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微观经济学英文作业答案(chap1-chap13)

微观经济学英文作业答案(chap1-chap13)
微观经济学英文作业答案(chap1-chap13)

Microeconomics, 8e (Parkin) Testbank 2 Answer(chap1-chap13)

Chapter 1 What Is Economics?

1) An inducement to take a particular action is called

Answer: D

2) All economic questions arise because we

Answer: A

3) All economic questions arise because

Answer: C

4) Scarcity is

Answer: A

5) Scarcity arises from

Answer: C

6) When an economist talks of scarcity, the economist is referring to the

Answer: C

7) Scarcity is experienced by

Answer: D

8) Fundamental economic problems basically arise from

Answer: D

9) Scarcity exists because

Answer: B

10) Scarcity can be eliminated through

Answer: D

11) Scarcity is common to all economic systems because resources are

Answer: D

12) People must make choices because

Answer: B

13) The problem of "scarcity" applies

Answer: D

14) When a wealthy businessman is unable to buy tickets to the Super Bowl, he or she

experiences ________.

Answer: B

15) In every economic system, choices must be made because resources are ________ and our

wants are ________

Answer: B

16) The fundamental questions in economics result from

Answer: D

17) Economics is best defined as

Answer: C

18) The study of economics

Answer: B

19) Economics is best defined as the science of choice and how people cope with

Answer: C

20) Which of the following best defines the subject of economics?

Answer: D

Chapter 2 The Economic Problem

1) The production possibilities frontier represents

Answer: C

2) A production possibilities frontier (PPF)

Answer: B

3) Which of the following is NOT true concerning a society's production possibilities frontier

(PPF)?

Answer: D

4) A point outside a production possibilities frontier indicates

Answer: B

5) A production possibilities frontier illustrates the maximum amount of two different

goods that can be produced if

Answer: A

6) Which of the following is NOT illustrated by a production possibilities frontier?

Answer: D

7) Suppose the country of Popcorn produces only jets and corn. If Popcorn cannot produce

any more jets without giving up corn, we say that Popcorn has achieved

Answer: B

8) Production efficiency can be defined as

Answer: C

9) A society that is on its production possibilities frontier is

Answer: D

10) If an economy is operating at a point inside the production possibilities frontier, then Answer: A

11) Any point on a production possibilities frontier (PPF) itself is

Answer: A

12) A reduction in the amount of unemployment

Answer: B

13) A country that must decrease production of one good in order to increase the

production of another

Answer: B

14) A president of the United States promises to produce more defense goods without any

decreases in the production of other goods. This promise can be valid

Answer: B

15) When producing goods and services, tradeoffs exist because

Answer: B

16) Opportunity cost is best defined as

Answer: C

17) A choice is made. The value of the highest-valued alternative given up is the ________ of

the choice made.

Answer: C

18) Opportunity cost is expressed in a production possibilities frontier (PPF) by a

movement

Answer: D

19) When operating on its PPF, a country can produce 2 tons of butter and 200 cars OR 3 tons of

butter and 150 cars. The opportunity cost of 1 ton of butter is ________ cars per ton of butter. Answer: C

20) When moving along the production possibilities frontier, opportunity cost is measured as the Answer: B

Chapter 3 Demand and Supply

1) The relative price of a good is

Answer: A

2) All of the following statements are true except:

Answer: C

3) Joe pays $8,000.00 in tuition. The 8,000 dollar tuition Joe pays is an example of what economists call

Answer: B

4) A relative price is

Answer: D

5) Suppose the price of a football is $20.00 and the price of a basketball is $10.00. The _______ of a football is ________.

Answer: A

6) The price of a film camera is $150 and the price of a similar digital camera is $300. What is the relative price of the digital camera?

Answer: C

7) The price of a video tape rental is currently $1.50 and the price of a DVD rental is $2.50. If the price of a video tape rental increases by $0.50, the relative price a DVD rental

8) The price of a video tape rental is currently $1.50 and the price of a DVD rental is $2.50. If the price of a video tape rental falls by $0.50, the relative price a DVD rental

Answer: A

9) The price of a bag of corn chips is $3, and the price of a bottle of soda is $1. What is the relative price of a bag of corn chips?

Answer: A

10) The price of a bag of corn chips is $3, and the price of a bottle of soda is $1. What is the

relative price of a bottle of soda?

Answer: B

11) Twenty years ago a stove cost $300 and a refrigerator cost $1,500. Today a stove costs $600,

while a refrigerator costs $1,800. Which of the following statements is true?

Answer: C

12) The ABC Music club charges a price of $8 for a cassette and $16 for a CD. For an ABC

Music Club member, the opportunity cost of a CD is

Answer: A

13) If the money price of wheat increases and no other prices change, the

Answer: B

14) When graphing a demand curve for corn, we are showing the relationship between the

quantity demanded of corn and the

Answer: B

15) The "law of demand" states that changes in

Answer: C

16) The "law of demand" is illustrated by a

Answer: C

17) The "law of demand" refers to the fact that, all other things remaining the same, when the

price of a good rises

Answer: D

18) The "law of demand" states that, other things remaining the same, the quantity demanded of

any good is

Answer: A

19) The "law of demand" most directly means that consumers buy

Answer: B

20) The "law of demand" states that, other thing remaining the same, the higher

Answer: D

Chapter 4 Elasticity

1) Elasticity generally measures the

Answer: D

2) The price elasticity of demand equals the magnitude of the

Answer: B

3) An elasticity of demand is measured in

Answer: D

4) The price elasticity of demand is defined as the magnitude of the

Answer: C

5) Suppose the price of burgers increases from $2 to $3 each. The degree to which quantity demanded responds to this price increase depends on the

Answer: A

6) The price elasticity of demand is calculated as the absolute value of the

Answer: A

7) The price elasticity of demand refers to the

Answer: C

8) The price elasticity of demand for oranges ________ change if the units of the quantity was changed from pounds to kilograms and ________ change if the units of the price was changed from dollars to cents.

Answer: D

9) Suppose the quantity of gasoline is measured in gallons and the price of gasoline is measured in dollars. The price elasticity of demand is 0.67. If the price of gasoline was now measured in cents rather than dollars, the price elasticity of demand would now be

10) To determine the effect a 25 percent increase in the price of apples has on the quantity of

apples demanded, you must know the value of the

Answer: C

11) Because of an increase in the price of leather, the average price of a pair of women's dress

shoes increased 12 percent. If the price elasticity of demand for women's dress shoes is 0.85, which of the following will happen?

Answer: B

12) The price of a good rises by 12 percent and the price elasticity of demand for the good is

0.85. Which of the following is a correct interpretation of these facts?

Answer: D

13) If a 20 percent increase in the price of a used car results in a 10 percent decrease in the

quantity of used cars demanded, then the price elasticity of demand equals

Answer: A

14) Suppose that the quantity of pizza demanded decreased by 15 percent after an increase in

price of 10 percent. What is the price elasticity of demand for pizza?

Answer: A

15) When the price of a movie ticket increases from $5 to $7, the quantity of tickets demanded

decreases from 600 to 400 a day. What is the price elasticity of demand for movie tickets?

Answer: B

16) A rise in the price of oranges from $2.00 to $2.50 per pound decreases the quantity

demanded from 2,000 to 1,800 pounds. The price elasticity of demand for oranges is

Answer: A

17) If the price of a movie ticket increases by 4 percent and the quantity of movies demanded

falls by 2 percent, the price elasticity of demand is

Answer: C

18) If the quantity demanded of hamburgers increases by 20 percent when the price decreases by 5 percent, then the price elasticity of demand is

Answer: B

19) Taco Bell's economists determine that the price elasticity of demand for their tacos is 2.0. So,

if Taco Bell raises the price of its tacos by 6.0 percent, the quantity demanded will decrease by ________ percent.

Answer: D

20) Using average price and average quantity, calculate the price elasticity of demand if a price

rise from $8 to $10 and decreases the quantity demanded from 20 units to 15 units. The price elasticity of demand equals

Answer: B

Chapter 5 Efficiency and Equity

1) All of the following describe the concept of marginal benefit except the

Answer: C

2) The maximum amount of other goods and services that people are willing to give up in order to get one more personal computer is the

3) Which of the following is correct?

Answer: C

4) The principle of decreasing marginal benefit implies that the

Answer: A

5) Marginal benefit is the

Answer: D

6) "Value" means the

Answer: A

7) A demand curve measures

Answer: D

8) The demand curve for CDs shows the

Answer: B

9) Marginal benefit

Answer: D

10) Marginal benefit

Answer: B

11) The demand curve

Answer: D

12) A demand curve can be also

Answer: C

13) The demand curve also is

Answer: B

14) The demand curve for coffee is the same as the

Answer: B

15) Consumer surplus is the ________ summed over the quantity bought.

Answer: C

16)________ is the difference between the value of a good and the price paid for it summed over the quantity bought.

Answer: B

17) Consumer surplus is the

Answer: C

18) Joe receives consumer surplus on the new computer he buys if

Answer: C

19) When the Smith's were shopping for their present home, the asking price from the previous

owner was $250,000.00. The Smith's had decided they would pay no more than $245,000.00 for the house. After negotiations, the Smith's actually purchased the house for $239,000.00.

They, therefore, enjoyed a consumer surplus of

Answer: C

20) Joe is willing to pay $4 for his first slice of pizza and $3 for his second slice of pizza. If the market price is $2, on his two slices of pizza Joe receives a total consumer surplus of

Answer: B

Chapter 6 Markets in Action

1) The short run effect of a decrease in the supply of housing is a ________ in the rent and ________ in the quantity of housing units.

Answer: A

2) In the absence of a rent ceiling, the long run adjustment to an initial decrease in the supply of housing is

Answer: C

3) The above table gives the demand schedule and the supply schedule for housing in Anytown, U.S.A. If a price ceiling of $300 is imposed in the housing market, then

Answer: B

4) The above table gives the demand schedule and the supply schedule for housing in Anytown, U.S.A. If a price ceiling of $600 was imposed in the housing market, then

Answer: C

5) In the above figure, which of the following shifts shows the effect of severe flooding that destroys many of the apartment buildings in Bigtown?

Answer: B

6) A rent ceiling results in a shortage. As a result, which of the following do you expect? Answer: D

7) When a rent ceiling is imposed in a housing market, the opportunity cost of housing equals the Answer: C

8) A rent ceiling results in a shortage. As a result, which of the following do you expect? Answer: C

9) The above figure shows the apartment rental market in Bigtown. At what rent will there be neither a shortage nor a surplus of apartments?

Answer: C

10) The above figure shows the apartment rental market in Bigtown. If severe flooding resulted in the destruction of many of the city's apartment buildings, then the

Answer: A

11) The above figure shows the apartment rental market in Bigtown. If the Bigtown Housing Authority imposes a rent ceiling below $750 per month, the rent ceiling will help

Answer: B

12) The above figure shows the apartment rental market in Bigtown. If the Bigtown Housing

Authority imposes a rent ceiling above $750 per month, the ceiling will

Answer: D

13) The above figure shows the apartment rental market in Bigtown. If there is a shortage of

200,000 apartments in the Bigtown rental market, it may be because the Bigtown Housing Authority has imposed a rent

Answer: B

14) The above figure shows the apartment rental market in Bigtown. If the market is in equilibrium and then the Bigtown Housing Authority imposes a rent ceiling of $500 per apartment, which of the following would occur?

Answer: B

15) The above figure shows the apartment rental market in Bigtown. If the Bigtown Housing

Authority imposes a rent ceiling of $500 per apartment, the deadweight loss will be Answer: C

16) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented?

Answer: B

17) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, what is the rent?

Answer: B

18) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, there is

Answer: D

19) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, how many apartment units are rented?

Answer: A

20) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, what is the rent?

Answer: C

Chapter 7 Utility and Demand

1) A household's consumption choices cannot exceed limits created by

Answer: C

2) In order to determine a household's budget line, you must know the

Answer: A

3) Suppose we know that Freddy likes to consume only two things: Fritos and Fruit Drinks. If we know only that Fritos and Fruit Drinks cost $1 each, we can

Answer: D

4) Jake plans to spend $100 on fried chickens and Pepsi. The price of a fried chicken is $5 and Pepsi is $2 per bottle. If Jake buys 10 fried chickens how many bottles of Pepsi can he buy? Answer: C

5) Bob plans to spend $60 per month on DVD movie rentals and CDs. The price of a movie rental is $3 and the price of a CD is $15. If Bob rents 5 DVDs per month, how many CDs can he buy?

Answer: C

6) Larry spends all his $800 monthly income on pizza and gasoline. The price of pizza is $4 a slice, and the price of gasoline is $2 per gallon. If Larry buys 150 slices of pizza per month, his budget constraint will allow him to buy ________ gallons of gas per month.

Answer: A

7) Larry spends all his $800 monthly income on pizza and gasoline. The price of pizza is $4 a slice, and the price of gasoline is $2 per gallon. The relative price of gasoline is

Answer: B

8) Larry spends all his $800 monthly income on pizza and gasoline. The price of pizza is $4 a slice, and the price of gasoline is $2 per gallon. Larry's real monthly income in terms of pizza is

Answer: C

9) The figure above shows Tanya's consumption possibilities. Tanya spends $100 per month on movies and restaurant meals. The price of a movie ticket is ________ and the price of a restaurant meal is ________.

Answer: D

10) The figure above shows Tanya's consumption possibilities. Which of the following

combinations of goods is not affordable?

Answer: C

11) The figure above shows Tanya's consumption possibilities when the price of a restaurant

meal is $20. If the price of a restaurant meal falls to $10 and Molly buys 12 movie tickets, how many restaurant meals can she buy?

Answer: C

12) Total utility describes

Answer: A

13) The total benefit that a person gets from the consumption of goods and services is called

Answer: A

14) A measure of all the benefit you get from all the coffee you consume is your

Answer: C

15) Which of the following statements is true?

Answer: B

16) If we describe Lola's total satisfaction she receives from eating pizza, we are referring to

Lola's

Answer: B

17) The figure above shows how your total utility changes with the number of bananas you

consume. How many units of total utility would you get if you consumed four bananas each week?

Answer: D

18) Marginal utility is the

Answer: B

19) ________ is the additional satisfaction a person receives from consuming an extra unit of a good.

Answer: B

20) The measure of the benefit you get from consuming the next cup of coffee is your

Answer: A

Chapter 8 Possibilities, Preferences, and Choices

1) Which of the following is NOT a divisible good?

Answer: D

2) A consumer's budget line depicts

Answer: B

3) In order to draw an individual's budget line, we must know

Answer: B

4) Junkfood Jill spends all of her income on jellybeans and Jolt cola. Suppose that Jill's income is

$30, the price of a bag of jellybeans is $6, and the price of a bottle of Jolt cola is $2. Which of the following combinations of jellybeans and Jolt cola lies inside of Jill's budget line? Answer: D

5) Junkfood Jill spends all of her income on jellybeans and Jolt cola. Suppose that Jill's income is $30, the price of a bag of jellybeans is $6, and the price of a bottle of Jolt cola is $2. If bags of jellybeans are graphed along the vertical axis and bottles of Jolt cola are graphed along the horizontal axis, what is the slope of the budget line?

Answer: D

6) Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. What is the maximum amount of pizza Dave can buy each week?

Answer: B

7) Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. If Dave buys 15 pizza each week, what is the maximum number of magazines can he buy?

Answer: C

8) Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. If Dave buys 20 magazines per week, which of the following amount of pizza is not affordable to him?

Answer: B

9) Jake plans to spend $200 on fried chickens and Pepsi. The price of a fried chicken is $7 and Pepsi is $2.60 per bottle. If Jake buys 10 fried chickens how many bottles of Pepsi can he afford?

Answer: B

10) Ron spends $150 on movie tickets and pizza. The price of a pizza is $10 and a movie ticket is $7.50. If Ron buys 9 movie tickets how many pizzas can he afford?

Answer: B

11) Nick consumes two goods, chips and lemonade. Located on the x-axis is the quantity of

chips and on the y-axis is the quantity of lemonade. The slope of the budget line equals the negative of the

Answer: C

12) Goods that can be bought in any quantity desired are called

Answer: A

13) For a consumer, a budget line shows the boundary between

Answer: C

14) The limit on people's consumption choices is determined by

Answer: C

15) Sam buys gasoline and coffee each week. In order to draw his budget line between gasoline and coffee, Sam would have to know

Answer: D

16) If Sam has $60.00 each week to spend on gasoline and coffee, and their respective prices are $1.50 per gallon and $3.00 per pound, which of the following equations represents his budget line?

Answer: C

17) Suppose the price of coffee is $3, the price of a bagel is $2 and a person's budget is $40. The

budget line's equation is

Answer: B

18) The slope of a budget line reflects

Answer: C

19) Jake spends $200 on fried chickens and Pepsi. The price of a fried chicken is $5 and Pepsi is $2.50 per bottle. With the quantity of Pepsi being measured along the vertical axis, the slope of Jake's budget line is ________ per fried chicken.

Answer: D

20) Ron spends $150 on movie tickets and pizza. The price of a pizza is $10 and a movie ticket is $7.50. With the quantity of movies measured along the vertical axis, the slope of Ron's budget line (with movies on the vertical axis) is ________ per pizza

Answer: B

Chapter 9 Organizing Production

1) An institution that hires productive resources and organizes them to produce and sell goods and services is called

Answer: C

2) A firm's basic goal is to maximize its

Answer: A

3) What is the main goal of a firm?

Answer: C

4) A firm's goal is best described as

Answer: D

5) A firm's basic goal is best described as

Answer: C

6) The value of a firm's best alternative use of its resources is called its

Answer: D

7) The value of the firm's best alternative use of its resources is defined as its

Answer: D

8) Opportunity cost differs from the costs measured by an accountant because opportunity cost includes all

Answer: B

9) Opportunity cost equals

Answer: D

10) If instead of working on his own as a consultant making $25,000, Joe takes a job at a bank,

the $25,000 is

Answer: A

11) Mr. Sweet opened a candy store. He rented a building for $30,000 a year. During the first year of operation, Sweet paid $40,000 to his employees, $10,000 for utilities, and $20,000 for goods he bought from other firms. His total revenue was $135,000. Sweet's best alternative to running this candy store is to work for Wal-Mart as a sales associate for $15,000 a year. What is Sweet's total opportunity cost?

12) A firm pays its workers $10 per hour. This cost is an example of an

Answer: D

13) Explicit costs differ from implicit costs in that

Answer: B

14) Mr. Sweet opened a candy store. He rented a building for $30,000 a year. During the first

year of operation, Sweet paid $40,000 to his employees, $10,000 for utilities, and $20,000 for goods he bought from other firms. His total revenue was $135,000. Sweet's best alternative to running this candy store is to work for Wal-Mart as a sales associate for $15,000 a year.

What are Sweet's explicit costs?

Answer: B

15) Pippi owns a pizza parlor. If Pippi owns a pizza oven, for its use she incurs ________. If she

rents a pizza oven, for its use she incurs ________.

Answer: A

16) The opportunity cost that a firm incurs for using a resource that it already owns is called

Answer: B

17) Costs as measured by accountants generally do not include any

Answer: C

18) A firm incurs implicit costs when

Answer: C

19) Cost, as measured by an accountant, generally does not include

Answer: A

20) Which of the following are two components of the opportunity cost of using capital already

owned by the firm?

Answer: D

Chapter 10 Output and Costs

1) A period of time in which the quantity of at least one factor of production used by a firm is fixed is called the

Answer: C

2) Economists define the short run as a period of time so short that

Answer: D

3) The short run is a time frame in which

Answer: A

4) In the short run,

Answer: B

5) In the short run

Answer: C

6) The short run is a time period during which

Answer: C

7) The short run is defined as

Answer: A

8) The short run

9) When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of many of its employees. The company cannot, however, increase electric power production by building additional generating capacity. This means that the company is in the Answer: B

10) An example of a fixed factor of production is

Answer: A

11) A period of time in which the quantity of all factors of production used by a firm can be

varied is called the

Answer: D

12) In the long run, a firm has

Answer: A

13) The long run

Answer: D

14) The long run is a period of time in which

Answer: A

15) Which of the following is characteristic of the long run?

Answer: C

16) After constructing a new factory, the cost of building the factory is a

Answer: D

17) Total product is

Answer: B

18) All the production points that lie

Answer: D

19) The marginal product of labor is equal to the

Answer: B

20) Marginal product is

Answer: A

Chapter 11 Perfect Competition

1) Which of the following is a defining characteristic of a perfectly competitive industry? Answer: C

2) Which of the following is true regarding a perfectly competitive firm?

Answer: D

3) Which of the following is true regarding perfect competition?

Answer: C

4) Which of the following is NOT an assumption of perfect competition?

Answer: C

5) Which of the following is NOT an assumption of perfect competition?

Answer: A

6) Which of the following is NOT an assumption of perfectly competitive markets?

Answer: D

7) Perfect competition implies that

Answer: D

8) A perfectly competitive industry is characterized by

Answer: D

9) Perfect competition exists in an industry if

Answer: A

10) An industry is perfectly competitive if

Answer: C

11) Which of the following is NOT an assumption of perfect competition?

Answer: C

12) Which of the following is NOT a defining characteristic of perfectly competitive industries? Answer: D

13) Which of the following is NOT a characteristic of a perfectly competitive industry? Answer: C

14) Which of the following is NOT a characteristic of perfect competition?

Answer: C

15) In order for perfect competition to arise, it must be the case that

Answer: D

16) If the minimum efficient scale of a firm is small relative to the demand for the good, then Answer: A

17) In perfect competition, the

Answer: A

18) Which of the following conditions is consistent with perfect competition?

Answer: B

19) An example of a perfectly competitive industry is

Answer: B

20) An example of a perfectly competitive firm is

Answer: A

Chapter 12 Monopoly

1) Market power is the

Answer: C

2) A monopoly is best defined as a firm that

Answer: A

3) An example of a monopoly is

Answer: C

4) An example of a monopoly would be

Answer: D

5) A monopolist

Answer: C

6) Which of the following is NOT a characteristic of a monopoly?

Answer: D

7) Which of the following is a characteristic of a monopoly?

Answer: D

8) Which of the following is a characteristic of monopoly?

Answer: C

9) Which of the following can create a monopoly?

Answer: D

10) A barrier to entry is

Answer: A

11) DeBeers monopolizes the world's diamond supply because it

Answer: C

12) If the government grants a firm a public franchise to supply coal, a monopoly is created by Answer: B

13) Which of the following is NOT a barrier to entry for a monopoly?

Answer: C

14) Which of the following is a barrier to entry for a monopoly?

Answer: A

15) Which of the following is NOT a legal barrier to entry?

Answer: D

16) Patents encourage invention by

Answer: C

17) Suppose a new vaccine for Lyme disease is developed by Merck, a large drug company. Which of the following is most likely to occur?

Answer: A

18) Patents encourage inventions because without a patent

Answer: A

19) A legal monopoly is defined as a market where

Answer: B

20) Natural monopolies occur when there are

Answer: C

Chapter 13 Monopolistic Competition and Oligopoly

1) In monopolistic competition, there are

Answer: A

2) ACME, Inc. operates in a market structure in which there are many other firms that find it easy to enter or exit. ACME is operating in ________ market.

Answer: B

3) A characteristic of monopolistic competition is

Answer: C

4) Which of the following is a characteristic of monopolistic competition?

Answer: A

5) Monopolistic competition is a market structure in which

Answer: B

6) Monopolistic competition is a market structure in which

Answer: A

7) Monopolistic competition is a market structure in which

Answer: C

8) Monopolistic competition is a market structure in which

Answer: D

9) Which of the following is NOT a characteristic of monopolistic competition?

Answer: B

10) The key feature of monopolistic competition that distinguishes it from perfect competition is Answer: D

11) Which of the following statements is FALSE concerning monopolistic competition? Answer: C

12) The existence of a large number of firms in monopolistic competition

Answer: A

13) All of the following characteristics apply to monopolistic competition EXCEPT

Answer: B

14) Which of the following is NOT true of firms in monopolistic competition?

Answer: A

15) Which of the following is NOT a characteristic of the market structure for monopolistic competition?

Answer: B

16) In monopolistic competition, the presence of a large number of firms making a differentiated

product means that

Answer: A

17) In monopolistic competition, each firm supplies a ________ part of the total industry output and its actions ________ the actions of the other firms.

Answer: A

18) Dole Co. operates in a monopolistically competitive market. Which of the following characterizes Dole Co.'s market?

Answer: D

19) Monopolistic competition differs from monopoly because in monopolistic competition Answer: D

20) In monopolistic competition, firms compete on the basis of

Answer: B

【免费下载】中国石油大学远程教育微观经济学第三次在线作业

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————————————————————————————————作者:————————————————————————————————日期: 1

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CHAPTER 2 circular-flow diagram循环流向图production possibilities frontier生产可能性边界 microeconomics微观经济学 macroeconomics宏观经济学 positive statements实证表述 normative statements规范表述 CHAPTER 3 absolute advantage绝对优势 opportunity cost机会成本 comparative advantage比较优势 imports进口 exports出口 CHAPTER 4 market市场 competitive market竞争市场 quantity demanded需求量 law of demand需求定理 demand schedule需求表 demand curve需求曲线

normal good正常物品 inferior good低档物品 substitutes替代品 complements互补品 quantity supplied供给量 law of supply供给定理 supply schedule供给表 supply curve供给曲线 equilibrium均衡 equilibrium price均衡价格 equilibrium quantity均衡数量 surplus过剩 shortage短缺 law of supply and demand供求定理 CHAPTER 5 elasticity弹性 price elasticity of demand需求价格弹性 total revenue总收益 income elasticity of demand需求收入弹性cross-price elasticity of demand需求的交叉价格弹性price elasticity of supply供给价格弹性

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2010年秋季学期微观经济学第三次作业

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D. 以上都不对 9. 完全竞争条件下,厂商获取最大利润的条件是() A. 边际收益大于边际成本的差额达到最大值 B. 边际收益等于边际成本 C. 价格高于平均成本的差额达到最大值 D. 以上都不对 10. 完全竞争厂商在达到长期均衡时,如下关系成立(). A. SMC=SAC=LAC=LMC B. SMC=LAC>LMC C. SMC=SAC D. SMC=LAC〈LMC 11. 某家用洗衣机厂经过市场调查发现,其面临的需求曲线呈线性,现价每台1800元,但每台2700元将无人购买.如果决定提价到2000元,可以推断提价后的销售收入将() A. 增加 B. 不变 C. 减少 D. 不确定 12. 某企业有房屋、设备等固定资产1000万,折旧率6%;银行长期贷款100万,年利率5%;生产工人工资总额120万;管理人员工资10万;原料、材料、动力费用1500万.则其总固定成本为() A. 60万 B. 65万 C. 75万 D. 1000万 E. 1100万 13. 某鱼贩以每千克2元的成本从水库运来鲜鱼500千克到早市销售.若他面临的需求曲线为Q=1000-100P,为求利润最大,他应销出() A. 500千克 B. 400千克 C. 两者都正确 D. 两者都不正确 14. 下列何种为吉芬品() A. 需求收入弹性和需求价格弹性均为正 B. 需求收入弹性和需求价格弹性均为负 C. 需求收入弹性为正但需求价格弹性为负 D. 需求收入弹性为负但需求价格弹性为正 E. 上述情况都不是吉芬品 15. 如果一个行业是一个成本递增的行业,则() A. 行业的长期供给曲线有一正的斜率 B. 行业的长期供曲线有一负的斜率 C. 生产中使用的要素供给曲线是垂直的 D. 短期平均成本曲线不是U型的 E. 上述说法均不准确

曼昆的《微观经济学原理》课业笔记 英文版

Ch 1 Ten Principles of economic ?Scarcity: the limited nature of society’s resources ?Economics: the study of how society manages its scarce resources, e.g. ?There are 10 principle of economic which are needed to be remember throughout. ?People face trade-off 1. Individual(time,money) and society(efficiency vs equality). ?Cost of something is what your give up to get it.\ 1. The opportunity cost of any item is whatever must be given up to obtain it. ?Rational people thinking at margin(effect of one additional item) 1. This principle assume that everyone is rational people(made their decision base on their interests) this was addressed on Adam Smith's Wealth of Nation. ?People respond to incentives(诱惑物) 1. This statement reveals that human psychology is a important feature in economic study. ?Trade can make everyone better-off 1.Ex: trade of agricultural product and technology between Japan and America, it will break the law of PPF. It involved absolute advantages(low input) and comparative advantage(low opportunity cost win) ?Markets are usually a good way to organize economy activity. 1.Markets can balance the price. ?Government can sometime improve market outcome. ? A country's standard of living depends on its ability to produce goods and services. ?Price rise when government print too much money.

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