Suppose a graph is drawn to show a consumer’s preferences for football tickets and
basketball tickets. The quantity of football tickers is measured on the horizontal axis. If
the price-consumption curve is horizontal when the price of football tickets changes,
then
football tickets are an inferior good.
the demand for football tickets is perfectly elastic.
the demand for football tickets is unit elastic.
the demand curve for football tickets will be horizontal.
Sarah and David both have linear demand curves for lemonade. Sarah’s demand curve
for lemonade intersects David’s demand curve at a price of 50 cents per glass. Sarah’s
demand curve is more inelastic than David’s. A change in the price of lemonade from
50 cents to 25 cents per glass will
decrease Sarah’s consumer surplus more than David’s.
decrease David’s consumer surplus more than Sarah’s.
increase Sarah’s consumer surplus more than David’s.
increase David’s consumer surplus more than Sarah’s.
A small business owner earns $5,000 in revenue annually. The explicit annual costs
equal $3,000. The owner could work for someone else and earn $2,500 annually. The
owner’s business profit is _____ and the economic profit is ____.
$2,000, $500
$2,000, − $500
$2,500, − $500
$4,500, − $500
The below figure shows supply and demand curves for apartment units in a large city.
If the city government passes a law that establishes $350 per month as the legal
maximum rent, the consumer’s net gain in surplus equals
c − f
b − f
d − f
b − g
If the utility function (U) between food (F) and clothing (C) can be represented as
U = F×C , the marginal rate of substitution of clothing for food equals
−C/F
−F/C
− C/F
− F/C
Suppose the production possibilities for two countries, producing either food or
clothing, are shown in the below figure. They can each produce any linear combination
as well. Measuring food on the horizontal axis, the joint production possibility frontier
will have a slope of −2/3 over the entire frontier.
will have a slope of −2 when less than 20 units of food are produced.
will have a slope of −1 when less than 20 units of food are produced.
will have a slope of −1/2 when less than 20 units of food are produced.
Which of the following total cost functions suggests the presence of a natural monopoly?
TC = 2Q
TC = 100 + 2Q
TC =100+ 2Q2
All of the above.
A perfect-price-discriminating monopoly’s marginal revenue curve
lies below the demand curve.
is the demand curve.
varies for each consumer.
is the same as the monopolist’s marginal revenue curve.
A multimarket price discriminator sells its product in Florida for three times the price it
sets in New York. Assuming the firm faces the same constant marginal cost in each
market and the price elasticity of demand in New York is −2.0, the demand in Florida
has an elasticity of −6.0.
is more price elastic than the demand in New York.
has an elasticity of −1.2.
has an elasticity of −0.67.
The demand for a monopoly’s output is p = 100 − Q. The firm’s production function is
Q = 2L. Which of the following is the firm’s demand for labor?
w = 200 − 8L
w = 200 − 4L
w = 100 − L
w = 2L
Bob invests $50 in an investment that has a 50% chance of being worth $100 and a 50%
chance of being worth $0. From this information we can conclude that Bob is NOT
risk loving
risk neutral
risk averse
rational
A tax on a previously untaxed monopoly-produced good will necessarily lower total
welfare if
the demand curve is relatively inelastic.
the demand curve is relatively elastic.
less than the socially optimum is produced before the tax.
more than socially optimum is produced before the tax.
If the Fed adopted an anticipated rule to slow the inflation rate, then the
long-run Phillips Curve shifts leftward.
long-run Phillips Curve shifts rightward.
short-run Phillips Curve shifts downward.
short-run Phillips Curve shifts upward.
The traditional monetarist prescription for a permanent decrease in aggregate demand is a
fixed rule that calls for budget deficits and increasing the growth rate of the quantity
of money.
feedback rule that calls for budget deficits and increasing the growth rate of the
quantity of money.
feedback rule that calls for budget surpluses and decreasing the growth rate of the
quantity of money.
fixed rule that keeps constant taxes, government purchases and the growth rate of
the quantity of money.
Which of the following is NOT considered to be in the labor force?
A student who works part-time.
A person who is not working but who has tried to find a job in the past week.
A person who waiting to start a new job in the next 30 days.
A person who is not working and who has not tried to find a job.
Which of the following will decrease the unemployment rate?
Discouraged workers leave the labor force.
More women enter the labor force and seek jobs.
Young people graduate from college and start to look for their first full-time job.
None of the above because they all increase or do not change the unemployment rate.
Andrew just lost his job as a corkscrew operator since his company has found a
machine to perform his work tasks. Andrew did not have the skills needed to operate
the machine. Andrew has searched for a new job for 6 months and continues to search.
Therefore, Andrew is considered to be
frictionally unemployed.
a discouraged worker.
cyclically unemployed.
structurally unemployed.
Full employment occurs when the
unemployment rate equals the natural rate of unemployment.
structural unemployment rate equals the frictional unemployment rate.
natural unemployment rate equals the frictional unemployment rate.
cyclical unemployment rate equals the natural rate of unemployment.
Which of the following is (are) TRUE regarding the demand for labor?
I. The quantity of labor demanded depends on the real wage rate.
II. If the money wage rate increases and the price level remains the same, the quantity
of labor demanded decreases.
III. If the money wage rate and the price level increase in the same proportion, the
quantity of labor demanded decreases.
I.
I and II.
II and III.
I, II and III.
Suppose the equilibrium real wage is $35 per hour and the current real wage rises to
$40 per hour while the equilibrium real wage remains $35 per hour. Which of the
following will occur?
I. Job search will increase.
II. The unemployment rate will be greater than the natural rate of unemployment.
III. Labor productivity will increase.
I only.
I and II.
I and III.
I, II and III.
From the data in the below table, GDP equals
$1,120
$1,280
$1,290
$1,360
If the Federal Reserve wanted to increase the quantity of money, it would
convince the federal government to run a budget deficit.
sell government securities in the open market.
purchase government securities in the open market.
tell the banks to lower interest rates.
Banks hold no excess reserves and the public holds no currency. Suppose that the
required reserve ratio is lowered from 20 percent to 10 percent. The effect of lowering
the required reserve ratio is to
decrease the deposit multiplier from 0.2 to 0.1
increase the deposit multiplier from 5 to 10
increase the deposit multiplier from 6 to 10
decrease the deposit multiplier from 0.16 to 0.1
In the below table, C is consumption expenditure, I is investment, G is government
purchases, X is exports, and M is imports. All entries are in dollars. What is the
equilibrium expenditure?
$200
$500
$700
$1,000
When the real interest rate rises, which of the following is true?
Consumption and planned in investment spending rise.
Consumption and planned in investment spending fall.
Consumption spending rises while planned investment spending falls.
Consumption spending falls while planned investment spending rises.
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