According to the Coase theorem, for private transactions to be efficient, properly rights
must be defined, but it does not matter who owns the property.
must be defined, but it is crucial as to who owns the property.
need not be defined as long as there are no transactions costs present.
need to be defined by the government to avoid producers from exploiting high
transactions costs.
If the wage rate is ________ the marginal revenue product, a firm can increase its
profit by ________ .
greater than; selling an extra unit of output
less than; selling one less unit of output
less than; hiring an extra worker
less than; hiring one less worker
One of the lessons learned from studying regulation of cartels is that
regulators generally succeeded in keeping prices in regulated industries lower than
they would otherwise have been.
regulators often ended up keeping prices higher in regulated industries than they
otherwise would have been.
regulation is pro-consumer most of the time.
regulation is only used when the firm is a natural monopoly.
When the price of ground beef rises 10%, the quantity of chicken demanded rises 8%;
the cross-price elasticity of demand for ground beef and chicken is
0.8
−0.8
80
1.25
The demand curve facing a perfectly competitive firm is
vertical
horizontal
positively sloped
negatively sloped.
IBM keeps its prices high and ASUS lowers its prices.
both IBM and ASUS lower prices.
ASUS keeps its prices high and IBM lowers its prices.
both IBM and ASUS keep prices high.
The new Keynesian theory of the business cycle asserts that ________ generate
changes in ________ .
both anticipated and unanticipated events; aggregate demand
anticipated events only; aggregate demand
anticipated events only; aggregate supply
both anticipated and unanticipated events; aggregate supply
If bread costs $1 per pound and meat costs $2 per pound, a consumer whose marginal
utility of meat equals 40 utility per pound is maximizing utility only if the marginal
utility per pound of bread equals
10
5
40
20
Please analyze the following paragraph by the concepts of economic theories.
(30%)
Our understanding of how markets and businesses operate was passed down
to us more than a century ago by a handful of European economists-Alfred
Marshall in England and a few of his contemporaries on the continent. It is an
understanding based squarely upon the assumption of diminishing returns: products
or companies that get ahead in a market eventually run into limitations, so that a
predictable equilibrium of prices and market shares is reached. The theory was
roughly valid for the bulk-processing, smokestack economy of Marshall’s day. And
it still thrives in today’s economies textbooks. But steadily and continuously in this
century. Western economies have undergone a transformation from bulk-material
manufacturing to design and use of technology-from processing of resources to
processing of information, from application of raw energy to application of ideas.
As this shift has occurred, the underlying mechanisms that determine economic
behavior have shifted from ones of diminishing to ones of increasing returns.
(Adopted from Brain AW "Increasing and the New World of Business". Harvard
Business Review P100~109 1996)
Please analyze the following paragraph by the concepts of economic theories.
(30%)
WHICH economy has been hit hardest by the global slump? In its back pages
and on its website The Economist tracks 55 countries each week. Based on
industrial production, Taiwan has suffered much the biggest shock.
Taiwan is one of the world’s most export-dependent economies, making many
high-tech gadgets for Western consumers, so it has been battered by the stump in
global demand. Exports plunged by a record 44% in the year to January. The slide
in exports has been exacerbated by a drying up of trade credit. This partly explains
why imports also fell by 57% over the period. Exports may therefore partly recover
as credit improves.
Taiwan’s Exports to China have declined by 59% over the past year, twice as
fast as exports to America. Sales to China (over one-quarter of the total) consist
largely of electronic components, and have been hit by massive Chinese destocking.
The island’s electronics industry is enduring its worst-ever slump. Falling exports
have, in turn. Squeezed domestic spending. Unemployment rose to a six-year high
of 5% in December, and the true picture may be far bleaker.
Even before the financial crisis, household spending had seen the weakest
growth rate among the East Asian tigers. One reason is that people with the
spending power are elsewhere. Over the past eight years, around 1m Taiwanese
business executives, who from much of the island’s moneyed managerial class,
have moved to China to run factories there. Several economists are now forecasting
that Taiwan’s GDP will contract by 3% or more this year, which would be the
steepest downturn in Taiwan’s history.
To prop up the economy, the central bank has cut interest rates six times since
September, to 1.5%. The government also plans a fiscal stimulus of infrastructure
investment, consumer handouts and tax cuts worth around 3% of GDP in 2009. To
boost consumer spending. the government is giving each citizen a voucher worth
NT$3,600 ($106). But many economists are skeptical about whether this will
produce much new spending.
(Adopted from "Mirror, minor an the wall: The ugliest economy of them all?" The
Economist print edition Feb 12th 2009)
可觀看題目詳解,並提供模擬測驗!(免費會員無法觀看研究所試題解答)