中级宏观经济学答案-华中科技大学

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Microeconomics,4e(Perloff)

Chapter1Introduction

1.1Microeconomics:TheAllocationofScarceResources

1)Microeconomicsstudiestheallocationof

A)decisionmakers.

B)scarceresources.

C)models.

D)unlimitedresources.

Answer:B

Topic:TheAllocationofScarceResources

2)Microeconomicsisoftencalled

A)pricetheory.

B)decisionscience.

C)scarcity.

D)resourcetheory.

Answer:A

Topic:TheAllocationofScarceResources

3)Mostmicroeconomicmodelsassumethatdecisionmakerswishto

A)makethemselvesaswelloffaspossible.

B)actselfishly.

C)makeothersaswelloffaspossible.

D)Noneoftheabove.

Answer:A

Topic:TheAllocationofScarceResources

4)Societyfacestrade-offsbecauseof

A)governmentregulations.

B)greedycorporations.

C)facelessbureaucrats.

D)scarcity.

Answer:D

Topic:TheAllocationofScarceResources

5)Amarket

A)alwaysinvolvesthepersonalexchangeofgoodsformoney.

B)allowsinteractionsbetweenconsumersandfirms.

C)alwaystakesplaceataphysicallocation.

D)hasnoinfluenceonprices.

Answer:B

Topic:TheAllocationofScarceResources

6)Whatlinksthedecisionsofconsumersandfirmsinamarket?

A)thegovernment

B)prices

C)coordinationofficials

D)microeconomics

Answer:B

Topic:TheAllocationofScarceResources

7)Thepriceofagoodis

A)alwaysequaltothecostofproducingthegood.

B)neveraffectedbythenumberofbuyersandsellers.

C)usuallydeterminedinamarket.

D)Noneoftheabove.

Answer:C

Topic:TheAllocationofScarceResources

8)ThefluvaccinationexampleinSection1.1isanexampleofhowpolicymakersmaycopewith

A)scarcityofmedicaltreatment.

B)scarcityofpatients.

C)scarcityofpolicymakers.

D)answeringthequestionofhowtoproduce.

Answer:A

Topic:TheAllocationofScarceResources

9)WhoorwhatisresponsiblefortheallocationofscarceresourcesintotheproductionofmostgoodsintheU.S.?

A)theU.S.government

B)theUnitedNations

C)theFederalReserveBank

D)marketsandprices

Answer:D

Topic:TheAllocationofScarceResources

Forthefollowing,pleaseanswer"True"or"False"andexplainwhy.

10)Undermostcircumstances,theapplicationoftaxesongoodswillonlyaffectwhogetsthegoods.

Answer:False.Taxeswillaffectwhichgoodsareproduced,howgoodsareproduced,andwhogetsthegoods.

Topic:TheAllocationofScarceResources

11)Mostmodernfinancialcentersusecomputerstomatchbuyersandsellers.Thisabsenceofpersonalcontactcontradictsthedefinitionofamarket.

Answer:False.Buyersandsellersneednotmeetduringamarkettransactionsinceamarketisnottiedtoaparticularlocation.

Topic:TheAllocationofScarceResources

12)Explainhowamarkethelpsdeterminewhichgoodsandserviceswillbeproduced,howtoproducethem,andwhogetsthem.

Answer:Amarketpromotesinteractionbetweenconsumersandfirms.Thisinteractionwillresultinprices,whichinfluencethedecisionsofconsumersandfirms.

Topic:TheAllocationofScarceResources

1.2Models

1)Thepurposeofmakingassumptionsineconomicmodelbuildingisto

A)forcethemodeltoyieldthecorrectanswer.

B)minimizetheamountofworkaneconomistmustdo.

C)simplifythemodelwhilekeepingimportantdetails.

D)expresstherelationshipmathematically.

Answer:C

Topic:Models

2)Einsteinwasquotedsaying"Everythingshouldbemadeassimpleaspossible,butnotsimpler."Whenitcomestoeconomicmodelsthismeansthat

A)modelsshouldn'tbetoocomplex.

B)modelsshouldn'tbetoosimple.

C)modelsshouldhavealevelofabstractionappropriatetothetopicinvestigated.

D)alloftheabove

Answer:D

Topic:Models

3)Ifamodel'spredictionsarecorrect,then

A)itsassumptionsmusthavebeencorrect.

B)itisproventobecorrect.

C)BothAandBabove.

D)Noneoftheabove.

Answer:D

Topic:Models

4)Economiststendtojudgeamodelbasedupon

A)therealityofitsassumptions.

B)theaccuracyofitspredictions.

C)itssimplicity.

D)itscomplexity.

Answer:B

Topic:Models

5)Whichofthefollowingisanexampleofanormativestatement?

A)Ahigherpriceforagoodcausespeopletowanttobuylessofthatgood.

B)Alowerpriceforagoodcausespeopletowanttobuymoreofthatgood.

C)Tomakethegoodavailabletomorepeople,alowerpriceshouldbeset.

D)Ifyouconsumethisgood,youwillbebetteroff.

Answer:C

Topic:Models

6)Everyeconomicmodelshouldincludemoneyasavariable.Thisstatementis

A)True,becauseeverytransactionintheeconomyusesmoney.

B)True,becausethefederalreserveisveryimportant.

C)False,becausesometransactionsintheeconomyaretransactedwithoutmoney.

D)False,becauseamodelcangetunnecessarilycomplexifitincludesmoney.

Answer:D

Topic:Models

7)Whichofthefollowingisanexampleofanormativestatement?

A)Sincethisgoodisbadforyou,youshouldnotconsumeit.

B)Thisgoodhasbadhealtheffects.

C)Ifyouconsumethisgood,youwillgetsick.

D)Peopleusuallygetsickafterconsumingthisgood.

Answer:A

Topic:Models

8)Whichofthefollowingisanexampleofapositivestatement?

A)Sincethisgoodisbadforyou,youshouldnotconsumeit.

B)Ifthisgoodisbadforyou,youshouldnotconsumeit.

C)Ifyouconsumethisgood,youwillgetsick.

D)Noneoftheabove.

Answer:C

Topic:Models

Forthefollowing,pleaseanswer"True"or"False"andexplainwhy.

9)Normativeanalysisoffersdecisionmakersthemostvaluableinformationwhenchoosingamongalternatives.

Answer:False.Normativeanalysisstatessubjectivegoalsbutnothowthosegoalscanbeachieved.Tochooseamongalternativesdecisionmakerusepositiveanalysis.

Topic:Models

10)Ifamodelfitsrealitybutdoesn'tgeneratetestablepredictions,itisoflittlevaluetoeconomists.

Answer:True.Ifthemodeldoesn'tdelivertestablepredictionsitcannotbetestedagainstcompetingmodels.

Topic:Models

11)Ifactualexperiencesupportstwocompetingtheories,thenboththeoriesareproventobetrue.

Answer:False.Neithertheorycanberejectedbutiftheyarecompeting,thenthetestwasinconclusive.

Topic:Models

12)Legislatorsarguethataminimumwagelawisinstitutedtohelppoorpeople.Economistscanattacktheminimumwagelawontwofronts.First,somearguethatgovernmentshouldnothelpthepoor.Second,somearguethatminimumwagelawsactuallyhurtthepoorbecauseitcreatesunemployment.Whichargumentisnormativeandwhichispositive?

Answer:Anopinionabouttheroleofgovernmentisanormativestatement.Anobservationabouttheimpactofalawisapositivestatement.

Topic:Models

1.3UsesofMicroeconomicModels

1)EconomicPolicyofthegovernmentisoftenbasedon

A)microeconomicmodels.

B)educatedguessing.

C)intuitivereasoning.

D)hints.

Answer:A

Topic:UsesofMicroeconomicModels

2)MicroeconomicModelsareusedto

A)makepredictions.

B)explainreal-lifephenomena.

C)evaluatepolicyalternatives.

D)Alloftheabove.

Answer:D

Topic:UsesofMicroeconomicModels

3)AmicroeconomicmodelCANNOTbeusedto

A)evaluatetheimpactofapricechangeonafirm'srevenue.

B)predicttheimpactonariseoftheminimumwageonunemployment.

C)evaluatethefairnessoftheproposaltonationalizehealthinsurance.

D)evaluatetheeffectofanincreaseinstadiumsizeonthepriceofasportteam'stickets.

Answer:C

Topic:UsesofMicroeconomicModels

Forthefollowing,pleaseanswer"True"or"False"andexplainwhy.

4)Microeconomicscanbeusedbygovernmentstopredicttheimpactsofapolicyandsuggestsolutionstoproblems.

Answer:True.Microeconomicsmodelscanbeusedtoexaminetheeffectsofapolicy,andcanprovideinsightintopossiblesolutionstoeconomicsproblems.

Topic:UsesofMicroeconomicModels

5)Onemodelineconomicsisthepermanentincomehypothesis,whichbasicallystatesthatahousehold'sexpenditureswillnotreacttoachangeinincomeunlessthatchangeinincomeisviewedasbeingpermanent.Howwouldyouusethismodeltopredicttheexpenditurepatternsoverthecourseofayearofarealestate