
PriceelasticityofdemandMSC:
Definitional
7.Demandissaidtobeelasticif
a.thepriceofthegoodrespondssubstantiallytochangesindemand.
b.demandshiftssubstantiallywhenincomeortheexpectedfuturepriceofthegoodchanges.
c.buyersdonotrespondmuchtochangesinthepriceofthegood.
d.buyersrespondsubstantiallytochangesinthepriceofthegood.
ANS:
DPTS:
1DIF:
2REF:
5-1
TOP:
ElasticdemandMSC:
Definitional
8.Demandissaidtobeinelasticif
a.buyersrespondsubstantiallytochangesinthepriceofthegood.
b.demandshiftsonlyslightlywhenthepriceofthegoodchanges.
c.thequantitydemandedchangesonlyslightlywhenthepriceofthegoodchanges.
d.thepriceofthegoodrespondsonlyslightlytochangesindemand.
ANS:
CPTS:
1DIF:
2REF:
5-1
TOP:
InelasticdemandMSC:
Definitional
9.Ifdemandisinelastic,then
a.buyersdonotrespondmuchtoachangeinprice.
b.buyersrespondsubstantiallytoachangeinprice,buttheresponseisveryslow.
c.buyersdonotaltertheirquantitiesdemandedmuchinresponsetoadvertising,fads,orgeneralchangesintastes.
d.thedemandcurveisveryflat.
ANS:
APTS:
1DIF:
2REF:
5-1
TOP:
InelasticdemandMSC:
Definitional
10.Whenquantitydemandedrespondsstronglytochangesinprice,demandissaidtobe
a.fluid.
b.elastic.
c.dynamic.
d.highlyvariable.
ANS:
BPTS:
1DIF:
1REF:
5-1
TOP:
ElasticdemandMSC:
Definitional
11.Whichofthefollowingstatementsaboutthepriceelasticityofdemandiscorrect?
a.Thepriceelasticityofdemandforagoodmeasuresthewillingnessofbuyersofthegoodtomoveawayfromthegoodasitspriceincreases.
b.Priceelasticityofdemandreflectsthemanyeconomic,psychological,andsocialforcesthatshapeconsumertastes.
c.Otherthingsequal,ifgoodxhasclosesubstitutesandgoodydoesnothaveclosesubstitutes,thenthedemandforgoodxwillbemoreelasticthanthedemandforgoody.
d.Alloftheabovearecorrect.
ANS:
DPTS:
1DIF:
2REF:
5-1
TOP:
PriceelasticityofdemandMSC:
Interpretive
12.Foragoodthatisanecessity,
a.quantitydemandedtendstorespondsubstantiallytoachangeinprice.
b.demandtendstobeinelastic.
c.thelawofdemandoftendoesnotapply.
d.Alloftheabovearecorrect.
ANS:
BPTS:
1DIF:
2REF:
5-1
TOP:
PriceelasticityofdemandMSC:
Interpretive
13.Foragoodthatisaluxury,demand
a.tendstobeinelastic.
b.tendstobeelastic.
c.hasunitelasticity.
d.cannotberepresentedbyademandcurveintheusualway.
ANS:
BPTS:
1DIF:
2REF:
5-1
TOP:
PriceelasticityofdemandMSC:
Interpretive
14.Ifapersononlyoccasionallybuysacupofcoffee,hisdemandforcoffeeisprobably
a.representedbyaverticalornearly-verticaldemandcurve.
b.noteasilyrepresentedbyademandscheduleordemandcurve.
c.inelastic.
d.elastic.
ANS:
DPTS:
1DIF:
2REF:
5-2
TOP:
PriceelasticityofdemandMSC:
Interpretive
15.Apersonwhotakesaprescriptiondrugtocontrolhighcholesterolmostlikelyhasademandforthatdrugthatis
a.inelastic.
b.unitelastic.
c.elastic.
d.highlyresponsivetochangesinincome.
ANS:
APTS:
1DIF:
2REF:
5-1
TOP:
PriceelasticityofdemandMSC:
Interpretive
16.Otherthingsequal,thedemandforagoodtendstobemoreinelastic,the
a.fewertheavailablesubstitutes.
b.longerthetimeperiodconsidered.
c.morethegoodisconsideredaluxurygood.
d.morenarrowlydefinedisthemarketforthegood.
ANS:
APTS:
1DIF:
2REF:
5-1
TOP:
InelasticdemandMSC:
Interpretive
17.ThedemandforChocolateChipCookieDoughicecreamislikelyquiteelasticbecause
a.icecreammustbeeatenquickly.
b.thisparticularflavoroficecreamisviewedasanecessitybymanyice-creamlovers.
c.themarketisbroadlydefined.
d.otherflavorsoficecreamaregoodsubstitutesforthisparticularflavor.
ANS:
DPTS:
1DIF:
2REF:
5-1
TOP:
Priceelasticityofdemand|SubstitutesMSC:
Interpretive
18.ThedemandforWertherscandyislikely
a.elasticbecausecandyisexpensiverelativetoothersnacks.
b.elasticbecausetherearemanyclosesubstitutesforWerthers.
c.elasticbecauseWerthersareregardedasanecessitybymanypeople.
d.inelasticbecauseitisusuallyeatenquickly,makingtherelevanttimehorizonshort.
ANS:
BPTS:
1DIF:
2REF:
5-1
TOP:
PriceelasticityofdemandMSC:
Interpretive
19.Thereareveryfew,ifany,goodsubstitutesformotoroil.Therefore,
a.thedemandformotoroilwouldtendtobeinelastic.
b.thedemandformotoroilwouldtendtobeelastic.
c.thedemandformotoroilwouldtendtorespondstronglytochangesinpricesofothergoods.
d.thesupplyofmotoroilwouldtendtorespondstronglytochangesinpeople’stastesforlargecarsrelativetotheirtastesforsmallcars.
ANS:
APTS:
1DIF:
2REF:
5-1
TOP:
PriceelasticityofdemandMSC:
Interpretive
20.Holdingallotherforcesconstant,whenthepriceofgasolinerises,thenumberofgallonsofgasolinedemandedwouldfallsubstantiallyoveraten-yearperiodbecause
a.buyerstendtobemuchlesssensitivetoachangeinpricewhengivenmoretimetoreact.
b.buyerstendtobemuchmoresensitivetoachangeinpricewhengivenmoretimetoreact.
c.buyerswillhavesubstantiallymoreincomeoveraten-yearperiod.
d.thequantitysuppliedofgasolineincreasesverylittleinresponsetoanincreaseinthepriceofgasoline.
ANS:
BPTS:
1DIF:
2REF:
5-1
TOP:
PriceelasticityofdemandMSC:
Interpretive
21.Agoodwillhaveamoreinelasticdemand,
a.thegreatertheavailabilityofclosesubstitutes.
b.thebroaderthedefinitionofthemarket.
c.thelongertheperiodoftime.
d.themoreitisregardedasaluxury.
ANS:
BPTS:
1DIF:
2REF:
5-1
TOP:
PriceelasticityofdemandMSC:
Interpretive
22.Itislikelythat
a.thedemandforflat-screencomputermonitorsismoreelasticthanthedemandformonitorsingeneral.
b.thedemandforgrandfatherclocksismoreelasticthanthedemandforwristwatches.
c.thedemandforcardboardismoreelasticoveralongperiodoftimethanoverashortperiodoftime.
d.Alloftheabovearecorrect.
ANS:
DPTS:
1DIF:
2REF:
5-1
TOP:
PriceelasticityofdemandMSC:
Interpretive
23.Itislikelythat
a.thedemandfornaturalgasismoreelasticoverashortperiodoftimethanoveralongperiodoftime.
b.thedemandforsmokealarmsismoreelasticthanthedemandforPersianrugs.
c.thedemandforbourbonwhiskeyismoreelasticthanthedemandforalcoholicbeveragesingeneral.
d.Alloftheabovearecorrect.
ANS:
CPTS:
1DIF:
2REF:
5-1
TOP:
PriceelasticityofdemandMSC:
Interpretive
24.Whenthepriceofbubblegumis$0.50,thequantitydemandedis400packsperday.Whenthepricefallsto$0.40,thequantitydemandedincreasesto600.Giventhisinformationandusingthemidpointmethod,weknowthatthedemandforbubblegumis
a.inelastic.
b.elastic.
c.unitelastic.
d.perfectlyinelastic.
ANS:
BPTS:
1DIF:
2REF:
5-1
TOP:
Priceelasticityofdemand|MidpointmethodMSC:
Applicative
25.Economistscomputethepriceelasticityofdemandasthe
a.percentagechangeinpricedividedbythepercentagechangeinquantitydemanded.
b.changein