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4.1 demand theory 选择题

1、 问题: 1.The demand for a good or service is determined by
选项:
A: those who buy the good or service.
B: the government.
C:the producers who create the good or service.
D: those who supply the raw materials used in the production of the good or service.
答案: 【 those who buy the good or service.

2、 问题:2. Each of the following is a determinant of demand except
选项:
A: tastes.
B:technology.
C: expectations.
D:the prices of related goods.
答案: 【technology.

3、 问题:3. If Francis experiences a decrease in his income, we would expect that, as a result, Francis’s demand for
选项:
A: each good he purchases will remain unchanged.
B:normal goods will decrease.
C:luxury goods will increase.
D: inferior goods will decrease.
答案: 【normal goods will decrease.

4、 问题:4. Alyssa rents 5 movies per month when the price is $3.00 per rental and 7 movies per month when the price is $2.50 per rental. Alyssa’s demand demonstrates the law of
选项:
A: price.
B: supply.
C: demand.
D:expectations.
答案: 【 demand.

5、 问题:5. A downward-sloping demand curve illustrates the
选项:
A:relationship between consumers’ income and their willingness to purchase the good in question, provided the good is inferior.
B: negative relationship between quantity demanded and quantity supplied.
C:idea that the more of one good that a consumer buys, the less income she has to spend on other goods.
D: law of demand.
答案: 【 law of demand.

5.1 elasticity of demand elasticity of demand

1、 问题:In general, elasticity is a measure of
选项:
A:a. the extent to which advances in technology are adopted by producers.
B:b. the extent to which a market is competitive.
C:c. how fast the price of a good responds to a shift of the supply curve or demand curve.
D:d. how much buyers and sellers respond to changes in market conditions.
答案: 【d. how much buyers and sellers respond to changes in market conditions.

2、 问题:The price elasticity of demand measures
选项:
A:a. buyers’ responsiveness to a change in the price of a good.
B:b. the extent to which demand increases as additional buyers enter the market.
C:c. how much more of a good consumers will demand when incomes rise.
D:d. the movement along a supply curve when there is a change in demand.
答案: 【a. buyers’ responsiveness to a change in the price of a good.

3、 问题:If demand is inelastic, then
选项:
A:a. buyers do not respond much to a change in price.
B:b. buyers respond substantially to a change in price, but the response is very slow.
C:c. buyers do not alter their quantities demanded much in response to advertising, fads, or general changes in tastes.
D:d. the demand curve is very flat.
答案: 【a. buyers do not respond much to a change in price.

4、 问题:For a good that is a necessity,
选项:
A:a. quantity demanded tends to respond substantially to a change in price.
B:b. demand tends to be inelastic.
C:c. the law of demand often does not apply.
D:d. All of the above are correct.
答案: 【b. demand tends to be inelastic.

5、 问题:Holding all other forces constant, when the price of gasoline rises, the number of gallons of gasoline demanded would fall substantially over a ten-year period because
选项:
A:a. buyers tend to be much less sensitive to a change in price when given more time to react.
B:b. buyers tend to be much more sensitive to a change in price when given more time to react.
C:c. buyers will have substantially more income over a ten-year period.
D:d. the quantity supplied of gasoline increases very little in response to an increase in the price of gasoline.
答案: 【b. buyers tend to be much more sensitive to a change in price when given more time to react.

5.2 Elasticity and Its Applications revenue and elasticity application

1、 问题:1. In the long run, the quantity supplied of most goods
选项:
A:a. will increase in almost all cases, regardless of what happens to price.
B:b. cannot respond at all to a change in price.
C:c. can respond to a change in price, but the change is almost always inconsequential.
D:d. can respond substantially to a change in price.
答案: 【d. can respond substantially to a change in price.

2、 问题:2. If the price elasticity of supply for wheat is less than 1, then the supply of wheat is
选项:
A:a. inelastic.
B:b. elastic.
C:c. unit elastic.
D:d. quite sensitive to change in price.
答案: 【a. inelastic.

3、 问题:3. Because the demand for wheat tends to be inelastic, the development of a new, more productive hybrid wheat would tend to
选项:
A:a. increase the total revenue of wheat farmers.
B:b. decrease the total revenue of wheat farmers.
C:c. decrease the demand for wheat.
D:d. decrease the supply of wheat.
答案: 【b. decrease the total revenue of wheat farmers.

4、 问题:4. If corn farmers know that the demand for corn is inelastic, and they want to increase their total revenue, they should all
选项:
A:a. plant more corn so that they would be able to sell more each year.
B:b. increase spending on fertilizer in an attempt to produce more corn on the acres they farm.
C:c. reduce the number of acres they plant in corn.
D:d. contribute to a fund that promotes technological advances in corn production.
答案: 【c. reduce the number of acres they plant in corn.

5、 问题:5. Which of the following statements is not correct concerning government attempts to reduce the flow of illegal drugs into the country?
选项:
A:a. Drug interdiction raises prices and total revenue in the drug market.
B:b. Drug interdiction can increase drug-related crime.
C:c. Drug interdiction shifts the demand curve for drugs to the left.
D:d. Drug interdiction shifts the supply curve of drugs to the left.
答案: 【c. Drug interdiction shifts the demand curve for drugs to the left.

6.1 price ceiling test of price ceiling

1、 问题: Price controls are usually enacted
选项:
A:a. as a means of raising revenue for public purposes.
B:b. when policymakers believe that the market price of a good or service is unfair to buyers or sellers.
C:c. when policymakers detect inefficiencies in a market.
D:d. All of the above are correct.
答案: 【b. when policymakers believe that the market price of a good or service is unfair to buyers or sellers.

2、 问题:Price controls
选项:
A:a. always produce an equitable outcome.
B:b. always produce an efficient outcome.
C:c. can generate inequities of their own.
D:d. produce revenue for the government.
答案: 【c. can generate inequities of their own.

3、 问题:A legal maximum price at which a good can be sold is a price
选项:
A:a. floor.
B:b. stabilization.
C:c. support.
D:d. ceiling.
答案: 【d. ceiling.

4、 问题:A price ceiling will be binding only if it is set
选项:
A:a. equal to equilibrium price.
B:b. above equilibrium price.
C:c. below equilibrium price.
D:d. none of the above; a price ceiling is never binding.
答案: 【c. below equilibrium price.

5、 问题:A price ceiling that is not binding will
选项:
A:a. cause a surplus in the market.
B:b. cause a shortage in the market.
C:c. cause the market to be less efficient than it would be without the price ceiling.
D:d. have no effect on the market price.
答案: 【d. have no effect on the market price.

6.2 price floor price floor

1、 问题:A price floor is binding if it
选项:
A:a. is set lower than the equilibrium market price.
B:b. results in an observed price that is the same as the equilibrium price.
C:c. leads to a surplus.
D:d. is strictly enforced by the government.
答案: 【c. leads to a surplus.

2、 问题:An example of a price floor is
选项:
A:a. the regulation of gasoline prices in the U.S. in the 1970s.
B:b. rent control.
C:c. the minimum wage.
D:d. any restriction on price that leads to a shortage.

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