課程名稱︰經濟學原理與實習上
課程性質︰必修/通識 A5*
課程教師︰魏凱立/李文基(助教名)
開課學院：社會科學院
開課系所︰經濟系
考試日期（年月日）︰101/01/02
考試時限（分鐘）：60
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
This quiz takes for 60 minutes. Please write down any your answers in English.
Translation machines and any calculators with memory function are not allowed.
Part One: Multiple Choice (20 questions, 60%)
Please write the best answer directly on your answer sheet.
1. For a monopoly, the socially efficient level of output occurs where
a. marginal revenue equals marginal cost.
b. average revenue equals marginal cost.
c. marginal revenue equals average total cost.
d. average revenue equals average total cost.
2. Which of the following statements is correct for both a monopolist and a
perfectly competitive firm?
i) The firm maximizes profits by equating marginal revenue with marginal cost.
ii) The firm maximizes profits by equating price with marginal cost.
iii) Demand equals marginal revenue.
iv) Average revenue equals price.
a. i), and iv) only
b. i), iii) and iv) only
c. i), ii), and iv) only
d. i), ii), iii), and iv)
3. Perfect price discrimination
a. increases profits to the firm.
b. increases total surplus.
c. decreases consumer surplus.
d. All of the above are correct.
4. Monopolistic competition is characterized by
i) efficient scale
ii) markup pricing over marginal cost
iii) deadweight loss
iv) excess capacity
a. i) and ii) only
b. ii) and iv) only
c. i), ii), and iii) only
d. ii), iii), and iv) only
5. A reduction in a monopolist’s fixed costs would
a. Increase the profit-maximizing price and decrease the profit-maximizing
quantity produced.
b. Decrease the profit-maximizing price and increase the profit-maximizing
quantity produced.
c. Possibly increase, decrease of not effect profit-maximizing price and
quantity, depending on the elasticity of demand.
d. Not affect the profit-maximizing price or quantity.
6. When a restaurant stays open for lunch service even though few customers
patronize the restaurant for lunch, which of the following principles is
(are) best demonstrated?
(i) Fixed costs are sunk in the short run.
(ii) In short run, only fixed costs are important to the decision to stay open
for lunch.
(iii) If revenue exceeds variable cost, the restaurant owner is making a smart
decision to remain open for lunch.
a. (i) and (ii) only
b. (i) and (iii) only
c. (ii) and (iii) only
d. All are demonstrated.
7. What happens to the price and quantity sold of a drug when its patent runs
out?
(i) The price will fall.
(ii) The quantity sold will fall.
(iii) The marginal cost of producing the drug will rise.
a. (i) only
b. (i) and (ii) only
c. (ii) and (iii) only
d. (i), (ii), and (iii)
8. The accountants hired by Davis Golf Course have determined total fixed cost
to be $75,000, total variable cost to be $130,000, and total revenue to be
$145,000. Because of this information, in the short run, Davis Golf Course
should
a. shut-down.
b. stay open because shutting down would be more expensive.
c. exit the industry.
d. stay open because the firm is making an economic profit.
9. Which of the following statements best expresses a firm’s profit-maximizing
decision rule?
a. If marginal revenue is greater than marginal cost, the firm should increase
its output.
b. If marginal revenue is less than marginal cost, the firm should decrease
its output.
c. If marginal revenue equals marginal cost, the firm should continue producing
its current level of output.
d. All of the above are correct.
10. A monopolist faces the following demand curve:
Price Quantity
$8 300
$7 400
$6 500
$5 600
$4 700
$3 800
$2 900
$1 1000
The monopolist has fixed costs of $1,000 and has a constant marginal cost of $2
per unit. If the monopolist were able to perfectly price discriminate, how many
units would it sell?
a. 400
b. 500
c. 900
d. 1,000
11. As the table in question 8, the monopolist has fixed costs of $1,000 and
has a constant marginal cost of $2 per unit. If the monopolist were NOT
able to perfectly price discriminate, how many units would it sell?
a. 400
b. 500
c. 900
d. 1,000
12. Which of the following statements is not correct for perfectly competitive
firms?
a. In a long-run equilibrium, firms must be operating at their efficient scale.
b. In the short run, the number of firms in an industry may be fixed.
c. In the long run, the number of firms can adjust to changing market conditions.
d. In the short run, firms must be operating at a level of output where price
equals average variable cost.
13. For a competitive firm,
i) price is higher than marginal revenue.
ii) marginal revenue is constant.
iii) it can make a profit in short run and long run.
iv) It can make a profit in short run and not in long run.
a. i) only
b. ii) only
c. ii) and iv) only
d. i), ii), and iv)
14. Which of the following statements is not correct?
a. Perfect competitive firm faces a horizontal demand curve.
b. Monopoly firm faces a downward-sloping demand curve.
c. Monopolistic competitive firm and duopoly firm faces a downward-sloping
demand curve.
d. Perfect competitive market has a horizontal demand curve..
15. In the short run, a firm operating in a monopolistically competitive market
a. produces an output level where marginal revenue equals average total cost.
b. sets price equal to demand where marginal revenue equals marginal cost.
c. must earn zero economic profits.
d. maximizes revenues as well as profits.
16. Alyson’s Pet Sitting Service
Number of Workers Output (number of pet visits)
0 0
1 20
2 45
3 60
4 70
Refer to the table above.
Suppose that Alyson’s pet sitting service has a fixed cost of $50 per month
for her cell phone. Each worker costs Alyson $60 per day. What is the shape
of Alyson’s total cost curve as output increases from 0 and 45?
a. Total cost increases but gets flatter.
b. Total cost increases and gets steeper.
c. Total cost decreases and gets flatter.
d. Total cost decreases but gets steeper.
17. Which of the following statements is correct?
a. Government should tax goods with either positive or negative externalities.
b. Government should tax goods with negative externalities and subsidize goods with
positive externalities.
c. Government should subsidize goods with either positive or negative
externalities.
d. Government should tax goods with positive externalities and subsidize goods
with negative externalities.
18. Consider the town of Tritown with only three residents, Eddie, Jim, and
Tony. The three residents are trying to determine how large,in acres,they
should build the public park. The table below shows each residen's
willingness to pay for each acre of the park.
Acres Eddie Jim Tony
1 $12 $16 $28
2 8 12 24
3 4 8 20
4 2 4 16
5 0 1 12
6 0 0 8
7 0 0 4
19. Dolores used to work as a high school teacher for $40,000 per year but quit
in order to start her own catering business. To buy the necessary equipment,
,she withdrew $20,000 from her savings, (which paid 3 percent interest) and
borrowed $30,000 from her uncle, whom she pays 3 percent interest per year.
Last year she paid $25,000 for ingredients and had revenue of $60,000. She
asked Louis the accountant and Greg the economist to calculate her profit
for her.
a. Louis says her profit is $34,100 and Greg says her profit is $6,500.
b. Louis says her profit is $34,100 and Greg says she lost $6,500.
c. Louis says her profit is $35,000 and Greg says she lost $5,000.
d. Louis says her profit is $33,500 and Greg says her profit is 33,500.
20. According to the Coase theorem, private markets will solve externality
problems and allocate resources efficiently as long as
a. the externalities that are present are positive, not negative.
b. government assigns property rights to the harmed party.
c. private parties can bargain with sufficiently low transaction costs.
d. businesses determine an appropriate level of production.
Part Two: Quick questions (3 questions, 40%)
Please write your explanations on your answer sheet.
1. True or False. Please keep your answer brief, credits will be subtracted if
your answer too long. (15%)
(1) When a firm operates with excess capacity, it must be in a monopolistically
competitive market.
(2) If firms in an oligopoly agree to produce according to the monopoly outcome,
,they will produce the same level of output as they would produce in a
Nash equilibrium.
(3) In the short run, any firm earning a negative profit will shut down.
2. The situation between Daiwan and Fhina becomes tense recently. Suppose the
military actions and payoff of each country as follows. (15%)
Remark: The payoff matrix (x,y) shows that x is the payoff of Daiwan and
y is the payoff of Fhina.
Fhina
Attack Do not attack
Attack (2,3) (4,2)
Daiwan
Do not attack (1,8) (6,6)
(a) Is there any dominant strategy for each country? If so, what is the
dominant strategy for each country?
(b) What is the possible outcome of the game shown above?
(c) Is the outcome in part (b) be social optimal? If not, please comment what
you will do in order to induce the social optimal outcome.
3.(10%)
Rival?
Yes │ No
---------------------------------
Yes A │ B
Excludable? ----------------------------------
No C │ D
a. Please fill out “Private Goods”, “Public Goods”, “Common Resources”,
“Natural Monopolies” into A,B,C,and D of the above table.
b. Please fill out the following number in the correct space in the above table.
(1) Un-congested non-toll roads (2) Common knowledge
(3) Fishes in ocean (4) Toyota compact cars
(5) Congested non-toll roads (6) Cable TV
(7) Food
(8) Technology (such as patents, intellectual property rights, etc.)
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