经济学原理对应练习 05.docx

经济学原理对应练习 05.docx

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经济学原理对应练习05

Chapter5

ElasticityandItsApplications

MultipleChoice

1.Ingeneral,elasticityisameasureof

a.theextenttowhichadvancesintechnologyareadoptedbyproducers.

b.theextenttowhichamarketiscompetitive.

c.howfastthepriceofagoodrespondstoashiftofthesupplycurveordemandcurve.

d.howmuchbuyersandsellersrespondtochangesinmarketconditions.

ANS:

DPTS:

1DIF:

1REF:

5-0

TOP:

ElasticityMSC:

Definitional

2.Whenstudyinghowsomeeventorpolicyaffectsamarket,elasticityprovidesinformationonthe

a.directionoftheeffectonthemarket.

b.magnitudeoftheeffectonthemarket.

c.speedofadjustmentofthemarketinresponsetotheeventorpolicy.

d.numberofmarketparticipantswhoaredirectlyaffectedbytheeventorpolicy.

ANS:

BPTS:

1DIF:

2REF:

5-0

TOP:

ElasticityMSC:

Interpretive

3.Howdoestheconceptofelasticityallowustoimproveuponourunderstandingofsupplyanddemand?

a.Elasticityallowsustoanalyzesupplyanddemandwithgreaterprecisionthanwouldbethecaseintheabsenceoftheelasticityconcept.

b.Elasticityprovidesuswithabetterrationaleforstatementssuchas“anincreaseinxwillleadtoadecreaseiny”thanwewouldhaveintheabsenceoftheelasticityconcept.

c.Withoutelasticity,wewouldnotbeabletoaddressthedirectioninwhichpriceislikelytomoveinresponsetoasurplusorashortage.

d.Withoutelasticity,itisverydifficulttoassessthedegreeofcompetitionwithinamarket.

ANS:

APTS:

1DIF:

2REF:

5-0

TOP:

ElasticityMSC:

Interpretive

4.Elasticityimprovesourunderstandingofsupplyanddemandbyadding

a.measuresofequity.

b.measuresofefficiency.

c.aquantitativeelementtoouranalysis.

d.aqualitativeelementtoouranalysis.

ANS:

CPTS:

1DIF:

2REF:

5-0

TOP:

ElasticityMSC:

Interpretive

5.Thepriceelasticityofdemandmeasureshowmuch

a.quantitydemandedrespondstoachangeinprice.

b.quantitydemandedrespondstoachangeinincome.

c.pricerespondstoachangeindemand.

d.demandrespondstoachangeinsupply.

ANS:

APTS:

1DIF:

1REF:

5-1

TOP:

PriceelasticityofdemandMSC:

Definitional

6.Thepriceelasticityofdemandmeasures

a.buyers’responsivenesstoachangeinthepriceofagood.

b.theextenttowhichdemandincreasesasadditionalbuyersenterthemarket.

c.howmuchmoreofagoodconsumerswilldemandwhenincomesrise.

d.themovementalongasupplycurvewhenthereisachangeindemand.

ANS:

APTS:

1DIF:

1REF:

5-1

TOP:

PriceelasticityofdemandMSC:

Definitional

7.Demandissaidtobeelasticif

a.thepriceofthegoodrespondssubstantiallytochangesindemand.

b.demandshiftssubstantiallywhenincomeortheexpectedfuturepriceofthegoodchanges.

c.buyersdonotrespondmuchtochangesinthepriceofthegood.

d.buyersrespondsubstantiallytochangesinthepriceofthegood.

ANS:

DPTS:

1DIF:

2REF:

5-1

TOP:

ElasticdemandMSC:

Definitional

8.Demandissaidtobeinelasticif

a.buyersrespondsubstantiallytochangesinthepriceofthegood.

b.demandshiftsonlyslightlywhenthepriceofthegoodchanges.

c.thequantitydemandedchangesonlyslightlywhenthepriceofthegoodchanges.

d.thepriceofthegoodrespondsonlyslightlytochangesindemand.

ANS:

CPTS:

1DIF:

2REF:

5-1

TOP:

InelasticdemandMSC:

Definitional

9.Ifdemandisinelastic,then

a.buyersdonotrespondmuchtoachangeinprice.

b.buyersrespondsubstantiallytoachangeinprice,buttheresponseisveryslow.

c.buyersdonotaltertheirquantitiesdemandedmuchinresponsetoadvertising,fads,orgeneralchangesintastes.

d.thedemandcurveisveryflat.

ANS:

APTS:

1DIF:

2REF:

5-1

TOP:

InelasticdemandMSC:

Definitional

10.Whenquantitydemandedrespondsstronglytochangesinprice,demandissaidtobe

a.fluid.

b.elastic.

c.dynamic.

d.highlyvariable.

ANS:

BPTS:

1DIF:

1REF:

5-1

TOP:

ElasticdemandMSC:

Definitional

11.Whichofthefollowingstatementsaboutthepriceelasticityofdemandiscorrect?

a.Thepriceelasticityofdemandforagoodmeasuresthewillingnessofbuyersofthegoodtomoveawayfromthegoodasitspriceincreases.

b.Priceelasticityofdemandreflectsthemanyeconomic,psychological,andsocialforcesthatshapeconsumertastes.

c.Otherthingsequal,ifgoodxhasclosesubstitutesandgoodydoesnothaveclosesubstitutes,thenthedemandforgoodxwillbemoreelasticthanthedemandforgoody.

d.Alloftheabovearecorrect.

ANS:

DPTS:

1DIF:

2REF:

5-1

TOP:

PriceelasticityofdemandMSC:

Interpretive

12.Foragoodthatisanecessity,

a.quantitydemandedtendstorespondsubstantiallytoachangeinprice.

b.demandtendstobeinelastic.

c.thelawofdemandoftendoesnotapply.

d.Alloftheabovearecorrect.

ANS:

BPTS:

1DIF:

2REF:

5-1

TOP:

PriceelasticityofdemandMSC:

Interpretive

13.Foragoodthatisaluxury,demand

a.tendstobeinelastic.

b.tendstobeelastic.

c.hasunitelasticity.

d.cannotberepresentedbyademandcurveintheusualway.

ANS:

BPTS:

1DIF:

2REF:

5-1

TOP:

PriceelasticityofdemandMSC:

Interpretive

14.Ifapersononlyoccasionallybuysacupofcoffee,hisdemandforcoffeeisprobably

a.representedbyaverticalornearly-verticaldemandcurve.

b.noteasilyrepresentedbyademandscheduleordemandcurve.

c.inelastic.

d.elastic.

ANS:

DPTS:

1DIF:

2REF:

5-2

TOP:

PriceelasticityofdemandMSC:

Interpretive

15.Apersonwhotakesaprescriptiondrugtocontrolhighcholesterolmostlikelyhasademandforthatdrugthatis

a.inelastic.

b.unitelastic.

c.elastic.

d.highlyresponsivetochangesinincome.

ANS:

APTS:

1DIF:

2REF:

5-1

TOP:

PriceelasticityofdemandMSC:

Interpretive

16.Otherthingsequal,thedemandforagoodtendstobemoreinelastic,the

a.fewertheavailablesubstitutes.

b.longerthetimeperiodconsidered.

c.morethegoodisconsideredaluxurygood.

d.morenarrowlydefinedisthemarketforthegood.

ANS:

APTS:

1DIF:

2REF:

5-1

TOP:

InelasticdemandMSC:

Interpretive

17.ThedemandforChocolateChipCookieDoughicecreamislikelyquiteelasticbecause

a.icecreammustbeeatenquickly.

b.thisparticularflavoroficecreamisviewedasanecessitybymanyice-creamlovers.

c.themarketisbroadlydefined.

d.otherflavorsoficecreamaregoodsubstitutesforthisparticularflavor.

ANS:

DPTS:

1DIF:

2REF:

5-1

TOP:

Priceelasticityofdemand|SubstitutesMSC:

Interpretive

18.ThedemandforWertherscandyislikely

a.elasticbecausecandyisexpensiverelativetoothersnacks.

b.elasticbecausetherearemanyclosesubstitutesforWerthers.

c.elasticbecauseWerthersareregardedasanecessitybymanypeople.

d.inelasticbecauseitisusuallyeatenquickly,makingtherelevanttimehorizonshort.

ANS:

BPTS:

1DIF:

2REF:

5-1

TOP:

PriceelasticityofdemandMSC:

Interpretive

19.Thereareveryfew,ifany,goodsubstitutesformotoroil.Therefore,

a.thedemandformotoroilwouldtendtobeinelastic.

b.thedemandformotoroilwouldtendtobeelastic.

c.thedemandformotoroilwouldtendtorespondstronglytochangesinpricesofothergoods.

d.thesupplyofmotoroilwouldtendtorespondstronglytochangesinpeople’stastesforlargecarsrelativetotheirtastesforsmallcars.

ANS:

APTS:

1DIF:

2REF:

5-1

TOP:

PriceelasticityofdemandMSC:

Interpretive

20.Holdingallotherforcesconstant,whenthepriceofgasolinerises,thenumberofgallonsofgasolinedemandedwouldfallsubstantiallyoveraten-yearperiodbecause

a.buyerstendtobemuchlesssensitivetoachangeinpricewhengivenmoretimetoreact.

b.buyerstendtobemuchmoresensitivetoachangeinpricewhengivenmoretimetoreact.

c.buyerswillhavesubstantiallymoreincomeoveraten-yearperiod.

d.thequantitysuppliedofgasolineincreasesverylittleinresponsetoanincreaseinthepriceofgasoline.

ANS:

BPTS:

1DIF:

2REF:

5-1

TOP:

PriceelasticityofdemandMSC:

Interpretive

21.Agoodwillhaveamoreinelasticdemand,

a.thegreatertheavailabilityofclosesubstitutes.

b.thebroaderthedefinitionofthemarket.

c.thelongertheperiodoftime.

d.themoreitisregardedasaluxury.

ANS:

BPTS:

1DIF:

2REF:

5-1

TOP:

PriceelasticityofdemandMSC:

Interpretive

22.Itislikelythat

a.thedemandforflat-screencomputermonitorsismoreelasticthanthedemandformonitorsingeneral.

b.thedemandforgrandfatherclocksismoreelasticthanthedemandforwristwatches.

c.thedemandforcardboardismoreelasticoveralongperiodoftimethanoverashortperiodoftime.

d.Alloftheabovearecorrect.

ANS:

DPTS:

1DIF:

2REF:

5-1

TOP:

PriceelasticityofdemandMSC:

Interpretive

23.Itislikelythat

a.thedemandfornaturalgasismoreelasticoverashortperiodoftimethanoveralongperiodoftime.

b.thedemandforsmokealarmsismoreelasticthanthedemandforPersianrugs.

c.thedemandforbourbonwhiskeyismoreelasticthanthedemandforalcoholicbeveragesingeneral.

d.Alloftheabovearecorrect.

ANS:

CPTS:

1DIF:

2REF:

5-1

TOP:

PriceelasticityofdemandMSC:

Interpretive

24.Whenthepriceofbubblegumis$0.50,thequantitydemandedis400packsperday.Whenthepricefallsto$0.40,thequantitydemandedincreasesto600.Giventhisinformationandusingthemidpointmethod,weknowthatthedemandforbubblegumis

a.inelastic.

b.elastic.

c.unitelastic.

d.perfectlyinelastic.

ANS:

BPTS:

1DIF:

2REF:

5-1

TOP:

Priceelasticityofdemand|MidpointmethodMSC:

Applicative

25.Economistscomputethepriceelasticityofdemandasthe

a.percentagechangeinpricedividedbythepercentagechangeinquantitydemanded.

b.changein