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1、-Chapter 1 Ten Principles of Economics1. Choices must be made in the use of resources ( a )a. because they are in finite supply.b. because they are in finite demand.c. only if the resources are nonrenewable.d. because they are in infinite supply.2. Social security programs are aimed at making the di
2、stribution of resources in an economy more ( c )a. efficient. c. equitable.b. inefficient. d. inequitable.3. The opportunity cost of building an additional parking lot at your school is ( b )a. the cost of concrete, labor, etc. used to build the lot.b. the value of the property and resources used at
3、 their next best alternative use.c. the value of the property and resources used at all of their alternative uses.d. infinite, and so we cannot estimate it.4. Suppose you are considering going to the movies, and you place a $12 value on your anticipated enjoyment of the movie. “The ticket price is $
4、6 and you would be giving up two hours of work, where you earn $5 per hour. You would go to ( a )a. work; the opportunity cost of the movies exceeds the expected benefit.b. the movies; your incentive is the $6 excess expected benefit.c. the movies; your enjoyment will exceed the lost wages by $2.d.
5、the movies; the benefit of $18 exceeds the lost wages.5. Metro North Railway is trying to decide whether or not to run an additional train into New York City from New Haven, Connecticut at 8:15 a.m. The total cost of running trains between 8:00 a.m. and 9:00 a.m. is $45,000 and the expected revenues
6、 on any given day are $100,000 during this time period. The cost of running the additional train is $4,000 and it is expected that revenues will rise to $103,500. Metro North should ( d )a. run the train because the total revenues are greater than the total costs.b. run the train because the firms r
7、evenues will rise.c. not run the train because the total costs are already too high.d. not run the train because the marginal cost of $4000 is greater than the marginal revenue of $3,500. 6. A nations standard of living can be increased by ( a )a. improvements in technology and international trade.b
8、. improvements in technology but not international trade.c. international trade but not improvements in technology.d. neither international trade nor improvements in technology.7. In a market economy, the economic well-being of society is the responsibility of ( d )a. central planners.b. central ban
9、kers.c. government policymakers.d. no one; self-interested individuals bring about the well-being of society.8. An important element of the market process is that ( d )a. although people trade voluntarily, one party “wins” and the other party “loses”.b. the government determines the extent of market
10、 activity in order for all parties to benefit.c. people are better off if they are self-sufficient than if they trade with others in the market.d. people trade voluntarily and all parties expect to benefit.9. Adam Smith argues in The Wealth of Nations that an economy will produce more goods and serv
11、ices if ( b )a. people act in the public interest than if they act selfishly.b. people act selfishly, than if the government directs economic activity.c. the government controls the use of the nations scarce resources.d. people ignore their own interests and contribute to national wealth as a whole.
12、10. If there is a way to change a situation so that at least some people gain while no one in the economy loses, the situation ( a )a. is economically inefficient.b. is economically efficient.c. is providing an inequitable distribution of resources to the community.d. is neither equitable nor effici
13、ent.11. The Department of Justice brought suit against Microsoft in 1990s for ( c )a. generating external costs.b. generating external benefits.c. creating excess market power for itself.d. providing public goods to the marketplace.12. Suppose that Rebecca throws her soda bottle out the car window a
14、nd it smashes on the road. Jim drives over the broken glass and gets a flat tire. Rebeccas soda consumption has resulted in ( b )a. the production of a public good.b. an externality.c. monopoly power for Rebecca.d. greater efficiency in consumption.13. The market power that DUFEs “Department of Text
15、books” has is now limited by ( d )a. new antitrust laws.b. public goods provided by the government.c. university policies against monopoly power.d. increased access to other booksellers.14. Assume that there are spillover benefits associated with keeping cars in good mechanical conditions. Without g
16、overnment intervention (i.e., with a free market), we would expect people to ( d )a. give their cars too much maintenance.b. stop driving and start walking.c. subsidize each others car maintenance bills.d. not maintain their cars as much as they should.15. According to economists who emphasize the c
17、onnection between productive contribution and economic reward, a more equal income distribution ( c )a. is fundamental to economic growth.b. always helps the poor in the long run.c. creates inefficiency.d. generates greater productivity.16. Inflation reduces ( d )a. the price level.b. employment.c.
18、the money supply.d. the purchasing power of money.Chapter 2 Thinking Like an Economist1. A simplifying assumption ( d )a. affects the important conclusions of an economic model.b. increases the level of detail in an economic model.c. limits the validity of an economic models conclusion.d. eliminates
19、 unnecessary details from an economic model.2. The ultimate purpose of an economic model is to ( c )a. explain reality as completely as possible.b. establish assumptions that closely resemble reality.c. help us to understand economic behavior.d. guide government policy decisions.3. An economic model
20、 ( c )a. uses equations to understand normative economic phenomena.b. often omits crucial elements.c. simplifies reality in order to focus on crucial elements.d. cannot be proven wrong.4. Which of the following activities would occur in a market for factors of production? ( d )a. Reesa buys a new co
21、mputer to help balance her personal checkbook.b. Randy pays a speeding ticket.c. Ian mows his grass.d. General Motors hires additional workers to run a third-shift at a factory.5. Which of the following activities would occur in a market for goods and services? ( d )a. Harry mows his grass.b. Genera
22、l Motors hires additional workers to run a third shift at a factory.c. Jane bakes pies for Thanksgiving dinner.d. Dolly buys a ticket to a ball game.6. The three sources of income for the household are ( b )a. taxes, subsidies from the government, and rent.b. wages, rent, and profit.c. wages, rent,
23、and subsidies from the government.d. wages, rebates, and rent.7. Households play what role(s) in the circular flow diagram? ( d )a. purchasers of factors of production and sellers of services.b. purchasers of factors of production and sellers of goods.c. purchasers of goods and services only.d. purc
24、hasers of goods and services and sellers of factors of production.8. Which of the following is not an assumption that underlies an economys production possibilities frontier? ( a )a. fixed income.b. fixed resources.c. unchanged technology.d. fully employed resources.9. Which of the following would n
25、ot result in an outward shift of a nations production possibilities frontier? ( a )a. a reduction in the unemployment rate.b. a rise in labor productivity.c. advances in technology.d. an expanding resource base.10. The production possibilities frontier demonstrates the basic economic principle that
26、( d )a. economies are always efficient.b. assuming full employment, supply will always determine demand.c. assuming full employment, an economy is efficient only when the production of capital goods in a particular year is greater than the production of consumption goods in that year.d. assuming ful
27、l employment, to produce more of any one thing, the economy must produce less of at least one other good.11. Opportunity costs most often increase as you move down a production possibilities frontier because ( a )a. resources are not completely adaptable to alternative uses.b. factors of production
28、are limited and human wants are unlimited.c. efficiencies are generated by large-scale production.d. economic efficiency is only possible in the short run.12. Suppose an economy has the production possibilities frontier shown in the diagram and is operating at position A. Which of the statements bel
29、ow is false? ( b )a. This economy could produce more of both capital and consumption goods.b. This economy is experiencing full employment.c. This economy could produce more capital goods without decreasing the quantity of consumption goods produced.d. This economy could produce more consumption goo
30、ds without decreasing the quantity of capital goods produced.BACapital Goods0Consumption Goods 13. If the economy shown in the diagram moves from position A to position B, we would know that ( d )a. the rate of unemployment increased.b. consumption goods production increased, but capital goods produ
31、ction decreased.c. its unemployment decreased, but at the expense of either capital or consumption good production.d. it has achieved full employment of resources. 14. All points on a production possibilities frontier show the ( c )a. maximum satisfaction that households receive from their purchases
32、 of goods.b. minimum quantities of resources that must be used to produce a given quantity of output.c. maximum output that society can produce with given resources and technology.d. minimum output that society can produce with given resources and technology.15. The branch of economics that is conce
33、rned with the overall performance of the economy is called ( c )a. resource economics.b. contemporary economics.c. macroeconomics.d. microeconomics.16. Which of the following questions would not be of particular interest to a microeconomist? ( a )a. Why do national economies grow?b. What percentage
34、of consumer income is spent on entertainment?c. Why do workers refer the 4-day workweek?d. What happens to worker productivity when the job shifts to a 4-day workweek?17. The television network newscaster reports that the national inflation rate in the past year equaled 4 percent. This report is mos
35、t likely prepared from work done by a ( c )a. microeconomist.b. normative economist.c. macroeconomist. d. social scientist rather than an economist.18. The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wag
36、e gains should have been higher. The Secretarys statement is a _ economic statement, and the labor heads statement is a _economic statement. ( c )a. normative; normativeb. normative; positivec. positive; normatived. positive; positive19. “An increase in interest rates will lower economic growth.” Th
37、is statement is ( a )a. a positive economic statement.b. a normative economic statement.c. untrue in every case.d. controversial, and so not a valid economic issue.20. The distinction between positive and normative economics ( d )a. is that positive economics applies only to microeconomic problems.b
38、. is that normative economics applies only to microeconomic problems.c. explains why economics is not a social science but a natural science.d. helps us to understand why economists sometimes disagree with one another.21. Which of the following is most closely associated with positive economics? ( a
39、 )a. Determining the impact of government spending on the actual level of total employment.b. Determining the best level of immigration into a country.c. Determining whether too many luxury goods are being produced.d. Determining whether or not the government should reduce poverty.22. If two variabl
40、es tend to increase and decrease together, they are ( a )a. positively correlated.b. negatively correlated.c. uncorrelated.d. quasi-correlated23. The number of rainy days in the year and annual sales of suntan lotion are probably ( b )a. positively correlated.b. negatively correlated.c. uncorrelated
41、.d. quasi-correlated.24. A students course grade and amount of time spent studying the for course are generally ( a )a. positively correlated.b. negatively correlated.c. uncorrelated.d. quasi-correlated.Chapter 3 Interdependence and Trade1. The slope of the production possibilities frontier is deter
42、mined by ( a )a. the opportunity cost of producing one more unit of the good on the horizontal axis.b. the market prices of the goods that the economy can produce.c. the distribution of incomes in the economy.d. whether production is performed using efficient or inefficient methods.2. In voluntary e
43、xchange between two countries, if one country gains then ( d )a. the other must lose, unless the exchange generates external costs.b. the other country must lose under any circumstances.c. the other country must lose an equal amount.d. there is no reason to expect that the other country must lose.3.
44、 International trade tends to occur whenever ( d )a. labor is cheaper in one country than in another.b. one of the trading nations is self sufficient and producing surplus goods.c. one nation can profit from trade at the expense of the other.d. both nations can benefit from trade.4. If Japan can pro
45、duce each unit of steel using fewer resources than Canada does, ( b )a. Canada has an absolute advantage in steel production.b. Japan has an absolute advantage in steel production. c. Japan has a comparative advantage in steel production.d. Canada has a comparative advantage in steel production.5. Which of the following statements is true? ( d )a. Exports tend to decrease economic efficiency.b. A nation should specialize in producing a good in which it has an absolute advantage.c. A nation should specialize in producing a good only when it has both an absolute and a compara