黃新飛《微觀經(jīng)濟學》復習模擬題中山大學國際商學院Chapter11.Economicanalysis: A) involvessomesimplificationsofreality. B) isonlyvaguelyrelatedtorealitybecauseifitdidsocoincide,itwouldnotstillbetheory. C) isimpossible,becauseoftheimpossibilityofacontrolledexperiment. D) ifitisgoodtheory,involvesnosimplificationofreality. E) involvessomuchdistortionofrealityastobeworthless. Ans: A2.Whatareeconomicgoods? A) Goodsthatareveryexpensive. B) Goodsthatareinscarceorlimitedsupply. C) Goodsthatacountryproducesandthentradestoanothercounty. D) Goodsthatarevitaltoanindividual'swelfare. E) Alloftheabove. Ans: B3."Scarcity"ineconomicsrefersbasicallyto: A) periodsoffamine. B) monopolizationofexistingsuppliesofgoods. C) monopolizationofresourcestoprovidegoods. D) monopolizationofoutletstosellgoods. E) noneoftheabove. Ans: E4."Distribution"ineconomicsrefersto: A) retailing,wholesaling,andtransportation. B) what. C) how. D) forwhom. E) noneoftheabove. Ans: D5.Thethreequestionsofwhat,how,andforwhom: A) relatetothethreefactorsofproduction. B) existbecauseofscarcity. C) aremoreofaprobleminamarketeconomy. D) aremoreofaprobleminacommandeconomy. E) arenolongerrelevant. Ans: B6.Thedescriptionofeconomicsas,"coolheadsintheserviceofwarmhearts",meansthat: A) allocatingscarceresourcesmayrequirepainfuldecisions. B) costsandbenefitsneedtobeweighedobjectively. C) theproperbalancemustbestruckbetweenthedisciplineofthemarketandthegenerosityofthewelfarestate. D) alloftheabove. E) noneoftheabove. Ans: D7.Whenmovingalongaproductionpossibilitiesfrontier,theopportunitycosttosocietyofobtainingmoreofoneofthetwogoods: A) ismeasuredindollarterms. B) usuallydecreasesasmoreofthegoodisproduced. C) ismeasuredbytheamountoftheothergoodthatmustbegivenup. D) ismeasuredbytheadditionalresourcesthatmustbeusedtoproducethegood. E) isusuallyconstant. Ans: C8.Thesedatareflectthreepossiblecombinationsoffoodandclothingthatcanbeproducedfromagivensetofresources. Food 10 5 0 Clothing O X 50 Refertotheabovedata.Ifbothclothingandfoodalwaysuseallinputsinthesameproportion,thenXmustbe: A) 25. B) morethan25. C) lessthan25. D) 50. E) cannotnotbedeterminedfromthedata Ans: A9.Beingontheproduction-possibilityfrontierbetweengunsandbuttermeansthat: A) itisimpossibletoproduceanymoreguns. B) itisimpossibletoproduceanymorebutter. C) moregunscanbeproducedonlybydoingwithoutsomebutter. D) populationisinequilibrium. E) ifsocietybecomesmoreproductiveinproducingbutter,thenwecanhavemorebutterbutnotmoreguns. Ans: C10.Ashiftinaproduction-possibilityfrontiercanresultfrom: A) unemployment. B) inflation. C) changesinproductiontechniques. D) changesinthecombinationofgoodsproduced. E) changesinconsumers'tastes. Ans: C11Figure1-1Whichpointontheproduction-possibilityfrontiersdrawninFigure1indicatesnoconsumptiongoodsbeingproduced? A) A. B) B. C) C. D) D. E) E.Ans: E12.Ofthefollowingpoints,whichpointreflectsthemostefficientuseofavailableresourcesinrelationtofrontierAEinFigure1-1? A) F. B) G. C) C. D) H. E) Cannottellfromtheinformationprovided. Ans: C 13.RelativetofrontierA'E'inFigure1-1,whichofthefollowingpointsisleastefficient? A) B'. B) C'. C) B. D) C. E) F. Ans: E14.PointAonwhichpanelinFigure1-2representsaninefficientuseofresources? A) PanelA. B) PanelB. C) PanelC. D) PanelD. E) PanelE. Ans: D15.Foratheorytobeuseful,itmustbeconfirmedineachtestcase. Ans: FalseCHAPTER21.Inamarketsystem,thewhatdecisionismademostbasicallyby A) representativegovernment. B) nationalplanning. C) bankers. D) advertisersandtheirabilitytopersuadebuyers. E) spendingdecisionsofthosewithmoney. Ans: E2.Inamarketeconomy,thepresumedharmonybetweenindividualandpublicinterestdependsupon: A) thegoodwillofprivatebusinesspeople. B) carefulplanningandcoordinationofeconomicactivity. C) altruismonthepartofconsumers. D) competitivemarketsandthepursuitofself-interestbyindividuals. E) thewisdomofgovernmentdecisions. Ans: D3.Pollutioncontrolpolicyisdirectedfirstandforemostatimproving: A) equity. B) efficiency. C) stability. D) alloftheabove. E) noneoftheabove Ans: B4.Whoisinchargeofamarketeconomy?Thatis,whatagentsandfactorsarethemostimportantindeterminingmarketoutcomes? A) Largecompanies. B) Congressandthepresident. C) Consumersalone. D) Allproducers. E) Consumersandtechnology. Ans: E5.Theprincipleofthe"invisiblehand"claimsthat: A) theselfishpursuitsofeveryone'sowninterestwillleadtothebestgoodforallundermarketcompetition. B) governmentmustgentlyguideeconomicactivitysothatthebestforallwillbeattained. C) governmentpoliciesworklikeaninvisiblehand,steeringresourcestotheirbestuse. D) producersmustquietlycooperatesothatpricesarenotsolowastocauselosses. E) noneoftheabove. Ans: A6.Consumersvotetheirdollarsprimarilyin: A) labormarkets. B) landmarkets. C) capitalmarkets. D) goodsmarkets. E) noneoftheabove. Ans: D7.Whichofthefollowingstatementsistrueofspecialization? A) Specializationisinconsistentwiththeideaofindividualfreedom. B) Economiesthatpracticeadivisionoflaboraremorallysuperiortothosethatdonot. C) Inacceptingspecialization,apersonsacrificeshisorherowninterestsforthesakeofsociety'sinterest. D) Whilespecializationhasenormousadvantages,thecostsoutweighthem. E) Increasedproductivityismorelikelytobeachievedthroughspecialization. Ans: E8.Whichofthefollowingisnotanexampleofgovernmentregulationdesignedtocurbanegativeexternality? A) Anti-childlaborlaws. B) Anti-pollutionlaws. C) Anationalsalestax. D) Legislationagainststripmining. E) TheCleanAirAct. Ans: C9.Pricesinfactormarketsareprimarilydeterminedby A) governmentregulation. B) bigbusinesscollusion. C) theinteractionofbusinesssupplywithouthouseholddemand. D) theinteractionofhouseholdsupplywithbusinessdemand. E) noneoftheabove. Ans: D10.Aneconomydominatedbyimperfectcompetitionischaracterizedby A) toomuchoutput,andlowpricescomparedtoperfectcompetition. B) sameamountofoutput,andlowpricescomparedtoperfectcompetition. C) toolittleoutput,andlowpricescomparedtoperfectcompetition. D) toolittleoutput,andhighpricescomparedtoperfectcompetition. E) toomuchoutput,andhighpricescomparedtoperfectcompetition. Ans: D11.Whichofthefollowingisthekeyrequirementforimperfectcompetition? A) Advertising. B) Manybuyers. C) Manysellers. D) Abilityofabuyerorsellertoaffectagood'sprice. E) Governmentpolicies. Ans: D12.Ofthethreebasicproblemsinourmoderneconomy,pricesinamarketsystemsolve: A) whatandforwhom,butphysicalscientistssolvehow. B) whatandhow,butforwhomisdeterminedbysocialscientists. C) howandforwhom,butCongresssolvesthewhat. D) eachoftheabove,andnotwoarecontradictory. E) noneoftheaboveisaccurate. Ans: E13.Whichofthefollowingwouldbestdetermine,inamarketeconomy,theanswertotheforwhomquestion? A) Fairness. B) Internationaltradepatterns. C) Pricingoffactorsofproductionthatpeopleown. D) Costminimization. E) Consumers'tastesandneeds. Ans: C14.Howgoodsareproducedisdeterminedby: A) consumerdemand. B) governmentinterventiontoforcebusinessestoproducegoodscheaply. C) bigbusinessactivity. D) businesscompetitiontobuyfactorinputsandsellgoodsmostcheaply. E) noneoftheabove. Ans: D15.A"mixedeconomymayinvolvebothperfectandimperfectcompetition. Ans: TrueCHAPTER31.IfEweretheoldequilibriuminthemarketforwheatinthefigurebelow,andE'thenewone,whichofthefollowingcouldhavecausedthechange?A) Consumerincomerose,causingasupplyshift. B) Badweathercausedasupplyshift. C) Consumerincomerose,causingademandshift. D) Supplyanddemandbothshifted. E) Noneoftheaboveareplausibledescriptions. Ans: C2.Thedemandcurveforanormalgoodwillshifttotheleftif: A) incomeincreases. B) populationincreases C) thepriceofasubstitutegooddecreases. D) alltheabove. E) noneoftheabove. Ans: C3.Apriceatwhichtheamountpeoplewishtobuyexceedstheamountthatpeoplewishtoproduce(givenupward-slopingsupplycurves): A) liesabovetheequilibrium,marketclearingprice. B) liesbelowthemarketclearingprice. C) willinduceashiftinthedemandscheduletoachieveequilibrium. D) isimpossible. E) isnoneoftheabove. Ans: B4.AnincreaseinthesupplyofcommodityXforanygivenpriceofXcouldbeexpectedtobecausedby A) anincreaseinthepricesofothercommodities. B) anincreaseinthepricesoffactorsofproductionimportanttothiscommodity. C) areductioninthepricesoffactorsofproductionimportanttothiscommodity. D) anincreaseinconsumerincome. E) noneoftheabove. Ans: C5.GiventhesupplyanddemandcurvesdrawnforanormalgoodinFigure3-2,anincreaseinincomecanbeexpectedtocause: A) equilibriumpriceandquantitytoincrease. B) equilibriumpricetoincreaseandequilibriumquantitytofall. C) equilibriumpricetoincreasewhileequilibriumquantityholdssteady. D) equilibriumpriceandquantitytofall. E) equilibriumpricetofallandequilibriumquantitytoclimb. Ans: A6.LetP*andQ*representmarketclearingpriceandquantity,respectively.GiventhesupplyanddemandcurvesdrawninFigure3-2,anincreaseinthepriceofaninputemployedintheproductionofQcanbeexpectedtocause: A) P*andQ*toclimb. B) P*toclimbwhileQ*falls. C) P*toclimbwhileQ*holdssteady. D) P*tofallwhileQ*climbs. E) P*andQ*tofall. Ans: B7.Anincreaseinpricewillleadtoalowerquantitydemandedbecause: A) supplierswillsupplyonlythesmalleramount. B) qualitydeteriorates. C) peoplewillpurchaselessofthegood. D) alloftheabove. E) noneoftheabove. Ans: C8.Upward-slopingsupplycurvesaretheresultof: A) increasingreturnstoscale. B) increasingcostsofproduction. C) changesingovernmentpolicies. D) changesintechnology. E) noneoftheabove Ans: E9.Supposethatatthecurrentmarketprice,theamountwhichproducerswishtoproduceandsellexceedstheamountthatconsumerswishtopurchase.Thisprice: A) liesabovethemarketclearingprice. B) liesbelowthemarketclearingprice. C) isimpossible. D) willinduceashiftinthedemandschedule. E) noneoftheabove. Ans: A10.Inacompetitivemarket,themarketclearingquantityisdeterminedprimarilyby: A) thesupplyofthegood. B) thecostofproducingthegoodinquestion. C) theinteractionofsupplyanddemand. D) thedecisionsofthebuyersastohowmuchtheyarewillingtopay. E) alloftheabove. Ans: E11.LetP*andQ*inFigure3-4representmarketclearingpriceandquantity,respectively.GiventhesupplyanddemandcurvesdrawninFigure3-4,areductioninthepriceofasubstitutegoodforQcanbeexpectedtocause: A) P*andQ*toclimb. B) P*toclimbwhileQ*declines. C) P*toclimbwhileQ*holdsfixed. D) P*tofallwhileQ*climbs. E) P*andQ*tofall. Ans: E12.LetP*andQ*representmarketclearingpriceandquantity,respectively.GiventhesupplyanddemandcurvesdrawninFigure3-4,areductioninthepriceofaninputusedintheproductionofQcanbeexpectedtocause: A) P*andQ*toclimb. B) P*toclimbwhileQ*falls. C) P*toclimbwhileQ*holdssteady. D) P*tofallwhileQ*climbs. E) P*andQ*tofall. Ans: D13.Assumethatautomotiveworkersgoonstrike,sothattheproductionofcarsfalls.GiventhesupplyanddemandcurvesinFigure3-5,whichofthefollowingwouldresultincomparisontotheinitialequilibriumposition? A) Pricesfall,Quantityfalls B) Pricesrise,Quantityfalls C) Pricesrise,Quantityrises D) PricesandQuantitydonotchange. E) Noneoftheabove. Ans: B14.AssumethatArepresentsdemandforcarsandBrepresentssupplyofcars.IfA:P=10,000-2QandB:P=6000+2Q,theequilibriumpriceandquantityare: A) P=1000,Q=8000 B) P=800,Q=100 C) P=8000,Q=1000 D) P=100,Q=800 E) Noneoftheabove. Ans: C15.Anincreaseindemandmeansamovementtoahigherpricealongagivendemandcurve. Ans: FalseCHPATER41.RankthepointsA,BandConthedemandcurveinthefigurebelowinorderofgreatesttoleastelasticityofdemand. A) C,A,B. B) B,A,C. C) A,B,C. D) Theyareofequalelasticity. E) Moreinformationisneeded. Ans: C2.Anincreaseinsupplywilllowerpriceunless: A) supplyisperfectlypriceinelastic. B) demandisperfectlypriceelastic. C) itisfollowedbyareductioninquantitydemanded. D) demandishighlypriceinelastic. E) bothdemandandsupplyarehighlypriceinelastic. Ans: B3.Astraight-linedemandcurvehaswhichofthefollowingproperties? A) Constantslopeandvaryingpriceelasticity. B) Constantincomeelasticitywithvaryingslope. C) Varyingslopeandvaryingcrosselasticity. D) Constantslopeandconstantpriceelasticity. E) Noneoftheabovemaybeassertedingeneral. Ans: A4.Iftheburdenofanexcisetaxisshiftedforwardcompletelyontotheconsumer,wecansaythat: A) supplyisperfectlypriceelastic. B) demandisperfectlypriceelastic. C) demandismorepriceelasticthansupply. D) supplyispriceinelasticanddemandispriceelastic. E) noneoftheabove. Ans: A5.In"tight"housingmarkets,rentcontrolsareoftenappliedtoholdthepriceofhousingtoa"reasonable"level.Whatistheimmediateeffectofthispricepolicywithrespecttotheallocativefunctionsofprices,andtherelativeincomesoftenantsandlandlords? A) Theallocativefunctionofpricesisimpaired,butthetenantsarepreventedfromgainingattheexpenseofthelandlords. B) Theallocativefunctionofpricesisnotimpaired,andthetenantsarepreventedfromgainingattheexpenseoflandlords. C) Theallocativefunctionofpricesisimpaired,andthetenantswhofindhousinggainattheexpenseoflandlords. D) Theallocativefunctionofpricesisnotimpaired,butthelandlordsgainattheexpenseoftenantswhodonotfindhousing. E) Noneoftheabove. Ans: C6.ThepriceelasticityofsupplyshowninFigure4-8betweenpointsAandBis: A) .1. B) .5. C) 1. D) 5. E) noneoftheabove. Ans: C7.Supposethatsuccessivepricereductionsreducetotalrevenue.Thesupplierfacesademandcurvethatis,inthisregion: A) priceelastic. B) unitaryelastic. C) infinitelypriceelastic. D) indeterminate. E) priceinelastic. Ans: E8. "Ifitsadvocatesarecorrect,theminimum-wagebillpassedbytheHouseofRepresentativeswouldraisewagesfornearly7millionunderpaidworkers,butwouldhavenonoticeableeffectonemployment."Thequotationimpliesthatthedemandforthelaborservicesofthe7millionworkersmentioned,withrespecttothepriceoflaborservices,haselasticityequalto: A) 2. B) 5. C) 1. D) 0.（分子Q為零） E) .5 Ans: D9.Ahorizontaldemandcurvemaybedescribedas: A) relativelypriceelastic. B) perfectlypriceinelastic. C) relativelypriceinelastic. D) perfectlypriceelastic. E) unitelastic. Ans: D10.fagoodisinfixedsupply,thentheincidenceofatax A) fallsentirelyontheconsumers. B) fallsmostlyontheproducersandpartlyonconsumers. C) fallsentirelyontheproducers. D) dependsontheelasticityofdemand. E) noneoftheabove. Ans: C11.RefertotheFigure4-13.WhatistheelasticityofthedemandcurveDDbetweenpointsAandB? A) 3.67 B) 1.8 C) 1.0 D) 0.56 E) Noneoftheabove Ans: A12.RefertoFigure4-13.WhatistheelasticityofthedemandcurveDDbetweenpointsBandC? A) 3.33 B) 1.8 C) 1.0 D) 0.56 E) Noneoftheabove Ans: B13.RefertoFigure4-13.WhatistheelasticityofthedemandcurveDDbetweenpointsCandD? A) 3.33 B) 1.8C) 1.0 D) 0.56 E) Noneoftheabove Ans: C14.Ifatapriceof$8,quantityboughtwillbe3300perday,andat$12,quantityboughtwillbe2700perday,thenthepriceelasticityofdemandisapproximately: A) 0.4 B) 0.5 C) 0.7 D) 2.0 E) 2.5 Ans: B15.Givenarelatively,butnotperfectly,priceelasticsupplycurve,anincreaseindemandwillcertainly: A) raisepricebutleavequantitysoldunchanged. B) raisepriceandincreasequantitysold. C) lowerprice,sincesupplycannotincreaseexceptthroughtheinducementofhigherprice. D) reducequantitysoldbutleavepriceunchanged. E) dononeoftheabove,since"increaseindemand"referstoamovementalongagivendemandcurve. Ans: BCHAPTER5Inthefigurebelow,thedropinconsumersurplusresultingfromanincreaseinpricefrom5to10isgivenbythearea:A) FGH B) CEH C) FGDC D) CEGF E) DEG Ans: D2.Achangeinwhichofthefollowingshouldnotaffectthedemandforhotcoffee? A) Thepriceofcoffee. B) Thepriceoftea. C) Consumerincomes. D) Theweather. E) Alltheaboveaffectthedemandforcoffee. Ans: A3.Theparadoxofvaluenotesthat: A) thereisnorationalexplanationwhypeopleshouldsetahighvalueonobjectssuchasdiamonds,whichhavelittlerealusefulness. B) thepriceobtainedfromsellinganycommoditymaybearlittlerelationshiptothecostofproducingit. C) supplyanddemandcurvesdoverylittletoexplainhowvalue(orprice)isdetermined. D) nooneconsumerhasanycontrolovertheprice(orvalue)ofacommodity,butconsumerscollectivelydohavesuchcontrol. E) thereisnoconsistentrelationshipbetweenthetotalutilityobtainedfromanycommodityandthepricechargedforit. Ans: E4.Tobeinequilibrium(i.e.,tomaximizesatisfaction),theconsumermust: A) purchasenoinferiorgoods. B) equalizethemarginalutilitiesofthelastunitpurchasedofeverycommodity. C) besurethatthepricesofallcommoditiespurchasedareproportionaltotheirtotalutilities. D) besurethatthepriceofeachgoodisequaltothemarginalutilityofmoney. E) allocateincomesothatthelastpennyspentonanygoodgeneratesthesameincrementofutilityasthelastpennyspentonanyothergood. Ans: E5.IfIget10unitsoftotalutility(TU)from2oranges,14ofTUfrom3oranges,and17ofTUfrom4oranges,Iobeythelawofdiminishingmarginalutilitybecause: A) MUfallsasconsumptionincreases. B) TUincreasesasconsumptionincreases. C) TU>MU. D) MU>TU. E) MU=TU. Ans: A6.Foranormalgood,thesubstitutioneffectofapriceincrease: A) pushesthequantitydemandeddownalongwiththeincomeeffect. B) pushesthequantitydemandeddownenoughthattheincomeeffectcannotpushdemandhigher. C) pushesthequantitydemandedup,butnotenoughtodominateanincomeeffectthatultimatelypushesdemanddown. D) hasaneffectonthequantitydemandedthatisidenticaltotheincomeeffect. E) pushesthequantitydemandedupalongwiththeincomeeffect. Ans: A7. Table5-1 TotalUtility Units 1 2 3 4 5 GoodX 120 216 288 336 360 GoodY 90 160 220 270 305RefertoTable5-1.IfgoodXcosts$6perunitandgoodYcosts$5perunit,atwhatquantitiesofXandYisutilitymaximizedifthebudgetis$31? A) X=2,Y=3 B) X=4,Y=5 C) X=3,Y=4 D) X=3,Y=3 E) Noneoftheabove Ans: D8.RefertoTable5-1.SupposenowXcosts$8perunitandYcosts$5perunit.ForwhatamountsofXandYare(marginalutility)/priceequal? A) X=3,Y=4 B) X=4,Y=5 C) X=2,Y=3 D) X=1,Y=2 E) Noneoftheabove Ans: C9.RefertoFigure5-6.WhatistotalmarketdemandatP=5? A) 0 B) 5 C) 10 D) 15 E) Noneoftheabove Ans: B10.SupposeMaryiscurrentlyspendingallherincomeoncookiesandmilk.Themarginalutilityofcookiesis15,thepriceofcookiesis$5,themarginalutilityofmilkis10,andthepriceofmilkis$1.Toincreasehertotalutility,Maryshould: A) buymorecookiesandlessmilk. B) buymoremilkandfewercookies. C) buymoreofbothgoods. D) buylessofbothgoods. E) donothing.Sheiscurrentlymaximizingutilitywithherlimitedbudget. Ans: B11.Theincomeeffectdescribes: A) thepercentagechangeinconsumptionofagoodgivensomepercentagechangeinthepriceofanothergood. B) thefactthatwhenthepriceofagoodfalls,consumerswillsubstituteitintotheirmarketbasketsinplaceofrelativelymoreexpensivegoods. C) thefactthatwhenthepriceofagoodfalls,consumerswillhavemorepurchasingpowerwiththesamenominalincome. D) theeffectofachangeinconsumerincomeonthequantityofagooddemanded. E) anupward-slopingdemandcurve. Ans: C12.Assumehouseholdincomeis$30,thepriceofXis$6andthepriceofYis$3.Refertotable5-2.WhatquantitiesofXandYwillbepurchasedbythehousehold? MarginalUtility Units 1 2 3 4 5 6 7 GoodX 72 48 30 24 18 12 6 GoodY 60 42 30 15 10 5 2 A) X=2,Y=6 B) X=3,Y=4 C) X=3,Y=3 D) X=4,Y=2 E) Noneoftheabove Ans: B13.Agoodwhichsellsforahigherpricethanonewhichismoreimportantforwelfarereflectstheconceptof: A) complementarityindemand. B) substitution. C) marginalortotalutility. D) theparadoxofvalue. E) lawofdiminishingmarginalutility. Ans: D14.Atmyequilibriumdemandchoicesforgoods1and2: A) MU1=MU2 B) MU1/Q1=MU2/Q2 C) MU1/P1=MU2/P2 D) P1=P2 E) noneoftheabove. Ans: C15.Theruleforrationalbudgetallocationbyaconsumeristhatthemarginalutilityofeachgood: A) purchaseddividedbyitspricemustbeequal. B) purchasedmultipliedbyitspricemustbeequal. C) mustbezero. D) mustbeinfinite. E) noneoftheabove. Ans: ACHAPTER61.Themarginalproductoflaboristhe: A) outputwhichitcouldproduceunaidedbymachineryorotherfactorsofproduction. B) extrarevenuewhichafirmwillgetbysellingtheoutputofoneadditionalworker. C) amountofextraoutputthatisproducedwhenoneextraworkerisaddedtoafixedamountofotherfactors. D) amountofextraoutputthatisproducedwhenoneworkerisaddedandotherfactorsofproductionareincreasedproportionately. E) noneoftheabove. Ans: CTotalProductwith VariousInputCombinations LandLabor10 15 20 0 0 0 0 1 20 20.67 20.5 2 38 39.33 40.0 3 54 57.00 58.5 4 68 72.67 76.0 5 80 87.33 92.5 6 90 102.00 108.02.Supposethatproductionisdefinedbythefunctionrecordedinthetableabove.Themarginalproductofthe4thunitoflabor,given20unitsofland,isequalto: A) 15.5 B) 17.5 C) 19.0 D) 1.5 E) noneoftheabove Ans: B3.Supposethatproductionisdefinedbythefunctionrecordedinthetableabove.Given6unitsoflabor,themarginalproductofincreasinglandfrom10unitsto15unitsisequalto: A) 15. B) 12. C) 3. D) 2.4. E) noneoftheabove. Ans: D4.Supposethatproductionwererepresentedbytheproductionfunctiondisplayedinthetableabove.Youwouldconcludethat: A) landdisplayeddiminishingreturns. B) labordisplayeddiminishingreturns. C) productiondisplayedconstantreturnstoscale. D) alloftheaboveweretrue. E) noneoftheaboveweretrue. Ans: D5.Thelawofdiminishingreturnsisexpressedintermsofaneventualdeclineinthe: A) totalproductofaninput. B) averageproductofaninput. C) marginalproductofaninput. D) returnstoscaleofaninput. E) broadestgeneralproductivitymeasuresonly. Ans: C6.Theshortrunisaperiodoftimesoshortthat: A) outputcannotbevaried. B) atleastoneinputisfixed. C) allinputsarefixed. D) allinputsarevariable. E) noneoftheabove. Ans: B7.Forthelawofdiminishingreturnstohold,themissingblankinthistablemustbe: Quantity Total ofLabor Product 0 0 1 - 2 8 A) 4. B) 2. C) morethan4. D) lessthan4. E) 0. Ans: C8.Supposethatyouhavedrawnatotalproductcurveforlaborgivenaspecifictechnology.Nowletsomesortoftechnologicalchangeincreasetheproductivityoflabor.Anewtotalproductcurvewouldhavetobedrawn: A) abovetheoldwithasteeperslopeforanylevelofemploymentgreaterthanzero. B) abovetheoldwithaflatterslopeforanylevelofemploymentgreaterthanzero. C) belowtheoldwithasteeperslopeforanylevelofemploymentgreaterthanzero. D) belowtheoldwithaflatterslopeforanylevelofemploymentgreaterthanzero. E) directlyovertheoldcurvesignifyingnochangeinthetotalproductgraph;onlythemarginalproductgraphwouldchange. Ans: A9.Supposethatproductionofaparticulargoodrequirestwoinputs,labor(L)andcapital(K).IfKisfixed,whichofthepanelsinFigure6-2possiblyrepresent(s)decreasingmarginalproductivityoflabor? A) Panela. B) Panelb. C) Panelc. D) Alloftheabove. E) Noneoftheabove. Ans: B10.Supposethattwoinputs,KandL,arevariableandincreaseatthesamerate.WhichoneofthepanelsinFigure6-2representsIncreasingReturntoScale(IRS)? A) Panela. B) Panelb. C) Panelc. D) Paneld. E) Noneoftheabove. Ans: C11.Theproductionfunctionisatechnicallawwhich: A) relatesdollarinputstodollaroutputs. B) indicatesthebestwaytocombineoutputsinthemarketplace. C) indicatesthebestlevelofoutputtoproduce. D) describesarelationshipbetweeninputsandoutputinaproductionprocess. E) relatesmarginalproductstofactorprices. Ans: D12.Averageproductoflabormeasures: A) theadditiontototaloutputwhenanadditionalworkerishired. B) totalproductdividedbytotalcost. C) themarginalproductofthelastworkermultipliedbythewagerate. D) totalproductdividedbythewagerate. E) totalproductdividedbythequantityoflabor. Ans: E13.Theemploymentofwhichofthefollowinginputsmightbeadjustedintheshortrun? A) Physicalcapital. B) Numberofhoursworkedbylabor. C) Unitsofenergyrequiredperunitoutput. D) Unitsofmaterialrequiredperunitoutput. E) Noneo