1、经济学原理quiz511Quiz5Class Name Number1.A good will tend to have an inelastic demand if:a.the good has many close substitutes. b.the good is a luxury.c.the market is defined very broadly. d.the time horizon is long.2.A perfectly elastic demand is represented graphically by a:a.relatively steep demand cu
2、rve. b.relatively flat demand curve.c.vertical demand curve. d.horizontal demand curve.3.What effect will an increase in the price have on Total Revenue, if demand is elastic?a.Total Revenue will increase. b.Total Revenue will decrease.c.Total Revenue will first decrease and then increase. d.Total R
3、evenue will remain unchanged.4.The price elasticity of demand tends to be more elastic:a.at points further up and to the left along the demand curve.b.at points further down and to the right along the demand curve.c.when the demand curve becomes steeper. d.when the demand curve is vertical.5.Suppose
4、 that General Cars increases the price of its Cadiclap model from $13,500 to $16,500. As a result of this, the quantity demanded of the Cadiclap model decreases from 600,000 to 400,000 per year. Find the price elasticity of demand of the Cadiclap using the Mid-Point method.a.-3.0 b.-0.5 c.-2.0 d.-0.
5、36.If a firm needs to increase its Total Revenue, the firm should _ the price, if the demand for its product is _.a.drop, inelastic b.raise, elastic c.drop, elastic d.drop, unit elastic7.Suppose that consumers incomes rise by 3%, and that this causes the quantity demanded increase by 2%a.1.50 b.0.67
6、 c.-1.50 d.-0.678.Suppose that a good has an income elasticity of demand of -2.0. This means that the good is:a.normal. b.inferior. c.a substitute. d.a complement.9.If two goods have a cross-price elasticity of demand of -0.8. This means that these goods are:a.normal. b.inferior. c.substitutes. plem
7、ents.10.The price of good A increases from $4.50 to $5.50. This causes the quantity demanded of good B to increase from 900 to 1100 units per month. Find the cross price elasticity of demand using the Mid-Point method.a.-1.0 b.+2.0 c.+1.0 d.-2.0Quiz6Class Name Number1.Suppose that a regulation is in
8、 place that does not allow the price of a good to exceed $5. If this price is above the equilibrium price in the market, this would be an example of a:binding price ceilingnot binding price ceilingbinding price floornot binding price floor.2.Suppose that a regulation is in place that does not allow
9、the price of a good to fall below $10. If this price is above the equilibrium price in the market, this would be an example of abinding price ceilingnot binding price ceiling.binding price floor.not binding price floor.3.Suppose that a regulation is in place that does not allow the price of a good t
10、o exceed $5. If this price is below the equilibrium price in the market, this would be an example of a:binding price ceiling.not binding price ceiling.binding price floor.not binding price floor.4.If a price floor is in place and it is binding, the market will:remain in equilibrium, unaffected by th
11、e price floorexperience a shortageexperience a surplusadjust its equilibrium point toward the price floor5.If a price ceiling is in place and it is binding, the market will:remain in equilibrium, unaffected by the price floor.experience a shortageexperience a surplusadjust its equilibrium point towa
12、rd the price floor6.If a price floor is in place and it is not binding, the market will:remain in equilibrium, unaffected by the price floorexperience a shortageexperience a surplusadjust its equilibrium point toward the price floor7.If a tax is imposed on buyers of a good, the _ curve of the good w
13、ill shift _ by the amount of the tax.demand, upwarddemand, downwardsupply, upwardsupply, downward8.If a tax is imposed on sellers of a good, the _ curve of the good will shift _ by the amount of the tax.demand, upwarddemand, downwardsupply, upwardsupply, downward9.If a tax is imposed on a good and t
14、he incidence of the tax ends up falling more heavily on the sellers than on the buyers, this will be because:demand is more elastic than supply for that gooddemand is less elastic than supply for that good. the tax was imposed on the buyers of the goothe tax was imposed on the sellers of the good10.
15、If a tax is imposed on a good and the incidence of the tax ends up falling more heavily on the buyers than on the sellers, this will be because:demand is more elastic than supply for that good. demand is less elastic than supply for that goodthe tax was imposed on the buyers of the good.the tax was
16、imposed on the sellers of the good.Quiz7Class Name Number1.Consumer surplus is the:a.difference between what the consumer is willing to pay and what the consumer has to pay. b.surplus of goods the consumer has after consuming all he/she needs from them. c.excess number of goods consumers purchase ov
17、er and above what they really need. d.excess number of units firms produce over and above what consumers want to purchase. 2.The consumer surplus can be expressed graphically as the area:a.above the supply curve and below the priceb.above the supply curve and below the demand curvec.below the supply
18、 curve and above the horizontal axisd.below the demand curve and above the price of the good.3.The producer surplus can be expressed graphically as the area:a.above the supply curve and below the priceb.above the supply curve and below the demand curvec.below the supply curve and above the horizonta
19、l axis.d.below the demand curve and above the price of the good.4.The producer surplus represents the:a.production in a market over and above what consumers wish to purchase. b.difference between the price of the good and the cost to the seller. c.left over of raw materials and other inputs that fir
20、ms have after producing the good. d.left over of the good that remains unsold after the Holiday season. 5.A price increase will cause consumer surplus to _.a.increase b.decrease c.stay the same d.increase or decrease6.A price increase will cause producer surplus to _.a.increase b.decrease c.stay the
21、 same d.increase or decrease7.Total Surplus can be calculated as follows:a.Value to buyers minus amount paid by buyers b.Amount received by sellers minus cost to sellers.c.Cost to sellers minus value to buyers d.Value to buyers minus cost to sellers.8.Total surplus in a market is usually maximized w
22、hen:a.firms obtain the biggest possible profit b.consumers pay the lowest possible price.c.the maximum amount possible is produced d.the market is in equilibrium.9.If the quantity traded in a market is less than the equilibrium quantity:a.the value to consumers for additional units is less than the
23、cost to sellers of producing those units.b.the value to consumers for additional units is greater than the cost to sellers of producing those units. c.the market will decrease its total surplus if more units are produced. d.total surplus is larger than in equilibrium10If a market is not very competi
24、tive and/or if there are externalities, we can expect the market outcome:a.to be efficient, and total surplus to be maximizedb.to be efficient, but total surplus will not be maximizedc.not to be efficient, but the total surplus will still be maximizedd.not to be efficient, and total surplus will not
25、 be maximizedQuiz8Class Name Number1.All of the following occur when a tax is levied on a good, EXCEPT:a.consumer surplus decreases. b.producer surplus decreases. c.total surplus increases. d.the government obtains revenue from the tax. 2.When a tax is imposed, the quantity traded in a market will _
26、 and total surplus will _.a.increase, increase b.increase, decrease c.decrease, increase d.decrease, decrease 3.The loss of total surplus in a market resulting from a tax is called:a.deadweight loss. b.tax surplus. c. government revenue from the tax. d.taxation loss. 4.Deadweight loss in a taxed mar
27、ket occurs because:a.the tax causes the market to trade more than the optimal units, so all the surplus of the excess units traded is lost. b.the tax causes the market to trade less than the optimal units, so all the surplus of the units not traded is lost. c.the governments revenue from the tax is
28、lost to consumers and producers. d.of the cost of administering the tax, in the form of paper work that needs to be done. 5.A given tax will cause a bigger deadweight loss if demand and supply are:a.inelastic. b.elastic. c.unit elastic. d.perfectly inelastic. 6.Which of the following will cause the
29、deadweight loss of taxation to be bigger?a.A bigger tax. b.An increase in demand. c.An increase in supply. d.Less elastic demand and supply. 7.According to the Laffer curve, if the government wants to increase its revenue from taxes:a.sometimes the way to do so will be by lowering the size of the ta
30、x. b.it will have to increase the size of the tax. c.it will have to impose the tax on sellers. d.it will have to impose the tax on buyers. 8.When the size of the tax is too big, a further increase in the size of the tax will cause:a.the revenue generated by the tax to increase. b.the revenue genera
31、ted by the tax to decrease. c.buyers to increase the quantity demanded. d.sellers to increase the quantity supplied. 9.A bigger tax will cause the deadweight loss in the market to:a.increase, and will always cause the tax revenue to increase. b.decrease, and it will always cause the tax revenue to increase. c.increase, and it might cause the tax revenue to decrease. d.decrease, and it might cause the tax revenue to decrease. 10.When a tax is imposed, which of the following will occur?a.Consumer surplus will increase. b.Producer surplus will increase. c.Government tax revenue will de
