微觀經濟學(帕金11版)課后習題解答：chapter 20 Uncertainty and Information

1、Economics, 11e, Global Edition (Parkin) Chapter 20 Uncertainty and Information1 Decisions in the Face of Uncertainty1) Expected wealth is a weighted average in which the weights areA) average utilities.B) marginal utilities.C) total utilities.D) probabilities.Answer: DTopic: Expected WealthSkill: De

2、finitionStatus: OldAACSB: Analytical Skills2) For a risk averse person, an increase in wealth brings _ total utility of wealth and _ marginal utility of wealth.A) higher; higherB) higher; lowerC) lower; higherD) lower; lowerAnswer: BTopic: Utility of WealthSkill: ConceptualStatus: OldAACSB: Analytic

3、al Skills3) A risk averse persons utility of wealth curve has aA) positive slope and becomes steeper to the right.B) positive slope and becomes flatter to the right.C) negative slope and becomes steeper to the right.D) negative slope and becomes flatter to the right.Answer: BTopic: Utility of Wealth

4、Skill: ConceptualStatus: OldAACSB: Analytical Skills4) For a risk averse person, the marginal utility of wealth A) decreases as wealth increases.B) increases as wealth increases.C) decreases as wealth decreases.D) remains constant as wealth increases.Answer: ATopic: Utility of WealthSkill: Definitio

5、nStatus: OldAACSB: Analytical Skills5) The assumption that the marginal utility of wealth diminishes implies thatA) total utility falls when wealth increases.B) the marginal utility of wealth is negative.C) total utility increases with wealth and each additional unit of wealth increases total utilit

6、y by a smaller amount.D) total utility increases with wealth and each additional unit of wealth increases total utility by the same amount.Answer: CTopic: Utility of WealthSkill: ConceptualStatus: OldAACSB: Analytical Skills6) Assuming that the marginal utility of wealth diminishes implies thatA) yo

7、u have more total utility with $100 than with $1,000.B) you have more total utility with $1,000 than with $1,001.C) an additional dollar increases your total utility more if you only have $100 than if you have $1,000.D) an additional dollar does not increase your total utility regardless of your wea

8、lth.Answer: CTopic: Utility of WealthSkill: ConceptualStatus: OldAACSB: Analytical Skills7) If Ringo is risk averse, at a wealth of $200,000 his utility of wealth curve has a _ slope and his marginal utility of wealth is _ than at a wealth of $100,000.A) negative; smallerB) negative; largerC) positi

9、ve; smallerD) positive; largerAnswer: CTopic: Utility of WealthSkill: AnalyticalStatus: OldAACSB: Analytical Skills8) An increase in Metas wealth from $3,000 to $6,000 raises her utility from 80 units to 100 units. If she is risk averse, with a wealth of $9,000 her utility might beA) 99 units.B) 114

10、 units.C) 120 units.D) 126 units.Answer: BTopic: Utility of WealthSkill: AnalyticalStatus: OldAACSB: Analytical Skills9) An increase in Todds wealth from $2 million to $4 million raises his utility from 400 units to 500 units. If he has a utility of wealth curve with the typical shape showing risk a

11、version, then with a wealth of $6 million his utility might beA) 500 units.B) 570 units.C) 600 units.D) 620 units.Answer: BTopic: Utility of WealthSkill: AnalyticalStatus: OldAACSB: Analytical Skills10) Diminishing marginal utility of wealth leads to risk aversion because at a given level of wealth

12、a dollar gainedA) is worth more in additional utility than a dollar lost.B) is worth less in additional utility than a dollar lost.C) is worth as much in additional utility as a dollar lost.D) does not add to total utility.Answer: BTopic: Utility of WealthSkill: ConceptualStatus: OldAACSB: Analytica

13、l Skills11) George is considering buying shares of Intel. If the company does well, he will gain $100, but if the company does poorly, he will lose $100. George is risk averse, so for George the magnitude of the pain of losing $100 will _ the pleasure of gaining $100.A) equalB) be less thanC) be gre

14、ater thanD) None of the above answers are correct because we cannot compare the pain of losing to the pleasure of gaining.Answer: CTopic: Utility of WealthSkill: ConceptualStatus: NewAACSB: Analytical Skills12) For a risk-averse individual, as wealth increases, total utility _ and marginal utility _

15、.A) increases; increasesB) increases ; decreasesC) decreases; increasesD) decreases; decreasesAnswer: BTopic: Risk AversionSkill: ConceptualStatus: OldAACSB: Analytical Skills13) For a risk-averse individual, as wealth increases, total utilityA) increases at a decreasing rate.B) increases at a const

16、ant rate.C) increases at an increasing rate.D) is constant.Answer: ATopic: Risk AversionSkill: ConceptualStatus: OldAACSB: Analytical Skills14) The slope of the utility of wealth curve of a risk-averse personA) increases as wealth increases.B) decreases as wealth increases.C) is constant.D) is negat

17、ive.Answer: BTopic: Risk AversionSkill: ConceptualStatus: OldAACSB: Analytical Skills15) A risk-averse persons marginal utility of wealthA) increases as wealth increases.B) decreases as wealth increases.C) is constant.D) is negative.Answer: BTopic: Risk AversionSkill: ConceptualStatus: OldAACSB: Ana

18、lytical Skills16) Expected utility is a weighted average in which the weights areA) average incomes.B) marginal incomes.C) total incomes.D) probabilities.Answer: DTopic: Expected UtilitySkill: DefinitionStatus: OldAACSB: Analytical Skills17) Pedros utility of wealth is 6 units for $10,000 and 10 uni

19、ts for $20,000. A friend gave him a lottery ticket for his birthday. The ticket won, giving him either $10,000 with probability 0.5 or $20,000 with probability 0.5. Pedros expected utility from the lottery ticket isA) between 6 and 8 units.B) equal to 8 units.C) between 8 and 10 units.D) equal to 10

20、 units.Answer: BTopic: Expected Utility and RiskSkill: AnalyticalStatus: OldAACSB: Analytical Skills18) You took a summer job as a salesperson in a shoe store with the knowledge that you will either make $2,000 or $3,500 with probabilities 0.4 and 0.6 respectively. What is your expected income for t

21、he summer job?A) $2,000B) $3,000C) $5,000D) $2,900Answer: DTopic: Expected IncomeSkill: AnalyticalStatus: OldAACSB: Analytical Skills19) If an individual has a 0.3 probability of receiving $10 and a 0.7 probability of receiving $20, the expected income isA) $20.B) $7.C) $14.D) $17.Answer: DTopic: Ex

22、pected IncomeSkill: AnalyticalStatus: OldAACSB: Analytical Skills20) Jason is a Web page designer. He estimates that this summer, he has a 0.6 probability of making $10,000 and a 0.4 probability of making only $2,000. What is Jasons expected income this summer? A) $12,000B) $6,800C) $6,000D) $10,000

23、Answer: BTopic: Expected IncomeSkill: AnalyticalStatus: OldAACSB: Analytical Skills21) Christy is a telemarketer. She estimates that this summer, she has a 0.2 probability of earning $10,000, a 0.5 probability of earning $5,000, and a 0.3 probability of earning only $1,000. What is Christys expected

24、 income?A) $7,256B) $5,333C) $4,800D) $4,000Answer: CTopic: Expected IncomeSkill: AnalyticalStatus: OldAACSB: Analytical Skills22) Dana wants to try working as an independent contractor this summer. She has a 50 percent chance that she will make $10,000 and 50 percent chance that she will make nothi

25、ng. Whats Danas expected income from taking this job?A) $10,000B) $7,000C) $5,000D) zeroAnswer: CTopic: Expected IncomeSkill: AnalyticalStatus: OldAACSB: Analytical Skills23) Adriana wants to try working as an independent contractor this summer. She has a 50 percent chance that she will make $9,000

26、and 50 percent chance that she will make nothing. Whats Adrianas expected income?A) $4,000B) $4,500C) $2,000D) $3,000Answer: BTopic: Expected IncomeSkill: AnalyticalStatus: OldAACSB: Analytical Skills24) Joe is contemplating a job where, with probability 0.6, he will make $100,000 and with probabili

27、ty 0.4 he will make $30,000. What is Joes expected income from taking the job?A) $12,000B) $60,000C) $72,000D) $90,000Answer: CTopic: Expected IncomeSkill: AnalyticalStatus: OldAACSB: Analytical Skills25) You took a job as a salesperson in an insurance company with the knowledge that you have 0.5 ch

28、ance of making $2,000 a month or $3,000 a month. How much will you make each month?A) definitely $2,500B) definitely $2,000C) definitely $3,000D) either $2,000 or $3,000Answer: DTopic: Expected IncomeSkill: AnalyticalStatus: OldAACSB: Analytical Skills26) Hostess Brands is selling off its assets aft

29、er liquidation. A potential buyer for the Twinkies brand has found that the total revenue will be $3 billion a year if the brand is managed well and $1 billion a year if the brand is managed poorly. There is .6 (or 60 percent) chance of managing the brand well and a .4 (or 40 percent) chance of mana

30、ging the brand poorly. What is the expected total revenue?A) $0.4 billionB) $1.2 billionC) $1.8 billionD) $2.2 billionAnswer: DTopic: Expected WealthSkill: AnalyticalStatus: NewAACSB: Analytical SkillsIncome(dollars)Totalutility0010010020015030017540019050019860020027) James has a utility of wealth

31、schedule in the above table. He is offered a job selling video games at Games Galore. James compensation depends on how much he sells. In a poor sales period, a salesperson makes $100 per month. In a good sales period, a salesperson makes $600 per month. James is told by the manager that, in any giv

32、en month, there is a 25 percent chance of a poor sales period and a 75 percent chance of a good sales period. What is James expected income from taking this job?A) $100B) $350C) $475D) $600Answer: CTopic: Expected IncomeSkill: AnalyticalStatus: OldAACSB: Analytical Skills28) James has a utility of w

33、ealth schedule in the above table. He is offered a job selling video games at Games Galore. James compensation depends on how much he sells. In a poor sales period, a salesperson makes $100 per month. In a good sales period, a salesperson makes $600 per month. James is told by the manager that, in a

34、ny given month, there is a 25 percent chance of a poor sales period and a 75 percent chance of a good sales period. What is James expected utility from taking this job?A) 100B) 150C) 175D) 200Answer: CTopic: Expected UtilitySkill: AnalyticalStatus: OldAACSB: Analytical Skills29) Nancys utility of we

35、alth curve is given in the above figure. Option A gives Nancy $100 for sure. Option B gives Nancy $50 half the time and $150 half the time. Nancys expected utility of option AA) is greater than the expected utility of option B.B) is the same as the expected utility of option B.C) is less than the ex

36、pected utility of option B.D) could be either greater or less than the expected utility of option B.Answer: ATopic: Expected UtilitySkill: AnalyticalStatus: OldAACSB: Analytical Skills30) Nancys utility of wealth curve is given in the above figure. She is faced with a risky proposition which yields

37、an income of $50 one-third of the time, $100 one-third of the time, and $150 one-third of the time. Her expected utility isA) 100.B) 140.C) 150.D) 420.Answer: BTopic: Expected UtilitySkill: AnalyticalStatus: OldAACSB: Analytical Skills31) Danas utility of wealth is 65 units at $3,000, 80 units at $5

38、,000, and 95 units at $9,000. Starting from zero wealth, he must choose between options A and B. Option A gives him $5,000 for sure. Option B gives him $3,000 with probability 0.5 or $9,000 with probability 0.5. Dana willA) choose option A.B) choose option B.C) be indifferent between option A and op

39、tion B because they have the same risk.D) be indifferent between option A and option B because they have the same expected utility.Answer: DTopic: Choice Under UncertaintySkill: AnalyticalStatus: OldAACSB: Analytical Skills32) Jessica must choose option A or option B. Option A gives her $10,000 for

40、sure. Option B gives her $5,000 if a fair coin toss shows heads and $15,000 if it shows tails. If Jessica is risk averse her utility of wealth curve becomesA) flatter as her wealth increases and she will choose option A.B) flatter as her wealth increases and she will choose option B.C) steeper as he

41、r wealth increases and she will choose option A.D) steeper as her wealth increases and she will choose option B.Answer: ATopic: Choice Under UncertaintySkill: AnalyticalStatus: OldAACSB: Analytical Skills33) Pablo must choose among options A, B, and C. Option A gives him $10,000 for sure. Option B g

42、ives him $4,000 with probability 0.5 or $16,000 with probability 0.5. Option C gives him $8,000 with probability 0.5 or $12,000 with probability 0.5. If he receives diminishing marginal utility from wealth, Pablo willA) choose option A.B) choose option B.C) choose option C.D) be indifferent among op

43、tions A, B, and C.Answer: ATopic: Choice Under UncertaintySkill: AnalyticalStatus: OldAACSB: Analytical Skills34) Nick has two job offers, one as a financial planner and one as an economist for a regional bank. The income that Nick would expect to earn as a financial planner depends how effective he

44、 is in getting clients. He estimates that he would receive either $80,000 and a utility of 75, with a probability of .50, or he would earn $30,000 and a utility of 35, with a probability of .50. The economist job would pay $45,000 per year and has a utility of 55. The expected income as a financial

45、planner is _ and as an economist is _.A) $60,000; $45,000B) 55; 55C) $80,000 and $30,000; $45,000D) $55,000; $45,000Answer: DTopic: Expected IncomeSkill: AnalyticalStatus: OldAACSB: Analytical Skills35) Nick has two job offers, one as a financial planner and one as an economist for a regional bank.

46、The income that Nick would expect to earn as a financial planner depends how effective he is in getting clients. He estimates that he would receive either $80,000 and a utility of 75, with a probability of .50, or he would earn $30,000 and a utility of 35, with a probability of .50. The economist jo

47、b would pay $45,000 per year and has a utility of 55. To maximize his expected utility, which job should Nick take?A) Nick is indifferent between the two jobs.B) Nick is better off if he takes the economist job.C) Nick is better off if he takes the job of financial planner.D) Nick should look around

48、 for another job.Answer: ATopic: Choice Under UncertaintySkill: AnalyticalStatus: OldAACSB: Analytical SkillsWealth (thousands of dollars)Total utility0010502090301204014036) Gunnar can work as a campus security officer at a guaranteed salary of $20,000 per year or as a real estate agent. If Gunnar

49、works as a real estate agent, there is a 50 percent chance that he will earn $10,000 per year and a 50 percent chance that he will earn $30,000 per year. Based on the table above, Gunnars expected utility if he works as a real estate agent isA) 170.B) 85.C) 20.D) 90.Answer: BTopic: Expected IncomeSk

50、ill: AnalyticalStatus: OldAACSB: Analytical Skills37) Gunnar can work as a campus security officer at a guaranteed salary of $20,000 per year or as a real estate agent. If Gunnar works as a real estate agent, there is a 50 percent chance that he will earn $10,000 per year and a 50 percent chance tha

51、t he will earn $30,000 per year. Based on the above table, to maximize his expected utility, Gunnar willA) choose to work as a campus security officer.B) choose to work as a real estate agent.C) be indifferent between being a campus security officer and being a real estate agent.D) It is impossible

52、to tell which job he would prefer without additional information.Answer: ATopic: Choice Under UncertaintySkill: AnalyticalStatus: OldAACSB: Analytical SkillsWealth(dollars)Totalutility5,00013010,00017015,00019020,00020038) Andrews utility of wealth schedule is given in the above table. The table ind

53、icates that his marginal utility of wealth _ as his wealth increases.A) diminishesB) is constantC) increasesD) increases first and then diminishesAnswer: ATopic: Marginal Utility of WealthSkill: AnalyticalStatus: OldAACSB: Analytical Skills39) Andrews utility of wealth schedule is given in the above

54、 table. Andrew is offered a job as a cook which pays $10,000. He is also offered a job as a server which will pay $5,000 if tips are poor and $15,000 if tips are good. There is a 50 percent chance that tips will be poor and a 50 percent chance that tips will be good. The expected income from the job

55、 as a cook is _ and from the job as a server is _.A) $10,000; $15,000B) $5,000; $5,000C) $10,000; $5,000D) $10,000; $10,000Answer: DTopic: Expected IncomeSkill: AnalyticalStatus: OldAACSB: Analytical Skills40) Andrews utility of wealth schedule is depicted in the above table. Andrew is offered a job

56、 as a cook which pays $10,000. He is also offered a job as a server which will pay $5,000 if tips are poor and $15,000 if tips are good. There is a 50 percent chance that tips will be poor and a 50 percent chance that tips will be good. Given the nature of Andrews job offers and his utility of wealt

57、h schedule, Andrews expected utility from working as a cook is _ and from working as a server is _.A) 170 units; 170 unitsB) 130 units; 190 unitsC) 170 units; 160 unitsD) 200 units; 190 unitsAnswer: CTopic: Expected UtilitySkill: AnalyticalStatus: OldAACSB: Analytical Skills41) Andrews utility of we

58、alth schedule is depicted in the above table. Andrew is offered a job as a cook which pays $10,000. He is also offered a job as a server which will pay $5,000 if tips are poor and $15,000 if tips are good. There is a 50 percent chance that tips will be poor and a 50 percent chance that tips will be

59、good. Andrew will accept the offer thatA) maximizes his expected income.B) maximizes his expected utility.C) maximizes both his expected income and expected utility.D) has the highest weighted average of income and utility.Answer: BTopic: Choice Under UncertaintySkill: AnalyticalStatus: OldAACSB: An

60、alytical Skills42) Andrews utility of wealth schedule is depicted in the above table. Andrew is offered a job as a cook which pays $10,000. He is also offered a job as a server which will pay $5,000 if tips are poor and $15,000 if tips are good. There is a 50 percent chance that tips will be poor an