short run; rise
long run; rise
short run; fall
long run; fall
describes the limits to a household’s consumption choices
illustrates a household’s preferences
defines a household’s consumption when prices change
shows the income a household needs to be able to buy goods and services
Kumiko is not at her consumer equilibrium. She sees too many movies and buys too
few books. As she moves toward her consumer equilibrium, her total utility from
movies will
decrease. So will her total utility from books.
increase, but her total utility from books will decrease.
decrease, but her total utility from books will increase.
increase. So will her total utility from books.
Which of the following statements is true?
Average fixed cost equals average total cost plus average variable cost.
Average variable cost is always greater than average fixed cost.
Average fixed cost equals total fixed cost divided by total output.
Average total cost always falls as output increases.
average fixed cost
average variable cost
average total cost
marginal cost
Which of the following is FALSE?
Long-run average variable costs equal long-run average total costs.
Fixed costs increase in the long run.
As a firm produces more output, it might eventually experiences diseconomies of
scale.
In the long run, both the amount of capital and labor used by the firm can be
changed.
exit; covering only their total fixed costs
enter; making zero economic profit
exit; producing at the minimum point on their long-run average cost curve
enter; making zero normal profit
relative price; marginal cost; y-axis
relative price; total cost; y-axis
relative price; opportunity cost; x-axis
price; opportunity cost; x-axis
equals; increases
equals the; decreases
rises above; increases
falls below; increases
A high four-firm concentration ratio implies
an absence of product differentiation.
a presence of product differentiation.
an absence of competition.
a presence of competition.
Which of the following is true?
Technological efficiency occurs if the maximum feasible amount of output is
achieved from a given quantity of inputs.
Technological efficiency depends on the relative cost of the resources used in
production.
If production is technologically efficient then it must be economically efficient.
All of the above answers are correct.
In a perfectly competitive market, if a firm finds it is producing an amount of output
such that its marginal cost exceeds its price, it will
immediately shut down for the short run.
be maximizing profits.
increase its output to increase its profit.
decrease its output to increase its profit.
Suppose firms in a perfectly competitive industry are earning economic profits. As a
result,
I. new firms enter the industry.
II. the market price falls.
II. the economic profits of the existing firms eventually decreases.
I, II and III
I and II
II and III
I and III
Between 2000 and 2006, the price of a PC fell and the quantity of PCs sold increased.
Which of the explanations below is consistent with these facts?
The demand for PCs increased by more then the supply of PCs increased.
The supply of PCs increased by more than the demand for PCs increased.
The demand for PCs decreased by more then the supply of PCs increased.
Both the supply of PCs and the demand for PCs decreased.
There is a technological advance in the production of a good and simultaneously also
an increase in the expected future price. Which of the following will happen?
The equilibrium price will rise because the supply curve shifts rightward.
The equilibrium price falls because the supply curve shifts leftward.
The technological improvement shifts the supply curve rightward while the
increase in the expected future price shifts the supply curve leftward. The net effect
is not known.
The demand curve shifts rightward and the supply curve does not shift.
Which of the following is NOT included in the M2 definition of money?
Currency held by banks.
Money market mutual fund balances.
Savings deposits.
Checkable deposits.
The law of diminishing returns states that
output increases at a constant rate as more labor is added to a fixed amount of
capital.
output decrease at a constant rate as more labor is added to a fixed amount of
capital.
as both labor and capital are increased, output increases at a slowing rate.
output increases at a decreasing rate as more labor is added to a fixed amount of
capital.
If the Fed increases the quantity of money when the economy is at potential GDP, then
the
LAS curve shifts rightward and then eventually shifts back leftward.
AD curve shifts rightward along the SAS curve and the SAS eventually shifts
leftward.
AD curve shifts rightward along the SAS curve and the LAS curve eventually shifts
rightward to that equilibrium point.
SAS curve shifts rightward along the AD curve and the LAS curve eventually shifts
rightward to that equilibrium point.
If there is an unanticipated increase in the inflation rate,
workers gain at the expense of employers.
taxpayers gain at the expense of the government.
borrowers gain at the expense of lenders.
social security and private pension recipients gain.
the inflation rate has been 3 percent per year for several years, and the unemployment
rate has been stable at 5 percent. Unanticipated changes in monetary policy cause the
inflation rate to increase to 6 percent. In the short run, the unemployment rate will
remain constant.
increase to 8 percent.
increase, but the exact amount cannot be known for sure.
decrease.
Which of the following statements is correct?
Actual aggregate expenditures does not always equal real GDP.
Planned investment exceeds actual investment when real GDP is greater than
aggregate planned expenditures.
Actual investment exceeds planned investment when real GDP is less than
aggregate planned expenditures.
None of the above are correct.
autonomous expenditure; upward; the price level; leftward
the price level; downward; autonomous expenditure; rightward
the price level; upward; autonomous expenditure; leftward
autonomous expenditure; upward; the price level; rightward
In the new Keynesian rational expectations theory of the business cycle, the money
wage rate is
permanently rigid downward and upward.
able to adjust only in an asymmetric way.
flexible.
fixed for a time under long-term contracts.
“Intertemporal substitution” in labor supply describes shifts in labor supply in response
to changes in
personal tax rates.
investment spending.
the real interest rate.
consumer demand for goods.
According to which theory of the business cycle do changes in the quantity of money
never play a role in helping to explaining fluctuations in real variables?
Keynesian
Monetarist
Rational Expectations
Real business cycle
According to monetarists such as Milton Friedman, the Great Depression was the
result of
the stock market crash of 1929.
a massive contraction of the quantity of money, leading to large decreases in
aggregate demand.
an expansion of the quantity of money, leading to higher inflation.
loss of business and consumer confidence.
budget surplus of $300
budget deficit of $375
budget deficit of $550
budget surplus of $650
Using the AD-AS model, an increase in government spending
has no impact on real GDP.
has no impact on real GDP, but will increase potential GDP.
increases both real GDP and the price level.
has a full multiplier effect on real GDP, leaving unchanged the price level in the
short run.
If the MPC is 0.6, what is the lump-sum tax multiplier?
2.5
−2.5
−1.5
1.5
If the Fed faces changes in cost-push pressure that shift the SAS curve, the Fed’s
monetary policy shifts the
AD curve.
SAS curve.
LAS curve.
SAS and LAS curve.
equals; equals
is less than; is greater than
is greater than; equals
is greater than; is greater than
Machland has a bowed-out production possibilities frontier with machines on the
vertical axis and services on the horizontal axis. As Machland moves up along its PPF,
the opportunity cost of
machines and services both increase.
machines and services both decrease.
machines increases and the opportunity cost of services decreases.
machines decreases and the opportunity cost of services increases.
If country A has a comparative advantage in the production of good X over country B,
then
country A also has a absolute advantage in the production of this good.
the opportunity cost of producing X in country A is higher than in country B.
the opportunity cost of producing X in country A is lower than in country B.
we do not have enough information to say anything about relative opportunity
costs.
Festivalia and Partyland are two countries, each of which produces chocolate and soda.
In Festivali, the opportunity cost of 3,000 pounds of chocolate is 9,000 gallons of soda:
In partyland, the opportunity cost of 2,000 gallons of soda is 8,000 pounds of chocolate.
What is the opportunity cost of one gallon of soda in Festivalia?
1/4 pound of chocolate
1/3 pound of chocolate
3 pound of chocolate
4 pound of chocolate
If the Fed sells U.S. dollars, the exchange rate
rises.
does not change.
falls.
changes, but the direction depends on whether the Fed affected the demand for
dollars or the supply of dollars.
1. 最近泡麵、沙拉油等價格蠢蠢欲動,是為成本推動的通貨膨脹,請繪圖說明
該通貨膨脹型態之產出與物價的變動方向為何? (5%)
2. 請以菲力普曲線(Phillips curve)說明政府該如何抑制成本推動的通貨膨脹?
(5%)
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