复习题：
一、True or Fal：
1. Government policies that improve equality usually increa efficiency at the same time.
2. A rational decisionmaker takes an action if and only if the marginal cost exceeds the marginal benefit.
3.Trade allows each person to specialize in the activities he or she does best, thus increasing each individual's productivity.
4. the production possibilities frontier shows the opportunity cost of one good as measured in terms of the other good.
5. When a production possibilities frontier is bowed outward, the opportunity cost of the first good in terms of the cond good increas as more of the cond good is produced.
6. For a country producing two goods, the opportunity cost of one good will be the inver of the opportunity cost of the other good.
7. If a country has the comparative advantage in producing a product, then that country must also have the absolute advantage in producing that product.
8.An increa in the price of pizza will shift the demand curve for pizza to the left.
9. A decrea in supply shifts the supply curve to the right.
10. The demand for gasoline will respond more to a change in price over a period of five weeks than over a period of five years.
11. Suppo that when the price ris by 10% for a particular good, the quantity demanded of that good falls by 30%. The price elasticity of demand for this good is equal to 1/3.
12. Demand is inelastic if the price elasticity of demand is greater than 1.
13.A price ceiling is a legal minimum on the price at which a good or rvice can be sold.
14. A price floor t above the equilibrium price is not binding.
15 .The equilibrium of supply and demand in a market maximizes the total benefits to buyers and llers of participating in that market.
16. Efficiency is related to the size of the economic pie, whereas equality is related to how the pie gets sliced and distributed.
17. When markets fail, public policy can potentially remedy the problem and increa economic efficiency.
18. As the size of a tax increas, the government's tax revenue ris, then falls.
authorware是什么19.Becau the supply of land is perfectly elastic, the deadweight loss of a tax on land is very large.
20.In principle, trade can make a nation better off, becau the gains to the winners exceed the loss to the lors.
21. If a tariff is placed on watches, the price of both domestic and imported watches will ri by the amount of the tariff.
22. When a country that imports shoes impos a tariff on shoes, buyers of shoes in that country become wor off.
23. A verage total cost reveals how much total cost will change as the firm alters its level of production.
24. Economies of scale often ari becau higher production levels allow specialization among workers.
25. If long-run average total cost is rising, then the firm is experiencing economies of scale.
26. The shape of the marginal cost curve tells a producer something about the marginal product of her workers.
27. A firm operating in a perfectly competitive industry will shut down in the short run but earn loss if the market price is less than that firm’s average variable cost.
28. A firm will shut down in the short run if revenue is not sufficient to cover all of its fixed costs of production.
29. The marginal firm in a competitive market will earn zero economic profit in the long run.
30. Copyrights and patents are examples of barriers to entry that afford firms monopoly pricing powers.
31. Like competitive firms, monopolies choo to produce a quantity in which margi nal revenue equals marginal cost.
32. For a profit-maximizing firm in a monopolistically competitive market, when price is equal to average total cost, price must lie above marginal cost.
33. A firm in a monopolistically competitive market can earn both short-run and long-run profits.
34. When a firm in a monopolistically competitive market earns zero economic profit, its product price must equal marginal cost.
35. As the number of firms in an oligopoly becomes very large, the price effect disappears.
36. If two players engaged in a prisoner’s dilemma game are likely to repeat the game, they are more likely to cooperate than if they play the game only once.
二、Multiple Choice
1. In most societies, resources are allocated by
A a single central planner.
b B a small number of central planners.
c C tho firms that u resources to provide goods an
d rvices.
d D th
e combined actions o
f millions of houholds and firms.
2. Sophia is planning her activities for a hot summer day. She would like to go to
the local swimming pool and e the latest blockbuster movie, but becau she can only get tickets to the movie for the same time that the pool is open she can only choo one activity. This illustrates the basic principle that
a A people respond to incentives.
b B rational people think at the margin.
c C people face tradeoffs.
d D improvements in efficiency sometimes com
e at the expen of
equality.
3. The opportunity cost of obtaining more of one good is shown on the production
possibilities frontier as the
a A amount of the other good that must be given up.
b B market price of the additional amount produced.
会议口译c C amount of resources that must be devote
d to its production.
d D number of dollars that must b
e spent to produce it.
4. When economists make normative statements, they are
a A speaking as scientists.
b B speaking as policy advirs.
c C making claims about how the worl
d is.
d D revealing that they ar
e very liberal in their views o
f how the world
works.
5. What must be given up to obtain an item is called
a A out-of-pocket cost.
b B comparative worth.
c C opportunity cost.
d D absolut
e value.
6. Suppo that a worker in Boatland can produce either 5 units of wheat or 25
units of fish per year, and a worker in Farmland can produce either 25 units of wheat or 5 units of fish per year. There are 30 workers in each country. No trade occurs between the two countries. Boatland produces and consumes 75 units of wheat and 375 units of fish per year while Farmland produces and
consumes 375 units of wheat and 75 units of fish per year. If trade were to
occur, Boatland would trade 90 units of fish to Farmland in exchange for 80
units of wheat. If Boatland now completely specializes in fish production, how many units of fish could it now consume along with the 80 units of imported
wheat?
a A 490 units
b B 500 units
c C 610 units
d D 660 units
7. The opportunity cost of an item is
a A the number of hours that one must work in order to buy one unit of
the item.
b B what you give up to get that item.
c C always less than the dollar value of the item.
d D always greater than th
e cost o
f producin
g the item.
8. In a market economy, supply and demand are important becau they
a A play a critical role in the allocation of the economy’s scarce
resources.
b B determine how much of each good gets produced.
c C can be u
d to predict th
e impact on the economy o
f various
events and policies.
collap什么意思
d D ll of th
e above are correct.
other什么意思9. The supply of a good or rvice is determined by
a A tho who buy the good or rvice.
b B the government.
c C tho who ll the goo
d or rvice.
d D both thos
e who buy and tho who ll the good or rvice.
10. Which of the following is not a characteristic of a perfectly competitive market?
狗血淋头a A Different llers ll identical products.
b B There are many llers.
c C Sellers must accept the price the market determines.
d D All of th
脸上干燥脱皮怎么办
e above are characteristics o
f a perfectly competitive
market.
11. The law of demand states that, other things equal,
a A when the price of a good falls, the demand for the good ris.
b B when the price of a good ris, the quantity demanded of the good
ris.
c C when the price of a goo
d ris, th
e demand for the good falls.
d D when th
e price o
f a good falls, the quantity demanded of the good
ris.
12 The price elasticity of demand measures
a A buyers’ responsiveness to a change in the price of a good.
b B the extent to which demand increas as additional buyers enter
the market.
c C how much more of a goo
d consumers will demand when incomes
ri.
d D thallegro
e movement along a supply curve when there is a change in
demand.what if
13. Which of the following statements about the price elasticity of demand is
correct?
a A The price elasticity of demand for a good measures the willingness
of buyers of the good to buy less of the good as its price increas.
b B Price elasticity of demand reflects the many economic,
psychological, and social forces that shape consumer tastes.
c C Other things equal, if goo
d x has clos
e substitutes and good y does
not have clo substitutes, then the demand for good x will be more elastic
than the demand for good y.
d D All of th
e above are correct.
14. Minimum-wage laws dictatewox
a A the exact wage that firms must pay workers.
b B a maximum wage that firms may pay workers.
c C a minimum wage that firms may pay workers.
d D a minimum wag
e and a maximum wage that firms may pay
workers.
15. If a price ceiling is not binding, then
a A the equilibrium price is above the price ceiling.
b B the equilibrium price is below the price ceiling.
c C it has no legal enforcement mechanism.
d D Mor
e than one o
f the above is correct.
16. Willingness to pay
a A measures the value that a buyer places on a good.
b B is the amount a ller actually receives for a good minus the
minimum amount the ller is willing to accept.
c C is the maximum amount a buyer is willing to pay minus the
minimum amount a ller is willing to accept.
d D is th
e amount a buyer is willing to pay for a good minus the amount
the buyer actually pays for it.
17. A demand curve reflects each of the following except the
a A willingness to pay of all buyers in the market.
b B value each buyer in the market places on the good.
c C highest price buyers are willing to pay for each quantity.
d D ability of buyers to obtain th
e quantity they desire.
18. What happens to the total surplus in a market when the government impos a
tax?
a A Total surplus increas by the amount of the tax.
b B Total surplus increas but by less than the amount of the tax.
c C Total surplus decreas.
d D Total surplus is unaffected by th
e tax.
19. To measure the gains and loss from a tax on a good, economists u the tools
of
a A macroeconomics.
b B welfare economics.
c C international-trade theory.
d D circular-flow analysis.
20. A tax on a good
a A gives buyers an incentive to buy more of the good than they
otherwi would buy.
b B gives llers an incentive to produce less of the good than they
otherwi would produce.
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c C creates a benefit to the government, the size of which exceeds the
loss in surplus to buyers and llers.
d D All of th
e above are correct.
21. Suppo Scotland goes from being an isolated country to being an exporter of
wool. As a result,
a A consumer surplus of Scottish consumers of wool increas.
b B producer surplus of Scottish producers of wool increas.
