MICROECONOMICS1990微观经济试题.docx

MICROECONOMICS1990微观经济试题.docx

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MICROECONOMICS1990微观经济试题

MICROECONOMICS

SectionI

Time—60minutes

50Questions

Directions:

Eachofthequestionsorincompletestatementsbelowisfollowedbyfivesuggestedanswersorcompletions.Selecttheonethatisbestineachcaseandplacetheletterofyourchoiceinthecorrespondingboxonthestudentanswersheet.

1.Problemsfacedbyalleconomicsystemsincludewhichofthefollowing?

I.Howtoallocatescarceresourcesamongunlimitedwants

II.Howtodecentralizemarkets

III.Howtodecidewhattoproduce,howtoproduce,andforwhomtoproduce

IV.Howtosetgovernmentproductionquotas

A.Ⅰonly

B.ⅠandⅢonly

C.ⅡandⅢonly

D.Ⅰ,Ⅱ,andⅢonly

E.Ⅰ,Ⅱ,Ⅲ,andⅣonly

2.Whichofthefollowingwouldnecessarilycauseafallinthepriceofaproduct?

A.Anincreaseinpopulationandadecreaseinthepriceofaninput

B.Anincreaseinpopulationandadecreaseinthenumberoffirmsproducingtheproduct

C.Anincreaseinaverageincomeandanimprovementinproductiontechnology

D.Adecreaseinthepriceofasubstituteproductandanimprovementinproductiontechnology

E.Adecreaseinthepriceofasubstituteproductandanincreaseinthepriceofaninput

3.Themarketequilibriumpriceofhomeheatingoilis$1.50pergallon.Ifapriceceilingof$1.00pergallonisimposed,whichofthefollowingwilloccurinthemarketforhomeheatingoil?

I.Quantitysuppliedwillincrease.

II.Quantitydemandedwillincrease.

III.Quantitysuppliedwilldecrease.

IV.Quantitydemandedwilldecrease.

A.Ⅱonly

B.ⅠandⅡonly

C.ⅠandⅣonly

D.ⅡandⅢonly

E.ⅢandⅣonly

4.Supposethatafamilybuysallitsclothingfromadiscountstoreandtreatstheseitemsasinferiorgoods.Undersuchcircumstances,thisfamily’sconsumptionofdiscountstoreclothingwillnecessarily

A.increasewhenafamilymemberwinsthestatelottery

B.increasewhenafamilymembergetsaraiseinpayatwork

C.remainunchangedwhenitsincomerisesorfallsduetoeventsbeyondthefamily’scontrol

D.decreasewhenafamilymemberbecomesunemployed

E.decreasewhenafamilymemberexperiencesanincreaseinincome

5.Whichofthefollowingdescribeswhatwillhappentomarketpriceandquantityiffirmsinaperfectlycompetitivemarketformacartelandactasaprofit-maximizingmonopoly?

PriceQuantity

A.DecreaseDecrease

B.DecreaseIncrease

C.IncreaseIncrease

D.IncreaseDecrease

E.IncreaseNochange

6.QuantityProducedTotalCost

0$5

117

228

341

461

591

Barney’sBaitCompanycansellalltheluresitproducesatthemarketpriceof$14.Onthebasisofthecostinformationinthetableabove,howmanyluresshouldthebaitcompanymake?

A.1

B.2

C.3

D.4

E.5

7.Anaturalmonopolyoccursinanindustryif

A.economiesofscaleallowatmostonefirmofefficientsizetoexistinthatmarket

B.asinglefirmhascontroloverascarceandessentialresource

C.asinglefirmproducesinputsforusebyotherfirms

D.asinglefirmhasthetechnologytoproducetheproductsoldinthatmarket

E.above-normalprofitspersistintheindustry

8.Thetypicalfirminamonopolisticallycompetitiveindustryearnszeroprofitinlong-runequilibriumbecause

A.advertisingcostsmakemonopolisticcompetitionahigh-costmarketstructureratherthanalow-costmarketstructure

B.thefirmsintheindustrydonotoperateattheminimumpointontheirlong-runaveragecostcurves

C.therearenorestrictionsonenteringorexitingfromtheindustry

D.thefirmsintheindustryareunabletoengageinproductdifferentiation

E.thereareclosesubstitutesforeachfirm’sproduct

9.Whichofthefollowinginevitablycausesashiftinthemarketdemandforworkerswithacertainskill?

A.Anincreaseinthedemandforgoodsproducedbytheseworkers

B.Adecreaseintaxratesontheincomeoftheseworkers

C.Anincreaseintheequilibriumwagesreceivedbytheseworkers

D.Anincreaseinthesupplyoftheseworkers

E.Thecreationofafederallysubsidizedprogramtotrainnewworkers

10.Ifhiringanadditionalworkerwouldincreaseafirm’stotalcostbylessthanitwouldincreaseitstotalrevenue,thefirmshould

A.nothiretheworker

B.hiretheworker

C.hiretheworkeronlyifanotherworkerleavesorishired

D.hiretheworkeronlyiftheworkercanraisethefirm’sproductivity

E.reducethenumberofworkersemployedbythefirm

11.Ifafirmwantstoproduceagivenamountofoutputatthelowestpossiblecost,itshoulduseeachresourceinsuchamannerthat

A.itusesmoreofthelessexpensiveresource

B.itusesmoreoftheresourcewiththehighestmarginalproduct

C.eachresourcehasjustreachedthepointofdiminishingmarginalreturns

D.themarginalproductsofeachresourceareequal

E.themarginalproductsperdollarspentoneachresourceareequal

12.InwhichofthefollowingwaysdoestheUnitedStatesgovernmentcurrentlyinterveneintheworkingofthemarketeconomy?

I.Itproducescertaingoodsandservices.

II.Itregulatedtheprivatesectortoachieveamoreefficientallocationofresources.

III.Itredistributesincomethroughtaxationandpublicexpenditures.

A.Ⅰonly

B.Ⅱonly

C.Ⅲonly

D.ⅡandⅢonly

E.Ⅰ,Ⅱ,andⅢ

13.Ifitwerepossibletoincreasetheoutputofmilitarygoodsandsimultaneouslytoincreasetheoutputoftheprivatesectorofaneconomy,whichofthefollowingstatementsabouttheeconomyanditscurrentpositionrelativetoitsproductionpossibilitiescurvewouldbetrue?

A.Theeconomyisinefficientandinsidethecurve.

B.Theeconomyisinefficientandonthecurve.

C.Theeconomyisefficientandonthecurve.

D.Theeconomyisefficientandinsidethecurve.

E.Theeconomyisefficientandoutsidethecurve.

14.Aneffectivepricefloorintroducedinthemarketforricewillresultin

A.adecreaseinthepriceofriceandanincreaseinthequantityofricesold

B.adecreaseinthepriceofriceandadecreaseinthequantityofricesold

C.adecreaseinthepriceofriceandanexcessdemandforrice

D.anincreaseinthepriceofriceandanexcesssupplyofrice

E.anincreaseinthepriceofriceandanexcessdemandforrice

15.Marginalrevenueisthechangeinrevenuethatresultsfromaone-unitincreaseinthe

A.variableinput

B.variableinputprice

C.outputlevel

D.outputprice

E.fixedcost

16.Aleftwardshiftinthesupplycurveofcornwouldresultfrom

A.adecreaseinthepriceofcorn

B.adecreaseinthepriceoffarmmachinery

C.anincreaseinthedemandforcornbread

D.anincreaseinthelaborcostsofproducingcorn

E.anincreaseinconsumers’incomes

17.Thediagramabovedepictscostsandrevenuecurvesforafirm.Whatarethefirm’sprofit-maximizingoutputandprice?

OutputPrice

A.0S0D

B.0R0E

C.0Q0F

D.0Q0B

E.0P0G

18.Thegovernmentisconsideringimposinga3percenttaxoneithergoodAorgoodB.Inordertogeneratethelargestrevenue,thetaxshouldbeimposedonthegoodforwhich

A.demandisperfectlyelastic

B.demandisperfectlyinelastic

C.demandisunitelastic

D.supplyisperfectlyelastic

E.supplyisunitelastic

19.Whichofthefollowingstatementshastobetrueinaperfectlycompetitivemarket?

A.Afirm’smarginalrevenueequalsprice.

B.Afirm’saveragetotalcostisabovepriceinthelongrun.

C.Afirm’saveragefixedcostrisesintheshortrun.

D.Afirm’saveragevariablecostishigherthanpriceinthelongrun.

E.Largefirmshavelowercoststhansmallfirms.

20.Assumethatanelectricpowercompanyownstwoplantsandthat,onaparticularday,10,000kilowattsofelectricityaredemandedbythepublic.Inordertominimizethetotalcostofprovidingthe10,000kilowatts,thecompanyshouldallocateproductionsothat

A.marginalcostsarethesameforbothplants

B.averagetotalcostsarethesameforbothplants

C.totalvariablecostsarethesameforbothplants

D.thesumoftotalvariablecostandtotalfixedcostisthesameforbothplants

E.onlytheplantwiththeloweraveragecostisusedtoproducethe10,000kilowattsofelectricity

21.Supposethattheconsumptionofacertainproductresultsinbenefitstoothersbesidestheconsumersoftheproduct.Whichofthefollowingstatementsismostlikelytobetrue?

A.Thedemandfortheproductispriceinelastic.

B.Aperfectlycompetitiveindustrywillnotproducetheoptimalquantityoftheproduct.

C.Aperfectlycompetitiveindustrywillnotproducetheproduct.

D.Optimalityrequiresthatconsumersofthisproductbetaxed.

E.Producersofthisproductearnaneconomicprofit.

Questions22-23arebasedonthetablebelow,whichliststhetotaloutputofworkersinGreta’sJacketShop.

NumberofWorkers

TotalOutput

2

12

3

22

4

28

5

32

22.Whichofthefollowingisthemarginalproductofthefourthworker?

A.4

B.5

C.6

D.28

E.112

23.Gretaalreadyemploys3workers.Ifthepriceofjacketsis$5andthewagerateis$25,sheshould

A.gooutofbusinessaltogether

B.layoffthethirdworker

C.keepthethirdworkerbutnotemploymoreworkers

D.hiretwomoreworkers

E.hireonemoreworkers

24.Acitycouncilisdecidingwhatpricetosetforatriponthecity’scommutertrainline.Ifthecouncilwantstomaximizeprofits,itwillsetapricesothat

A.priceequalsmarginalcost

B.priceequalsaveragecost

C.priceequalsmarginalrevenue

D.marginalrevenueequalsmarginalcost

E.marginalrevenueequalsaveragetotalcost

25.Thedemandcurveforcarsisdownwardslopingbecauseanincreaseinthepriceofcarsleadsto

A.theincreaseduseofothermodesoftransportation

B.afallintheexpectedfuturepriceofcars

C.adecreaseinthenumberofcarsavailableforpurchase

D