市场机制+Market+Mechanism及答案解析.doc

1、市场机制+Market+Mechanism 及答案解析(总分：52.00，做题时间：90 分钟)一、PART ONE(总题数：1，分数：8.00)A. However, the term is also commonly used for markets in which economic intervention and regulation by the state is limited to tax collection, and enforcement of private ownership and contracts. Free markets differ from situat

2、ions encountered in controlled markets or a monopoly, which can introduce price deviations without any changes to supply and demand.B. A free-market economy is one within which all markets are unregulated by any parties other than market participants. In its purest form, the government plays a neutr

3、al role in its ad ministration and legislation of economic activity, neither limiting it nor actively promoting it.C. By definition, buyers and sellers do not coerce each other, in the sense that they obtain each others property rights without the use of physical force, threat of physical force, or

4、fraud, nor are they coerced by a third party.D. Where substantial state intervention exists, the market is a mixed economy. Where the state or co-operative association of producers directly manages the economy to achieve stated goals, economic planning is said to be in effect; when economic planning

5、 entirely substitutes market activity, the economy is a Command economy.E. The freer the market, the more truly the prices will reflect consumer habits and demands, and the more valuable the information in these prices is to all players in the economy. Through free competition between vendors for th

6、e provision of products and services, prices tend to decrease, and quality tends to increase.（分数：8.00）(1).This is the contemporary use of the term “free market“ by economists and in popular culture; the term has had other uses historically.（分数：1.00）A.B.C.D.E.(2).The theory holds that within an ideal

7、 free market, property rights are voluntarily ex changed at a price arranged solely by the mutual consent of sellers and buyers.（分数：1.00）A.B.C.D.E.(3).By owning economic interests or offering subsidies to businesses.（分数：1.00）A.B.C.D.E.(4).Free markets contrast sharply with controlled markets or regu

8、lated markets, in which governments more actively regulate prices and/or supplies.（分数：1.00）A.B.C.D.E.(5).A free market is a competitive market where prices are determined by supply and demand.（分数：1.00）A.B.C.D.E.(6).Advocates of a free market traditionally consider the term to imply that the means of

9、 production is under private, and not state control or co-operative ownership.（分数：1.00）A.B.C.D.E.(7).In a free market, the system of prices is the emergent result of a vast number of transactions, rather than of political decrees.（分数：1.00）A.B.C.D.E.(8).A free market is not to be confused with a perf

10、ect market where individuals have perfect information and there is perfect competition.（分数：1.00）A.B.C.D.E.二、PART TWO(总题数：1，分数：6.00)A. Even if someone were rich enough to pay for such securityB. If everyone waited for a free rideC. The government makes no attempt to intervene.D. Some people would wel

11、come unregulated roadways as a new utopiaE. the use of the market mechanism does not imply a free market.F. They would want the government to interveneG. National defense is an exampleH. the market might produce too much of a good or serviceMarket FailureThe market does not work equally well in all

12、situations. In fact, in some circumstances, the market mechanism might actually fail to produce the goods and services society desires.(9) Most people want to feel that their nations borders are secure and that law and order will prevail in their communities. But few people can afford to buy an army

13、 or maintain a le gal system. (10) he or she might decline to do so. After all, a military force and a legal sys tem would benefit everyone in the community, not just those individuals who paid for it.Recognizing this, few people would willingly pay for national security or a system of criminal just

14、ice. They would rather spend their income on ice cream and DVD players, hoping some one else would pay for law and order. (11) no money would be spent on national defense or a legal system. Society would end up with neither output, even though both services were widely desired.In other situations, (

15、12) If there were no government regulation, then anyone who had enough money could purchase and drive a car. Little kids from wealthy families could hit the highways, and so could adults with a history of drunken driving. Moreover, no one would have to spend money on emissions-control systems, lead

16、free gasoline, or mufflers. We could drive as fast as we wanted.(13) Others, however, would be concerned about safety and pollution. They would realize that the markets decisions about who could drive and what kinds of cars were produced might not be so perfect. (14) To assure safer and cleaner driv

17、ing, people might agree to let the government regulate speed, auto emissions, and even drivers.（分数：6.00）填空项 1:_填空项 1:_填空项 1:_填空项 1:_填空项 1:_填空项 1:_三、PART THREE(总题数：1，分数：6.00)In 1929 it looked as though the sun would never set on the American economy. For eight years in a row, the U. S. economy had be

18、en expanding rapidly. During the Roaring Twenties the typical American family drove its first car, bought its first radio, and went to the movies for the first time. With factories running at capacity, virtually anyone who wanted to work readily found a job.Under these circumstances everyone was opt

19、imistic. In his acceptance address of November 1928, President-elect Herbert Hoover echoed this optimism by declaring: “We in America today are nearer to the final triumph over poverty than ever before in the history of any land. We shall soon with the help of God be in sight of the day when poverty

20、 will be banished from this nation. “The booming stock market seemed to confirm this optimistic outlook. Between 1921 and 1927, the stock markets value more than doubled, adding billions of dollars to the wealth of American households and businesses.The party ended abruptly on October 24, 1929. On w

21、hat came to be known as Black Thurs day, the stock market crashed. In a few hours, the market value of U. S. corporations fell abruptly, in the most frenzied selling ever seen. The next day President Hoover tried to assure Americas stockholders that the economy was “on a sound and prosperous basis.

22、“ But despite his assurances and the efforts of leading bankers to stem the decline, the stock market continued to plummet. The following Tuesday ( October 29) the pace of selling quickened. By the end of the year, over $ 40 billion of wealth had vanished in the Great Crash. Rich men became paupers

23、overnight; ordinary families lost their savings, their homes, and even their lives.The devastation was not confined to Wall Street. The financial flames engulfed the farms, the banks, and industry. Between 1930 and 1935, millions of rural families lost their farms. Auto mobile production fell from 4

24、.5 million cars in 1929 to only 1.1 million in 1932. So many banks were forced to close that newly elected President Roosevelt had to declare a “bank holiday“ in March 1933 to stem the outflow of cash to anxious depositors.Throughout these years, the ranks of the unemployed continued to swell. In Oc

25、tober 1929, only 3 percent of the workforce was unemployed. A year later over 9 percent of the workforce was unemployed. Still, things got worse. By 1933 over one-fourth of the labor force was unable to find work. People slept in the streets, scavenged for food, and sold apples on Wall Street. The G

26、reat Depression seemed to last forever. In 1933 President Roosevelt lamented that one-third of the nation was ill-clothed, ill-housed, and ill-fed. Thousands of unemployed workers marched to the Capitol to demand jobs and aid.（分数：6.00）(1).Which of the following is not the description of “Roaring Twe

27、nties“?A. Economy had been expanding rapidly.B. Stock markets boomed.C. People could travel by driving their cars.D. There were noises everywhere.（分数：1.00）A.B.C.D.(2).What is the meaning of Herbert Hoovers declaring?A. Poverty Will be banished from U. S.B. America at that time was nearer to the fina

28、l triumph over poverty than ever before in the history.C. America has been successful with the help of God.D. He showed his optimism towards the development of the country.（分数：1.00）A.B.C.D.(3).Which of the following is not the description of “The Great Depression“?A. Families lost their savings.B. B

29、anks were forced to close.C. The stock market crashed.D. The industry of the country was prosperous.（分数：1.00）A.B.C.D.(4).Which of the following was not affected by the Great Depression?A. EmploymentB. FarmC. BanksD. Pessimism（分数：1.00）A.B.C.D.(5).Why does president Hoover assure Americas stockholders

30、 that the economy was “on a sound and prosperous basis“?A. To cheat Americas stockholders.B. To encourage Americas stockholders to buy stock.C. To tell Americas stockholders the economy is really prosperous.D. To avoid stocks plummeting.（分数：1.00）A.B.C.D.(6).What might be the most appropriate title o

31、f the passage?A. Stock MarketB. The Outcome of Roaring TwentiesC. The Great Depression in 1929D. Peoples life during the Great Depression（分数：1.00）A.B.C.D.四、PART FOUR(总题数：1，分数：10.00)Income vs. LeisureBecause both leisure and income are (21) ,we confront a tradeoff when deciding whether to go to work.

32、 Going to work implies more income but less leisure. Staying home has the opposite consequences.The (22) tradeoff between labor and leisure explains the shape of individual labor-sup ply (23) As we work more hours, our leisure time becomes scarcerand thus more valuable. We become increasingly (24) t

33、o give up any remaining leisure time as it gets ever scarcer. People who work all week long are reluctant to go to work on Saturday. Its not that they are physically exhausted. Its just that they want some time to enjoy the (25) of their la bor. In other words, as the opportunity cost of job time in

34、creases, we require (26) higher rates of pay. We will supply additional laborwork more hoursonly if higher wage rates are offered: this is the message conveyed by the upward-sloping labor-supply curve.The upward slope of the labor-supply curve is (27) with the changing value of income. Our (28) moti

35、ve for working is the income a job provides. Those first few dollars are really precious, especially if you have bills to pay and no other source of support. As you work and earn more, however, you discover that your most (29) needs have been satisfied. You may still want more things, but your consu

36、mption desires arent so urgent. In other words, the margin al (30) of income declines as you earn more. You may not be willing to work more hours unless offered a higher wage rate.（分数：10.00）(1).A. necessary B. indispensable C. dispensable D. valued（分数：1.00）A.B.C.D.(2).A. intractable B. awkward C. in

37、evitable D. cruel（分数：1.00）A.B.C.D.(3).A. graph B. diagram C. chart D. curves（分数：1.00）A.B.C.D.(4).A. impatient B. reluctant C. repugnant D. hate（分数：1.00）A.B.C.D.(5).A. fruits B. happy C. comfort D. gains（分数：1.00）A.B.C.D.(6).A. respectively B. correspondingly C. fairly D. equally（分数：1.00）A.B.C.D.(7).A

38、. stimulated B. reinforced C. provoked D. aroused（分数：1.00）A.B.C.D.(8).A. ultimate B. essential C. primary D. potential（分数：1.00）A.B.C.D.(9).A. expected B. important C. urgent D. internal（分数：1.00）A.B.C.D.(10).A. utility B. effect C. function D. avail（分数：1.00）A.B.C.D.五、PART FIVE(总题数：1，分数：10.00)The Side

39、 Effect of Market MechanismThe market mechanism might also select the wrong choice about HOW to produce. Consider the message that unregulated markets communicate to producers. In an unregulated market, (31) price would be charged for using air or waterways, since (32) is owned by any individual. Pr

40、oducers, (33) would regard the use of air and waterways as a “free“ good. Under such circumstances it would be a lot cheaper for a factory to dump its waste into nearby waterways than to dispose of it more carefully. It would also be (34) for power plants to let waste gases and soot go up in smoke t

41、han to install environmental safeguards. The resulting pollutants are an externalitya cost imposed (35) innocent third parties. Consumers would be worse off as the quality of the air and water deteriorated.Profit-driven producers would seldom worry about externalities in a completely unregulated mar

42、ketplace. (36). profit-and-loss considerations the only determinant of HOW goods were produced, we might end up destroying the environment. To prevent such a calamity, we look (37) the government to regulate HOW goods are produced, thereby rectifying market failures.The market might also (38) to dis

43、tribute goods and services in the best possible way. A market system rewards people (39) to their value in the marketplace. Sports stars, entertainers, and corporate executives end up with huge paychecks while others toil for meager wages. Big paychecks provide access to more output; people with lit

44、tle paychecks get much less of (40) is produced.（分数：10.00）填空项 1:_填空项 1:_填空项 1:_填空项 1:_填空项 1:_填空项 1:_填空项 1:_填空项 1:_填空项 1:_填空项 1:_六、PART SIX(总题数：12，分数：12.00)1.Karl Marx saw things differently. In his view, a freewheeling marketplace would cater to the whims（分数：1.00）填空项 1:_2.of the rich and neglect to

45、the needs of the poor. Workers would be exploited by industrial barons（分数：1.00）填空项 1:_3.and great landowners. To “leave it off to the market, “ as Smith had proposed, would encourage（分数：1.00）填空项 1:_4.exploitation. In the mid-nineteenth century, Karl Marx who proposed a radical alternative:（分数：1.00）填

46、空项 1:_5.over-turn the power of the poor elite and create a communist state in which everyones needs（分数：1.00）填空项 1:_6.would be fulfilled. Marxs writings (DasKapital,1867) encouraged communist revolutions and the（分数：1.00）填空项 1:_7.development of central planning systems. The (peoples) government, not f

47、rom the market,（分数：1.00）填空项 1:_8.assumed responsibility for deciding what goods were produced, at what prices they were sold,（分数：1.00）填空项 1:_9.and even who got them. Central planning is still not the principal mechanism of choice in some（分数：1.00）填空项 1:_10.countries. In North Korea and Cuba, for an e

48、xample, the central planners decide how many cars（分数：1.00）填空项 1:_11.to produce and how much bread. They then assign workers and other resources according to（分数：1.00）填空项 1:_12.those industries to implement their decisions. They also decide who will get the bread and where the cars that are produced. Individuals cannot own factors of production nor even employ other workers for wages. The WHAT, HOW, and FOR WHOM outco