最新经济学原理对应练习 05资料.docx

1、最新经济学原理对应练习 05资料Chapter 5Elasticity and Its ApplicationsMultiple Choice 1. In general, elasticity is a measure ofa. the extent to which advances in technology are adopted by producers.b. the extent to which a market is competitive.c. how fast the price of a good responds to a shift of the supply cur

2、ve or demand curve.d. how much buyers and sellers respond to changes in market conditions.ANS: D PTS: 1 DIF: 1 REF: 5-0TOP: Elasticity MSC: Definitional 2. When studying how some event or policy affects a market, elasticity provides information on thea. direction of the effect on the market.b. magni

3、tude of the effect on the market.c. speed of adjustment of the market in response to the event or policy.d. number of market participants who are directly affected by the event or policy.ANS: B PTS: 1 DIF: 2 REF: 5-0TOP: Elasticity MSC: Interpretive 3. How does the concept of elasticity allow us to

4、improve upon our understanding of supply and demand?a. Elasticity allows us to analyze supply and demand with greater precision than would be the case in the absence of the elasticity concept.b. Elasticity provides us with a better rationale for statements such as “an increase in x will lead to a de

5、crease in y” than we would have in the absence of the elasticity concept.c. Without elasticity, we would not be able to address the direction in which price is likely to move in response to a surplus or a shortage.d. Without elasticity, it is very difficult to assess the degree of competition within

6、 a market.ANS: A PTS: 1 DIF: 2 REF: 5-0TOP: Elasticity MSC: Interpretive 4. Elasticity improves our understanding of supply and demand by addinga. measures of equity.b. measures of efficiency.c. a quantitative element to our analysis.d. a qualitative element to our analysis.ANS: C PTS: 1 DIF: 2 REF:

7、 5-0TOP: Elasticity MSC: Interpretive 5. The price elasticity of demand measures how mucha. quantity demanded responds to a change in price.b. quantity demanded responds to a change in income.c. price responds to a change in demand.d. demand responds to a change in supply.ANS: A PTS: 1 DIF: 1 REF: 5

8、-1TOP: Price elasticity of demand MSC: Definitional 6. The price elasticity of demand measuresa. buyers responsiveness to a change in the price of a good.b. the extent to which demand increases as additional buyers enter the market.c. how much more of a good consumers will demand when incomes rise.d

9、. the movement along a supply curve when there is a change in demand.ANS: A PTS: 1 DIF: 1 REF: 5-1TOP: Price elasticity of demand MSC: Definitional 7. Demand is said to be elastic ifa. the price of the good responds substantially to changes in demand.b. demand shifts substantially when income or the

10、 expected future price of the good changes.c. buyers do not respond much to changes in the price of the good.d. buyers respond substantially to changes in the price of the good.ANS: D PTS: 1 DIF: 2 REF: 5-1TOP: Elastic demand MSC: Definitional 8. Demand is said to be inelastic ifa. buyers respond su

11、bstantially to changes in the price of the good.b. demand shifts only slightly when the price of the good changes.c. the quantity demanded changes only slightly when the price of the good changes.d. the price of the good responds only slightly to changes in demand.ANS: C PTS: 1 DIF: 2 REF: 5-1TOP: I

12、nelastic demand MSC: Definitional 9. If demand is inelastic, thena. buyers do not respond much to a change in price.b. buyers respond substantially to a change in price, but the response is very slow.c. buyers do not alter their quantities demanded much in response to advertising, fads, or general c

13、hanges in tastes.d. the demand curve is very flat.ANS: A PTS: 1 DIF: 2 REF: 5-1TOP: Inelastic demand MSC: Definitional 10. When quantity demanded responds strongly to changes in price, demand is said to bea. fluid.b. elastic.c. dynamic.d. highly variable.ANS: B PTS: 1 DIF: 1 REF: 5-1TOP: Elastic dem

14、and MSC: Definitional 11. Which of the following statements about the price elasticity of demand is correct?a. The price elasticity of demand for a good measures the willingness of buyers of the good to move away from the good as its price increases.b. Price elasticity of demand reflects the many ec

15、onomic, psychological, and social forces that shape consumer tastes.c. Other things equal, if good x has close substitutes and good y does not have close substitutes, then the demand for good x will be more elastic than the demand for good y.d. All of the above are correct.ANS: D PTS: 1 DIF: 2 REF:

16、5-1TOP: Price elasticity of demand MSC: Interpretive 12. For a good that is a necessity,a. quantity demanded tends to respond substantially to a change in price.b. demand tends to be inelastic.c. the law of demand often does not apply.d. All of the above are correct.ANS: B PTS: 1 DIF: 2 REF: 5-1TOP:

17、 Price elasticity of demand MSC: Interpretive 13. For a good that is a luxury, demanda. tends to be inelastic.b. tends to be elastic.c. has unit elasticity.d. cannot be represented by a demand curve in the usual way.ANS: B PTS: 1 DIF: 2 REF: 5-1TOP: Price elasticity of demand MSC: Interpretive 14. I

18、f a person only occasionally buys a cup of coffee, his demand for coffee is probablya. represented by a vertical or nearly-vertical demand curve.b. not easily represented by a demand schedule or demand curve.c. inelastic.d. elastic.ANS: D PTS: 1 DIF: 2 REF: 5-2TOP: Price elasticity of demand MSC: In

19、terpretive 15. A person who takes a prescription drug to control high cholesterol most likely has a demand for that drug that isa. inelastic.b. unit elastic.c. elastic.d. highly responsive to changes in income.ANS: A PTS: 1 DIF: 2 REF: 5-1TOP: Price elasticity of demand MSC: Interpretive 16. Other t

20、hings equal, the demand for a good tends to be more inelastic, thea. fewer the available substitutes.b. longer the time period considered.c. more the good is considered a luxury good.d. more narrowly defined is the market for the good.ANS: A PTS: 1 DIF: 2 REF: 5-1TOP: Inelastic demand MSC: Interpret

21、ive 17. The demand for Chocolate Chip Cookie Dough ice cream is likely quite elastic becausea. ice cream must be eaten quickly.b. this particular flavor of ice cream is viewed as a necessity by many ice-cream lovers.c. the market is broadly defined.d. other flavors of ice cream are good substitutes

22、for this particular flavor.ANS: D PTS: 1 DIF: 2 REF: 5-1TOP: Price elasticity of demand | Substitutes MSC: Interpretive 18. The demand for Werthers candy is likelya. elastic because candy is expensive relative to other snacks.b. elastic because there are many close substitutes for Werthers.c. elasti

23、c because Werthers are regarded as a necessity by many people.d. inelastic because it is usually eaten quickly, making the relevant time horizon short.ANS: B PTS: 1 DIF: 2 REF: 5-1TOP: Price elasticity of demand MSC: Interpretive 19. There are very few, if any, good substitutes for motor oil. Theref

24、ore,a. the demand for motor oil would tend to be inelastic.b. the demand for motor oil would tend to be elastic.c. the demand for motor oil would tend to respond strongly to changes in prices of other goods.d. the supply of motor oil would tend to respond strongly to changes in peoples tastes for la

25、rge cars relative to their tastes for small cars.ANS: A PTS: 1 DIF: 2 REF: 5-1TOP: Price elasticity of demand MSC: Interpretive 20. Holding all other forces constant, when the price of gasoline rises, the number of gallons of gasoline demanded would fall substantially over a ten-year period becausea

26、. buyers tend to be much less sensitive to a change in price when given more time to react.b. buyers tend to be much more sensitive to a change in price when given more time to react.c. buyers will have substantially more income over a ten-year period.d. the quantity supplied of gasoline increases v

27、ery little in response to an increase in the price of gasoline.ANS: B PTS: 1 DIF: 2 REF: 5-1TOP: Price elasticity of demand MSC: Interpretive 21. A good will have a more inelastic demand,a. the greater the availability of close substitutes.b. the broader the definition of the market.c. the longer th

28、e period of time.d. the more it is regarded as a luxury.ANS: B PTS: 1 DIF: 2 REF: 5-1TOP: Price elasticity of demand MSC: Interpretive 22. It is likely thata. the demand for flat-screen computer monitors is more elastic than the demand for monitors in general.b. the demand for grandfather clocks is

29、more elastic than the demand for wristwatches.c. the demand for cardboard is more elastic over a long period of time than over a short period of time.d. All of the above are correct.ANS: D PTS: 1 DIF: 2 REF: 5-1TOP: Price elasticity of demand MSC: Interpretive 23. It is likely thata. the demand for

30、natural gas is more elastic over a short period of time than over a long period of time.b. the demand for smoke alarms is more elastic than the demand for Persian rugs.c. the demand for bourbon whiskey is more elastic than the demand for alcoholic beverages in general.d. All of the above are correct

31、.ANS: C PTS: 1 DIF: 2 REF: 5-1TOP: Price elasticity of demand MSC: Interpretive 24. When the price of bubble gum is $0.50, the quantity demanded is 400 packs per day. When the price falls to $0.40, the quantity demanded increases to 600. Given this information and using the midpoint method, we know

32、that the demand for bubble gum isa. inelastic.b. elastic.c. unit elastic.d. perfectly inelastic.ANS: B PTS: 1 DIF: 2 REF: 5-1TOP: Price elasticity of demand | Midpoint method MSC: Applicative 25. Economists compute the price elasticity of demand as thea. percentage change in price divided by the percentage change in quantity demanded.b. chang