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1、Chapter 11. Economic analysis: A)involves some simplifications of reality. B)is only vaguely related to reality because if it did so coincide, it would not still be theory. C)is impossible, because of the impossibility of a controlled experiment. D)if it is good theory, involves no simplification of
2、 reality. E)involves so much distortion of reality as to be worthless. Ans:A2. What are economic goods? A)Goods that are very expensive. B)Goods that are in scarce or limited supply. C)Goods that a country produces and then trades to another county. D)Goods that are vital to an individuals welfare.
3、E)All of the above. Ans:B3. Scarcity in economics refers basically to: A)periods of famine. B)monopolization of existing supplies of goods. C)monopolization of resources to provide goods. D)monopolization of outlets to sell goods. E)none of the above. Ans:E4. Distribution in economics refers to: A)r
4、etailing, wholesaling, and transportation. B)what. C)how. D)for whom. E)none of the above.Ans:D5. The three questions of what, how, and for whom: A)relate to the three factors of production. B)exist because of scarcity. C)are more of a problem in a market economy. D)are more of a problem in a comman
5、d economy. E)are no longer relevant. Ans:B6.The description of economics as, cool heads in the service of warm hearts, means that: A)allocating scarce resources may require painful decisions. B)costs and benefits need to be weighed objectively. C)the proper balance must be struck between the discipl
6、ine of the market and the generosity of the welfare state. D)all of the above. E)none of the above. Ans:D7. When moving along a production possibilities frontier, the opportunity cost to society of obtaining more of one of the two goods: A)is measured in dollar terms. B)usually decreases as more of
7、the good is produced. C)is measured by the amount of the other good that must be given up. D)is measured by the additional resources that must be used to produce the good. E)is usually constant. Ans:C8.These data reflect three possible combinations of food and nothing that can be produced from a giv
8、en set of resources.Food1050ClothingOX50Refer to the above data. If both clothing and food always use all inputs in the same proportion, then X must be: A)25. B)more than 25. C)less than 25. D)50. E)cannot not be determined from the data Ans:A9. Being on the production-possibility frontier between g
9、uns and butter means that: A)it is impossible to produce any more guns. B)it is impossible to produce any more butter. C)more guns can be produced only by doing without some butter. D)population is in equilibrium. E)if society becomes more productive in producing butter, then we can have more butter
10、 but not more guns. Ans:C10. A shift in a production-possibility frontier can result from: A)unemployment. B)inflation. C)changes in production techniques. D)changes in the combination of goods produced. E)changes in consumers tastes. Ans:C11 Figure 1-1Which point on the production-possibility front
11、iers drawn in Figure 1 indicates no consumption goods being produced? A)A. B)B. C)C. D)D. E)E. Ans:E12. Of the following points, which point reflects the most efficient use of available resources in relation to frontier AE in Figure 1-1? A)F. B)G. C)C. D)H. E)Cannot tell from the information provide
12、d. Ans:C13.Relative to frontier AE in Figure 1-1, which of the following points is least efficient? A)B. B)C. C)B. D)C. E)F. Ans:E 14. Point A on which panel in Figure 1-2 represents an inefficient use of resources? A)Panel A. B)Panel B. C)Panel C. D)Panel D. E)Panel E.Ans:D15. For a theory to be us
13、eful, it must be confirmed in each test case. Ans:FalseCHAPTER 21. In a market system, the what decision is made most basically by A)representative government. B)national planning. C)bankers. D)advertisers and their ability to persuade buyers. E)spending decisions of those with money. Ans:E2. In a m
14、arket economy, the presumed harmony between individual and public interest depends upon: A)the good will of private business people. B)careful planning and coordination of economic activity. C)altruism on the part of consumers. D)competitive markets and the pursuit of self-interest by individuals. E
15、)the wisdom of government decisions. Ans:D3. Pollution control policy is directed first and foremost at improving: A)equity. B)efficiency. C)stability. D)all of the above. E)none of the above Ans:B4. Who is in charge of a market economy? That is, what agents and factors are the most important in det
16、ermining market outcomes? A)Large companies. B)Congress and the president. C)Consumers alone. D)All producers. E)Consumers and technology. Ans:E5. The principle of the invisible hand claims that: A)the selfish pursuits of everyones own interest will lead to the best good for all under market competi
17、tion. B)government must gently guide economic activity so that the best for all will be attained. C)government policies work like an invisible hand, steering resources to their best use. D)producers must quietly cooperate so that prices are not so low as to cause losses. E)none of the above. Ans:A6.
18、 Consumers vote their dollars primarily in: A)labor markets. B)land markets. C)capital markets. D)goods markets . E)none of the above. Ans:D7. Which of the following statements is true of specialization? A)Specialization is inconsistent with the idea of individual freedom. B)Economies that practice
19、a division of labor are morally superior to those that do not. C)In accepting specialization, a person sacrifices his or her own interests for the sake of societys interest. D)While specialization has enormous advantages, the costs outweigh them. E)Increased productivity is more likely to be achieve
20、d through specialization. Ans:E8. Which of the following is not an example of government regulation designed to curb a negative externality? A)Anti-child labor laws. B)Anti-pollution laws. C)A national sales tax. D)Legislation against strip mining. E)The Clean Air Act. Ans:C9. Prices in factor marke
21、ts are primarily determined by A)government regulation. B)big business collusion. C)the interaction of business supply without household demand. D)the interaction of household supply with business demand. E)none of the above. Ans:D10. An economy dominated by imperfect competition is characterized by
22、 A)too much output, and low prices compared to perfect competition. B)same amount of output, and low prices compared to perfect competition. C)too little output, and low prices compared to perfect competition. D)too little output, and high prices compared to perfect competition. E)too much output, a
23、nd high prices compared to perfect competition. Ans:D11. Which of the following is the key requirement for imperfect competition? A)Advertising. B)Many buyers. C)Many sellers. D)Ability of a buyer or seller to affect a goods price. E)Government policies. Ans:D12. Of the three basic problems in our m
24、odern economy, prices in a market system solve: A)what and for whom, but physical scientists solve how. B)what and how, but for whom is determined by social scientists. C)how and for whom, but Congress solves the what. D)each of the above, and no two are contradictory. E)none of the above is accurat
25、e. Ans:E13. Which of the following would best determine, in a market economy, the answer to the for whom question? A)Fairness. B)International trade patterns. C)Pricing of factors of production that people own. D)Cost minimization. E)Consumers tastes and needs. Ans:C14. How goods are produced is det
26、ermined by: A)consumer demand. B)government intervention to force businesses to produce goods cheaply. C)big business activity. D)business competition to buy factor inputs and sell goods most cheaply. E)none of the above. Ans:D15. A mixed economy may involve both perfect and imperfect competition. A
27、ns:TrueCHAPTER 31.If E were the old equilibrium in the market for wheat in the figure below, and E the new one, which of the following could have caused the change?A)Consumer income rose, causing a supply shift. B)Bad weather caused a supply shift. C)Consumer income rose, causing a demand shift. D)S
28、upply and demand both shifted. E)None of the above are plausible descriptions. Ans:C2. The demand curve for a normal good will shift to the left if: A)income increases. B)population increases C)the price of a substitute good decreases. D)all the above. E)none of the above. Ans:C3. A price at which t
29、he amount people wish to buy exceeds the amount that people wish to produce (given upward-sloping supply curves): A)lies above the equilibrium, market clearing price. B)lies below the market clearing price. C)will induce a shift in the demand schedule to achieve equilibrium. D)is impossible. E)is no
30、ne of the above. Ans:B4. An increase in the supply of commodity X for any given price of X could be expected to be caused by A)an increase in the prices of other commodities. B)an increase in the prices of factors of production important to this commodity. C)a reduction in the prices of factors of p
31、roduction important to this commodity. D)an increase in consumer income. E)none of the above. Ans:C5. Given the supply and demand curves drawn for a normal good in Figure 3-2, an increase in income can be expected to cause: A)equilibrium price and quantity to increase. B)equilibrium price to increas
32、e and equilibrium quantity to fall. C)equilibrium price to increase while equilibrium quantity holds steady. D)equilibrium price and quantity to fall. E)equilibrium price to fall and equilibrium quantity to climb. Ans:A6. Let P* and Q* represent market clearing price and quantity, respectively. Give
33、n the supply and demand curves drawn in Figure 3-2, an increase in the price of an input employed in the production of Q can be expected to cause: A)P* and Q* to climb. B)P* to climb while Q* falls. C)P* to climb while Q* holds steady. D)P* to fall while Q* climbs. E)P* and Q* to fall. Ans:B7. An in
34、crease in price will lead to a lower quantity demanded because: A)suppliers will supply only the smaller amount. B)quality deteriorates. C)people will purchase less of the good. D)all of the above. E)none of the above. Ans:C8. Upward-sloping supply curves are the result of: A)increasing returns to s
35、cale. B)increasing costs of production. C)changes in government policies. D)changes in technology. E)none of the above Ans:E9. Suppose that at the current market price, the amount which producers wish to produce and sell exceeds the amount that consumers wish to purchase. This price: A)lies above th
36、e market clearing price. B)lies below the market clearing price. C)is impossible. D)will induce a shift in the demand schedule. E)none of the above. Ans:A10. In a competitive market, the market clearing quantity is determined primarily by: A)the supply of the good. B)the cost of producing the good i
37、n question. C)the interaction of supply and demand. D)the decisions of the buyers as to how much they are willing to pay. E)all of the above. Ans:E11. Let P* and Q* in Figure 3-4 represent market clearing price and quantity, respectively. Given the supply and demand curves drawn in Figure 3-4, a red
38、uction in the price of a substitute good for Q can be expected to cause: A)P* and Q* to climb. B)P* to climb while Q* declines. C)P* to climb while Q* holds fixed. D)P* to fall while Q* climbs. E)P* and Q* to fall. Ans:E12. Let P* and Q* represent market clearing price and quantity, respectively. Gi
39、ven the supply and demand curves drawn in Figure 3-4, a reduction in the price of an input used in the production of Q can be expected to cause: A)P* and Q* to climb. B)P* to climb while Q* falls. C)P* to climb while Q* holds steady. D)P* to fall while Q* climbs. E)P* and Q* to fall. Ans:D13. Assume
40、 that automotive workers go on strike, so that the production of cars falls. Given the supply and demand curves in Figure 3-5, which of the following would result in comparison to the initial equilibrium position? A)Prices fall, Quantity falls B)Prices rise, Quantity falls C)Prices rise, Quantity ri
41、ses D)Prices and Quantity do not change. E)None of the above. Ans:B14. Assume that A represents demand for cars and B represents supply of cars. If A: P = 10,000 - 2Q and B: P = 6000 + 2Q, the equilibrium price and quantity are: A)P = 1000, Q = 8000 B)P = 800, Q = 100 C)P = 8000, Q = 1000 D)P = 100,
42、 Q = 800 E)None of the above. Ans:C15. An increase in demand means a movement to a higher price along a given demand curve. Ans:FalseCHPATER 41. Rank the points A, B and C on the demand curve in the figure below in order of greatest to least elasticity of demand.A)C, A, B. B)B, A, C. C)A, B, C. D)Th
43、ey are of equal elasticity. E)More information is needed. Ans:C2. An increase in supply will lower price unless: A)supply is perfectly price inelastic. B)demand is perfectly price elastic. C)it is followed by a reduction in quantity demanded. D)demand is highly price inelastic. E)both demand and sup
44、ply are highly price inelastic. Ans:B3. A straight-line demand curve has which of the following properties? A)Constant slope and varying price elasticity. B)Constant income elasticity with varying slope. C)Varying slope and varying cross elasticity. D)Constant slope and constant price elasticity. E)None of the above may be asserted in general. Ans:A4. If the burden of an excise tax is shifted forward completely onto the consumer, we can say that: A)supply is perfectly price elastic. B)demand is perfectly price elastic. C)demand is more price elastic than supply. D)supply is