Fill in the blanks in Questions 1 and 2 with the name provided.
Rational expectation hypothesis can be referred to _______ argument.
Cobb-Douglas’
John Muth’s
Robert Lucas’s
W. Leontief’s
Paul Samuelson’s
Gary Becker’s
Paul Krugman’s
Fill in the blanks in Questions 1 and 2 with the name provided.
Inter-sector input-output model is based on _______ production function.
Cobb-Douglas’
John Muth’s
Robert Lucas’s
W. Leontief’s
Paul Samuelson’s
Gary Becker’s
Paul Krugman’s
In the ACMS’ CES production function, ρ can be defined as the substitution parameter.
Let σ be the elasticity of substitution, then σ = 1/ (1+ ρ ) holds. Fill in the blanks in
As ρ → ∞ , it is the case of _______ substitution between inputs.
perfect
unitary
a few
elastic
inelastic
huge
imperfect
no
In the ACMS’ CES production function, ρ can be defined as the substitution parameter.
Let σ be the elasticity of substitution, then σ = 1/ (1+ ρ ) holds. Fill in the blanks in
As ρ →−1 , it is the case of _______ substitution between inputs.
perfect
unitary
a few
elastic
inelastic
huge
imperfect
no
In the ACMS’ CES production function, ρ can be defined as the substitution parameter.
Let σ be the elasticity of substitution, then σ = 1/ (1+ ρ ) holds. Fill in the blanks in
As ρ > 0 , it is the case of _______ substitution between inputs.
perfect
unitary
a few
elastic
inelastic
huge
imperfect
no
In the ACMS’ CES production function, ρ can be defined as the substitution parameter.
Let σ be the elasticity of substitution, then σ = 1/ (1+ ρ ) holds. Fill in the blanks in
As ρ = 0 , it is the case of _______ elasticity of substitution.
perfect
unitary
a few
elastic
inelastic
huge
imperfect
no
In the ACMS’ CES production function, ρ can be defined as the substitution parameter.
Let σ be the elasticity of substitution, then σ = 1/ (1+ ρ ) holds. Fill in the blanks in
As −1 < ρ < 0 , it is the case of _______ substitution between inputs.
perfect
unitary
a few
elastic
inelastic
huge
imperfect
no
If the cost function is differentiable in input price w , then there exists a unique vector
of cost-minimizing demands for inputs that is equal to the gradient of cost function
C(w, y) in w , with y being output. This statement is called in economic
literature.
quasi-concave.
rationality
Walras’s law
Shephard’s lemma
Hotelling’s lemma.
A statement: “Just as it is impossible not to taste the honey that finds itself at the tip of the
tongue, so it is impossible for a government servant not to eat up, at least, a bit of the king’s
revenue. Just as fish moving under water cannot possible be found out either as drinking or
not drinking water, so government servants employed in the government work cannot be
found out taking money.” (Kautiliya, in Arthasastra, 4th century B.C.)
Fill in the blanks in Questions 11 and 12 using the terms listed below.
The above statement could best be used in describing the behavior of _______.
consumption
monopoly
welfare
corruption
general equilibrium
public economics
industrial organization
game theory
A statement: “Just as it is impossible not to taste the honey that finds itself at the tip of the
tongue, so it is impossible for a government servant not to eat up, at least, a bit of the king’s
revenue. Just as fish moving under water cannot possible be found out either as drinking or
not drinking water, so government servants employed in the government work cannot be
found out taking money.” (Kautiliya, in Arthasastra, 4th century B.C.)
Fill in the blanks in Questions 11 and 12 using the terms listed below.
It could best be quoted in an article, which is published in a journal regarding the
subject of _______.
consumption
monopoly
welfare
corruption
general equilibrium
public economics
industrial organization
game theory
Efficiency in using resources is a fundamental issue in Economics. There are many methods
in estimating the efficiency of an economic agent. Fill in the blanks in Q. 9 and 10,
regarding efficiency measures.
Data Envelopment Analysis technique is based on _______.
Total Factor Productivity
Econometric method
Production decision
Linear Programming model
Welfare economic theory
Statistical inference
Efficiency in using resources is a fundamental issue in Economics. There are many methods
in estimating the efficiency of an economic agent. Fill in the blanks in Q. 9 and 10,
regarding efficiency measures.
Stochastic Frontier Analysis method is based on _______.
Total Factor Productivity
Econometric method
Production decision
Linear Programming model
Welfare economic theory
Statistical inference
A consumer has preferences over the single good x and all other goods m represented
by the utility function, u(x,m) = ln(2x) + m . Let the price of x be p , the price of m
be unity, and let income be y .
The Marshallian demand function for x is _______.
x = 2 p
x = 2u
x = 1/p
m = y/p
m = 3p
m = y −1
v( p, y) = y − ln(1/p) +1
v( p, y) = y + ln(2/p) −1
v( p, y) = y + ln(2m) −1
A consumer has preferences over the single good x and all other goods m represented
by the utility function, u(x,m) = ln(2x) + m . Let the price of x be p , the price of m
be unity, and let income be y .
The Marshallian demand function for m is _______.
x = 2 p
x = 2u
x = 1/p
m = y/p
m = 3p
m = y −1
v( p, y) = y − ln(1/p) +1
v( p, y) = y + ln(2/p) −1
v( p, y) = y + ln(2m) −1
A consumer has preferences over the single good x and all other goods m represented
by the utility function, u(x,m) = ln(2x) + m . Let the price of x be p , the price of m
be unity, and let income be y .
The indirect utility function v( p, y) is _______.
x = 2 p
x = 2u
x = 1/p
m = y/p
m = 3p
m = y −1
v( p, y) = y − ln(1/p) +1
v( p, y) = y + ln(2/p) −1
v( p, y) = y + ln(2m) −1
Knowledge-creating and charity for equal distribution of income can both be
considered as public goods. Which of the following reasons that makes these public
goods to be under-provided?
The property of rivalry.
The failure of BOT projects.
Free-rider problem.
National absorptive ability.
The number of congress votes.
The consumer collective preference.
I, II, V, IV, VI, VII, VIII, III.
V, I, VIII, VI, IV, VII, II, III.
V, I, II, VIII, VI, IV, VII, III.
V, I, VI, IV, VII, VIII, III, II.
I, V, VIII, VI, IV, VII, III, II.
I, V, VI, IV, VII, III, II, VIII.
What is/are the major difference(s) in defining and analyzing the Pareto optimal
solutions between the production economy and exchange economy?
The case of production economy has to specify the production inputs, but the
exchange economy has not to.
The case of production economy has to take the marginal rate of transformation
into account, but the exchange economy has not to.
The case of production economy implies that the market is competitive, but the
exchange economy assumes there are only two consumers.
The major difference is the number of agents involve.
Both (A) and (B).
None of the above.
Which of the following statements used by business people to describe an elastic
demand for his/her product?
“A price cut won’t help me. It won’t increase my sales, and I’ll just get less money
for each unit that I was selling before. ”
“I don’t think a price cut will help my bottom line any. Sure, I will sell a bit more,
but what I may gain by selling more will not cover the loss because the price will
be lower.”
“My customers are real shoppers. Since I cut my prices just a few cents below
those my competitors charge, customers have been flocking to my store and sales
are booming.”
“The economic expansion has done wonders for my sales. With more people back
at work, my sales are taking off, and I don’t even have to reduce my prices!”
None of the above.
Production theory can be applied to a large variety of daily activities. When it is used to
analyze the team sports, such as baseball, which of the following statements is
INCORRECT?
A team’s winning percentage could be declined as the number of star player
increases.
The major value of a team is derived from its fans’ support.
The skills of the players and the ability of the manager are the major inputs to the
team’s success.
It is impossible to estimate a baseball team’s production function.
A professional baseball league can be treated as a profiteering enterprise, since we
can identify its objective function.
In order to get the demand curve for a firm for one of several variable factors of
production, we must consider
the internal effect of the change in the factor price.
the external effect of the change in the factor price.
monopolistic exploitation.
monopsonistic exploration.
Both (A) and (C).
Both (B) and (D).
The followings are the major stages of production and exchange in human economic
history. Place these stages in sequence from the earliest to the latest:
I. Machine technology and industrial capitalism
II. Hunting and food-gathering
III. Plow-agriculture and irrigation
IV. Pastoralism and digging-stick agriculture
V. Commercial capitalism
The correct sequence is
II, III, IV, I, V
II, III, IV, V, I
II, IV, III, V, I
IV, II, III, I, V
IV, II, III, V, I
III, I, II, V, IV
Which of the following statements regarding the homothetic production function is
INCORRECT?
It is a monotonic non-decreasing transformation of a homogeneous production
function.
Its input requirement set is closed and nonempty.
Its isoquant level curve might intersect with one of the input axes when the input is
at a very high finite value.
Its marginal rate of technical substitution (MRTS) is constant along any linear
expansion line starting from the origin.
Its MRTS decreases along a specific isoquant level curve.
Both (A) and (C).
The role of government to repair the market failures is derived from the observation
that
the actual economies do not satisfy the requirements of the First Welfare Theorem
in economics.
competitive markets can give rise to equal distributions of material welfare.
the actual economies do not follow the Walras’ Law in economics.
people vote for social justice by requesting more equal distribution in production
ability.
Both (A) and (D).
None of the above.
The price of foods.
The amount of daily nutrition required.
The money allocated to daily food consumption.
The minimum of foods that are needed for surviving.
The price of clothes.
Personal income constraint.
An economy facing fixed terms of trade produces two goods X and Y . In
equilibrium, production of each unit of X requires 6 units of labor and 4 units of
capital while Y requires 2 units of labor and 2 units of capital. The economy has a
factor endowment of 50 units of labor and 40 units of capital. If equal amounts of X
and Y are consumed domestically and both factor endowments are fully used, then
the economy will
export 10 units of X .
import 10 units of X .
export 5 units of Y .
import 5 units of Y .
neither X nor Y be exported.
Suppose that men have a comparative advantage in producing market goods and
women have a comparative advantage in producing household works. Marriage could
be viewed as an exchange of market goods for household productions. The gains from
this exchange are shared between husband and wife. Now an increase in the paid wage
of women relative to that of men in the job market will possibly
increase the fertility rate, since family income rises.
increase the number of hours husbands work in the market, since they have to
compete with wives.
reduce the number of hours wives work in the market.
increase the devoice rate, since the potential gain from exchange reduced.
both (A) and (C).
The meaning of coefficient c in equation (1) can be interpreted as
Income multiplier
Income elasticity of demand for automobile
Sales ratio of automobile
Marginal cost of selling automobile
Marginal utility of automobile
According to the demand theory, which of the following variables should Mr. Lee best
choose for indicating the free variable X ?
Price of gasoline
Tariff of imported automobile.
General consumer price index.
The wage rate of automobile workers.
The profit rate before tax of auto dealer.
What will be the best possible source for Mr. Lee to collect the data of the variable you
suggested for X in Question 29?
Data bank of the Bureau of Foreign Trade, Ministry of Economic Affairs
Data bank of the Directorate-General of Budget, Accounting and Statistics
Data bank of the Bureau of Energy, Ministry of Economic Affairs
Data bank of the Department of Statistics, Ministry of Finance
Data bank of the Central Bank of China
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