微观经济学的练习题以及答案英文版.docx

微观经济学的练习题以及答案英文版.docx

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微观经济学的练习题以及答案英文版

Chapter01

ThinkingLikeanEconomist

MultipleChoiceQuestions 

1. Economicsisbestdefinedasthestudyof:

 A. pricesandquantities.B. inflationandinterestrates.C. howpeoplemakechoicesundertheconditionsofscarcityandtheresultsofthosechoices.D. wagesandincomes.

2. Economicquestionsalwaysdealwith:

 A. financialmatters.B. politicalmatters.C. insufficientresources.D. choiceinthefaceoflimitedresources.

3. Therangeoftopicsorissuesthatfitwithinthedefinitionofeconomicsis:

 A. limitedtomarketactivities,e.g.,buyingsoap.B. limitedtoindividualsandfirms.C. extremelywide,requiringonlytheideasofchoiceandscarcity.D. verylimited.

4. Thecentralconcernofeconomicsis:

 A. poverty.B. scarcity.C. wealthaccumulation.D. overconsumption.

5. Thescarcityprincipleindicatesthat:

 A. nomatterhowmuchonehas,itisneverenough.B. comparedto100yearsago,individualshavelesstimetoday.C. withlimitedresources,havingmoreof"this"meanshavinglessof"that."D. becausetradeoffsmustbemade,resourcesarethereforescarce.

6. Thelogicalimplicationofthescarcityprincipleisthat:

 A. onewillneverbesatisfiedwithwhatonehas.B. aswealthincreases,makingchoicesbecomeslessnecessary.C. aswealthdecreases,makingchoicesbecomeslessnecessary.D. choicesmustbemade.

7. Ifalltheworld'sresourcesweretomagicallyincreaseahundredfold,then:

 A. thescarcityprinciplewouldstillgovernbehavior.B. economicswouldnolongerberelevant.C. thescarcityprinciplewoulddisappear.D. tradeoffswouldbecomeunnecessary.

8. Theprincipleofscarcityappliesto:

 A. thepoorexclusively.B. allconsumers.C. allfirms.D. everyone—consumers,firms,governments,andnations.

9. Attheveryleast,JoeAverageandBillGatesarebothidenticallylimitedby:

 A. theirwealth.B. the24hoursthatcompriseaday.C. theirknowledge.D. theirinfluence.

10. ForestisamountainmanlivingincompleteisolationinMontana.Heiscompletelyself-sufficientthroughhunting,fishing,andfarming.Hehasnotbeeninthecitytobuyanythinginfiveyears.Onecaninfer:

 A. thescarcityprincipledoesnotapplytoForest.B. Forestisnotrequiredtomakechoices.C. thescarcityprinciplestillappliesbecausemorehuntingmeanslessfishingandfarming.D. Forestisverysatisfied.

11. Thescarcityprincipleappliesto:

 A. alldecisions.B. onlymarketdecisions,e.g.,buyingacar.C. onlynon-marketdecisions,e.g.,watchingasunset.D. onlythepoor.

12. Chrishasaone-hourbreakbetweenclasseseveryWednesday.Chriscaneitherstayatthelibraryandstudyorgotothegymandworkout.ThedecisionChrismustmakeis:

 A. notaneconomicproblembecauseneitheronecostsmoney.B. notaneconomicproblembecauseit'sanhourthatiswastednomatterwhatChrisdoes.C. aneconomicproblembecausethetuitionChrispayscoversboththegymandthelibrary.D. aneconomicproblembecauseChrishasonlyonehourduringwhichhecanstudyorworkout.

13. Joshwantstogotothefootballgamethisweekend,buthehasapaperdueonMonday.Itwilltakehimthewholeweekendtowritethepaper.Joshdecidedtostayhomeandworkonthepaper.Accordingtothescarcityprinciple,thereasonJoshdidn'tgotothegameisthat:

 A. Joshprefersschoolworktofootballgames.B. writingthepaperiseasierthangoingtothegame.C. Joshdoesn'thaveenoughtimeforwritingthepaperandgoingtothegame.D. it'stooexpensivetogotothegame.

14. WhetherstudyingthesizeoftheU.S.economyorthenumberofchildrenacouplewillchoosetohave,theunifyingconceptisthatwantsare:

 A. limited,resourcesarelimited,andthuschoicesmustbemade.B. unlimited,resourcesarelimited,andthuschoicesmustbemade.C. unlimited,resourcesarelimitedtosomebutnottoothers,andthussomepeoplemustmakechoices.D. unlimited,resourcesarelimited,andthusgovernmentneedstodomore.

15. Thecost-benefitprincipleindicatesthatanactionshouldbetaken:

 A. ifthetotalbenefitsexceedthetotalcosts.B. iftheaveragebenefitsexceedtheaveragecosts.C. ifthenetbenefit（benefitminuscost）iszero.D. iftheextrabenefitisgreaterthanorequaltotheextracosts.

16. Whenapersondecidestopursueanactivityaslongastheextrabenefitsareatleastequaltotheextracosts,thatpersonis:

 A. violatingthecost-benefitprinciple.B. followingthescarcityprinciple.C. followingthecost-benefitprinciple.D. pursuingtheactivitytoolong.

17. Choosingtostudyforanexamuntiltheextrabenefit（improvedscore）equalstheextracost（mentalfatigue）is:

 A. notrational.B. anapplicationofthecost-benefitprinciple.C. anapplicationofthescarcityprinciple.D. therelevantopportunitycost.

18. Thescarcityprincipletellsusthat__________,andthecost-benefitprincipletellsus__________. A. choicesmustbemade;howtomakethechoicesB. choicesmustbemade;thatthecostscanneveroutweighthebenefitsofthechoicesC. raregoodsareexpensive;thatthecostsshouldoutweighthebenefitsofthechoicesD. raregoodsareexpensive;thatthecostscanneveroutweighthebenefitsofthechoices

19. Accordingtothecost-benefitprinciple:

 A. thelowestcostactivityusuallygivesthelowestbenefit.B. apersonshouldalwayschoosetheactivitywiththelowestcost.C. apersonshouldalwayschoosetheactivitywiththegreatestbenefit.D. theextracostsandbenefitsofanactivityaremoreimportantconsiderationsthanthetotalcostsandbenefits.

20. Arationalpersonisonewho:

 A. isreasonable.B. makeschoicesthatareeasilyunderstood.C. possesseswell-definedgoalsandseekstoachievethem.D. ishighlycynical.

21. TheseventhglassofsodathatTimconsumeswillproduceanextrabenefitof10centsandhasanextracostofzero（Timiseatingatthecafeteria）.Thecost-benefitprinciplepredictsthatTimwill:

 A. realizehehashadtoomuchsodatodrinkandgohome.B. drinktheseventhglassandcontinueuntilthemarginalbenefitofdrinkinganotherglassofsodaiszero.C. volunteertoemptyoutthefountain.D. notdrinktheseventhglass.

22. Janiemusteithermowthelawnorwashclothes,earningherabenefitof$30or$45,respectively.Shedislikesbothequallyandtheybothtakethesameamountoftime.Janiewillthereforechooseto_________becausetheeconomicsurplusis________. A. mowthelawn;greaterB. washclothes;greaterC. mowthelawn;smallerD. washclothes;smaller

23. Deandecidedtoplaygolfratherthanpreparefortomorrow'sexamineconomics.Onecaninferthat:

 A. Deanhasmadeanirrationalchoice.B. Deanisdoingpoorlyinhiseconomicsclass.C. theeconomicsurplusfromplayinggolfexceededthesurplusfromstudying.D. thecostofstudyingwaslessthanthecostofgolfing.

 Larrywasacceptedatthreedifferentgraduateschools,andmustchooseone.EliteUcosts$50,000peryearanddidnotofferLarryanyfinancialaid.LarryvaluesattendingEliteUat$60,000peryear.StateCollegecosts$30,000peryear,andofferedLarryanannual$10,000scholarship.LarryvaluesattendingStateCollegeat$40,000peryear.NoNameUcosts$20,000peryear,andofferedLarryafull$20,000annualscholarship.LarryvaluesattendingNoNameat$15,000peryear.

24. TheopportunitycostofattendingEliteUis:

 A. $50,000B. $10,000C. $20,000D. $15,000

25. TheopportunitycostofattendingStateCollegeis:

 A. $30,000B. $20,000C. $15,000D. $10,000

26. Larrymaximizeshissurplusbyattending:

 A. EliteU,because$60,000isgreaterthanthebenefitattheotherschools.B. StateCollege,becausethedifferencebetweenthebenefitandcostisgreatestthere.C. NoNameU,becauseLarryhasafullscholarshipthere.D. EliteU,becausetheopportunitycostsofattendingEliteUarethelowest.

27. LarryhasdecidedtogotoEliteU.Assumingthatallofthevaluesdescribedarecorrect,forLarrytodecideonEliteU,hemusthave:

 A. calculatedhissurplusfromeachchoiceandpickedtheonewiththehighestsurplus.B. underestimatedthebenefitsofattendingNoName.C. miscalculatedthesurplusofattendingEliteU.D. determinedtheopportunitycostofeachchoiceandpickedtheonewiththelowestopportunitycost.

28. Jenspendsherafternoonatthebeach,paying$1torentabeachumbrellaand$11forfoodanddrinksratherthanspendinganequalamountofmoneytogotoamovie.Theopportunitycostofgoingtothebeachis:

 A. the$12shespentontheumbrella,foodanddrinks.B. only$1becauseshewouldhavespentthemoneyonfoodanddrinkswhetherornotshewenttothebeach.C. themovieshemissedseeing.D. themovieshemissedseeingplusthe$12shespentontheumbrella,foodanddrinks.

29. Relativetoapersonwhoearnsminimumwage,apersonwhoearns$30perhourhas:

 A. aloweropportunitycostofworkinglongerhours.B. ahigheropportunitycostoftakingadayoff.C. aloweropportunitycostofdrivingfarthertowork.D. thesameopportunitycostofspendingtimeonleisureactivities.

30. Theopportunitycostofanactivityisthevalueof:

 A. analternativeforgone.B. thenext-bestalternativeforgone.C. theleast-bestalternativeforgone.D. thedifferencebetweenthechosenactivityandthenext-bestalternativeforgone.

31. Amyisthinkingaboutgoingtothemoviestonight.Aticketcosts$7andshewillhavetocancelherdog-sittingjobthatpays$30.Thecostofseeingthemovieis:

 A. $7.B. $30.C. $37.D. $37minusthebenefitofseeingthemovie.

32. Economicsurplusis:

 A. thebenefitgainedbytakinganaction.B. thepricepaidtotakeanaction.C. thedifferencebetweenthebenefitgainedandthecostincurredoftakinganaction.D. thewagesomeon