英文版题库3国民收入从哪里来和到哪里去.docx
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英文版题库3国民收入从哪里来和到哪里去.docx
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英文版题库3国民收入从哪里来和到哪里去
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1.Thecircularflowmodelshowsthathouseholdsuseincomefor:
A)consumption,saving,andfactorpayments.
B)consumption,taxes,andfactorpayments.
C)taxes,saving,andfactorpayments.
D)consumption,taxes,andsaving.
2.Inthecircularflowdiagram,firmsreceiverevenuefromthemarket,whichisusedto
purchaseinputsinthemarket.
A)
goods;financial
B)
factor;financial
C)
goods;factor
D)
factor;goods
3.Inthecircularflowmodel,householdsreceiveincomefromthemarketandsavethroughthe
market.
A)
goods;financial
B)
factor;financial
C)
goods;factor
D)
factor;goods
4.Inthelongrun,thelevelofnationalincomeinaneconomyisdeterminedbyits:
A)factorsofproductionandproductionfunction.
B)realandnominalinterestrate.
C)governmentbudgetsurplusordeficit.
D)rateofeconomicandaccountingprofit.
5.Aneconomy'sfactorsofproductionanditsproductionfunctiondeterminetheeconomy's:
A)laborforceparticipationrate.
B)budgetsurplusordeficit.
C)populationgrowthrate.
D)outputofgoodsandservices.
6.Inthelongrun,whatdeterminestheleveloftotalproductionofgoodsandservicesinaneconomy?
A)theinterestrateandtheamountofnationalsaving
B)thequantityofcapital,quantityoflabor,andproductiontechnology
C)consumption,investment,andgovernmentspending
D)themarginalproductsofcapitalandlabor,constantreturnstoscale,andcompetition
7.Thetwomostimportantfactorsofproductionare:
A)goodsandservices.
B)laborandenergy.
C)capitalandlabor.
D)savingandinvestment.
8.Unliketherealworld,theclassicalmodelwithfixedoutputassumesthat:
A)allfactorsofproductionarefullyutilized.
B)allcapitalisfullyutilizedbutsomelaborisunemployed.
C)alllaborisfullyemployedbutsomecapitalliesidle.
D)somecapitalliesidleandsomelaborisunemployed.
9.Aproductionfunctionisatechnologicalrelationshipbetween:
A)factorpricesandthemarginalproductoffactors.
B)factorsofproductionandfactorprices.
C)factorsofproductionandthequantityofoutputproduced.
D)factorpricesandthequantityofoutputproduced.
10.Theproductionfunctionfeaturecalled“constantreturnstoscale”meansthatifwe:
A)multiplycapitalbyz1andlaborbyz2,wemultiplyoutputbyz3.
B)increasecapitalandlaborby10percenteach,weincreaseoutputby10percent.
C)increasecapitalandlaborby5percenteach,weincreaseoutputby10percent.
D)increasecapitalby10percentandincreaselaborby5percent,weincreaseoutputby7.5percent.
11.Ifanincreaseofanequalpercentageinallfactorsofproductionresultsinanincreaseinoutputofthesamepercentage,thenaproductionfunctionhasthepropertycalled:
A)constantmarginalproductoflabor.
B)increasingmarginalproductoflabor.
C)constantreturnstoscale.
D)increasingreturnstoscale.
12.Ifbreadisproducedbyusingaconstantreturnstoscaleproductionfunction,thenifthe:
A)numberofworkersisdoubled,twiceasmuchbreadwillbeproduced.
B)amountofequipmentisdoubled,twiceasmuchbreadwillbeproduced.
C)amountsofequipmentandworkersarebothdoubled,twiceasmuchbreadwillbeproduced.
D)amountsofequipmentandworkersarebothdoubled,fourtimesasmuchbreadwillbeproduced.
13.Atanyparticularpointintime,theoutputoftheeconomy:
A)isfixedbecausethesuppliesofcapitalandlaborandthetechnologyarefixed.
B)isfixedbecausethedemandforgoodsandservicesisfixed.
C)variesbecausethesuppliesofcapitalandlaborvary.
D)variesbecausethetechnologyforturningcapitalandlaborintogoodsandservicesvaries.
14.Theneoclassicaltheoryofdistribution:
A)wasdevelopedbyKarlMarx.
B)isrejectedbymosteconomiststoday.
C)showsthatthenationalincomeofaneconomyisnotequaltototaloutput.
D)isatheoryofhownationalincomeisdividedamongthefactorsofproduction.
15.Thepricereceivedbyeachfactorofproductionforitsservicesisdeterminedby:
A)demandforoutputandsupplyoffactors.
B)demandforfactorsandsupplyofoutput.
C)demandandsupplyofoutput.
D)demandandsupplyoffactors.
16.Whenfactorsupplyisfixedandquantityofthefactorisgraphedonthehorizontalaxiswhilefactorpriceisgraphedontheverticalaxis,thefactor:
A)supplycurveishorizontal.
B)supplycurveisvertical.
C)supplycurveslopesuptotheright.
D)demandcurveslopesuptotheright.
17.Acompetitivefirm:
A)issmallrelativetothemarketinwhichittrades.
B)hastochargealowerpricewhenitwantstosellmoregoods.
C)hasseverallargecompetitorswithwhomitengagesinfiercecompetition.
D)cansetthewageatwhichithiresworkers.
18.Afirm'seconomicprofitis:
A)thepriceofoutputminusthewageminustherentalpriceofcapital.
B)revenueminuscosts.
C)revenuepluscapitalcosts.
D)thepriceofoutputminuslaborcosts.
19.Acompetitivefirmchoosesthe:
A)priceatwhichtoselltheproductproduced.
B)wagetopaylabor.
C)quantityoflaborandcapitaltoemploy.
D)rentalpricetopaycapital.
20.Themarginalproductoflaboris:
A)outputdividedbylaborinput.
B)additionaloutputproducedwhenoneadditionalunitoflaborisadded.
C)additionaloutputproducedwhenoneadditionalunitoflaborandoneadditionalunitofcapitalareadded.
D)valueofadditionaloutputwhenonedollar'sworthofadditionallaborisadded.
21.Thepropertyofdiminishingmarginalproductmeansthat,afterapoint,whenadditionalquantitiesof:
A)afactorareadded,outputdiminishes.
B)bothlaborandcapitalareadded,outputdiminishes.
C)bothlaborandcapitalareadded,themarginalproductoflabordiminishes.
D)afactorisaddedwhenanotherfactorremainsfixed,themarginalproductofthatfactordiminishes.
22.Acompetitive,profit-maximizingfirmhireslaboruntilthe:
A)marginalproductoflaborequalsthewage.
B)priceofoutputmultipliedbythemarginalproductoflaborequalsthewage.
C)realwageequalstherealrentalpriceofcapital.
D)wageequalstherentalpriceofcapital.
23.Therealwageisthereturntolabormeasuredin:
A)
dollars.
B)
unitsofoutput.
C)
unitsoflabor.
D)
unitsofcapital.
24.Themarginalproductofcapitalis:
A)outputdividedbycapitalinput.
B)additionaloutputproducedwhenoneadditionalunitofcapitalisadded.
C)additionaloutputproducedwhenoneadditionalunitofcapitalandoneadditionalunitoflaborareadded.
D)valueofadditionaloutputwhenonedollar'sworthofadditionalcapitalisadded.
25.Therealrentalpriceofcapitalisthepriceperunitofcapitalmeasuredin:
A)
dollars.
B)
unitsofoutput.
C)
unitsoflabor.
D)
unitsofcapital.
26.Therealwagewillincreaseif:
A)thesupplyoflaborincreases.
B)theproductivityoflaborincreases.
C)thepriceofoutputincreases.
D)thesupplyofcapitaldecreases.
27.Anincreaseinthesupplyofcapitalwill:
A)increasetherealrentalpriceofcapital.
B)decreasetherealrentalpriceofcapital.
C)increasetheproductivityofcapital.
D)decreasetherealinterestrate.
28.Intheclassicalmodel,whatadjuststoeliminateanyunemploymentoflaborintheeconomy?
A)theaveragepricelevel
B)theinterestrate
C)therealrentalpriceofcapital
D)therealwage
29.Theneoclassicaltheoryofdistributionexplainstheallocationof:
A)outputbetweengoodsandservices.
B)outputamongconsumption,investment,andgovernmentspending.
C)incomeamongfactorsofproduction.
D)incomebetweensavingandinvestment.
30.Economicprofitiszeroif:
A)allfactorsarepaidtheirmarginalproductsandthelawofdiminishingreturnsisvalid.
B)allfactorsarepaidtheirmarginalproductsandthereareconstantreturnstoscale.
C)allfirmsmaximizeprofitsandnonearecompetitive.
D)allfirmsmaximizeprofitsandallfactorsarepaidtheirmarginalproducts.
31.AccordingtoEuler'stheorem,ifcompetitivefirmspayeachfactoritsmarginalproductandtheproductionfunctionhasconstantreturnstoscale,thesumofallfactorpaymentswillequal:
A)
totalinvestment
B)
totalsaving.
C)
totalprofits.
D)
totaloutput.
32.Accountingprofitis:
A)economicprofitminusthereturntocapital.
B)equaltoeconomicprofit.
C)economicprofitplusthereturntocapital.
D)equaltotheeconomicreturntocapital.
33.Accordingtotheneoclassicaltheoryofdistribution,iffirmsarecompetitiveandsubjecttoconstantreturnstoscale,totalincomeintheeconomyisdistributed:
A)onlytothelaborusedinproduction.
B)partlybetweenlaborandcapitalusedinproduction,withthesurplusgoingtotheownersofthefirmasprofits.
C)equallybetweenthelaborandcapitalusedinproduction.
D)betweenthelaborandcapitalusedinproduction,accordingtotheirmarginalproductivities.
34.Accordingtotheneoclassicaltheoryofdistribution,totaloutputisdividedbetweenpaymentstocapitalandpaymentstolabordependingontheir:
A)supply.
B)equilibriumgrowthrates.
C)relativepoliticalpower.
D)marginalproductivities.
35.Whatdeterminesthedistributionofnationalincomebetweenlaborandcapitalinacompetitive,profit-maximizingeconomywithconstantreturnstoscale?
A)therelativequantityoflabortocapital
B)theinterestrate
C)theratioofpublicsavingtoprivatesaving
D)themarginalproductivityoflaborrelativetothemarginalproductivityofcapital
36.Infourteenth-centuryEurope,thebubonicplague:
A)reducedthepopulationofEuropebyaboutone-half.
B)substantiallyincreasedeconomicoutputinEurope.
C)substantiallyincreasedrealrentalsonlandinEurope.
D)substantiallyincreasedrealwagesinEurope.
37.WithaCobb-Douglasproductionfunctio
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