MICROECONOMICS1990微观经济试题docx.docx
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MICROECONOMICS1990微观经济试题docx
1990APMicroeconomicsExamination
MICROECONOMICS
SectionI
Time—60minutes
50Questions
Directions:
Eachofthequestionsorincompletestatementsbelowisfollowedbyfivesuggestedanswersorcompletions.Selecttheonethatisbestineachcaseandplacetheletterofyourchoiceinthecorrespondingboxonthestudentanswersheet.
1.Problemsfacedbyalleconomicsystemsincludewhichofthefollowing?
I.HowtoallocatescarceresourcesamongunlimitedwantsII.Howtodecentralizemarkets
III.Howtodecidewhattoproduce,howtoproduce,andforwhomtoproduceIV.Howtosetgovernmentproductionquotas
A.Ⅰonly
B.ⅠandⅢonly
C.ⅡandⅢonly
D.Ⅰ,Ⅱ,andⅢonly
E.Ⅰ,Ⅱ,Ⅲ,andⅣonly
2.Whichofthefollowingwouldnecessarilycauseafallinthepriceofaproduct?
A.Anincreaseinpopulationandadecreaseinthepriceofaninput
B.AnincreaseinpopulationandadecreaseinthenumberoffirmsproducingtheproductC.Anincreaseinaverageincomeandanimprovementinproductiontechnology
D.AdecreaseinthepriceofasubstituteproductandanimprovementinproductiontechnologyE.Adecreaseinthepriceofasubstituteproductandanincreaseinthepriceofaninput
3.Themarketequilibriumpriceofhomeheatingoilis$1.50pergallon.Ifapriceceilingof$1.00pergallonisimposed,whichofthefollowingwilloccurinthemarketforhomeheatingoil?
I.Quantitysuppliedwillincrease.
II.Quantitydemandedwillincrease.
III.Quantitysuppliedwilldecrease.
IV.Quantitydemandedwilldecrease.
A.Ⅱonly
B.ⅠandⅡonly
C.ⅠandⅣonly
D.ⅡandⅢonly
E.ⅢandⅣonly
4.Supposethatafamilybuysallitsclothingfromadiscountstoreandtreatstheseitemsas
inferiorgoods.Undersuchcircumstances,thisfamily’sconsumptionofdiscountstoreclothingwillnecessarily
A.increasewhenafamilymemberwinsthestatelottery
1
1990APMicroeconomicsExamination
B.increasewhenafamilymembergetsaraiseinpayatwork
C.remainunchangedwhenitsincomerisesorfallsduetoeventsbeyondthefamily’scontrD.decreasewhenafamilymemberbecomesunemployed
E.decreasewhenafamilymemberexperiencesanincreaseinincome
5.Whichofthefollowingdescribeswhatwillhappentomarketpriceandquantityiffirmsinaperfectlycompetitivemarketformacartelandactasaprofit-maximizingmonopoly?
Price
Quantity
A.Decrease
Decrease
B.Decrease
Increase
C.Increase
Increase
D.Increase
Decrease
E.Increase
Nochange
6.QuantityProduced
TotalCost
0
$5
1
17
2
28
3
41
4
61
5
91
Barneys’BaitCompanycansellalltheluresitproducesatthemarketpriceof$14.Onthebasisofthecostinformationinthetableabove,howmanyluresshouldthebaitcompanymake?
A.1
B.2
C.3
D.4
E.5
7.Anaturalmonopolyoccursinanindustryif
A.economiesofscaleallowatmostonefirmofefficientsizetoexistinthatmarket
B.asinglefirmhascontroloverascarceandessentialresource
C.asinglefirmproducesinputsforusebyotherfirms
D.asinglefirmhasthetechnologytoproducetheproductsoldinthatmarket
E.above-normalprofitspersistintheindustry
8.Thetypicalfirminamonopolisticallycompetitiveindustryearnszeroprofitinlong-runequilibriumbecause
A.advertisingcostsmakemonopolisticcompetitionahigh-costmarketstructureratherthanalow-costmarketstructure
B.thefirmsintheindustrydonotoperateattheminimumpointontheirlong-runaveragecostcurves
C.therearenorestrictionsonenteringorexitingfromtheindustry
D.thefirmsintheindustryareunabletoengageinproductdifferentiation
2
1990APMicroeconomicsExamination
E.thereareclosesubstitutesforeachfirm’sproduct
9.Whichofthefollowinginevitablycausesashiftinthemarketdemandforworkerswithacertainskill?
A.AnincreaseinthedemandforgoodsproducedbytheseworkersB.Adecreaseintaxratesontheincomeoftheseworkers
C.Anincreaseintheequilibriumwagesreceivedbytheseworkers
D.Anincreaseinthesupplyoftheseworkers
E.Thecreationofafederallysubsidizedprogramtotrainnewworkers
10.Ifhiringanadditionalworkerwouldincreaseafirm’stotalcostbylessthanitwouldincrease
itstotalrevenue,thefirmshould
A.nothiretheworker
B.hiretheworker
C.hiretheworkeronlyifanotherworkerleavesorishired
D.hiretheworkeronlyiftheworkercanraisethefirm’sproductivity
E.reducethenumberofworkersemployedbythefirm
11.Ifafirmwantstoproduceagivenamountofoutputatthelowestpossiblecost,itshoulduseeachresourceinsuchamannerthat
A.itusesmoreofthelessexpensiveresource
B.itusesmoreoftheresourcewiththehighestmarginalproduct
C.eachresourcehasjustreachedthepointofdiminishingmarginalreturnsD.themarginalproductsofeachresourceareequal
E.themarginalproductsperdollarspentoneachresourceareequal
12.InwhichofthefollowingwaysdoestheUnitedStatesgovernmentcurrentlyinterveneinthe
workingofthemarketeconomy?
I.Itproducescertaingoodsandservices.
II.Itregulatedtheprivatesectortoachieveamoreefficientallocationofresources.
III.Itredistributesincomethroughtaxationandpublicexpenditures.
A.Ⅰonly
B.Ⅱonly
C.Ⅲonly
D.ⅡandⅢonly
E.Ⅰ,Ⅱ,andⅢ
13.Ifitwerepossibletoincreasetheoutputofmilitarygoodsandsimultaneouslytoincreasetheoutputoftheprivatesectorofaneconomy,whichofthefollowingstatementsabouttheeconomyanditscurrentpositionrelativetoitsproductionpossibilitiescurvewouldbetrue?
A.Theeconomyisinefficientandinsidethecurve.B.Theeconomyisinefficientandonthecurve.C.Theeconomyisefficientandonthecurve.
D.Theeconomyisefficientandinsidethecurve.
3
1990APMicroeconomicsExamination
E.Theeconomyisefficientandoutsidethecurve.
14.Aneffectivepricefloorintroducedinthemarketforricewillresultin
A.adecreaseinthepriceofriceandanincreaseinthequantityofricesold
B.adecreaseinthepriceofriceandadecreaseinthequantityofricesold
C.adecreaseinthepriceofriceandanexcessdemandforrice
D.anincreaseinthepriceofriceandanexcesssupplyofriceE.anincreaseinthepriceofriceandanexcessdemandforrice
15.Marginalrevenueisthechangeinrevenuethatresultsfromaone-unitincreaseintheA.variableinput
B.variableinputpriceC.outputlevel
D.outputpriceE.fixedcost
16.Aleftwardshiftinthesupplycurveofcornwouldresultfrom
A.adecreaseinthepriceofcorn
B.adecreaseinthepriceoffarmmachinery
C.anincreaseinthedemandforcornbread
D.anincreaseinthelaborcostsofproducingcorn
E.anincreaseinconsumers’incomes
Marginal
Cost
Average
G
H
Total
I
F
Cost
J
E
K
D
M
C
L
B
A
N
Demand
Marginal
Revenue
0
PQRS
17.Thediagramabovedepictscostsandrevenuecurvesforafirm.Whatarethefirm’s
profit-maximizingoutputandprice?
OutputPrice
A.0S0D
B.0R0E
4
1990APMicroeconomicsExamination
C.0Q
0F
D.0Q
0B
E.0P
0G
18.Thegovernmentisconsideringimposinga3percenttaxoneithergoodAorgoodB.Inordertogeneratethelargestrevenue,thetaxshouldbeimposedonthegoodforwhich
A.demandisperfectlyelastic
B.demandisperfectlyinelastic
C.demandisunitelastic
D.supplyisperfectlyelastic
E.supplyisunitelastic
19.Whichofthefollowingstatementshastobetrueinaperfectlycompetitivemarket?
A.Afirm’smarginalrevenueequalsprice.
B.Afirm’saveragetotalcostisabovepriceinthelongrun.C.Afirm’saveragefixedcostrisesintheshortrun.
D.Afirm’saveragevariablecosthigheristhanpriceinthelongrun.E.Largefirmshavelowercoststhansmallfirms.
20.Assumethatanelectricpowercompanyownstwoplantsandthat,onaparticularday,10,000kilowattsofelectricityaredemandedbythepublic.Inordertominimizethetotalcostofprovidingthe10,000kilowatts,thecompanyshouldallocateproductionsothat
A.marginalcostsarethesameforbothplants
B.averagetotalcostsarethesameforbothplantsC.totalvariablecostsarethesameforbothplants
D.thesumoftotalvariablecostandtotalfixedcostisthesameforbothplants
E.onlytheplantwiththeloweraveragecostisusedtoproducethe10,000kilowattsofelectricity
21.Supposethattheconsumptionofacertainproductresultsinbenefitstoothersbesidestheconsumersoftheproduct.Whichofthefollowingstatementsismostlikelytobetrue?
A.Thedemandfortheproductispriceinelastic.
B.Aperfectlycompetitiveindustrywillnotproducetheoptimalquantityoftheproduct.C.Aperfectlycompetitiveindustrywillnotproducetheproduct.
D.Optimalityrequiresthatconsumersofthisproductbetaxed.
E.Producersofthisproductearnaneconomicprofit.
Questions22-23arebasedonthetablebelow,whichliststhetotaloutputofwork
ersinGreta
’s
JacketShop.
NumberofWorkers
TotalOutput
2
12
3
22
4
28
5
32
5
1990APMicroeconomicsExamination
22.Whichofthefollowingisthemarginalproductofthefourthworker?
A.4
B.5C.6D.28E.112
23.Gretaalreadyemploys3workers.Ifthepriceofjacketsis$5andthewagerateis$25,sheshould
A.gooutofbusinessaltogetherB.layoffthethirdworker
C.keepthethirdworkerbutnotemploymoreworkersD.hiretwomoreworkers
E.hireonemoreworkers
24.Acitycouncilisdecidingwh
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