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1、经济学基础练习题2（Economics based exercises 2）Economic basis exercise 2 (with answers)A choice1, assuming that the cross elasticity of demand X commodity and commodity y is negative, then (A).A X and y are complementary goods; X and Y B are substitutes;C X and Y D X are normal goods; and Y is inferior.2 whi
2、ch of the following situations to make total revenue increase? (A)A prices rose, inelastic demand;B prices, inelastic demand;C prices rise, demand elasticity;D prices, demand elasticity.3, the income elasticity of demand for inferior goods (B).A is B negative;It is difficult to determine the D C zer
3、o.4, the production of a product that the rising prices of raw materials, the product (C).A demand curve shifts to the left; B demand curve shifts to the right;C supply curve shifts to the left; D supply curve shifts to the right.5, the supply curve of a commodity is a straight line through the orig
4、in, so the price elasticity of the supply of goods (B).A changes with the price changes; B equals to 1;C is the slope value of D is difficult to determine.6, which of the following is not true? (D)A if the decrease of supply and demand unchanged, the equilibrium price will rise;B if the supply incre
5、ases, demand decreases, the equilibrium price will fall;C if the demand increases, supply decreases, the equilibrium price will rise;D if the reduction in demand, supply increases, the equilibrium price will rise.In 7, while reducing the demand and supply situation, will appear (C).A equilibrium pri
6、ce equilibrium decline, reduce production and sales;B equilibrium prices, balance production and sales can not be determined;C cannot determine the equilibrium price, equilibrium and reduce spirit;D equilibrium price equilibrium, reduce production and sales.8, with the equilibrium price (D).The incr
7、ease of A supply and demand rises;To reduce the B supply and demand rises;Increased demand and supply reduction of C;Reduce the increase in D demand and supply increased.Two, terminology1, the price elasticity of demandPrice elasticity of demand (price elasticity of demand) concept is used to measur
8、e the change in the price of demand for commodities to its sensitive degree.2, the equilibrium priceIn modern western economics, the so-called balance is the balance of power caused by the opposite Hu relatively quiescent state. When the price is neither rising nor falling, remained relatively stabl
9、e, so the price is the equilibrium price (equilibrium price).Three, short answer questionsUsing the theory of supply and demand analysis of why the organization of petroleum exporting countries to limit oil yield?Answer: since 1970s, OPEC has repeatedly taken to limit oil production measures. Becaus
10、e oil is an important energy in various countries, the lack of demand elasticity, therefore, when the OPEC organization decided to reduce the yield when oil prices rise faster than demand decline. This will increase the organizations revenue in the short term, in the long run, but also conducive to
11、world oil market stability. If the organization does not limit the oil production, the Member States will because of falling prices and reduce its income.A series of articles:Economic basis exercises (with a 1A choice1, the maximum utility (B).A B is the largest marginal utility; marginal utility is
12、 zero;C D is the marginal utility of marginal utility is negative.Line 2, difference curve slope constant, that is to combine the two kinds of goods (B).A can replace the B completely replaced;C complementary D unrelated.3, with a different point on the curve represents the difference (B).The utilit
13、y of the A level is different, but the two proportion of the consumption of the same commodity combination;The same B utility level, but the two proportion of the consumption of different combinations of goods;The utility of the C at different levels, mix two kinds of commodities are not the same;Th
14、e same D utility level, mix two kinds of commodities are not the same.4, no marginal difference curve of any point on the real X and y equal to the rate of their (C).A price ratio; the ratio of number of B;C the marginal utility ratio of marginal cost ratio; D.5, the budget line depends on the locat
15、ion and slope (C).A consumer income; the prices of B products;The income of consumers and the price of goods C;D consumer preferences, income and commodity prices.6, X and y of the price of goods at the same ratio increased, while revenue unchanged, the budget line (A).A lower left moving parallel t
16、o B parallel moving upward to the right;C to the bottom left or right above the parallel move;D does not change.7, the budget line around it and the horizontal axis intersection counterclockwise because (B).A X commodity prices rising commodity prices rose y B;C consumer income decline; D X commodit
17、y prices unchanged, commodity prices rose y.8, the budget line reflects (A).A consumer income constraints; B consumer preferences;C D the number of consumers; the purchasing power of money.In 9, the slope of the indifference curve above the consumer equilibrium point (B).The slope of the budget line
18、 is greater than A; B is less than the slope of the budget lineC is equal to the slope of the budget line;The slope may be greater than D and less than or equal to zero budget line.10, if other conditions remain unchanged, if commodity prices decline, according to the principle of utility maximizati
19、on, consumers will (A)The purchase of goods.A increased B decreased;C does not change; D increase or decrease.11, assuming X and Y prices unchanged, when MRSxyPx/Py, the consumer is the greatest satisfaction, he will (C).The purchase of A x, y B x reduced; reduce the purchase of Y;At the same time,
20、the purchase of C x, y D and X Y decreased.12, if there is no difference of any point on the curve slope of dy/dx=-1/2, which means that consumers have more x goods, he mayGive up (B) and a y. unit XA 1/2 B 2 C1 D 1.513, the consumer surplus is (C).A consumer surplus commodities; total utility consu
21、mers get B;The total utility of total utility C consumers buy goods is larger than the part of the money;The total utility of money expenditure D.14, the consumer surplus is the consumer (B).A B the actual income; subjective feelings;C did not buy some D part of the consumer surplus.15, a decline in
22、 the price of inferior goods, other things being equal (C).The A substitution effect and income effect mutually reinforcing the commodity demand increase;The B substitution effect and income effect led to the demand for goods with each other to reduce;The C substitution effect tends to increase the
23、demand for the goods, while the income effect tends to reduce its demand;The D substitution effect tends to reduce the demand for the goods, while the income effect tends to increase its demand.Two, terminology1, the law of diminishing marginal utilityThe contemporary western economists also believe
24、 that not only the marginal utility of the commodity is decreasing, the marginal utility of monetary income is declining. The marginal utility of monetary income refers to the increase or decrease of a unit of money income increase or decrease the effectiveness of. Diminishing marginal utility is co
25、nsidered to reflect the general characteristics of human stomach in the process of consumption, it is called the law of diminishing marginal utility in modern western economics.2, theory of cardinal utilityCardinal utility refers to the use of the base 1, 2, 3. The specific quantity measure of utili
26、ty. A cardinal utility perspective economists believe that the size of the utility can be used to calculate and compare the base.3, theory of ordinal utilityOrdinal utility refers to the number third, the first and the second. Order of the utility said. The ordinal utility perspective economists bel
27、ieve that consumer utility is a feeling of satisfaction, it is impossible to determine the unit so that it cannot be measured. However, due to meet the different levels, so it can be used to indicate the number of.4, no difference curveNo difference curve (indifference curve) said in a preference un
28、der the same conditions, meet the obtained consumer representatives from this point on the curve of the commodity portfolio is the same.5, the budget lineThe budget line (budget line) said in consumer income and commodity prices for certain conditions, consumers can buy different combinations of goo
29、ds.6, the substitution effectIn the labor supply curve, curve backward bending is caused by the change of the labor income and leisure preferences. The wage rate increases, workers between income and leisure choice there is a substitution effect. The wage rate with the increase of hourly labor can g
30、et more income, that is the hour of leisure must pay a higher price. In this case, the worker are with higher income can buy goods instead of leisure tendency. This is the substitution effect.7, Engel curveThe Engel curve shows the relationship between the monetary income consumers with him for a co
31、mmodity or a group of expenditure.8, the income effectThe labor supply curve, the wage rate increases, workers between income and leisure choice of the existence of income effect. When the wage increase is the workers feel more affluent, and therefore want to be able to enjoy more leisure, this is t
32、he income effect.Three, short answer questions1, the theory of cardinal utility and ordinal utility theory what is the difference?Answer: the theory of cardinal utility and ordinal utility theory are two different theories to explain consumer behavior. The two have obvious difference in analysis of
33、consumer behavior. Specific performance in: different assumptions. Theory of cardinal utility hypothesis of consumer goods for utility can be measured, namely the size of utility can be used to represent the size of the base, and each brought by a unit of commodity effectiveness increases with decre
34、asing law; theory of ordinal utility is that the utility level obtained consumer goods can only be sorted, can only be used. To show the effectiveness of, and indicate the size and characteristics of utility in no difference curve. The use of different analysis tools. Theory of cardinal utility and
35、budget constraints using MU to analyze the utility maximization conditions. The theory of ordinal utility with indifference curve and budget line as a tool to analyze the equilibrium of the consumer. So, two expressed by consumers to achieve a balanced condition is not the same. The former is expres
36、sed as MUx/Px=, which is expressed as MRSxy=Px/Py. The difference between the above analysis methods, but in a different way to express the general rules of consumer behavior. In addition, the two have many similarities: they are based on the needs of the market, the demand curve to explain the dema
37、nd curve is how to express the utility maximization of consumers. Second, they are based on the assumption that the income level and the price level of a utility maximization process analysis. The marginal utility theory of value is based on the analysis of the two, the commodity price level is dete
38、rmined by the size of the marginal utility and marginal utility is decreasing. So, in two reflects the demand characteristics are the same.2, what is the marginal rate of substitution? Why is the marginal rate of substitution decreased?Answer: the marginal rate of substitution is refers to the consu
39、mer to keep the same utility, consumption increased consumption of a unit of a commodity and can reduce another commodity ratio, its general expression is: MRSxy= y/ x=MUx/Muy, has the law of diminishing marginal rate of substitution. The reason is: with the increase of X consumption quantity, MUx i
40、n decline; at the same time, along with the reduction of Y consumption quantity, increase in Muy. MRSxy=MUx/Muy, so MRSxy is an inevitable decline.3, the consumer surplus is how it formed? (P68, twenty-sixth)Answer: the consumer surplus is caused by the following two factors. On the one hand, consum
41、ers buy goods with the marginal utility of money, because the law of diminishing marginal utility function, with the increasing number of consumers to buy, he is willing to pay the price will be more and more low; on the other hand,In the market there is always a realistic price, and consumers actua
42、lly pay the market price generally reflects his marginal utility to have the last unit of commodity value. Therefore, in addition to consumers to buy the last unit of goods, the marginal utility gain from the consumer before the purchase of goods to meet more than he paid for the unit of currency. I
43、n other words, the marginal utility he previously purchased per unit goods brought him is higher than the marginal utility he obtained from the last unit of goods, the excess is consumer surplus.4, with the substitution effect and income effect analysis shows that, if the decline in the price of bee
44、f, it will increase the demand for the inevitable?Answer: the decline in the price of beef to increase the demand for it, this is the substitution effect and income effect of the joint operation results. Because of the decline in other commodities when the price of beef (such as pork) price unchange
45、d, within certain limits people will buy less pork, while the original for the purchase money to buy beef and pork. That is to say, beef prices will encourage people to use beef instead of pork and other commodities, resulting in increased demand for beef. This is the substitution effect of price ch
46、anges. On the other hand, due to the demand on peoples purchasing power is the premise of monetary income and peoples purchasing power mainly from their. Other commodity prices unchanged while beef prices fall, which means that the same currency income does not reduce other commodity consumption sit
47、uation, can buy more beef. Because the price of beef actually decreased said real incomes increased. This is the income effect. Therefore, when the price of beef as normal goods declined, due to the combined effect of the substitution effect and income effect, people demand for it will increase the
48、price changes than before.Four, to discuss the problemUse of diamond is very limited and expensive, but very cheap water is essential to life. Please use the economics principle to explain this paradox of value.Answer: this paradox can be from two aspects of supply and demand to explain, because the price is determined by demand and supply.From the demand side,