甜涛宋耙扒添眉拔客赤骚铜痞
第一讲 像经济学家一样思考 课后测验
1、 Economics is best defined as the study of:
答案: how people make choices in the face of scarcity and the implications of those choices for society as a whole.
2、 Economics is the study of:
答案: choice in the face of limited resources.
3、 Economists recognize that because people have limited resources:
答案: they have to make trade-offs.
4、 The Scarcity Principle states that:
答案: with limited resources, having more of one thing means having less of another.
5、 An implication of scarcity is that:
答案: people must make trade-offs.
6、 If all the world’s resources were to magically increase one hundredfold, then:
答案: people would still have to make trade-offs.
7、 The Scarcity Principle applies to:
答案: everyone.
8、 Forest lives in complete isolation in Montana. He is self-sufficient and feeds himself through hunting, fishing, and farming. Which of the following statements about Forest is true
答案: Forest has to make trade-offs.
9、 The Scarcity Principle applies to:
答案: all decisions.
10、 Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:
答案: an economic problem because Chris has only one hour, and engaging in one activity means giving up the other.
11、 Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decides to stay home and work on the paper. According to the Scarcity Principle, the reason Josh doesn’t go to the game is that:
答案: Josh can’t go the game and finish the paper.
12、 Whether studying the output of the U.S. economy or how many classes a student will take, an unifying concept is that:
答案: wants are unlimited and resources are scarce, so trade-offs have to be made.
13、 The Cost-Benefit Principle indicates that an action should be taken if:
答案: its extra benefit is greater than or equal to its extra cost.
14、 If a person takes an action if, and only if, the extra benefits from taking that action exceed the extra costs, then that person is:
答案: following the Cost-Benefit Principle.
15、 Choosing to study for an exam until the extra benefit (e.g., improved score) equals the extra cost (e.g., the value of foregone activities) is:
答案: an application of the Cost-Benefit Principle.
16、 The Scarcity Principle tells us_, and the Cost-Benefit Principle tells us_.
答案: that choices must be made; how to make good choices
17、 According to the Cost-Benefit Principle, you should go see the latest Star Wars movie with your friends this week-end if:
答案: the extra benefits of seeing the movie are greater than the extra costs of seeing the movie.
18、 A rational person:
答案: makes choices based on added benefits and added costs.
19、 Suppose that the extra cost to Tim of a third glass of soda is zero because he’s at a restaurant that gives free refills. According to the Cost-Benefit Principle Tim should:
答案: drink a third glass of soda if the extra benefit of doing so is positive.
20、 Janie must choose to either mow the lawn or wash clothes. If she mows the lawn, she will earn $30, and if she washes clothes, she will earn $45. She dislikes both tasks equally and they both take the same amount of time. Janie will therefore choose to_because it generates a_economic surplus.
答案: wash clothes; bigger
21、 Dean should play golf instead of preparing for tomorrow’s exam in economics if:
答案: the economic surplus from playing golf is greater than the economic surplus from studying.
22、 Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry’s opportunity cost of attending Elite U is:
答案: $70,000
23、 Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry’s opportunity cost of attending State College is:
答案: $35,000
24、 Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry’s opportunity cost of attending State NoName U is:
答案: $20,000
25、 Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry maximizes his economic surplus by attending:
答案: State College.
26、 Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. What is Larry’s economic surplus from attending State College instead of his next best alternative
答案: $5,000
27、 Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. Her opportunity cost of going to the beach is:
答案: the value she places on seeing the movie.
28、 All else equal, relative to a person who earns minimum wage, a person who earns $30 per hour has:
答案: a higher opportunity cost of taking the day off work.
29、 The opportunity cost of an activity includes the value of:
答案: the next-best alternative that must be foregone.
30、 Amy is thinking about going to the movies tonight. A movie ticket costs $15, and she’ll have to cancel a $20 dog-sitting job that she would have been willing to do for free. The opportunity to Amy cost of going to the movies is:
答案: $35.
31、 The economic surplus of an action is:
答案: the difference between the benefit and the cost of taking an action.
32、 You are trying to decide whether to purchase the latest Harry Potter book online or borrow it from the library. There is no charge for borrowing a book from the library, but going to the library takes more time than ordering a book online. Regardless of how you get the book, its benefit to you is the same. If the cost of buying the book online is $13, then you should:
答案: borrow the book from the library if the cost of doing so (in terms of the extra time it takes) is less than $13.
33、 Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. If Alex becomes a full-time student, then:
答案: the opportunity cost of attending State U. includes the money Alex could have earned working for four years.
34、 Suppose Mary is willing to pay up to $15,000 for an used Ford pick-up truck. If she buys one for $12,000, her_would be_.
答案: economic surplus; $3,000
35、 If individuals are rational, they should choose actions that yield the:
答案: largest economic surplus.
36、 Suppose the most you would be willing to pay for a plane ticket home is $250. If you buy one for $175, then your economic surplus is:
答案: $75.
37、 The Cost-Benefit Principle:
答案: provides an abstract model of how people should choose between alternatives.
38、 Economists believe the Cost-Benefit Principle is:
答案: a simple but useful model of how people should make choices.
39、 The cost-benefit model used by economists is:
答案: useful because most people follow it most of the time.
40、 Economists use abstract models because:
答案: they are useful for describing general patterns of behavior.
41、 The fact that most people make some decisions based on intuition rather than calculation is:
答案: consistent with the cost-benefit model because most people intuitively weigh costs and benefits.
42、 Moe has a big exam tomorrow. He considered studying this evening, but decided to hang out with Curly instead. If neither activity involves any explicit costs, and Moe always chooses rationally, it must be true that:
答案: Moe gets more benefit from spending time with Curly than from studying.
43、 If one fails to account for implicit costs in decision making, then applying the cost-benefit rule will be flawed because:
答案: the costs will be understated.
44、 Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister’s graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450. If you do not use the frequent-flyer coupon to fly to Miami, should you go to Miami
答案: No, your benefit is less than your cost.
45、 Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister’s graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450. What is the opportunity cost of using the coupon for the Miami trip
答案: $450
46、 Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister’s graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450. Should you use the frequent flyer coupon to go to Miami
答案: No, your benefit is less than your cost.
47、 Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister’s graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450. If the Chicago-Atlanta round-trip air fare were $350, should you use the coupon to go to Miami
答案: Yes, your economic surplus would be $50.
48、 Pat earns $25,000 per year (after taxes), and Pat’s spouse, Chris, earns $35,000 (after taxes). They have two pre-school-aged children. Childcare for their children costs $12,000 per year. Given that Chris doesn’t want to stay home with the kids, regardless of what Pat does, Pat should stay home with the kids if, and only if, the value of Pat spending more time with the kids is greater than:
答案: $13,000 per year.
49、 You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. Should you go to the concert instead of working Saturday
答案: No, the benefit of going to the concert is less than the cost.
50、 You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. What is the opportunity cost of going to the concert
答案: $36
51、 You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. What is your opportunity cost of going to work on Saturday
答案: $35
52、 You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. Your economic surplus from going to work instead of seeing SPAM on Saturday is:
答案: $1
53、 Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. The benefit to Matt of buying his books at the university bookstore instead of online is:
答案: $5
54、 Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. The benefit to Matt of driving to campus to buy the concert ticket last week was:
答案: $4
55、 Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. Given that driving to campus to buy the concert ticket was rational for Matt, Matt should:
答案: drive to campus to buy the books because the $5 he would save is more than he saved by driving to campus to buy the concert ticket.
56、 Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. Assume the minimum that Matt would be willing to accept to drive to campus is equal to the $4 he saved on the concert ticket. What would his economic surplus be if he bought his textbooks at the university bookstore rather than online
答案: $1
57、 The marginal benefit of an activity is the:
答案: extra benefit associated with an extra unit of the activity.
58、 Suppose the marginal cost of the 1st hour of talking on the phone is $50, the marginal cost of the 2nd hour is $75, and the marginal cost of the 3rd hour is $105. In this case, the total cost of talking on the phone for 3 hours is:
答案: $230
59、 Suppose the total benefit of watching 1 baseball game is 100, the total benefit of watching 2 games is 120, and the total benefit of watching 3 games is 125. In this case, the marginal benefit of watching the 3rd game is:
答案: 5
60、 The extra benefit that results from carrying out one additional unit of an activity is the__ of the activity.
答案: marginal benefit
61、 The marginal cost of an activity is the:
答案: change in the total cost of the activity that results from carrying out an additional unit of the activity.
62、 The extra cost that results from carrying out one additional unit of an activity is the__ of the activity.
答案: marginal cost
63、 Dividing the total cost of n units of an activity by n reveals the:
答案: average cost.
64、 For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat all of the meals, your average cost for a meal is:
答案: $4.
65、 For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your average cost for a meal is:
答案: $6.
66、 For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your marginal cost of the 100th meal is:
答案: $0.
67、 The average benefit of n units of an activity is the:
答案: total benefit of n units divided by n.
68、 You save $10 on gas every week because you take the bus to school. You have class 5 days a week. What is your average benefit per day of taking the bus to school
答案: $2
69、 Your scholarship depends on your maintaining a 3.5 cumulative GPA. Your GPA for last semester was 3.6, which brought your cumulative GPA down. What must be true
答案: Last semester’s grades were lower than your overall GPA.
70、 Refer to the table below. The average cost of 4 units of this activity is:
答案: $25
71、 Refer to the table below. The marginal cost of the 3rd unit of this activity is:
答案: $20
72、 Refer to the table below. The average benefit of 2 units of activity is:
答案: $80
73、 Refer to the table below. The marginal benefit of the 5th unit of activity is:
答案: $10
74、 Refer to the table below. According to the Cost-Benefit Principle, how many units of this activity should be carried out
答案: 3
75、 Refer to the table below. The average cost of 5 units of activity is:
答案: $6
76、 Refer to the table below. The marginal cost of the 4th unit of activity is:
答案: $8
77、 Refer to the table below. The average benefit of 4 units of activity is:
答案: $9
78、 Refer to the table below. The marginal benefit of the 6th unit of activity is:
答案: $2
79、 Refer to the table below. According to the Cost-Benefit Principle, how many units of this activity should be carried out
答案: 3
80、 The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.
The total value of donations raised by three employees is:
答案: $51,963.
81、 The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.The total labor cost with 4 employees is:
答案: $38,000.
82、 The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.The President of State U decides to hire fundraising employees as long as their average benefit exceeds their average cost. This results in_employees being hired and a net benefit (total donations minus total labor costs) of_.
答案: 5; $17,080
83、 The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.The marginal benefit (in terms of extra donations) of the 2nd employee is:
答案: $12,426.
84、 The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.The marginal cost of the 4th employee is:
答案: $11,000.
85、 The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.The Chair of the Economics Department at State U says that fundraising employees should be hired as long as their marginal benefit exceeds their marginal cost. If the University follows this advice, then_employee(s) will hired, and the net benefit (total donations minus total labor costs) will be_.
答案: 2; $25,426
86、 The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.The net benefit of hiring fundraisers is largest when__ employees are hired.
答案: 2
87、 Ginger bought a phone that came with a $10 rebate. Ginger should fill out and mail in the rebate form if:
答案: the opportunity cost of the time and trouble of sending in the rebate form is less than $10.
88、 Tony notes that an electronics store is offering a flat $20 off all prices in the store. Tony reasons that if he wants to buy something with a price of $50, then it is a good offer, but if he wants to buy something with a price of $500, then it is not a good offer. This is an example of:
答案: inconsistent reasoning; saving $20 is saving $20.
89、 Suppose a retail store was offering 10% off list prices on all goods. The benefit of the 10% savings is:
答案: positively related to the list price of the good.
90、 A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. What is the marginal cost of producing the computers that Pam can assemble during her 3rd hour of work
答案: $1,240
91、 A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. What is the marginal cost of producing the computers that Pam can assemble during her 2nd hour of work
答案: $1,840
92、 A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. If the firm sells each computer for $625, then how many hours a day should the firm employ Pam to maximize its net benefit from her employment
答案: 3 hours
93、 A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. If the firm sells each computer for $650, then how many hours a day should the firm employ Pam to maximize its net benefit from her employment
答案: 4 hours
94、 If Jane works for 6 hours she can rent out 9 apartments, and if she works for 7 hours she can rent out 12 apartments. The marginal benefit of Jane’s 7th hour of work equals:
答案: 3 apartments
95、 The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.
The marginal benefit of upgrading from a 2.0GHz computer to a 2.5GHz computer is:
答案: $400.
96、 The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.The total benefit of a 3.0GHz computer is:
答案: $1,700.
97、 The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.The total cost of a 2.5GHz computer is:
答案: $1,000.
98、 The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.The marginal cost of upgrading from a 2.5GHz to 3.0GHz computer is:
答案: $200.
99、 The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.Application of the Cost-Benefit Principle would lead one to purchase a__ computer.
答案: 3.0GHz
100、 The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.Choosing a 3.5GHz computer would be irrational because:
答案: its marginal benefit is less than its marginal cost.
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