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1、Microeconomics 9e (Parkin)Chapter 3 Demand and Supply1 Markets and Prices1) A relative price is theA) slope of the demand curve.B) difference between one money price and another.C) slope of the supply curve.D) ratio of one money price to another.Answer: DTopic: Price and Opportunity CostSkill: Recog
2、nitionAACSB: Reflective Thinking2) The relative price of a good isA) an opportunity cost.B) equal to the money price of a good.C) equal to the price of that good divided by the quantity demanded of the good.D) what you get paid for babysitting your cousin.Answer: ATopic: Price and Opportunity CostSk
3、ill: RecognitionAACSB: Reflective Thinking3) A relative price isA) the number of dollars that must be given up in exchange for the good.B) also called the money price.C) not an opportunity cost.D) the ratio of one price to another price.Answer: DTopic: Price and Opportunity CostSkill: RecognitionAAC
4、SB: Reflective Thinking4) All of the following statements are true except:A) Relative prices are determined in markets.B) A relative price is an opportunity cost.C) The relative price of a good can be calculated by multiplying its money price by a price index.D) The theory of demand and supply is co
5、ncerned with adjustments in relative prices.Answer: CTopic: Price and Opportunity CostSkill: ConceptualAACSB: Reflective Thinking5) If the money price of wheat increases and no other prices change, theA) relative price of wheat falls.B) opportunity cost of wheat rises.C) demand for wheat increases.D
6、) relative price of wheat is unaffected.Answer: BTopic: Price and Opportunity CostSkill: ConceptualAACSB: Reflective Thinking6) Joe pays $8,000.00 in tuition. The 8,000 dollar tuition Joe pays is an example of what economists callA) a relative price.B) a money price.C) an indexed price.D) an opportu
7、nity price.Answer: BTopic: Price and Opportunity CostSkill: ConceptualAACSB: Reflective Thinking7) The price of a DVD rental is currently $1.50 and the price of a Blu-ray rental is $2.50. If the price of a DVD rental increases by $0.5(), the relative price a Blu-ray rentalA) rises.B) falls.C) does n
8、ot change.D) might change but more information is needed.Answer: BTopic: Price and Opportunity CostSkill: ConceptualAACSB: Reflective Thinking8) The price of a DVD rental is currently $2.50 and the price of a Blu-ray rental is $4.00. If the price of a DVD rental falls by $0.50, the relative price a
9、Blu-ray rentalA) rises.B) falls.C) does not change.D) might change but more information is needed.Answer: ATopic: Price and Opportunity CostSkill: ConceptualAACSB: Reflective Thinking9) The price of a film camera is $150 and the price of a similar digital camera is $300. What is the relative price o
10、f the digital camera?A) 1/2 of a film cameraB)$150C) 2 film camerasD) $150 more expensive than the film cameraAnswer: CTopic: Price and Opportunity CostSkill: AnalyticalAACSB: Analytical Skills10) If the price of a candy bar is $1 and the price of a fast food meal is $5, then theA) relative price of
11、 a candy bar is 5 fast food meals.B) money price of a candy bar is 1/5 of a fast food meal.C) relative price of a fast food meal is 5 candy bars.D) money price of a fast food meal is 1/5 of a candy bar.Answer: CTopic: Price and Opportunity CostSkill: AnalyticalAACSB: Analytical Skills11) If the pric
12、e of a hot dog is $2 and the price of a hamburger is $4, then theA) relative price of a hot dog is 1/2 of a hamburger.B) money price of a hot dog is 2 hamburgers.C) relative price of a hamburger is 1/2 of a hot dog.D) money price of a hamburger is 2 hot dogs.Answer: ATopic: Price and Opportunity Cos
13、tSkill: AnalyticalAACSB: Analytical Skills12) The opportunity cost of good A in terms of good B is equal to theA) money price of good A minus the money price of good B.B) money price of good B minus the money price of good A.C) ratio of the money price of good A to the money price of good B.D) ratio
14、 of the money price of good B to the money price of good A.Answer: CTopic: Price and Opportunity CostSkill: AnalyticalAACSB: Reflective Thinking13) The opportunity cost of a hot dog in terms of hamburgers is theA) ratio of the slope of the demand curve for hot dogs to the slope of the demand curve f
15、or hamburgers.B) ratio of the slope of the supply curve for hot dogs to the slope of the supply curve for hamburgers.C) money price of a hot dog minus the money price of a hamburger.D) ratio of the money price of a hot dog to the money price of a hamburger.Answer: DTopic: Price and Opportunity CostS
16、kill: AnalyticalAACSB: Reflective Thinking14) Suppose the price of a football is $20.00 and the price of a basketball is $10.00. The of a football is.A) relative price;2 basketballsB) relative price;1/2 basketballC) opportunity cost;$20.00D) opportunity cost;$10.00Answer: ATopic: Price and Opportuni
17、ty CostSkill: AnalyticalAACSB: Analytical Skills15) 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 bag of corn chips?A) 3 bottles of sodaB) 1/3 bottle of sodaC) $3D) 330Answer: ATopic: Price and Opportunity CostSkill: AnalyticalAACSB:
18、 Analytical Skills16) The price of a bag of com chips is $3, and the price of a bottle of soda is $1. What is the relative price of a bottle of soda?A) 3 bags of corn chipsB) 1/3 bag of corn chipsC) $3D) 330Answer: BTopic: Price and Opportunity CostSkill: AnalyticalAACSB: Analytical Skills17) Twenty
19、 years ago a stove cost $300 and a refrigerator cost $1,500. Today a stove costs $600, while a refrigerator costs $1,800. Which of the following statements is true?A) The relative price of stoves and refrigerators has not changed.B) The relative price of a refrigerator has increased.C) The relative
20、price of a stove has increased.D) The money price of a refrigerator has fallen.Answer: CTopic: Price and Opportunity CostSkill: AnalyticalAACSB: Analytical Skills18) 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 i
21、sA) 2 cassettes.B) 2 cassettes plus $16.C) 1/2 a cassette.D) None of the above answers is correct.Answer: ATopic: Price and Opportunity CostSkill: AnalyticalAACSB: Analytical Skills19) The opportunity cost of a good is the same as itsA) money price.B) relative price.C) price index.D) none of the abo
22、veAnswer: BTopic: Study Guide Question, Price and Opportunity CostSkill: ConceptualAACSB: Reflective Thinking20) The money price of a pizza is $12 per pizza and the money price of a taco is $2 per taco. The relative price of a pizza isA) $12 per pizza.B) $24 per pizza.C) 6 tacos per pizza.D) 1/6 piz
23、za.Answer: CTopic: Study Guide Question, Price and Opportunity CostSkill: AnalyticalAACSB: Analytical Skills21) A relative price isA) a price expressed in terms of money.B) what you get paid for babysitting your cousin.C) the ratio of one money price to another.D) equal to a money price.Answer: CTop
24、ic: Price and Opportunity CostSkill: RecognitionAACSB: Reflective Thinking22) An ice cream cone costs $1.50. A can of soda costs $0.75. The relative price of an ice cream cone isA) 1/2 can of soda, the opportunity cost of an ice cream cone.B) $1.50, the opportunity cost of a can of soda.C) 2 cans of
25、 soda, the opportunity cost of an ice cream cone.D) $0.75, the opportunity cost of a can of soda.Answer: CTopic: Price and Opportunity CostSkill: AnalyticalAACSB: Analytical Skills2 Demand1) Wants, as opposed to demands,A) are the unlimited desires of the consumerB) are the goods the consumer plans
26、to acquire.C) are the goods the consumer has acquired.D) depend on the price.Answer: ATopic: DemandSkill: RecognitionAACSB: Reflective Thinking2) Demands differ from wants becauseA) demands are unlimited, whereas wants are limited by income.B) wants require a plan to acquire a good but demands requi
27、re no such plan.C) wants imply a decision about which demands to satisfy, while demands involve no specific plan to acquire the good.D) demands reflect a decision about which wants to satisfy and a plan to buy the good, while wants are unlimited and involve no specific plan to acquire the good.Answe
28、r: DTopic: DemandSkill: ConceptualAACSB: Reflective Thinking3) Scarcity guarantees thatA) demands will exceed wants.B) wants will exceed demands.C) demands will be equal to wants.D) most demands will be satisfied.Answer: BTopic: DemandSkill: ConceptualAACSB: Reflective Thinking4) The quantity demand
29、ed isA) always equal to the equilibrium quantity.B) independent of the price of the good.C) the amount of a good that consumers plan to purchase at a particular price.D) independent of consumers* buying plans.Answer: CTopic: DemandSkill: RecognitionAACSB: Reflective Thinking5) When graphing a demand
30、 curve for corn, we are showing the relationship between the quantity demanded of corn and theA) money price of corn.B) relative price of corn.C) income effect.D) substitution effect.Answer: BTopic: Law of DemandSkill: RecognitionAACSB: Reflective Thinking6) The law of demand states that changes inA
31、) demand are related directly to changes in supply.B) the quantity demanded of a good are not related to changes in the quantity supplied.C) the quantity demanded of a good are inversely related to changes in its price.D) demand are inversely related to changes in supply.Answer: CTopic: Law of Deman
32、dSkill: RecognitionAACSB: Reflective Thinking7) The law of demand is illustrated by aA) rightward shift of the demand curve.B) leftward shift of the demand curve.C) movement along the demand curve.D) Both answers A and B are correct.Answer: CTopic: Law of DemandSkill: ConceptualAACSB: Analytical Ski
33、lls8) The law of demand refers to the fact that, all other things remaining the same, when the price of a good risesA) the demand curve shifts rightward.B) the demand curve shifts leftward.C) there is a movement down along the demand curve to a larger quantity demanded.D) there is a movement up alon
34、g the demand curve to a smaller quantity demanded.Answer: DTopic: Law of DemandSkill: ConceptualAACSB: Analytical Skills9) The law of demand states that, other things remaining the same, the quantity demanded of any good isA) inversely related to its price.B) directly related to its price.C) positiv
35、ely related to its price.D) directly related to the supply of the good.Answer: ATopic: Law of DemandSkill: RecognitionAACSB: Reflective Thinking10) The “law of demand most directly means that consumers buyA) more of a good the higher their incomes.B) less of a good the higher its price.C) buy more o
36、f a good the less is its supply.D) buy less of a good the greater is its supply.Answer: BTopic: Law of DemandSkill: ConceptualAACSB: Reflective Thinking11) The law of demand states that, other thing remaining the same, the higher A) the price of a good, the lower is the demand for this good.B) consu
37、mers* incomes, the greater is the demand.C) the price of a good, the higher is the quantity demanded.D) the price of a good, the smaller is the quantity demanded.Answer: DTopic: Law of DemandSkill: ConceptualAACSB: Reflective Thinking12) The law of demand predicts that, other things being equal, A)
38、an increase in the price of CDs decreases the demand for CDs. B) a decrease in the price of gasoline decreases the quantity of gasoline demanded. C) an increase in the price of pizza decreases the quantity of pizza demanded.D) an increase in the price of coffee decreases the quantity of tea demanded
39、.Answer: CTopic: Law of DemandSkill: ConceptualAACSB: Reflective Thinking13) The law of demand states thatA) an increase in the price of a good shifts the demand curve leftward.B) a decrease in the price of a good shifts the demand curve leftward.C) other thing remaining the same, the higher the pri
40、ce of a good, the larger is the quantity demanded.D) other things remaining the same, the higher the price of a good, the smaller is the quantity demanded.Answer: DTopic: Law of DemandSkill: RecognitionAACSB: Reflective Thinking14) The law of demand implies that demand curvesA) slope down.B) slope u
41、p.C) shift rightward whenever the price rises.D) shift leftward whenever the price rises.Answer: ATopic: Law of DemandSkill: ConceptualAACSB: Reflective Thinking15) The law of demand states that, other things remaining the same, the higher the price of a good, theA) smaller is the demand for the goo
42、d.B) larger is the demand for the good.C) smaller is the quantity of the good demanded.D) larger is the quantity of the good demanded.Answer: CTopic: Law of DemandSkill: ConceptualAACSB: Reflective Thinking16) The law of demand implies that, other things remaining the same,A) as the price of a chees
43、eburger rises, the quantity of cheeseburgers demanded will increase.B) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded will decrease.C) as income increases, the quantity of cheeseburgers demanded will increase.D) as the demand for cheeseburgers increases, the price of a
44、cheeseburger will fall.Answer: BTopic: Law of DemandSkill: ConceptualAACSB: Reflective Thinking17) The law of demand states that the quantity of a good demanded variesA) inversely with its price.B) inversely with the price of substitute goods.C) directly with income.D) directly with population.Answe
45、r: ATopic: Law of DemandSkill: ConceptualAACSB: Reflective Thinking18) Which of the following is consistent with the law of demand?A) An increase in the price of a DVD causes an increase in the quantity of DVDs demanded. B) An increase in the price of a soda causes a decrease in the quantity of soda
46、 demanded.C) A decrease in the price of a gallon of milk causes a decrease in the quantity of milk demanded.D) A decrease in the price of juice causes no change in the quantity of juice demanded.Answer: BTopic: Law of DemandSkill: ConceptualAACSB: Communication19) The law of demand implies that if n
47、othing else changes, there isA) a positive relationship between the price of a good and the quantity demanded.B) a negative relationship between the price of a good and the quantity demanded.C) a linear relationship between price of a good and the quantity demanded.D) an exponential relationship between price of a good and the quantity demanded.Answer: BTopic: Law of DemandSkill: AnalyticalAACSB: Analytical Skills20) Which of the following will o