2019 Introduction to Economics(扬州工业职业技术学院) 最新满分章节测试答案

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本课程起止时间为:2019-09-03到2020-01-11
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【作业】CHAPTER 1 What is Economics ？ Homework for this chapter

1、 问题:Give three examples of important tradeoffs that you face in your life.
评分规则: 【 Examples of trade-offs include time trade-offs (such as studying one subject over another or studying at all compared to engaging in social activities) and spending trade-offs (such as whether to use your last 15 dollars to purchase a pizza or to buy a study guide for that tough economics course).
】

2、 问题:What items would you include to figure out the opportunity cost of a vacation to Disneyworld?
评分规则: 【 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.
】

3、 问题:Water is necessary for life. Is the marginal benefit of a glass of water large or small?
评分规则: 【 The marginal benefit of a glass of water depends on your circumstances. If you’ve just run a marathon, or you’ve been walking in the desert sun for three hours, the marginal benefit is very high. But if you’ve been drinking a lot of liquids recently, the marginal benefit is quite low. The point is that even the necessities of life, like water, don’t always have large marginal benefits.
】

4、 问题:Why isn’t trade among countries like a game with some winners and some losers?
评分规则: 【 Trade among countries isn’t a game with some losers and some winners because trade can make everyone better off. By allowing specialization, trade between people and trade between countries can improve everyone’s welfare.
】

5、 问题:Explain the two main causes of market failure and give an example of each.
评分规则: 【 The two main causes of market failure are externalities and market power. An externality is the impact of one person’s actions on the well-being of a bystander, such as from pollution or the creation of knowledge. Market power refers to the ability of a single person (or small group of people) to unduly influence market prices, such as in a town with only one well or only one cable television company. In addition, a market economy also leads to an unequal distribution of income.
】

6、 问题:1. Describe some of the trade-offs faced by each of the following:a. a family deciding whether to buy a new carb. a member of Congress deciding how much to spend on national parksc. a company president deciding whether to open a new factoryd. a professor deciding how much to prepare for class
评分规则: 【 a. A family deciding whether to buy a new car faces a tradeoff between the cost of the car and other things they might want to buy. For example, buying the car might mean they must give up going on vacation for the next two years. So the real cost of the car is the family’s opportunity cost in terms of what they must give up.b. For a member of Congress deciding whether to increase spending on national parks, the tradeoff is between parks and other spending items or tax cuts. If more money goes into the park system, that may mean less spending on national defense or on the police force.Or, instead of spending more money on the park system, taxes could be reduced.c. When a company president decides whether to open a new factory, the decision is based on whether the new factory will increase the firm’s profits compared to other alternatives.For example, the company could upgrade existing equipment or expand existing factories. The bottom line is: Which method of expanding production will increase profit the most?d. In deciding how much to prepare for class, a professor faces a tradeoff between the value of improving the quality of the lecture compared to other things she could do with her time, such as working on additional research.
】

7、 问题:Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficiency. In the case of efficiency,discuss the type of market failure involved.a. regulating cable TV pricesb. providing some poor people with vouchers that can be used to buy foodc. prohibiting smoking in public placesd. breaking up Standard Oil (which once owned 90 percent of all oil refineries) into several smaller companiese. imposing higher personal income tax rates on people with higher incomesf. instituting laws against driving while intoxicated
评分规则: 【 a. Efficiency: The market failure comes from the monopoly by the cable TV firm.b. Equityc. Efficiency: An externality arises because secondhand smoke harms nonsmokers.d. Efficiency: The market failure occurs because of Standard Oil’s monopoly power.e. Equityf. Efficiency: There is an externality because of accidents caused by drunk drivers.
】

CHAPTER 1 What is Economics ？ Testing in this chapter

1、 问题:The English word that comes from the Greek word for "one who manages a household" is
选项：
A:market
B:consumer
C:producer
D:economy
答案: 【economy】

2、 问题:Your opportunity cost of going to a movie is
选项：
A:the price of the ticket
B:the price of the ticket plus the cost of any soda and popcorn you buy at the theater.
C:the total cash expenditure needed to go to the movie plus the value of your time
D:zero, as long as you enjoy the movie and consider it a worthwhile use of time and money.
答案: 【the total cash expenditure needed to go to the movie plus the value of your time】

3、 问题:Adam Smith’s “invisible hand” refers to
选项：
A:the subtle and often hidden methods that businesses use to profit at consumers’ expense
B:the ability of free markets to reach desirable outcomes, despite the self-interest of market participants
C:the ability of government regulation to benefit consumers,even if the consumers are unaware of the regulations.
D:the way in which producers or consumers in unregulated markets impose costs on innocent bystanders.
答案: 【the ability of free markets to reach desirable outcomes, despite the self-interest of market participants】

4、 问题:The word “economy” comes from the Greek word oikonomos, which means
选项：
A:“environment.”
B:“production.”
C:“one who manages a household.”
D:“one who makes decisions.”
答案: 【“one who manages a household.”】

5、 问题:A society allocates its scarce resources to various jobs. These scarce resources include
选项：
A:land.
B:people.
C:machines.
D:All of the above are correct.
答案: 【All of the above are correct.】

6、 问题:Which of the following products would be considered scarce?
选项：
A:bread
B:baseballs autographed by Babe Ruth
C:motorcycles
D:All of the above are correct.
答案: 【All of the above are correct.】

7、 问题:Economics is the study of
选项：
A:production methods.
B:how society manages its scarce resources.
C:how households decide who performs which tasks.
D:the interaction of business and government.
答案: 【how society manages its scarce resources.】

8、 问题:In most societies, resources are allocated by
选项：
A:a single central planner.
B:a small number of central planners.
C:those firms that use resources to provide goods and services.
D:the combined actions of millions of households and firms.
答案: 【the combined actions of millions of households and firms.】

9、 问题:The property of society getting the most it can from its scarce resources is called
选项：
A:efficiency.
B:equality.
C:externality.
D:productivity.
答案: 【efficiency.】

10、 问题:Which of the following is true?
选项：
A:Efficiency refers to the size of the economic pie; equality refers to how the pie is divided.
B:Government policies usually improve upon both equality and efficiency.
C:As long as the economic pie continually gets larger, no one will have to go hungry.
D:Efficiency and equality can both be achieved if the economic pie is cut into equal pieces.
答案: 【Efficiency refers to the size of the economic pie; equality refers to how the pie is divided.】

11、 问题:When the government implements programs such as progressive income tax rates, which of the following is likely to occur?
选项：
A:equality is increased and efficiency is increased.
B:equality is increased and efficiency is decreased.
C:equality is decreased and efficiency is increased.
D:equality is decreased and efficiency is decreased.
答案: 【equality is increased and efficiency is decreased.】

12、 问题:What you give up to obtain an item is called your
选项：
A:opportunity cost.
B:explicit cost.
C:monetary cost.
D:direct cost.
答案: 【opportunity cost.】

13、 问题:High-school athletes who skip college to become professional athletes
选项：
A:obviously do not understand the value of a college education.
B:usually do so because they cannot get into college.
C:understand that the opportunity cost of attending college is very high.
D:are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high-school athletes.
答案: 【understand that the opportunity cost of attending college is very high.】

14、 问题:When computing the opportunity cost of attending a basketball game you should include
选项：
A:the price you pay for the ticket and the value of your time.
B:the price you pay for the ticket, but not the value of your time.
C:the value of your time, but not the price you pay for the ticket.
D:neither the price of the ticket nor the value of your time.
答案: 【the price you pay for the ticket and the value of your time.】

15、 问题:For most students, the earnings they give up to attend college are
选项：
A:a minor cost when compared to the costs of tuition, room and board, and the like.
B:the single largest cost of their education.
C:about equal to the costs of room and board at college.
D:not considered true costs by an economist.
答案: 【the single largest cost of their education.】

16、 问题:Consider Frank’s decision to go to college. If he goes to college, he will spend $21,000 on tuition, $11,000 on room and board, and $1,800 on books. If he does not go to college, he will earn $16,000 working in a store and spend $7,200 on room and board. Frank’s cost of going to college is
选项：
A:$33,800.
B:$42,600.
C:$49,800.
D:$57,000.
答案: 【$42,600.】

17、 问题:You have driven 800 miles on a vacation and then you notice that you are only 15 miles from an attraction you hadn’t known about, but would really like to see. In computing the opportunity cost of visiting this attraction you had not planned to visit, you should include
选项：
A:both the cost of driving the first 800 miles and the next 15 miles.
B:the cost of driving the first 800 miles, but not the cost of driving the next 15 miles.
C:the cost of driving the next 15 miles, but not the cost of driving the first 800 miles.
D:neither the cost of driving the first 800 miles nor the cost of driving the next 15 miles.
答案: 【the cost of driving the next 15 miles, but not the cost of driving the first 800 miles.】

18、 问题:A rational decisionmaker takes an action if and only if
选项：
A:the marginal benefit of the action exceeds the marginal cost of the action.
B:the marginal cost of the action exceeds the marginal benefit of the action.
C:the marginal cost of the action is zero.
D:the opportunity cost of the action is zero.
答案: 【the marginal benefit of the action exceeds the marginal cost of the action.】

19、 问题:Suppose the cost of flying a 100seat plane for an airline is $50,000 and there are 10 empty seats on a flight. The average cost per seat is
选项：
A:$50.
B:$500.
C:$50,000.
D:This cannot be determined from the information given.
答案: 【$500.】