eco answer sheet

Topics: Supply and demand, Economics, Marginal cost Pages: 13 (2080 words) Published: November 23, 2013
2009 Economics Subject Test
Part I. Multiple Choice (30 questions, 60 points in total)
Choose only ONE best answer.

1
E
2
D
3
E
4
B
5
B
6
B
7
D
8
C
9
C
10
A
11
D
12
A
13
C
14
D
15
D
16
D
17
C
18
B
19
A
20
C
21
D
22
B
23
A
24
D
25
C
26
A
27
B
28
D
29
D
30
C

1. An increase in the quantity demanded could be caused by:
a. an increase in the price of substitute goods
b. a decrease in the price of complementary goods
c. an increase in consumer income levels
d. all of the above
e. none of the above
ANS: E
需求

2. The above figure illustrates the labor market for local fast food restaurants. What would be the effects of a minimum wage imposed at $4 per hour? a. a shortage of 200 hours
b. a shortage of 100 hours
c. a surplus of 200 hours
d. nothing because the minimum wage has no effect on the equilibrium price and quantity. ANS: D
供給與市場均衡

3. In the electric power industry, residential customers have relatively __________ demands for electricity compared with large industrial users and generally are charged __________ rates. a. similar, similar

b. elastic, lower
c. elastic, higher
d. inelastic, lower
e. inelastic, higher
ANS: E
供需彈性

4. The fact that the fourth plate from the “All You Can Eat Country Buffet” generated more satisfaction than the fifth plate is an example of a. increasing marginal utility.
b. diminishing marginal utility.
c. diminishing total utility.
d. the “paradox of value.”
e. none of the above
ANS: B
消費者選擇

5. When the wage rate increases from $5.00 to $7.50 per hour, Bob works more hours because a. his income effect outweighs his substitution effect.
b. his substitution effect outweighs his income effect.
c. his income and substitution effects offset each other exactly and his demand for labor increases. d. his income and substitution effects offset each other exactly and his supply of labor increases. ANS: B

消費者選擇

6. For a short-run cost function which of the following statements is (are) not true? a. The average fixed cost function is monotonically decreasing. b. The marginal cost function intersects the average fixed cost function where the average variable cost function is a minimum. c. The marginal cost function intersects the average variable cost function where the average variable cost function is a minimum. d. The marginal cost function intersects the average total cost function where the average total cost function is a minimum. e. b and c

ANS: B
生產理論與成本分析

7. The figure shows the market for books before and after a sales tax is introduced. The tax on books is ____ a book, buyers pay ____ of tax per book, and the governments tax revenue is ____a week. a. $1.20; $0.80; $4

b. $0.80; $1.20; $12
c. $0.40; $0.40; $4
d. $1.20; $0.80; $12
ANS: D
供給與市場均衡

8. If price exceeds average costs under pure competition, more firms will ______ the industry, supply will __________, and price will be driven __________. a. enter; decrease; down
b. exit; decrease; up
c. enter; increase; down
d. exit; increase; up
e. none of the above
ANS: C
完全競爭市場

9. A hot dog vendor on a street corner wants to increase the total revenue from selling hot dogs. The price elasticity of demand for the hot dogs is 1.1. Hence the vendor will a. raise the price of a hot dog as high as possible.

b. do whatever it takes to sell as many more hot dogs as possible. c. lower the price of a hot dog.
d. work harder to reduce the costs of production.
ANS: C
供需彈性

10. For goods and services that are perfect substitutes, the consumer’s indifference curves are ____ lines. a. straight, negatively sloped
b. L-shaped
c. negatively sloped, bowed-outward
d. negatively sloped, bowed-inward
ANS: A
消費者選擇

11. The average product of labor reaches its maximum
a. at the minimum point of the total product curve.
b. where the slope of total product curve is steepest.
c. where the slope of the total product curve is zero.
d....
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