经济学：微观经济分析(二)及答案解析.doc

1、经济学：微观经济分析(二)及答案解析(总分：55.00，做题时间：90 分钟)一、B单项选择题/B(总题数：55，分数：55.00)1.Accounting profit is often an unsatisfactory performance measure from an economic point of view because it: A. does not consider depreciation. B. does not consider the opportunity costs of equity capital. C. considers marginal costs

2、 rather than average costs.（分数：1.00）A.B.C.D.2.Which of the following statements regarding economic costs is most accurate? A. Sunk costs involve setting aside payments to retire long-term debt. B. In the long run, expected average marginal cost is the most relevant cost to the firm. C. Fixed costs a

3、re not a consideration in the short run operating decision, but must be considered in the long run.（分数：1.00）A.B.C.D.3.The law of diminishing returns states that for a given production process, as more and more of a resource (such as labor) are added, holding the quantities of other resources fixed:

4、A. cost declines at an increasing rate. B. cost declines at a decreasing rate. C. output increases at a decreasing rate.（分数：1.00）A.B.C.D.4.Which of the following describes a market for goods or services that operates outside the legal system, trading at prices that exceed legally imposed price ceili

5、ngs? A. An incidental market. B. A black market. C. A utilitarian market.（分数：1.00）A.B.C.D.5.The free-rider problem, an obstacle to efficiency, is most likely associated with: A. monopolies B. public goods C. subsidies and quotas（分数：1.00）A.B.C.D.6.At a fixed level of capital, output increases as the

6、quantity of labor increases, but at a decreasing rate. This phenomenon is an example of: A. law of diminishing costs to labor. B. law of diminishing returns to capital. C. law of diminishing returns to labor.（分数：1.00）A.B.C.D.7.Generally speaking, when the Herfindahl-Hirschman Index (HHI) is calculat

7、ed by summing the squared percentage market shares, how many largest firms data is used in a industry, supposing there is a large number of firms in the industry: A. 4 B. 10 C. 50（分数：1.00）A.B.C.D.8.Gene Bawerk, an economics professor, is lecturing on the factors that influence the price elasticity o

8、f demand. He makes the following assertions: Statement 1: For most goods, demand is more elastic in the long run than the short run. Statement 2: Demand for a good becomes more elastic when a close substitute for it becomes available on the market. Are Bawerks statements correct? Statement 1 Stateme

9、nt 2 A. Correct Incorrect B. Incorrect Correct C. Correct Correct A. B. C. （分数：1.00）A.B.C.D.9.ff the marginal benefit of the last unit of a good or service consumed was $25, the marginal benefit of the next unit consumed is most likely to be: A. $25. B. $24. C. $26.（分数：1.00）A.B.C.D.10.Which of the f

10、ollowing most accurately describes the shapes of the average variable cost (AVC) and average total cost (ATC) curves? A. The AVC and ATC curves are both U-shaped. B. The AVC and ATC curves both decrease initially, and then flatten. C. The AVC curve is U-shaped whereas the ATC curve declines initiall

11、y then flattens.（分数：1.00）A.B.C.D.11.Which of the following conditions is most likely to exist for a typical production process when average product is at its maximum? A. Marginal product is increasing. B. Marginal product is at a minimum. C. Average variable cost is at a minimum.（分数：1.00）A.B.C.D.12.

12、Alien Chen, CFA, stated that, for the typical company, accounting profit tends to be greater than economic profit because explicit costs are generally not included in calculating accounting profit. Is the analyst correct with respect to the:Relationship betweenaccounting, profit and economic profit?

13、 Inclusion of explicit costs?A. No NoB. No YesC. Yes No A. B. C. （分数：1.00）A.B.C.D.13.Holding the quantity of labor constant, output increases as the quantity of capital increases, but at a decreasing rate. This phenomenon is most accurately described as: A. diminishing marginal costs of capital. B.

14、diminishing marginal returns to labor. C. diminishing marginal product of capital.（分数：1.00）A.B.C.D.14.Assume that Rajesh Singhs income increased from $20000 per year to $30000 per year, and his demand for “store-brand“ bread decreased from 80 loaves to 40 loaves per year. Which of the following most

15、 accurately describes Singhs income elasticity for store-brand bread? A. Income elasticity is +1.00 and store-brand bread is a complimentary good. B. Income elasticity is -0.60 and store-brand bread is an inferior good. C. Income elasticity is -1.67 and store-brand bread is an inferior good.（分数：1.00

16、）A.B.C.D.15.A candidate for public office has proposed a program of wealth transfers based on the principles of utilitarianism. In support of her proposal, she makes the following statements:Statement 1: “Increasing taxes on high income earners will cause them to work more hours to maintain their af

17、ter-tax income, resulting in greater economic output. “Statement 2: “The government will need to hire people to manage and administer the wealth transfers. These new jobs will further expand economic output. “Are these statements correct or incorrect?Statement 1 Statement 2A. Incorrect CorrectB. Cor

18、rect IncorrectC. Incorrect Incorrect A. B. C. （分数：1.00）A.B.C.D.16.Which of the following statements regarding marginal costs (MC) and average variable costs (AVC) is most accurate? A. MC = AVC when AVC is at its minimum. B. MC AVC when AVC is at its minimum. C. MC = Average total cost when AVC is at

19、 its minimum.（分数：1.00）A.B.C.D.17.According to the law of diminishing returns, doubling the number of salespeople for a firm will most likely result in: A. doubling the total sales of the firm. B. more than doubling the total sales of the firm as a result of economies of scale. C. increasing the tota

20、l sales of the firm and reducing the average sales per salesperson.（分数：1.00）A.B.C.D.18.Which of the following organizational structures usually has the lowest cost of raising external capital? A. Proprietorships. B. Partnerships. C. Corporations.（分数：1.00）A.B.C.D.19.Which of the following most accura

21、tely describes the relationship between the average total cost (ATC) curve and the average variable cost (AVC) curve? The vertical distance between the ATC and AVC curves: A. decreases as output increases. B. increases as output increases. C. remains constant as output increases.（分数：1.00）A.B.C.D.20.

22、Which of the following is least likely to be an obstacle to the efficient allocation of resources? A. Price controls. B. Taxes. C. Technological advancement.（分数：1.00）A.B.C.D.21.Assume that the supply of ethanol is relatively more elastic than the demand for ethanol. Compared to an initial competitiv

23、e equilibrium in the market for ethanol, the imposition of a per-gallon tax on producers of ethanol will most likely: A. decrease producer surplus by the total amount of tax collected. B. decrease producer surplus by less than it reduces consumer surplus. C. decrease the sum of consumer and producer

24、 surplus by the amount of tax collected.（分数：1.00）A.B.C.D.22.If the admission price for a rock concert is raised from $25 to $30, causing ticket sales to drop from 60000 to 40000, the price elasticity of demand for tickets is: A. -0.25. B. -0.50. C. -2.20.（分数：1.00）A.B.C.D.23.Consider the following tw

25、o final consumer goods:Good W requires the inputs of raw material R and intermediate goods S and T. Good X requires the inputs of raw material R and intermediate goods U and V.If demand for Good W increases and demand for Good X decreases, which of the following out comes is least likely? A. Some of

26、 raw material R will be diverted away from the producers of Good X. B. The price of Good U will decrease and the price of Good S will increase. C. More resources will be devoted to producing Good W and less to producing Good T.（分数：1.00）A.B.C.D.24.The problem associated with managers making decisions

27、 that benefit themselves at the expense of stockholders is called the: A. shirking problem. B. productivity problem. C. principal-agent problem.（分数：1.00）A.B.C.D.25.For markets with perfectly elastic supply and perfectly inelastic supply, respectively, the introduction of a tax will most likely resul

28、t in:Markets with perfectly elastic supply Markets with perfectly inelastic supplyA. A price increase, and the seller bears the tax A price increase, and the buyer bears the taxB. A price increase, and supply remains the same No change in price, and the buyer bears the taxC. A price increase, and th

29、e buyer bears the tax No change in price, and the seller bears the tax A. B. C. （分数：1.00）A.B.C.D.26.The demand for labor will be less elastic: A. at lower wage rates than at higher wage rates. B. in the long run than in the short run. C. the less labor intensive the production process.（分数：1.00）A.B.C

30、.D.27.The law of diminishing marginal returns explains: A. the shape of the long-run average cost curves. B. the upward sloping portion of the short-run marginal cost curve. C. the initial decrease in the short-run average costs.（分数：1.00）A.B.C.D.28.Antonio Conti consumes 2 pounds of beef per week wh

31、en beef is $4.50 per pound and 3 pounds of chicken when chicken sells for $ 3.50 per pound. If the price of chicken increases to $ 4.00 per pound, Contis consumption of beef increases to 2.5 pounds per week. Which of the following most accurately describes Contis cross elasticity of demand for beef

32、versus chicken? The cross elasticity of demand for: A. beef relative to chicken is +1.67 and beef and chicken are complimentary goods. B. beef relative to chicken is +1.67 and beef and chicken are substitutes. C. chicken relative to beef is +1.75 and beef and chicken are substitutes.（分数：1.00）A.B.C.D

33、.29.Which of the following relationships most accurately describes the inefficiency resulting from government imposed production quotas? A. Marginal benefit exceeds marginal cost leading to underproduction. B. Marginal benefit exceeds marginal cost leading to overproduction. C. Marginal cost exceeds

34、 marginal benefit leading to overproduction.（分数：1.00）A.B.C.D.30.Given the following possibilities, which one results in an increase in total consumer expenditures? A. demand is unitary elastic and price falls. B. demand is elastic and price rises. C. demand is inelastic and price rises.（分数：1.00）A.B.

35、C.D.31.At the equilibrium levels of output and price in a competitive industry without taxes: A. consumer surplus is maximized. B. producer surplus is maximized. C. the sum of producer and consumer surplus is maximized.（分数：1.00）A.B.C.D.32.Under which type of market structure are the production and p

36、ricing alternatives of a firm most affected by the decisions of its competitors? A. Monopoly. B. Perfect competition. C. Oligopoly.（分数：1.00）A.B.C.D.33.The type of business organization that can survive the death of an owner and subjects its owners to unlimited liability is a: A. sole proprietorship.

37、 B. partnership. C. closely held corporation.（分数：1.00）A.B.C.D.34.The demand for a product tends to be price inelastic if: A. few good complements for the product are available. B. few good substitutes for the product are available. C. people spend a large share of their income on the product.（分数：1.0

38、0）A.B.C.D.35.If the price of a candy bar increases from $ 0.50 to $ 0.55 and the quantity demanded decreases from 267 to 235, the price elasticity of demand is: A. -1.23. B. 1.23. C. -1.34.（分数：1.00）A.B.C.D.36.Based on the concept of diminishing returns, as the quantity of output increases, the short

39、-run marginal costs of production eventually: A. rise at a decreasing rate. B. rise at an increasing rate. C. fall at an increasing rate.（分数：1.00）A.B.C.D.37.Assume that output increased from 1550 to 1850 units per day as a result of increasing labor from 200 to 210 workers. The marginal product of l

40、abor is closest to: A. 1.55 units per day per worker. B. 30 units per day per worker. C. 1.25 units per day per worker.（分数：1.00）A.B.C.D.38.Which of the following most accurately describes elasticity of supply? Elasticity of supply is the percentage change in the quantity supplied divided by the perc

41、entage change in: A. price and it equals zero when supply is perfectly elastic. B. price and it equals zero when supply is perfectly inelastic. C. quantity demanded and it equals infinity when supply is perfectly inelastic.（分数：1.00）A.B.C.D.39.The effect of a price ceiling set above the equilibrium p

42、rice is most accurately described by which of the following statements? A. It will have no effect on equilibrium price and quantity. B. It will affect equilibrium price, but not equilibrium quantity. C. Quantity demanded will exceed quantity supplied.（分数：1.00）A.B.C.D.40.Which of the following organi

43、zational structures is subject to double taxation? A. Corporations. B. Proprietorships. C. Partnerships.（分数：1.00）A.B.C.D.41.In the short run, the average product of labor: A. is initially declining but must increase at some point. B. is upward sloping if the firm is experiencing diminishing marginal

44、 returns to labor. C. is at A maximum where it intersects the marginal product of labor curve.（分数：1.00）A.B.C.D.42.Which of the following most accurately describes the relationship between marginal cost (MC), average variable cost (AVC), marginal product (MP), and average product (AP)? A. When MPAP,

45、MCAVC. B. When MPAP, MCAVC. C. When MP=AP, MC=AVC.（分数：1.00）A.B.C.D.43.Two ways in which economic activity may be coordinated include: A. market coordination and structural coordination. B. firm coordination and structural coordination. C. market coordination and firm coordination.（分数：1.00）A.B.C.D.44

46、.An individual sees her income rise from $ 80000 to $ 88000, and along with it, her consumption of macaroni has decreased from eight dozen packages per year to six dozen packages per year. Which of the following is closest to the income elasticity of her demand for macaroni, and should macaroni be c

47、lassified as a normal good or an inferior good? Income elasticity Type of good A. -3.0 Inferior B. -3.0 Normal C. -0.33 Inferior A. B. C. （分数：1.00）A.B.C.D.45.The minimum supply price, the lowest price at which a producer is willing to supply an additional unit of a good, is: A. less than the margina

48、l revenue for the additional unit. B. the price at which producer surplus is maximized. C. the marginal cost of producing the additional unit.（分数：1.00）A.B.C.D.46.New disposal fees for toxic chemicals used in producing plastic house plants have increased production costs by $ 0.28 per plant for all manufacturers in the industry. The most likely effects on the industry supply curve and total producers surplus in the market for plastic house plants are:Industry supply Producers surplusA. shifts left increasesB. shifts left decreasesC. shifts right decreases A. B. C.