chap4中级宏观经济学答案华中科技大学docx.docx
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chap4中级宏观经济学答案华中科技大学docx.docx
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chap4中级宏观经济学答案华中科技大学docx
Microeconomics,4e(Perloff)
Chapter4ConsumerChoice
4.1Preferences
1)Anindifferencecurverepresentsbundlesofgoodsthataconsumer
A)viewsasequallydesirable・
B)ranksfrommostpreferredtoleastpreferred・
C)referstoanyotherbundleofgoods.
D)Alloftheabove.
Answer:
A
Topic:
Preferences
2)Theassumptionofcompletenessmeansthat
A)theconsumercanrankallpossibleconsumptionbundles・
B)moreofagoodisalwaysbetter.
C)theconsumerscanrankallaffordableconsumptionbundles・
D)allpreferencesconditionsaremet.
Answer:
A
Topic:
Preferences
3)IfaconsumerprefersApplestoBananasandprefersBananastoCitrusFruit,inordertosatisfyassumptionsaboutpreferencesshehastoprefer
A)BananastoApples・
B)CitrusFruittoBananas・
C)ApplestoCitrusFruit・
D)CitrusFruittoApples.
Answer:
C
Topic:
Preferences
4)TheprinciplethatnMorcisbcttcrMresultsinindifferencecurves
A)slopingdown.
B)notintersecting・
C)reflectinggreaterpreferencesthefurthertheyarefromtheorigin.
D)Alloftheabove.
Answer:
D
Topic:
Preferences
5)Thereisanindifferencecurvethrougheverybundlebecauseoftheassumptionof
A)transitivity.
B)completeness・
C)rationality.
D)nonsatiation・
Answer:
B
Topic:
Preferences
6)Indifferencecurvesaredownwardslopingbecauseoftheassumptionof
A)completeness・
B)transitivity.
C)moreisbetter.
D)Alloftheabove.
Answer:
C
Topic:
Preferences
7)Iftwoindifferencecurvesweretointersectatapoint,thiswouldviolatetheassumptionof
A)transitivity.
B)completeness・
C)BothAandBabove.
D)Noneoftheabove.
Answer:
A
Topic:
Preferences
8)Indifferencecurvesthatarethickviolate
A)theassumptionoftransitivity.
B)theassumptionthatmoreisbetter.
C)theassumptionofcompleteness・
D)noneoftheassumptions・
Answer:
B
Topic:
Preferences
9)Aconsumer'swillingnesstotradeonegoodforanothercanbeexpressedbytheconsumer's
A)indifferencecurve・
B)marginalrateofsubstitution.
C)BothAandBabove.
D)Noneoftheabove.
Answer:
C
Topic:
Preferences
10)Convexityofindifferencecurvesimpliesthatconsumersarewillingto
A)giveupmore,,yntogetanextranxuthemoreMxHtheyhave・
B)giveupmore,ryntogetanextraHxMtheless'rxntheyhave.
C)settleforlessofboth"x"and"y".
D)acquiremoreHxnonlyiftheydonothavetogiveupanyHyn.
Answer:
B
Topic:
Preferences
11)MeasuringHyHontheverticalaxisandHxMonthehorizontalaxis,convexityofindifferencecurvesimpliesthattheMRSofny"for"x”
A)isdecreasingasHxnincreases.
B)isincreasingasnxHincreases・
C)isconstantasHxMincreases.
D)cannotbecalculatedforlargelevelsofHxn・
Answer:
A
Topic:
Preferences
12)Diminishingmarginalrateofsubstitutioncanbeseenwhenindifferencecurves
A)cross・
B)areconvex・
C)aredownwardsloping.
D)becomeflatteraswcmovedownandtotheright.
Answer:
D
Topic:
Preferences
13)Forwhichofthefollowingpairsofgoodswouldmostpeoplelikelyhaveconvexindifferencecurves?
A)nickelsanddimes
B)leftshoesandrightshoes
C)movieticketsandconcerttickets
D)Noneoftheabove.
Answer:
C
Topic:
Preferences
14)Iftwogoodsareperfectsubstitutes,thentheindifferencecurvesforthosetwogoodswouldbe
A)upwardslopingandconcavetotheorigin・
B)downwardslopingandconvextotheorigin.
C)downwardslopingandstraight.
D)L-shaped・
Answer:
C
Topic:
Preferences
15)Theindifferencecurvesforleftshoesandrightshoeswouldmostlikelybe
A)upwardslopingandconcavetotheorigin・
B)downwardslopingandconvextotheorigin.
C)downwardslopingandstraightlines・
D)L-shaped・
Answer:
D
Topic:
Preferences
Forthefollowing,pleaseanswernTrueuor91False"andexplainwhy.
16)Indifferencecurvescannotintersect.Answer:
True.Asseenintheabovefigure,pointsaandcareonthesameindifferencecurveandarethereforeequallypreferred・Pointsbandcarealsoonthesameindifferencecurveandarethereforeequallypreferred・Transitivityimpliesthattheconsumerwouldbeindifferentbetweenaandb;however,sincemoreispreferredtoless,aispreferredtob.Thus,asaresultoftheassumptionoftransitivityandtheassumptionthatmoreispreferredtoless,indifferencecurvescannotintersect・
Topic:
Preferences
17)Indiffereneecurvescannoteverbeconcavefortwogoods・
Answer:
False.Whileindifferencecurvesaretypicallyconvex,theycanbeconcave・Thismeans,however,thattheMRSofyforxincreasesasxincreases.Thatis,theconsumerplacesgreatervalueonthenextxthemorexshehas.Theinterpretationisthataconsumerwithconcaveindifferencecurvespreferstospecializeineitherxorybutnothaveamixofboth.
Topic:
Preferences
18)Indifferencecurvesforperfectsubstitutesmustbeparallellineswithaslopeofnegativeone.
Answer:
False.Indifferencecurvesforperfectsubstitutesareparallellines,buttheslopeisnotnecessarilynegativeone・
Topic:
Preferences
19)Indifferencecurvesonthesameindifferencemapcanhavedifferentshapes・
Answer:
True.Indifferencecurvescanmeetallthenecessaryrequirementsandstillhavedifferentshapes・Topic:
Preferences
20)Lisaviewspizzasandburritosasgoods・Ifsheprefersabundleof4burritosand4pizzastoabundleof4burritosand5pizzas,whichpropertyofconsumerpreferenceisviolated?
Whatchangeintheassumptionscouldleadarationalconsumertopreferthefirstbundle?
Answer:
Thepropertyofmore-is-betterisviolated.However,ifpizzaisabad,thenarationalconsumerwouldpreferthefirstbundle・
Topic:
Preferences
21)Explainwhymostindifferencecurvesareconvex・
Answer:
Diminishingmarginalratesofsubstitutionmakemostindifferencecurvesconvex.Whenpeoplehavealotofonegood,theyarewillingtogiveuparelativelylargeramountofiltogetagoodofwhichtheyhaverelativelylittle・
Topic:
Preferences
22)Drawtheindifferencecurvesforrockconcertsandfoodforeachofthefollowing:
(a)atypical17-ycar-old
(b)atypical75・year-old
Answer:
Rock
concerts
TypicalTeenager
Typical75YearOld
Seetheabovefigure・Thesegraphsassumethatatypical17-year-oldwouldenjoybothfoodandrockconcerts.The75-year-oldmightfindtherockconcertsneutralorevenbad・
Topic:
Preferences
23)Drawtheindifferencecurvesfornickelsanddimes.Wouldtheyeverhaveanon-constantslope?
Explain.
Answer:
Seetheabovefigure・TwonickelsareworthIdime.Yet,forextremelylargeamountsofmoney,peoplemightpreferdimestonickelsforcarryingpurposes・ThatiswhypeopleoftenpaywithexactchangeordoiVtliketobreakatwenty.
Topic:
Preferences
43BudgetConstraint
1)Joe'sincomeis$500,thepriceoffood(F)is$2perunit,andthepriceofshelter(S)is$100.Whichofthefollowingrepresentshisbudgetconstraint?
A)500=2F+100S
B)F=250-50S
C)S=5・・02F
D)Alloftheabove.
Answer:
D
Topic:
BudgetConstraint
2)Joe'sincomeis$500,thepriceoffood(F)is$2perunit,andthepriceofshelter(S)is$100.Whichofthefollowingrepresentshismarginalrateoftransformationoffoodforshelter?
A)-5
B)-50
C)-.02
D)Noneoftheabove.
Answer:
B
Topic:
BudgetConstraint
3)Joe'sincomeis$500,thepriceoffood(F)is$2perunit,andthepriceofshelter(S)is$100.Whichofthefollowingrepresentshisbudgetconstraint?
A)500=100F+2S〜
B)500=2F+100S
C)S=500-2F
D)Alloftheabove.
Answer:
B
Topic:
BudgetConstraint
4)Joe'sbudgetconstraintequals50()=2F+100S,where$500isJoesincome,$2isthepriceoffood(F)and$100isthepriceofshelter(S).HowmuchfoodcanJoebuyifhebuysoneunitofshelter?
A)2units
B)200units
C)250units
D)400units
Answer:
B
Topic:
BudgetConstraint
5)Joe'sincomeis$500.thepriceoffood(F)is$2,andthepriceofshelter(S)is$100.WhichofthefollowingbundlesisinJocrsopportunityset?
A)50unitsoffood,5unitsofshelter
B)200unitsoffood,2unitsofshelter
C)100unitsoffood,1unitofshelter
D)150unitsoffood,3unitsofshelter
Answer:
C
Topic:
BudgetConstraint
6)Themarginalrateoftransformationofyforxrepresents
A)theslopeofthebudgetconstraint.
B)therateatwhichtheconsumermustgiveupytogetonemorex.
C)M.「
D)Alloftheabove.
Answer:
D
Topic:
BudgetConstraint
7)Themarginalrateoftransformationofyforxrepresents
A)theslopeofthebudgetconstraint.
B)therateatwhichtheconsumermustgiveupxtogetonemorey.
C)-Py/Px.
D)Alloftheabove.
Answer:
A
Topic:
BudgetConstraint
8)Therateatwhichaconsumermustgiveupytogetonemorexisequalto
A)-Px/Py.
B)・Py/Px.
C)-MUX/MUy.
D)MUy/MUX.
Answer:
A
Topic:
BudgetConstraint
9)Bettyconsumesgoodxandgoody.Ifthepriceofx=$3andthepriceofy=$4,then
A)anextraunitofxcosts4/3unitsofy.
B)anextraunitofycosts4/3unitsofx.
C)anextraunitofxcosts3/4unitsofy.
D)BothBandC・
Answer:
D
Topic:
BudgetConstraint
10)Ifthepriceofonegoodincreaseswhilethepriceoftheothergoodandtheconsumer'sincomeremainunchanged,whatwillhappentothebudgetline?
A)Thebudgetlinerotatesinwardfromtheinterceptontheaxisofthegoodthatdidnotchangeinprice•
B)Thebudgetlinerotatesoutwardfromtheinterceptontheaxisofthegoodthatdidnotchangeinprice.
C)Thebudgetlineshiftsinwardwithoutachangeinslope・
D)Thebudgetlineshiftsoutwardwithoutachangeinslope・
Answer:
A
Topic:
BudgetConstraint
11)Lisaeatsbothpizzasandburritos・Ifthepriceofapizzaincreases,Lisa'sopportunityset
A)becomeslarger・
B)becomessmaller.
C)isunchanged・
D)cannotbedeterminedwithoutmoreinformation.
Answer:
B
Topic:
Bud
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