曼昆《經(jīng)濟(jì)學(xué)原理》(微觀)第五版測(cè)試題庫(kù) (05)

1、Chapter 5 /Elasticity and Its Application v 369Chapter 5 Elasticity and Its ApplicationTRUE/FALSE1.Elasticity measures how responsive quantity is to changes in price.ANS:TDIF:1REF:5-0NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Definitional2.Measures of elasticity enhance our ability

2、to study the magnitudes of changes.ANS:TDIF:1REF:5-0NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Definitional3.The demand for bread is likely to be more elastic than the demand for solid-gold bread plates.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Int

3、erpretive4.In general, demand curves for necessities tend to be price elastic.ANS:FDIF:1REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Interpretive5.In general, demand curves for luxuries tend to be price elastic.ANS:TDIF:1REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of

4、demandMSC:Interpretive6.Necessities tend to have inelastic demands, whereas luxuries have elastic demands.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Interpretive7.Goods with close substitutes tend to have more elastic demands than do goods without close substitutes.

5、ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Interpretive8.The demand for Rice Krispies is more elastic than the demand for cereal in general.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Interpretive9.The demand for soap is more elastic

6、 than the demand for Dove soap.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Interpretive10.The demand for gasoline will respond more to a change in price over a period of five weeks than over a period of five years.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price

7、elasticity of demandMSC:Interpretive11.Even the demand for a necessity such as gasoline will respond to a change in price, especially over a longer time horizon.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Interpretive12.The price elasticity of demand is defined as th

8、e percentage change in quantity demanded divided by the percentage change in price.ANS:TDIF:1REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Definitional13.The price elasticity of demand is defined as the percentage change in price divided by the percentage change in quantity dema

9、nded.ANS:FDIF:1REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Definitional14.Suppose that when the price rises by 20% for a particular good, the quantity demanded of that good falls by 10%. The price elasticity of demand for this good is equal to 2.0.ANS:FDIF:2REF:5-1NAT:Analytic

10、LOC:ElasticityTOP:Price elasticity of demandMSC:Analytical15.Suppose that when the price rises by 10% for a particular good, the quantity demanded of that good falls by 20%. The price elasticity of demand for this good is equal to 2.0.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity o

11、f demandMSC:Analytical16.If the price of calculators increases by 15 percent and the quantity demanded per week falls by 45 percent as a result, then the price elasticity of demand is 3.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Applicative17.Demand is inelastic if

12、the price elasticity of demand is greater than 1.ANS:FDIF:1REF:5-1NAT:AnalyticLOC:ElasticityTOP:Inelastic demandMSC:Definitional18.A linear, downward-sloping demand curve has a constant elasticity but a changing slope.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Inter

13、pretive19.Price elasticity of demand along a linear, downward-sloping demand curve increases as price falls.ANS:FDIF:3REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Interpretive20.If the price elasticity of demand is equal to 0, then demand is unit elastic.ANS:FDIF:1REF:5-1NAT:An

14、alyticLOC:ElasticityTOP:Price elasticity of demandMSC:Definitional21.If the price elasticity of demand is equal to 1, then demand is unit elastic.ANS:TDIF:1REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Definitional22.Demand for a good is said to be inelastic if the quantity dema

15、nded increases substantially when the price falls by a small amount.ANS:FDIF:1REF:5-1NAT:AnalyticLOC:ElasticityTOP:Inelastic demandMSC:Definitional23.The midpoint method is used to calculate elasticity between two points because it gives the same answer regardless of the direction of the change.ANS:

16、TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Midpoint methodMSC:Interpretive24.The flatter the demand curve that passes through a given point, the more inelastic the demand.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Interpretive25.The flatter the demand curve that pas

17、ses through a given point, the more elastic the demand.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Interpretive26.If demand is perfectly inelastic, the demand curve is vertical, and the price elasticity of demand equals 0.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTO

18、P:Perfectly inelastic demandMSC:Interpretive27.If demand is perfectly elastic, the demand curve is horizontal, and the price elasticity of demand equals 1.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Perfectly elastic demandMSC:Interpretive28.Along the elastic portion of a linear demand curve, tot

19、al revenue rises as price rises.ANS:FDIF:3REF:5-1NAT:AnalyticLOC:ElasticityTOP:Total revenue | Price elasticity of demandMSC:Interpretive29.If a firm is facing elastic demand, then the firm should decrease price to increase revenue.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Total revenue | Price

20、 elasticity of demandMSC:Applicative30.If a firm is facing inelastic demand, then the firm should decrease price to increase revenue.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Total revenue | Price elasticity of demandMSC:Applicative31.When demand is inelastic, a decrease in price increases tota

21、l revenue.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Inelastic demand | Total revenueMSC:Interpretive32.The income elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in income.ANS:TDIF:1REF:5-1NAT:AnalyticLOC:ElasticityTOP:Income elasti

22、city of demandMSC:Definitional33.The income elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in price.ANS:FDIF:1REF:5-1NAT:AnalyticLOC:ElasticityTOP:Income elasticity of demandMSC:Definitional34.Normal goods have negative income elasticit

23、ies of demand, while inferior goods have positive income elasticities of demand.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Income elasticity of demandMSC:Interpretive35.If the income elasticity of demand for a good is negative, then the good must be an inferior good.ANS:TDIF:1REF:5-1NAT:Analytic

24、LOC:ElasticityTOP:Income elasticity of demandMSC:Interpretive36.If the cross-price elasticity of demand for two goods is negative, then the two goods are substitutes.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Cross-price elasticity of demandMSC:Interpretive37.If the cross-price elasticity of dem

25、and for two goods is negative, then the two goods are complements.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Cross-price elasticity of demandMSC:Interpretive38.Cross-price elasticity of demand measures how the quantity demanded of one good changes as the price of another good changes.ANS:TDIF:1R

26、EF:5-1NAT:AnalyticLOC:ElasticityTOP:Cross-price elasticity of demandMSC:Definitional39.Cross-price elasticity is used to determine whether goods are inferior or normal goods.ANS:FDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Cross-price elasticity of demandMSC:Interpretive40.Cross-price elasticity is us

27、ed to determine whether goods are substitutes or complements.ANS:TDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Cross-price elasticity of demandMSC:Interpretive41.The cross-price elasticity of garlic salt and onion salt is -2, which indicates that garlic salt and onion salt are substitutes.ANS:FDIF:2REF

28、:5-1NAT:AnalyticLOC:ElasticityTOP:Cross-price elasticity of demandMSC:Interpretive42.Price elasticity of supply measures how much the quantity supplied responds to changes in the price.ANS:TDIF:1REF:5-2NAT:AnalyticLOC:ElasticityTOP:Price elasticity of supplyMSC:Definitional43.Supply and demand both

29、tend to be more elastic in the long run and more inelastic in the short run.ANS:TDIF:2REF:5-1 | 5-2NAT:AnalyticLOC:ElasticityTOP:Price elasticities of demand and supplyMSC:Interpretive44.If the price elasticity of supply is 2 and the quantity supplied decreases by 6%, then the price must have decrea

30、sed by 3%.ANS:TDIF:2REF:5-2NAT:AnalyticLOC:ElasticityTOP:Price elasticity of supplyMSC:Applicative45.Supply is said to be inelastic if the quantity supplied responds substantially to changes in the price, and elastic if the quantity supplied responds only slightly to price.ANS:FDIF:1REF:5-2NAT:Analy

31、ticLOC:ElasticityTOP:Price elasticity of supplyMSC:Definitional46.Supply tends to be more elastic in the short run and more inelastic in the long run.ANS:FDIF:2REF:5-2NAT:AnalyticTOP:Price elasticity of supplyMSC:Interpretive47.When the price of knee braces increased by 25 percent, the Brace Yoursel

32、f Company increased its quantity supplied of knee braces per week by 75 percent. BYC's price elasticity of supply of knee braces is 0.33.ANS:FDIF:2REF:5-2NAT:AnalyticLOC:ElasticityTOP:Price elasticity of supplyMSC:Applicative48.If a supply curve is horizontal, then supply is said to be perfectly

33、 elastic, and the price elasticity of supply approaches infinity.ANS:TDIF:2REF:5-2NAT:AnalyticLOC:ElasticityTOP:Perfectly elastic supplyMSC:Interpretive49.A government program that reduces land under cultivation hurts farmers but helps consumers.ANS:FDIF:2REF:5-3NAT:AnalyticLOC:ElasticityTOP:Total r

34、evenueMSC:Applicative50.OPEC failed to maintain a high price of oil in the long run, partly because both the supply of oil and the demand for oil are more elastic in the long run than in the short run.ANS:TDIF:2REF:5-3NAT:AnalyticLOC:ElasticityTOP:OPEC | Price elasticity of demand | Price elasticity

35、 of supplyMSC:Applicative51.Drug interdiction, which reduces the supply of drugs, may decrease drug-related crime because the demand for drugs is inelastic.ANS:FDIF:2REF:5-3NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:ApplicativeSHORT ANSWER1.Consider the following pairs of goods. For

36、 which of the two goods would you expect the demand to be more price elastic? Why?a.water or diamondsb.insulin or nasal decongestant sprayc.food in general or breakfast cereald.gasoline over the course of a week or gasoline over the course of a yeare.personal computers or IBM personal computersANS:a

37、.Diamonds are luxuries, and water is a necessity. Therefore, diamonds have the more elastic demand.b.Insulin has no close substitutes, but decongestant spray does. Therefore, nasal decongestant spray has the more elastic demand.c.Breakfast cereal has more substitutes than does food in general. There

38、fore, breakfast cereal has the more elastic demand.d.The longer the time period, the more elastic demand is. Therefore, gasoline over the course of a year has the more elastic demand.e.There are more substitutes for IBM personal computers than there are for personal computers. Therefore, IBM persona

39、l computers have the more elastic demand.DIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Applicative2.You own a small town movie theatre. You currently charge $5 per ticket for everyone who comes to your movies. Your friend who took an economics course in college tells you th

40、at there may be a way to increase your total revenue. Given the demand curves shown, answer the following questions.a.What is your current total revenue for both groups?b.The elasticity of demand is more elastic in which market?c.Which market has the more inelastic demand?d.What is the elasticity of

41、 demand between the prices of $5 and $2 in the adult market? Is this elastic or inelastic?e.What is the elasticity of demand between $5 and $2 in the children's market? Is this elastic or inelastic?f.Given the graphs and what your friend knows about economics, he recommends you increase the pric

42、e of adult tickets to $8 each and lower the price of a child's ticket to $3. How much could you increase total revenue if you take his advice?ANS:a.Total revenue from children's tickets is $100 and from adult tickets is $250. Total revenue from all sales would be $350.b.The demand for childr

43、en's tickets is more elastic.c.The adult ticket market has the more inelastic demand.d.The elasticity of demand between $5 and $2 is 0.26, which is inelastic.e.The elasticity of demand between $5 and $2 is 1.0, which is unit elastic.f.Total revenue in the adult market would be $320. Total revenu

44、e in the childrens market would be $120, so total revenue for both groups would be $440. $440 - $350 is an increase in total revenue of $90.DIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demand | Total revenueMSC:Applicative3.Use the graph shown to answer the following questions. Put

45、the correct letter(s) in the blank.a.The elastic section of the graph is represented by section from _.b.The inelastic section of the graph is represented by section from _.c.The unit elastic section of the graph is represented by section _.d.The portion of the graph in which a decrease in price wou

46、ld cause total revenue to fall would be from _.e.The portion of the graph in which a decrease in price would cause total revenue to rise would be from _.f.The portion of the graph in which a decrease in price would not cause a change in total revenue would be _.g.The section of the graph in which to

47、tal revenue would be at a maximum would be _.h.The section of the graph in which elasticity is greater than 1 is _.i.The section of the graph in which elasticity is equal to 1 is _.j.The section of the graph in which elasticity is less than 1 is _.ANS:a.A to Bb.B to Cc.Bd.B to Ce.A to Bf.Bg.Bh.A to

48、Bi.Bj.B to CDIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demand | Total revenueMSC:Applicative4.Using the midpoint method, compute the elasticity of demand between points A and B. Is demand along this portion of the curve elastic or inelastic? Interpret your answer with regard to pr

49、ice and quantity demanded. Now compute the elasticity of demand between points B and C. Is demand along this portion of the curve elastic or inelastic?ANS:In the section of the demand curve from A to B, the elasticity of demand would be 2.5. This would be an elastic portion of the curve. This would

50、mean that for every 1 percent change in price, quantity demanded would change by 2.5 percent.In the section of the demand curve from B to C, the elasticity of demand would be .75. This would be an inelastic portion of the curve. This would mean that for every 1 percent change in price, quantity dema

51、nded would change by 0.75 percent.DIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Price elasticity of demandMSC:Applicative5.When the Shaffers had a monthly income of $4,000, they usually ate out 8 times a month. Now that the couple makes $4,500 a month, they eat out 10 times a month. Compute the couple&#

52、39;s income elasticity of demand using the midpoint method. Explain your answer. (Is a restaurant meal a normal or inferior good to the couple?)ANS:The income elasticity of demand for the Shaffers is 1.89. Since the income elasticity of demand is positive, eating out would be interpreted as a normal

53、 good.DIF:2REF:5-1NAT:AnalyticLOC:ElasticityTOP:Income elasticity of demandMSC:Applicative6.Recently, in Smalltown, the price of Twinkies fell from $0.80 to $0.70. As a result, the quantity demanded of Ho-Ho's decreased from 120 to 100. What would be the appropriate elasticity to compute? Using

54、the midpoint method, compute this elasticity. What does your answer tell you?ANS:The appropriate elasticity to compute would be cross-price elasticity. The cross-price elasticity for this example would be 1.36. The two goods are substitutes because the cross-price elasticity is positive.DIF:2REF:5-1

55、NAT:AnalyticLOC:ElasticityTOP:Cross-price elasticity of demandMSC:ApplicativeSec00 - Elasticity and Its ApplicationMULTIPLE CHOICE1.In general, elasticity is a measure ofa.the extent to which advances in technology are adopted by producers.b.the extent to which a market is competitive.c.how firms profits respond to changes in market prices.d.how much buyers and sellers respond to changes in market conditions.ANS:DDIF:1REF