经济学：市场结构和宏观经济分析(四)及答案解析.doc

1、经济学：市场结构和宏观经济分析(四)及答案解析(总分：45.00，做题时间：90 分钟)一、B单项选择题/B(总题数：45，分数：45.00)1.During a recent in-house seminar at United Banks of Davos, Helmut Fahrstadt, the seminar leader, was discussing the business cycle and its phases. He made the following statement: “During a recession one should expect an econom

2、ys real GDP to increase, its rate of inflation to increase, and its rate of employment to fall. “ Is the statement made by Fahrstadt correct as it pertains to real GDP, inflation and the rate of employment? Real GDP Rate of Inflation Rate of Employment A. Correct Incorrect Incorrect B. Incorrect Cor

3、rect Incorrect C. Incorrect Incorrect Correct A. B. C. （分数：1.00）A.B.C.2.Suppose a price-taker firm produces baseball bats that sell at a price of $100 each. This firms average total cost at the current level of production is $150 per bat, and the average fixed cost is $40 per bat. Which of the follo

4、wing statements is TRUE regarding this firm? They should: A. shut down in the short run because their average total cost is greater than their price. B. continue producing baseball bats because they are covering their fixed costs. C. shut down in the short run because their average variable cost is

5、greater than their price.（分数：1.00）A.B.C.3.Which of the following least accurately describes a component of aggregate demand? A. Consumption. B. Net imports. C. Investment.（分数：1.00）A.B.C.4.Which of the following statements concerning aggregate demand is most accurate? A. When price levels rise, real

6、wealth increases, and individuals will spend more. B. When price levels rise, real wealth decreases, and individuals will spend less. C. When price levels fall, real wealth increases, and individuals will spend less.（分数：1.00）A.B.C.5.Which of the following is least accurate regarding product developm

7、ent and marketing for firms under monopolistic competition? A. Firms that bring new and innovative products to the market face relatively more elastic demand curves than their competitors. B. Relative to other types of competition, product innovation is critical to the pursuit of economic profits. C

8、. Advertising is necessary to communicate the uniqueness of the firms products relative to its competitors.（分数：1.00）A.B.C.6.Which of the following most accurately describes the competitive structure that is characterized by a firm that operates with the lowest average total cost and has the capacity

9、 to produce all of an industrys output? A. Oligopoly. B. Competitive monopoly. C. Natural monopoly.（分数：1.00）A.B.C.7.In order for effective price discrimination to occur the seller must: A. face a demand curve with a negative slope. B. maximize revenue by selling at the highest price possible. C. be

10、able to advertise the product among customers.（分数：1.00）A.B.C.8.Which of the following regarding monopolistic competition is TRUE? A. Zero barriers to entry and exit exist. B. The demand curve for an individual firm is a straight horizontal line. C. Each firm produces a differentiated product.（分数：1.0

11、0）A.B.C.9.Which of the following is TRUE for a price-taker firm in long-run equilibrium when there are no barriers to entry? A. P=MC=ATC=MR. B. P=AVC=MR. C. AVC=TR=T.（分数：1.00）A.B.C.10.Which of the following most accurately describes why firms under monopolistic competition face elastic demand for th

12、eir products? A. High barriers to entry. B. The availability of many complementary goods. C. The availability of many close substitutes.（分数：1.00）A.B.C.11.A monopolist will expand production until: A. P = MC and the price of the product will be determined by the MC curve. B. MR = MC and the price of

13、the product will be determined by the demand curve. C. P = MR and the price of the product will be determined by the ATC curve.（分数：1.00）A.B.C.12.An oligopoly is characterized by all of the following EXCEPT: A. large economies of scale. B. significant barriers to entry. C. a large number of sellers.（

14、分数：1.00）A.B.C.13.Which of the following choices best describes the effects on consumption, investment, and net exports that would result from an increase in the price level, other factors held constant? Consumption Investment Net exports A. Decrease Decrease Decrease B. Decrease Increase Increase C.

15、 Increase Decrease Decrease A. B. C. （分数：1.00）A.B.C.14.An industrial economist is evaluating the supply and demand conditions for two different factors of production. Factor 1: The demand curve is derived from the resources marginal revenue product in the current period. Factor 2: The supply curve i

16、s perfectly inelastic and the price is determined by demand. Which of the following choices most likely identifies these two factors of production? Factor 1 Factor 2 A. Labor Non-renewable resource B. Machinery Renewable resource C. Labor Renewable resource A. B. C. （分数：1.00）A.B.C.15.Which type of u

17、nemployment describes a situation where workers who have been laid off due to economic changes and they are unable to find work due to a lack of education or the necessary skills to move into another available job? A. Structural. B. Frictional. C. Cyclical.（分数：1.00）A.B.C.16.Which of the following is

18、 least accurate with regard to advertising for firms operating under monopolistic competition? A. The increase to average total costs associated with advertising increases as output increases. B. Advertising expenses are high relative to perfect competition and monopoly. C. Advertising is necessary

19、to communicate the unique features of a firms products.（分数：1.00）A.B.C.17.Which of the following will cause an increase in the demand for labor? A. An increase in the labor supply. B. A decrease in labor productivity. C. An increase in the demand for the final good or service.（分数：1.00）A.B.C.18.Natura

20、l monopolies exist because they can produce at lower costs with greater output, which means there are economies of scale. Which of the following industries is typically a natural monopoly? A. Technology. B. Utilities. C. Oil.（分数：1.00）A.B.C.19.A perfectly competitive firm will not expand its output b

21、eyond the quantity where: A. the market price is equal to its marginal cost. B. its marginal revenue is positive. C. the marginal cost is greater than marginal revenue.（分数：1.00）A.B.C.20.If investors expected future incomes increase, all else constant, interest rates will: A. fall, while an increase

22、in the demand for financial capital will cause rates to rise. B. rise, while an increase in the demand for financial capital will cause rates to fall. C. rise, while an increase in the demand for financial capital will also cause rates to rise.（分数：1.00）A.B.C.21.A profit maximizing firm will expand o

23、utput as long as marginal revenue is: A. less than marginal cost. B. greater than marginal cost. C. less than average variable cost.（分数：1.00）A.B.C.22.Firms in perfectly competitive markets and firms operating in a market characterized by monopolistic competition have several things in common. Which

24、of the following is least likely one of them? A. Both maximize economic profit. B. Both face perfectly elastic demand curves. C. Both operate in markets that have low or no barriers to entry.（分数：1.00）A.B.C.23.In the dominant firm model of oligopoly, it is least likely that one firm: A. is the innova

25、tion leader in product development. B. has a significant cost advantage over its competitors. C. produces a relatively large share of the industrys production.（分数：1.00）A.B.C.24.From an initial situation of long-run equilibrium at full-employment real GDP, an increase in aggregate demand that is perm

26、anent will: A. Increase real GDP, but not prices in the short run, while in the long run, prices will increase, nominal GDP will increase as a result and real GDP will remain at the new (short-run) higher level. B. Increase nominal GDP, real GDP, and prices in the short run, while in the long run, p

27、rices will increase further but real GDP will decrease to its original level. C. Increase nominal GDP, real GDP, and prices in the short run and in the long run.（分数：1.00）A.B.C.25.Unemployment can be divided into the following three categories: A. Frictional, seasonal, cyclical. B. Structural, season

28、al, technical. C. Frictional, cyclical, structural.（分数：1.00）A.B.C.26.When incomes in foreign countries increase, aggregate demand in the U.S. is likely to: A. Increase because foreign consumers will tend to buy more U.S. export goods. B. Decrease because U.s. interest rates will tend to increase. C.

29、 Increase because U.S. interest rates will tend to decrease.（分数：1.00）A.B.C.27.At full employment: A. structural unemployment is zero. B. frictional unemployment is zero. C. cyclical unemployment is zero.（分数：1.00）A.B.C.28.Monopolists will maximize profit by producing at an output level where which of

30、 the following conditions exists? A. Price = marginal revenue = marginal cost. B. Price = demand = marginal revenue = marginal cost. C. Marginal revenue = marginal cost price.（分数：1.00）A.B.C.29.Which of the following most accurately describes the relationship between price (P), marginal cost (MC), an

31、d marginal revenue (MR) at the profit maximizing output level for a firm in a perfectly competitive industry? A. PMC=MR. B. P=MC=MR. C. PMCMR.（分数：1.00）A.B.C.30.Which of the following is least relevant when explaining why monopoly firms can earn positive economic profits over the long term? A. The ab

32、ility to use price discrimination. B. The existence of economies of scale. C. Control over production input resources.（分数：1.00）A.B.C.31.Which of the following best describes the elasticities of supply for renewable and non-renewable resources ? Renewable resource Non-renewable resource A. Elastic Pe

33、rfectly elastic B. Perfectly inelastic Perfectly elastic C. Inelastic Perfectly inelastic A. B. C. （分数：1.00）A.B.C.32.A recent report on the Consumer Price Index (CPI) presented the following data for the basket of goods in the apparel category: Item Quantity Price in base period Price in current per

34、iodMens and boys apparel 24 $15.60 $16.40Womens and gifts apparel 43 $13.90 $14.60Infants and toddlers apparel 5 $19.40 $17.60Footwear 20 $12.40 $12.80Based on the data in the table above, the CPI for apparel prices in the current period is closest to: A. 103.7. B. 48.3. C. 1365.4.（分数：1.00）A.B.C.33.

35、All of the following are barriers to entry EXCEPT: A. price controls. B. resource controls. C. patents.（分数：1.00）A.B.C.34.A firm operating under perfect competition will experience economic losses when which of the following conditions exists? A. Marginal revenue is greater than average total cost. B

36、. Market price is less than average total cost. C. Marginal cost = average total cost = marginal revenue = price.（分数：1.00）A.B.C.35.Bradley works a 14-hour-per-week job as a bartender at McQuigleys Pub. Maddeline left her position at a commercial bank to raise her two-year old daughter. How would the

37、se individuals be classified from the viewpoint of employment statistics? Bradley Maddeline A. Not in labor force Not in labor force B. Employed Not in labor force C. Employed Employed A. B. C. （分数：1.00）A.B.C.36.For price discrimination to work, the seller must face a market with all of the followin

38、g characteristics EXCEPT: A. high barriers to entry. B. a downward sloping demand curve. C. two or more identifiable groups of customers with different price elasticities of demand for the product.（分数：1.00）A.B.C.37.Which of the following is not one of the steps in calculating the Consumer Price Inde

39、x (CPI)? A. Adjust the observed prices of goods and services for quality changes and new goods. B. Select a CPI basket based on the goods and services a typical household purchases. C. Conduct periodic surveys of goods and services prices.（分数：1.00）A.B.C.38.All else being equal, will the joint profit

40、 of an oligopolistic industry most likely be maximized if the: number of firms demand for the in the industry decrease? industrys products is stable? A. No No B. No Yes C. Yes Yes A. B. C. （分数：1.00）A.B.C.39.Assume that the market for paper supplies and the market for toothpicks have the following ch

41、ar acteristics :The Market for Paper Supplies is comprised of:A large number of independent sellersDifferentiated productsLow barriers to entry/exitThe Market for Toothpicks is comprised of:A large number of independent sellersHomogeneous productsNo barriers to entry/exitThe Papyrus Company operates

42、 in the market for paper supplies and Wudden Floss operates in the toothpick market. The sales managers for both companies want to know how a change in price will affect the quantity sold. Which of the following choices best completes the following sentence? If both firms increase prices, the quanti

43、ty sold by Papyrus Company will: A. increase, and the quantity sold by Wudden Floss will decrease. B. decrease, and so will the quantity sold by Wudden Floss. C. decrease, and Wudden Floss will sell nothing.（分数：1.00）A.B.C.40.In a natural monopoly: A. one firm controls all natural resources. B. the g

44、overnment reserves the industry sector dealing with natural resources for a few firms only. C. the average total cost of production continually declines with increased output.（分数：1.00）A.B.C.41.Monopolistic competition differs from pure monopoly in that: A. monopolists maximize profits and monopolist

45、ic competitors do not. B. monopolistic competitors face a downward-sloping demand curve and monopolists do not. C. monopolistic competitors have low barriers to entry and monopolists do not.（分数：1.00）A.B.C.42.BLD Inc. produces pure bottled water. The industry has experienced rapid growth as fitness c

46、onscious consumers demand these types of products. The growth has attracted many competitors to the industry. However, marketing campaigns to differentiate their products have proven unsuccessful. The main cost to producers is the filtering system that is required to purify the water. The demand for

47、 the filtering systems, as a result of industry growth, has led to a reduction in the cost of the systems. Indicate whether the pure bottled water market is best described as a price searcher or price taker and state whether the long-run supply curve is downward-or upward-slopping. Pure bottled wate

48、r maker Long run supply curve A. Price searcher Downward-sloping B. Price taker Downward-sloping C. Price searcher Upward-sloping A. B. C. （分数：1.00）A.B.C.43.In the short run, if price is below average total cost (ATC), the firm will: A. keep running as long as it is covering its variable costs. B. p

49、roduce more. C. raise prices.（分数：1.00）A.B.C.44.When individuals are unemployed because they do not have perfect information concerning available jobs, this is: A. frictional unemployment. B. structural unemployment. C. cyclical unemployment.（分数：1.00）A.B.C.45.Under perfect competition, the short-run marke