Suppose the price elasticity of demand for bouquets of flowers is 4.0. You are charging
$8 per bouquet. If you want to increase the quantity of bouquets you sell by 20 percent,
you should charge (3%) per bouquet.
The price elasticity of demand for adults for cigarettes is 0.4. If government wants to
reduce smoking among adults by 15 percent, by what percentage should it raise the
price of cigarettes by (3%) percent.
The table above gives the demand and supply schedules for gasoline in Taipei. Suppose
a subsidy on bread of $5 per gallon is given to gas producers.
(1) After the subsidy is granted, the price paid by buyers for a gallon of gas is
(2%) and the quantity of gas sold is (2%) .
(2) After the subsidy is granted, the amount that sellers receive for a gallon of gas is
(3%)
(3) After the subsidy is granted, the marginal social cost of the last gallon of gas
produced is (3%) , its marginal social benefit is (3%) . If there are no
external costs or external benefits is the bread market efficient once the subsidy is
granted? (2%)
In the classical model with fixed income, if the interest rate is too low, then investment
is too and the demand for output the supply.
high; exceeds
high; falls short of
low; exceeds
low; falls short of
If the marginal product of capital net of depreciation equals 8 percent, the rate of
growth of population equals 2 percent, and the rate of labor-augmenting technical
progress equals 2 percent, to reach the Golden Rule level of the capital stock the
rate in this economy must be .
population growth; decreased
real wage growth; increased
depreciation; decreased
saving; increased
total output growth; decreased
According to the IS-LM model, if congress raises taxes but the central government
wants to hold the interest rate constant, then the central government must
the money supply.
increase
decrease
not change
first increase and then decrease
first decrease and then increase
For a fixed money supply, the aggregate demand curve slopes downward because at a
lower price level real money balances are generating a
quantity of output demanded.
higher, greater
higher, smaller
unchanged; same level
lower; greater
lower, smaller
The one-to-one relation between the inflation rate and the nominal interest rate, the
Fisher effect, assumes that the:
money supply is constant
velocity is constant
unemployment rate is constant
inflation rate is constant
real interest rate is constant
When exports exceed imports, all of the following are true except:
net capital outflows are positive
net exports are positive
domestic investment exceeds domestic saving
domestic output exceeds spending
all of above statements are true
The lower the real exchange rate is the expensive domestic goods are
relative to foreign goods, and the the demand is for net exports.
more; greater
more; smaller
more; no change
less; greater
less; smaller
If a country chooses to have free capital flows and to maintain a fixed exchange rate,
then it must
live with exchange-rate volatility
restrict its citizens from participating in world financial markets
give up the use of monetary policy for purpose of domestic stabilization
give up the use of fical policy for purpose of domestic stabilization
give up the use of trade policy for purpose of domestic stabilization
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