最新版微观经济学精品习题英文版(with answer)(4)

Chapter 4 The Market Forces of Supply and Demand

1. In a perfectly competitive market, ( b )

a. advertising is widely used to influence demand and price. b. firms are price takers rather than price makers.

c. firms produce a small number of differentiated products. d. a small number of firms produce an identical product.

2. The amount of a good or service that buyers would be willing and able to purchase at a specific price is known as ( a )

a. quantity demanded. c. supply.

b. demand. d. quantity supplied.

3. The demand curve for Beanie Baby dolls shows the quantity of dolls demanded ( d )

a. by suppliers of those dolls.

b. at the equilibrium price for Beanie Baby dolls. c. at each level of income.

d. at each possible price of Beanie Baby dolls.

4. Which of the following are the best examples of substitute goods? ( c )

a. Personal computers and computer software programs. b. Milk and cookies.

c. IBM and HP personal computers. d. Hot dogs and mustard.

5. Which of the following sets of goods are most likely to be complementary goods？( c )

a. Shoes and pizza.

b. Automobiles and computers. c. Baseballs and baseball gloves.

d. Football tickets and baseball tickets.

6. An increase in the number of tomato producers will ( d )

a. increase market supply beca

b. use the price of tomatoes will rise.

c. increase market supply because market demand will increase as more

tomatoes are produced.

d. increase market supply because market supply is the sum of all individual

tomato producers’ supply curves.

Chapter 4 (5-1)

e. increase market demand but leave market supply unchanged.

7. Suppose that the demand for apples increased more than the supply of apples increased. The net effect of these two changes would be a(n) ( b )

a. increase in the equilibrium price and a decrease in the equilibrium quantity. b. increase in the equilibrium price and an increase in the equilibrium quantity. c. decrease in the equilibrium price and an increase in the equilibrium quantity. d. decrease in the equilibrium price and a decrease in the equilibrium quantity.

8. Given this data, the equilibrium price and quantity of CD players are ( c )

a. $150 and 300 players. c. $250 and 600 players.

b. $200 and 800 players. d. $300 and 650 players.

PRICE $100 $150 $200 $250

QUANTITY DEMANDED (units per week) 1,000 900 800 600

QUANTITY

SUPPLIED (units per week) 100 300 500 600

$300 300 650

9. Given this data, if the price of CD players is $200, ( b )

a. there will be a surplus. b. there will be a shortage. c. the market is in equilibrium. d. the supply will increase.

10. Temporary shortages in a market are eliminated by ( d )

a. decreases in the price, which cause quantity supplied to fall and quantity

demanded to rise.

b. decreases in the price, which cause quantity supplied to rise and quantity

demanded to fall.

c. increases in the price, which cause quantity supplied to fall and quantity

demanded to rise.

d. increases in the price, which cause quantity supplied to rise and quantity

demanded to fall.

Chapter 4 (5-2)

11. When a market is in equilibrium, ( a )

a. quantity demanded will equal quantity supplied. b. a shortage will be present. c. a surplus will be present.

d. sellers will continue to expand production to increase revenues.

12. If a drought destroyed half of the U.S. garlic crop at a time when the health benefits of garlic were being well-publicized, economists would expect that in the market for garlic ( b )

a. quantity exchanged would rise but the change in price is uncertain without

further information.

b. price would rise but the change in quantity exchanged is uncertain without

further information.

c. both price and quantity exchanged would rise.

d. price would rise and quantity exchanged would fall.

13. The discovery of new gold in South America will _______ the price of gold and _______ the quantity of gold traded. ( b )

a. b. c. d.

raise; raise lower; raise raise; lower lower; lower

14. Higher wages in the U.S. auto industry would _______ the prices of autos and _______ the quantity exchanged. ( c )

a. lower; lower b. lower; raise c. raise; lower d. raise; raise

15. If Francis receives a decrease in his pay, we would expect ( d )

a. Francis’s demand for each good he purchases to remain unchanged. b. Francis’s demand for normal goods to increase. c. Francis’s demand for luxury goods to increase. d. Francis’s demand for inferior goods to increase.

Chapter 4 (5-3)