1、ECON 2803Spring 2010Test 1Multiple ChoiceIdentify the letter of the choice that best completes the statement or answers the question._1.When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencinga.scarcity.b.surpluses.c.inefficiencies.d.i

2、nequalities._2.As a result of a successful attempt by government to cut the economic pie into more equal slices,a.it is easier to cut the pie, and therefore the economy can produce a larger pie.b.those who earn more income pay less in taxes.c.the pie gets smaller, and there will be less pie overall.

3、ernment will spend too much time cutting and it causes the economy to lose the ability to produce enough pie for everyone._3.The opportunity cost of going to college isa.the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses.b.the value of the best opport

4、unity a student gives up to attend college.c.zero for students who are fortunate enough to have all of their college expenses paid by someone else.d.zero, since a college education will allow a student to earn a larger income after graduation._4.Government policies can change the costs and benefits

5、that people face. Those policies have the potential to a.alter peoples behavior.b.alter peoples decisions at the duce results that policymakers did not intend. d.All of the above are correct._5.The "invisible hand" directs economic activity througha.advertising.b.prices.c.centr

6、al ernment regulations._6.Economists face an obstacle that many other scientists do not face. What is that obstacle?a.It is often difficult to formulate theories in economics.b.It is often difficult and sometimes impossible to perform experiments in economics.推薦精選c.Economics cannot be

7、addressed objectively; it must be addressed subjectively.d.The scientific method cannot be applied to the study of economics._7.Economic models are built witha.recommendations concerning public policies.b.facts about the legal system.c.assumptions.d.statistical forecasts._8.Which of the following st

8、atements about the circular-flow diagram is correct?a.One must imagine that the economy operates without money in order to make sense of the diagram.b.The diagram leaves out details that are not essential for understanding the economic transactions that occur between households and firms.c.The gover

9、nment cannot be excluded as a decision maker in a circular-flow diagram.d.All of the above are correct._9.In the markets for goods and services in the circular-flow diagram,a.households and firms are both buyers.b.households and firms are both sellers.c.households are buyers and firms are sellers.d.

10、households are sellers and firms are buyers._10.Any point on a country's production possibilities frontier represents a combination of two goods that an economya.will never be able to produce.b.can produce using all available resources and technology.c.can produce using some portion, but not all

11、, of its resources and technology.d.may be able to produce in the future with more resources and/or superior technology._11.If an economy is producing efficiently, thena.there is no way to produce more of one good without producing less of another good.b.it is possible to produce more of both goods

12、without increasing the quantities of inputs that are being used.c.it is possible to produce more of one good without producing less of another good.d.it is not possible to produce more of any good at any cost._12.Production possibilities frontiers are usually bowed outward. This is becausea.the more

13、 resources a society uses to produce one good, the fewer resources it has available to produce another good.推薦精選b.it reflects the fact that the opportunity cost of producing a good decreases as more and more of that good is produced.c.of the effects of technological change.d.resources are specialize

14、d; that is, some are better at producing particular goods rather than other goods.Figure 2-6_13.Refer to Figure 2-6. This economy has the ability to produce at which point(s)?a.A, Bb.A, B, Dc.A, B, C, F, Gd.C, F, G_14.Refer to Figure 2-6. Efficient production is represented by which point(s)?a.A, Bb

15、.A, B, C, F, Gc.C, F, Gd.D_15.Refer to Figure 2-6. What is the opportunity cost of moving from point A to point B?a.zerob.6 bathtubsc.6 bathtubs and 15 barrelsd.15 barrels_16.Regan grows flowers and makes ceramic vases. Jayson also grows flowers and makes ceramic vases, but Regan is better at produc

16、ing both goods. In this case, trade coulda.benefit both Jayson and Regan.b.benefit Jayson, but not Regan.c.benefit Regan, but not Jayson.d.benefit neither Jayson nor Regan._17.An economys production possibilities frontier is also its consumption possibilities frontier 推薦精選a.under all circumstances.b

17、.under no circumstances.c.when the economy is self-sufficient.d.when the rate of tradeoff between the two goods being produced is constant._18.If Shawn can produce more donuts in one day than Sue can produce in one day, thena.Shawn has a comparative advantage in the production of donuts.b.Sue has a

18、comparative advantage in the production of donuts.c.Shawn has an absolute advantage in the production of donuts.d.Sue has an absolute advantage in the production of donuts._19.Specialization and trade are closely linked toa.absolute parative advantage.c.gains to some traders that exac

19、tly offset losses to other traders.d.shrinkage of the economic pie._20.Trade between countriesa.allows each country to consume at a point outside its production possibilities frontier.b.limits a countrys ability to produce goods and services on its own.c.must benefit both countries equally; otherwis

20、e, trade is not mutually beneficial.d.can best be understood by examining the countries absolute advantages.Table 3-7Assume that Japan and Korea can switch between producing cars and producing airplanes at a constant rate.Hours Neededto Make 1Quantity Producedin 2400 HoursCarAirplaneCarsAirplanesJap

21、an301508016Korea501504816_21.Refer to Table 3-7. Japans opportunity cost of one airplane is a.1/5 car and Koreas opportunity cost of one airplane is 1/3 car.b.1/5 car and Koreas opportunity cost of one airplane is 3 cars.c.5 cars and Koreas opportunity cost of one airplane is 1/3 car.d.5 cars and Ko

22、reas opportunity cost of one airplane is 3 cars._22.Refer to Table 3-7. Korea should specialize in the production ofa.cars and import airplanes.b.airplanes and import cars.c.both goods and import neither good.d.neither good and import both goods.Table 3-8推薦精選Assume that Kito and Penda can switch bet

23、ween producing baskets and producing birdhouses at a constant rate.Labor Hours Neededto Make 1Quantity Producedin 24 HoursBasketBirdhouseBasketsBirdhousesKito82312Penda1.521612_23.Refer to Table 3-8. The opportunity cost of 1 basket for Kito isa.1/4 birdhouse.b.2/3 birdhouse.c.3/2 birdhouses.d.4 bir

24、dhouses._24.Refer to Table 3-8. The opportunity cost of 1 birdhouse for Penda isa.1/8 basket.b.3/4 basket.c.4/3 baskets.d.8 baskets._25.Refer to Table 3-8. Penda has an absolute advantage in the production of a.baskets and a comparative advantage in the production of baskets.b.baskets and a comparat

25、ive advantage in the production of birdhouses.c.neither good and a comparative advantage in the production of baskets.d.neither good and a comparative advantage in the production of birdhouses._26.Refer to Table 3-8. At which of the following prices would both Kito and Penda gain from trade with eac

26、h other?a.30 baskets for 15 birdhousesb.30 baskets for 18 birdhousesc.30 baskets for 24 birdhousesd.Kito and Penda could not both gain from trade with each other at any price._27.The law of demand states that, other things equal,a.when the price of a good falls, the demand for the good rises.b.when

27、the price of a good rises, the quantity demanded of the good rises.c.when the price of a good rises, the demand for the good falls.d.when the price of a good falls, the quantity demanded of the good rises._28.If something happens to alter the quantity demanded at any given price, thena.the demand cu

28、rve becomes steeper.b.the demand curve becomes flatter.c.the demand curve shifts.d.we move along the demand curve.推薦精選_29.An increase in the price of a good willa.increase demand.b.decrease demand.c.increase quantity demanded.d.decrease quantity demanded._30.Which of the following is not a determina

29、nt of the demand for a particular good?a.the prices of related goodsb.incomec.tastesd.the prices of the inputs used to produce the good_31.If a good is normal, then an increase in income will result ina.an increase in the demand for the good.b.a decrease in the demand for the good.c.a movement down

30、and to the right along the demand curve for the good.d.a movement up and to the left along the demand curve for the good._32.Which of the following would shift the demand curve for gasoline to the right?a.a decrease in the price of gasolineb.an increase in consumer income, assuming gasoline is a nor

31、mal goodc.an increase in the price of cars, a complement for gasolined.a decrease in the expected future price of gasoline_33.Ford Motor Company announces that next month it will offer $3,000 rebates on new Mustangs. As a result of this information, todays demand curve for Mustangsa.shifts to the ri

32、ght.b.shifts to the left.c.shifts either to the right or to the left, but we cannot determine the direction of the shift from the given information.d.will not shift; rather, the demand curve for Mustangs will shift to the right next month._34.A movement along the supply curve might be caused by a ch

33、ange ina.technology.b.input prices.c.expectations about future prices.d.the price of the good or service that is being supplied._35.Suppose you make jewelry. If the price of gold falls, then we would expect you toa.be willing and able to produce less jewelry than before at each possible price.b.be w

34、illing and able to produce more jewelry than before at each possible price.c.face a greater demand for your jewelry.d.face a weaker demand for your jewelry._36.At the equilibrium price, the quantity of the good that buyers are willing and able to buya.is greater than the quantity that sellers are wi

35、lling and able to sell.b.exactly equals the quantity that sellers are willing and able to sell.推薦精選c.is less than the quantity that sellers are willing and able to sell.d.(a) and (c) could both be correct._37.A university's football stadium is never more than half-full during football games. Thi

36、s indicatesa.the ticket price is above the equilibrium price.b.the ticket price is below the equilibrium price.c.the ticket price is at the equilibrium price.d.nothing about the equilibrium price._38.If the demand for a product increases, then we would expecta.equilibrium price to increase and equil

37、ibrium quantity to decrease.b.equilibrium price to decrease and equilibrium quantity to increase.c.equilibrium price and equilibrium quantity both to increase.d.equilibrium price and equilibrium quantity both to decrease._39.A decrease in input costs to firms in a market will result ina.a decrease i

38、n equilibrium price and an increase in equilibrium quantity.b.a decrease in equilibrium price and a decrease in equilibrium quantity.c.an increase in equilibrium price and a decrease in equilibrium quantity.d.an increase in equilibrium price and an increase in equilibrium quantity._40.What would hap

39、pen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell?a.Price would fall and the effect on quantity would be ambiguous.b.Price would rise and the effect on quantity would be ambiguous.c.Quantity would fall and the effect on price would

40、 be ambiguous.d.Quantity would rise and the effect on price would be ambiguous._41.New cars are normal goods. What will happen to the equilibrium price of new cars if the price of gasoline rises, the price of steel falls, public transportation becomes cheaper and more comfortable, auto-workers accep

41、t 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 will be ambiguous._42.Which of the following events would definitely result in a higher price in the market for Snickers?a.Demand for Snickers incr

42、eases and supply of Snickers decreases.b.Demand for Snickers and supply of Snickers both decrease.c.Demand for Snickers decreases and supply of Snickers increases.d.Demand for Snickers and supply of Snickers both increase_43.Price controls are usually enacted a.as a means of raising revenue for publ

43、ic purposes.b.when policymakers believe that the market price of a good or service is unfair to buyers or sellers.推薦精選c.when policymakers detect inefficiencies in a market.d.All of the above are correct._44.A price ceiling isa.often imposed on markets in which “cutthroat competition” would prevail w

44、ithout a price ceiling.b.a legal maximum on the price at which a good can be sold.c.often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price ceiling.d.All of the above are correct._45.If a price ceiling is not

45、binding, thena.there will be a surplus in the market.b.there will be a shortage in the market.c.the market will be less efficient than it would be without the price ceiling.d.there will be no effect on the market price or quantity sold._46.In response to a shortage caused by the imposition of a bind

46、ing price ceiling on a market, a.price will no longer be the mechanism that rations scarce resources.b.long lines of buyers may develop.c.sellers could ration the good or service according to their own personal biases.d.All of the above are correct._47.Opponents of the minimum wage point out that th

47、e minimum wagea.encourages teenagers to drop out of school.b.prevents some workers from getting needed on-the-job training.c.contributes to the problem of unemployment.d.All of the above are correct.Figure 6-2Panel (a)Panel (b)推薦精選_48.Refer to Figure 6-2. A binding price floor is shown ina.both pane

48、l (a) and panel (b).b.panel (a) but not panel (b).c.panel (b) but not panel (a).d.neither panel (a) nor panel (b).Figure 6-3_49.Refer to Figure 6-3. If the government imposes a price floor of $6 on this market, then there will be a推薦精選a.surplus of 0.b.surplus of 20.c.surplus of 30.d.surplus of 40._5

49、0.Refer to Figure 6-3. If the government imposes a price floor of $14 on this market, then there will be aa.surplus of 0.b.surplus of 20.c.surplus of 30.d.surplus of 40._51.From Mankiws blog, what acrostic device is introduced to learn the first chapter?a.INCENTIVES!c.MANKIW ROCKS!b.ECONOMICS!d.AGPE

50、TRIE_52.In the video, “Fear the Boom and Bust,” what are the names of the economists whose views are being featured: a.Becker and Murphyc.Obama and McCainb.Vockler and Greenspand.Keynes and Hayek_53.What economist was interviewed on “The Daily Show with Jon Stewart” on Feb. 10, 2010, and linked from

51、 Mankiws blog on Feb. 6, 2010.a.Rick Auckermanc.Nathan Balkeb.George Greshamd.Austan Goolsbee推薦精選Test 1 Spring 2010Answer SectionMULTIPLE CHOICE1.ANS:APTS:1DIF:2REF:1-0NAT:AnalyticLOC:Scarcity, tradeoffs, and opportunity costTOP:ScarcityMSC:Interpretive2.ANS:CPTS:1DIF:3REF:1-1NAT:AnalyticLOC:Efficie

52、ncy and equityTOP:Efficiency | EqualityMSC:Analytical3.ANS:BPTS:1DIF:2REF:1-1NAT:AnalyticLOC:Scarcity, tradeoffs, and opportunity costTOP:Opportunity costMSC:Interpretive4.ANS:DPTS:1DIF:2REF:1-1NAT:AnalyticLOC:The role of incentivesTOP:IncentivesMSC:Interpretive5.ANS:BPTS:1DIF:2REF:1-2NAT:AnalyticLO

53、C:Markets, market failure, and externalitiesTOP:Invisible handMSC:Interpretive6.ANS:BPTS:1DIF:2REF:2-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:EconomistsMSC:Interpretive7.ANS:CPTS:1DIF:2REF:2-1NAT:AnalyticLOC:Understanding and applying economic modelsTOP:Economic modelsMSC:Interpretive8.ANS:BPTS:1DIF:2REF:2-1NAT:AnalyticLOC:Understanding and applying economic modelsTO