1. If the number of cars demanded in a city increased from 33000 to 34000 when the average price decreases from $25000 to $23000, the price elasticity of demand is:
A.-1.87
B.-0.36
C.-0.15
A B C
B
[解析]
2. If quantity demanded decreases 30% when the price increases 5%, this good exhibits:
3. If the prices of substitute resources decreased, the demand for a given resource will most likely:
A.increase.
B.decrease.
C.remain unchanged.
A B C
B
[解析] 替代资源价格的下降将促使生产者转而使用替代资源,从而减少对原油资源的需求。
4. The cross elasticity of demand for a substitute good and the income elasticity for an inferior good are: Cross elasticity Income elasticity ① <0 <0 ② <0 >0 ③ >0 <0
6. Supply for guest rooms in a hotel increases from 100 to 150 rooms per night when the nightly room rate increases from $150 to $200. The elasticity of supply of guest rooms in the hotel is closest to:
A.0.72
B.0.96
C.1.40
A B C
C
[解析]
7. If the price elasticity of a linear demand curve is -1 at the current price, an decrease in price will lead to:
10. In an competitive market, which of the following conditions most accurately describes the condition that exists when the efficient quantity of a good or service is produced and consumed?
A.Producer surplus is maximized.
B.Consumer surplus equals producer surplus.
C.The sum of consumer surplus and producer surplus is maximized.
11. The marginal benefit from consuming the fourth unit of a product is $34, and the marginal cost to the producer of the fourth unit is $25. Under these circumstances, which of the following statements is most accurate?
A.Producer surplus is maximized.
B.The efficient quantity is less than four.
C.Producing and selling the fourth unit will increase efficiency.
15. Which of the following statements is most accurate in regard to the tax division between buyers and sellers of products with perfectly elastic demand?
16. Assume a good becomes illegal to buy or sell, and the expected penalty for selling the good is greater than that for buying the good. Relative to when the good was legal:
17. Assume that a firm had total revenue of $36 million and used $24 million in labor and materials to generate that revenue. Other costs included $300000 in foregone interest, economic depreciation of $5000, and normal profit is $43000. Using this information, calculate the economic profit to the firm.
19. Consider two markets: One has a Herfindahl-Hirschman Index (HHI) of 300, while the other has a four-firm concentration ratio equal to 15%. Which of the following statements most accurately describes these two markets?
A.Both markets are highly competitive.
B.The market with the HHI equal to 300 is very competitive, while the other market has a low degree of competition.
C.The market with the HHI equal to 300 has a low degree of competition, while the other market is highly competitive.
20. Which of the following statements least accurately describes why firms can sometimes coordinate economic activity more efficiently than markets? Firms can achieve economies of:
21. Which of the following statements most accurately describes the relationship between marginal product (MP) and average product (AP) of labor in the short run? As the quantity of output increases:
23. If both average product (AP) and marginal product (MP) are equal to 8 when 10 workers are employed, what can we most likely conclude about AP and MP when 15 workers are employed?
C.all production is divided up between just a few firms.
A B C
A
[解析] 自然垄断是指这样一种行业:该行业的规模经济(economies of scale)特征如此明显,以至于当行业中只有一家厂商时平均成本AC达到最小值。此时,产品的平均成本AC始终处于递减阶段,固定成本FC较高,而边际成本MC则较低。我们可以通过下图来对自然垄断进行进一步分析。在不受政府管制的情况下,使用统一价格的垄断厂商将根据MR=MC的原则确定产量以实现利润最大化,从而其产量为QU,价格为PU。在存在规模经济的条件下,如果市场中存在另外一家厂商,则平均成本AC将显著上升。假设上述两家厂商的产量相同,则其产量均为产量QAC的一半,从而每家厂商的平均成本AC要明显高于由唯一的厂商进行生产所能获得的平均成本。由于在平均成本AC处于递减阶段时存在规模经济优势,由唯一的厂商进行生产可以获得较低的平均成本,从而通过市场垄断可以获得潜在的收益。
38. In regulating a natural monopoly, the most commonly adopted pricing rule by a regulator is the:
43. Consider a firm in an oligopoly market that believes that the demand curve for its product is more elastic above a certain price than below this price. This belief fits most closely to which of the following models?
45. Consider an agreement between France and Germany that will restrict steel production so that maximum economic profit can be realized. The possible outcomes of the agreement are presented in the table below.
Germany complies
Germany defaults
France complies
France gets 34 billion.
France gets 14 billion.
Germany gets 33 billion.
Germany gets 45 billion.
France defaults
France gets 43 billion.
France gets 17 billion.
Germany gets 6 billion.
Germany gets 18 billion.
Based on the game theory framework, the most likely strategy followed by the two countries with respect to whether they comply with or default on the agreement will be:
A.both countries will default.
B.both countries will comply.
C.one country will default and the other will comply.
47. In a given firm, skilled workers currently produce three times as much of its product as unskilled workers do per hour worked. Skilled workers earn $25 per hour, and unskilled workers earn $12 per hour. Based on this information, the firm should:
A.increase the use of skilled workers and decrease the use of unskilled workers.
B.decrease the use of skilled workers and increase the use of unskilled workers.
C.increase the salary of skilled workers to attract more of them.