KING

exam 1

• 1.If a producing firm does not have enough time to expand its plant capacity生产规模, it is:
  • operating in the short run
  • 因为没时间，所以要赶紧做事，以免被别人打败
    • 所以只能进行短期运营

• 2.Economic costs of production differ from accounting costs of production in that:
  • economic costs add the opportunity cost of a firm using its own resources.
  • 经济利润和会计利润
    • 会计利润：总收入减总成本
    • 经济利润：总收入减总成本减机会成本

• 3.An example of a long run adjustment is:

  • Walmart builds another Supercenter.
  • 长期运营的话就要扩大规模

• 4.The reason the marginal product of labor in the short run increases at first and then falls is because:

  • there are fewer opportunities for division of labor and specialization.
  • 边际产量：增加一个劳动力增加的产量
  • 边际产量递减规律
    • 边际产量递减，所以边际成本递增
  • 一开始效果明显，到后来基数大了所以就不明显了
    • 工人少，人数增加效率增加
    • 工人越多，就会存在协调问题，所以效率就会下降

• 5.If 11 workers can produce a total of 54 units of a product and another worker has a marginal product of six, then the average product of 12 workers is:

  • (54 + 6)/12 = 5

• 6.Economies of scale exist because as a firm increases its size in the long run长期:

  • labor and management can specialize their activities more.
  • as a larger input buyer the firm can purchase inputs at a lower per unit cost.
  • the firm can afford more sophisticated technology in production.
  • 规模经济：
    • 短期无法改变固定成本，只有长期才能改变固定成本。
      • 长期的曲线是由很多短期的曲线
      • 随着产量增加，平均总成本下降(这一段就叫规模经济)
      • 平均总成本上升的(这一段叫规模不经济)
    • 固定成本：器材(本来就有的)
      • 固有资产
    • 可变成本：劳动力（可以增加可以减少）
      • 会随着产量变动而变动的成本
    • 平均固定成本：固有资产平均分到课本成本上
      • 随着产量的增加，递减的
    • 平均可变成本：例如原材料
      • 随着产量的增加，递增的
    • 平均总成本：平均可变成本 + 平均固定成本
      • 一开始是平均固定成本起主导作用，所以下降
      • 然后是平均可变成本起主导作用，所以增加
      • 斜率就为边际成本

• 7.In natural monopolies自然垄断 such as the generation of electricity, long-run average costs continue to decrease as the plant size gets larger, because:

  • diseconomies of scale are very minor but economies of scale continue.规模经济持续
  • 由于规模经济造成的垄断，叫自然垄断
    • 因为企业应为规模经济成本比较低。 所以比其他新来的企业更有竞争力

• 8.In figure 10.2, the difference between average total costs and average variable costs is:

• 
• 
  • average fixed costs.
  • 平均总成本 = 平均可变成本 + 平均固定成本
• 9.In figure 10.2, average variable costs approach average total costs as output rises because:
  • average fixed costs are falling.
• 10.In figure 10.2, when marginal costs are rising:
  • marginal product of labor（劳动边际产量） is declining.
  • 边际产量递减

• 11.Both individual buyers and sellers in perfect competition:

  • have to take the market price as a given.
  • 都是价格接受者
  • 完全竞争市场：卖家很多，买家很多，而且市场物品一样。企业能够只有进出。
    • 当价格高于成本时，就会有新的企业进入
      • 这时候供给多了，价格下降
      • 然后变回原来的价格。然后企业就退出
      • 然后价格有上升
      • 所有都是价格接受者（价格就是边际成本）

• 12.If a perfectly competitive seller is producing at an output where price is $11 and the marginal cost is $14.54, then to maximise profits the firm should:

  • produce a smaller level of output.
  • 边际成本比市场价格高
    • 无利可图， 所以压缩产量

• 13.A very large number of small sellers who sell identical products implies:

  • the inability of one seller to influence price.
  • 很多卖家卖相同产品，所以都是价格接受者
  • 所以不能调价，不然买家就会跑到别的市场买
  • 完全竞争

• 

• 

• 14.At price P1, the firm in figure 11.1 would produce:

  • zero
  • 这种图都是短期的，长期的只有一个u型曲线
  • 因为固定成本是已经付出的成本
  • 市场价格P1低于平均可变成本，说明成本比较高了，所以无利可图，所以不生产

• 15.At price P2, the firm in figure 11.1 would produce:

  • Q5
  • 在Q5这个交点，如果产量低于这个交点，所以成本低于市场价格，所以有利可图
  • 如果高，则成本高于市场价格，所以无利可图，不生产

• 16.At price P1, the firm in figure 11.1 would:

  • lose fixed costs.
  • 因为不生产，所以损失掉了固定成本

• 17.At price P3, the firm in figure 11.1 would:

  • break even损益均衡的
  • 因为MC和ATC在P3相交，所以收益和成本一样，所以没赚没亏

• 18.At price P4 in the long run, the industry including the firm in figure 11.1 would:

  • have entry of new firms.
  • 边际收益大于平均总成本，所以会有新的企业进入赚钱

• 19.At price P2 in the long run, the industry including the firm in figure 11.1 would:

  • have exit（退出） of some existing firms.
  • 因为长期的话,要算上平均固定成本。
  • 因此所以要看平均总成本曲线，在P2，平均总成本曲线高于MC曲线，所以要退出市场。

• 20.When a competitive firm finds that the market price is below its minimum average variable cost level, it will sell:

  • nothing at all, the firm shuts down.
  • 因为再完全竞争市场下，短期只考虑平均可变成本，当市场价格低于平均可变成本的时候，无利可图，企业关门

• 21.If, as the industry expands, a competitive industry can supply larger quantities at the same long-run market price, it is:

  • a constant-cost industry.
  • 在一个完全市场竞争中，由于允许企业自由进出，市场价格不受买者和卖者的影响，他们都是价格接受者，所以企业成本是不会变的
  • 也就是说企业的供给曲线是一条横线，企业无论供给多少，市场价格都不会变

• 22.A local electricity-generating company has a monopoly that is protected by a barrier to entry that takes the form of:

  • economies of scale.
  • 自然垄断是因为规模经济而形成的垄断
  • 规模经济是指企业产量增大而成本不断降低的阶段，其他企业想要进入，成本比该企业高，竞争力低，最终只有一家企业在做：例如自来水，电力的企业

• 

• 
• 这个图是垄断的成本曲线，因为边际收益MR在需求曲线下面（？）

• 23.To profit maximize the firm in figure 14.1 will produce:

  • Q2.
  • 垄断企业是价格影响者，在一定产量的前提下，增加一单位产品，想要卖出，就要降低价格，增加一个单位产品的销售，增加的利润是低于当时市场价格的，所以边际收益曲线在需求曲线之下。
  • 垄断要达到最大的利润，必须边际收益等于边际成本，也就是MR=MC（Q2,P1），这个时候增加以单位产品，所得到的利益和成本相同，相互抵消不赚不亏。利用MR=MC，可以确定产量，但相应的价格，应该要在该产量下，投影到需求曲线上，这个需求曲线上的价格才是对应的价格。

• 24.The profit maximize price for the firm in figure 14.1 is:

  • P3
  • (?)对垄断行业（MR再需求曲线下），确定利润最大化对应的产量和价格的步骤
    • MR=MC(边际收益等于边际成本) –> 确定产量 –> 产量投影到需求曲线 –> 确定价格

• 25.If average total costs are ATC1, the firm in figure 14.1 will:

  • make a profit
  • 总成本=平均总成本*产量
  • 总收益=单价*产量
  • 把公式在图上表示为矩形面积，比较两个矩形，总收益大于总成本，有利润

• 26.In figure 14.1, the difference between the monopoly output and the competitive output is:

  • Q3-Q2
  • 完全竞争市场和垄断市场，最大区别在于一个是价格接受者，一个是价格影响者
  • 完全竞争市场：价格接受者，其边际收益曲线和市场需求曲线完全重合，利润最大的条件
    • 利润最大化的条件：边际收益=边际成本（MR=MC）也就是市场需求曲线（也就是边际收益曲线）和边际成本曲线相交的点
  • 垄断市场：价格影响者，其边际收益曲线和市场需求曲线不同，比市场需求曲线低。
    • 利润最大化的条件：边际收益=边际成本（MR=MC）也就是边际收益曲线和边际成本曲线的交点。

• 27.A profit maximizing monopolistʹs price is:

  • greater than what the price would be if the mononoplistʹs industry were competitive.
  • (?)垄断市场和完全竞争市场相比，产量少，价格高

• 28.The important economic concept illustrated by increasing opportunity costs is:

  • the more resources devoted to any activity, the smaller the payoff of devoting more resources to that activity.
  • 机会成本的根本原因是资源有限
  • 所以你把资源投入到一个活动中，其他方面的活动能用的资源就变少了，这种损失的所有可能收益称为机会成本

• 29.A production possibilities frontier model shows that:

  • if all resources are fully and efficiently utilized, more output of good X can only be achieved by producing less of another good.
  • 生产可能性边界模型，在线上的每一点都表示在充分利用资源的前提下所能生产的两种产品的产量分产品的产量组合。
  • 可以想象，要增加一种产品的产量，必然要减少另外一种产品的产量，所以其曲线是斜向下的直线或者是斜向下的曲线

• 30.If George can mow 10 lawns or cultivate 5 gardens a day while Jack can mow 6 lawns or cultivate 4 gardens a day, then:

  • Jack has a comparative advantage in lawn mowing.
  • 相对优势和绝对优势
  • 绝对优势：对一个人的两个活动进行效率比较，所以两个人的绝对优势可能是一样的
  • 相对优势：对两个人的同一个活动进行效率比较，所以两个人的相对优势是不会一样的。
    • 一方在这个方面有比较优势，另一方必然是再另外一个方面有比较优势

• 31.If last year the Ajax firm sold 250 sofas at $1,000 each and this year Ajax sold 500 sofas at $1,500 each, then

  • the demand for sofas increased.
  • 价格从4变成了3
  • 一般来说，产量的增加会导致价格的下降，而题目中产量的增加，价格也增加，说明市场上需求也增加了。

• 32.The demand for big screen TVs would fall, if big screen TVs are normal goods and:

  • buyerʹs of big screen TVs incomes fall because of a recession萧条.
  • 对正常商品，影响其需求量的因素有：1.市场消费者数量， 2.消费者偏好， 3.消费者收入， 4.该商品自身的价格， 5.其他商品的价格
  • 其中，1，2，3，5. 能够让整个需求曲线左右移动，而4 是是需求量是沿着需求曲线改变。因为该商品自身价格是需求曲线的变量。

• 33.A change in demand represents a while a change in quantity demanded is a .

  • shift to a new demand curve; movement along one demand curve
  • （？）
  • 需求变动和需求量变动
  • 需求变动是指需求曲线移动
  • 需求量变动是指沿着需求曲线变动，需求曲线不变

• 34.If the demand for a good increases when there is high unemployment, we can conclude that the commodity is:

  • an inferior下级 good
  • 高失业率意味着低收入。对正常商品而言，人们收入减少，对其需求也将减少，如：一般的衣服；而对低档的商品，人们收入减少，对其需求则会增加，如：咸菜

• 35.An advance in technology increases supply:

  • because laborʹs or capitalʹs productivity increases and costs of production fall.
  • 技术的提高会增大产量，原因：效率提高了，相应的平均成本降低了。
    • 因为产量增大，而固定成本不变，平摊到每个产品的吃那个本就下降了。

• 36.When a strike at a major local employer occurs, the demand for television sets in that local market will:

  • decreases because buyers incomes have decreased.
  • 罢工会引起工人收入降低，电视机是一种正常的商品。人们收入降低，对其需求减少。

• 37.If the current market price for a particular book is $30 a unit and a price ceiling is imposed at $20 per book, then:

  • there will an increase in the quantity demanded of the book.
  • a shortage of the book will develop at the ceiling price.
  • a price of $20 per book is the legally allowed maximum price of the book.
  • 价格上限（限定最高价格）对市场价格的影响
  • 当价格上限高于市场稳定价格（当供给和需求相等时的价格），价格上限对市场价格无影响，最终市场价格趋于稳定价格（当供给和需求相等时的价格）
  • 当价格上限低于市场价格，此时，价格较低，对消费者有利，消费者对其需求较大，不利于生产者，生产者对其的供给量将减少。这样一来，市场需求大于供给，形成商品短缺。如果没有价格上限，市场价格将会上升。现在有了价格上限，市场价格只能趋于价格上限。

• 38.Among the impacts of the minimum wage工资 is that:

  • higher costs are imposed on employers.
  • employers substitute other lower cost inputs in place of higher priced labor.
  • higher product prices result because production costs are increased.
  • 最低工资的影响：1.企业需要支付的工资增加了，无形中增加了产品的成本（可变成本） 2.产品成本增加，导致其价格上升 3.企业会寻求更低的价格的投入， 比如：买机器，减少工人数量

• 39.After a city imposes a rent control law:

  • landlords reduce the quantity of apartments offered for rent.
  • 租金控制，由于租金太高所以需要控制，设定价格上限。

• 40.Consumers pay 100% of a new sales tax on a good:

  • when the demand is perfectly inelastic.
  • 税收其实都是买房和买房共同承担的，所谓的向谁手只是决定了有谁交给政府而已。
  • 对于需求价格弹性大，收税商品价格高，消费者这就会减少对其的购买，而卖家没办法，都已经进了货，只能由其交大部分的税，所以对于需求价格弹性大的商品来说，卖家交的税更多。
  • 对于需求弹性小，收税价格高，买家一定要买，而买家可以不用进那么多货，所以只能由买家交大部分税。对于需求价格弹性小的商品来说，买家交的税更多。

• 41.Which of the following statements about elasticity of demand需求弹性 is correct?

  • Demand is more elastic in a long time period than it is in a short time period.
  • （？）需求价格弹性（是指绝对值）有以下两个特点：
    • 1.小范围的弹性要大于大范围的弹性，因为小范围的有比较多的替代品，而大范围的比较少得替代品。比如米饭和食物，米饭弹性大，因为消费者可以不买米饭而由米粉，零食代替，当米饭价格高了，可以减少对米饭的购买；而食物，很难找到其替代品，其价格高，也必须买。
    • 2.长期的弹性要大于短期的弹性，因为长期的比较灵活。比如：汽油。当汽油的价格上升的时候，对于现有车的人来说，即使现在的价格高了也必须买汽油，汽油在短期来看，其需求量变动不大；而对于现在想买车的人来说，其会考虑买比较不耗费汽油的车或者买用电的车，这样一来，汽油长期的需求量将会变动非常大。

• 42.Which of the following goods would most likely have the most inelastic demand?

  • Bread
  • 日常生活用品价格弹性小

• 43.If at a price of $100, 10 units were sold while at a price of $125, eight units were sold, the price elasticity of demand value using the midpoint formula is:

  • one
  • （？）需求价格弹性公式=需求量变动的百分比/价格变动的百分比
  • 所谓的中点法是指在求百分比的时候用中点
    • [(8-10)/((8-10)/2)]/[(125-100)/((125+100)/2)]=-1
    • 需求价格弹性是指绝对值

• 44.If at a price of $50, 20 units are sold and at a price of $60, 0 units are sold, the price elasticity of demand of the good is:

  • perfectly elastic.
  • 用中点法求得其需求价格弹性（指绝对值）等于11.0000011， 一般的，需求价格弹性>1，就算富有弹性。

• 45.When demand is price elastic, a fall in price causes total revenue to rise because:

  • the increase in quantity sold is large enough to offset the lower price.
  • 富有弹性，也就是需求价格弹性（绝对值）大，价格变动一点，其需求量变动很大。
  • 价格降低，消费者对其需求增大，富有弹性，说明其需求量增加的很大。当其需求量增大到收益能够大于因为价格下降而带来的损失时，卖家总收益就会增加。

• 46.If the cross-price elasticity of demand for goods A and B is a positive value, this means the two goods are:

  • substitutes
  • 交叉需求价格弹性=一个商品需求量变动百分比/另外一种商品变动百分比
  • 反映的是两种商品这种关系，如果其中一个是正数，说明一种商品价格升高，另一种商品的需求量增大，这是替代品的特征

• 47.If you expect the economy is going to boom and average income in the economy will rise in the foreseeable future, the type of firm that would be able to increase its sales if your expectations are met is:

  • one that sells a luxury good.
  • 奢侈品在人们收入增加，其对奢侈品的需求就会增加

• 48.An external cost is created when you:

  • litter on the side of the road.
  • 我们研究的市场只是涉及到买方和卖方的。如果考虑旁观者的利益，则是考虑外部性。比如：企业用煤炭，对整个社会会造成污染，如果考虑这个层面，则这个企业会带来负的外部性。会造成额外的成本。

• 49.Because producers do not bear the external cost of pollution:

  • production is beyond the economically efficient level.
  • 由于企业一般不考虑外部性，只考虑自己的利益，而对于整个社会来说，还要考虑到外部性，所以企业的产量都是超过了社会的最佳产量，对社会带来超过社会可忍受成都的负外部性。

• 

• 
• 50.An efficient way to get the firm in figure 5.1 to produce what society wants is:
  • a tax to make the firm realize the external costs it imposes on others.
  • 为了让企业考虑外部性，一个有效的方法就是对其征税，强制让其承担外部成本

exam 2

• 1.Ex-President Carter’s recommendation of registering women for the draft raised an uproar around the country. One opponent of this proposal stated: “Women are needed at home to rear the children, let the men fight the wars.” This opponent implied that:

  • the opportunity cost associated with drafting women is higher than the opportunity cost of drafting men.
  • 男人在家带孩子的没有女人带的好。
  • 所以女人的机会成本比较大。
  • 所以女人在家带孩子比较好

• 2.Which of the following accurately describes the fundamental problem at the core of all economic analysis? The fundamental problem is:

  • understanding how scarce resources are allocated among competing uses to best satisfy society’s unlimited wants.
  • 稀有资源的最佳分配

• 3.If an individual’s demand for frozen dinners increases when the price of steak rises, we would infer that:

  • steak and frozen dinners are substitutes for this person.
  • 排类价格上涨，所以人们对快餐需求增加
  • 所以快餐为排雷的替代品

• 4.On the New York Stock Exchange, the current price per share for stock of the Boston Celtics, a NBA basketball team, is $8.25. At that price the total quantity of shares demanded is 2,500, while the total quantity supplied for trade is 2,000. It follows that

  • there is a shortage of shares of the Boston Celtics on the stock exchange.

• 6.Suppose a political candidate in the upcoming November elections promises voters more funding for AIDS research and child care, and assures them they will not have to sacrifice any other goods or services to obtain the additional programs.

  • This may be possible if the economy has unemployed resources.

• 7.This year the demand for new homes increases while at the same time the supply also increases. As a result of these changes in the market for new homes you can conclude that:

  • the equilibrium number of new homes will increase.

• 8.Some time ago the government of China required many highly skilled technicians and scientists to engage in unskilled agricultural labor in order to develop “proper social attitudes.” This policy caused China to produce

  • inside its PPF.

• 9.Recent health studies claim that consuming a glass of wine with afternoon or evening meals significantly reduces the risk of heart disease. If people believe this new information, what is likely to occur to the short-run equilibrium in the wine market?

  • Equilibrium price and quantity will both rise due to an increase in the demand for wine.