When marginal cost is greater than average total cost, the
marginal cost decreases as output increases.
marginal cost does not change as output increases.
average total cost increases as output increases.
average total cost could be increasing or decreasing as output increases.
Which of the following is true regarding perfect competition?
I. The firms are price takers.
II. Marginal revenue is less than the price of the product.
III. Established firms have no advantage over new firms.
I and II
I and III
I, II and III
I only
Suppose Sam plans to buy only popcorn and soda. He has $40 to spend per week. A
change in which of the following variables will change Sam’s consumption
possibilities?
I. price of popcorn. II. income.
III. preferences. IV. utility.
II only
I and II
I, II and III
III and IV
Sarah consumes only strawberries and cream, and she is spending all of her income.
Her marginal utility of her last dish of strawberries is 200 and her marginal utility of
her last pint of cream is 200. The price of strawberries is $1.00 per dish and the price
of cream is $2.00 per pint. To maximize her utility, Sarah should
buy more strawberries and less cream.
buy more cream and less strawberries.
not change her purchases of strawberries and cream.
not enough information for the question.
The following are key features of a monopoly EXCEPT
the monopoly is protected by a barrier to entry.
no close substitutes exist for the good or service.
the monopoly has a strong influence over the price of the good or service.
the monopoly has severe diseconomies of scale.
Which of the following is true of a natural monopoly?
Its long-run average cost curve slopes upward as it intersects the demand curve.
Economies of scale exist to only a very low level of output.
The firm can supply the entire market at a lower cost than could two or more firms.
The firm is not protected by any barrier to entry.
Which of the following statements is correct?
Technological efficiency depends on the relative costs of resources.
Economic efficiency occurs when the firm produces a given output at the least cost
A firm can be economically efficient without being technologically efficient.
Economic efficiency depends only on production methods.
The substitution effect reflects a movement along a given
horizontal line.
vertical line.
indifference curve.
budget line.
The magnitude of the slope of an indifference curve
is defined as the marginal rate of substitution
always equals the relative price of the product measured along the horizontal axis.
increases as income increases.
decreases when income increases.
Economic efficiency necessarily occurs when the firm
produces a given output at least cost.
produces a given output by using the least inputs.
earns a normal profit.
earns an economic profit.
A firm’s average total cost is $60, its average variable cost is $30, and its total fixed
cost is $600. Its output is
20 units.
30 units.
40 units.
50 units.
Two firms, Alpha and Beta, produce identical computer hard drives. They have
identical costs, and the hard drives they produce are identical. The industry is a natural
duopoly. Alpha and Beta enter into a collusive agreement, according to which they
split the market equally. If both firms cheat on the agreement so the market is the same
as a competitive market,
they will operate in a way indistinguishable from a monopoly.
each firm will make zero economic profit.
each firm will increase its economic profit.
the price of a hard drive will be above marginal cost.
John and Sally have identical preferences except that Sally’s utility is exactly 10 times
John’s for each basket of goods. If they have the same income and face the same
prices,
Sally will consume 10 times the amount that John consumes.
Sally will receive 1/10 the satisfaction of John.
both will consume the same amount of all goods.
John and Sally will have equal total utility.
efficient only if the trout farmer owns the river
inefficient if the farming operation owns the river
efficient if either the farming operation or the trout farmer own the river
always inefficient
On-the-job-training is a example of
increasing labor force participation.
investment in human capital.
investment in physical capital.
technological change.
Which of the following is NOT included in M1?
Currency.
Checking deposits owned by individuals.
Saving deposits.
Traveler’s checks.
Which of the following counts as part of money?
$10,000 of gold
$10,000 of government bonds
$10,000 in a checking account
$10,000 of corporate bonds
Suppose that M = 300 , P = 150 , and Y = 6 . Then the velocity of circulation equals
0.02.
0.50.
2.00.
3.00.
Stagflation occurs when the
price level and real GDP increase at the same time.
price level and real GDP decrease at the same time.
price level increases and real GDP decreases.
price level decreases and real GDP increase.
In the short run, with fixed prices and no imports and no income taxes, a decrease in
investment
decreases real GDP by the same amount.
decreases real GDP by a smaller amount.
decreases real GDP by a larger amount.
increases real GDP because of the increase in induced expenditures.
A key element of the new classical model of the business cycle is
sticky prices.
a horizontal SAS curve.
rational expectations.
random fluctuations in technology.
In real business cycle theory, the impulse for a business cycle is
changes in investment.
changes in the quantity of money.
unexpected changes in aggregate demand.
technological change.
A contractionary fiscal policy is
a cut in taxes.
an increase in taxes.
an increase in government purchases.
None of the above is a contractionary fiscal policy.
a stable money supply
price level stability
full employment
sustained economic growth
Monetary policy affects macroeconomic performance by
changing aggregate supply.
creating budget surpluses.
changing aggregate demand.
creating budget deficits.
If the Fed unexpectedly increases the growth rate of the quantity of money, the
short-run Phillips curve
shifts leftward.
shifts rightward.
does not shift.
becomes vertical.
The usual result when inflation is reduced is
an immediate strong expansion.
a recession.
more rapid growth in aggregate demand.
not known.
Opportunity cost can be measured by the
price of the product in one nation relative to the price of the product in another
nation.
average cost of production.
total cost of production.
magnitude of the slope of the production possibilities frontier.
International trade arises from
absolute advantage.
comparative advantage.
importation duties.
the advantage of execution.
International trade allows countries to
produce and consume on their PPFs.
produce beyond their PPFs.
consume beyond their PPFs.
produce and consume beyond their PPFs.
If cloth can be produced at a lower opportunity cost abroad, then the United States will experience a gain if it
imports cloth.
places a quota on cloth.
subsidizes the U.S. cloth industry.
places a tariff on imported cloth.
The balance of payments account used to record payments for imported goods and
services is the
current account.
exim account.
import account.
capital account.
A fall in the U.S. exchange rate will
increase the quantity of dollars demanded.
decrease the quantity of dollars demanded.
increase the demand for dollars.
decrease the demand for dollars.
Annie Pizza can produce a pizza for a marginal cost of $2. Its standard price is $15 per
pizza. It offers a second pizza for $5. It also distributes coupons that give a $5 refund on
a standard-price pizza.
(一) How can Annie make a larger economic profit with this range of prices than it
could if it sold every pizza for $15? (3%)
(二) Draw a figure that illustrates your answer to part (一). (3%)
(三) Can you think of a way of increasing Annie Pizza’s economic profit even more?
(3%)
(四) Is Annie Pizza more efficient than it would be if it charged just one price? (3%)
Betty and Anna work at the same office in Philadelphia. They both must attend a
meeting in Pittsburgh, and they have decided to drive to the meeting together. Betty is a
cigarette smoker and her marginal benefit from smoking one package of cigarettes a day
is $40. The price of a package of cigarettes is $6. Anna dislikes cigarette smoke, and her
marginal benefit from a smoke-free environment is $50 a day. What is the outcome if
(一) Betty drives her can with Anna as a passenger. (Betty has the property right to the
air in her car.) (4%)
(二) Anna drives her can with Betty as a passenger (Anna has the property right to the
air in her car.) (4%)
(一) 請建構一開放經濟簡單凱因斯模型(open economy simple Keynesian model)。
(5%)
(二) 請繪圖說明何以開放經濟簡單凱因斯模型之自發性支出乘數會大於封閉經濟
下之自發性支出乘數。
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