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1、Microeconomics, 9e (Pindyck/Rubinfeld)Chapter 19 Behavioral Economics19.1 Reference Points and Consumer PreferencesIn traditional economic theory, consumers are assumed to be rational, which means that they:A) attempt to maximize utility, subject to a budget constraint, and they do so with a limited
2、 knowledge about prices.B) have full knowledge of prices and attempt to maximize utility, subject to a budget constraint.C) look to maximize utility, often without regard to income or prices.D) behave in unpredictable but observable ways of choosing goods and services.Answer: BDiff: 1Section: 19.1In
3、 traditional economic theory, producers are assumed to be rational, which means that they:A) attempt to maximize profit with a limited knowledge about input prices.B) have full knowledge of input prices and attempt to maximize profit in both the short- and the long-run.C) look to maximize profit, of
4、ten without regard to input prices or available technologies.D) behave in unpredictable but observable ways of producing goods and services.Answer: BDiff: 1Section: 19.1Based on the assumptions of traditional economic theory,A) we conclude that it is not possible to derive demand curves for consumer
5、s or cost curves for producers.B) we construct a theory of consumer and producer behavior described by demand and cost curves, which assume that consumers and producers make decisions based on all available information.C) we build theories that work, even when we assume a lack of perfect knowledge o
6、n the part of consumers and producers.D) we build demand and cost curves that may behave in unpredictable ways, because we cant assume that consumers and producers make decisions based on all available information.Answer: BDiff: 1Section: 19.1In the field of Behavioral Economics, we challenge the co
7、ncept that:A) consumers behave in the manner described by the constrained maximization problem.B) firms have incomplete knowledge of production technologies.C) firms choose combinations of labor and capital that may not minimize cost.D) psychological factors have little to do with consumer and produ
8、cer decisions.Answer: ADiff： 1Section: 19.16) Refer to Figure 19.2.1 above. Which of the following statements is true?A) The price of a shovel increases to $40 during a snow storm, and Qj units are sold.B) The price of shovels increases to $25 during a snow storm, and the quantity sold would range b
9、etween Ql and QzThe price of shovels during a snow storm remains at $20, but quantity demanded increases to Q2units.C) An increase in the price of shovels, from $20 to as much as $40, is considered fair during a snow storm. Answer: BDiff: 1Section: 19.2Refer to Figure 19.2.1 above. Consumers underst
10、and why the price of shovels would increase somewhat during a snow storm and would be willing to buy at higher prices. Which demand or portion of a demand curve best reflects that statement?A) The demand curve DjThe flat portion of demand curve D27) The dashed portion of demand curve D2The steep, so
11、lid portion of 诙Answer: BDiff: 1Section: 19.2Refer to Figure 19.2.1 above. Consumers would not buy a shovel when they perceive price gauging. Which demand or portion of a demand curve best reflects that statement?A) The demand curve D1The dashed portion of demand curve D2B) The flat portion of deman
12、d curve D2The steep, solid portion of D2Answer: BDiff： 1Section: 19.2Refer to Figure 19.2.1 above. During a snow storm,A) the price of shovels and the quantity demanded increase.B) the price of shovels increases, but the quantity sold remains at its initial level, Q1.C) the quantity of shovels incre
13、ases, but the price remains at $20.D) the price of shovels settles at $40 and the quantity demanded decreases.Answer: ADiff： 1Section: 19.28) Refer to Figure 19.2.1 above. Due to the perceived fairness of price increases during a snow storm, the demand curve:A) is very elastic at prices above $25.B)
14、 is very inelastic at prices above $25.C) is elastic for price decreases but inelastic for price increases.D) is inelastic throughout its entire range.Answer: ADiff: 1Section: 19.2In the ultimatum game, the basic theory of utility would suggest that the optimal distribution of $100 is, for you and t
15、he stranger, respectively:A) $99; $1.B) $50; $50.C) $67; $33.D) none of the aboveAnswer: ADiff： 1Section: 19.29) When the ultimatum game is played experimentally, the typical range of proposals for sharing $100 between you and the stranger is,$99; $1 and $50; $50.A) $67; $33 and $50; $50.B) $67; $33
16、 and $99; $1.C) none of the aboveAnswer: BDiff： 1Section: 19.210) In the efficiency wage theory of labor, an increase in wages is justified by a resulting:A) increase in the workers1 standard of living.B) increase in the attractiveness of the work environment.C) increase in productivity and the desi
17、re to work harder.D) all of the above.Answer: CDiff: 1Section: 19.2In the e仔iciency wage theory,A) fairness directly affects worker productivity.B) fairness concerns do not apply.C) fairness has a mixed influence on productivity.D) fairness and wage increases depend on the level of employment.Answer
18、: BDiff: 1Section: 19.211) Business firms have an easier time explaining price increases when those price increases are in response to:A) higher costs.B) higher demand.C) unfair taxation.D) a lack of competition.Answer: ADiff: 1Section: 19.2In the basic model of consumer behavior, A) fairness cannot
19、 be explained.B) fairness depends more on income than on preferences.C) fairness is manifested by the consumers* willingness to pay.D) a reduction in demand and market price can be the result of even one consumer who perceives that prices are unfair.Answer: CDiff： 1Section: 19.2Using a traditional l
20、abor market explanation of the influence of fairness, we would assert that: A) the dissatisfaction with unfair wages by just one or few workers is su仔icient to push wages up. B) unemployment caused by the imposition of minimum-wage laws is fundamentally unfair.C) workers do not complain about unfair
21、 wages if there is a glut of unemployed workers.D) if enough workers do not feel that their wages are fair, there will be a reduction in the supply of labor, and wage rates will increase.Answer: DDiff： 1Section: 19.219.3 Rules of Thumb and Biases in Decision Making1) People resort to rules of thumb
22、to make complex decisions, especially: A) if they have a good understanding of the factors involved.B) when they have little experience with the issue at hand.C) when the market system does not function freely.D) when issues of fairness are involved.Answer: BDiff： 1Section: 19.3The basic model of co
23、nsumer behavior does not include rules of thumb, mainly because: A) the model is biased against hard rules.B) the model does not believe that consumers are fully informed.C) it does not allow for biases to be introduced in our economic decision making.D) it allows for benchmarks that replace rules o
24、f thumb.Answer: CDiff: 1Section: 19.32) In understanding the concept of anchoring, which two factors play an essential role?A) Price and quantity of equilibriumIncome and preferencesB) Utility maximization and the budget constraintThe context and the information availableAnswer: DDiff: 1Section: 19.
25、3Anchoring is more closely associated with which of the following factors?A) Stereotypes that affect your decisionsBias against higher pricesB) Suggestions that affect your final decisionManipulation of consumer pricesAnswer: CDiff: 1Section: 19.3The reason why so many price tags end in 95 or 99 is
26、based on the understanding that consumers tend to overemphasize:A) the first digit of prices.B) the last two digits of prices.C) the attractiveness of prices stated in cents.D) the savings associated with even one cent.Answer: ADiff： 1Section: 19.3A common bias in consumer decision making is to:A) t
27、hink that prices should be lower than they are.B) ignore price and other key information when making decisions.C) view shipping costs as unfair.D) view prices to be lower than they really are.Answer: DDiff: 1Section: 19.3Rules of thumb are useful because:A) they introduce biases in decision making.B
28、) they help to save time and effort.C) anchoring can confuse consumers.D) all of the aboveAnswer: BDiff: 1Section: 19.36) Increased uncertainty and lack of understanding of probability to make decisionsstrengthen the case for rules of thumb.A) can lead to strong biases that prevent optimal decisions
29、.B) do not interfere in the calculation of expected utility.C) cause consumers to understate the probability of an event.Answer: BDiff: 1Section: 19.3The law of small numbers refers to:A) the tendency for events with the same likelihood of occurrence to even out, given enough trials.B) a tendency to
30、 take unnecessary risks without full information.C) the tendency to overstate the probability of an event when faced with little information.D) the tendency to ignore events that have a small likelihood of occurrence.Answer: CDiff： 1Section: 19.3Research has shown that investors in the stock market
31、are often subject to a small-numbers bias, meaning that they believe that:A) the stock market is a zero-sum game, where long-term gains cancel out with long-term losses.B) the likelihood of earning a steady positive return in the market over the long run is very small.C) high returns over the past f
32、ew years are likely to be followed by more high returns over the next few yearshigh returns over the past few years are likely to be followed by low returns eventually over the next few years.Answer: CDiff： 1Section: 19.3To estimate the expected return on equity investments:A) it is necessary to loo
33、k only at recent data on stock returns.B) one needs to look only at expected returns on debt instruments.C) would require a study of stock market returns for many decades.D) would require only a course in financial economics.Answer: CDiff: 1Section: 19.3A bubble in the housing market occurs when, af
34、ter watching housing prices rise for several years, house buyers come to believe that:A) housing prices will eventually fall.B) housing prices will continue to rise.C) the housing market could be a risky investment.D) the price increases cannot be explained, and uncertainly drives them out of the ma
35、rket.Answer: BDiff： 1Section: 19.37) When the true probability of an event is unknown, individuals tend to:A) form subjective probabilities when assessing that event.B) avoid the event for which they cannot estimate probabilities.C) assign very small probabilities to those events.D) ignore the possi
36、bility that those events will occur.Answer: ADiff: 1Section: 19.3When the probability of an event is very, very small, individuals tend to:A) give a disproportionately large weight to its probability of occurring.B) ignore that possibility in their decision making.C) hesitate between assigning a lar
37、ge or a small likelihood that it will happen to them.D) take unnecessary risks.Answer: BDiff： 1Section: 19.3Overestimating an individuals prospects or abilities is a case of:A) overconfidence.B) over-optimism.C) over-precision.D) overcorrection.Answer: ADiff: 1Section: 19.3Which of the following bes
38、t describe an unrealistic belief that things will work out well?A) OverconfidenceOver-optimismB) Over-precisionOvercorrectionAnswer: BDiff： 1Section: 19.3When a consumer believes that she can pay her credit card much faster than it is realistic, she suffers precisely from:A) overconfidence.B) over-o
39、ptimism.C) over-precision.D) overcorrection.Answer: BDiff： 1Section: 19.38) When a worker believes that she can get a promotion much faster than her peers, she suffers precisely from:A) overconfidence.B) over-optimism.C) over-precision.D) overcorrection.Answer: BDiff: 1Section: 19.3When a CEO believ
40、es (unrealistically) that a new product her firm is developing will be a huge success, she suffers precisely from:A) overconfidence.B) over-optimism.C) over-precision.D) overcorrection.Answer: BDiff： 1Section: 19.3The natural human tendency to underestimate the likelihood of a catastrophic medical e
41、mergency is a case of:A) overconfidence.B) over-optimism.C) over-precision.D) overcorrection.Answer: BDiff： 1Section: 19.3Which of the following best describes an unrealistic belief that one can accurately predict outcomes?A) OverconfidenceOver-optimismB) Over-precisionOvercorrectionAnswer: CDiff: 1
42、Section: 19.3Over-precision is a form of:A) the law of small numbers.B) anchoring.C) framing.D) salience.Answer: ADiff: 1Section: 19.39) In the investors choice problem, the budget line describes:A) the trade-o仔 between risk and expected return.B) combinations of risk and return that leave the inves
43、tor equally satisfied.C) combinations of risk associated with combinations of stocks and riskless assets.D) the quantity of stocks that can be purchased with a limited budget constraint.Answer: ADiff: 1Section: 19.3In the investors choice problem, the intercept of the budget line corresponds to:A) t
44、he return on the risk-free asset.B) the standard deviation of the risky asset.C) the difference between the return on the risky asset and the return on the risk-free asset.D) The quantity of stocks purchased when the entire budget is spent only on stocks.Answer: ADiff： 1Section: 19.3In the investors
45、 choice problem, the dependent and independent variables are, respectively:A) the quantity of risk-free assets and the quantity of risky assets.B) the return on the risk-free asset and the return on the portfolio.C) the standard deviation of the portfolio and the return on the portfolio.D) the stand
46、ard deviation of the risky asset and the return on the risky asset.Answer: CDiff: 1Section: 19.3In the investors choice problem, the slope of the budget line equals:A) the difference between the expected return on the risky asset and return on the risk-free asset, divided by the standard deviation o
47、f the risky asset.B) the deference between the expected return on the risky asset and return on the risk-free asset, divided by the standard deviation of the portfolio.C) the difference between the expected return on the risky asset and the return on the entire portfolio., divided by the standard de
48、viation of the portfolio.D) the rate at which risky assets are traded for risk-free assets.Answer: ADiff: 1Section: 19.35) Behavioral economics is the study of:A) rational behavior under the assumptions of utility maximization and perfect knowledge.B) economic behavior when economic agents are not rational.C) economic theories that focus on the psychological aspects of consumer and producer behavior.D