Micro
chapter 1
1Which of the following is the best definition of economics?
A)The study of the creation of money and its usage in society.
B)The study of choice under conditions of scarcity and of the results of
tho choices for society.
C)The study of how markets function and how markets impact society.
D)A uful profession for economists.
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2
All of the following are limited except:
A)wants or needs.
B)time.
concern是什么意思
C)energy.
D)brain capacity.
3Joe is a member of golf club that cost him $500 to join, and there is a $25 fee every time he plays a round. Assuming he has enough income,
gradeJoe should be willing to play a round of golf only if:
A)he expects to receive at least $525 in benefits from playing.
B)he expects to receive at least $500 in benefits from playing.
C)he expects to receive at least $25 in benefits from playing.
D)he expects to receive any benefits from playing.
4Suppo Skip is considering buying an item that costs $240 at a store nearby or costs $200 at another store that is a substantial distance away.
He would not incur any additional explicit costs from traveling to the other store. Skip will be willing to travel to the other store for the item if:
A)he values the time and trouble of traveling at less than $40.
B)he values the time and trouble of traveling at less than $200.
C)he values the time and trouble of traveling at less than $240.
D)he will definitely travel to the other store becau he does not incur
any additional explicit costs from doing so.
5An individual would receive $80 in total benefits from an activity and incur $60 in total costs. Which of the following statements is true regarding this activity?
A)The economic surplus associated with this activity equals $80.
B)The economic surplus associated with this activity equals $60.
C)The economic surplus associated with this activity equals $20.
D)This individual should not be willing to engage in this activity becau
the economic surplus is negative.
edback: The economic surplus from taking any action is the Feedba
F Fee
benefit ($80) of taking that action minus its cost ($60), which
equals $20. Becau the economic surplus is positive the
individual should be willing to engage in the activity.
6The implicit cost associated with an activity is best described as
A)the amount that you value your next best alternative.
B)the costs you actually incur in terms of dollars spent on the activity.
C)the net benefits you actually receive from the activity.
D)the costs you would have incurred from your next best alternative.
7The opportunity cost of reading a chapter of the textbook is best described as:
A)zero if you zero if you have already paid for the book.
B)the value you assign to what you would have been doing if you were
not reading the book.
C)about 1/30 of the price you paid for the book becau each chapter
迈克杰克逊经典歌曲reprents about one thirtieth of price the book.
D)however much taking the class adds to your tuition divided by the
number of class meetings devoted to each chapter.
8Suppo Tara choos to engage in an activity that costs her $20 to do on
a night in which she faces two alternatives, each of which will not cost her
any money. She values one alternative at $30 and another at $10. The
opportunity cost to her of engaging in the activity is:
A)$50
B)$60
C)$20
D)$30
edback: The opportunity cost of an activity includes all costs
F Fee
Feedba高考真题
– both implicit and explicit. In this ca, her explicit costs equal
$20 and her implicit costs, the amount she values her next best
alternative, equal $30, so the opportunity cost equals $50.
9Suppo you paid a nonrefundable $300 fee to take a class, which meets for one hour/ssion. Instead of attending class you have two
deafening
alternatives: working for $8/hour or jogging, which you value at $6/hour.
The opportunity cost of attending each class ssion equals:
A)$300
B)$8
C)
$6
D)$14
F Fee
Feedba
edback: The opportunity cost of an activity includes the amount you value the next best alternative. In this ca, you
value the next best alternative at $8.
10
$10 on $30 item C. Which of the following statements is true?
An individual could save $50 on $100 item A, $100 on $300 item B, and
A)The individual should consider the savings on item A to be largest
becau it is highest proportionally to the original price.
B)The individual should consider the savings on items B and C to be
equal becau they both reprent 33% of the original price.
C)
The individual should consider the savings on item B to be largest
becau it is highest in absolute terms
D)
Both A and B.
11
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Refer to the table above. Suppo the marginal benefit associated with
U the following cost table to answer the following question.
each quantity equals $200. This individual should stop engaging in the
activity after the ____ quantity.
A)1st
B)2nd
socket是什么意思C)3rd
D)4
小学一对一价格th
12
for him to enter
Suppo Alan enters an all you can eat taco buffet, where it costs $6.00
, and he can eat as many tacos as he pleas once inside.
Once inside, Alan should continue to eat tacos as long as:
A)the marginal benefits associated with each taco are greater than or
equal to $6.00.
B)the marginal costs associated with each taco are greater than or
equal to $6.00.
C)the marginal benefits associated with each taco are greater than or
equal to $0.00.
D)We need more information to know how many tacos he should eat.
13
Given the information on benefits and costs above, the optimal quantity
U the following cost-benefit table to answer the following question.equals:
A)2
nsationsB)3
C)4D)
514additional $50 in benefits if she pursues the activity further
Suppo Jean is engaging in an activity in which she would receive an
. If her average costs are $40 per activity, according to the cost benefit rule, she:
A)definitely should continue to pursue the activity further .
B)definitely should not continue to pursue the activity further .C)is indifferent between pursuing the activity further or not.
D)We need more information to determine whether she should or should not pursue the activity further .
F Fee Feedba edback: The cost-benefit rule says one must consider marginal benefits and marginal costs when making optimal
decisions. In the example above, we are only given information on average costs, not marginal costs, and therefore do not
have enough information to determine whether she should or
should not pursue the activity further.15
should:In order to encourage people to engage in an activity less often, one A)increa the benefits and/or decrea the costs associated with that activity.
B)decrea the benefits and/or increa the costs associated with that activity.
C)decrea the benefits and/or decrea the costs associated with that activity.
D)increa the benefits and/or increa the costs associated with that activity.
BACAC ABABC CCADB
