微观经济学试题.docx

微观经济学试题.docx

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微观经济学试题

Singlechoice

1.Thephenomenonofscarcitystemsfromthefactthat（）.

A）mosteconomies’productionmethodsarenotverygood.

B）inmosteconomies,wealthypeopleconsumedisproportionatequantitiesofgoodsandservices.

C）governmentsrestrictproductionoftoomanygoodsandservices.

D）resourcesarelimited.

2.Inamarketeconomy,supplyanddemandareimportantbecausethey（）.

A）playacriticalroleintheallocationoftheeconomy’sscarceresources.

B）determinehowmuchofeachgoodgetsproduced.

C）canbeusedtopredicttheimpactontheeconomyofvariouseventsandpolicies.

D）Alloftheabovearecorrect.

3.Whatwillhappentotheequilibriumpriceofnewtextbooksifmorestudentsattendcollege,paperbecomescheaper,textbookauthorsacceptlowerroyalties,andfewerusedtextbooksaresold?

（）

A）Pricewillrise.

B）Pricewillfall.

C）Pricewillstayexactlythesame.

D）Thepricechangewillbeambiguous.

4.Thepresenceofapricecontrolinamarketforagoodorserviceusuallyisanindicationthat（）.

A）aninsufficientquantityofthegoodorservicewasbeingproducedinthatmarkettomeetthepublic’sneed.

B）theusualforcesofsupplyanddemandwerenotabletoestablishanequilibriumpriceinthatmarket.

C）policymakersbelievedthatthepricethatprevailedinthatmarketintheabsenceofpricecontrolswasunfairtobuyersorsellers.

D）policymakerscorrectlybelievedthatpricecontrolswouldgeneratenoinequitiesoftheirownonceimposed.

5.Policymakersusetaxes（）.

A）toraiserevenueforpublicpurposesbutnottoinfluencemarketoutcomes.

B）bothtoraiserevenueforpublicpurposesandtoinfluencemarketoutcomes.

C）whentheyrealizethatpricecontrolsaloneareinsufficienttocorrectmarketinequities.

D）onlyinthosemarketsinwhichtheburdenofthetaxfallsclearlyonthesellers.

6.Theparticularpricethatresultsinquantitysuppliedbeingequaltoquantitydemandedisthebestpricebecauseit（）.

A）maximizescostsoftheseller.

B）maximizestaxrevenueforthegovernment.

C）maximizesthecombinedwelfareofbuyersandsellers.

D）minimizestheexpenditureofbuyers.

7.Economistssaythatamarketwheregoodsarenotconsumedbythosevaluingthegoodsmosthighlyis（）.

A）laissez-faire..

B）unequal.

C）inefficient.

D）rational.

8.Tofullyunderstandhowtaxesaffecteconomicwell-being,wemustcomparethe（）.

A）consumersurplustotheproducersurplus.

B）pricepaidbybuyerstothepricereceivedbysellers.

C）reducedwelfareofbuyersandsellerstotherevenueraisedbythegovernment.

D）consumersurplustothedeadweightloss.

9.Labortaxesmaydistortlabormarketsgreatlyif（）.

A）laborsupplyishighlyinelastic.

B）manyworkerschoosetowork40hoursperweekregardlessoftheirearnings.

C）thenumberofhoursmanypart-timeworkerswanttoworkisverysensitivetothewagerate.

D）“underground”workersdonotrespondtochangesinthewagesoflegaljobsbecausetheyprefernottopaytaxes.

10.Thedifferencebetweenaccountingprofitandeconomicprofitis（）.

A）explicitcosts.

B）implicitcosts.

C）totalrevenue.

D）marginalproduct.

11.Resourcesare（）.

A）scarceforhouseholdsbutplentifulforeconomies.

B）plentifulforhouseholdsbutscarceforeconomies.

C）scarceforhouseholdsandscarceforeconomies.

D）plentifulforhouseholdsandplentifulforeconomies.

12.Theprinciplethat"tradecanmakeeveryonebetteroff"appliestointeractionsandtradebetween（）.

A）families.

B）stateswithintheUnitedStates.

C）nations.

D）Alloftheabovearecorrect.

13.Oneadvantagemarketeconomieshaveovercentrally-plannedeconomiesisthatmarketeconomies（）.

A）provideanequaldistributionofgoodsandservicestohouseholds.

B）establishasignificantroleforgovernmentintheallocationofresources.

C）solvetheproblemofscarcity.

D）aremoreefficient.

14.Theproductionpossibilitiesfrontierisagraphthatshowsthevariouscombinationsofoutputthataneconomycanpossiblyproducegiventheavailablefactorsofproductionand（）.

A）society’spreferences.

B）theavailableproductiontechnology.

C）afairdistributionoftheoutput.

D）theavailabledemandfortheoutput.

15.Wheneconomistsaretryingtoexplaintheworld,theyare（）.

A）scientists.

B）policyadvisers.

C）intherealmofmicroeconomicsratherthanmacroeconomics.

D）intherealmofnormativeeconomicsratherthanpositiveeconomics.

16.Foraself-sufficientproducer,theproductionpossibilitiesfrontier（）.

A）isthesameastheconsumptionpossibilitiesfrontier.

B）isgreaterthantheconsumptionpossibilitiesfrontier.

C）islessthantheconsumptionpossibilitiesfrontier.

D）isalwaysastraightline.

17.SupposeSusancanwashthreewindowsperhourorshecanironsixshirtsperhour.Paulcanwashtwowindowsperhourorhecanironfiveshirtsperhour.

（）

A）SusanhasanabsoluteadvantageoverPaulinwashingwindows.

B）SusanhasacomparativeadvantageoverPaulinwashingwindows.

C）PaulhasacomparativeadvantageoverSusaninironingshirts.

D）Alloftheabovearecorrect.

18.Inacompetitivemarket,thepriceofaproduct（）.

A）isdeterminedbybuyers,andthequantityoftheproductproducedisdeterminedbysellers.

B）isdeterminedbysellers,andthequantityoftheproductproducedisdeterminedbybuyers.

C）andthequantityoftheproductproducedarebothdeterminedbysellers.

D）Noneoftheaboveiscorrect.

19.Whatwouldhappentotheequilibriumpriceandquantityoflattésifthecostofproducingsteamedmilk,whichisusedtomakelattés,rises?

（）

A）Boththeequilibriumpriceandquantitywouldincrease.

B）Boththeequilibriumpriceandquantitywoulddecrease.

C）Theequilibriumpricewouldincrease,andtheequilibriumquantitywoulddecrease.

D）Theequilibriumpricewoulddecrease,andtheequilibriumquantitywouldincrease.

20.Thepriceelasticityofdemandmeasureshowmuch（）.

A）quantitydemandedrespondstoachangeinprice.

B）quantitydemandedrespondstoachangeinincome.

C）pricerespondstoachangeindemand.

D）demandrespondstoachangeinsupply.

21.Ifthepriceofnaturalgasrises,whenisthepriceelasticityofdemandlikelytobethehighest?

（）

A）immediatelyafterthepriceincrease

B）onemonthafterthepriceincrease

C）threemonthsafterthepriceincrease

D）oneyearafterthepriceincrease

22.Forwhichofthefollowingtypesofgoodswouldtheincomeelasticityofdemandbepositiveandrelativelylarge?

（）

A）.allinferiorgoods

B）allnormalgoods

C）goodsforwhichtherearemanycomplements

D）luxuries

23.Tofullyunderstandhowtaxesaffecteconomicwell-being,wemust（）.

A）assumethateconomicwell-beingisnotaffectedifalltaxrevenueisspentongoodsandservicesforthepeoplewhoarebeingtaxed.

B）comparethetaxesraisedintheUnitedStateswiththoseraisedinothercountries,especiallyFrance.

C）comparethereducedwelfareofbuyersandsellerstotheamountofrevenuethegovernmentraises.

D）takeintoaccountthefactthatalmostalltaxesreducethewelfareofbuyers,increasethewelfareofsellers,andraiserevenueforthegovernment.

24.Whenataxonagoodisenacted,（）.

A）buyersandsellerssharetheburdenofthetaxregardlessofwhetherthetaxisleviedonbuyersoronsellers.

B）buyersalwaysbearthefullburdenofthetax.

C）sellersalwaysbearthefullburdenofthetax.

D）sellersbearthefullburdenofthetaxifthetaxisleviedonthem;buyersbearthefullburdenofthetaxifthetaxisleviedonthem.

25.Adecreaseinthesizeofataxismostlikelytoincreasetaxrevenueinamarketwith（）.

A）elasticdemandandelasticsupply.

B）elasticdemandandinelasticsupply.

C）inelasticdemandandelasticsupply.

D）inelasticdemandandinelasticsupply.

26.Ifthetaxonagoodisdoubled,thedeadweightlossofthetax（）.

A）increasesby50percent.

B）doubles.

C）triples.

D）quadruples.

27.Economistsassumethatthetypicalpersonwhostartsherownbusinessdoessowiththeintentionof（）.

A）donatingtheprofitsfromherbusinesstocharity.

B）capturingthehighestnumberofsalesinherindustry.

C）maximizingprofits.

D）minimizingcosts.

28.IfDarrensells300glassesoficedteaat$0.50each,histotalrevenuesare（）.

A）$150.

B）$299.50.

C）$300.

D）$600.

29.Totalcostisthe（）.

A）amountafirmreceivesforthesaleofitsoutput.

B）fixedcostlessvariablecost.

C）marketvalueoftheinputsafirmusesinproduction.

D）quantityofoutputminusthequantityofinputsusedtomakeagood.

30.Afirm'sopportunitycostsofproductionareequaltoits（）.

A）explicitcostsonly.

B）implicitcostsonly.

C）explicitcosts+implicitcosts.

D）explicitcosts+implicitcosts+totalrevenue.

31.Whichofthefollowingproductswouldbeconsideredscarce?

（）

A）automobiles

B）footballsautographedbyMessi

C）tomatos

D）Alloftheabovearecorrect.

32.Whichofthefollowingstatementsaboutthepriceelasticityofdemandiscorrect?

（）

A）Thepriceelasticityofdemandforagoodmeasuresthewillingnessofbuyersofthegoodtobuylessofthegoodasitspriceincreases.

B）Priceelasticityofdemandreflectsthemanyeconomic,psychological,andsocialforcesthatshapeconsumertastes.

C）Otherthingsequal,ifgoodxhasclosesubstitutesandgoodydoesnothaveclosesubstitutes,thenthedemandforgoodxwillbemoreelasticthanthedemandforgoody.

D）Alloftheabovearecorrect.

33.Giventhemarketforillegaldrugs,whenthegovernmentissuccessfulinreducingtheflowofdrugsintotheUnitedStates,（）.

A）supplydecreases,demandisunaffected,