微观经济学题库

SECTION A: Multiple choice questions. Students should attempt to find the best answer for each question. Each question is worth two mark (2).

Section B: Short answers. Students should attempt to answer any three (3) from the following five (5) short answer questions. Each short answer question is worth fifteen (15) marks.

II. Term definition (2 points per each. 20 points in total) III. Discussion (4 points per each. 20 points in total)

Chapter 1

What is the opportunity cost of seeing a movie? ANW:

the opportunity cost of seeing a movie includes the monetary cost of admission plus the time cost of going to the theater and attending the show. The time cost depends on what else you might do with that time; if it's staying home and watching TV, the time cost may be small, but if it's working an extra three hours at your job, the time cost is the money you could have earned.

What does the “invisible hand” of the market-place do? ANW:

The \ are all acting in their own self-interest, prices and the marketplace guide them to do what is good for society as a whole.

Chapter 2

Draw and explain a production possibilities frontier for an economy that produces computer and car.

Draw and explain a circular flow for an economy

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Chapter 4

The case study presented in the chapter discussed cigarette taxes as a way to reduce smoking. Now think about the markets for other tobacco products such as cigars and chewing tobacco. a.Are these goods substitutes or complements for cigarettes?

b.Using a supply-and-demand diagram, show what happens in the markets for cigars and chewing tobacco if the tax on cigarettes is increased.

c.If policymakers wanted to reduce total tobacco consumption, what policies could they combine with the cigarette tax

ANS：

a. Cigars and chewing tobacco are substitutes for cigarettes, since a higher price for cigarettes would increase the demand for cigars and chewing tobacco.

b. An increase in the tax on cigarettes leads to increased demand for cigars and chewing tobacco. The result, as shown in Figure 25 for cigars, is a rise in both the equilibrium price and quantity of cigars and chewing tobacco.

c. The results in part (b) showed that a tax on cigarettes leads people to substitute cigars and chewing tobacco for cigarettes when the tax on cigarettes rises. To reduce total tobacco usage, policymakers might also want to increase the tax on cigars and chewing tobacco, or pursue some type of public education program.

90. A very hot summer in Atlanta will cause

a. the demand curve for lemonade to shift to the left. b. the demand for air conditioners to decrease. c. the demand for jackets to decrease.

d. a movement downward and to the right along the demand curve for tank tops.

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91. If a study by medical researchers found that brown sugar caused weight loss while white sugar

caused weight gain, then we likely would see

a. an increase in demand for brown sugar and a decrease in demand for white sugar. b. a decrease in demand for brown sugar and an increase in demand for white sugar. c. an increase in demand for both brown sugar and white sugar.

d. no change in demand for either type of sugar because weight loss is not a determinant of

demand.

92. Which of the following events could shift the demand curve for gasoline to the left?

a. The income of gasoline buyers rises, and gasoline is a normal good. b. The income of gasoline buyers falls, and gasoline is an inferior good.

c. Public service announcements run on television encourage people to walk or ride bicycles

instead of driving cars. d. The price of gasoline rises.

93. An increase in the number of college scholarships issued by private foundations would

a. increase the supply of education. b. decrease the supply of education. c. increase the demand for education. d. decrease the demand for education.

94. Today, people changed their expectations about the future. This change

a. can cause a movement along a demand curve. b. can affect future demand, but not today’s demand. c. can affect today’s demand.

d. cannot affect either today’s demand or future demand. 95. If Juan expects to earn a higher income next month, he may choose to

a. save more now and spend less of his current income on goods and services. b. save less now and spend more of his current income on goods and services. c. decrease his current demand for goods and services. d. move along his current demand curves for goods and services.

96. You love peanut butter. You hear on the news that 50 percent of the peanut crop in the South has been wiped out by drought, and that this will cause the price of peanuts to double by the end of the year. As a result,

a. your demand for peanut butter will increase, but not until the end of the year. b. your demand for peanut butter increases today.

c. your demand for peanut butter decreases as you look for a substitute good. d. your demand for peanut butter shifts left today.

Let the demand and supply for a good be given by qd = 1600?38p qs = 2 p + 400

What is the equilibrium quantity and price? Figure 4-4

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Panel (a)

price Panel (b)

priceP'PDD'quantityDquantityQ'Q110. Refer to Figure 4-4. The graphs show the demand for cigarettes. In Panel (a), the arrows are

consistent with which of the following events?

a. The price of marijuana, a complement to cigarettes, increased. b. Mandatory health warnings were placed on cigarette packages. c. Several foreign countries banned U.S. cigarettes in their countries. d. A tax was placed on cigarettes.

111. Refer to Figure 4-4. The graphs show the demand for cigarettes. In Panel (a), the arrows are

consistent with which of the following events?

a. Tobacco and marijuana are complements and the price of marijuana decreased. b. Tobacco is a “gateway drug” and the price of marijuana increased. c. The price of cigarettes increased.

d. The arrows are consistent with all of these events.

112. Refer to Figure 4-4. The graphs show the demand for cigarettes. In Panel (b), the arrows are

consistent with which of the following events? a. The price of cigarettes increased. b. A tax was placed on cigarettes.

c. The prohibition of cigarette advertisements on television.

d. Tobacco and marijuana are complements and the price of marijuana decreased.

108. When supply and demand both increase, equilibrium

a. price will increase. b. price will decrease.

c. quantity may increase, decrease, or remain unchanged. d. price may increase, decrease, or remain unchanged.

109. Suppose that demand for a good increases and, at the same time, supply of the good decreases.

What would happen in the market for the good?

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a. Equilibrium price would decrease, but the impact on equilibrium quantity would be

ambiguous.

b. Equilibrium price would increase, but the impact on equilibrium quantity would be

ambiguous.

c. Equilibrium quantity would decrease, but the impact on equilibrium price would be

ambiguous.

d. Equilibrium quantity would increase, but the impact on equilibrium price would be

ambiguous.

110. A weaker demand together with a stronger supply would necessarily result in

a. a lower price. b. a higher price.

c. an increase in equilibrium quantity. d. a decrease in equilibrium quantity.

111. Suppose that demand for a good decreases and, at the same time, supply of the good decreases.

What would happen in the market for the good?

a. Equilibrium price would decrease, but the impact on equilibrium quantity would be

ambiguous.

b. Equilibrium price would increase, but the impact on equilibrium quantity would be

ambiguous.

c. Equilibrium quantity would decrease, but the impact on equilibrium price would be

ambiguous.

d. Equilibrium quantity would increase, but the impact on equilibrium price would be

ambiguous.

112. Suppose the number of buyers in a market increases and a technological advancement occurs also.

What would we expect to happen in the market?

a. Equilibrium price would decrease, but the impact on equilibrium quantity would be

ambiguous.

b. Equilibrium price would increase, but the impact on equilibrium quantity would be

ambiguous.

c. Equilibrium quantity would decrease, but the impact on equilibrium price would be

ambiguous.

d. Equilibrium quantity would increase, but the impact on equilibrium price would be

ambiguous.

113. Suppose the incomes of buyers in a market for a particular normal good decrease and there is also

a reduction in input prices. What would we expect to occur in this market?

a. Equilibrium price would decrease, but the impact on equilibrium quantity would be

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