mid-term exam (chapter 1-4)-答案版

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1、Mid-termExam(Chapter1-4)Chapter1TenPrinciplesofEconomics1.Rationalpeoplemakedecisions“atthemargin”bycomparinga.averagecostsandbenefits.b.totalcostsandbenefits.c.additionalcostsandbenefits.d.opportunitycostsandbenefits.Answer:C2.Supposethecostofflyinga200-seatplaneforanairlineis$100,000andtherear

2、e10emptyseatsonaflight.Ifthemarginalcostofflyingapassengeris$200andastandbypassengeriswillingtopay$300,theairlineshoulda.selltheticketbecausethemarginalbenefitexceedsthemarginalcost.b.selltheticketbecausethemarginalbenefitexceedstheaveragecost.c.notselltheticketbecausethemarginalbenefitislesstha

3、nthemarginalcost.d.notselltheticketbecausethemarginalbenefitislessthantheaveragecost.Answer:A3.Airpollutionfromburningfossilfuelscausesdamagestocropsandpublichealth.Thisisanexampleofa.amarketfailurecausedbyanexternality.b.amarketfailurecausedbymarketpower.c.amarketfailurecausedbyequality.d.There

4、isnomarketfailureinthiscase.Answer:A4.Theterm______referstothesizeoftheeconomicpie,andtheterm______referstohowthepieisdivided.Answer:efficiencyequality5.Intheshortrun,anincreaseinthemoneysupplyislikelytoleadto______inflationand______unemployment.Answer:higherlower6.Debbiequitsherjob,whichpays$30

5、,000ayear,tofinishhercollegedegree.Herannualcollegeexpensesare$10,000fortuition,$2,000forbooks,and$700forfood.Whatisheropportunitycostofattendingcollegefortheyear?Answer:$42,000Chapter2ThinkingLikeanEconomist7.Whichofthefollowingtransactionsdoesnottakeplaceinthemarketsforfactorsofproductioninthe

6、circular-flowdiagram?a.alandownerleaseslandtoafarmerb.afarmerhiresateenagertohelpwithharvestc.aconstructioncompanyrentstrucksforitsbusinessd.awomanbuyscornfordinnerANS:D8.Theproductionpossibilitiesfrontierisagraphthatshowsthevariouscombinationsofoutputthataneconomycanpossiblyproducegiventheavail

7、ablefactorsofproductionanda.society’spreferences.b.theavailableproductiontechnology.c.afairdistributionoftheoutput.d.theavailabledemandfortheoutput.ANS:B9.Supposeanationiscurrentlyproducingatapointinsideitsproductionpossibil