哈伯德英文版微观经济学练习c02.doc

Microeconomics - Testbank 1 (Hubbard/OBrien)Chapter 2 Trade-offs, Comparative Advantage, and the Market System1) Scarcity: A) requires tradeoffs. B) is due to limited wants. C) is due to unlimited resources. D) all of the above. 2) An example of a factor of production would be: A) a car produced by an auto manufacturer. B) a worker hired by an auto manufacturer. C) money borrowed by an auto manufacturer. D) all of the above. 3) The production possibilities frontier shows: A) the various products that can be produced now and in the future. B) attainable combinations of two products that may be produced in a particular time period with available resources. C) what an equitable distribution of products among citizens would be. D) what people want to have produced in a particular time period. 4) The attainable production points on a production possibility curve are: A) the horizontal and vertical intercepts. B) the points along the production possibilities frontier. C) the points outside the area enclosed by the production possibilities frontier. D) the points along and inside the production possibility frontier. 5) The unattainable points vis-a-vis a production possibilities frontier are: A) the points within the production possibilities frontier. B) the points along the production possibilities frontier. C) the points of the horizontal and vertical intercepts. D) the points outside the production possibilities frontier. Refer to Figure 2.1 for the questions below.Figure 2.1 6) In figure 2.1, point A: A) is technically efficient. B) is unattainable with current resources. C) is inefficient implying not all resources are being used. D) is the equilibrium. 7) In figure 2.1, point B: A) is technically efficient. B) is unattainable with current resources. C) is inefficient implying not all resources are being used. D) is the equilibrium. 8) In figure 2.1, point C: A) is technically efficient. B) is unattainable with current resources. C) is inefficient implying not all resources are being used. D) is the equilibrium. 9) On a production possibilities frontier, a combination of output that is inside the frontier is: A) allocatively efficient. B) productively efficient C) allocatively inefficient. D) productively inefficient. 10) Assumed with a production possibilities frontier is that: A) only two products are produced. B) resource supplies are fixed. C) technology is fixed. D) all of the above. 1-5：ABBDD6-10：CDB-D11) The term that means the highest valued alternative given up when a person chooses to engage in an activity is: A) accounting cost. B) dollar cost. C) opportunity cost. D) explicit cost. 12) If a firm can produce a combination of 60 units of X together with 80 units of Y if it produces 70 units of X, the firm can only produce 60 units of Y, thus the opportunity cost to produce 10 more units of X is: A) 20 units of Y. B) 10 units of X. C) two units of Y. D) one-half a unit of X. 13) Increasing opportunity cost along a bowed out production possibilities frontier occurs because: A) of inefficient production. B) of ineffective management by entrepreneurs. C) some factors of production are not equally suited to producing both goods or services. D) of the scarcity of factors of production. 14) The slope or rate of change along a production possibilities frontier: A) has no economic relevance or meaning. B) is always constant. C) is always varying. D) measures the opportunity cost of producing one more unit of a good. 15) At full employment, an economy that wants to produce more war goods: A) must wait until resource supplies have increased. B) must increase the production of consumer goods. C) must cut back on the production of other goods. D) must be attempting the impossible. 16) A production situation with constant opportunity cost would be graphed as : A) a negatively sloped curve bowed out from the origin. B) a positively sloped straight line. C) a negatively sloped curve bowed in toward the origin. D) a negatively sloped straight line. 17) Production possibilities frontier model shows that: A) if consumers decide to buy more of a product its price will increase. B) a market economy is more efficient in producing goods and services than is a centrally planned economy. C) economic growth can only be achieved by free market economies. D) if all resources are fully and efficiently utilized, more output of good X can only be achieved by producing less of another good. 18) If a nations production possibilities frontier moves outward, this represents: A) economic growth. B) rising prices of the two goods on the production possibilities frontier model. C) an impossible situation. D) a change in producing one good in favor of the other. 19) Economic growth represented is on a production possibilities frontier model by the production possibility frontier: A) shifting outward. B) shifting inward. C) becoming steeper. D) becoming flatter. 20) Without an increase in the supplies of factors of production, how can a nation grow economically? A) It cannot B) Through technological advance which enables more output with the same resource supplies C) By lowering the price of factors of production D) By increasing the price of factors of production 11-15：CACDC16-20：DDAAB21) People trade with each other because: A) by specializing in one activity people can increase production. B) people who specialize must trade with others for what they want to consume. C) specialization by individual people implies trade by everyone. D) of all of these reasons. 22) You have an absolute advantage whenever you: A) are better educated than someone else. B) can produce more of something than others with the same resources. C) prefer to do one particular activity. D) can produce something at a lower opportunity cost than others. 23) If George can mow 10 lawns or cultivate 5 gardens a day while Jack can mow 6 lawns or cultivate 4 gardens a day, then: A) Jack has an absolute advantage in both lawn mowing and garden cultivating. B) George has an absolute advantage in both lawn mowing and garden cultivating. C) Jack has an absolute advantage in lawn mowing. D) Jack has an absolute advantage in garden cultivating. 24) If George can mow 10 lawns or cultivate 5 gardens a day while Jack can mow 6 lawns or cultivate 4 gardens a day, then: A) Jack has a comparative advantage in garden cultivating. B) George has an absolute advantage in both lawn mowing and garden cultivating. C) George has a comparative advantage in lawn mowing. D) All of the above are correct. 25) If George can mow 10 lawns or cultivate 5 gardens a day while Jack can mow 6 lawns or cultivate 4 gardens a day, then Jacks opportunity cost of mowing a lawn is: A) half a garden cultivated. B) two lawns mowed. C) two-thirds of a garden cultivated. D) one and a half lawns mowed. 26) Comparative advantage means: A) a producing unit can produce more of a good or service with the same amount of resources than any other producing unit. B) a producing unit can produce a good or service at a lower opportunity cost than any other producing unit. C) compared to anyone else, you are better at what you do. D) none of the above. 27) Individuals who have never been the best at doing anything: A) will never be able to earn a decent income. B) can still have a comparative advantage in producing some good or service. C) can only be employed at simple jobs. D) will have to be supported by the government. 28) Households: A) have no influence on the circular flow in a market economy. B) purchase resources in the factor market. C) sell goods in the product market. D) sell resources in the factor market. 29) Among the characteristics of the circular flow in a market economy is: A) firms sell goods and services in the product market. B) households spend earnings from resource sales on goods and services in the product market. C) firms hire resources sold by households in the factor market. D) all of these are characteristic of the circular flow in a market economy. 30) Which of the following is correct about a simple circular flow model? A) Producers are neither buyers nor sellers in the product market. B) Households are sellers in the product market. C) Producers are buyers in the factors market. D) None of these are correct. 21-25：DBB-C26-30：BBDDC31) An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776 was written by? A) John Maynard Keynes B) Karl Marx C) Alfred Marshall D) Adam Smith 32) Adam Smiths behavioral assumption about humans was that: A) people typically act irrationally. B) people usually act in a rational, self-interested way. C) people are consistently greedy. D) people typically act randomly. 33) Smiths invisible hand is the: A) governments oversight to control the economy. B) property ownership laws and the rule of the court system. C) individuals acting in their own self-interest. D) real world laws of economics that are unseen. 34) The economic impact of Smiths invisible hand is: A) chaos in a market not controlled by the government. B) some people are able to take advantage of others and earn large incomes. C) the market provides consumers with what they want. D) producers can secretly band together and decide what to produce. 35) The fundamental thing the government must do to facilitate the operation of a market economy is: A) produce goods to provide for low income households. B) set up and enforce private property rights. C) ensure an equal distribution of income to all citizens. D) all of the above. 36) Private property rights provide that: A) an arrested individual has a right to a lawyer to represent them. B) the government can redistribute income. C) the government cannot put you in a prison without a trial by jury. D) a resource can used in production or sold by its legal owner. 37) The ultimate purpose of patents and copyrights is to: A) provide owners with large profit forever. B) protect firms from being taken advantage of by competing firms. C) protect domestic firms from foreign