微观经济学chapter26习题答案汇编.docx

1、微观经济学chapter26习题答案汇编Chapter 2 Thinking Like an EconomistsTRUE OR FALSE1. Economists devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories. (T)2. While the scientific method is applicable to studying natural sciences, it is not applicable to study

2、ing a nations economy. (F)3. It is difficult for economists to make observations and develop theories, but it is easy for economists to run experiments to generate data to test their theories. (F)4. Good assumptions simplify a problem without substantially affecting the answer. (T)5. Assumptions can

3、 simplify the complex world and make it easier to understand. (T)6. Economic models omit many details to allow us to see what is truly important. (T)7. The circular-flow diagram explains, in general terms, how the economy is organized and how participants in the economy interact with one another. (T

4、)8. In the circular-flow diagram, households and firms are the decision makers. (T)9. In the circular-flow diagram, factors of production are the goods and services produced by firms. (F)10. In the circular-flow diagram, firms own the factors of production and use them to produce goods and services.

5、 (F)11. In the circular-flow diagram, one loop represents the flow of goods and services, and the other loop represents the flow of factors of production. (F)12. The production possibilities frontier is a graph that shows the various combinations of outputs that the economy can possibly produce give

6、n the available factors of production and the available production technology. (T)13. Refer to Figure 2-1, if this economy uses all its resources in the dishwasher industry, it produces 35 dishwashers and no doghouses. (T)Figure 2-114. Refer to Figure 2-1, it is possible for this economy to produce

7、75 doghouses. (F)15. Refer to Figure 2-1, it is possible for this economy to produce 30 doghouses and 20 dishwashers. (T)16. Refer to Figure 2-1, it is possible for this economy to produce 45 doghouses and 30 dishwashers. (F)17. Refer to Figure 2-1, unemployment could cause this economy to produce a

8、t point B. (T)18. Refer to Figure 2-1, the opportunity cost of moving from point A to point D is 10 dishwashers. (T)19. Refer to Figure 2-1, the opportunity cost of moving from point B to point D is 15 doghouses. (F)20. Refer to Figure 2-1, the opportunity cost of an additional doghouse increases as

9、 more doghouses are produced. (T)21. If an economy can produce more of one good without giving up any of another good, then the economys current production point is inefficient. (T)22. When a production possibilities frontier is bowed outward, the opportunity cost of the first good in terms of the s

10、econd good increases as more of the second good is produced. (F)23. A production possibilities frontier will be bowed outward if some of the economys resources are better suited to producing one good than another. (T)24. While the production possibilities frontier is a useful model, it cannot be use

11、d to illustrate economic growth. (F)25. Microeconomics is the study of how households and firms make decisions and how they interact in specific markets. (T)26. Macroeconomics is the study of economy-wide phenomena. (T)27. Economists acting as scientists make positive statements, while economists ac

12、ting as policy advisers make normative statements. (T)28. Normative statements describe how the world is, while positive statements prescribe how the world should be. (F)29. Other things equal, an increase in supply causes a decrease in price is a normative statement, not a positive statement. (F)30

13、. There is only one explanation for why economists give conflicting advice on policy issues, and it is that they have different values about what policy should try to accomplish. (F)31. The slope of a line is equal to the change in the x-variable divided by the change in the y-variable. (F)Chapter 3

14、 Interdependence And The Gains From TradeTRUE OR FALSE1. Interdependence among individuals and interdependence among nations are both based on the gains from trade. (T)2. If a person chooses self-sufficiency, then she can only consume what she produces. (T)3. If Wrex can produce more math problems p

15、er hour and more book reports per hour than Maxine can, then Wrex cannot gain from trading math problems and book reports with Maxine. (F)4. Trade allows a country to consume outside its production possibilities frontier. (T)5. Opportunity cost refers to how many inputs a producer requires to produc

16、e a good. (F)6. Opportunity cost measures the trade-off between two goods that each producer faces. (T)7. For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunity cost of the other good. (T)8. If one producer has the absolute advantage in the product

17、ion of all goods, then that same producer will have the comparative advantage in the production of all goods as well. (F)9. If a country has the comparative advantage in producing a product, then that country must also have the absolute advantage in producing that product. (F)10. If one producer is

18、able to produce a good at a lower opportunity cost than some other producer, then the producer with the lower opportunity cost is said to have an absolute advantage in the production of that good. (F)11. Unless two people who are producing two goods have exactly the same opportunity costs, then one

19、person will have a comparative advantage in one good, and the other person will have a comparative advantage in the other good. (T)12. The principle of comparative advantage states that, regardless of the price at which trade takes place, everyone will benefit from trade if they specialize in the pr

20、oduction of the good for which they have a comparative advantage. (F)13. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative advantage. (T)14. Two countries can achieve gains from trade even if one country has an absolute advant

21、age in the production of both goods. (T)15. As long as two people have different opportunity costs, each can gain from trade with the other, since trade allows each person to obtain a good at a price lower than his or her opportunity cost. (T)16. When each person specializes in producing the good in

22、 which he or she has a comparative advantage, each person can gain from trade but total production in the economy is unchanged. (F)17. For both parties to gain from trade, the price at which they trade must lie exactly in the middle of the two opportunity costs. (F)18. David Ricardo was the author o

23、f the 1817 book Principles of Political Economy and Taxation. (T)19. International trade may make some individuals in a nation better off, while other individuals are made worse off. (T)20. Trade can make some individuals worse off, even as it makes the country as a whole better off. (T) SHORT ANSWE

24、R1. Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?Absolute advantage refers to productivity, as in the producer who can produce a product at a lower cost in terms of

25、 the resources used in production. Comparative advantage refers to the producer who can produce a product at a lower opportunity cost. Comparative advantage is the principle upon which trade patterns are based. Comparative advantage is based on opportunity cost, and opportunity cost measures the rea

26、l cost to an individual or country of producing a particular product. Opportunity cost is therefore the information necessary for an individual or nation to determine whether to produce a good or buy it from someone else.2. The only two countries in the world, Alpha and Omega, face the following pro

27、duction possibilities frontiers.Alphas Production Possibilities Frontier Omegas Production Possibilities Frontier a.Assume that each country decides to use half of its resources in the production of each good. Show these points on the graphs for each country as point A.b.If these countries choose no

28、t to trade, what would be the total world production of popcorn and peanuts?c.Now suppose that each country decides to specialize in the good in which each has a comparative advantage. By specializing, what is the total world production of each product now?d.If each country decides to trade 100 unit

29、s of popcorn for 100 units of peanuts, show on the graphs the gain each country would receive from trade. Label these points B.Alphas Production Possibilities Frontier Omegas Production Possibilities Frontier a.Alpha would be producing 125 units of peanuts and 75 units of popcorn (point A on its pro

30、duction possibilities frontier) and Omega would be producing 50 units of peanuts and 150 units of popcorn (point A on its production possibilities frontier).b.The total world production of peanuts would be 175 units and the total world production of popcorn would be 225 units.c.The total world produ

31、ction of peanuts would now be 250 units and the total world production of popcorn would now be 300 units.d.Alpha would be producing 250 units of peanuts and would trade 100 of them to Omega, leaving Alpha with 150 units of peanuts. Alpha would then receive 100 units of popcorn from Omega. Omega woul

32、d be producing 300 units of popcorn and would trade 100 of them to Alpha, leaving Omega with 200 units of popcorn. Omega would then receive 100 units of peanuts from Alpha.Choice1. People who provide you with goods and services (b)a.are acting out of generosity.b.do so because they get something in return.c.have chosen not to become interdependent.d.are required to do so by the government.2. When an economist points out that you and millions of other people are interdependent,