曼昆《经济学原理》(微观)第五版测试题库 (05)

Chapter 5 /Elasticity and Its Application ? 363

68. If sellers do not adjust their quantities supplied at all in response to a change in price,

a. advances in technology must be prevalent.

b. the time period under consideration must be very long. c. supply is perfectly elastic. d. supply is perfectly inelastic.

ANS: D

NAT: Analytic MSC: Interpretive

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Perfectly inelastic supply

69. If the price elasticity of supply is zero, then

a. supply is more elastic than it is in any other case. b. the supply curve is horizontal.

c. the quantity supplied is the same, regardless of price.

d. a change in demand will cause a relatively small change in the equilibrium price.

ANS: C

NAT: Analytic MSC: Interpretive

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Perfectly inelastic supply

70. If the price elasticity of supply for a good is equal to infinity, then

a. the supply curve is vertical. b. the supply curve is horizontal.

c. the supply curve also has a slope equal to infinity.

d. the quantity supplied is constant regardless of the price.

ANS: B

NAT: Analytic MSC: Interpretive

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Perfectly elastic supply

364 ? Chapter 5 /Elasticity and Its Application

71. Which of the following is an illustration of the market for original paintings by deceased artist Vincent Van

Gogh? a.

Price

S

D

Quantity

b.

PriceDSQuantityc.

PriceSDQuantityd.

Price

D

S

Quantity

a. A

b. c. B C d.

D

ANS: C

DIF: 2

NAT: Analytic LOC: Elasticity MSC: Applicative

REF: 5-2

TOP: Perfectly inelastic supply

Chapter 5 /Elasticity and Its Application ? 365

Sec03 - Elasticity and Its Application - Three Applications of Supply, Demand, and

Elasticity

MULTIPLE CHOICE

Scenario 5-2

The supply of aged cheddar cheese is inelastic, and the supply of bread is elastic. Both goods are considered to be normal goods by a majority of consumers. Suppose that a large income tax increase decreases the demand for both goods by 10%.

1.

Refer to Scenario 5-2. The equilibrium price will

a. increase in the aged cheddar cheese market and increase in the bread market. b. increase in the aged cheddar cheese market and decrease in the bread market. c. decrease in the aged cheddar cheese market and increase in the bread market. d. decrease in the aged cheddar cheese market and decrease in the bread market.

ANS: D DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity

TOP: Equilibrium | Normal goods | Price elasticity of supply 2.

MSC: Applicative

Refer to Scenario 5-2. The equilibrium quantity will

a. increase in the aged cheddar cheese market and increase in the bread market. b. increase in the aged cheddar cheese market and decrease in the bread market. c. decrease in the aged cheddar cheese market and increase in the bread market. d. decrease in the aged cheddar cheese market and decrease in the bread market.

ANS: D DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity

TOP: Equilibrium | Normal goods | Price elasticity of supply 3.

MSC: Applicative

Refer to Scenario 5-2. The change in equilibrium price will be

a. greater in the aged cheddar cheese market than in the bread market. b. greater in the bread market than in the aged cheddar cheese market. c. the same in the aged cheddar cheese and bread markets.

d. may be greater in either the aged cheddar cheese market or the bread market.

DIF: 3

LOC: Elasticity

ANS: A

NAT: Analytic MSC: Analytical4.

REF: 5-3

TOP: Equilibrium | Price elasticity of supply

Refer to Scenario 5-2. The change in equilibrium quantity will be a. greater in the aged cheddar cheese market than in the bread market. b. greater in the bread market than in the aged cheddar cheese market. c. the same in the aged cheddar cheese and bread markets.

d. may be greater in either the aged cheddar cheese market or the bread market.

DIF: 3

LOC: Elasticity

ANS: B

NAT: Analytic MSC: Analytical5.

REF: 5-3

TOP: Equilibrium | Price elasticity of supply

Refer to Scenario 5-2. Total consumer spending on aged cheddar cheese will a. increase, and total consumer spending on bread will increase. b. increase, and total consumer spending on bread will decrease. c. decrease, and total consumer spending on bread will increase. d. decrease, and total consumer spending on bread will decrease.

DIF: 3

LOC: Elasticity

ANS: D

NAT: Analytic MSC: Analytical

REF: 5-3

TOP: Equilibrium | Total consumer spending

366 ? Chapter 5 /Elasticity and Its Application

Scenario 5-3

Milk has an inelastic demand and beef has an elastic demand. Suppose that a mysterious increase in bovine infertility decreases both the population of dairy cows and the population of beef cattle by 50 percent.

6.

Refer to Scenario 5-3. The equilibrium price will

a. increase in the milk market and increase in the beef market. b. increase in the milk market and decrease in the beef market. c. decrease in the milk market and increase in the beef market. d. decrease in the milk market and decrease in the beef market.

ANS: A DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity

TOP: Equilibrium | Productivity | Price elasticity of demand 7.

Refer to Scenario 5-3. The equilibrium quantity will

a. increase in the milk market and increase in the beef market. b. increase in the milk market and decrease in the beef market. c. decrease in the milk market and increase in the beef market. d. decrease in the milk market and decrease in the beef market.

MSC: Applicative

ANS: D DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity

TOP: Equilibrium | Productivity | Price elasticity of demand 8.

Refer to Scenario 5-3. The change in equilibrium price will be a. greater in the milk market than in the beef market. b. greater in the beef market than in the milk market. c. the same in the milk and beef markets.

d. may be greater in either the milk market or the beef market.

DIF: 3

LOC: Elasticity

MSC: Applicative

ANS: A

NAT: Analytic MSC: Analytical9.

REF: 5-3

TOP: Equilibrium | Price elasticity of demand

Refer to Scenario 5-3. The change in equilibrium quantity will be a. greater in the milk market than in the beef market. b. greater in the beef market than in the milk market. c. the same in the milk and beef markets.

d. may be greater in either the milk market or the beef market.

DIF: 3

LOC: Elasticity

ANS: B

NAT: Analytic MSC: Analytical

REF: 5-3

TOP: Equilibrium | Price elasticity of demand

10. Refer to Scenario 5-3. Total consumer spending on milk will

a. increase, and total consumer spending on beef will increase. b. increase, and total consumer spending on beef will decrease. c. decrease, and total consumer spending on beef will increase. d. decrease, and total consumer spending on beef will decrease.

ANS: NAT: TOP: MSC: B DIF: 3 REF: 5-3 Analytic LOC: Elasticity

Equilibrium | Price elasticity of demand | Total consumer spending Analytical

11. The discovery of a new hybrid wheat would increase the supply of wheat. As a result, wheat farmers would

realize an increase in total revenue if a. the supply of wheat is elastic. b. the supply of wheat is inelastic. c. the demand for wheat is inelastic. d. the demand for wheat is elastic.

ANS: D

NAT: Analytic MSC: Applicative

DIF: 2

LOC: Elasticity

REF: 5-3

TOP: Supply | Price elasticity of demand | Total revenue

Chapter 5 /Elasticity and Its Application ? 367

12. Because the demand for wheat tends to be inelastic, the development of a new, more productive hybrid wheat

would tend to

a. increase the total revenue of wheat farmers. b. decrease the total revenue of wheat farmers. c. decrease the demand for wheat. d. decrease the supply of wheat.

ANS: B

NAT: Analytic MSC: Applicative

DIF: 2

LOC: Elasticity

REF: 5-3

TOP: Supply | Price elasticity of demand | Total revenue

13. Knowing that the demand for wheat is inelastic, if all farmers voluntarily did not plant wheat on 10 percent of

their land, then

a. consumers of wheat would buy more wheat.

b. wheat farmers would suffer a reduction in their total revenue. c. wheat farmers would experience an increase in their total revenue. d. the demand for wheat would decrease.

ANS: C

NAT: Analytic MSC: Applicative

DIF: 2

LOC: Elasticity

REF: 5-3

TOP: Supply | Price elasticity of demand | Total revenue

14. If corn farmers know that the demand for corn is inelastic, and they want to increase their total revenue, they

should all

a. plant more corn so that they would be able to sell more each year.

b. increase spending on fertilizer in an attempt to produce more corn on the acres they farm. c. reduce the number of acres they plant in corn.

d. contribute to a fund that promotes technological advances in corn production.

ANS: C

NAT: Analytic MSC: Applicative

DIF: 2

LOC: Elasticity

REF: 5-3

TOP: Price elasticity of demand | Total revenue

15. There are fewer farmers in the United States today than 200 years ago because of

a. increases in farm technology.

b. increased government regulations in farming. c. an elastic demand for food.

d. environmental programs designed to reduce soil erosion.

ANS: A

NAT: Analytic MSC: Applicative

DIF: 2

LOC: Elasticity

REF: 5-3

TOP: Technology | Inelastic demand

16. How did the farm population in the United States change between 1950 and 2008?

a. It dropped from 10 million to fewer than 3 million people. b. It dropped from 20 million to fewer than 5 million people. c. It dropped from 30 million to just over 6 million people. d. It increased from 10 million to almost 13 million people.

ANS: A

NAT: Analytic DIF: 1

LOC: Elasticity REF: 5-3

TOP: Population

MSC: Definitional

17. Between 1950 and 2008 there was a

a. 20 percent drop in the number of farmers, but farm output more than tripled. b. 30 percent drop in the number of farmers, but farm output more than tripled. c. 50 percent drop in the number of farmers, but farm output more than doubled. d. 70 percent drop in the number of farmers, but farm output more than doubled.

ANS: D

NAT: Analytic MSC: Definitional

DIF: 2

LOC: Elasticity

REF: 5-3

TOP: Population | Output

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