供给与市场均衡.docx

1、供给与市场均衡2009 Economics Subject TestPart I. Multiple Choice (30 questions, 60 points in total)Choose only ONE best answer.1E2D3E4B5B6B7D8C9C10A11D12A13C14D15D16D17C18B19A20C21D22B23A24D25C26A27B28D29D30C1.An increase in the quantity demanded could be caused by:a.an increase in the price of substitute

2、goodsb.a decrease in the price of complementary goodsc.an increase in consumer income levelsd.all of the abovee.none of the aboveANS: E需求2.The above figure illustrates the labor market for local fast food restaurants. What would be the effects of a minimum wage imposed at $4 per hour?a.a shortage of

3、 200 hoursb.a shortage of 100 hoursc.a surplus of 200 hoursd.nothing because the minimum wage has no effect on the equilibrium price and quantity.ANS: D供給與市場均衡3.In the electric power industry, residential customers have relatively _ demands for electricity compared with large industrial users and ge

4、nerally are charged _ rates.a.similar, similarb.elastic, lowerc.elastic, higherd.inelastic, lowere.inelastic, higherANS: E供需彈性4.The fact that the fourth plate from the “All You Can Eat Country Buffet” generated more satisfaction than the fifth plate is an example ofa.increasing marginal utility.b.di

5、minishing marginal utility.c.diminishing total utility.d.the “paradox of value.”e.none of the aboveANS: B消費者選擇5.When the wage rate increases from $5.00 to $7.50 per hour, Bob works more hours becausea.his income effect outweighs his substitution effect.b.his substitution effect outweighs his income

6、effect.c.his income and substitution effects offset each other exactly and his demand for labor increases.d.his income and substitution effects offset each other exactly and his supply of labor increases.ANS: B消費者選擇6.For a short-run cost function which of the following statements is (are) not true?a

7、.The average fixed cost function is monotonically decreasing.b.The marginal cost function intersects the average fixed cost function where the average variable cost function is a minimum.c.The marginal cost function intersects the average variable cost function where the average variable cost functi

8、on is a minimum.d.The marginal cost function intersects the average total cost function where the average total cost function is a minimum.e.b and cANS: B生產理論與成本分析7.The figure shows the market for books before and after a sales tax is introduced. The tax on books is _ a book, buyers pay _ of tax per

9、 book, and the governments tax revenue is _a week.a.$1.20; $0.80; $4b.$0.80; $1.20; $12c.$0.40; $0.40; $4d.$1.20; $0.80; $12ANS: D供給與市場均衡8.If price exceeds average costs under pure competition, more firms will _ the industry, supply will _, and price will be driven _.a.enter; decrease; downb.exit; d

10、ecrease; upc.enter; increase; downd.exit; increase; upe.none of the aboveANS: C完全競爭市場9.A hot dog vendor on a street corner wants to increase the total revenue from selling hot dogs. The price elasticity of demand for the hot dogs is 1.1. Hence the vendor willa.raise the price of a hot dog as high as

11、 possible.b.do whatever it takes to sell as many more hot dogs as possible.c.lower the price of a hot dog.d.work harder to reduce the costs of production.ANS: C供需彈性10.For goods and services that are perfect substitutes, the consumers indifference curves are _ lines.a.straight, negatively slopedb.L-s

12、hapedc.negatively sloped, bowed-outwardd.negatively sloped, bowed-inwardANS: A消費者選擇11.The average product of labor reaches its maximuma.at the minimum point of the total product curve.b.where the slope of total product curve is steepest.c.where the slope of the total product curve is zero.d.where ma

13、rginal and average product are equal.ANS: D生產理論與成本分析12.The demand curve for a normal good shifts leftward if income _ or the expected future price _.a.decreases; fallsb.decreases; risesc.increases; fallsd.increases; risesANS: A需求13.In perfect competition, the marginal revenue of an individual firma.

14、is zero.b.is positive but less than the price of the product.c.equals the price of the product.d.exceeds the price of the product.ANS: C完全競爭市場14.Which of the following is ALWAYS true for a single-price monopolist in equilibrium?a.P MCb.P MRc.MR = MCd.all of the abovee.none of the aboveANS: D獨占與寡占市場1

15、5.Which of the following is FALSE regarding the long run for a firm in monopolistic competition?a.The firms can earn an economic profit because of product differentiation.b.Marginal cost equals average total cost.c.Output is produced at minimum average total cost.d.all of the abovee.none of the abov

16、eANS: D獨占與寡占市場16.Trinkets, Inc., an importer of brass items, began the year with an inventory worth $20 million. At the close of the year, the value of their inventory was $24 million. If all else was unchanged, we can conclude that exports increased by $4 million.b.investment expenditures decreased

17、 by $4 million. exports did not change.d.investment expenditures increased by $4 million.e.none of the aboveANS: D 國民所得的衡量17.If the economy is at the natural rate of unemployment,a.real GDP potential GDP.b.real GDP potential GDP.c.real GDP = potential GDP.d.All of the above can occur when the econom

18、y is at the natural rate of unemploymentANS: C失業與通貨膨脹18.The capital stock _ depreciation and _ investment.a.increases because of; is unaffected byb.decreases because of; increases because ofc.is unaffected by; is unaffected byd.increases because of; decreases because ofANS: B國民所得的衡量19.The largest co

19、mponent of GDP in the expenditures approach isa.personal consumption expenditures.b.gross private domestic investment.c.government spending on goods and services. exports.e.none of the aboveANS: A國民所得的衡量20.Suppose the working age population in Tiny Town is 100 people. If 25 of these people are NOT i

20、n the labor force, the _ equals _.a.unemployment rate; 25/100 100b.unemployment rate; 25/75 100c.labor force; 75d.labor force; 25/100 100ANS: C失業與通貨膨脹21.The real wage rate rises if the money wage rate _.a.and the price level change by the same proportionb.rises and the price level rises by the same

21、percentagec.rises more slowly than the price leveld.rises more rapidly than the price levelANS: D失業與通貨膨脹22.The natural rate of unemploymenta.falls with an increase in cyclical unemployment.b.rises with an increase in structural unemployment.c.rises with an increase in cyclical unemployment.d.rises w

22、ith a decrease in frictional unemployment.ANS: B失業與通貨膨脹23.Suppose that the MPC = 0.75 and there are no taxes or imports. Then a $100 decrease in autonomous spending causes equilibrium expenditure toa.decrease by $400.b.increase by $400.c.decrease by $750.d.increase by $750.e.none of the aboveANS: A支

23、出乘數24.Which of the following will affect the size of the multiplier?I. marginal propensity to importII. marginal propensity to consumeIII. marginal income tax ratea.I onlyb.II onlyc.I and II onlyd.I, II, and IIIANS: D支出乘數25.Measures of Fed policy activity includeI.The budget deficit or surplus.II.Th

24、e federal funds rate.III.The growth rate of M2.a.I and II.b.I and III.c.II and III.d.I, II, and III.ANS: C總合供需模型26.In the above figure, at the price level of 140 and real GDP ofa.$12 trillion, firms will not be able to sell all their output.b.$4 trillion, firms will not be able to sell all their out

25、put.c.$4 trillion, consumers will not be able to buy all the goods and services they demand.d.$12 trillion, consumers will not be able to buy all the goods and services they demand.ANS: A總合供需模型27.Based on the figure above, short-run equilibrium occurs at the price level ofa.120 and real GDP of $4 tr

26、illion.b.130 and real GDP of $8 trillion.c.140 and real GDP of $12 trillion.d.130 and real GDP of $12 trillion.ANS: B總合供需模型28.Based on the figure above, the economy will be in a long-run macroeconomic equilibrium at a price level ofa.90b.100c.110d.120e.none of the aboveANS: D總合供需模型29.Which of the fo

27、llowing is true about the long-run aggregate supply curve?a.It is vertical at the level of potential GDP.b.It shows the relationship between the price level and real GDP when wages and other costs are at an equilibrium level.c.It does not shift in response to temporary changes in aggregate demand.d.

28、all of the abovee.none of the aboveANS: D總合供需模型30.When the quantity of capital increases, then thea.LAS curve shifts rightward and the SAS curve does not shift.b.SAS curve shifts rightward and the LAS curve does not shift.c.SAS curve shifts rightward and the LAS curve shifts rightward.d.SAS curve sh

29、ifts rightward and the LAS curve does shifts leftward.ANS: C總合供需模型Part II. Essay Questions (4 questions, 10 points each, 40 points in total)Write your answer in the paper provided. Show your calculations and justifications to your answer (points are in brackets after the question).1.Because bagels a

30、nd cream cheese are often eaten together, they are complements.We observe that both the equilibrium price of cream cheese and the equilibrium quantity of bagels have risen. What could be responsible for this pattern a fall in the price of flour or a fall in the price of milk? Illustrate and explain your answer. (note: flour is an ingredient in bagels, and milk is an ingredient in cream cheese.)Answer: a fall in the price of flour.供給與市場均衡2.Assume that the market for cardboard is perfectly competitive. In each of the following scenar