《经济学概论》复习题.doc

装订线此处不能书写此处不能书写此处不能书写此处不能书写此处不能书写此处不能书写此处不能书写经济学概论复习题一、选择题1 Complete market failure always exists when （ ）A there are negative externalities in production.B the free market fails to provide sufficient merit goods.C the free market under-prices demerit goods.D there is a missing market in the provision of public goods.2 Which one of the following situations would lead to an increase in equilibrium price? （ ）A Demand is perfectly inelastic and labor costs riseB Demand is perfectly elastic and labor costs riseC Supply is perfectly elastic and the price of a substitute good fallsD Demand is perfectly inelastic and labor costs fall3. The diagram above shows the demand and supply curves for a normal good. The equilibrium price could rise from P1 to P2 if (a) consumers incomes increased(b) P2 were set as a legal maximum(c) subsidies on the product increased(d) the price of a complementary product increased(e) costs of production were substantially loweredAnswer:A4. A perfectly competitive producer of steel rods and steel beams employs 100 workers with identical skills. If steel rods and steel beams sell for the same price, which of the following rules should the producer always follow to use the 100 workers efficiently?I. Allocate workers so that the average cost of producing beams equals the average cost of producing rods.II. Allocate workers so that the marginal product of labor is the same in both rod production and beam production.III.Allocate half the workers to rod production and half the workers to beam production.(a) I only(b) II only(c) III only(d) II and III only(e) I, II, and III5. Assume a consumer finds that his total expenditure on compact discs stays the same after the price of compact discs declines. Which of the following is true for this price change?(a) Compact discs are inferior goods to this consumer.(b) The consumers demand for compact discs increased in response to the price change.(c) The consumers demand for compact discs is perfectly price elastic.(d) The consumers demand for compact discs is perfectly price inelastic.(e) The consumers demand for compact discs is unit price elastic.Answer: E6. As its output increases, a firms short-run marginal cost will eventually increase because of(a) diseconomies of scale(b) a lower product price(c) inefficient production(d) the firms need to break even(e) diminishing returnsAnswer: E7. For a firm hiring labor in a perfectly competitive labor market, the marginal revenue product curve slopes downward after some point because as more of a factor is employed, which of the following declines?(a) Marginal product(b) Marginal factor cost(c) Marginal cost(d) Total output(e) Wage ratesAnswer: A8.Which of the following is always true of the relationship between average and marginal costs?(a) Average total costs are increasing when marginal costs are increasing.(b) Marginal costs are increasing when average variable costs are higher than marginal costs.(c) Average variable costs are increasing when marginal costs are increasing.(d) Average variable costs are increasing when marginal costs are higher than average variable costs.(e) Average total costs are constant when marginal costs are constant.Answer: DQuestions 910 refer to the following diagram and assume a perfectly competitive market structure.9. At the price 0A, economic profits are(a) ABJG (b) ABKH (c) ABLI (d) ACMG (e) C0FMAnswer:B10. In the short run, the firm will stop production when the price falls below(a) 0A (b) 0B (c) 0C (d) 0D (e) 0EAnswer : DFish WheatCountry A 10 labor-hours 20 labor-hoursCountry B 20 labor-hours 60 labor-hours11.The table above indicates labor-hours needed to produce a single unit of each of two commodities in each of two countries. If labor is the only factor used to produce the commodities, which of the following statements must be correct?I.Country A has an absolute advantage in the production of both commodities, but a comparative advantage in the production of wheat.II.Country B has an absolute advantage in the production of both commodities, but a comparative advantage in the production of fish.III.Mutually advantageous trade can occur between the two countries when 2.5 units of fish are exchanged for 1 unit of wheat.(a) I only(b) II only(c) III only(d) I and III only(e) II and III onlyAnswer: D12.Suppose that the consumer price index rises from 100 to 200. From this information we may conclude that(a) each persons real income is cut in half(b) consumer incomes are doubled(c) the prices in an average consumers market basket are doubled(d) all consumer goods prices are doubled(e) all prices in the economy are doubledAnswer:c13.In the graph above, AD denotes the aggregate demand curve, SRAS the short-run aggregate supply curve, and LRAS the long-run aggregate supply curve. If no policy action were taken, which of the following changes would move the economy to its long-run equilibrium?(a) An increase in aggregate demand(b) An increase in exports(c) An increase in wages(d) A decrease in wages(e) A decrease in the expected price levelAnswer:C14.Suppose that a national government increased deficit spending on goods and services, increasing its demand for loanable funds. In the long run, this policy would most likely result in which of the following changes in this country? RealInterest Rate Investment(a) Decrease Decrease(b) Decrease Increase(c) Increase Decrease(d) Increase No change(e) No change Increase15.In an economy with lump-sum taxes and no international trade, if the marginal propensity to consume is 0.8, which of the following is true?(a) When consumption increases by $5, investment increases by a maximum of $1.(b) When consumption increases by $5, savings increase by a maximum of $1.(c) When investment increases by $1, income increases by a maximum of $5.(d) When investment increases by $1, consumption increases by a maximum of $5.(e) When income increases by $1, investment increases by a maximum of $5.Answer:c16.If the government increases expenditures on goods and services and increases taxation by the same amount, which of the following will occur?(a) Aggregate demand will be unchanged.(b) Aggregate demand will increase.(c) Interest rates will decrease.(d) The money supply will decrease.(e) The money supply will increase.Answer: B17.On a short-run Phillips curve, high rates of inflation coincide with(a) high interest rates(b) low interest rates(c) high unemployment rates(d) low unemployment rates(e) low discount ratesAnswer:D18.If the reserve requirement is 25 percent and banks hold no excess reserves, an open market sale of $400,000 of government securities by the Federal Reserve will(a) increase the money supply by up to $1.6 million(b) decrease the money supply by up to $1.6 million(c) increase the money supply by up to $300,000(d) increase the money supply by up to $100,000(e) decrease the money supply by up to $100,000Answer: B19.A stimulative fiscal policy combined with a restrictive monetary policy will necessarily cause(a) gross domestic product to increase(b) gross domestic product to decrease(c) interest rates to fall(d) interest rates to rise(e) the federal budget deficit to decreaseAnswer: D20.If nominal gross domestic product fell while real gross domestic product rose, which of the following must be true?(a) Unemployment increased.(b) The inflation rate was negative.(c) Net exports were negative.(d) The average of stock prices rose while bond prices fell.(e) Nominal interest rates rose by less than the rate of inflation.Answer:B二、名词解释（每小题3分,共18分）【得分： 】1. Economics:Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways. There are two main types of economics: macroeconomics and microeconomics.2. Opportunity Cost:Opportunity cost of a choice is the value of the best alternative forgone, in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made, it is the cost incurred by not enjoying the benefit that would be had by taking the second best choice available.3. Factors of ProductionFactors of production are the inputs to the production process. Finished goods are the output. Input determines the quantity of output i.e. output depends upon input. Input is the starting point and output is the end point of production process and such input-output relationship is called a production function. There are four basic factors of production: land, labor, capital and entrepreneurship.4. Supply and Demand:Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium for price and quantity.The four basic laws of supply and demand are:1).If demand increases and supply remains unchanged, a shortage occurs, leading to a higher equilibrium price.2). If demand decreases and supply remains unchanged, a surplus occurs, leading to a lower equilibrium price.3). If demand remains unchanged and supply increases, a surplus occurs, leading to a lower equilibrium price.4). If demand remains unchanged and supply decreases, a shortage occurs, leading to a higher equilibrium price.5. Economic Growth:Economic growth is the increase in the market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Of more importance is the growth of the ratio of GDP to population (GDP per capita), which is also called per capita income. An increase in per capita income is referred to as intensive growth. GDP growth caused only by increases in population or territory is called extensive growth.6. Production Possibility Frontier:Productionpossibility frontier (PPF), sometimes called a production possibility curve, production-possibility boundary or product transformation curve, is a graph that shows the various combinations of amounts of two commodities that could be produced using the same fixed total amount of each of the factors of production. Graphically bounding the production set for fixed input quantities, the PPF curve shows the maximum possible production level of one commodity for any given production level of the other, given the existing state of technology. By doing so, it defines productive efficiency in the context of that production set: a point on the frontier indicates efficient use of the available inputs, while a point beneath the curve indicates inefficiency. A period of time is specified as well as the production technologies and amounts of inputs available. The commodities compared can either be goods or services.7. Business Cycle:The business cycle is the upward and downward movements of levels of GDP (gross domestic product) and refers to the period of expansions and contractions in the level of economic activities (business fluctuations) around its long-term growth trend.These fluctuations occur around a long-term growth trend, and typically involve shifts over time between periods of relatively rapid economic growth (an expansion or boom), and periods of relative stagnation or decline (a contraction or recession).8. GDP:Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a countrys standard of living. GDP is related to national accounts, a subject in macroeconomics. GDP is not to be confused with gross national product (GNP) which allocates production based on ownership.9. Inflation:Inflation is a persistent increase in the general price level of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation reflects a reduction in the purchasing power per unit of money a loss of real value in the medium of exchange and unit of account within the economy. A chief measure of price inflation is the inflation rate, the annualized percentage change in a general price index (normally the consumer price index) over time10. CPI:A consumer price index (CPI) measures changes in the price level of a market basket of consumer goods and services purchased by households. The CPI in the United States is defined by the Bureau of Labor Statistics as a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.The CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. The annual percentage change in a CPI is used as a measure of inflation. 11. PPI:A Producer Price Index (PPI) measures the average changes in prices received by domestic producers for their output. It is one of several price indices. Its importance is being undermined by the steady decline in manufactured goods as a share of spending. The PPI was known as the Wholesale Price Index, or WPI, up to 1978. The PPI is one of the oldest continuous systems of statistical data published by the Bureau of Labor Statistics.12. UnemploymentUnemployment (or joblessness) occurs when people are without work and actively seeking work. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. During periods of recession, an economy usually experiences a relatively high unemployment rate. The main types of unemployment include structural unemployment and frictional unemployment.三、简答题1. How do employers make decisions in terms of hiring?Individually, the specific firm will continue hiring workers until MRP (marginal revenue product) has declined to the level of the market wage rate. Marginal revenue product is the change in total revenue that occurs when more labor is hired. MRP sets an upper limit to the wage rate an employer will pay. The market demand for labor depends on: 1) The number of employers, 2)The marginal revenue product of labor in each firm and industry. The market supply of labor depends on: 1) the number of available workers, 2) Each workers willingness to work at alternative wages rates. The intersection of the market demand and supply curves establishes the equilibrium wage. The equilibrium wage is the only wage at which the quantity of labor supplied equals the quantity of labor demanded.2. How does a monopoly maximize its profit?In setting its price, the monopolist, like the perfectly competitive firm, seeks to maximize total profit. To do so, the monopolist first identifies the profit-maximizing rate of output (the production decision) and then determines what price is compatible with that much output.To find the best rate of output, a monopolist will follow the general profit-maximization rule about equating marginal cost ( what an additional unit costs to produce) and marginal revenue (how much more revenue an additional unit brings in). Hence a monopolist maximizes profits at the rate of output where MR=MC.Natually, the monopolist would like to charge a very high price, but its ability to charge a high price is limited by the demand curve. The demand curve always tells us the most consumers are willing to pay for an given quantity. That is to say: 1) The intersection of the marginal revenue and marginal cost curves establishes the profit-maximizing rate of output.2) The demand curve tells us the highest price consumers are willing to pay for that specific quantity of output. 3 Why in the highly competitive market tendency of economic profit is toward zero?In a highly competitive market, whether or not the new competitors enter the industry depends on their expectations for profit. As new competitors are coming in, the market supply curve will continue shifting to the right, driving the prices down. That is to say: the force that drives prices down is market entry. New firms continue to enter a competitive industry as long as profits exist.Once price falls to the level of minimum average cost, all economic profits disappear. This zero-profit outcome occurs at the bottom of the U-shaped ATC curve.4 What is the law of diminishing return?In economics, diminishing returns (also called diminishing marginal returns) is the decrease in the marginal (per-unit) output of a production process as the amount of a single factor of production is increased, while the amounts of all other factors of production stay constant.The law of diminishing returns (also law of diminishing marginal returns or law of increasing relative cost) states that in all productive processes, adding more of one factor of production, while holding all others constant (ceteris paribus), will at some