課程名稱︰經濟學乙
課程性質︰法律系三選一
課程教師︰劉錦添
開課系所︰法律系
考試時間︰2005/11/17
試題 :
1. The curved shape of the production possibilities frontier can be by
a. increasing cost of production.
b. constant cost of production.
c. scarcity.
d. economic growth.
2. Which of the following concepts is NOT illustrated by the production
possibilities frontier?
a. efficiency
b. opportunity cost
c. equity
d. tradeoffs
3. Which of the following is NOT a positive statement?
a. Higher gasoline prices will reduce gasoline consumption.
b. Equity is more important than efficiency.
c. Trade restrictions lower our standard of living.
d. If a nation wants to avoid inflation, it should not print too much money.
4. Suppose there are two countries, Freedonia and Sylvania, which have
identical amounts of resources, identical technologies, and identical
populations. Both produce two types of goods, consumer goods and captial
goods, and they both always operate on their production possibilities
frontier. The only difference is that this year Freedonia chooses to
produce relatively more consumer goods than Sylvania. As a result,
a. Freedonia will have a higher living standard this year but will grow
slower than Sylvania.
b. Freedonia will have a higher living standard this year and will grow
faster than Sylvania.
c. Sylvania will have a higher living standard this year but will grow
slower than Freedonia.
d. Sylvania will have a higher living standard this year and will grow
faster than Freedonia.
5. If marijuana were legalized, it is likely that there would be a increase
in the supply of marijuana. Advocates of marijuana legalization argue that
this would significantly reduce the amount of revenue going to criminal
organizations that currently supply marijuana. These advocates believe
that the
a. supply for marijuana is price elastic.
b. demand for marijuana is price elastic.
c. supply for marijuana is price inelastic.
d. demand for marijuana is price inelastic.
6. Suppose that when the price of corn is $2 per bushel, farmers can sell 10
million bushels. When the price of corn is $3 per bushel, farmers can sell
8 million bushel. Which of the following statements is true?
a. The demand for corn is income inelastic, and so an increase in the price
of corn will increase the income of corn farmers.
b. The demand for corn is income elastic, and so an increase in the price
of corn will increase the income of corn farmers.
c. The demand for corn is price inelastic, and so an increase in the price
of corn will increase the income of corn farmers.
d. The demand for corn is price elastic, and so an increase in the price of
corn will increase the income of corn farmers.
7. Muriel's income elasticity of demand for football tickets is 1.50. All else
equal, this means that if her income increase by 20 percent, she will buy
a. 150 percent more football tickets.
b. 50 percent more football tickets.
c. 30 percent more football tickets.
d. 20 percent more football tickets.
8. Suppose that you are in charge of pricing at a local sandwich shop. The
bussiness needs to increase revenue and your job ins on the line. If the
demand for sandwich is elastic you
a. should increase the price of sandwiches.
b. should decrease the price of sandwiches.
c. should not change the price of sandwiches.
d. could not determine what to do with price unit you determine whether
supply is elastic or inelastic.
9. Advocates of drug education program over a drug interdiction program would
argue that drug education
a. lowers total revenue to drug dealer.
b. lowers demand.
c. would produce positive results more quickly.
d. All of the above are correct.
e. Both a and b are correct.
10. If two supply curves pass through the same point and one is steep and the
other is flat, which of following would be correct?
a. The flatter supply curve is more inelastic.
b. The steeper supply curve is more inelastic.
c. The elasticity of supply will be the same for both curves.
d. It is impossible to tell the elasticity of supply for either curve
unless you are given actual numbers to compute the elasticity of both
curves.
11. Suppose that demand increases AND supply decreases. What would happen in
the market for the good?
a. Equilibrium price would decrease, but the impact on equilibrium
quantity would be ambiguous.
b. Equilibrium price would increase, but the impact on equilibrium
quantity would be ambiguous.
c. Both equilibrium price and quantity would increase.
d. Both equilibrium price and quantity would decrease.
12. Suppose that the number of buyers in a market increases and a
technological advancement occurs also. What would we expert to happen in
the market?
a. The equilibrium price would increase, but the impact on the amount sold
in the market would be ambiguous.
b. The equilibrium price would decrease, but the impact on the amount sold
in the market would be ambiguous.
c. Equilibrium quantity would increase, but the impact on equilibrium
price would be ambiguous.
d. Both equalibrium price and equalibrium quantity would increase.
13. Beef is a normal good. You obsreve that both the equalibrium price and
quantity of beef has fallen over time. Which of the following would be
most consistent with this observation?
a. Consumers have experienced an increase in income and beef-production
technology has improved.
b. The price of chicken has risen and the price of steak sauce has fallen.
c. Consumer tastes have changed so as to prefer beef less than before.
d. The demand curve for beef must be positively sloped.
14. Workers at a bicycle assembly plant currently make minimum wage. If the
federal government increase the minimum wage by $1.00 an hour it is likely
that the
a. demand for bicycle assembly workers will increase.
b. supply of bicycle will shift to the right.
c. supply of bicycle will shift to the left.
d. firm must increase output to maintain profit levels.
15. One economist has argued that rent control is "the best way to destroy a
city, other than bombing." Why would an economist say this?
a. He fears that low rents will cause low-income people to move into the
city, reducing the quality of life for other people.
b. He fears that rent controls will benefit landlords at the expense of
tenants, increasing inequality in the city.
c. He fears that rent controls will cause a construction boom, which will
make the city crowded and more polluted.
d. He fears that rent controls will eliminated the incentive to maintain
building, leading to a deterioration of the city.
16. Suppose that a tax is placed on DVDs. If the seller ends up paying the
majority of the tax we know that the
a. demand curve is more inelastic than the supply curve.
b. supply curve is more inelastic than the demand curve.
c. government has placed the tax on the seller.
d. government has placed the tax on the buyer.
17. Which of the following is the most correct statement about tax burdens?
a. A tax burden falls most heavily on the side of the market that is more
elastic.
b. A tax burden falls most heavily on the side of the market that is more
inelastic.
c. A tax burden falls most heavily on the side of the market that is
closer to unit elastic.
d. A tax burden is distributed independently of relative elasticities of
supply and demand.
18. If the minimum wage is above the equilibrium wage,
a. the quantity demanded of labor will be greater than the quantity
supplied.
b. the quantity demanded of labor will equal the quantity supplied.
c. the quantity demanded of labor will be less than the quantity supplied.
d. Anyone who wants a job at the minimum wage can find one.
19. Workers with high skills and much experience and not affected by the
minimun wage because
a. they belong to unions.
b. they are not legally guaranteed the minimun wage.
c. they generally earn wages less than the minimum wage.
d. their equilibrium wages are well above minimum wage.
20. Under rent control, landlords cease to be responsive to tenants' concerns
about the quality of the housing because
a. with shortages and waiting lists, they have no incentive to maintain
and improve their property.
b. they know they can never please their tenants.
c. the law no longer requires them to maintain their buildings.
d. it becomes the government's reponsibility.
21. Which of the following would cause both the equilibrium price and
equilibrium quantity of number two grade potatoes (an inferior good) to
increase?
a. an increase in consumer income
b. a decrease in consumer income
c. greater government restrictions on argicultural chemicals
d. fewer government restrictions on argicultural chemicals
22. New oak tables are normal goods. What would happen to the equilibrium
price and quantity in the market for oak tables if the price of table
rises, the price of oak wood rises, more buyers enter the market for oak
tables and the price of wood saws increased?
a. Price will fall and effect on quantity is ambiguous.
b. Price will rise and effect on quantity is ambiguous.
c. Quantity will fall and the effect on price is ambiguous.
d. Quantity will rise and the effect on price is ambiguous.
23. What will happen to the equilibrium price and quantity of new cars if the
price of gasoline rises, the price of steel rises, public transportation
becomes cheaper and more comfortable, and auto-workers negotiate higher
wages?
a. Price will fall and the effect on quantity is ambiguous.
b. Price will rise and the effect on quantity is ambiguous.
c. Quantity will fall and the effect on the price is ambiguous.
d. Quantity will rise and the effect on the price is ambiguous.
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