曼昆经济学原理微观第五版测试题库 05.docx

曼昆经济学原理微观第五版测试题库 05.docx

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曼昆经济学原理微观第五版测试题库05

Chapter5

ElasticityandItsApplication

TRUE/FALSE

1.Elasticitymeasureshowresponsivequantityistochangesinprice.

ANS:

TDIF:

1REF:

5-0NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Definitional

2.Measuresofelasticityenhanceourabilitytostudythemagnitudesofchanges.

ANS:

TDIF:

1REF:

5-0NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Definitional

3.Thedemandforbreadislikelytobemoreelasticthanthedemandforsolid-goldbreadplates.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

4.Ingeneral,demandcurvesfornecessitiestendtobepriceelastic.

ANS:

FDIF:

1REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

5.Ingeneral,demandcurvesforluxuriestendtobepriceelastic.

ANS:

TDIF:

1REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

6.Necessitiestendtohaveinelasticdemands,whereasluxurieshaveelasticdemands.

ANS:

TDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

7.Goodswithclosesubstitutestendtohavemoreelasticdemandsthandogoodswithoutclosesubstitutes.

ANS:

TDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

8.ThedemandforRiceKrispiesismoreelasticthanthedemandforcerealingeneral.

ANS:

TDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

9.ThedemandforsoapismoreelasticthanthedemandforDovesoap.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

10.Thedemandforgasolinewillrespondmoretoachangeinpriceoveraperiodoffiveweeksthanoveraperiodoffiveyears.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

11.Eventhedemandforanecessitysuchasgasolinewillrespondtoachangeinprice,especiallyoveralongertimehorizon.

ANS:

TDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

12.Thepriceelasticityofdemandisdefinedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice.

ANS:

TDIF:

1REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Definitional

13.Thepriceelasticityofdemandisdefinedasthepercentagechangeinpricedividedbythepercentagechangeinquantitydemanded.

ANS:

FDIF:

1REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Definitional

14.Supposethatwhenthepricerisesby20%foraparticulargood,thequantitydemandedofthatgoodfallsby10%.Thepriceelasticityofdemandforthisgoodisequalto2.0.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Analytical

15.Supposethatwhenthepricerisesby10%foraparticulargood,thequantitydemandedofthatgoodfallsby20%.Thepriceelasticityofdemandforthisgoodisequalto2.0.

ANS:

TDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Analytical

16.Ifthepriceofcalculatorsincreasesby15percentandthequantitydemandedperweekfallsby45percentasaresult,thenthepriceelasticityofdemandis3.

ANS:

TDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Applicative

17.Demandisinelasticifthepriceelasticityofdemandisgreaterthan1.

ANS:

FDIF:

1REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

InelasticdemandMSC:

Definitional

18.Alinear,downward-slopingdemandcurvehasaconstantelasticitybutachangingslope.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

19.Priceelasticityofdemandalongalinear,downward-slopingdemandcurveincreasesaspricefalls.

ANS:

FDIF:

3REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

20.Ifthepriceelasticityofdemandisequalto0,thendemandisunitelastic.

ANS:

FDIF:

1REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Definitional

21.Ifthepriceelasticityofdemandisequalto1,thendemandisunitelastic.

ANS:

TDIF:

1REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Definitional

22.Demandforagoodissaidtobeinelasticifthequantitydemandedincreasessubstantiallywhenthepricefallsbyasmallamount.

ANS:

FDIF:

1REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

InelasticdemandMSC:

Definitional

23.Themidpointmethodisusedtocalculateelasticitybetweentwopointsbecauseitgivesthesameanswerregardlessofthedirectionofthechange.

ANS:

TDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

MidpointmethodMSC:

Interpretive

24.Theflatterthedemandcurvethatpassesthroughagivenpoint,themoreinelasticthedemand.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

25.Theflatterthedemandcurvethatpassesthroughagivenpoint,themoreelasticthedemand.

ANS:

TDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofdemandMSC:

Interpretive

26.Ifdemandisperfectlyinelastic,thedemandcurveisvertical,andthepriceelasticityofdemandequals0.

ANS:

TDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PerfectlyinelasticdemandMSC:

Interpretive

27.Ifdemandisperfectlyelastic,thedemandcurveishorizontal,andthepriceelasticityofdemandequals1.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

PerfectlyelasticdemandMSC:

Interpretive

28.Alongtheelasticportionofalineardemandcurve,totalrevenuerisesaspricerises.

ANS:

FDIF:

3REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

Totalrevenue|Priceelasticityofdemand

MSC:

Interpretive

29.Ifafirmisfacingelasticdemand,thenthefirmshoulddecreasepricetoincreaserevenue.

ANS:

TDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

Totalrevenue|Priceelasticityofdemand

MSC:

Applicative

30.Ifafirmisfacinginelasticdemand,thenthefirmshoulddecreasepricetoincreaserevenue.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

Totalrevenue|Priceelasticityofdemand

MSC:

Applicative

31.Whendemandisinelastic,adecreaseinpriceincreasestotalrevenue.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

Inelasticdemand|TotalrevenueMSC:

Interpretive

32.Theincomeelasticityofdemandisdefinedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinincome.

ANS:

TDIF:

1REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

IncomeelasticityofdemandMSC:

Definitional

33.Theincomeelasticityofdemandisdefinedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice.

ANS:

FDIF:

1REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

IncomeelasticityofdemandMSC:

Definitional

34.Normalgoodshavenegativeincomeelasticitiesofdemand,whileinferiorgoodshavepositiveincomeelasticitiesofdemand.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

IncomeelasticityofdemandMSC:

Interpretive

35.Iftheincomeelasticityofdemandforagoodisnegative,thenthegoodmustbeaninferiorgood.

ANS:

TDIF:

1REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

IncomeelasticityofdemandMSC:

Interpretive

36.Ifthecross-priceelasticityofdemandfortwogoodsisnegative,thenthetwogoodsaresubstitutes.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

Cross-priceelasticityofdemandMSC:

Interpretive

37.Ifthecross-priceelasticityofdemandfortwogoodsisnegative,thenthetwogoodsarecomplements.

ANS:

TDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

Cross-priceelasticityofdemandMSC:

Interpretive

38.Cross-priceelasticityofdemandmeasureshowthequantitydemandedofonegoodchangesasthepriceofanothergoodchanges.

ANS:

TDIF:

1REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

Cross-priceelasticityofdemandMSC:

Definitional

39.Cross-priceelasticityisusedtodeterminewhethergoodsareinferiorornormalgoods.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

Cross-priceelasticityofdemandMSC:

Interpretive

40.Cross-priceelasticityisusedtodeterminewhethergoodsaresubstitutesorcomplements.

ANS:

TDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

Cross-priceelasticityofdemandMSC:

Interpretive

41.Thecross-priceelasticityofgarlicsaltandonionsaltis-2,whichindicatesthatgarlicsaltandonionsaltaresubstitutes.

ANS:

FDIF:

2REF:

5-1NAT:

Analytic

LOC:

ElasticityTOP:

Cross-priceelasticityofdemandMSC:

Interpretive

42.Priceelasticityofsupplymeasureshowmuchthequantitysuppliedrespondstochangesintheprice.

ANS:

TDIF:

1REF:

5-2NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofsupplyMSC:

Definitional

43.Supplyanddemandbothtendtobemoreelasticinthelongrunandmoreinelasticintheshortrun.

ANS:

TDIF:

2REF:

5-1|5-2NAT:

Analytic

LOC:

ElasticityTOP:

Priceelasticitiesofdemandandsupply

MSC:

Interpretive

44.Ifthepriceelasticityofsupplyis2andthequantitysupplieddecreasesby6%,thenthepricemusthavedecreasedby3%.

ANS:

TDIF:

2REF:

5-2NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofsupplyMSC:

Applicative

45.Supplyissaidtobeinelasticifthequantitysuppliedrespondssubstantiallytochangesintheprice,andelasticifthequantitysuppliedrespondsonlyslightlytoprice.

ANS:

FDIF:

1REF:

5-2NAT:

Analytic

LOC:

ElasticityTOP:

PriceelasticityofsupplyMSC:

Definitional

46.Supplytendstobemoreelasticintheshortrunandmoreinelasticinthelongrun.

A