1、第 1 页 共 42 页MankiwEssentials of EconomicsTest BankPoints 1.Multiple Choice1) Economics deals primarily with the concept of( )a) scarcity.b) poverty.c) change.d) power.2) Which of the following is NOT included in the decisions that every society must make?( )a) what goods will be producedb) who will
2、produce goodsc) what determines consumer preferences 消费者的偏好d) who will consume the goods3) A rational decision maker takes an action only if the( )a) marginal benefit is less than the marginal cost.b) marginal benefit is greater than the marginal cost.c) average benefit is greater than the average c
3、ost.d) marginal benefit is greater than both the average cost and the marginal cost.4) Macroeconomics is the study of（）a) individual decision makers.b) economic history.c) economy-wide phenomena.d) how firms maximize profit5) A microeconomist might study each of the following EXCEPT( )a) the effects
4、 of rent control on housing in New York City.b) how a college student makes financial decisions.c) how tariffs on shoes affects the shoe industry.d) the effect on the economy when unemployment rates change.6) The term market failure refers to( )a) a situation in which the market on its own fails to
5、allocate resources 第 2 页 共 42 页efficiently.b) an unsuccessful advertising campaign which reduces buyer demand.c) a situation in which competition among firms becomes ruthless.d) a firm which is forced out of business because of losses.7) Which of the following is an example of a normative 规范（主观）stat
6、ement?( )a) If the price of a product decreases, quantity demanded increases. b) Reducing tax rates on the wealthy would be good for the country. c) If the national saving rate were to increase, so would the rate of economic growth.d) All of the above are correct.8) For each good produced in a marke
7、t economy, demand and supply determine( )a) the price of the good, but not the quantity.b) the quantity of the good, but not the price.c) both price and quantity.d) neither price nor quantity is determined by demand and supply, because prices are ultimately set by producers.9) A higher price for bat
8、teries 电池 would tend to（ ）a) increase the demand for flashlights.b) increase the demand for electricity.c) decrease the demand for electricity.d) increase the demand for batteries10) Two goods are complements if a decrease in the price of one good( )a) increases the quantity demanded of the other go
9、od.b) reduces the demand for the other good.c) reduces the quantity demanded of the other good.d) raises the demand for the other good.11) If a shortage exists in a market we know that the actual price is( )a) below equilibrium price and quantity demanded is greater than quantity supplied.b) above e
10、quilibrium price and quantity demanded is greater than quantity supplied.c) above equilibrium price and quantity supplied is greater than quantity demanded.d) below equilibrium price and quantity supplied is greater than quantity demanded.第 3 页 共 42 页12) When the government prevents prices from adju
11、sting naturally to supply and demand( )a) it stabilizes the economy by reducing market uncertainties.b) it adversely affects the allocation of resources.影响了资源的分配c) the improvement in equity justifies the reduction in efficiency.d) the improvement in efficiency justifies the reduction in equity.13) K
12、nowing that the demand for wheat is inelastic, if all farm voluntarily plowed under 10 percent of their wheat crop, then ( )a) consumers of wheat would buy more wheat.b) wheat farmers would suffer a reduction in their revenue.c) wheat farmers would increase their revenue.d) the demand for wheat woul
13、d decrease.14) Suppose that a steel factory emits a certain amount of air pollution, which constitutes a negative externality. The social cost of producing the steel includes the( )a) private costs of the steel producers and the price consumers pay for the steel.b) private costs of the steel produce
14、rs and the costs to the bystanders affected by the pollution.c) costs to the bystanders effected by the pollution only.d) price consumers pay for the steel.15) The Tragedy of commons can be corrected by( )a) providing more of the resource for public use.b) assigning property rights to individuals.公地
15、悲剧可以通过产权私人化来解决c) providing government subsidies for the resource.d) making certain everyone in the economy has access to the resource16) Which of the following is NOT true?( )a) In the presence of a market failure, government action might not improve on the market outcome because sometimes public po
16、licies simply reward the politically powerful.b) In the presence of a market failure, government action might not improve on the market outcome because some leaders are not fully informed about the effects of their actions.c) In the presence of a market failure, government action can sometimes impro
17、ve on the market outcome.d) In the presence of a market failure, government action will always 第 4 页 共 42 页improve on the market outcome.17) If an economy is producing efficiently( )a) there is no way to produce more of one good without producing less of the other.b) it is possible to produce more o
18、f both goods.c) it is possible to produce more of one good without producing less of the other.d) it is not possible to produce more of one good at any cost.18) The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the( )a) amount of the other good t
19、hat must be given up.其他商品的数量需要放弃b) market price of the additional amount produced.c) amount of resources that must be devoted to its production. d) dnumber of dollars that must be spent to produce it.When a firm is operating at an efficient scale( ) 19)a) average variable cost is minimized.b) averag
20、e fixed cost is minimized.c) average total cost is minimized.d) None of the above are correct.Figure 120) According figure 1, on the production possibilities frontier shown, the opportunity cost to the economy of getting 30 additional toothbrushes by moving from point A to point D is( )a) 10 toaster
21、s.b) 15 toasters.c) 20 toasters.d) 25 toasters.第 5 页 共 42 页21) When a profits-maximizing firm in a perfectly competitive market has zero economic profit, accounting profit( )a) is negative (accounting losses).b) is positive.c) is also zero.d) could be positive, negative or zero22) In the figure2 sho
22、wn, the movement from point A to point B is a( )a) shift of the curve.b) change in preferences.c) movement along the curve.因为是价格的变动，所以沿着曲线d) All of the above are correct.Figure 223) In the figure 3 shown, the movement from point B to point C is a( )a) shift of the curve.b) change in price. movement
23、along the curve.c) change in costs to the firm.Figure 324) Two goods are substitutes if a decrease in the price of one good( )a) increases the demand for the other good.第 6 页 共 42 页b) reduces the demand for the other good.c) reduces the quantity demanded of the other good.d) increases the quantity d
24、emanded of the other good.25) Two goods are complements if a decrease in the price of one good( )a) increases the quantity demanded of the other good.b) reduces the demand for the other good.c) reduces the quantity demanded of the other good.d) raises the demand for the other good.26) If a decrease
25、in income increases the demand for a good, then the good is( )a) a substitute good.b) a complement good.c) a normal good.d) an inferior good.27) On the firgue3, the movement from D to D1 is called a) an increase in demand.b) a decrease in demand.c) a decrease in quantity demanded.d) an increase in q
26、uantity demanded.28) Which of the following will definitely cause equilibrium quantity to fall?( )a) demand increases and supply decreasesb) demand and supply both decreasec) demand decreases and supply increasesd) demand and supply both increase29) If the demand for a product increases, we would ex
27、pect equilibrium price( )a) to increase and equilibrium quantity to decrease.b) to decrease and equilibrium quantity to increase.c) and equilibrium quantity to both increase.d) and equilibrium quantity to both decrease.30) New cars are normal goods. What will happen to the equilibrium price of new c
28、ars if the price of gasoline rises, the price of steel falls, public transportation becomes cheaper and more comfortable, auto-workers accept lower wages and automobile insurance becomes more expensive?( )a) Price will rise.b) Price will fall.c) Price will stay exactly the same.d) The price change w
29、ill be ambiguous.31) What will happen to the equilibrium price of new textbooks if more 第 7 页 共 42 页students attend college, paper becomes cheaper, textbook authors accept lower royalties and fewer used textbooks are sold?( )a) Price will rise.b) Price will fall.c) Price will stay exactly the same.d
30、) The price change will be ambiguous.32) If the price elasticity of demand for a good is 4.0, then a 10 percent increase in price would result in a( )a) 4.0 percent decrease in the quantity demanded.b) 10 percent decrease in the quantity demanded.c) 40 percent decrease in the quantity demanded.d) 40
31、0 percent decrease in the quantity demanded.33) According to the firgue4, when price falls from point $40 to $30 we know that demand must be( )a) elastic, since total revenue increases from $8000 to $9000.b) inelastic, since total revenue increases from $8000 to $9000.c) inelastic, since total reven
32、ue decreases from $9000 to $8000.d) unit elastic, since total revenue decreases from $9000 to $8000. Figure 434) The cross-price elasticity of demand can tell us whether goods are( )a) normal or inferior.b) elastic or inelastic.c) luxuries or necessities.d) complements or substitutes.35) If wheat fa
33、rmers know that the demand for wheat is inelastic, and they want to increase their total revenue, they should all( )a) plant more wheat so that they would be able to sell more each year.b) increase spending on fertilizer in an attempt to produce more on the 第 8 页 共 42 页acres they farm.c) reduce the
34、number of acres they plant in wheat.d) use better machinery.36) OPEC successfully raised the world price of oil in the 1970s and early 1980s primarily due to( )a) an inelastic demand for oil and a reduction in the amount of oil supplied.b) a reduction in the amount of oil supplied and a world-wide o
35、il embargo.c) a world-wide oil embargo and an elastic demand for oil.d) a reduction in the amount of oil supplied and an elastic demand for oil.37) A price ceiling( )a) is a legal maximum on the price at which a good can be sold.b) is a legal minimum on the price at which a good can be sold.c) occur
36、s when the price in the market is temporarily above equilibrium.d) will usually result in a market surplus.38) A price floor( )a) is a legal 合法的 minimum on the price at which a good can be sold.b) is a legal maximum on the price at which a good can be sold.c) will generally result in a market shorta
37、ge.d) will benefit the consumer, but hurt the supplier.39) A binding price ceiling causes( )a) a shortage, which cannot be eliminated 消除 through market adjustment.b) a surplus, which cannot be eliminated through market adjustment.c) a shortage, which is temporary, since market adjustment will cause
38、price to rise.d) a surplus, which is temporary, since market adjustment will cause price to rise.40) In the figure5 shown, a binding price ceiling is shown in( )a) panel (a).b) panel (b).c) both panel (a) and panel (b).d) neither panel (a) nor panel (b).第 9 页 共 42 页Figure541) According to the figure
39、6 shown, the equilibrium price in the market before the tax is imposed is( )a) $1.00.b) $3.50.c) $5.00.d) $6.00.Figure 642) If a tax is imposed on a market with inelastic demand and elastic supply( )a) buyers will bear most of the burden of the tax.b) sellers will bear most of the burden of the tax.
40、c) the burden of the tax will be shared equally between buyers and sellers.d) it is impossible to determine how the burden of the tax will be shared.43) If a tax is imposed on a market with elastic demand and inelastic supply( )a) buyers will bear most of the burden of the tax.b) sellers will bear m
41、ost of the burden of the tax.第 10 页 共 42 页c) the burden of the tax will be shared equally between buyers and sellers.d) it is impossible to determine how the burden of the tax will be shared.44) Suppose that a tax is placed on books. If the buyer pays the majority of the tax we know that the( )a) su
42、pply curve is more inelastic than the demand curve.b) demand curve is more inelastic than the supply curve.c) government has placed the tax on the seller.d) government has placed the tax on the buyer.45) Cameron visits a sporting goods store to buy a new set of golf clubs. He is willing to pay $750
43、for the clubs, but buys them on sale for $575. Camerons consumer surplus from the purchase is( )a) $175.b) $575.c) $750.d) $1,325.46) According to the figure7 shown, what area represents total surplus in the market when the price is P1?( )a) A + Bb) B + Cc) C + Dd) A + B + C + D figure 747) A profits-maximizing firm will shut down in the short run when( )a) priceaverage variable cost. b) priceaverage total costc) average revenuemarginal cost.
