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1、1 Microeconomics, 8e (Parkin) Testbank 2 Answer （chap1-chap13 ）Chapter 1 What Is Economics? 1) An inducement to take a particular action is called Answer: D 2) All economic questions arise because we Answer: A 3) All economic questions arise because Answer: C 4) Scarcity is Answer: A 5) Scarcity ari
2、ses from Answer: C 6) When an economist talks of scarcity, the economist is referring to the Answer: C 7) Scarcity is experienced by Answer: D 8) Fundamental economic problems basically arise from Answer: D 9) Scarcity exists because Answer: B 10) Scarcity can be eliminated through Answer: D 11) Sca
3、rcity is common to all economic systems because resources are Answer: D 12) People must make choices because Answer: B 13) The problem of scarcity applies Answer: D 14) When a wealthy businessman is unable to buy tickets to the Super Bowl, he or she experiences _. Answer: B 15) In every economic sys
4、tem, choices must be made because resources are _ and our wants are _ Answer: B 16) The fundamental questions in economics result from Answer: D 17) Economics is best defined as Answer: C 18) The study of economics Answer: B 19) Economics is best defined as the science of choice and how people cope
5、with Answer: C 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 1 页，共 16 页 - - - - - - - - - 2 20) Which of the following best defines the subject of economics? Answer: D Chapter 2 The Economic Problem 1) The production possibilities frontier represents Answer: C 2) A
6、production possibilities frontier (PPF) Answer: B 3) Which of the following is NOT true concerning a societys production possibilities frontier (PPF)? Answer: D 4) A point outside a production possibilities frontier indicates Answer: B 5) A production possibilities frontier illustrates the maximum a
7、mount of two different goods that can be produced if Answer: A 6) Which of the following is NOT illustrated by a production possibilities frontier? Answer: D 7) Suppose the country of Popcorn produces only jets and corn. If Popcorn cannot produce any more jets without giving up corn, we say that Pop
8、corn has achieved Answer: B 8) Production efficiency can be defined as Answer: C 9) A society that is on its production possibilities frontier is Answer: D 10) If an economy is operating at a point inside the production possibilities frontier, then Answer: A 11) Any point on a production possibiliti
9、es frontier (PPF) itself is Answer: A 12) A reduction in the amount of unemployment Answer: B 13) A country that must decrease production of one good in order to increase the production of another Answer: B 14) A president of the United States promises to produce more defense goods without any decre
10、ases in the production of other goods. This promise can be valid Answer: B 15) When producing goods and services, tradeoffs exist because Answer: B 16) Opportunity cost is best defined as Answer: C 17) A choice is made. The value of the highest-valued alternative given up is the _ of the choice made
11、. 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 2 页，共 16 页 - - - - - - - - - 3 Answer: C 18) Opportunity cost is expressed in a production possibilities frontier (PPF) by a movement Answer: D 19) When operating on its PPF, a country can produce 2 tons of butter and
12、200 cars OR 3 tons of butter and 150 cars. The opportunity cost of 1 ton of butter is _ cars per ton of butter. Answer: C 20) When moving along the production possibilities frontier, opportunity cost is measured as the Answer: B Chapter 3 Demand and Supply 1) The relative price of a good is Answer:
13、A 2) All of the following statements are true except: Answer: C 3) Joe pays $8,000.00 in tuition. The 8,000 dollar tuition Joe pays is an example of what economists call Answer: B 4) A relative price is Answer: D 5) Suppose the price of a football is $20.00 and the price of a basketball is $10.00. T
14、he _ of a football is _. Answer: A 6) The price of a film camera is $150 and the price of a similar digital camera is $300. What is the relative price of the digital camera? Answer: C 7) The price of a video tape rental is currently $1.50 and the price of a DVD rental is $2.50. If the price of a vid
15、eo tape rental increases by $0.50, the relative price a DVD rental 8) The price of a video tape rental is currently $1.50 and the price of a DVD rental is $2.50. If the price of a video tape rental falls by $0.50, the relative price a DVD rental Answer: A 9) The price of a bag of corn chips is $3, a
16、nd the price of a bottle of soda is $1. What is the relative price of a bag of corn chips? Answer: A 10) The price of a bag of corn chips is $3, and the price of a bottle of soda is $1. What is the relative price of a bottle of soda? Answer: B 11) Twenty years ago a stove cost $300 and a refrigerato
17、r cost $1,500. Today a stove costs $600, while a refrigerator costs $1,800. Which of the following statements is true? Answer: C 12) The ABC Music club charges a price of $8 for a cassette and $16 for a CD. For an ABC Music Club member, the opportunity cost of a CD is Answer: A 名师资料总结 - - -精品资料欢迎下载
18、- - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 3 页，共 16 页 - - - - - - - - - 4 13) If the money price of wheat increases and no other prices change, the Answer: B 14) When graphing a demand curve for corn, we are showing the relationship between the quantity demanded of corn and the Answe
19、r: B 15) The law of demand states that changes in Answer: C 16) The law of demand is illustrated by a Answer: C 17) The law of demand refers to the fact that, all other things remaining the same, when the price of a good rises Answer: D 18) The law of demand states that, other things remaining the s
20、ame, the quantity demanded of any good is Answer: A 19) The law of demand most directly means that consumers buy Answer: B 20) The law of demand states that, other thing remaining the same, the higher Answer: D Chapter 4 Elasticity 1) Elasticity generally measures the Answer: D 2) The price elastici
21、ty of demand equals the magnitude of the Answer: B 3) An elasticity of demand is measured in Answer: D 4) The price elasticity of demand is defined as the magnitude of the Answer: C 5) Suppose the price of burgers increases from $2 to $3 each. The degree to which quantity demanded responds to this p
22、rice increase depends on the Answer: A 6) The price elasticity of demand is calculated as the absolute value of the Answer: A 7) The price elasticity of demand refers to the Answer: C 8) The price elasticity of demand for oranges _ change if the units of the quantity was changed from pounds to kilog
23、rams and _ change if the units of the price was changed from dollars to cents. Answer: D 9) Suppose the quantity of gasoline is measured in gallons and the price of gasoline is measured in dollars. The price elasticity of demand is 0.67. If the price of gasoline was now measured in cents rather than
24、 dollars, the price elasticity of demand would now be 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 4 页，共 16 页 - - - - - - - - - 5 Answer: B 10) To determine the effect a 25 percent increase in the price of apples has on the quantity of apples demanded, you must kno
25、w the value of the Answer: C 11) Because of an increase in the price of leather, the average price of a pair of womens dress shoes increased 12 percent. If the price elasticity of demand for womens dress shoes is 0.85, which of the following will happen? Answer: B 12) The price of a good rises by 12
26、 percent and the price elasticity of demand for the good is 0.85. Which of the following is a correct interpretation of these facts? Answer: D 13) If a 20 percent increase in the price of a used car results in a 10 percent decrease in the quantity of used cars demanded, then the price elasticity of
27、demand equals Answer: A 14) Suppose that the quantity of pizza demanded decreased by 15 percent after an increase in price of 10 percent. What is the price elasticity of demand for pizza? Answer: A 15) When the price of a movie ticket increases from $5 to $7, the quantity of tickets demanded decreas
28、es from 600 to 400 a day. What is the price elasticity of demand for movie tickets? Answer: B 16) A rise in the price of oranges from $2.00 to $2.50 per pound decreases the quantity demanded from 2,000 to 1,800 pounds. The price elasticity of demand for oranges is Answer: A 17) If the price of a mov
29、ie ticket increases by 4 percent and the quantity of movies demanded falls by 2 percent, the price elasticity of demand is Answer: C 18) If the quantity demanded of hamburgers increases by 20 percent when the price decreases by 5 percent, then the price elasticity of demand is Answer: B 19) Taco Bel
30、ls economists determine that the price elasticity of demand for their tacos is 2.0. So, if Taco Bell raises the price of its tacos by 6.0 percent, the quantity demanded will decrease by _ percent. Answer: D 20) Using average price and average quantity, calculate the price elasticity of demand if a p
31、rice rise from $8 to $10 and decreases the quantity demanded from 20 units to 15 units. The price elasticity of demand equals Answer: B Chapter 5 Efficiency and Equity 1) All of the following describe the concept of marginal benefit except the Answer: C 2) The maximum amount of other goods and servi
32、ces that people are willing to give up in order to get one more personal computer is the 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 5 页，共 16 页 - - - - - - - - - 6 Answer: B 3) Which of the following is correct? Answer: C 4) The principle of decreasing marginal be
33、nefit implies that the Answer: A 5) Marginal benefit is the Answer: D 6) Value means the Answer: A 7) A demand curve measures Answer: D 8) The demand curve for CDs shows the Answer: B 9) Marginal benefit Answer: D 10) Marginal benefit Answer: B 11) The demand curve Answer: D 12) A demand curve can b
34、e also Answer: C 13) The demand curve also is Answer: B 14) The demand curve for coffee is the same as the Answer: B 15) Consumer surplus is the _ summed over the quantity bought. Answer: C 16)_ is the difference between the value of a good and the price paid for it summed over the quantity bought.
35、Answer: B 17) Consumer surplus is the Answer: C 18) Joe receives consumer surplus on the new computer he buys if Answer: C 19) When the Smiths were shopping for their present home, the asking price from the previous owner was $250,000.00. The Smiths had decided they would pay no more than $245,000.0
36、0 for the house. After negotiations, the Smiths actually purchased the house for $239,000.00. They, therefore, enjoyed a consumer surplus of Answer: C 20) Joe is willing to pay $4 for his first slice of pizza and $3 for his second slice of pizza. If the market price is $2, on his two slices of pizza
37、 Joe receives a total consumer surplus of Answer: B 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 6 页，共 16 页 - - - - - - - - - 7 Chapter 6 Markets in Action 1) The short run effect of a decrease in the supply of housing is a _ in the rent and _ in the quantity of ho
38、using units. Answer: A 2) In the absence of a rent ceiling, the long run adjustment to an initial decrease in the supply of housing is Answer: C 3) The above table gives the demand schedule and the supply schedule for housing in Anytown, U.S.A. If a price ceiling of $300 is imposed in the housing ma
39、rket, then Answer: B 4) The above table gives the demand schedule and the supply schedule for housing in Anytown, U.S.A. If a price ceiling of $600 was imposed in the housing market, then Answer: C 5) In the above figure, which of the following shifts shows the effect of severe flooding that destroy
40、s many of the apartment buildings in Bigtown? Answer: B 6) A rent ceiling results in a shortage. As a result, which of the following do you expect? Answer: D 7) When a rent ceiling is imposed in a housing market, the opportunity cost of housing equals the Answer: C 8) A rent ceiling results in a sho
41、rtage. As a result, which of the following do you expect? Answer: C 9) The above figure shows the apartment rental market in Bigtown. At what rent will there be neither a shortage nor a surplus of apartments? Answer: C 10) The above figure shows the apartment rental market in Bigtown. If severe floo
42、ding resulted in the destruction of many of the citys apartment buildings, then the Answer: A 11) The above figure shows the apartment rental market in Bigtown. If the Bigtown Housing Authority imposes a rent ceiling below $750 per month, the rent ceiling will help Answer: B 12) The above figure sho
43、ws the apartment rental market in Bigtown. If the Bigtown Housing Authority imposes a rent ceiling above $750 per month, the ceiling will Answer: D 13) The above figure shows the apartment rental market in Bigtown. If there is a shortage of 200,000 apartments in the Bigtown rental market, it may be
44、because the Bigtown Housing Authority has imposed a rent Answer: B 14) The above figure shows the apartment rental market in Bigtown. If the market is in equilibrium and then the Bigtown Housing Authority imposes a rent ceiling of $500 per apartment, which of the following would occur? Answer: B 15)
45、 The above figure shows the apartment rental market in Bigtown. If the Bigtown Housing 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 7 页，共 16 页 - - - - - - - - - 8 Authority imposes a rent ceiling of $500 per apartment, the deadweight loss will be Answer: C 16) The
46、figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented? Answer: B 17) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, what is the rent? Answer:
47、 B 18) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, there is Answer: D 19) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, how many apartment units are rented? Answe
48、r: A 20) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, what is the rent? Answer: C Chapter 7 Utility and Demand 1) A households consumption choices cannot exceed limits created by Answer: C 2) In order to determine a households budg
49、et line, you must know the Answer: A 3) Suppose we know that Freddy likes to consume only two things: Fritos and Fruit Drinks. If we know only that Fritos and Fruit Drinks cost $1 each, we can Answer: D 4) Jake plans to spend $100 on fried chickens and Pepsi. The price of a fried chicken is $5 and P
50、epsi is $2 per bottle. If Jake buys 10 fried chickens how many bottles of Pepsi can he buy? Answer: C 5) Bob plans to spend $60 per month on DVD movie rentals and CDs. The price of a movie rental is $3 and the price of a CD is $15. If Bob rents 5 DVDs per month, how many CDs can he buy? Answer: C 6)