微观经济学的练习试题以与答案解析英文版.docx

微观经济学的练习试题以与答案解析英文版.docx

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Chapter01ThinkingLikeanEconomist

MultipleChoiceQuestions

1.Economicsisbestdefinedasthestudyof:

A.pricesandquantities.

B.inflationandinterestrates.

C.howpeoplemakechoicesundertheconditionsofscarcityandtheresultsofthosechoices.

D.wagesandincomes.

2.Economicquestionsalwaysdealwith:

A.financialmatters.

B.politicalmatters.

C.insufficientresources.

D.choiceinthefaceoflimitedresources.

3.Therangeoftopicsorissuesthatfitwithinthedefinitionofeconomicsis:

A.limitedtomarketactivities,e.g.,buyingsoap.

B.limitedtoindividualsandfirms.

C.extremelywide,requiringonlytheideasofchoiceandscarcity.

D.verylimited.

4.Thecentralconcernofeconomicsis:

A.poverty.

B.scarcity.

C.wealthaccumulation.

D.overconsumption.

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5.Thescarcityprincipleindicatesthat:

A.nomatterhowmuchonehas,itisneverenough.

B.comparedto100yearsago,individualshavelesstimetoday.

C.withlimitedresources,havingmoreof"this"meanshavinglessof"that."

D.becausetradeoffsmustbemade,resourcesarethereforescarce.

6.Thelogicalimplicationofthescarcityprincipleisthat:

A.onewillneverbesatisfiedwithwhatonehas.

B.aswealthincreases,makingchoicesbecomeslessnecessary.

C.aswealthdecreases,makingchoicesbecomeslessnecessary.

D.choicesmustbemade.

7.Ifalltheworld'sresourcesweretomagicallyincreaseahundredfold,then:

A.thescarcityprinciplewouldstillgovernbehavior.

B.economicswouldnolongerberelevant.

C.thescarcityprinciplewoulddisappear.

D.tradeoffswouldbecomeunnecessary.

8.Theprincipleofscarcityappliesto:

A.thepoorexclusively.

B.allconsumers.

C.allfirms.

D.everyone—consumers,firms,governments,andnations.

9.Attheveryleast,JoeAverageandBillGatesarebothidenticallylimitedby:

A.theirwealth.

B.the24hoursthatcompriseaday.

C.theirknowledge.

D.theirinfluence.

10.ForestisamountainmanlivingincompleteisolationinMontana.Heiscompletelyself-sufficientthroughhunting,fishing,andfarming.Hehasnotbeeninthecitytobuyanythinginfiveyears.Onecaninfer:

A.thescarcityprincipledoesnotapplytoForest.

B.Forestisnotrequiredtomakechoices.

C.thescarcityprinciplestillappliesbecausemorehuntingmeanslessfishingandfarming.

D.Forestisverysatisfied.

11.Thescarcityprincipleappliesto:

A.alldecisions.

B.onlymarketdecisions,e.g.,buyingacar.

C.onlynon-marketdecisions,e.g.,watchingasunset.

D.onlythepoor.

12.Chrishasaone-hourbreakbetweenclasseseveryWednesday.Chriscaneitherstayatthelibraryandstudyorgotothegymandworkout.ThedecisionChrismustmakeis:

A.notaneconomicproblembecauseneitheronecostsmoney.

B.notaneconomicproblembecauseit'sanhourthatiswastednomatterwhatChrisdoes.

C.aneconomicproblembecausethetuitionChrispayscoversboththegymandthelibrary.

D.aneconomicproblembecauseChrishasonlyonehourduringwhichhecanstudyorworkout.

13.Joshwantstogotothefootballgamethisweekend,buthehasapaperdueonMonday.Itwilltakehimthewholeweekendtowritethepaper.Joshdecidedtostayhomeandworkonthepaper.Accordingtothescarcityprinciple,thereasonJoshdidn'tgotothegameisthat:

A.Joshprefersschoolworktofootballgames.

B.writingthepaperiseasierthangoingtothegame.

C.Joshdoesn'thaveenoughtimeforwritingthepaperandgoingtothegame.

D.it'stooexpensivetogotothegame.

14.WhetherstudyingthesizeoftheU.S.economyorthenumberofchildrenacouplewillchoosetohave,theunifyingconceptisthatwantsare:

A.limited,resourcesarelimited,andthuschoicesmustbemade.

B.unlimited,resourcesarelimited,andthuschoicesmustbemade.

C.unlimited,resourcesarelimitedtosomebutnottoothers,andthussomepeoplemustmakechoices.

D.unlimited,resourcesarelimited,andthusgovernmentneedstodomore.

15.Thecost-benefitprincipleindicatesthatanactionshouldbetaken:

A.ifthetotalbenefitsexceedthetotalcosts.

B.iftheaveragebenefitsexceedtheaveragecosts.

C.ifthenetbenefit（benefitminuscost）iszero.

D.iftheextrabenefitisgreaterthanorequaltotheextracosts.

16.Whenapersondecidestopursueanactivityaslongastheextrabenefitsareatleastequaltotheextracosts,thatpersonis:

A.violatingthecost-benefitprinciple.

B.followingthescarcityprinciple.

C.followingthecost-benefitprinciple.

D.pursuingtheactivitytoolong.

17.Choosingtostudyforanexamuntiltheextrabenefit（improvedscore）equalstheextracost（mentalfatigue）is:

A.notrational.

B.anapplicationofthecost-benefitprinciple.

C.anapplicationofthescarcityprinciple.

D.therelevantopportunitycost.

18.Thescarcityprincipletellsusthat ,andthecost-benefitprincipletellsus .

A.choicesmustbemade;howtomakethechoices

B.choicesmustbemade;thatthecostscanneveroutweighthebenefitsofthechoices

C.raregoodsareexpensive;thatthecostsshouldoutweighthebenefitsofthechoices

D.raregoodsareexpensive;thatthecostscanneveroutweighthebenefitsofthechoices

19.Accordingtothecost-benefitprinciple:

A.thelowestcostactivityusuallygivesthelowestbenefit.

B.apersonshouldalwayschoosetheactivitywiththelowestcost.

C.apersonshouldalwayschoosetheactivitywiththegreatestbenefit.

D.theextracostsandbenefitsofanactivityaremoreimportantconsiderationsthanthetotalcostsandbenefits.

20.Arationalpersonisonewho:

A.isreasonable.

B.makeschoicesthatareeasilyunderstood.

C.possesseswell-definedgoalsandseekstoachievethem.

D.ishighlycynical.

21.TheseventhglassofsodathatTimconsumeswillproduceanextrabenefitof10centsandhasanextracostofzero（Timiseatingatthecafeteria）.Thecost-benefitprinciplepredictsthatTimwill:

A.realizehehashadtoomuchsodatodrinkandgohome.

B.drinktheseventhglassandcontinueuntilthemarginalbenefitofdrinkinganotherglassofsodaiszero.

C.volunteertoemptyoutthefountain.

D.notdrinktheseventhglass.

22.Janiemusteithermowthelawnorwashclothes,earningherabenefitof$30or$45,respectively.Shedislikesbothequallyandtheybothtakethesameamountoftime.Janiewillthereforechooseto becausetheeconomicsurplusis .

A.mowthelawn;greater

B.washclothes;greater

C.mowthelawn;smaller

D.washclothes;smaller

23.Deandecidedtoplaygolfratherthanpreparefortomorrow'sexamineconomics.Onecaninferthat:

A.Deanhasmadeanirrationalchoice.

B.Deanisdoingpoorlyinhiseconomicsclass.

C.theeconomicsurplusfromplayinggolfexceededthesurplusfromstudying.

D.thecostofstudyingwaslessthanthecostofgolfing.

Larrywasacceptedatthreedifferentgraduateschools,andmustchooseone.EliteUcosts$50,000peryearanddidnotofferLarryanyfinancialaid.LarryvaluesattendingEliteUat$60,000peryear.StateCollegecosts$30,000peryear,andofferedLarryanannual$10,000scholarship.LarryvaluesattendingStateCollegeat$40,000peryear.NoNameUcosts$20,000peryear,andofferedLarryafull$20,000annualscholarship.LarryvaluesattendingNoNameat$15,000peryear.

24.TheopportunitycostofattendingEliteUis:

A.$50,000

B.$10,000

C.$20,000

D.$15,000

25.TheopportunitycostofattendingStateCollegeis:

A.$30,000

B.$20,000

C.$15,000

D.$10,000

26.Larrymaximizeshissurplusbyattending:

A.EliteU,because$60,000isgreaterthanthebenefitattheotherschools.

B.StateCollege,becausethedifferencebetweenthebenefitandcostisgreatestthere.

C.NoNameU,becauseLarryhasafullscholarshipthere.

D.EliteU,becausetheopportunitycostsofattendingEliteUarethelowest.

27.LarryhasdecidedtogotoEliteU.Assumingthatallofthevaluesdescribedarecorrect,forLarrytodecideonEliteU,hemusthave:

A.calculatedhissurplusfromeachchoiceandpickedtheonewiththehighestsurplus.

B.underestimatedthebenefitsofattendingNoName.

C.miscalculatedthesurplusofattendingEliteU.

D.determinedtheopportunitycostofeachchoiceandpickedtheonewiththelowestopportunitycost.

28.Jenspendsherafternoonatthebeach,paying$1torentabeachumbrellaand$11forfoodanddrinksratherthanspendinganequalamountofmoneytogotoamovie.Theopportunitycostofgoingtothebeachis:

A.the$12shespentontheumbrella,foodanddrinks.

B.only$1becauseshewouldhavespentthemoneyonfoodanddrinkswhetherornotshewenttothebeach.

C.themovieshemissedseeing.

D.themovieshemissedseeingplusthe$12shespentontheumbrella,foodanddrinks.

29.Relativetoapersonwhoearnsminimumwage,apersonwhoearns$30perhourhas:

A.aloweropportunitycostofworkinglongerhours.

B.ahigheropportunitycostoftakingadayoff.

C.aloweropportunitycostofdrivingfarthertowork.

D.thesameopportunitycostofspendingtimeonleisureactivities.

30.Theopportunitycostofanactivityisthevalueof:

A.analternativeforgone.

B.thenext-bestalternativeforgone.

C.theleast-bestalternativeforgone.

D.thedifferencebetweenthechosenactivityandthenext-bestalternativeforgone.

31.Amyisthinkingaboutgoingtothemoviestonight.Aticketcosts$7andshewillhavetocancelherdog-sittingjobthatpays$30.Thecostofseeingthemovieis:

A.$7.

B.$30.

C.$37.

D.$37minu