Chapter07曼昆经济学.docx

Chapter07曼昆经济学.docx

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Chapter07曼昆经济学

Chapter7

Consumers,Producers,andtheEfficiencyofMarkets

MULTIPLECHOICE

1.Welfareeconomicsisthestudyof

a.thewell-beingoflessfortunatepeople.

b.welfareprogramsintheUnitedStates.

c.theeffectofincomeredistributiononworkeffort.

d.howtheallocationofresourcesaffectseconomicwell-being.

ANSWER:

d.howtheallocationofresourcesaffectseconomicwell-being.

TYPE:

MDIFFICULTY:

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2.Thestudyofhowtheallocationofresourcesaffectseconomicwell-beingiscalled

a.consumereconomics.

b.macroeconomics.

c.welfareeconomics.

d.supply-sideeconomics.

ANSWER:

c.welfareeconomics.

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3.Withrespecttowelfareeconomics,theequilibriumpriceofaproductisconsideredtobethebestpricebecauseit

a.maximizestotalrevenuetofirmsandtotalutilitytobuyers.

b.maximizesthetotalwelfareofbuyersandsellers.

c.minimizescostsandmaximizesprofitsofsellers.

d.minimizesthelevelofwelfarepaymentstothosewhonolongerlivebelowthepovertyline.

ANSWER:

b.itmaximizesthetotalwelfareofbuyersandsellers.

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4.Positiveanalysisreferstowhat

a.is.

b.shouldbe.

c.couldbe.

d.ispoliticallycorrect.

ANSWER:

a.is.

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5.Normativeanalysisreferstowhat

a.is.

b.shouldbe.

c.maximizesefficiency.

d.ispoliticallycorrect.

ANSWER:

b.shouldbe.

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6.Theequilibriumofsupplyanddemandinamarket

a.maximizestheprofitsofproducers.

b.canonlybeachievedwithgovernmentintervention.

c.producesbothanefficientandequitablemarketoutcome.

d.maximizesthetotalbenefitsreceivedbybuyersandsellers.

ANSWER:

d.maximizesthetotalbenefitsreceivedbybuyersandsellers.

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7.Theparticularpricethatresultsinquantitysuppliedbeingequaltoquantitydemandedisthebestpricebecauseit

a.maximizescostsoftheseller.

b.maximizestheprofitofbuyers.

c.maximizesthetotalwelfareofbuyersandsellers.

d.minimizestheexpenditureofbuyers.

ANSWER:

c.maximizesthetotalwelfareofbuyersandsellers.

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MDIFFICULTY:

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8.SupposethatLarry,MoeandCurlyarebiddinginanauctionforamint-conditionvideoofCharlieChaplin’sfirstmovie.Eachhasinmindamaximumamountthathewillbid.Thismaximumiscalled

a.aresistanceprice.

b.willingnesstopay.

c.consumersurplus.

d.producersurplus.

ANSWER:

b.willingnesstopay.

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9.Willingnesstopaymeasuresthe

a.amountabuyeriswillingtopayforagoodminustheamountthebuyeractuallypaysforit.

b.amountaselleractuallyreceivesforagoodminustheminimumamounttheselleriswillingtoaccept.

c.maximumamountabuyeriswillingtopayminustheminimumamountaselleriswillingtoaccept.

d.maximumamountthatabuyerwillpayforagood.

ANSWER:

d.maximumamountthatabuyerwillpayforagood.

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10.Consumersurplusis

a.abuyer’swillingnesstopayminustheprice.

b.abuyer’swillingnesstopayplustheprice.

c.thepriceoftheproductminusthebuyer’swillingnesstopay.

d.whenthebuyer’swillingnesstopayandthepriceoftheproductareequal.

ANSWER:

a.abuyer’swillingnesstopayminustheprice.

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11.Consumersurplusmeasures

a.theamountofaproductaconsumercanbuyatapricebelowequilibriumprice.

b.thedifferencebetweentheamountaconsumerhastopayandtheamounttheconsumerwaswillingtopay.

c.thenumberofconsumerswhoareexcludedfromamarketbecauseofscarcity.

d.howmuchabuyervaluesagood.

ANSWER:

b.thedifferencebetweentheamountaconsumerhastopayandtheamounttheconsumerwaswillingtopay.

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12.Aconsumer’swillingnesstopaymeasures

a.thecostofagoodtothebuyer.

b.howmuchabuyervaluesagood.

c.howmuchabuyerhastopaytoreceiveagood.

d.howmuchasellerreceivesfromthesaleofagood.

ANSWER:

b.howmuchabuyervaluesagood.

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13.Ifaconsumeriswillingandabletopay$15.00foraparticulargoodbutthepriceofthegoodis$17.00,thenthe

a.consumerwouldhaveconsumersurplusof$2.00.

b.consumerwouldincreasehis/herwillingnessandabilitytopaybyearningmore.

c.consumerwouldnotpurchasethegoodandwouldnothaveanyconsumersurplus.

d.marketmustnotbeaperfectlycompetitivemarket.

ANSWER:

c.consumerwouldnotpurchasethegoodandwouldnothaveanyconsumersurplus.

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14.Ifaconsumeriswillingandabletopay$20.00foraparticulargoodbutonlyhastopay$14.00,theconsumersurplusis

a.$6.00.

b.$14.00.

c.$20.00.

d.$34.00.

ANSWER:

a.$6.00.

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15.Belvaiswillingtopay$65.00forapairofshoesforaformaldance.Shefindsapairatherfavoriteoutletshoestorefor$48.00.Belva’sconsumersurplusis

a.$17.

b.$31.

c.$48.

d.$65.

ANSWER:

a.$17.

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16.IfBrockiswillingtopay$400foranewsuit,butisabletobuythesuitfor$350,hisconsumersurplusis

a.$50.

b.$150.

c.$350.

d.$400.

ANSWER:

a.$50.

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17.SupposeLauren,LeslieandLydiaallpurchasebulletinboardsfortheirroomsfor$15each.Lauren’swillingnesstopaywas$35,Leslie’swillingnesstopaywas$25,andLydia’swillingnesstopaywas$30.Totalconsumersurplusforthesethreewouldbe

a.$15.

b.$25.

c.$35.

d.$45.

ANSWER:

d.$45.

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18.SupposeLauren,LeslieandLydiaallpurchasebulletinboardsfortheirroomsfor$15each.Lauren’swillingnesstopaywas$35,Leslie’swillingnesstopaywas$25,andLydia’swillingnesstopaywas$30.Whichofthethreereceivesthemostconsumersurplusfromherpurchase?

a.Lauren

b.Leslie

c.Lydia

d.Theyeachreceivedthesameconsumersurplussincetheyeachpaidthesameforthebulletinboard.

ANSWER:

a.Lauren

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19.ShannonbuysanewCDplayerforhercarfor$135.Shereceivesconsumersurplusof$25onherpurchase.Herwillingnesstopayis

a.$25.

b.$110.

c.$135.

d.$160.

ANSWER:

d.$160.

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2

BUYER

WILLINGNESSTOPAY

MIKE

$50.00

SANDY

$30.00

JONATHAN

$20.00

HALEY

$10.00

20.Ifthetablerepresentsthewillingnesstopayof4buyersandthepriceoftheproductis$15,thenwhowouldbewillingtopurchasetheproduct?

a.Mike

b.MikeandSandy

c.Mike,Sandy,andJonathan

d.Mike,Sandy,Jonathan,andHaley

ANSWER:

c.Mike,Sandy,andJonathan

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21.Janinewouldbewillingtopay$50toseeLesMisérables,butbuysaticketforonly$30.Janinevaluestheperformanceat

a.$20.

b.$30.

c.$50.

d.$80.

ANSWER:

c.$50.

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1DIFFICULTY:

1

22.Chadiswillingtopay$4.00togethissecondcupofmorninglatté.Hefindsavendorsellinglattéfor$3.75.Chad’sconsumersurplusis

a.$0.25.

b.$0.50.

c.$3.75.

d.$4.00.

ANSWER:

a.$0.25.

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23.Denisevaluesastainlesssteeldishwasherforhernewhouseat$500,butbuysitfor$350.Denise’swillingnesstopayis

a.$150.

b.$350.

c.$500.

d.$850.

ANSWER:

c.$500.

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24.Denisevaluesastainlesssteeldishwasherforhernewhouseat$500.Theactualpriceofthedishwasheris$650.Denise

a.buysthedishwasherandreceivesaconsumersurplusof$150.

b.buysthedishwasherandreceivesaconsumersurplusof$500.

c.doesnotbuythedishwasherbecauseherwillingnesstopayisgreaterthantheprice.

d.doesnotbuythedishwasherbecauseherwillingnesstopayislessthantheprice.

ANSWER:

d.doesnotbuythedishwasherbecauseherwillingnesstopayislessthantheprice.

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25.Amybuysanewdogfor$150.Shereceivesconsumersurplusof$100onherpurchase.Herwillingnesstopayis

a.$50.

b.$100.

c.$150.

d.$250.

ANSWER:

d.$250.

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MSECTION:

1DIFFICULTY:

2

26.Raybuysanewtractorfor$118,000.Hereceivesconsumersurplusof$13,000onhispurchase.Ray’swillingnesstopayis

a.$13,000.

b.$105,000.

c.$118,000.

d.$131,000.

ANSWER:

d.$131,000.

TYPE:

MKEY1:

ESECTION:

1OBJECTIVE:

2RANDOM:

Y

27.Jeffdecidesthathewouldpayasmuchas$3,000foranewlaptopcomputer.Hebuysthecomputerandrealizesconsumersurplusof$700.HowmuchdidJeffpayforhiscomputer?

a.$700

b.$2,300

c.$3,000

d.$3,700

ANSWER:

b.$2,300

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1DIFFICULTY:

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28.Cameronvisitsasportinggoodsstoretobuyanewsetofgolfclubs.Heiswillingtopay$750fortheclubs,butbuysthemonsalefor$575.Cameron’sconsumersurplusfromthepurchaseis

a.$175.

b.$575.

c.$750.

d.$1,325.

ANSWER:

a.$175.

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29.Nathanbuysanewsoundsystemforhisdormroomfor$500.Hereceivesconsumersurplusof$400fromthepurchase.HowmuchdoesNathanvaluehissoundsystem?

a.$100

b.$400

c.$500

d.$900

ANSWER:

d.$900

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30.Consumersurplusisthe

a.quantityofagoodconsumersgetfree.

b.amountaconsumerhastopaylesstheamounttheconsumerwaswillingtopay.

c.amountaconsumeriswillingtopaylesstheamounttheconsumeractuallypays.

d.totalvalueofagoodtoaconsumer.

ANSWER:

c.amountaconsumeriswillingtopaylesstheamounttheconsumeractuallypays.

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31.Ifthepriceaconsumerpaysforaproductisequaltoaconsumer’swillingnesstopay,then