1.4mi014 how the economy as a whole works1.6mi022 the production possibilities frontier1.8mi032 the principle of comparative advantage2.4mi044 marke equilibrium1、【单选题】a very hot summer in atlanta will cause
a、the demand curve for lemonade to shift to the left.
b、the demand for air conditioners to decrease.
c、the demand for jackets to decrease.
d、a movement downward and to the right along the demand curve for tank tops.
2、【单选题】if a study by medical researchers found that brown sugar caused weight loss while white sugar caused weight gain, then we likely would see
a、an increase in demand for brown sugar and a decrease in demand for white sugar.
b、a decrease in demand for brown sugar and an increase in demand for white sugar.
c、an increase in demand for both brown sugar and white sugar.
d、no change in demand for either type of sugar because weight loss is not a determinant of demand.
3、【单选题】which of the following events could shift the demand curve for gasoline to the left?
a、the income of gasoline buyers rises, and gasoline is a normal good.
b、the income of gasoline buyers falls, and gasoline is an inferior good.
c、public service announcements run on television encourage people to walk or ride bicycles instead of driving cars.
d、the price of gasoline rises.
4、【单选题】an increase in the number of college scholarships issued by private foundations would
a、increase the supply of education.
b、decrease the supply of education.
c、increase the demand for education.
d、decrease the demand for education.
5、【单选题】you love peanut butter. you hear on the news that 50 percent of the peanut crop in the south has been wiped out by drought, and that this will cause the price of peanuts to double by the end of the year. as a result,
a、your demand for peanut butter will increase, but not until the end of the year.
b、your demand for peanut butter increases today.
c、your demand for peanut butter decreases as you look for a substitute good.
d、your demand for peanut butter shifts left today.
3.3mi053 price elasticity of supply1、【单选题】when consumers face rising gasoline prices, they typically
a、reduce their quantity demanded more in the long run than in the short run.
b、reduce their quantity demanded more in the short run than in the long run.
c、do not reduce their quantity demanded in the short run or the long run.
d、increase their quantity demanded in the short run but reduce their quantity demanded in the long run.
2、【单选题】which of the following is likely to have the most price inelastic demand?
a、mint-flavored toothpaste
b、toothpaste
c、colgate mint-flavored toothpaste
d、a generic mint-flavored toothpaste
3、【单选题】if the price of natural gas rises, when is the price elasticity of demand likely to be the highest?
a、immediately after the price increase
b、one month after the price increase
c、three months after the price increase
d、one year after the price increase
4、【单选题】studies indicate that the price elasticity of demand for cigarettes is about 0.4. a government policy aimed at reducing smoking changed the price of a pack of cigarettes from $2 to $6. according to the midpoint method, the government policy should have reduced smoking by
a、30%.
b、40%.
c、80%.
d、250%.
5、【单选题】if a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is
a、0.75
b、1.25
c、1.33
d、1.60
4.3mi063 taxes1、【单选题】to say that a price floor is binding is to say that the price floor
a、results in a shortage.
b、is set below the equilibrium price.
c、causes quantity supplied to exceed quantity demanded.
d、all of the above are correct.
2、【单选题】the imposition of a binding price floor on a market causes quantity demanded to be
a、greater than quantity supplied.
b、less than quantity supplied.
c、equal to quantity supplied.
d、both (a) and (b) are possible.
3、【单选题】if a price floor is a binding constraint on a market, then
a、the equilibrium price must be above the price floor.
b、the quantity demanded must exceed the quantity supplied.
c、sellers cannot sell all they want to sell at the price floor.
d、buyers cannot buy all they want to buy at the price floor.
4、【单选题】when a binding price floor is imposed on a market to benefit sellers,
a、every seller in the market benefits.
b、every buyer in the market benefits, too.
c、every seller who wants to sell the good will be able to do so, but only if they appeal to the personal biases of the buyers.
d、some sellers will not be able to sell any amount of the good.
5、【单选题】an example of a price floor is
a、the regulation of gasoline prices in theu.s.in the 1970s.
b、rent control.
c、the minimum wage.
d、any restriction on price that leads to a shortage.
5.3mi073 market efficiency5.5mi082 the determinants of deadweight loss5.7mi092 the effects of an import quota6.1mi101 externalities in production1、【单选题】an externality exists whenever
a、the economy cannot benefit from government intervention.
b、markets are not able to reach equilibrium.
c、a firm sells its product in a foreign market.
d、a person engages in an activity that influences the well-being of a bystander and yet neither pays nor receives payment for that effect.
2、【单选题】when externalities are present in a market, the well-being of market participants
a、and market bystanders are both directly affected.
b、and market bystanders are both indirectly affected.
c、is directly affected, and market bystanders are indirectly affected.
d、is indirectly affected, and market bystanders are directly affected.
3、【单选题】dog owners do not bear the full cost of the noise their barking dogs create and often take too few precautions to prevent their dogs from barking. local governments address this problem by
a、making it illegal to "disturb the peace".
b、having a well-funded animal control department.
c、subsidizing local animal shelters.
d、encouraging people to adopt cats.
4、【单选题】which of the following statements about a well-maintained yard best conveys the general nature of the externality?
a、a well-maintained yard conveys a positive externality because it increases the home's market value.
b、a well-maintained yard conveys a negative externality because it increases the property tax liability of the owner.
c、a well-maintained yard conveys a positive externality because it increases the value of adjacent properties in the neighborhood.
d、a well-maintained yard cannot provide any type of externality.
5、【单选题】since restored historic buildings convey a positive externality, local governments may choose to
a、regulate the demolition of them.
b、provide tax breaks to owners who restore them.
c、increase property taxes in historic areas.
d、both a and b are correct.
6.2mi111 types of goods7.2mi151 competition versus monopoly7.4mi171 equilibrium for an oligopoly8.2mi182 equilibrium in the labor market