曼昆《经济学原理》(微观)第五版测试题库

Chapter5

ElasticityandItsApplication

288

TRUE/FALSE

1.Elasticitymeasureshowresponsivequantityistochangesinprice.

ANS:TDIF:1REF:5-0NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Definitional

2.Measuresofelasticityenhanceourabilitytostudythemagnitudesofchanges.

ANS:TDIF:1REF:5-0NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Definitional

3.Thedemandforbreadislikelytobemoreelasticthanthedemandforsolid-goldbreadplates.

ANS:FDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

4.Ingeneral,demandcurvesfornecessitiestendtobepriceelastic.

ANS:FDIF:1REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

5.Ingeneral,demandcurvesforluxuriestendtobepriceelastic.

ANS:TDIF:1REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

6.Necessitiestendtohaveinelasticdemands,whereasluxurieshaveelasticdemands.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

7.Goodswithclosesubstitutestendtohavemoreelasticdemandsthandogoodswithoutclosesubstitutes.

ANS:TDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

8.ThedemandforRiceKrispiesismoreelasticthanthedemandforcerealingeneral.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

9.ThedemandforsoapismoreelasticthanthedemandforDovesoap.

ANS:FDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

10.Thedemandforgasolinewillrespondmoretoachangeinpriceoveraperiodoffiveweeksthanoveraperiodoffiveyears.

ANS:FDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

11.Eventhedemandforanecessitysuchasgasolinewillrespondtoachangeinprice,especiallyoveralongertimehorizon.

ANS:TDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

12.Thepriceelasticityofdemandisdefinedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice.

ANS:TDIF:1REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Definitional

13.Thepriceelasticityofdemandisdefinedasthepercentagechangeinpricedividedbythepercentagechangeinquantitydemanded.

ANS:F

LOC:Elasticity

DIF:1

TOP:Price

elasticity

REF:5-1

ofdemand

NAT:Analytic

MSC:Definitional

Chapter5/ElasticityandItsApplication289

14.Supposethatwhenthepricerisesby20%foraparticulargood,thequantitydemandedofthatgoodfallsby10%.Thepriceelasticityofdemandforthisgoodisequalto2.0.

ANS:FDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Analytical

15.Supposethatwhenthepricerisesby10%foraparticulargood,thequantitydemandedofthatgoodfallsby20%.Thepriceelasticityofdemandforthisgoodisequalto2.0.

ANS:TDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Analytical

16.Ifthepriceofcalculatorsincreasesby15percentandthequantitydemandedperweekfallsby45percentasaresult,thenthepriceelasticityofdemandis3.

ANS:TDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Applicative

17.Demandisinelasticifthepriceelasticityofdemandisgreaterthan1.

ANS:FDIF:1REF:5-1NAT:Analytic

LOC:ElasticityTOP:InelasticdemandMSC:Definitional

18.Alinear,downward-slopingdemandcurvehasaconstantelasticitybutachangingslope.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

19.Priceelasticityofdemandalongalinear,downward-slopingdemandcurveincreasesaspricefalls.

ANS:FDIF:3REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

20.Ifthepriceelasticityofdemandisequalto0,thendemandisunitelastic.

ANS:FDIF:1REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Definitional

21.Ifthepriceelasticityofdemandisequalto1,thendemandisunitelastic.

ANS:TDIF:1REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Definitional

22.Demandforagoodissaidtobeinelasticifthequantitydemandedincreasessubstantiallywhenthepricefallsbyasmallamount.

ANS:FDIF:1REF:5-1NAT:Analytic

LOC:ElasticityTOP:InelasticdemandMSC:Definitional

23.Themidpointmethodisusedtocalculateelasticitybetweentwopointsbecauseitgivesthesameanswerregardlessofthedirectionofthechange.

ANS:TDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:MidpointmethodMSC:Interpretive

24.Theflatterthedemandcurvethatpassesthroughagivenpoint,themoreinelasticthedemand.

ANS:FDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

25.Theflatterthedemandcurvethatpassesthroughagivenpoint,themoreelasticthedemand.

ANS:TDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofdemandMSC:Interpretive

26.Ifdemandisperfectlyinelastic,thedemandcurveisvertical,andthepriceelasticityofdemandequals0.

ANS:TDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:PerfectlyinelasticdemandMSC:Interpretive

27.Ifdemandisperfectlyelastic,thedemandcurveishorizontal,andthepriceelasticityofdemandequals1.

ANS:FDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:PerfectlyelasticdemandMSC:Interpretive

290Chapter5/ElasticityandItsApplication

28.Alongtheelasticportionofalineardemandcurve,totalrevenuerisesaspricerises.ANS:FDIF:3REF:5-1NAT:AnalyticLOC:ElasticityTOP:Totalrevenue|Priceelasticityofdemand

MSC:Interpretive

29.Ifafirmisfacingelasticdemand,thenthefirmshoulddecreasepricetoincreaserevenue.

ANS:TDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:Totalrevenue|Priceelasticityofdemand

MSC:Applicative

30.Ifafirmisfacinginelasticdemand,thenthefirmshoulddecreasepricetoincreaserevenue.

ANS:FDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:Totalrevenue|Priceelasticityofdemand

MSC:Applicative

31.Whendemandisinelastic,adecreaseinpriceincreasestotalrevenue.

ANS:FDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:Inelasticdemand|TotalrevenueMSC:Interpretive

32.Theincomeelasticityofdemandisdefinedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinincome.

ANS:TDIF:1REF:5-1NAT:Analytic

LOC:ElasticityTOP:IncomeelasticityofdemandMSC:Definitional

33.Theincomeelasticityofdemandisdefinedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice.

ANS:FDIF:1REF:5-1NAT:Analytic

LOC:ElasticityTOP:IncomeelasticityofdemandMSC:Definitional

34.Normalgoodshavenegativeincomeelasticitiesofdemand,whileinferiorgoodshavepositiveincomeelasticitiesofdemand.

ANS:FDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:IncomeelasticityofdemandMSC:Interpretive

35.Iftheincomeelasticityofdemandforagoodisnegative,thenthegoodmustbeaninferiorgood.

ANS:TDIF:1REF:5-1NAT:Analytic

LOC:ElasticityTOP:IncomeelasticityofdemandMSC:Interpretive

36.Ifthecross-priceelasticityofdemandfortwogoodsisnegative,thenthetwogoodsaresubstitutes.

ANS:FDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:Cross-priceelasticityofdemandMSC:Interpretive

37.Ifthecross-priceelasticityofdemandfortwogoodsisnegative,thenthetwogoodsarecomplements.

ANS:TDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:Cross-priceelasticityofdemandMSC:Interpretive

38.Cross-priceelasticityofdemandmeasureshowthequantitydemandedofonegoodchangesasthepriceofanothergoodchanges.

ANS:TDIF:1REF:5-1NAT:Analytic

LOC:ElasticityTOP:Cross-priceelasticityofdemandMSC:Definitional

39.Cross-priceelasticityisusedtodeterminewhethergoodsareinferiorornormalgoods.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Cross-priceelasticityofdemandMSC:Interpretive

40.Cross-priceelasticityisusedtodeterminewhethergoodsaresubstitutesorcomplements.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Cross-priceelasticityofdemandMSC:Interpretive

Chapter5/ElasticityandItsApplication291

41.Thecross-priceelasticityofgarlicsaltandonionsaltis-2,whichindicatesthatgarlicsaltandonionsaltaresubstitutes.

ANS:FDIF:2REF:5-1NAT:Analytic

LOC:ElasticityTOP:Cross-priceelasticityofdemandMSC:Interpretive

42.Priceelasticityofsupplymeasureshowmuchthequantitysuppliedrespondstochangesintheprice.

ANS:TDIF:1REF:5-2NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofsupplyMSC:Definitional

43.Supplyanddemandbothtendtobemoreelasticinthelongrunandmoreinelasticintheshortrun.

ANS:TDIF:2REF:5-1|5-2NAT:Analytic

LOC:ElasticityTOP:Priceelasticitiesofdemandandsupply

MSC:Interpretive

44.Ifthepriceelasticityofsupplyis2andthequantitysupplieddecreasesby6%,thenthepricemusthavedecreasedby3%.

ANS:TDIF:2REF:5-2NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofsupplyMSC:Applicative

45.Supplyissaidtobeinelasticifthequantitysuppliedrespondssubstantiallytochangesintheprice,andelasticifthequantitysuppliedrespondsonlyslightlytoprice.

ANS:FDIF:1REF:5-2NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofsupplyMSC:Definitional

46.Supplytendstobemoreelasticintheshortrunandmoreinelasticinthelongrun.ANS:FDIF:2REF:5-2NAT:AnalyticTOP:PriceelasticityofsupplyMSC:Interpretive

47.Whenthepriceofkneebracesincreasedby25percent,theBraceYourselfCompanyincreaseditsquantitysuppliedofkneebracesperweekby75percent.BYC'spriceelasticityofsupplyofkneebracesis0.33.

ANS:FDIF:2REF:5-2NAT:Analytic

LOC:ElasticityTOP:PriceelasticityofsupplyMSC:Applicative

48.Ifasupplycurveishorizontal,thensupplyissaidtobeperfectlyelastic,andthepriceelasticityofsupplyapproachesinfinity.

ANS:TDIF:2REF:5-2NAT:Analytic

LOC:ElasticityTOP:PerfectlyelasticsupplyMSC:Interpretive

49.Agovernmentprogramthatreduceslandundercultivationhurtsfarmersbuthelpsconsumers.

ANS:FDIF:2REF:5-3NAT:Analytic

LOC:ElasticityTOP:TotalrevenueMSC:Applicative

50.OPECfailedtomaintainahighpriceofoilinthelongrun,partlybecauseboththesupplyofoilandthedemandforoilaremoreelasticinthelongrunthanintheshortrun.

ANS:TDIF:2REF:5-3NAT:Analytic

LOC:ElasticityTOP:OPEC|Priceelasticityofdemand|Priceelasticityofsupply

MSC:Applicative

51.Druginterdiction,whichreducesthesupplyofdrugs,maydecreasedrug-relatedcrimebecausethedemandfordrugsisinelastic.

ANS:F

LOC:Elasticity

DIF:2

TOP:Price

elasticity

REF:5-3

ofdemand

NAT:Analytic

MSC:Applicative

292Chapter5/ElasticityandItsApplication

SHORTANSWER

1.Considerthefollowingpairsofgoods.Forwhichofthetwogoodswouldyouexpectthedemandtobemorepriceelastic?Why?

a.waterordiamonds

b.insulinornasaldecongestantspray

c.foodingeneralorbreakfastcereal

d.gasolineoverthecourseofaweekorgasolineoverthecourseofayear

e.personalcomputersorIBMpersonalcomputers

ANS:

a.Diamondsareluxuries,andwaterisanecessity.Therefore,diamondshavethemoreelasticdemand.

b.Insulinhasnoclosesubstitutes,butdecongestantspraydoes.Therefore,nasaldecongestantsprayhasthemoreelasticdemand.

c.Breakfastcerealhasmoresubstitutesthandoesfoodingeneral.Therefore,breakfastcerealhasthemoreelasticdemand.

d.Thelongerthetimeperiod,themoreelasticdemandis.Therefore,gasolineoverthecourseofayearhasthemoreelasticdemand.

e.TherearemoresubstitutesforIBMpersonalcomputersthanthereareforpersonalcomputers.Therefore,IBMpersonalcomputershavethemoreelasticdemand.

DIF:2

TOP:Price

elasticity

REF:5-1

ofdemand

NAT:Analytic

MSC:Applicative

LOC:Elasticity

Chapter5/ElasticityandItsApplication293

2.Youownasmalltownmovietheatre.Youcurrentlycharge$5perticketforeveryonewhocomestoyourmovies.Yourfriendwhotookaneconomicscourseincollegetellsyouthattheremaybeawaytoincreaseyourtotalrevenue.Giventhedemandcurvesshown,answerthefollowingquestions.

10

9

8

7

6

5

4

3

2

1

10

9

8

7

6

5

4

3

2

1

Price

AdultDemand

102030405060708090100Quantity

Price

ChildDemand

510152025303540455055606570Quantity

a.Whatisyourcurrenttotalrevenueforbothgroups?

b.Theelasticityofdemandismoreelasticinwhichmarket?

c.Whichmarkethasthemoreinelasticdemand?

d.Whatistheelasticityofdemandbetweenthepricesof$5and$2intheadultmarket?Isthiselasticorinelastic?

e.Whatistheelasticityofdemandbetween$5and$2inthechildren'smarket?Isthiselasticorinelastic?

f.Giventhegraphsandwhatyourfriendknowsabouteconomics,herecommendsyouincreasethepriceofadultticketsto$8eachandlowerthepriceofachild'sticketto$3.Howmuchcouldyouincreasetotalrevenueifyoutakehisadvice?

ANS:

a.Totalrevenuefromchildren'sticketsis$100andfromadultticketsis$250.Totalrevenuefromallsaleswouldbe$350.

b.Thedemandforchildren'sticketsismoreelastic.

c.Theadultticketmarkethasthemoreinelasticdemand.

d.Theelasticityofdemandbetween$5and$2is0.26,whichisinelastic.

e.Theelasticityofdemandbetween$5and$2is1.0,whichisunitelastic.

f.Totalrevenueintheadultmarketwouldbe$320.Totalrevenueinthechildren’smarketwouldbe$120,sototalrevenueforbothgroupswouldbe$440.$440-$350isanincreaseintotalrevenueof$90.

DIF:2REF:5-1NAT:Analytic

TOP:Priceelasticityofdemand|Totalrevenue

LOC:Elasticity

MSC:Applicative

294Chapter5/ElasticityandItsApplication

A

3.Usethegraphshowntoanswerthefollowingquestions.Putthecorrectletter(s)intheblank.

Price

B

Demand

C

Quantity

a.b.c.d.

e.f.

g.h.i.j.

ANS:a.b.c.d.e.f.g.

h.i.j.

DIF:

TOP:

Theelasticsectionofthegraphisrepresentedbysectionfrom_______.

Theinelasticsectionofthegraphisrepresentedbysectionfrom_______.

Theunitelasticsectionofthegraphisrepresentedbysection_______.

Theportionofthegraphinwhichadecreaseinpricewouldcausetotalrevenuetofallwouldbefrom_________.

Theportionofthegraphinwhichadecreaseinpricewouldcausetotalrevenuetorisewouldbefrom_________.

Theportionofthegraphinwhichadecreaseinpricewouldnotcauseachangeintotalrevenuewouldbe_________.

Thesectionofthegraphinwhichtotalrevenuewouldbeatamaximumwouldbe_______.

Thesectionofthegraphinwhichelasticityisgreaterthan1is_______.

Thesectionofthegraphinwhichelasticityisequalto1is______.

Thesectionofthegraphinwhichelasticityislessthan1is_______.

AtoB

BtoC

B

BtoC

AtoB

B

B

AtoB

B

BtoC

2REF:5-1NAT:AnalyticLOC:Elasticity

Priceelasticityofdemand|TotalrevenueMSC:Applicative

Chapter5/ElasticityandItsApplication295

4.Usingthemidpointmethod,computetheelasticityofdemandbetweenpointsAandB.Isdemandalongthisportionofthecurveelasticorinelastic?Interpretyouranswerwithregardtopriceandquantitydemanded.NowcomputetheelasticityofdemandbetweenpointsBandC.Isdemandalongthisportionofthecurveelasticorinelastic?

22

20

18

16

14

12

10

8

6

4

2

Price

A

B

C

Demand

100200300400500600700800900Quantity

ANS:

InthesectionofthedemandcurvefromAtoB,theelasticityofdemandwouldbe2.5.Thiswouldbeanelasticportionofthecurve.Thiswouldmeanthatforevery1percentchangeinprice,quantitydemandedwouldchangeby2.5percent.

InthesectionofthedemandcurvefromBtoC,theelasticityofdemandwouldbe.75.Thiswouldbeaninelasticportionofthecurve.Thiswouldmeanthatforevery1percentchangeinprice,quantitydemandedwouldchangeby0.75percent.

DIF:2REF:5-1NAT:AnalyticLOC:Elasticity

TOP:PriceelasticityofdemandMSC:Applicative

5.WhentheShaffershadamonthlyincomeof$4,000,theyusuallyateout8timesamonth.Nowthatthecouplemakes$4,500amonth,theyeatout10timesamonth.Computethecouple'sincomeelasticityofdemandusingthemidpointmethod.Explainyouranswer.(Isarestaurantmealanormalorinferiorgoodtothe

couple?)

ANS:

TheincomeelasticityofdemandfortheShaffersis1.89.Sincetheincomeelasticityofdemandispositive,eatingoutwouldbeinterpretedasanormalgood.

DIF:2REF:5-1NAT:AnalyticLOC:Elasticity

TOP:IncomeelasticityofdemandMSC:Applicative

6.Recently,inSmalltown,thepriceofTwinkiesfellfrom$0.80to$0.70.Asaresult,thequantitydemandedofHo-Ho'sdecreasedfrom120to100.Whatwouldbetheappropriateelasticitytocompute?Usingthemidpoint

method,computethiselasticity.Whatdoesyouranswertellyou?

ANS:

Theappropriateelasticitytocomputewouldbecross-priceelasticity.Thecross-priceelasticityforthisexamplewouldbe1.36.Thetwogoodsaresubstitutesbecausethecross-priceelasticityispositive.

DIF:2REF:5-1

TOP:Cross-priceelasticityofdemand

NAT:Analytic

MSC:Applicative

LOC:Elasticity

296Chapter5/ElasticityandItsApplication

Sec00-ElasticityandItsApplication

MULTIPLECHOICE

1.Ingeneral,elasticityisameasureof

a.theextenttowhichadvancesintechnologyareadoptedbyproducers.

b.theextenttowhichamarketiscompetitive.

c.howfirms’profitsrespondtochangesinmarketprices.

d.howmuchbuyersandsellersrespondtochangesinmarketconditions.

ANS:D

NAT:Analytic

DIF:1

LOC:Elasticity

REF:5-0

TOP:Elasticity

MSC:Definitional

2.Elasticityis

a.ameasureofhowmuchbuyersandsellersrespondtochangesinmarketconditions.

b.thestudyofhowtheallocationofresourcesaffectseconomicwell-being.

c.themaximumamountthatabuyerwillpayforagood.

d.thevalueofeverythingasellermustgiveuptoproduceagood.

ANS:A

NAT:Analytic

DIF:1

LOC:Elasticity

REF:5-0

TOP:Elasticity

MSC:Definitional

3.Whenstudyinghowsomeeventorpolicyaffectsamarket,elasticityprovidesinformationonthe

a.equityeffectsonthemarketbyidentifyingthewinnersandlosers.

b.magnitudeoftheeffectonthemarket.

c.speedofadjustmentofthemarketinresponsetotheeventorpolicy.

d.numberofmarketparticipantswhoaredirectlyaffectedbytheeventorpolicy.

ANS:B

NAT:Analytic

DIF:2

LOC:Elasticity

REF:5-0

TOP:Elasticity

MSC:Interpretive

4.Howdoestheconceptofelasticityallowustoimproveuponourunderstandingofsupplyanddemand?

a.Elasticityallowsustoanalyzesupplyanddemandwithgreaterprecisionthanwouldbethecaseintheabsenceoftheelasticityconcept.

b.Elasticityprovidesuswithabetterrationaleforstatementssuchas“anincreaseinxwillleadtoadecreaseiny”thanwewouldhaveintheabsenceoftheelasticityconcept.

c.Withoutelasticity,wewouldnotbeabletoaddressthedirectioninwhichpriceislikelytomoveinresponsetoasurplusorashortage.

d.Withoutelasticity,itisverydifficulttoassessthedegreeofcompetitionwithinamarke