98年國立交通大學科技管理研究所經濟學線上測驗

1.: Which person has the highest opportunity cost of obtaining a college degree (assuming
that attending college requires giving up his or her current position)?
(A): Bill, who is unemployed.
(B): Jane, who is an unwed mother and earns $15,000 a year.
(C): Larry, who is a technician in the Navy earning $18,000 a year with free food and
housing.
(D): Mary, who has a job earning $60,000 a year as a computer programmer.
(E): Unable to determine from the data given.

2.: How does scarcity affect the range of possible choices that decision makers face?
(A): It narrows the choice to a single option.
(B): It narrows the range of choices.
(C): It increases the possible methods for solving problems.
(D): It clarifies the choices by highlighting the best solutions.
(E): It simplifies the choices and therefore widens the range.

3.: Pork can be used to produce bacon or sausage, but not both. If the price of bacon rises
for some reason, then, everything else equal,
(A): the price of sausage will rise.
(B): the price of sausage will fall.
(C): the resources used in raising Pork will become more expensive.
(D): the resources used in raising Pork will become less expensive.

4.: It might be useful to think of macroeconomics as a study of ________ and
microeconomics as a study of ________ .
(A): big corporations, small businesses
(B): oceans, fish
(C): the long run, the short run
(D): abstract, concrete
(E): theory, reality

5.: Which of the following is included in GDP?
(A): the value of illegally produced goods.
(B): the value of housework by a stay-at-home dad.
(C): the value of volunteer work done at a local homeless shelter.
(D): the cost of government-provided social services.

6.: If part of the labor force is unemployed, the foregone goods and services are
(A): lost until the unemployed find jobs.
(B): are replaced by unemployment insurance.
(C): are lost forever.
(D): are replaced by an equal amount of imports.

7.: When a lender underestimates the rate of inflation,
(A): purchasing power is redistributed to the lender.
(B): purchasing power is redistributed to the borrower.
(C): the real rate of interest will be higher than expected.
(D): the nominal interest rate was set too low.

8.: The marginal propensity to consume is
(A): disposable income divided by consumption.
(B): the change in consumption divided by the change in disposable income.
(C): consumption divided by disposable income.
(D): the change in disposable income divided by the change in consumption.

9.: The basic idea behind the multiplier is that an increase in
(A): GDP brings about an additional, larger increase in GDP.
(B): consumer spending causes a larger increase in investment spending.
(C): government spending causes a larger increase in tax revenues.
(D): spending will cause an even larger increase in equilibrium GDP.

10.: If net exports are reduced, the expenditure schedule will shift
(A): downward and equilibrium real GDP will rise.
(B): upward and equilibrium real GDP will rise.
(C): downward and equilibrium real GDP will fall.
(D): upward and equilibrium real GDP will fall.

11.: If scientific research produces a technological breakthrough in the production of
computer memory, then
(A): business costs will increase, profits will fall, and production will decrease.
(B): business costs will fall, but profits will also fall, and production will decrease.
(C): business costs will fall, profits will improve, and production will increase.
(D): profits will increase, allowing businesses to cut back production.

12.: The reason why inflation reduces the value of the multiplier is that part of the change
in demand is
(A): absorbed by price changes.
(B): saved rather than spent.
(C): matched by changes in supply.
(D): matched by changes in income.

13.: Expansionary fiscal policy can cause a rise in real GDP in combination with
(A): an increase in the price level.
(B): a decrease in the price level.
(C): on change in the price level.
(D): a decrease in the price level if the aggregate supply curve is upward sloping.

14.: Barter is a system of
(A): trade without the use of money.
(B): trading one good for another.
(C): the double coincidence of wants.
(D): All of the above are correct.

15.: Fiat money is money
(A): backed by land.
(B): backed by gold or silver.
(C): that can be converted to gold or silver.
(D): because a government says it is.

16.: Excess reserves make a bank less vulnerable to runs, but bankers do not like to hold
excess reserves because holding excess reserves
(A): are disliked by depositors.
(B): means lower profits for banks.
(C): are discouraged by government regulators.
(D): All of the above are correct.

17.: Fiscal policy has a role in monetarist analysis because expansionary fiscal policy
(A): stimulates investment spending and reduces the money supply.
(B): increase consumer spending and decrease saving.
(C): increase interest rates, and higher interest rates increase velocity.
(D): reduces interest rates, which stimulates investment demand.

18.: The Phillips curve shows the relationship between
(A): the rate of inflation and the rate of unemployment.
(B): the rate of growth of real GDP and the rate of unemployment.
(C): real prices and real GDP.
(D): the rate of inflation and the rate of growth of real GDP.

19.: As a result of pure free trade in a commodity the
(A): price of the commodity must be the same in all countries.
(B): total quantity imported will exceed the total quantity exported.
(C): price of the commodity will be higher in the producing country.
(D): price of the commodity will be lower in the producing country.

20.: What factors are held constant along a given demand curve for a good?
(A): the price of the good.
(B): the technology used to produce the good.
(C): the supply of the good.
(D): consumer incomes and the prices of other goods.

21.: The term “unit elasticity” is used to describe a situation in which a rise in price is
accompanied by
(A): a fall in total expenditure.
(B): a rise in total expenditure.
(C): constant total expenditure.
(D): a unit decrease in total expenditure.

22.: The result that perfectly competitive firms produce at the lowest per-unit cost is
derived from the assumptions of
(A): homogeneous products.
(B): few sellers.
(C): firms facing horizontal demand curves.
(D): free entry and exit.

23.: in the long run the prices charged by a firm in monopolistic competition will be
(A): high enough to provide profits to the firm.
(B): so low that many firms will drop out of the industry.
(C): equal to marginal cost.
(D): equal to average cost, including the opportunity cost of capital.

24.: The derived demand curve for loans slopes downward because as interest rates
(A): fall, future income becomes less valuable.
(B): fall, investors develop pessimistic expectations.
(C): fall, future income becomes more valuable.
(D): rise, investors become pessimistic.

25.: “If a player has a dominant strategy in a simultaneous-move game, then she is sure
to get her best possible outcome.” True or false? Explain and give an example of a
gem that illustrates your answer.

26.: Suppose that the government increases taxes without also increasing spending. In
the short run, how will this action affect real GDP and the price level in a closed
economy? How will the effect of this action differ in an open economy?

27.: True/False Questions. Briefly explain your answer. (10%)
1. Fiscal policy has a greater impact in a closed economy than it does in an open
economy.
2. Ceteris paribus, falling demand by foreign portfolio managers for U.S. stocks
and bonds will cause a depreciation in the dollar and rising U.S. price level.

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