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Belief in the basic instability of the free market, and faith in the ability of government to
improve on free market outcomes, is associated with which of the following categories of
economists?
Score: 1/1
2.
The marginal product of labor is equal to the
Score: 1/1
3.
The average amount of goods and services produced from each hour of a worker's time is
called
Student Response Value Feedback
A. per capita GDP
B. per capita GNP
C. productivity
human capital 0%
D.
Score: 0/1
4.
Figure 1
Consider Figure 1 above. Which of the following is true of the production function (not
pictured) that underlies this total cost function in Figure 1?
(ii) Total output increases as the quantity of inputs increases, but at a decreasing rate.
(ii) Marginal product is diminishing for all levels of input usage.
(iii) The slope of the production function decreases as the quantity of inputs increases.
Score: 0/1
5.
When the consumer price index decreases, the typical family
Score: 0/1
6.
Which goods are supposed to be included in the CPI?
Score: 1/1
7.
Year Peaches Pecans
2000 $20 per bushel $10 per bushel
2001 $21 per bushel $10.5 per bushel
Consider Table 1. What was the rate of inflation in 2001?
Score: 1/1
8.
If U.S. citizens entrepreneurs increase their demand for loanable funds, other things contstant,
the real interest rate
Score: 1/1
9.
Consider a production function in two factors Q = f(K,L) that is CRS. When the MPK is
falling the MPL is
Score: 0/1
10.
Consider a production function in two factors Q = f(K,L) that is CRS, K is a fixed factor.
How would the production function be affected by an improvement in technology?
Score: 1/1
11.
Assume a production function that has increasing returns to scale. A doubling of all the inputs
will lead to a ____________ of the output
Score: 1/1
12.
When the rate of inflation is expected to fall, this will lead to
Score: 1/1
13.
When the US government decreases the interest rate on US Treasury bonds, the dollar price
of imported Chinese manufactured goods can be expected to
Student Response Value Feedback
A. rise
B. fall
C. be unaffected
none of the above 0%
D.
Score: 0/1
14.
An increase in the Demand for and the supply of loanable funds will cause the quantity of
loanable funds borrowed to
Score: 1/1
15.
Which of the following will increase the supply of money?
Score: 1/1
16.
Choose the correct statement below By not taking into account the possibility of consumer
substitution, the CPI
Score: 1/1
17.
Which of the following is a current-weighted price index?
Score: 1/1
18.
New products are invented every year. Consequently real GDP growth
Score: 1/1
19.
Inputs used in production that are provided by nature, such as land, rivers, and mineral
deposits are called
Score: 1/1
20.
Which of the following is considered human capital?
Score: 1/1
21.
Across countries, investment and growth rates are
Student Response Value Feedback
A. negatively related.
positively related. 100%
B.
C. negatively related for
developing countries, but
positively related for
industrial countries.
D. not related
Score: 1/1
22.
International trade
Score: 1/1
23.
When the marginal rate of time preference falls
Score: 0/1
24.
Which of the following is true?
Score: 1/1
25.
Which of the following is a financial intermediary?
Score: 1/1
26.
According to whom is it more important to balance the economy that balance the budget?
Score: 0/1
27.
Which bond would you expect to pay the highest interest rate?
Score: 1/1
28.
Which of the following stakeholders is most concerned that the company earn enough profit
to pay its loans? (hint: consider the incentives faced by each).
Score: 1/1
29.
The price elasticity of demand for a good is -0.50. By how much must the price of the good
decrease in order for sales to rise by 12%?
Student Response Value Feedback
A. 3%.
B. 4.8%.
C. 12.4%.
24%. 100%
D.
Score: 1/1
30.
Suppose Joe purchases 5 six-packs of beer per month when his monthly income is $100. Joe
receives a raise at work, giving him an extra $20 per month in take-home pay, and Joe now
purchases 6 six-packs of beer per month. What is Joe's income elasticity of demand for beer?
Score: 1/1
31.
Economics is
Score: 1/1
32.
Which of the following is most likely an inferior good?
Score: 1/1
33.
Which of the following identifies a natural monopoly?
Score: 1/1
34.
For a profit maximizing monopolist, who has not costs, TC = 0, the elasticity of demand will
be
Score: 0/1
35.
Figure 2
Consider Figure 2 above. What output will a profit maximizing monopolist who charges
everyone the same price produce?
Score: 1/1
36.
Consider Figure 2 above. If the monopolist is able to price discriminate what output will
he/she produce? (pick the best answer).
Score: 1/1
37.
Which of the following conditions shifts the supply curve?
Student Response Value Feedback
A. an improvement in
technology
B. increase in consumer
income
C. a change in price of raw
material
D. a and b of the above
a and c of the above 100%
E.
Score: 1/1
38.
Which of the following conditions shifts the demand curve?
Score: 1/1
39.
A simultaneous decrease in both the demand for computers and the supply of computers must
decrease
Score: 1/1
40.
Suppose we observe that the price of gasoline has been falling, and the quantity of gasoline
sold has also been rising. We can conclude that
Score: 1/1
41.
The price elasticity of demand for a good is -0.40. By how much must the price of the good
decrease in order for sales to rise by 12%?
Score: 1/1
42.
Under which of the following circumstances will the seller pay the whole of an excise tax?
Score: 1/1
43.
The following three questions refer to the accompanying diagram.
Figure 3:
Refer to Figure 3 above. A sales tax is imposed on consumers. The initial price and quantity
are P0 and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms
receive the price Ps, and consumers pay the price Pd.
Area C + D + F + G is
Score: 1/1
44.
Refer to Figure 3 below. Which is the deadweight loss from the imposition of the sales tax?
Student Response Value Feedback
A. E
E+H 100%
B.
C. H
D. J
E. E+H+J
Score: 1/1
45.
Forget about the sales tax. Use the same Figure 3 below. The imposition of a fully effective
price ceiling at Ps will cause a deadweight loss of
Score: 0/1
46.
When a simple monopolist – no price discrimination – chooses to sell an additional unit of a
good or service
Score: 1/1
47.
Use the table below to answer the following two questions.
Refer to Table above. If the monopolist wants to maximize its revenue, how many units of its
product should it sell?
Score: 1/1
48.
Refer to the same Table.
Total Average Marginal
Quantity Price Revenue Revenue Revenue
1 35 35
2 64 32 29
3 29
4 17
5 23 11
6 120
7 17 -1
8 -7
9 99 11 -13
Assume this monopolist’s marginal cost is constant at $11. What quantity of output (Q) will
it produce and what price (P) will it charge?
Score: 1/1
49.
Suppose that the price of widgets is $10. Every competitive firm in the widgets industry has
fixed costs of $10 and faces the following marginal cost curve:
Score: 1/1
50.
Use the same table below. Every competitive firm in the widgets industry has fixed costs of
$10 and faces the following marginal cost curve:
Score: 0/1
1.
A. Y = C + I + G.
B. Y = C + I + G + T.
C. Y = C + I + G + S.
D. Y = C + I + G + NX.
Score: 0/1
2.
Score: 1/1
3.
The average amount of goods and services produced from each hour of a worker's time is
called
D. human capital
Score: 1/1
4.
Figure 1
Consider Figure 1 above. Which of the following is true of the production function (not
pictured) that underlies this total cost function in Figure 1?
(i) Total output increases as the quantity of inputs increases, but at a fluctuating rate.
(ii) Marginal product is diminishing for all levels of input usage.
(iii) The slope of the production function decreases as the quantity of inputs increases.
A. (i) only
Score: 1/1
5.
Score: 1/1
6.
Score: 1/1
7.
A. 20 percent
B. 16.7 percent
C. 10 percent
D. 5 percent
Score: 1/1
8.
If U.S. citizens decide to save a larger fraction of their incomes, the real interest rate
Score: 1/1
9.
Consider a production function in two factors Q = f(K,L) that is CRS. When the MPK is rising
the MPL is
A. falling
B. rising
C. negative
D. flat
E. there is no way to tell
Score: 0/1
10.
Consider a production function in two factors Q = f(K,L) that is CRS, K is a fixed factor. In
what circumstance that the production function would shift vertically upward?
A. An improvement in technology
Score: 1/1
11.
Assume a production function that has increasing returns to scale. A doubling of all the
inputs will lead to a ____________ of the output
A. doubling
D. zero increase
Score: 1/1
12.
Score: 1/1
13.
A. positive
B. negative
C. zero
Score: 1/1
14.
Score: 1/1
15.
Score: 0/1
16.
Choose the correct statement below By not taking into account the possibility of consumer
substitution, the CPI
Score: 1/1
17.
A. the CPI
B. the PPI
D. the ESP
Score: 1/1
18.
Choose the correct statement below New products are invented every year. Consequently
real GDP growth
Score: 1/1
19.
The knowledge and skills that workers acquire through education, training, and experience
are called
A. physical capital.
B. human capital.
Score: 1/1
20.
Score: 1/1
21.
A. negatively related.
B. positively related.
D. not related
Score: 1/1
22.
International trade
Student Response Feedback
Score: 1/1
23.
Score: 1/1
24.
Score: 1/1
25.
B. Bank One
C. Traveler's Insurance
Score: 1/1
26.
A. S = I + C
B. S = I - NX
C. S = I + NCO
D. S = NX - NCO.
Score: 1/1
27.
Which bond would you expect to pay the highest interest rate?
Student Response Feedback
Score: 1/1
28.
Which of the following stakeholders is most concerned that the company earn enough profit
to pay its loans? (hint: consider the incentives faced by each).
B. share holders
C. debt holders
D. workers
Score: 1/1
29.
The price elasticity of demand for a good is -0.50. By how much must the price of the good
decrease in order for sales to rise by 6%?
A. 3%.
B. 12%.
C. 20%.
D. 24%.
Score: 1/1
30.
Suppose Joe purchases 5 six-packs of beer per month when his monthly income is $100.
Joe receives a raise at work, giving him an extra $20 per month in take-home pay, and Joe
now purchases 6 six-packs of beer per month. What is Joe's income elasticity of demand
for beer?
A. 2.
B. 1.
C. 0.3.
D. 0.05.
Score: 1/1
31.
Economics is
A. unscientific
B. interested in choice
Score: 1/1
32.
A. a Benz
B. steak
C. spam
D. gasoline
Score: 1/1
33.
Score: 1/1
34.
For a profit maximizing monopolist, who has not costs, TC = 0, the elasticity of demand
will be
A. greater than 1
B. equal to 1
C. less than 1
D. equal to zero
E. It is hard to tell
Score: 1/1
35.
Figure 2
Consider Figure 2 above. What output will a profit maximizing monopolist who charges
everyone the same price produce?
A. 100
B. 200
C. 300
D. 400
Score: 1/1
36.
Consider Figure 2 above. If the monopolist is able to price discriminate what output will
he/she produce? (pick the best answer).
Score: 1/1
37.
A. an improvement in technology
Score: 1/1
38.
A. an improvement in technology
Score: 0/1
39.
A simultaneous decrease in both the demand for computers and the supply of computers
must decrease
Score: 1/1
40.
Suppose we observe that the price of gasoline has been rising, and the quantity of gasoline
sold has also been rising. We can conclude that
Score: 1/1
41.
The price elasticity of demand for a good is -0.40. By how much must the price of the good
decrease in order for the number of units sold to rise by 12%?
A. 3%.
B. 4.8%.
C. 12.4%.
D. 30%
Score: 10/10
42.
Under which of the following circumstances will the seller pay the whole of a per-unit tax?
Student Response Feedback
Score: 10/10
43.
Refer to the figure above. A per-unit tax is imposed on consumers. The initial price and
quantity are P0
and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms receive
the price Ps, and consumers pay the price PD.
Area B + C is
Score: 10/10
44.
A. E
B. E + F
C. B + C
D. A + B + E
E. C + F + D
Score: 10/10
45.
Assuming the imposition of a fully effective price ceiling at P S the quantity produced will
be?
A. Q1
B. Q0
C. between Q1 and Q0
D. less than Q1
E. more than Q0
Score: 10/10
46.
Score: 10/10
47.
Refer to Table above. If the monopolist wants to maximize its revenue, how many units
of its product should it sell?
A. 4
B. 5
C. 6
D. 8
Score: 10/10
48.
Assume this monopolist’s marginal cost is constant at $11. What quantity of output (Q)
will it produce and what price (P) will it charge if it wants to maximize its profits?
A. Q = 4, P = $27
B. Q = 4, P = $25
C. Q = 5, P = $23
D. Q = 7, P = $17
Score: 10/10
49.
Suppose that the price of widgets is $10. Every competitive firm in the widgets industry
has fixed costs of $10 and faces the following marginal cost curve:
Quantity Marginal Cost
1 $4
2 6
3 8
4 10
5 12
How many widgets does a firm produce, assuming it wishes to maximize profits?
A. 2
B. 3
C. 4
D. 5
Score: 10/10
50.
Use the same table below. Every competitive firm in the widgets industry has fixed costs
of $10 and faces the following marginal cost curve,
Quantity Marginal Cost
1 $4
2 6
3 8
4 10
5 12
How much profit does the firm earn when it maximizes profit?
A. 2
B. 6
C. 8
D. 10
Score: 10/10
1.
Belief in the basic stability of the free market, and doubt about the ability of
government to improve on free market outcomes, is associated with which of the
following categories of economists?
A. Keynesians
B. Classical economists
C. Austrian economists
Score: 1/1
2.
A. incremental revenue
associated with a one
unit increase in labor.
B. incremental profit
associated with a one
unit increase in labor.
C. increase in capital
necessary to keep labor
employed
Score: 1/1
3.
An decrease in the amount of human capital per worker will most likely result in
Student Response Value Feedback
A. a decrease in 100%
productivity
B. an increase in
productivity
C. no effect on productivity
D. it is impossible to say
Score: 1/1
4.
Figure 1
Consider Figure 1 above. Which of the following is true of the production function
(not pictured) that underlies this total cost function in Figure 1?
(ii) Total output increases as the quantity of inputs increases, but at a
fluctuating rate.
(ii) Marginal product is diminishing for all levels of input usage.
(iii) The slope of the production function decreases as the quantity of inputs
increases.
A. (i) only
Score: 1/1
5.
Score: 1/1
6.
Score: 1/1
7.
Year Peaches Pecans
A. 20 percent
B. 16.7 percent
C. 10 percent 100%
D. 8 percent
Score: 1/1
8.
If U.S. citizens decide to save a larger fraction of their incomes, other things
contstant, the real interest rate
B. will rise.
C. will be unaffected
D. it is impossible to say
Score: 1/1
9.
Consider a production function in two factors Q = f(K,L) that is CRS. When the MPK
is falling the MPL is
Student Response Value Feedback
A. falling
B. rising
C. negative 0%
D. flat
Score: 0/1
10.
Score: 1/1
11.
Assume a production function that has increasing returns to scale. A doubling of all
the inputs will lead to a ____________ of the output
A. doubling
B. more than doubling 100%
D. zero increase
Score: 1/1
12.
A. an increase in the
nominal rate of interest
B. a decrease in the
nominal rate of interest
C. a increase in the
difference between the
nominal and the real
rates of interest
Score: 1/1
13.
When the Chinese government decreases its demand for US Treasury bonds, the
dollar price of imported Chinese manufactured goods will
A. rise
B. fall 100%
C. be unaffected
Score: 1/1
14.
An increase in the Demand for and the supply of loanable funds will cause the
interest rate to
A. rise
B. fall
Score: 1/1
15.
A. an increase in the
propensity of people to
save by purchasing US
savings bonds
Score: 1/1
16.
Choose the correct statement below By not taking into account the possibility of
consumer substitution, the CPI
Student Response Value Feedback
Score: 1/1
17.
A. the CPI
B. the PPI
D. the ESP
Score: 1/1
18.
New products are invented every year. Consequently real GDP growth
A. probably accurately
estimates the rate of real
economic growth.
B. probably overestimates
the rate of real economic
growth.
D. is rarely used.
Score: 1/1
19.
The knowledge and skills that workers acquire through education, training, and
experience are called
A. physical capital.
D. technology.
Score: 1/1
20.
Score: 1/1
21.
A. negatively related.
D. not related
Score: 1/1
22.
International trade
23.
Score: 1/1
24.
Score: 1/1
25.
B. Bank One
C. Traveler's Insurance
Score: 1/1
26.
According to whom is it more important to balance the economy that balance the
budget?
A. the Keynesians
B. the Quakers 0%
C. the Monetarists
Score: 0/1
27.
Which bond would you expect to pay the highest interest rate?
28.
Which of the following stakeholders is most concerned that the company earn
enough profit to pay its loans? (hint: consider the incentives faced by each).
B. share holders
D. workers
Score: 1/1
29.
The price elasticity of demand for a good is -0.50. By how much must the price of
the good decrease in order for sales to rise by 12%?
A. 3%.
B. 4.8%.
C. 12.4%.
D. 24%. 100%
Score: 1/1
30.
Suppose Joe purchases 5 six-packs of beer per month when his monthly income is
$100. Joe receives a raise at work, giving him an extra $20 per month in take-home
pay, and Joe now purchases 6 six-packs of beer per month. What is Joe's income
elasticity of demand for beer?
Student Response Value Feedback
A. 2.
B. 1. 100%
C. 0.3.
D. 0.05.
Score: 1/1
31.
Economics is
A. unscientific
B. interested in choice
Score: 1/1
32.
A. a Benz
B. steak
C. gasoline
33.
A. a rising AC curve
throughout the feasible
range of sales
C. a constant AC curve
throughout the feasible
range of sales
D. a falling MC curve
throughout the feasible
range of sales
E. a rising MC curve
throughout the feasible
range of sales
Score: 1/1
34.
For a profit maximizing monopolist, who has not costs, TC = 0, the elasticity of
demand will be
A. greater than 1
B. equal to 1 100%
C. less than 1
D. equal to zero
E. It is hard to tell
Score: 1/1
35.
Figure 2
Consider Figure 2 above. What output will a profit maximizing monopolist who
charges everyone the same price produce?
A. 100
B. 200 100%
C. 300
D. 400
Score: 1/1
36.
Consider Figure 2 above. If the monopolist is able to price discriminate what output
will he/she produce? (pick the best answer).
Score: 1/1
37.
A. an improvement in 100%
technology
B. in crease in consumer
income
C. a change in consumer
base
Score: 1/1
38.
B. an improvement in
technology
Score: 1/1
39.
A simultaneous decrease in both the demand for computers and the supply of
computers must decrease
D. the shortage of
computers in the
market.
Score: 1/1
40.
Suppose we observe that the price of gasoline has been rising, and the quantity of
gasoline sold has been falling. We can conclude that
Score: 1/1
41.
The price elasticity of demand for a good is -0.40. By how much must the price of
the good decrease in order for sales to rise by 12%?
A. 3%.
B. 4.8%.
C. 12.4%.
D. 30% 100%
Score: 1/1
42.
Under which of the following circumstances will the seller pay the whole of an excise
tax?
Score: 1/1
43.
Refer to Figure 3 above. A sales tax is imposed on consumers. The initial price and
quantity are P0 and Q0, respectively. After the tax is imposed, the equilibrium
quantity is Q1, firms receive the price Ps, and consumers pay the price Pd.
Area C + D + F + G is
Score: 1/1
44.
Refer to Figure 3 below. Which is the deadweight loss from the imposition of the
sales tax?
A. E
B. E + H 100%
C. H
D. J
E. E + H + J
Score: 1/1
45.
Forget about the sales tax. Use the same Figure 3 below. The imposition of a fully
effective price ceiling at Ps will cause a deadweight loss of
Student Response Value Feedback
A. E
B. E + H
C. C + F +D + G + E + H 100%
D. J
E. E + H + J
Score: 1/1
46.
Score: 1/1
47.
Refer to Table above. If the monopolist wants to maximize its revenue, how many
units of its product should it sell?
A. 4
B. 5
C. 6 100%
D. 8
Score: 1/1
48.
A. Q = 4, P = $27
B. Q = 4, P = $25
C. Q = 5, P = $23 100%
D. Q = 7, P = $17
Score: 1/1
49.
Suppose that the price of widgets is $10. Every competitive firm in the widgets
industry has fixed costs of $10 and faces the following marginal cost curve:
A. 2
B. 3
C. 4 100%
D. 5
Score: 1/1
50.
Use the same table below. Every competitive firm in the widgets industry has fixed
costs of $10 and faces the following marginal cost curve:
A. 2 100%
B. 6
C. 8
D. 10
Score: 1/1
1.
Belief in the basic stability of the free market, and doubt about the ability of government to
improve on free market outcomes, is associated with which of the following categories of
economists?
Score: 1/1
2.
The marginal product of labor is equal to the
Score: 1/1
3.
The average amount of goods and services produced from each hour of a worker's time is
called
Score: 1/1
4.
Figure 1
Consider Figure 1 above. Which of the following is true of the production function (not
pictured) that underlies this total cost function in Figure 1?
(ii) Total output increases as the quantity of inputs increases, but at a fluctuating rate.
(ii) Marginal product is diminishing for all levels of input usage.
(iii) The slope of the production function decreases as the quantity of inputs increases.
Score: 1/1
5.
When the consumer price index decreases, the typical family
Score: 1/1
6.
Which goods are supposed to be included in the CPI?
Student Response Value Feedback
all goods and services that 100%
A. typical consumers buy
B. all goods and services
produced in the economy
C. all goods and services in the
consumption component of
the GDP accounts
D. all the goods, but not the
services, in the
consumption component of
the GDP accounts
Score: 1/1
7.
Year Peaches Pecans
2000 $20 per bushel $10 per bushel
2001 $22 per bushel $11 per bushel
Consider Table 1. What was the rate of inflation in 2001?
Score: 1/1
8.
If U.S. citizens decide to save a larger fraction of their incomes, other things contstant, the
real interest rate
Score: 1/1
9.
Consider a production function in two factors Q = f(K,L) that is CRS. When the MPK is
rising the MPL is
Score: 0/1
10.
Consider a production function in two factors Q = f(K,L) that is CRS, K is a fixed factor.
How would the production function be an increase in the amount of K to a new fixed level?
Score: 1/1
11.
Assume a production function that has constant returns to scale. A doubling of all the inputs
will lead to a ____________ of the output
Student Response Value Feedback
doubling 100%
A.
B. more than doubling
C. less than doubling
D. zero increase
Score: 1/1
12.
When the rate of inflation is expected to fall, this will lead to
Score: 1/1
13.
When the Chinese government decreases its demand for US Treasury bonds, the dollar price
of imported Chinese manufactured goods will
Score: 1/1
14.
An increase in the Demand for and the supply of loanable funds will cause the interest rate to
Score: 1/1
15.
Which of the following will decrease the supply of money?
Score: 1/1
16.
Choose the correct statement below By not taking into account the possibility of consumer
substitution, the CPI
Score: 1/1
17.
Which of the following is a current-weighted price index?
Score: 1/1
18.
New products are invented every year. Consequently real GDP growth
Score: 1/1
19.
The equipment and structures available to produce goods and services are called
Student Response Value Feedback
physical capital. 100%
A.
B. human capital.
C. the production function.
D. technology.
Score: 1/1
20.
Which of the following is considered physical capital?
Score: 1/1
21.
Across countries, investment and growth rates are
Score: 1/1
22.
International trade
Score: 1/1
23.
When the marginal rate of time preference falls
Score: 1/1
24.
Which of the following is true?
Score: 1/1
25.
Which of the following is a financial intermediary?
Score: 1/1
26.
According to whom is inflation always and everywhere a monetary phenomenon?
Score: 1/1
27.
Which bond would you expect to pay the highest interest rate?
Score: 1/1
28.
Which of the following stakeholders is most concerned that the company earn enough profit
to pay its loans? (hint: consider the incentives faced by each).
Score: 1/1
29.
The price elasticity of demand for a good is -0.50. By how much must the price of the good
decrease in order for sales to rise by 12%?
Score: 1/1
30.
Suppose Joe purchases 5 six-packs of beer per month when his monthly income is $100. Joe
receives a raise at work, giving him an extra $40 per month in take-home pay, and Joe now
purchases 7 six-packs of beer per month. What is Joe's income elasticity of demand for beer?
Student Response Value Feedback
A. 2.
1. 100%
B.
C. 0.3.
D. 0.05.
Score: 1/1
31.
Economics is
Score: 1/1
32.
Which of the following is most likely an inferior good?
Score: 1/1
33.
Which of the following identifies a natural monopoly?
Score: 1/1
34.
For a profit maximizing monopolist, who has not costs, TC = 0, the elasticity of demand will
be
Score: 1/1
35.
Figure 2
Consider Figure 2 above. What output will a profit maximizing monopolist who charges
everyone the same price produce?
Student Response Value Feedback
A. 100
200 100%
B.
C. 300
D. 400
Score: 1/1
36.
Consider Figure 2 above. If the monopolist is able to price discriminate what output will
he/she produce? (pick the best answer).
Score: 1/1
37.
Which of the following conditions shifts the supply curve?
Score: 1/1
38.
Which of the following conditions shifts the demand curve?
Score: 1/1
39.
A simultaneous decrease in both the demand for computers and the supply of computers must
decrease
Score: 1/1
40.
Suppose we observe that the price of gasoline has been rising, and the quantity of gasoline
sold has also been rising. We can conclude that
Score: 1/1
41.
The price elasticity of demand for a good is -0.40. By how much must the price of the good
decrease in order for sales to rise by 12%?
Score: 1/1
42.
Under which of the following circumstances will the seller pay the whole of an excise tax?
Score: 1/1
43.
The following three questions refer to the accompanying diagram.
Figure 3:
Refer to Figure 3 above. A sales tax is imposed on consumers. The initial price and quantity
are P0 and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms
receive the price Ps, and consumers pay the price Pd.
Area C + D + F + G is
Score: 1/1
44.
Refer to Figure 3 below. Which is the deadweight loss from the imposition of the sales tax?
Score: 1/1
45.
Forget about the sales tax. Use the same Figure 3 below. The imposition of a fully effective
price ceiling at Ps will cause a deadweight loss of
Score: 1/1
46.
When a simple monopolist – no price discrimination – chooses to sell an additional unit of a
good or service
Score: 1/1
47.
Use the table below to answer the following two questions.
Refer to Table above. If the monopolist wants to maximize its revenue, how many units of its
product should it sell?
Score: 1/1
48.
Refer to the same Table.
Total Average Marginal
Quantity Price Revenue Revenue Revenue
1 35 35
2 64 32 29
3 29
4 17
5 23 11
6 120
7 17 -1
8 -7
9 99 11 -13
Assume this monopolist’s marginal cost is constant at $11. What quantity of output (Q) will
it produce and what price (P) will it charge?
Score: 1/1
49.
Suppose that the price of widgets is $10. Every competitive firm in the widgets industry has
fixed costs of $10 and faces the following marginal cost curve:
Score: 1/1
50.
Use the same table below. Every competitive firm in the widgets industry has fixed costs of
$10 and faces the following marginal cost curve:
Score: 1/1
1.
Belief in the basic stability of the free market, and doubt about the ability of
government to improve on free market outcomes, is associated with which of the
following categories of economists?
A. Keynesians
B. Classical economists
C. Austrian economists
Score: 1/1
2.
A. incremental cost
associated with a one
unit increase in labor.
B. incremental profit
associated with a one
unit increase in labor.
C. increase in labor
necessary to generate a
one unit increase in
output.
Score: 1/1
3.
An decrease in the amount of human capital per worker will most likely result in
A. a decrease in 100%
productivity
B. an increase in
productivity
C. no effect on productivity
D. it is impossible to say
Score: 1/1
4.
Figure 1
Consider Figure 1 above. Which of the following is true of the production function
(not pictured) that underlies this total cost function in Figure 1?
(ii) Total output increases as the quantity of inputs increases, but at a decreasing
rate.
(ii) Marginal product is diminishing for all levels of input usage.
(iii) The slope of the production function fluctuates as the quantity of inputs
increases.
A. (i) only
Score: 0/1
5.
What is the relationship between consumer price index and spending of typical family
in order to maintain the same standard of living?
D. The fluctuation of
consumer price index is
nothing to do with
spending of family
Score: 1/1
6.
Score: 1/1
7.
A. 20 percent
B. 16.7 percent
C. 10 percent 100%
D. 8 percent
Score: 1/1
8.
If U.S. citizens entrepreneurs increase their demand for loanable funds, other things
contstant, the real interest rate
A. will fall
C. will be unaffected
D. it is impossible to say
Score: 1/1
9.
Consider a production function in two factors Q = f(K,L) that is CRS. When the MPK
is falling the MPL is
A. falling
B. rising
C. negative
D. flat 0%
Score: 0/1
10.
Score: 1/1
11.
Assume a production function that has constant returns to scale. A doubling of all
the inputs will lead to a ____________ of the output
A. doubling 100%
D. zero increase
Score: 1/1
12.
B. a decrease in the
nominal rate of interest
C. a decrease in the
difference between the
nominal and the real
rates of interest
Score: 1/1
13.
When the US government decreases the interest rate on US Treasury bonds, the
dollar price of imported Chinese manufactured goods can be expected to
A. rise
B. fall 100%
C. be unaffected
Score: 1/1
14.
An increase in the Demand for and the supply of loanable funds will cause the
interest rate to
Student Response Value Feedback
A. rise
B. fall
Score: 1/1
15.
A. an increase in the
propensity of people to
save by purchasing US
savings bonds
Score: 1/1
16.
Choose the correct statement below By not taking into account the possibility of
consumer substitution, the CPI
Score: 1/1
17.
A. the CPI
B. the PPI
D. the ESP
Score: 1/1
18.
Choose the correct statement below New products are invented every year.
Consequently real GDP growth
B. probably overestimates
the rate of real economic
growth.
Score: 1/1
19.
The knowledge and skills that workers acquire through education, training, and
experience are called
A. physical capital.
D. technology.
Score: 1/1
20.
C. knowledge acquired
from on-the-job training
Score: 1/1
21.
A. negatively related.
D. not related
Score: 1/1
22.
International trade
Score: 1/1
23.
When the marginal rate of time preference falls
Score: 1/1
24.
B. Money facilitates
production
C. Money facilitates
exchange
Score: 0/1
25.
B. Bank One
C. Premium finance
company
Score: 1/1
26.
According to whom is it more important to balance the economy that balance the
budget?
B. the Quakers
C. the Monetarists
Score: 1/1
27.
Which bond would you expect to pay the highest interest rate?
Score: 1/1
28.
Which of the following stakeholders is most concerned that the company earn
enough profit to pay its loans? (hint: consider the incentives faced by each).
B. share holders
C. workers
D. managers
Score: 1/1
29.
The price elasticity of demand for a good is -0.50. By how much must the price of
the good decrease in order for sales to rise by 6%?
A. 3%.
B. 12%. 100%
C. 20%.
D. 24%.
Score: 1/1
30.
Suppose Joe purchases 5 six-packs of beer per month when his monthly income is
$100. Joe receives a raise at work, giving him an extra $40 per month in take-home
pay, and Joe now purchases 7 six-packs of beer per month. What is Joe's income
elasticity of demand for beer?
A. 2.
B. 1. 100%
C. 0.3.
D. 0.05.
Score: 1/1
31.
Economics is
A. unscientific
Score: 1/1
32.
A. a Benz
B. steak
C. gasoline
Score: 1/1
33.
A. a rising AC curve
throughout the feasible
range of sales
C. a constant AC curve
throughout the feasible
range of sales
D. a falling MC curve
throughout the feasible
range of sales
Score: 1/1
34.
For a profit maximizing monopolist, who has not costs, TC = 0, the elasticity of
demand will be
A. greater than 1
B. equal to 1 100%
C. less than 1
D. equal to zero
Score: 1/1
35.
Figure 2
Consider Figure 2 above. What output will a profit maximizing monopolist who
charges everyone the same price produce?
Student Response Value Feedback
A. 100
B. 200 100%
C. 300
D. 400
Score: 1/1
36.
Consider Figure 2 above. If the monopolist is able to price discriminate what output
will he/she produce? (pick the best answer).
Score: 1/1
37.
A. an improvement in
technology
B. increase in consumer
income
Score: 1/1
38.
A. an improvement in
technology
B. in crease in consumer
income
C. a change in consumer
tastes
Score: 1/1
39.
A simultaneous decrease in both the demand for computers and the supply of
computers must decrease
D. the shortage of
computers in the
market.
Score: 1/1
40.
Suppose we observe that the price of gasoline has been falling, and the quantity of
gasoline sold has also been rising. We can conclude that
Score: 1/1
41.
The price elasticity of demand for a good is -0.40. By how much must the price of
the good decrease in order for sales to rise by 12%?
A. 3%.
B. 4.8%.
C. 12.4%.
D. 30% 100%
Score: 1/1
42.
Under which of the following circumstances will the seller pay the whole of an excise
tax?
Student Response Value Feedback
Score: 1/1
43.
Refer to Figure 3 above. A sales tax is imposed on consumers. The initial price and
quantity are P0 and Q0, respectively. After the tax is imposed, the equilibrium
quantity is Q1, firms receive the price Ps, and consumers pay the price Pd.
Area C + D + F + G is
Score: 1/1
44.
Refer to Figure 3 below. Which is the deadweight loss from the imposition of the
sales tax?
A. E
B. E + H 100%
C. H
D. J
E. E + H + J
Score: 1/1
45.
Forget about the sales tax. Use the same Figure 3 below. The imposition of a fully
effective price ceiling at Ps will cause a deadweight loss of
A. E
B. E + H
C. C + F +D + G + E + H 100%
D. J
E. E + H + J
Score: 1/1
46.
Score: 1/1
47.
A. 4
B. 5
C. 6 100%
D. 8
Score: 1/1
48.
Assume this monopolist’s marginal cost is constant at $11. What quantity of output
(Q) will it produce and what price (P) will it charge?
A. Q = 4, P = $27
B. Q = 4, P = $25
C. Q = 5, P = $23 100%
D. Q = 7, P = $17
Score: 1/1
49.
Suppose that the price of widgets is $10. Every competitive firm in the widgets
industry has fixed costs of $10 and faces the following marginal cost curve:
A. 2
B. 3
C. 4 100%
D. 5
Score: 1/1
50.
Use the same table below. Every competitive firm in the widgets industry has fixed
costs of $10 and faces the following marginal cost curve:
A. 2 100%
B. 6
C. 8
D. 10
1.
Belief in the basic instability of the free market, and faith in the ability of government to
improve on free market outcomes, is associated with which of the following categories of
economists?
Score: 1/1
2.
The marginal product of labor is equal to the
Score: 1/1
3.
The average amount of goods and services produced from each hour of a worker's time is
called
Score: 0/1
4.
Figure 1
Consider Figure 1 above. Which of the following is true of the production function (not
pictured) that underlies this total cost function in Figure 1?
(ii) Total output increases as the quantity of inputs increases, but at a decreasing rate.
(ii) Marginal product is diminishing for all levels of input usage.
(iii) The slope of the production function decreases as the quantity of inputs increases.
Score: 0/1
5.
When the consumer price index decreases, the typical family
Score: 0/1
6.
Which goods are supposed to be included in the CPI?
Score: 1/1
7.
Year Peaches Pecans
2000 $20 per bushel $10 per bushel
2001 $21 per bushel $10.5 per bushel
Consider Table 1. What was the rate of inflation in 2001?
Score: 1/1
8.
If U.S. citizens entrepreneurs increase their demand for loanable funds, other things contstant,
the real interest rate
Score: 1/1
9.
Consider a production function in two factors Q = f(K,L) that is CRS. When the MPK is
falling the MPL is
Score: 0/1
10.
Consider a production function in two factors Q = f(K,L) that is CRS, K is a fixed factor.
How would the production function be affected by an improvement in technology?
Score: 1/1
11.
Assume a production function that has increasing returns to scale. A doubling of all the inputs
will lead to a ____________ of the output
Score: 1/1
12.
When the rate of inflation is expected to fall, this will lead to
Student Response Value Feedback
A. an increase in the nominal
rate of interest
B. a decrease in the nominal
rate of interest
C. a decrease in the difference
between the nominal and
the real rates of interest
D. a and c of the above.
b and c of the above. 100%
E.
Score: 1/1
13.
When the US government decreases the interest rate on US Treasury bonds, the dollar price
of imported Chinese manufactured goods can be expected to
Score: 0/1
14.
An increase in the Demand for and the supply of loanable funds will cause the quantity of
loanable funds borrowed to
Score: 1/1
15.
Which of the following will increase the supply of money?
Score: 1/1
16.
Choose the correct statement below By not taking into account the possibility of consumer
substitution, the CPI
Score: 1/1
17.
Which of the following is a current-weighted price index?
Student Response Value Feedback
A. the CPI
B. the PPI
the GDP deflator. 100%
C.
D. the ESP
Score: 1/1
18.
New products are invented every year. Consequently real GDP growth
Score: 1/1
19.
Inputs used in production that are provided by nature, such as land, rivers, and mineral
deposits are called
Score: 1/1
20.
Which of the following is considered human capital?
Score: 1/1
21.
Across countries, investment and growth rates are
Score: 1/1
22.
International trade
Score: 1/1
23.
When the marginal rate of time preference falls
Score: 0/1
24.
Which of the following is true?
Score: 1/1
25.
Which of the following is a financial intermediary?
Student Response Value Feedback
A. Prudential Pension Fund
B. First mutual fund
C. Premium finance company
D. Richardson Credit Union
all of the above are financial 100%
E. intermediaries
Score: 1/1
26.
According to whom is it more important to balance the economy that balance the budget?
Score: 0/1
27.
Which bond would you expect to pay the highest interest rate?
Score: 1/1
28.
Which of the following stakeholders is most concerned that the company earn enough profit
to pay its loans? (hint: consider the incentives faced by each).
Score: 1/1
29.
The price elasticity of demand for a good is -0.50. By how much must the price of the good
decrease in order for sales to rise by 12%?
Score: 1/1
30.
Suppose Joe purchases 5 six-packs of beer per month when his monthly income is $100. Joe
receives a raise at work, giving him an extra $20 per month in take-home pay, and Joe now
purchases 6 six-packs of beer per month. What is Joe's income elasticity of demand for beer?
Score: 1/1
31.
Economics is
Score: 1/1
32.
Which of the following is most likely an inferior good?
Score: 1/1
33.
Which of the following identifies a natural monopoly?
Score: 1/1
34.
For a profit maximizing monopolist, who has not costs, TC = 0, the elasticity of demand will
be
Score: 0/1
35.
Figure 2
Consider Figure 2 above. What output will a profit maximizing monopolist who charges
everyone the same price produce?
Score: 1/1
36.
Consider Figure 2 above. If the monopolist is able to price discriminate what output will
he/she produce? (pick the best answer).
Score: 1/1
37.
Which of the following conditions shifts the supply curve?
Score: 1/1
38.
Which of the following conditions shifts the demand curve?
Score: 1/1
39.
A simultaneous decrease in both the demand for computers and the supply of computers must
decrease
Score: 1/1
40.
Suppose we observe that the price of gasoline has been falling, and the quantity of gasoline
sold has also been rising. We can conclude that
Score: 1/1
41.
The price elasticity of demand for a good is -0.40. By how much must the price of the good
decrease in order for sales to rise by 12%?
Student Response Value Feedback
A. 3%.
B. 4.8%.
C. 12.4%.
30% 100%
D.
Score: 1/1
42.
Under which of the following circumstances will the seller pay the whole of an excise tax?
Score: 1/1
43.
The following three questions refer to the accompanying diagram.
Figure 3:
Refer to Figure 3 above. A sales tax is imposed on consumers. The initial price and quantity
are P0 and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms
receive the price Ps, and consumers pay the price Pd.
Area C + D + F + G is
Student Response Value Feedback
the tax revenue collected by 100%
A. the government.
B. the total value that
consumers receive from
their purchases.
C. the fall in producers’
surplus.
D. the deadweight loss due to
the tax.
Score: 1/1
44.
Refer to Figure 3 below. Which is the deadweight loss from the imposition of the sales tax?
Score: 1/1
45.
Forget about the sales tax. Use the same Figure 3 below. The imposition of a fully effective
price ceiling at Ps will cause a deadweight loss of
Score: 0/1
46.
When a simple monopolist – no price discrimination – chooses to sell an additional unit of a
good or service
Score: 1/1
47.
Use the table below to answer the following two questions.
Refer to Table above. If the monopolist wants to maximize its revenue, how many units of its
product should it sell?
Score: 1/1
48.
Refer to the same Table.
Total Average Marginal
Quantity Price Revenue Revenue Revenue
1 35 35
2 64 32 29
3 29
4 17
5 23 11
6 120
7 17 -1
8 -7
9 99 11 -13
Assume this monopolist’s marginal cost is constant at $11. What quantity of output (Q) will
it produce and what price (P) will it charge?
Score: 1/1
49.
Suppose that the price of widgets is $10. Every competitive firm in the widgets industry has
fixed costs of $10 and faces the following marginal cost curve:
Score: 1/1
50.
Use the same table below. Every competitive firm in the widgets industry has fixed costs of
$10 and faces the following marginal cost curve:
Score: 0/1
Belief in the basic stability of the free market, and doubt about the ability of
government to improve on free market outcomes, is associated with which of the
following categories of economists?
A. Keynesians
B. Classical economists
C. Austrian economists
Score: 1/1
A. Y = C + I + G.
B. Y = C + I + G + T.
C. Y = C + I + G + S.
D. Y = C + I + G + NX.
Score: 1/1
Belief in the basic instability of the free market, and faith in the ability of government to improve
on free market outcomes, is associated with which of the following categories of economists?
Score: 1/1
A. incremental revenue
associated with a one unit
increase in labor.
B. incremental profit
associated with a one unit
increase in labor.
Score: 1/1
三
The average amount of goods and services produced from each hour of a worker's
time is called
C. productivity
D. human capital
Score: 1/1
An decrease in the amount of human capital per worker will most likely result in
A. a decrease in 100%
productivity
B. an increase in
productivity
C. no effect on productivity
D. it is impossible to say
Score: 1/1
An increase in the amount of human capital per worker will most likely result in
Student Response Value Feedback
A. a decrease in
productivity
B. an increase in 100%
productivity
C. no effect on productivity
D. it is impossible to say
Score: 1/1
Figure 1
Consider Figure 1 above. Which of the following is true of the production function (not
pictured) that underlies this total cost function in Figure 1?
(i) Total output increases as the quantity of inputs increases, but at a fluctuating rate.
(ii) Marginal product is diminishing for all levels of input usage.
(iii) The slope of the production function decreases as the quantity of inputs increases.
A. (i) only
Score: 1/1
Figure 1
错 Consider Figure 1 above. Which of the following is true of the production function
(not pictured) that underlies this total cost function in Figure 1?
(i) Total output increases as the quantity of inputs increases, but at a decreasing rate.
(ii) Marginal product is diminishing for all levels of input usage.
(iii) The slope of the production function fluctuates as the quantity of inputs increases.
A. (i) only
Score: 0/1
Figure 1
错 Consider Figure 1 above. Which of the following is true of the production function (not
pictured) that underlies this total cost function in Figure 1?
(ii) Total output increases as the quantity of inputs increases, but at a decreasing rate.
(ii) Marginal product is diminishing for all levels of input usage.
(iii) The slope of the production function decreases as the quantity of inputs increases.
Score: 0/1
Score: 1/1
Score: 1/1
What is the relationship between consumer price index and spending of typical family
in order to maintain the same standard of living?
D. The fluctuation of
consumer price index is
nothing to do with
spending of family
Score: 1/1
Score: 1/1
A. 20 percent
B. 16.7 percent
C. 10 percent
D. 5 percent
Score: 1/1
Score: 1/1
A. 20 percent
B. 16.7 percent
C. 10 percent
D. 8 percent
Score: 1/1
If U.S. citizens decide to save a larger fraction of their incomes, the real interest rate
Score: 1/1
If U.S. citizens decide to save a larger fraction of their incomes, other things contstant, the real
interest rate
Score: 1/1
If U.S. citizens entrepreneurs increase their demand for loanable funds, other things contstant, the
real interest rate
Score: 1/1
错 If U.S. citizens decide to save a smaller fraction of their incomes, the real interest
rate
Score: 0/1
Consider a production function in two factors Q = f(K,L) that is CRS. When the MPK
is falling the MPL is
A. falling
B. rising
C. negative
D. flat
Score: 1/1
错 Consider a production function in two factors Q = f(K,L) that is CRS. When the MPK
is rising the MPL is
A. falling
B. rising
C. negative
D. flat
Score: 0/1
Consider a production function in two factors Q = f(K,L) that is CRS, K is a fixed factor.
In what circumstance that the production function would shift vertically upward?
A. An improvement in technology
Score: 1/1
Consider a production function in two factors Q = f(K,L) that is CRS, K is a fixed factor. How
would the production function be an increase in the amount of K to a new fixed level?
Score: 1/1
Consider a production function in two factors Q = f(K,L) that is CRS, K is a fixed factor. How
would the production function be affected by an improvement in technology?
Score: 1/1
十一
Assume a production function that has increasing returns to scale. A doubling of all
the inputs will lead to a ____________ of the output
A. doubling
D. zero increase
Score: 1/1
Assume a production function that has constant returns to scale. A doubling of all the inputs will
lead to a ____________ of the output
Score: 1/1
Assume a production function that has decreasing returns to scale. A doubling of all
the inputs will lead to a ____________ of the output
A. doubling
D. zero increase
Score: 1/1
十二
Score: 1/1
B. a decrease in the
nominal rate of interest
C. a decrease in the
difference between the
nominal and the real
rates of interest
Score: 1/1
Score: 1/1
十三
A. positive
B. negative
C. zero
Score: 1/1
When the Chinese government decreases its demand for US Treasury bonds, the dollar price of
imported Chinese manufactured goods will
Score: 1/1
When the US government decreases the interest rate on US Treasury bonds, the dollar
price of imported Chinese manufactured goods can be expected to
A. rise
B. fall 100%
C. be unaffected
Score: 1/1
十四
Score: 1/1
An increase in the Demand for and the supply of loanable funds will cause the interest rate to
Score: 1/1
十五
Score: 1/1
Which of the following will increase U.S. net capital inflow?
Score: 1/1
十六
Choose the correct statement below By not taking into account the possibility of
consumer substitution, the CPI
Score: 1/1
十七
A. the CPI
B. the PPI
D. the ESP
Score: 1/1
十八
Choose the correct statement below New products are invented every year.
Consequently real GDP growth
Score: 1/1
十九
The knowledge and skills that workers acquire through education, training, and
experience are called
A. physical capital.
B. human capital.
D. technology.
Score: 1/1
The equipment and structures available to produce goods and services are called
Score: 1/1
Inputs used in production that are provided by nature, such as land, rivers, and mineral deposits
are called
二十
Score: 1/1
D. a desk used in an
accountant's office
Score: 1/1
Score: 1/1
二十一
A. negatively related.
B. positively related.
D. not related
Score: 1/1
二十二
International trade
Score: 1/1
二十三
Score: 1/1
二十四
Score: 1/1
Score: 1/1
B. Money facilitates
production
C. Money facilitates
exchange
Score: 0/1
二十五
B. Bank One
C. Traveler's Insurance
Score: 1/1
二十六
Which of the following equations is correct?
A. S = I + C
B. S = I - NX
C. S = I + NCO
D. S = NX - NCO.
Score: 1/1
Score: 1/1
According to whom is it more important to balance the economy that balance the
budget?
B. the Quakers
C. the Monetarists
Score: 1/1
二十七
Which bond would you expect to pay the highest interest rate?
Student Response Feedback
Score: 1/1
Which bond would you expect to pay the highest interest rate?
Score: 1/1
二十八
Which of the following stakeholders is most concerned that the company earn enough
profit to pay its loans? (hint: consider the incentives faced by each).
B. share holders
C. debt holders
D. workers
Score: 1/1
二十九
The price elasticity of demand for a good is -0.50. By how much must the price of the
good decrease in order for sales to rise by 6%?
A. 3%.
B. 12%.
C. 20%.
D. 24%.
Score: 1/1
The price elasticity of demand for a good is -0.50. By how much must the price of the good
decrease in order for sales to rise by 12%?
Score: 1/1
三十
Suppose Joe purchases 5 six-packs of beer per month when his monthly income is
$100. Joe receives a raise at work, giving him an extra $20 per month in take-home
pay, and Joe now purchases 6 six-packs of beer per month. What is Joe's income
elasticity of demand for beer?
A. 2.
B. 1.
C. 0.3.
D. 0.05.
Score: 1/1
Suppose Joe purchases 5 six-packs of beer per month when his monthly income is $100. Joe
receives a raise at work, giving him an extra $40 per month in take-home pay, and Joe now
purchases 7 six-packs of beer per month. What is Joe's income elasticity of demand for beer?
Score: 1/1
错 Suppose Joe purchases 5 six-packs of beer per month when his monthly income is
$100. Joe receives a raise at work, giving him an extra $20 per month in take-home
pay, and Joe now purchases 7 six-packs of beer per month. What is Joe's income
elasticity of demand for beer?
A. 2. 可能是 A 需求量变化的百分比除以价格变化的
百分比
B. 1.
C. 0.3.
D. 0.05.
Score: 0/1
三十一
Economics is
Student Response Feedback
A. unscientific
B. interested in choice
Score: 1/1
Economics is
A. unscientific
Score: 1/1
三十二
A. a Benz
B. steak
C. spam
D. gasoline
Score: 1/1
Which of the following is most likely an inferior good?
A. a Benz
B. steak
C. gasoline
Score: 1/1
三十三
Score: 1/1
三十四
For a profit maximizing monopolist, who has not costs, TC = 0, the elasticity of
demand will be
A. greater than 1
B. equal to 1
C. less than 1
D. equal to zero
E. It is hard to tell
Score: 1/1
三十五
Figure 2
Consider Figure 2 above. What output will a profit maximizing monopolist who charges
everyone the same price produce?
A. 100
B. 200
C. 300
D. 400
Score: 1/1
三十六
Consider Figure 2 above. If the monopolist is able to price discriminate what output
will he/she produce? (pick the best answer).
Score: 1/1
三十七
A. an improvement in technology
Score: 1/1
A. an improvement in 100% 注意
technology
B. in crease in consumer
income
C. a change in consumer
base
Score: 1/1
A. an improvement in 100%
technology
B. in crease in consumer
income
C. a change in consumer
tastes
Score: 1/1
三十八
Score: 1/1
B. an improvement in
technology
Score: 1/1
三十九
A simultaneous decrease in both the demand for computers and the supply of
computers must decrease
Score: 1/1
四十
Suppose we observe that the price of gasoline has been rising, and the quantity of
gasoline sold has also been rising. We can conclude that
Score: 1/1
Suppose we observe that the price of gasoline has been rising, and the quantity of
gasoline sold has been falling. We can conclude that
Score: 1/1
Suppose we observe that the price of gasoline has been falling, and the quantity of gasoline sold
has also been rising. We can conclude that
Score: 1/1
四十一 需求除以价格
The price elasticity of demand for a good is -0.40. By how much must the price of the
good decrease in order for the number of units sold to rise by 12%?
A. 3%.
B. 4.8%.
C. 12.4%.
D. 30%
Score: 10/10
四十二
Under which of the following circumstances will the seller pay the whole of a per-unit
tax?
Score: 10/10
Under which of the following circumstances will the seller pay the whole of an excise tax?
Score: 1/1
Refer to the figure above. A per-unit tax is imposed on consumers. The initial price
and quantity are P0
and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms
receive the price Ps, and consumers pay the price PD.
Area B + C is
Score: 10/10
Which areas represent the deadweight loss from the imposition of the per-unit tax?
A. E
B. E + F
C. B + C
D. A + B + E
E. C + F + D
Score: 10/10
Assuming the imposition of a fully effective price ceiling at P S the quantity produced
will be?
A. Q1
B. Q0
C. between Q1 and Q0
D. less than Q1
E. more than Q0
2
43The following three questions refer to the accompanying diagram.
Figure 3:
Refer to Figure 3 above. A sales tax is imposed on consumers. The initial price and quantity are P0
and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms receive the price
Ps, and consumers pay the price Pd.
Area C + D + F + G is
44Refer to Figure 3 below. Which is the deadweight loss from the imposition of the sales tax?
Score: 1/1
45Forget about the sales tax. Use the same Figure 3 below. The imposition of a fully effective
price ceiling at Ps will cause a deadweight loss of
Score: 1/1
四十六
When a simple monopolist – no price discrimination – chooses to sell an additional unit of a good
or service
Student Response Value Feedback
A. marginal revenue will be
equal to the going market
price.
B. marginal revenue will always
be negative.
it will have to lower its price 100%
C. on the additional unit and on
all other units.
D. it will only have to lower its
price on the additional unit.
Score: 1/1
四十七
Refer to Table above. If the monopolist wants to maximize its revenue, how many
units of its product should it sell?
A. 4
B. 5
C. 6
D. 8
Score: 10/10
四十八
Assume this monopolist’s marginal cost is constant at $11. What quantity of output
(Q) will it produce and what price (P) will it charge if it wants to maximize its profits?
A. Q = 4, P = $27
B. Q = 4, P = $25
C. Q = 5, P = $23
D. Q = 7, P = $17
Score: 10/10
四十九
Suppose that the price of widgets is $10. Every competitive firm in the widgets
industry has fixed costs of $10 and faces the following marginal cost curve:
Quantity Marginal Cost
1 $4
2 6
3 8
4 10
5 12
How many widgets does a firm produce, assuming it wishes to maximize profits?
A. 2
B. 3
C. 4
D. 5
Score: 10/10
五十
Use the same table below. Every competitive firm in the widgets industry has fixed
costs of $10 and faces the following marginal cost curve,
Quantity Marginal Cost
1 $4
2 6
3 8
4 10
5 12
How much profit does the firm earn when it maximizes profit?
A. 2
B. 6
C. 8
D. 10
Score: 10/10