微观经济学期末考试

,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,微观经济学,期末考试,时间地点,时间：待定,地点：待定,考试形式,有限开卷,考试中只允许使用以下物品：,英文版教材,英汉词典（纸质、电子均可）,计算器,题型题量,. MULTIPLE CHOICES（单项选择 15*2）,. TRUE/FALSE（判断 10*2）,. CALCULATION（计算填空 7*2）,. SHORT ANSWER （简答 2*8）,. GRAPHICALLY ANALYSES（作图分析 2*10）,MULTIPLE CHOICES,In the circular-flow diagram,a. factors of production flow from government to firms.,b. goods and services flow from households to firms.,c. income paid to the factors of production flows from firms to households.,d. spending on goods and services flows from firms to households.,ANS:C,MULTIPLE CHOICES,What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises, the price of steel rises, public transportation becomes cheaper and more comfortable, and auto-workers negotiate higher wages?,a. Price will fall, and the effect on quantity is ambiguous.,b. Price will rise, and the effect on quantity is ambiguous.,c. Quantity will fall, and the effect on price is ambiguous.,d. Quantity will rise, and the effect on price is ambiguous.,ANS:C,MULTIPLE CHOICES,For a particular good, a 10 percent increase in price causes a 5 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?,a. There are many close substitutes for this good.,b. The good is a necessity.,c. The market for the good is narrowly defined.,d. The relevant time horizon is long.,ANS:B,MULTIPLE CHOICES,The difference between accounting profit and economic profit is,a. explicit costs.,b. implicit costs.,c. total revenue.,d. marginal product.,ANS:B,MULTIPLE CHOICES,The efficient scale of the firm is the quantity of output that,a. maximizes marginal product.,b. maximizes profit.,c. minimizes average total cost.,d. minimizes average variable cost.,ANS:C,MULTIPLE CHOICES,In the short run, a firm operating in a competitive industry will shut down if price is,a. less than average total cost.,b. less than average variable cost.,c. greater than average variable cost but less than average total cost.,d. greater than marginal cost.,ANS:B,MULTIPLE CHOICES,Which of the following is a characteristic of a natural monopoly?,a. Fixed costs are typically a small portion of total costs.,b. Average total cost declines over large regions of output.,c. The product sold is a natural resource such as diamonds or water.,d. All of the above are correct.,ANS:B,MULTIPLE CHOICES,For a profit-maximizing monopolist,a. PMR = MC.,b. P = MR = MC.,c. P MR MC.,d. MR MC P.,ANS:A,Refer to Figure 1.,The price paid by buyers after the tax is imposed is,a.$3.,b.$4.,c.$5.,d.$7.,Figure 1,MULTIPLE CHOICES,ANS:D,Refer to Figure 1. Which of the following is correct?,a. 1/4 of the burden of the tax falls on buyers, and 3/4 of the burden of the tax falls on sellers.,b. 1/3 of the burden of the tax falls on buyers, and 2/3 of the burden of the tax falls on sellers.,c. 1/2 of the burden of the tax falls on buyers, and 1/2 of the burden of the tax falls on sellers.,d. 2/3 of the burden of the tax falls on buyers, and 1/3 of the burden of the tax falls on sellers.,Figure 1,MULTIPLE CHOICES,ANS:D,Refer to Figure 1.,How much tax revenue does this tax produce for the government?,a.$24.,b.$30.,c.$32.,d.$56.,Figure 1,MULTIPLE CHOICES,ANS:A,Refer to Figure 2. If the market price is $10, what is the firms short-run economic profit?,a.$9.,b.$15.,c.$30.,d.$50.,Figure 2,MULTIPLE CHOICES,ANS:B,Refer to Figure 2. The firm will earn zero economic profit if the market price is,a.$0.,b.$6.,c.$7.,d.$10.,Figure 2,MULTIPLE CHOICES,ANS:B,TRUE/FALSE,Economic growth causes a production possibilities frontier to shift outward.,ANS: T,TRUE/FALSE,If the demand for a good falls when income falls, then the good is called an inferior good.,ANS: F,TRUE/FALSE,A If we observe that when the price of chocolate increases by 10%, total revenue increases by 10%, then the demand for chocolate is unit price elastic.,ANS: F,TRUE/FALSE,A tax burden falls more heavily on the side of the market that is less elastic.,ANS: T,The area below the demand curve and above the supply curve measures the producer surplus in a market.,TRUE/FALSE,ANS: F,TRUE/FALSE,If the marginal cost of producing the tenth unit of output is $3, and if the average total cost of producing the tenth unit of output is $2, then at ten units of output, average total cost is rising.,ANS: T,TRUE/FALSE,In the long run, a firm should exit the industry if its total costs exceed its total revenues.,ANS: T,TRUE/FALSE,Like competitive firms, monopolies choose to produce a quantity in which marginal revenue equals marginal cost.,ANS: T,CALCULATION,Suppose demand is given by the equation,Q,d,= 400 - 2P, and supply is given by the equation,Q,s,= 100 + 3P,. The equilibrium price in this market is $,and the equilibrium quantity is,.,ANS:,60，280,CALCULATION,A small family farm sold its output for $100,000 in a given year. The family spent $25,000 on fuel, $40,000 on seed, fertilizer, and $25,000 on equipment. The family members could have earned $20,000 working at other occupations. The accounting profit for the family farm is $,and the economic profit is $,.,ANS:,10000，-10000,CALCULATION,A competitive firm is maximizing its profit by selling 150 units of output. The firms marginal cost is $8 and its average total cost is $6. The firms profit amounts to $ _.,ANS:,300,SHORT ANSWER,Why is a firms average-total-cost curve U-shaped? How and why does it differ in the short run and in the long run?,SHORT ANSWER,(1) The average-total-cost curve is U-shaped because the firm initially is able to spread out fixed costs over additional units, but as quantity increases, it costs more to increase quantity further because an important input is limited.,SHORT ANSWER,(2) In the long run, a firm can adjust the factors of production that are fixed in the short run; for example, it can increase the size of its factory. As a result, the long-run average-total-cost curve has a much flatter U-shape than the short-run average-total-cost curve. In addition, the long-run curve lies along the lower envelope of the short-run curves.,GRAPHICALLY ANALYSES,Suppose we are analyzing the market for cars. Graphically illustrate the impact each of the following would have on demand or supply. Also show how equilibrium price and quantity have changed.,a. A stock-market boom makes people wealthier.,b. A strike by steelworkers raises steel prices.,GRAPHICALLY ANALYSES,a. Because cars are normal goods, an increase in peoples wealth will shift the demand curve for car to the right, both P and Q will rise.,GRAPHICALLY ANALYSES,b. Because steel is an input in the production of cars, higher steel prices will shift the supply curve of cars to the left, P will rise and Q will decrease.,Under what conditions will a competitive firm have profits in the short run? Under what conditions will it have losses in the short run? Graph your answer.,GRAPHICALLY ANALYSES,Profit = (P ATC)Q.,A competitive firm will earn profits,if P ATC.,A competitive firm will suffer losses if P ATC.,GRAPHICALLY ANALYSES,Price,Quantity,0,(a) A firm with profits,Profit,MC,ATC,P=AR=MR,P,Q,(profit-maximizing quantity),ATC,Price,Quantity,0,(b) A firm with losses,Loss,MC,ATC,P=AR=MR,P,Q,(loss-minimizing quantity),ATC,