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ECON 101
Introductory
Microeconomic Analysis
PRACTICE MIDTERM 1
Figure 21-5
1.
Refer to Figure 21-5
. Which
of the indifference curves shown involve(s)
diminishing marginal rate of
substitution (MRS)?
a.
graph (a)
b.
graph (b)
c.
graph (c)
d.
All
of the above
2.
The following
diagram shows one indifference curve representing
the preferences for goods
x
and
y
for one
consumer.
What is the marginal rate
of substitution between points A and B?
a.
?
b.
4/3
c.
2
d.
3
Figure 21-6
3.
Refer to
Figure 21-6
. It would be possible for
the consumer to reach I
2
if
a.
the price of Y decreases.
b.
the price of X decreases.
c.
income increases.
d.
All of the above would be
correct.
4.
The consumer's optimum is
where
a.
MU
x
/MU
y
=
P
y
/P
x
b.
MU
x
/P
y
=
MU
y
/P
x
c.
P
x
/
MU
x
=
P
y
/MU
y
d.
MU
x
/MU
y
=
P
x
/P
y
Figure 21-7
5.
Refer to Figure 21-7
. Assume
that the consumer depicted in the figure has an
income of $$20. The price of
Skittles is
$$2 and the price of M&M's is $$4. This consumer
will choose a consumption bundle where the
marginal rate of substitution is
a.
2.
b.
2/3.
c.
1/2.
d.
1/3.
6.
Refer to Figure 21-7
. Assume
that the consumer depicted in the figure faces
prices and income such that she
optimizes at point B. According to the
graph, what change would force the consumer to
move to point A?
a.
a
decrease in the price of Skittles
b.
a decrease in the price of M&M's
c.
an increase in the price
of Skittles
d.
an increase
in the price of M&M's
7.
All other things being equal, if the
cost of the inputs used in the production of some
good declines, we would
expect to see:
a.
P
*
↓
Q
*
↑
b.
P
*
↓
Q
*
↓
c.
P
*
↑
Q
*
↑
d.
P
*
↑
Q
*
↓
8.
Under which
of the following conditions would none of the
burden of a tax fall on producers?
a.
Consumers have to pay the tax
b.
Demand is perfectly
inelastic
c.
Supply is
perfectly inelastic
d.
Demand is perfectly elastic
9.
Given a consumer's indifference curves,
the demand curve for a good can
a.
be derived by moving a consumer's
budget constraint as her income rises.
b.
be derived by moving a
consumer's budget constraint as her income rises
and she makes
choices.
c.
be derived by moving a consumer's
budget constraint as the price of the good
changes.
d.
not be derived
from consumer theory.
10.
The
following diagram shows two budget lines: A and B.
Which of the
following could explain the change in the budget
line from A to B?
a.
A
decrease in income and a decrease in the price of
x
.
b.
A decrease in income and an increase in
the price of
x
.
c.
An increase in income and
a decrease in the price of
x
.
d.
An increase in income and an increase
in the price of
x
.
11.
When a consumer
experiences a price increase for an inferior good,
it is possible that the income effect is
a.
greater than the
substitution effect and the demand curve will be
downward sloping.
b.
greater
than the substitution effect and the demand curve
will be upward sloping.
c.
less than the substitution effect and
the demand curve will be upward sloping.
d.
less than the
substitution effect but the substitution effect is
positive and the demand curve
will be
upward sloping.
12.
Which of the following would
not
be a determinant of the
demand for a particular good?
a.
Prices of related goods
b.
Income
c.
Tastes
d.
the prices of the inputs
used to produce the good
13.
Two goods
are substitutes if
a.
the
cross-price elasticity of demand is positive.
b.
the cross-price
elasticity of demand is negative.
c.
a decrease in the price of one good
increases the demand for the other good.
d.
an increase in the price
of one good increases the quantity demanded of the
other good.
14.
An
increase
in supply
is represented by
a.
a movement downward and
to the right along a supply curve.
b.
a movement upward and to the left along
a supply curve.
c.
a
rightward shift of a supply curve.
d.
a leftward shift of a supply curve.
Figure
4-6
15.
Refer to Figure
4-6
. Suppose the supply curves that are
drawn represent supply curves for single-family
residential houses. Then the movement
from
S
to
S
1
could be
caused by
a.
an increase in
the price of apartments (a substitute for single-
family houses for many people
looking
for a place to live).
b.
a
newly-formed expectation by house-builders that
prices of houses will increase
significantly in the next six months.
c.
a decrease in the price
of lumber.
d.
All of the
above are correct.
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