Ch1-Quiz

1、单选题：
An important element of the market process is that (        )‏‍‏
选项：
A: although people trade voluntarily, one party “wins” and the other party “loses”.
B: the government determines the extent of market activity in order for all parties to benefit.
C: people are better off if they are self-sufficient than if they trade with others in the market.
D: people trade voluntarily and all parties expect to benefit. 
答案: 【 people trade voluntarily and all parties expect to benefit. 】

2、单选题：
‍Adam Smith argues in The Wealth of Nations that an economy will produce more goods and services if (         )​
选项：
A: people act in the public interest than if they act selfishly.
B: people act selfishly, than if the government directs economic activity. 
C: the government controls the use of the nation’s scarce resources.
D: people ignore their own interests and contribute to national wealth as a whole.
答案: 【 people act selfishly, than if the government directs economic activity. 】

3、单选题：
‏Which of the following activities would occur in a market for factors of production?  (     ) ​
选项：
A: Reesa buys a new computer to help balance her personal checkbook.
B: Randy pays a speeding ticket.
C: Ian mows his grass.
D: General Motors hires additional workers to run a third-shift at a factory. 
答案: 【 General Motors hires additional workers to run a third-shift at a factory. 】

4、单选题：
​Which of the following activities would occur in a market for goods and services? (       ) ​
选项：
A: Harry mows his grass.
B: General Motors hires additional workers to run a third shift at a factory.
C: Jane bakes pies for Thanksgiving dinner.
D: Dolly buys a ticket to a ball game.
答案: 【 Dolly buys a ticket to a ball game.】

5、单选题：
​An economic model is (     ) ​
选项：
A: a mechanical machine that replicates the functioning of the economy.
B: a fully detailed, realistic description of the economy.
C: a simplified representation of some aspect of the economy. 
D: a computer program that predicts the future of the economy.
答案: 【 a simplified representation of some aspect of the economy. 】

6、单选题：
‎The circular-flow diagram illustrates that, in markets for the factors of production, (         )‍
选项：
A: households are sellers, and firms are buyers.
B: households are buyers, and firms are sellers.
C: households and firms are both buyers.
D: households and firms are both sellers.
答案: 【 households are sellers, and firms are buyers.】

7、单选题：
A point inside the production possibilities frontier is (        )‍‏‍
选项：
A: efficient, but not feasible.
B: feasible, but not efficient.
C: both efficient and feasible.
D: neither efficient nor feasible.
答案: 【 feasible, but not efficient.】

8、单选题：
An economy produces hot dogs and hamburgers. If a discovery of the remarkable health benefits of hot dogs were to change consumers’ preferences, it would (        )‍‌‍
选项：
A: expand the production possibilities frontier.
B: contract the production possibilities frontier.
C: move the economy along the production possibilities frontier.
D: move the economy inside the production possibilities frontier.
答案: 【 move the economy along the production possibilities frontier.】

9、单选题：
All of the following topics fall within the study of microeconomics EXCEPT (        )‌‏‌
选项：
A: the impact of cigarette taxes on the smoking behavior of teenagers.
B: the role of Microsoft’s market power in the pricing of software.
C: the effectiveness of antipoverty programs in reducing homelessness.
D: the influence of the government budget deficit on economic growth.
答案: 【 the influence of the government budget deficit on economic growth.】

10、单选题：
Which of the following is a positive, rather than a normative, statement?  (        )​‍​
选项：
A: Law X will reduce national income.
B: Law X is a good piece of legislation.
C: Congress ought to pass law X.
D: The president should veto law X.
答案: 【 Law X will reduce national income.】

Ch2-Quiz

1、单选题：
‏In a perfectly competitive market, (        )‍
选项：
A: advertising is widely used to influence demand and price.
B: firms are price takers rather than price makers.
C: firms produce a small number of differentiated products.
D: a small number of firms produce an identical product.
答案: 【 firms are price takers rather than price makers.】

2、单选题：
‏An increase in ________ will cause a movement along a given demand curve, which is called a change in ________. (        )‌
选项：
A: supply, demand
B: supply, quantity demanded
C: demand, supply
D: demand, quantity supplied
答案: 【 supply, quantity demanded】

3、单选题：
‏Movie tickets and DVDs are substitutes. If the price of DVDs increases, what happens in the market for movie tickets? (       )‌
选项：
A: The supply curve shifts to the left.
B: The supply curve shifts to the right.
C: The demand curve shifts to the left.
D: The demand curve shifts to the right.
答案: 【 The demand curve shifts to the right.】

4、单选题：
‎The discovery of a large new reserve of crude oil will shift the ________ curve for gasoline, leading to a ________ equilibrium price. (        )‏
选项：
A: supply, higher
B: supply, lower
C: demand, higher
D: demand, lower
答案: 【 supply, lower】

5、单选题：
‏If the economy goes into a recession and incomes fall, what happens in the markets for inferior goods? (     )‏
选项：
A: Prices and quantities both rise.
B:  Prices and quantities both fall.
C: Prices rise, quantities fall.
D: Prices fall, quantities rise.
答案: 【 Prices and quantities both rise.】

6、单选题：
‌Which of the following might lead to an increase in the equilibrium price of jelly and a decrease in the equilibrium quantity of jelly sold? (        )‌
选项：
A: an increase in the price of peanut better, a complement to jelly
B: an increase in the price of Marshmallow Fluff, a substitute for jelly
C: an increase in the price of grapes, an input into jelly
D: an increase in consumers’ incomes, as long as jelly is a normal good
答案: 【 an increase in the price of grapes, an input into jelly】

7、单选题：
‏Suppose that the demand for apples increased more than the supply of apples increased.  The net effect of these two changes would be a(n) (        )​
选项：
A: increase in the equilibrium price and a decrease in the equilibrium quantity.
B: increase in the equilibrium price and an increase in the equilibrium quantity.
C: decrease in the equilibrium price and an increase in the equilibrium quantity.
D: decrease in the equilibrium price and a decrease in the equilibrium quantity.
答案: 【 increase in the equilibrium price and an increase in the equilibrium quantity.】

8、单选题：
‌ If a drought destroyed half of theU.S.garlic crop at a time when the health benefits of garlic were being well-publicized, economists would expect that in the market for garlic (        )‏‌‏
选项：
A: quantity exchanged would rise but the change in price is uncertain without further information.
B: price would rise but the change in quantity exchanged is uncertain without further information.
C: both price and quantity exchanged would rise.
D: price would rise and quantity exchanged would fall.
答案: 【 price would rise but the change in quantity exchanged is uncertain without further information.】

9、单选题：
‌ Temporary shortages in a market are eliminated by (         )‎
选项：
A: decreases in the price, which cause quantity supplied to fall and quantity demanded to rise.
B: decreases in the price, which cause quantity supplied to rise and quantity demanded to fall.     
C: increases in the price, which cause quantity supplied to fall and quantity demanded to rise.
D: increases in the price, which cause quantity supplied to rise and quantity demanded to fall.
答案: 【 increases in the price, which cause quantity supplied to rise and quantity demanded to fall.】

10、单选题：
‌When a market is in equilibrium, (          )‎
选项：
A: quantity demanded will equal quantity supplied.
B: a shortage will be present.
C: a surplus will be present.
D: sellers will continue to expand production to increase revenues.
答案: 【 quantity demanded will equal quantity supplied.】

Ch3-Quiz

1、单选题：
‏ If price elasticity of demand is 2.0, this implies that consumers would (          )‏
选项：
A: buy twice as much of the good if price falls by 10 percent.
B: require a 2 percent cut in price to raise quantity demanded of the good by 1 percent.
C: buy 2 percent more of the good in response to a 1 percent cut in price.
D: require at least a $2 increase in price before showing any response to the price increase.
答案: 【 buy 2 percent more of the good in response to a 1 percent cut in price.】

2、单选题：
‌ If the price elasticity of demand within the price range from $1 and $1.25 for carrots is 0.79 and for radishes is 1.6, then within that price range (         )‏
选项：
A: carrots are more price elastic than radishes.
B: radishes are more price elastic than carrots.
C: carrots and radishes must be substitute goods.
D: carrots and radishes must be complementary goods.
答案: 【 radishes are more price elastic than carrots.】

3、单选题：
‍If Weiskamp T-Shirt Co. lowers its price from $6 to $5 and finds that students increase their quantity demanded from 400 to 600 T-shirts, then the demand for Weiskamp T-shirts within this price range is (        )‍
选项：
A: price inelastic.
B: price elastic.
C: unit elastic.
D: cross elastic.
答案: 【 price elastic.】

4、单选题：
‍The slope of the demand curve is not the same as the price elasticity of demand because the slope of a demand curve (         )‌
选项：
A: compares percentage changes in quantity demanded and price.
B: compares absolute changes in quantity demanded and price.
C: obeys the law of demand.
D: is not constant when the demand curve is linear.
答案: 【 compares absolute changes in quantity demanded and price.】

5、单选题：
‎When comparing price elasticities of demand for gasoline in the long run to the short run, what can we say about the long-run elasticities? (          )‏
选项：
A: Within every price range, the price elasticity of demand for gasoline is more elastic in the long run.
B: Consumers are less sensitive to changes in the price of gasoline in the long run.
C: Within every price range, the price elasticity of demand is less elastic in the long run.
D: The price elasticity of demand for gasoline tends towards unit elastic in the long run.
答案: 【 Within every price range, the price elasticity of demand for gasoline is more elastic in the long run.】

6、单选题：
‌A 5 percent increase in the price of sugar reduces sugar consumption by about 10 percent.  The increase causes households to (         )‎
选项：
A: spend more on sugar.
B: spend less on sugar.
C: spend the same amount on sugar.
D: consumer more goods like coffee and tea that are complements of sugar.
答案: 【 spend less on sugar.】

7、单选题：
‏As a result of running high temperature this summer in the south of China, the corn crop declined sharply.  If corn growers experienced an increase in sales revenue, the demand for corn must be (         )​
选项：
A: price elastic. 
B: price inelastic.
C: unitary elastic.
D: perfectly inelastic.
答案: 【 price inelastic.】

8、单选题：
‏The U.S. Post Office finds that it now has extra costs associated with decontaminating first class mail for anthrax.  It is considering a rate hike, but it will only be successful in raising more revenue to pay for these additional costs if (         )‍
选项：
A: there are many substitutes for first class mail service.
B: no anthrax is found on the mail.
C: the demand for first class mail service is inelastic.
D: the rate increase is a very large one.
答案: 【 the demand for first class mail service is inelastic.】

9、单选题：
‎A decrease in supply will raise the equilibrium price most when demand is (        )​
选项：
A: relatively elastic. 
B: relatively inelastic. 
C: relatively inelastic. 
D: perfectly elastic.
答案: 【 relatively inelastic. 】

10、单选题：
​If the fines and jail time for dealing illegal drugs were reduced, we would expect (        )‏
选项：
A: an increased demand for illegal drugs.
B: an increased supply of illegal drugs, a lower price, and higher quantity traded.
C: a decreased supply of illegal drugs, a higher price, and lower quantity traded.
D: no change in the market for illegal drugs because buyers and sellers believe they won’t get caught.
答案: 【 an increased supply of illegal drugs, a lower price, and higher quantity traded.】

Ch04-Quiz

1、单选题：
‍If you had been willing to pay $2.19 for the gallon of milk purchased at the supermarket but were required to pay only $1.89, you have gained (          )‎‍‎
选项：
A: a refund of $.30 from the clerk.
B: a consumer surplus amounting to $.30.
C: excess marginal benefit of $2.19.
D: producer surplus of $.30.
答案: 【 a consumer surplus amounting to $.30.】

2、单选题：
‎ The demand curve shows (         )​
选项：
A: the highest price buyers actually pay for each unit of a good and the amount they would buy.
B: the highest price buyers would be willing and able to pay for each unit of the good or the amount purchased at each price.
C: the consumer surplus buyers gain from each unit of the good if they were to purchase it.
D: the enjoyment consumers get from each unit of the good if they were to purchase.
答案: 【 the highest price buyers would be willing and able to pay for each unit of the good or the amount purchased at each price.】

3、单选题：
​If demand increases when supply is perfectly elastic, then (         )‍
选项：
A: consumer surplus will remain the same.
B: consumer surplus will increase.
C: it is not possible to predict the change in consumer surplus.
D: consumer surplus will decrease with the increase in price.
答案: 【 consumer surplus will increase.】

4、单选题：
‌Consumer surplus tends to be small when (         )‍
选项：
A: demand is elastic.
B: supply is elastic.
C: demand is inelastic.
D: supply is inelastic.
答案: 【 demand is elastic.】

5、单选题：
‍Which of the following statements is correct? (         )​
选项：
A: The price of a good reflects its value to the consumer.
B: Consumer surplus can be high for a l