经济学原理对应练习-14Word下载.doc
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经济学原理对应练习-14Word下载.doc
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Definitional
2. Whenafirmhaslittleabilitytoinfluencemarketpricesitissaidtobein
a. acompetitivemarket.
b. astrategicmarket.
c. athinmarket.
d. apowermarket.
A PTS:
3. Inacompetitivemarket,theactionsofanysinglebuyerorsellerwill
a. haveanegligibleimpactonthemarketprice.
b. havelittleeffectonoverallproductionbutwillultimatelychangefinalproductprice.
c. causeanoticeablechangeinoverallproductionandachangeinfinalproductprice.
d. adverselyaffecttheprofitabilityofmorethanonefirminthemarket.
2 REF:
Interpretive
Table14-1
Quantity
Price
1
13
2
3
4
5
6
7
8
9
4. RefertoTable14-1.Thepriceandquantityrelationshipinthetableismostlikelythatfacedbyafirmina
a. monopoly.
b. concentratedmarket.
c. competitivemarket.
d. strategicmarket.
Analytical
5. RefertoTable14-1.Overwhichrangeofoutputisaveragerevenueequaltoprice?
a. 1to5
b. 3to7
c. 5to9
d. Averagerevenueisequaltopriceoverthewholerangeofoutput.
D PTS:
Averagerevenue MSC:
6. RefertoTable14-1.Overwhatrangeofoutputismarginalrevenuedeclining?
a. 1to6
c. 7to9
d. None;
marginalrevenueisconstantoverthewholerangeofoutput.
Marginalrevenue MSC:
7. RefertoTable14-1.Ifthefirmdoublesitsoutputfrom3to6units,totalrevenuewill
a. increasebylessthan$39.
b. increasebyexactly$39.
c. increasebymorethan$39.
d. Itcannotbedeterminedfromtheinformationprovided.
B PTS:
Totalrevenue MSC:
Applicative
8. Forafirminaperfectlycompetitivemarket,thepriceofthegoodisalways
a. equaltomarginalrevenue.
b. equaltototalrevenue.
c. greaterthanaveragerevenue.
d. equaltothefirm’sefficientscaleofoutput.
9. Ifafirminaperfectlycompetitivemarkettriplesthenumberofunitsofoutputsold,thentotalrevenuewill
a. morethantriple.
b. lessthantriple.
c. exactlytriple.
d. Anyoftheabovemaybetruedependingonthefirm’slaborproductivity.
10. Becausethegoodsofferedforsaleinacompetitivemarketarelargelythesame,
a. therewillbefewsellersinthemarket.
b. therewillbefewbuyersinthemarket.
c. buyerswillhavemarketpower.
d. sellerswillhavelittlereasontochargelessthanthegoingmarketprice.
11. WhichofthefollowingisNOTacharacteristicofaperfectlycompetitivemarket?
a. Firmsarepricetakers.
b. Firmshavedifficultyenteringthemarket.
c. Therearemanysellersinthemarket.
d. Goodsofferedforsalearelargelythesame.
12. Whenbuyersinacompetitivemarkettakethesellingpriceasgiven,theyaresaidtobe
a. marketentrants.
b. monopolists.
c. freeriders.
d. pricetakers.
13. Whenfirmsaresaidtobepricetakers,itimpliesthatifafirmraisesitsprice,
a. buyerswillgoelsewhere.
b. buyerswillpaythehigherpriceintheshortrun.
c. competitorswillalsoraisetheirprices.
d. firmsintheindustrywillexercisemarketpower.
14. Whichofthefollowingstatementsbestreflectsaprice-takingfirm?
a. Ifthefirmweretochargemorethanthegoingprice,itwouldsellnoneofitsgoods.
b. Thefirmhasanincentivetochargelessthanthemarketpricetoearnhigherrevenue.
c. Thefirmcansellonlyalimitedamountofoutputatthemarketpricebeforethemarketpricewillfall.
d. Price-takingfirmsmaximizeprofitsbychargingapriceabovemarginalcost.
15. Inacompetitivemarket,nosingleproducercaninfluencethemarketpricebecause
a. manyothersellersareofferingaproductthatisessentiallyidentical.
b. consumershavemoreinfluenceoverthemarketpricethanproducersdo.
c. governmentinterventionpreventsfirmsfrominfluencingprice.
d. producersagreenottochangetheprice.
16. Acompetitivefirmmightchoosetosetitspricebelowthemarketprice,because
a. thiswouldresultinhigheraveragerevenue.
b. thiswouldresultinhigherprofits.
c. thiswouldresultinlowertotalcosts.
d. Noneoftheaboveiscorrect.
17. Ofthefollowingcharacteristicsofcompetitivemarkets,whicharenecessaryforfirmstobepricetakers?
(i) Therearemanysellers.
(ii) Firmscanfreelyenterorexitthemarket.
(iii) Goodsofferedforsalearelargelythesame.
c. (ii)only
d. Allarenecessary.
18. Supposeafirminacompetitivemarketproducesandsells8unitsofoutputandhasamarginalrevenueof$8.00.Whatwouldbethefirm'
stotalrevenueifitinsteadproducedandsold4unitsofoutput?
a. $4.00
b. $8.00
c. $32.00
d. $64.00
19. Supposeafirminacompetitivemarketreceived$1,000intotalrevenueandhadamarginalrevenueof$10forthelastunitproducedandsold.Whatistheaveragerevenueperunit,andhowmanyunitsweresold?
a. $5and50
b. $5and100
c. $10and50
d. $10and100
20. Wheneveraperfectlycompetitivefirmchoosestochangeitslevelofoutput,holdingthepriceoftheproductconstant,itsmarginalrevenue
a. increasesifMR<
ATCanddecreasesifMR>
ATC.
b. doesnotchange.
c. increases.
d. decreases.
Competitivefirms MSC:
21. Supposeafirminacompetitivemarketreducesitsoutputby20percent.Asaresult,thepriceofitsoutputislikelyto
a. increase.
b. remainunchanged.
c. decreasebylessthan20percent.
d. decreasebymorethan20percent.
22. Changesintheoutputofaperfectlycompetitivefirm,withoutanychangeinthepriceoftheproduct,willchangethefirm'
s
a. totalrevenue.
b. marginalrevenue.
c. averagerevenue.
23. Whenaprofit-maximizingfirminacompetitivemarkethaszeroeconomicprofit,accountingprofit
a. isnegative(accountinglosses).
b. ispositive.
c. isalsozero.
d. couldbepositive,negativeorzero.
Economicprofit MSC:
24. Asageneralrule,whenaccountantscalculateprofittheyaccountforexplicitcostsbutusuallyignore
a. certainoutlaysofmoneybythefirm.
b. implicitcosts.
c. operatingcosts.
d. fixedcosts.
Implicitcosts MSC:
25. Incalculatingaccountingprofit,accountantstypicallydon'
tinclude
a. long-runcosts.
b. sunkcosts.
c. explicitcostsofproduction.
d. opportunitycoststhatdonotinvolveanoutflowofmoney.
Accountingprofit MSC:
Scenario14-1
AspartofanestatesettlementMaryreceived$1million.ShedecidedtousethemoneytopurchaseasmallbusinessinAnywhere,USA.IfMarywouldhaveinvestedthe$1millioninarisk-freebondfundshecouldhavemade$100,000eachyear.ShealsoquitherjobwithLucky.ComInc.todevoteallofhertimetohernewbusiness;
hersalaryatLucky.ComInc.was$75,000peryear.
26. RefertoScenario14-1.Attheendofthefirstyearofoperatinghernewbusiness,Mary'
saccountantreportedanaccountingprofitof$150,000.WhatwasMary'
seconomicprofit?
a. $25,000loss
b. $50,000loss
c. $25,000profit
d. $150,000profit
27. RefertoScenario14-1.WhatareMary'
sopportunitycostsofoperatinghernewbusiness?
a. $25,000
b. $75,000
c. $100,000
d. $175,000
Opportunitycost MSC:
28. RefertoScenario14-1.HowlargewouldMary'
saccountingprofitsneedtobetoallowhertoattainzeroeconomicprofit?
a. $100,000
b. $125,000
c. $175,000
d. $225,000
29. TheWheelerWheatFarmsellswheattoagrainbrokerinSeattle,Washington.Sincethemarketforwheatisgenerallyconsideredtobecompetitive,theWheelerFarmdoesnot
a. choosethequantityofwheattoproduce.
b. choosethepriceatwhichitsellsitswheat.
c. haveanyfixedcostsofproduction.
d. setmarginalrevenueequaltomar
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