The required return to owner-provided inputs (such as equity capital) is an:
explicit cost.
implicit cost.
economic rent.
entrepreneurial profit.
economic profit.
When marginal profit equals zero:
the firm cannot exercise price discrimination.
profit is maximized.
the firm can increase profits by increasing output.
the firm can increase profits by decreasing output.
marginal revenue equals average revenue.
The maximin criterion involves:
maximization of expected returns.
minimization of expected opportunity cost.
avoidance of the worst-case scenario.
acceptance of the best-case scenario.
focus on the base-case scenario.
If the market price is higher than the equilibrium price:
a shortage exists and the market price will fall until it equals the equilibrium price
and the shortage is eliminated.
a shortage exists and the equilibrium price will rise until it equals the market price
and the shortage is eliminated.
a surplus exists and the market price will fall until it equals the equilibrium price
and the surplus is eliminated.
a surplus exists and the equilibrium price will rise until it equals the market price
and the surplus is eliminated.
all of the above.
If the quantity of WAX is measures on the horizontal axis and the quantity of CLAY is
measured on the vertical axis, the slope of the budget constraint will decrease if:
the budget decreases.
the price of WAX decreases.
the price of CLAY decreases.
the marginal utility of WAX decreases.
the indifference curve decreases.
The demand for a product tends to be inelastic if:
it has many substitutes.
it is expensive.
a small proportion of consumer’s income is spent on the good.
consumers are quick to respond to price changes
it is a normal good.
A decrease in demand is caused by:
an decrease in price of complements.
a decrease in price.
a decrease in advertising.
an increase in the price of substitutes.
an increase in the availability of complements.
Social habits that produce an annual pattern in a time series result in:
secular trend.
cyclical fluctuation.
seasonal variation.
irregular influences.
random influences.
An iso-quant represents:
output combinations that can be produced for the same cost.
input combinations that can be employed at the same cost.
input combinations that can be efficiently produce the same output.
output combinations that can be efficiently produced using the same input
combination.
output combinations that can be efficiently produced at the same time.
The percentage change in operating profit that results from a 1-percent change in units
sold equals:
the degree of operating leverage.
the cost elasticity.
the returns to scope economies.
marginal profit.
Lerner index.
Accrual accounting methods reflect
current market values.
opportunity costs.
sunk costs.
expected costs.
expected profits.
When marginal costs per unit are constant, average costs are also constant, and
constant returns to scale predominate. Size leads to neither significant disadvantages
nor significant advantages in production. Increasing marginal cost give rise to:
the traditional U shape of the average variable cost curve.
falling average costs.
significant size advantages in production.
constant returns to scale.
Economy of scope.
When the costs of all inputs rise by a given percentage, the iso-cost line:
slope increases
slope decreases.
slope is unaffected.
slope is zero.
and objective function intersection will be unaffected.
In the short run, a monopolist will:
never shut down.
shut down if price equals average total cost.
shut down if price is less than average total cost.
shut down in price is less than average variable cost.
shut down if price is less than average fixed cost.
In general, a perfectly competitive industry will sell:
more output at lower prices than monopoly.
less output at lower prices than monopoly.
more output at higher prices than monopoly.
less output at higher prices than monopoly.
equal output at same prices than monopoly.
Rational oligopolistic firms:
always make decisions expecting reactions from competitors.
seldom earn economic profits.
always produce differentiated products.
always produce homogenous products.
always collude.
In long-run equilibrium monopolistic competition results in:
A firm supplying a single product to two distinct submarkets will maximizes profits by
equating:
price in each market to marginal cost.
average revenue in each market to average cost.
average revenue in each market to marginal cost.
marginal revenue in each market to marginal cost.
total revenue in each market to total cost.
The burden of a per unit tax on a product will fall primarily on producers when:
the tax is collected from producers.
the tax is collected from customers.
demand is highly elastic with respect to price.
demand is highly inelastic with respect to price.
demand is highly inelastic with respect to disposable income.
It is rational for the potential entrant to stay out of market.
Entry deterrence games are generally simultaneous games.
It is rational for the incumbent firm to exit.
It is rational for the incumbent firm to propose a merger deal and split 50:50 the
financial interests between the two firms.
The incumbent firm could threaten the potential entrant with warfare if it enters the
market. But the threat is not credible.
S100 是兩儀企業唯一產品,每件S100 需耗用2 磅的R1,並耗用精密技術員
工1 小時。其每小時薪資為100 元;目前生產所需用的R1 是由獨孤企業獨家供應,
獨孤負責送貨到兩儀庫房,R1 報價是每磅6 元。機器租金、保險、維修、污染防
治、資金成本等之總和,無論產量多寡,約為每年100 萬元。其他成本費用對兩
儀企業而言均微不足道。
昨晚,同流實業宣佈其「秘密進行的R1 廠房工程甫完竣,廠房規模和獨孤廠
房差不多,獨孤企業不再是R1 的獨占廠商!」惟夜間新聞也訪問到名不見經傳(所
謂小咖)的產業分析師陸君,陸君公佈其以賽局觀念分析結果如下:
如果銀行的1 年期存款利率為12%、利息所得稅率為20%,預期未來一年通貨膨
脹率為5%,則存款人的稅後實質利率為:
6.38%
5.68%
38%
7%
當預期通貨膨脹率上升:
債券需求增加而債券供給減少
債券需求與債券供給都減少
資金需求增加而資金供給減少
資金需求與資金供給都增加
甲公司發行一永續債券,票面利率為10%、面額為10 萬元,如果目前同類型債
券的到期收益率為8%,則永續債券的發行價格為:
10.25 萬元
11萬元
11.75 萬元
12.50萬元。
假設投資人的邊際效用遞增,則他會選擇下列哪一項資產:
預期報酬率為20%,報酬率的標準差為20%。
預期報酬率為20%,報酬率的標準差為15%。
預期報酬率為20%,報酬率的標準差為10%。
預期報酬率為20%,報酬率的標準差為5%。
下列敘述何者正確:
經濟景氣轉好時,利率將上升,貨幣流動速度下降。
經濟景氣轉差時,利率將下降,貨幣流動速度上升。
當貨幣需求減少,貨幣流動速度將下降。
以上都不正確。
根據杜賓(Tobin)與巴莫(Baumol)的貨幣需求理論,下列敘述何者錯誤:
名目貨幣需求與利率呈負相關。
名目貨幣需求與債權工具的交易成本呈正相關。
名目貨幣需求所得彈性為1。
實質貨幣需求不受物價影響。
某國未來一年的經濟成長率預期將介於4%~5%之間、幣流動速度的變動率介於
1%~2%之間,該國中央銀行希望將未來一年的通貨膨脹率控制在2%~3%之間,
則該國未來一年的貨幣成長率上下限應該為:
4.58%,3.50%
5.58%,4.00%
5.5%,4.5%
7.08%,4.00%。
有一個沒有政府部門的封閉型經濟體,消費為C=150+0.85Y(C 代表消費、Y 代
表所得)、投資為300,如果投資增加150,則投資變動前後的均衡所得分別為:
3000,3500
3000,4000
3000,4500
4000,5000。
當投資的利率彈性(絕對值)無限大,下列何者最可能發生:
貨幣供給增加無法使利率下降
財政支出增加無法使產出增加
減稅可以使產出增加
大眾預期債券價格上升的可能性大於下跌的可能性。
當通貨膨脹發生時,下列何者最可能發生:
政府稅收減少
固定收入者的實質所得減少
實質利率上升
債權人的實質利息所得增加。
關於短期菲力普曲線,下列敘述何者錯誤:
物價上漲率與失業率具有抵換關係。
降低失業率必須以通貨膨脹率上升為代價。
不斷降低相同幅度的失業率所付出的通貨膨脹率上升代價越來越大。
不斷降低相同幅度的通貨膨脹率所付出的失業率上升代價越來越小。
關於長期菲力普曲線,下列敘述何者錯誤:
預期通貨膨脹率將等於實際通貨膨脹率。
擴張性的需求管理政策只會造成通貨膨脹。
擴張性的需求管理政策不能降低失業率。
物價上漲率與失業率具有抵換關係。
下列敘述何者錯誤:
民眾持有的現金佔其總存款的比率上升將使貨幣供給乘數下降。
地下經濟規模擴大將使貨幣供給乘數下降。
銀行客戶的倒帳風險下降將使貨幣供給乘數上升。
銀行的倒閉風險下降將使貨幣供給乘數下降。
下列敘述何者正確:
實質匯率代表一單位外國商品可以兌換之本國商品數量。
一國的實質有效匯率指數愈低,表示該國貨幣的升值空間愈大。
一國的實質有效匯率指數愈高,表示該國貨幣的升值空間愈大。
一國的實質有效匯率指數大於100,表示該國貨幣的實質幣值高於基期。
在台灣金融市場,如果遠期美元兌換新台幣的市場匯率大於已拋補的利率平價條
件所求得的遠期美元匯率,則:
銀行體系的美元存款將會增加
即期美元的需求將會增加
遠期美元的供給將會增加
以上都正確。
即期美元匯率為1U$=30NT,1 年期新台幣利率為1%、美元利率為3%。如果1
年期美元利率上升為8%,在新台幣利率與預期匯率水準不變下,即期美元匯率
將調整為:
1U$ = 31.256NT
1U$ = 31.356NT
1U$ = 31.456NT
1U$ = 32.156NT。
根據貨幣學派的匯率理論,以下敘述何者正確:
甲、貨幣供給成長率高的國家,其貨幣傾向於貶值。
乙、經濟成長率高的國家,其貨幣傾向於升值。
丙、利率在上升的國家,其貨幣傾向於貶值。
甲乙
乙丙
甲丙
甲乙丙
根據國際費雪效應,現在台灣的1 年期利率為3%、美國的1 年期利率為6%,則:
預期未來一年美國的通貨膨脹率將與台灣相等。
預期未來一年美國的通貨膨脹率將高於台灣。
預期未來一年美國的通貨膨脹率將低於台灣。
預期未來一年資金將從台灣流向美國。
下列敘述何者錯誤:
在固定匯率制度下,一國將失去貨幣政策之自主性。
在浮動匯率制度下,一國的國際收支狀況不會影響該國貨幣供給。
在浮動匯率制度下,一國的國際收支狀況會影響該國外匯存底數量。
在固定匯率制度下,中央銀行將無法控制貨幣供給。
如果本國貨幣增加供給,下列敘述何者最可能成立:
本國產出減少,本國貨幣升值,外國產出可能增加或減少。
本國產出增加,本國貨幣升值,外國產出可能增加或減少。
本國產出增加,本國貨幣貶值,外國產出可能增加或減少。
本國產出增加,本國貨幣升值,外國產出增加。
在固定匯率制度、資本高度移動下,一個小型經濟體實施擴張性財政政策將使其:
外匯存底增加
利率下跌
貨幣貶值
所得不變。
如果本國財政支出增加,下列敘述何者最可能成立:
本國產出減少,本國貨幣升值,外國產出增加。
本國產出增加,本國貨幣升值,外國產出減少。
本國產出增加,本國貨幣貶值,外國產出增加。
本國產出增加,本國貨幣升值,外國產出增加。
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