Chapter07曼昆经济学.docx

1、Chapter07曼昆经济学Chapter 7Consumers, Producers, and the Efficiency of MarketsMULTIPLE CHOICE1. Welfare economics is the study of a. the well-being of less fortunate people. b. welfare programs in the United States. c. the effect of income redistribution on work effort. d. how the allocation of resource

2、s affects economic well-being.ANSWER: d. how the allocation of resources affects economic well-being.TYPE: M DIFFICULTY: 12. The study of how the allocation of resources affects economic well-being is called a. consumer economics. b. macroeconomics. c. welfare economics. d. supply-side economics.ANS

3、WER: c. welfare economics.TYPE: M DIFFICULTY: 13. With respect to welfare economics, the equilibrium price of a product is considered to be the best price because it a. maximizes total revenue to firms and total utility to buyers. b. maximizes the total welfare of buyers and sellers. c. minimizes co

4、sts and maximizes profits of sellers. d. minimizes the level of welfare payments to those who no longer live below the poverty line.ANSWER: b. it maximizes the total welfare of buyers and sellers.TYPE: M DIFFICULTY: 24. Positive analysis refers to what a. is. b. should be. c. could be. d. is politic

5、ally correct.ANSWER: a. is.TYPE: M DIFFICULTY: 15. Normative analysis refers to what a. is. b. should be. c. maximizes efficiency. d. is politically correct.ANSWER: b. should be.TYPE: M DIFFICULTY: 16. The equilibrium of supply and demand in a market a. maximizes the profits of producers. b. can onl

6、y be achieved with government intervention. c. produces both an efficient and equitable market outcome. d. maximizes the total benefits received by buyers and sellers.ANSWER: d. maximizes the total benefits received by buyers and sellers.TYPE: M DIFFICULTY: 27. The particular price that results in q

7、uantity supplied being equal to quantity demanded is the best price because it a. maximizes costs of the seller. b. maximizes the profit of buyers. c. maximizes the total welfare of buyers and sellers. d. minimizes the expenditure of buyers.ANSWER: c. maximizes the total welfare of buyers and seller

8、s.TYPE: M DIFFICULTY: 28. Suppose that Larry, Moe and Curly are bidding in an auction for a mint-condition video of Charlie Chaplins first movie. Each has in mind a maximum amount that he will bid. This maximum is called a. a resistance price. b. willingness to pay. c. consumer surplus. d. producer

9、surplus.ANSWER: b. willingness to pay.TYPE: M SECTION: 1 DIFFICULTY: 19. Willingness to pay measures the a. amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. b. amount a seller actually receives for a good minus the minimum amount the seller is willing to a

10、ccept. c. maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept. d. maximum amount that a buyer will pay for a good.ANSWER: d. maximum amount that a buyer will pay for a good.TYPE: M SECTION: 1 DIFFICULTY: 210. Consumer surplus is a. a buyers willingness to

11、pay minus the price. b. a buyers willingness to pay plus the price. c. the price of the product minus the buyers willingness to pay. d. when the buyers willingness to pay and the price of the product are equal.ANSWER: a. a buyers willingness to pay minus the price.TYPE: M SECTION: 1 DIFFICULTY: 211.

12、 Consumer surplus measures a. the amount of a product a consumer can buy at a price below equilibrium price. b. the difference between the amount a consumer has to pay and the amount the consumer was willing to pay. c. the number of consumers who are excluded from a market because of scarcity. d. ho

13、w much a buyer values a good.ANSWER: b. the difference between the amount a consumer has to pay and the amount the consumer was willing to pay.TYPE: M SECTION: 1 DIFFICULTY: 212. A consumers willingness to pay measures a. the cost of a good to the buyer. b. how much a buyer values a good. c. how muc

14、h a buyer has to pay to receive a good. d. how much a seller receives from the sale of a good.ANSWER: b. how much a buyer values a good.TYPE: M SECTION: 1 DIFFICULTY: 213. If a consumer is willing and able to pay $15.00 for a particular good but the price of the good is $17.00, then the a. consumer

15、would have consumer surplus of $2.00. b. consumer would increase his/her willingness and ability to pay by earning more. c. consumer would not purchase the good and would not have any consumer surplus. d. market must not be a perfectly competitive market.ANSWER: c. consumer would not purchase the go

16、od and would not have any consumer surplus.TYPE: M SECTION: 1 DIFFICULTY: 214. If a consumer is willing and able to pay $20.00 for a particular good but only has to pay $14.00, the consumer surplus is a. $6.00. b. $14.00. c. $20.00. d. $34.00.ANSWER: a. $6.00.TYPE: M SECTION: 1 DIFFICULTY: 215. Belv

17、a is willing to pay $65.00 for a pair of shoes for a formal dance. She finds a pair at her favorite outlet shoe store for $48.00. Belvas consumer surplus is a. $17. b. $31. c. $48. d. $65.ANSWER: a. $17.TYPE: M SECTION: 1 DIFFICULTY:116. If Brock is willing to pay $400 for a new suit, but is able to

18、 buy the suit for $350, his consumer surplus is a. $50. b. $150. c. $350. d. $400.ANSWER: a. $50.TYPE: M SECTION: 1 DIFFICULTY: 117. Suppose Lauren, Leslie and Lydia all purchase bulletin boards for their rooms for $15 each. Laurens willingness to pay was $35, Leslies willingness to pay was $25, and

19、 Lydias willingness to pay was $30. Total consumer surplus for these three would be a. $15. b. $25. c. $35. d. $45.ANSWER: d. $45.TYPE: M SECTION: 1 DIFFICULTY: 218. Suppose Lauren, Leslie and Lydia all purchase bulletin boards for their rooms for $15 each. Laurens willingness to pay was $35, Leslie

20、s willingness to pay was $25, and Lydias willingness to pay was $30. Which of the three receives the most consumer surplus from her purchase? a. Lauren b. Leslie c. Lydia d. They each received the same consumer surplus since they each paid the same for the bulletin board.ANSWER: a. LaurenTYPE: M SEC

21、TION: 1 DIFFICULTY: 219. Shannon buys a new CD player for her car for $135. She receives consumer surplus of $25 on her purchase. Her willingness to pay is a. $25. b. $110. c. $135. d. $160.ANSWER: d. $160.TYPE: M SECTION: 1 DIFFICULTY: 2BUYERWILLINGNESS TO PAYMIKE$50.00SANDY$30.00JONATHAN$20.00HALE

22、Y$10.0020. If the table represents the willingness to pay of 4 buyers and the price of the product is $15, then who would be willing to purchase the product? a. Mike b. Mike and Sandy c. Mike, Sandy, and Jonathan d. Mike, Sandy, Jonathan, and HaleyANSWER: c. Mike, Sandy, and JonathanTYPE: M SECTION:

23、 1 DIFFICULTY: 221. Janine would be willing to pay $50 to see Les Misrables, but buys a ticket for only $30. Janine values the performance at a. $20. b. $30. c. $50. d. $80.ANSWER: c. $50.TYPE: M SECTION: 1 DIFFICULTY: 122. Chad is willing to pay $4.00 to get his second cup of morning latt. He finds

24、 a vendor selling latt for $3.75. Chads consumer surplus is a. $0.25. b. $0.50. c. $3.75. d. $4.00.ANSWER: a. $0.25.TYPE: M SECTION: 1 DIFFICULTY: 123. Denise values a stainless steel dishwasher for her new house at $500, but buys it for $350. Denises willingness to pay is a. $150. b. $350. c. $500.

25、 d. $850.ANSWER: c. $500.TYPE: M SECTION: 1 DIFFICULTY: 224. Denise values a stainless steel dishwasher for her new house at $500. The actual price of the dishwasher is $650. Denise a. buys the dishwasher and receives a consumer surplus of $150. b. buys the dishwasher and receives a consumer surplus

26、 of $500. c. does not buy the dishwasher because her willingness to pay is greater than the price. d. does not buy the dishwasher because her willingness to pay is less than the price.ANSWER: d. does not buy the dishwasher because her willingness to pay is less than the price.TYPE: M SECTION: 1 DIFF

27、ICULTY: 225. Amy buys a new dog for $150. She receives consumer surplus of $100 on her purchase. Her willingness to pay is a. $50. b. $100. c. $150. d. $250.ANSWER: d. $250.TYPE: M SECTION: 1 DIFFICULTY: 226. Ray buys a new tractor for $118,000. He receives consumer surplus of $13,000 on his purchas

28、e. Rays willingness to pay is a. $13,000. b. $105,000. c. $118,000. d. $131,000.ANSWER: d. $131,000.TYPE: M KEY1: E SECTION: 1 OBJECTIVE: 2 RANDOM: Y27. Jeff decides that he would pay as much as $3,000 for a new laptop computer. He buys the computer and realizes consumer surplus of $700. How much di

29、d Jeff pay for his computer? a. $700 b. $2,300 c. $3,000 d. $3,700ANSWER: b. $2,300TYPE: M SECTION: 1 DIFFICULTY: 228. Cameron visits a sporting goods store to buy a new set of golf clubs. He is willing to pay $750 for the clubs, but buys them on sale for $575. Camerons consumer surplus from the pur

30、chase is a. $175. b. $575. c. $750. d. $1,325.ANSWER: a. $175.TYPE: M SECTION: 1 DIFFICULTY: 129. Nathan buys a new sound system for his dorm room for $500. He receives consumer surplus of $400 from the purchase. How much does Nathan value his sound system? a. $100 b. $400 c. $500 d. $900ANSWER: d.

31、$900TYPE: M SECTION: 1 DIFFICULTY: 230. Consumer surplus is the a. quantity of a good consumers get free. b. amount a consumer has to pay less the amount the consumer was willing to pay. c. amount a consumer is willing to pay less the amount the consumer actually pays. d. total value of a good to a consumer.ANSWER: c. amount a consumer is willing to pay less the amount the consumer actually pays.TYPE: M SECTION: 1 DIFFICULTY: 131. If the price a consumer pays for a product is equal to a consumers willingness to pay, then