祝有個美滿的假期
經 濟 學 原 理 ㄧ
ECON100103
期 末 考 試 題
1/13/2005
學生學號:___________
學生姓名:__________
一、單選題 (50分) 請選出一個最適合的答案
1. The income elasticity of demand for restaurant meals is 1.61. So,
A) if income increases by 16.1 percent, the quantity demanded of restaurant meals
will increase by 10 percent.
B) if income increases by 10 percent, the quantity demanded of restaurant meals
will increase by 16.1 percent.
C) restaurant meals are an income elastic normal good.
D) Both answers B and C are correct.
2. Consumer surplus is
A)
B)
C)
D)
the value of a good minus the price paid for it.
the price paid for a good minus the value of the good.
the price paid for a good minus the opportunity cost of making it.
the opportunity cost of making a good minus the price paid for it.
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祝有個美滿的假期
3. In the figure above, D0 is the demand for labor curve. Imposing a minimum wage
of $6 per hour will initially
A)
B)
C)
D)
increase employment from 20 to 40 million hours per year.
increase employment from 30 to 40 million hours per year.
decrease employment from 40 to 20 million hours per year.
decrease employment from 30 to 20 million hours per year.
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祝有個美滿的假期
4. The figure above shows the market for coffee. If 10 million pounds of coffee a
month are available, the ____ price that consumers are willing to pay for the last
pound is ____ .
A)
maximum; $2.00
B)
maximum; $3.50
C)
minimum; $2.00
D)
minimum; $3.50
5. The figure above shows the market for coffee. If 30 pound of coffee a month are
available, the ____ price that consumers are willing to pay for the last pound is
____ .
A)
maximum; $4.00.
B)
minimum; $4.00.
C)
maximum; $2.50.
D)
minimum; $2.50.
6. The marginal cost (MC) curve intersects the
A)
B)
C)
ATC, AVC, and AFC curves at their minimum points.
ATC and AFC curves at their minimum points.
AVC and AFC curves at their minimum points.
D)
ATC and AVC curves at their minimum points.
7. In perfect competition, restrictions on entry into an industry
A)
B)
C)
D)
apply to both capital and labor.
apply to labor but not to capital.
apply to capital but not to labor.
do not exist.
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祝有個美滿的假期
Price
Quantity
Quantity
(dollars per
can)
demanded
supplied
0.30
1000
100
0.40
900
300
0.50
750
400
0.60
600
600
0.70
400
800
0.80
200
1000
0.90
100
1200
1.00
50
1400
8. The above table gives the demand and supply schedules for soda. What is the
maximum price consumers are willing to pay for the 400th can of soda?
A)
$0.80
B)
$0.70
C)
$0.60
D)
$0.50
9. The above table gives the demand and supply schedules for soda. What is the
minimum price that producers are willing to accept for the 400th can of soda?
A)
$0.40
B)
$0.50
C)
$0.60
D)
$0.70
10. The price elasticity of demand depends on
A)
B)
C)
D)
the units used to measure price and the units used to measure quantity.
the units used to measure price but not the units used to measure quantity.
the units used to measure quantity but not the units used to measure price.
neither the units used to measure price nor the units used to measure
quantity.
11. If a fall in the price of good A increases the quantity demanded of good B,
A)
B)
C)
D)
A and B are substitutes.
A and B are complements.
A is a substitute for B, but B is a complement to A.
B is a substitute for A, but A is a complement to B.
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祝有個美滿的假期
12. The deadweight loss from producing an inefficient amount is
A)
a loss to the consumer but a gain to the producer.
B)
a loss to the producer but a gain to the consumer.
C)
a gain to the consumer and the producer, but a loss to the rest of society.
D)
a loss to the consumer and to the producer.
13. Among the sources of economic inefficiency are all of the following EXCEPT
A)
B)
C)
D)
subsidies.
taxes.
competition.
external costs.
14. Which of the following statements can used to describe efficiency?
I. Efficiently using resources means that producers make the highest
profits possible.
II.
A)
B)
Using resources efficiently means that we cannot produce more of one
good without producing less of another good that has a higher value.
III. Resource use is efficient when we produce goods and services that
people value most highly.
I only.
I and II.
C)
D)
II and III.
I, II and III.
15. A price floor set below the equilibrium price
A)
B)
C)
D)
restricts the quantity demanded but not the quantity supplied.
restricts the quantity supplied but not the quantity demanded.
restricts both the quantity demanded and the quantity supplied.
has no effect.
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祝有個美滿的假期
16. Good A has a perfectly inelastic demand and an upward-sloping supply curve.
Good B has a perfectly inelastic supply and a downward-sloping demand curve. If
the same sales tax is imposed on the sellers of both good A and good B,
A) the price paid by buyers of good A rises by more than the price paid by buyers
of good B.
B) the price paid by buyers of good B rises by more than the price paid by buyers
of good A.
C) the price paid by buyers of good A rises by the same amount as the price paid
by buyers of good B.
D) more information is needed to determine whether the price paid by buyers of
good A rises by more than, less than, or the same amount as the price paid by
buyers of good B
17. The long run is distinguished from the short run in that, in the long run,
A)
output prices can vary.
B)
resource prices can vary.
C)
the quantities of all resources can be varied.
D)
the firm no longer maximizes its profit.
18. The range of output over which a firm’s average variable cost is decreasing is the
same as the range over which its
A)
marginal cost is increasing.
B)
average fixed cost is decreasing.
C)
average product is increasing.
D)
average product is decreasing.
19. A common source of diseconomies of scale is the
A)
application of the law of diminishing marginal returns to capital.
B)
application of the law of diminishing marginal returns to labor.
C)
application of the law of diminishing marginal returns to land.
D)
growing complexity of management and organizational structure.
20. A perfectly competitive firm will have an economic profit of zero if, at its
profit-maximizing output, its marginal revenue equals its
A)
B)
C)
D)
average total cost.
marginal cost.
average variable cost.
average fixed cost.
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祝有個美滿的假期
21. In the short run, a perfectly competitive firm will shut down if
A)
it incurs any economic loss.
B)
price equals average cost.
C)
total revenue is less than total variable cost.
D)
total revenue is less than total fixed cost.
22. As firms leave an industry because they are incurring an economic loss, the
economic loss of each remaining firm
A)
B)
C)
decreases and the price of the product falls.
decreases and the price of the product rises.
increases and the price of the product falls.
D)
increases and the price of the product rises.
23. The fundamental reason a single-price monopoly creates a deadweight loss is that
it
A)
raises variable cost.
B)
raises fixed cost.
C)
restricts output.
D)
reduces the elasticity of demand.
24. The more perfectly a monopoly can price discriminate, the
A)
smaller its output and the lower its profits.
B)
smaller its output and the higher its profits.
C)
larger its output and the lower its profits.
D)
larger its output and the higher its profits.
25. Economies of scope arise when
A)
B)
C)
D)
an increase in output causes average total cost to fall.
an increase in the range of goods produced causes average total cost to fall.
doubling inputs causes output to more than double.
high profit allows a company to undertake research and development.
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祝有個美滿的假期
請將選擇題答案依序填入下表
1.D
2.A
3.D
4. B
5. C
6.D
7.D
8.B
9. B
10.D
11.B 12.D 13.C 14.C 15.D
16.A 17.C 18.C 19.D 20.A
21.C 22.B 23.C 24.D 25.B
二、是非題 (30 分) True or False 並且說明理由
1. If the demand curve for a good is a downward sloping straight line, then
it is impossible to determine at which price the demand will be most elastic
without more information.
False .價格越高彈性越大且要高於需求曲線之中點才是 elastic 部分, 故由需求
曲線上之位置可以得知彈性大小.
2. When the demand for a good is inelastic and its price increases, the total revenue
from the sale of the good will increase.
True. When the demand for a good is inelastic, the percentage of quantity
decreased is smaller than the percentage of price increased. To the total revenue will
increase.
3. A tax is imposed on the sellers of a product. The consumer will pay the full amount
of the tax if demand is inelastic.
False. The consumer will pay the full amount of the tax only if demand is
perfectly inelastic.
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祝有個美滿的假期
4. A firm is operating in its range of economies of scale and is on both its LRAC curve
and its short-run ATC curve. At that level of output, the slope of its LRAC curve is
negative and the slope of its ATC curve is zero.
False.
Both the slope of its LRAC curve and the slope of its short-run ATC curve
are negative in the range of economies of scale output level.
5. In perfect competition, the marginal revenue of an individual firm
equals the price of the product.
True.
In perfect competitive market, every firm is price taker. So the marginal
revenue of an individual firm equals the price of the product.
6. To maximize its profit, the monopolist produces on the inelastic portion of its
demand where MR = MC.
False. To maximize its profit, the monopolist produces on the elastic portion of
its demand where MR = MC. It is because that a firm will not produce at the
negative MR output level.
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祝有個美滿的假期
三、問答題 (30 分)
(一)
1. In the above figure , please specify and define each curve denoted by A , B , C and
D.
2. Explain the relationship between curve A and curve B
1. A:MC=dMC/dQ 邊際成本, 為產量增加一單位.總成本變動量.
B:ATC =STC/Q =AFC+AVC, 平均總成本.
C:AVC=TVC/Q
平均變動成本, 為 TVC 曲線上連線斜率.
D:AFC=TFC/Q 平均固定成本, 為 TFC 任一點連線之斜率.
2. 當 ATC〉MC 時則 ATC 為遞減
當 ATC〈MC 時則 ATC 為遞增
當 ATC=MC 時則 MC 會通過 ATC 之最低點
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祝有個美滿的假期
(二)
The figure illustrates the situation facing
the publisher of the only newspaper
containing local news in an isolated
community.
1.What are the profit-maximizing
quantity and price ?
2.What is the publisher’s daily total
revenue?
3.At the price charged , is the demand for newspapers elastic or elastic or inelastic ?
Why?
4.What are consumer surplus and deadweight loss ? Mark each on your graph .
5.Might the newspaper try to price discriminate ? Explain why or why not.
a.
The profit-maximizing quantity is 150 newspapers a day and price is 70 cents a paper.
Profit is maximized when the firm produces the output at which marginal cost
equals marginal revenue. Draw in the marginal revenue curve. It runs from 100 on
the y-axis to 250 on the x-axis. The marginal revenue curve cuts the marginal cost
curve at the quantity 150 newspapers a day.
The highest price that the publisher can sell 150 newspapers a day is read from the
demand curve.
b.
The daily total revenue is $105 (150 papers at 70 cents each).
c.
Demand is elastic.
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祝有個美滿的假期
Along a straight-line demand curve, demand is elastic at all prices above the
midpoint of the demand curve. The price at the midpoint is 50 cents. So at 70
cents a paper, demand is elastic.
d.
The consumer surplus is $22.50 a day and the deadweight loss is $15 a day.
Consumer surplus is the area under the demand curve above the price. The price is
70 cents, so consumer surplus equals (100 cents minus 70 cents) multiplied by
150/2 papers a day, which is $22.50 a day.
Deadweight loss arises because the publisher does not produce the efficient
quantity. Output is restricted to 150, and the price is increased to 70 cents. The
deadweight loss equals (70 cents minus 40 cents) multiplied by 100/2.
e.
The newspaper will not want to price discriminate unless it can find a way to
prevent sharing and resale of the newspaper from those who are charged a lower
price to those who are charged a higher price.
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