经济学原理对应练习04.doc

经济学原理对应练习04.doc

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Chapter4/TheMarketForcesofSupplyandDemandv167

Chapter4

TheMarketForcesofSupplyandDemand

MultipleChoice

1. Theforcesthatmakemarketeconomiesworkare

a. workandleisure.

b. demandandsupply.

c. regulationandrestraint.

d. taxesandgovernmentspending.

ANS:

B PTS:

1 DIF:

1 REF:

4-0

TOP:

Marketeconomy MSC:

Interpretive

2. Whichofthefollowingarethewordsmostcommonlyusedbyeconomists?

a. surplusandshortage

b. resourcesandallocation

c. supplyanddemand

d. theoryandpractice

ANS:

C PTS:

1 DIF:

1 REF:

4-0

TOP:

Economists MSC:

Interpretive

3. Inamarketeconomy,

a. supplydeterminesdemandand,inturn,demanddeterminesprices.

b. demanddeterminessupplyand,inturn,supplydeterminesprices.

c. theallocationofscarceresourcesdeterminespricesand,inturn,pricesdeterminesupplyanddemand.

d. supplyanddemanddeterminepricesand,inturn,pricesallocatescarceresources.

ANS:

D PTS:

1 DIF:

2 REF:

4-0

TOP:

Marketeconomy MSC:

Interpretive

4. Inamarketeconomy,supplyanddemandareimportantbecausethey

a. playacriticalroleintheallocationoftheeconomy’sscarceresources.

b. determinehowmuchofeachgoodgetsproduced.

c. canbeusedtopredicttheimpactontheeconomyofvariouseventsandpolicies.

d. Alloftheabovearecorrect.

ANS:

D PTS:

1 DIF:

1 REF:

4-0

TOP:

Marketeconomy MSC:

Interpretive

5. Amarketisa

a. groupofbuyersandsellersofaparticulargoodorservice.

b. groupofpeoplewithcommoneconomiccharacteristics.

c. placewherebuyersandsellerscometogethertoengageintrade.

d. placewhereanauctioneerhelpssetpricesandarrangesales.

ANS:

A PTS:

1 DIF:

1 REF:

4-1

TOP:

Markets MSC:

Definitional

6. Foramarketforagoodorservicetoexist,

a. theremustbeagroupofbuyersandsellers.

b. theremustbeaspecifictimeandplaceatwhichthegoodorserviceistraded.

c. thepriceofthegoodmustbedeterminedbythesellers.

d. Alloftheabovearecorrect.

ANS:

A PTS:

1 DIF:

1 REF:

4-1

TOP:

Market（s MSC:

Definitional

7. Thetermmarketalwaysrefersto

a. anarrangementinwhichbuyersandsellersmeetataspecifictimeandplace.

b. anarrangementinwhichanauctioneerplaysatleastalimitedroleinsettingprices.

c. agroupofbuyersandsellersofaparticulargoodorservice.

d. Alloftheabovearecorrect.

ANS:

C PTS:

1 DIF:

1 REF:

4-1

TOP:

Markets MSC:

Definitional

8. Agroupofbuyersandsellersofaparticulargoodorserviceiscalleda

a. coalition.

b. partnership.

c. market.

d. union.

ANS:

C PTS:

1 DIF:

1 REF:

4-1

TOP:

Markets MSC:

Definitional

9. Amarketisalwayscharacterizedby

a. ahighdegreeoforganization.

b. anindividualorsmallgroupofindividualswhosetthepriceoftheproductforallbuyersandsellers.

c. thepresenceofbuyersandsellers.

d. Alloftheabovearecorrect.

ANS:

C PTS:

1 DIF:

2 REF:

4-1

TOP:

Markets MSC:

Interpretive

10. Whichofthefollowingstatementsiscorrect?

a. Buyersdeterminesupplyandsellersdeterminedemand.

b. Buyersdeterminedemandandsellersdeterminesupply.

c. Buyersandsellersasonegroupdeterminesupply,butonlybuyersdeterminedemand.

d. Buyersandsellersasonegroupdeterminedemand,butonlysellersdeterminesupply.

ANS:

B PTS:

1 DIF:

2 REF:

4-1

TOP:

Demand|Supply MSC:

Interpretive

11. Foreachgoodproducedinamarketeconomy,theinteractionofdemandandsupplydetermines

a. thepriceofthegood,butnotthequantity.

b. thequantityofthegood,butnottheprice.

c. boththepriceofthegoodandthequantityofthegood.

d. neitherpricenorquantity,becausepricesandquantitiesaredeterminedbythesellersofthegoodsalone.

ANS:

C PTS:

1 DIF:

2 REF:

4-1

TOP:

Marketeconomy MSC:

Interpretive

12. Acompetitivemarketisamarketinwhich

a. anauctioneerhelpssetpricesandarrangesales.

b. thereareonlyafewsellers.

c. theforcesofsupplyanddemanddonotapply.

d. noindividualbuyerorsellerhasanysignificantimpactonthemarketprice.

ANS:

D PTS:

1 DIF:

1 REF:

4-1

TOP:

Competitivemarkets MSC:

Definitional

13. Thedemandforagoodorserviceisdeterminedby

a. thosewhobuythegoodorservice.

b. thegovernment.

c. theproducerswhocreatethegoodorservice.

d. thosewhosupplytherawmaterialsusedintheproductionofthegoodorservice.

ANS:

A PTS:

1 DIF:

2 REF:

4-1

TOP:

Demand MSC:

Interpretive

14. Acompetitivemarketisoneinwhich

a. thereisonlyoneseller,buttherearemanybuyers.

b. therearemanysellersandeachsellerhastheabilitytosetthepriceofhisproduct.

c. therearemanysellersandtheycompetewithoneanotherinsuchawaythatsomesellersarealwaysbeingforcedoutofthemarket.

d. therearesomanybuyersandsomanysellersthateachhasanegligibleimpactonthepriceoftheproduct.

ANS:

D PTS:

1 DIF:

2 REF:

4-1

TOP:

Competitivemarkets MSC:

Definitional

15. Inacompetitivemarket,

a. onlyafewsellerssellthesameproduct.

b. eachsellerhasalimiteddegreeofcontroloverthepriceofhisproduct.

c. ifonebuyerchoosestopurchasealargequantityoftheproduct,thepricewillrise.

d. ifonesellerwithholdshisproductfromthemarket,priceswillrise.

ANS:

B PTS:

1 DIF:

2 REF:

4-1

TOP:

Competitivemarkets MSC:

Interpretive

16. Inacompetitivemarket,eachsellerhaslimitedcontroloverthepriceofhisproductbecause

a. othersellersareofferingsimilarproducts.

b. buyersexertmorecontroloverthepricethandosellers.

c. thesemarketsarehighlyregulatedbygovernment.

d. sellersusuallyagreetosetacommonpricethatwillalloweachsellertoearnacomfortableprofit.

ANS:

A PTS:

1 DIF:

2 REF:

4-1

TOP:

Competitivemarkets MSC:

Interpretive

17. Mostmarketsintheeconomyare

a. marketsinwhichsellers,ratherthanbuyers,controlthepriceoftheproduct.

b. marketsinwhichbuyers,ratherthansellers,controlthepriceoftheproduct.

c. marketsinwhicheachselleroftheproductisawarethattherearefew,ifany,similarproductsofferedbyothersellers.

d. highlycompetitive.

ANS:

D PTS:

1 DIF:

2 REF:

4-1

TOP:

Markets MSC:

Interpretive

18. Foracompetitivemarket,whichofthefollowingstatementsiscorrect?

a. Asellercanalwaysincreaseherprofitbyraisingthepriceofherproduct.

b. Ifasellerchargesmorethanthegoingprice,buyerswillgoelsewheretomaketheirpurchases.

c. Aselleroftenchargeslessthanthegoingpricetoincreasesalesandprofit.

d. Asinglebuyercaninfluencethepriceoftheproduct,butonlywhenpurchasingfromseveralsellersinashortperiodoftime.

ANS:

B PTS:

1 DIF:

2 REF:

4-1

TOP:

Competitivemarkets MSC:

Interpretive

19. AssumeTeresabuyscomputersinacompetitivemarket.Then

a. Teresahasalimitednumberofsellerstoturntowhenshebuysacomputer.

b. Teresawillfindherselfnegotiatingwithsellerswhenevershebuysacomputer.

c. ifTeresabuysalargenumberofcomputers,thepriceofcomputerswillrisenoticeably.

d. Noneoftheaboveiscorrect.

ANS:

D PTS:

1 DIF:

2 REF:

4-1

TOP:

Competitivemarkets MSC:

Interpretive

20. Thehighestformofcompetitioniscalled

a. absolutecompetition.

b. cutthroatcompetition.

c. perfectcompetition.

d. marketcompetition.

ANS:

C PTS:

1 DIF:

1 REF:

4-1

TOP:

Perfectcompetition MSC:

Definitional

21. Whichofthefollowingisnotacharacteristicofaperfectlycompetitivemarket?

a. Differentsellerssellidenticalproducts.

b. Therearemanysellers.

c. Sellersmustacceptthepricethemarketdetermines.

d. Alloftheabovearecharacteristicsofaperfectlycompetitivemarket.

ANS:

D PTS:

1 DIF:

2 REF:

4-1

TOP:

Perfectcompetition MSC:

Interpretive

22. Whichofthefollowingisnotacharacteristicofaperfectlycompetitivemarket?

a. Sellerspossessmarketpower.

b. Therearemanysellers.

c. Buyersmustacceptthepricethemarketdetermines.

d. Alloftheabovearecharacteristicsofaperfectlycompetitivemarket.

ANS:

A PTS:

1 DIF:

2 REF:

4-1

TOP:

Perfectcompetition MSC:

Interpretive

23. Thetermpricetakersreferstobuyersandsellersin

a. perfectlycompetitivemarkets.

b. monopolies.

c. marketsthatareregulatedbygovernment.

d. marketsinwhichbuyerscannotbuyalltheywantand/orsellerscannotsellalltheywant.

ANS:

A PTS:

1 DIF:

2 REF:

4-1

TOP:

Perfectcompetition MSC:

Interpretive

24. Buyersandsellerswhohavenoinfluenceonmarketpricearereferredtoas

a. marketpawns.

b. marginalists.

c. pricetakers.

d. pricemakers.

ANS:

C PTS:

1 DIF:

1 REF:

4-1

TOP:

Perfectcompetition MSC:

Definitional

25. Pricetakershavenoinfluenceoverpricesinmarketsthatfeature

a. onlyafewbuyersandafewsellers.

b. numeroussellersbutonlyafewbuyers.

c. numerousbuyersbutonlyafewsellers.

d. numerousbuyersandnumeroussellers.

ANS:

D PTS:

1 DIF:

1 REF:

4-1

TOP:

Perfectcompetition MSC:

Interpretive

26. Anexampleofaperfectlycompetitivemarketwouldbethe

a. cableTVmarket.

b. soybeanmarket.

c. newcarmarket.

d. bluejeanmarket.

ANS:

B PTS:

1 DIF:

2 REF:

4-1

TOP:

Perfectcompetition MSC:

Interpretive

27. Themarketforicecreamis

a. amonopolisticmarket.

b. acompetitivemarket.

c. ahighlyorganizedmarket.

d. amarketinwhichthereisnoconnectionwhatsoeverbetweenbuyersandsellers.

ANS:

B PTS:

1 DIF:

1 REF:

4-1

TOP:

Markets MSC:

Interpretive

28. Ifasellerinacompetitivemarketchoosestochargemorethanthemarketprice,then

a. thesellers’profitsdefinitelywouldincrease.

b. theownersoftherawmaterialsusedinproductionwouldraisethepricesfortherawmaterials.

c. othersellerswouldalsoraisetheirprices.

d. buyerswilltendtomakepurchasesfromothersellers.

ANS:

D PTS:

1 DIF:

2 REF:

4-1

TOP:

Competitivemarkets MSC:

Interpret