微观经济理论测试题库：tb12

1、Chapter 12General Equilibrium and Welfare160.If, in a given economy, production is taking place at a point inside the production possibility frontier,a.resource allocation is technically and allocatively efficient.b.resource allocation is technically efficient but allocatively inefficient.c.resource

2、 allocation is technically inefficient and allocatively efficient.*d.resource allocation is technically and allocatively inefficient.161.An allocation of resources is technically efficient ifa.it is impossible to increase the output of a particular good.b.it is possible to increase the output of all

3、 goods.*c.it is impossible to increase the output of one good without cutting back on the production of something else.d.it is possible to increase the output of one good.162.Consider a twogood production economy in which both goods are produced with fixed proportions production functions. Then, som

4、e efficient allocations will exhibit unemployment of some factor providing*a.the firms use the inputs in different proportions.b.the firms exhibit diminishing returns to scale.c.the firms exhibit increasing returns to duction can never be efficient if there are unemployed inputs.163.Suppo

5、se two goods (x and y) are being produced efficiently and that the production of x is always more labor intensive than the production of y. Production depends only on two factors (capital and labor); these may be smoothly substituted for each other. The total quantities of these inputs are fixed. An

6、 increase in the production of x and a decrease in the production of y will*a.increase the capitallabor ratio in each firm.b.decrease the capitallabor ratio in each firm.c.leave the capitallabor ratio for each firm unchanged.d.increase the capitallabor ratio in y production and decrease the capitall

7、abor ratio in x production.164.An efficient allocation of productive inputs requires that*a.each output has the same rate of technical substitution among inputs used.b.each output has the same marginal rate of substitution for consumers.c.each pair of outputs has the same rate of product transformat

8、ion.d.each individual has the same marginal rate of substitution between outputs.165.The slope of the production possibility frontier showsa.the marginal rate of substitution between the two goods.*b.the relative marginal costs of the two goods.c.the efficient combination of outputs possible using f

9、ixed amounts of input.d.the relative marginal productivities of the two goods.166.The rate of product transformation (RPT) measures the ability ofa.a consumer to trade one good for another while still maximizing his or her utility.b.a firm to substitute one input for another and still maintain the s

10、ame production level.*c.society to substitute the production of one good for another while still using a fixed supply of inputs efficiently.d.a firm to produce a final good while starting with only natural resources.167.In an economy consisting of only two goods, corn and cloth, the amount of extra

11、cloth that can be produced efficiently if corn output is reduced by one unit is equal toa.the rate of technical substitution for corn divided by the rate of technical substitution for cloth.b.the rate of technical substitution for cloth divided by the rate of technical substitution for corn.c.the ma

12、rginal cost of producing cloth divided by the marginal cost of producing corn.*d.the marginal cost of producing corn divided by the marginal cost of producing cloth.168.In order to assure allocative efficiency,*a.peoples marginal rate of substitution must equal the economys rate of product transform

13、ation.b.peoples marginal rate of substitution must equal the firms rate of technical substitution among inputs.c.a firms rate of technical substitution must equal the economys rate of product transformation.d.all of the above.169.Each of the following factors might interfere with the efficiency of p

14、erfect competition except:a.increasing returns to scale.b.imperfect price information.c.externalities.*d.diminishing returns to scale.170.The reason externalities distort the allocation of resources is that a.too few goods are usually produced.b.firms often go out of business because of the external

15、ity.* c.a firms private costs do not reflect the social cost of production.d.regulating externalities uses scarce resources.171.Under a perfectly competitive price system,a.an equitable allocation of the available resources will always result.b.there is no opportunity for individuals to trade amongs

16、t themselves.* c.there is no reason to expect that voluntary trading will result in an equitable allocation of the available resources.d.None of the above172.The “Classical Dichotomy” refers toa.a distinction between “value in use” and “value in exchange.”b.separate theories of demand and supply.c.t

17、he possibility of Giffens Paradox*d.determination of relative prices independent of the nominal price level.173.In general, non-equilibrium prices occur because*rmation is imperfect and adjustment is costly.b.supply curves shift along stationary demand curves.c.demand curves shift along statio

18、nary supply curves.d.monopolists charge prices above marginal cost.174.If markets are perfect, a rational actor may reasonably conclude from the high price of a good that the gooda.is produced by a monopoly.* b.is of better quality.c.has a greater demand for it.d.is not known about by other consumer

19、s.175.In volatile markets, “speculators” would be expected to provide some stability becausea.they will be required to do so by the government.b.they will use current price moves to predict future moves.* c.they will buy when price is below equilibrium and sell when it is above equilibrium.d.they wi

20、ll buy when price is above equilibrium and sell when it is below equilibrium.176.A market characterized by imperfect information will have an equilibrium price if at that pricea.quantity demanded equals quantity supplied when all participants have the same information.* b.quantity demanded equals qu

21、antity supplied given prevailing information levels.c.quantity demanded equals quantity supplied under perfect information.d.quantity demanded exceeds quantity supplied if suppliers are better informed (and viceversa).177.Consider three ways of allocating two goods in a twoperson exchange economy.I.

22、Both individuals take prices as given and equilibrium prices are established by an impartial auctioneer.II.One individual can act as a perfect price discriminator and force the other individual to pay a different price for each unit of a good that is traded.III.One individual is a monopolist and can

23、 charge the other individual a single, utilitymaximizing price.Which of these situations is efficient?a.None of themb.Only I*c.I and II, but not IIId.I and III, but not IIe.All of them178.Every allocation of goods in a one good world is efficient becausea.MRSs are equalized.b.there is enough to go a

24、round for everyone.*c.no one can be made better off without making someone else worse off.d.it doesnt matter to whom an extra unit of the good is given.179.In a twogood world, every allocation would be efficient only ifa.both individuals were identical.b.both individuals regard the two goods as perfect substitutes.c.both individuals were identical and regard the two goods as perfect complements.*d.both individuals were identical and regard the two goods as perfect substitutes.180.Suppose that the two persons in an exchange economy (A and B) have utility functions given byAlong the contract