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起止时间:2020-09-22到2021-02-13
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Chapter 10： Oligopoly and Game Theory Test 1
1、 Pure monopoly is characterized by
A:one firm, with no competitors, that produces a product with no close substitutes.
B:many firms that produce a homogeneous product.
C:many firms that produce slightly different products that are close substitutes.
D:such a small number of firms that each must figure out how the others will respond to its own actions.
答案: one firm, with no competitors, that produces a product with no close substitutes.
2、 An increase in a monopolist’s average cost will lead to
A:an increase in price only if marginal cost also increases.
B:an increase in price, as the monopolist passes on the price increase.
C:a decrease in price as the monopolist needs to sell more in order to cover increased costs.
D:an increase in price only if the elasticity of demand is less than 1.0.
答案: an increase in price only if marginal cost also increases.
3、 Suppose that the government imposes a business licence fee of $100 on all firms. Profit-maximizing firms that stay in business will respond to this tax by
A:raising prices to pay the tax.
B:cutting output to reduce costs.
C:lowering prices to stimulate sales.
D:doing nothing.
答案: doing nothing.
4、 The position and slope of the budget line are determined by
A:consumer’s income.
B:consumer’s preference.
C:consumer’s income and the prices of goods.
D:consumer’s income, preference, and the prices of goods.
答案: consumer’s income and the prices of goods.
5、 Which one of the following industries is closest to perfect competition?
A:Aircrafts.
B:Cigarettes.
C:Rice.
D:Automobiles.
答案: Rice.
6、 Assume that Frank has a demand curve for steaks given by Q = 10 – 0.4P, where Q and P stand for the quantity of steaks and the dollar price of steaks. If the price of steak is $5, Frank’s consumer surplus is
A:$40.
B:$80.
C:$120.
D:$160.
答案: $80.
7、 A decrease in the price of pizza will
A:decrease the quantity of pizza demanded.
B: increase the quantity of pizza demanded.
C:decrease the demand for pizza.
D: increase the demand for pizza.
答案: increase the quantity of pizza demanded.
8、 Suppose oranges are currently selling for $2.00 per pound. The equilibrium price of oranges is $1.56 per pound. We would expect
A:a shortage to exist and the market price of oranges to increase.
B: a shortage to exist and the market price of oranges to decrease.
C:a surplus to exist and the market price of oranges to increase.
D: a surplus to exist and the market price of oranges to decrease.
答案: a surplus to exist and the market price of oranges to decrease.
9、 Suppose there is an advance in technology that allows the automobile industry to manufacture automobiles more cheaply. We would expect
A:an increase in both the equilibrium price and the equilibrium quantity of automobiles.
B:a decrease in both the equilibrium price and the equilibrium quantity of automobiles.
C:an increase in the equilibrium price and a decrease in equilibrium quantity of automobiles.
D: a decrease in the equilibrium price and an increase in the equilibrium quantity of automobiles.
答案: a decrease in the equilibrium price and an increase in the equilibrium quantity of automobiles.
10、 Because cars and gasoline are complements, an increase in the price of gasoline will
A:increase the demand for cars.
B: decrease the demand for cars.
C: increase the demand for gasoline.
D:decrease the demand for gasoline.
答案: decrease the demand for cars.
11、 Suppose the price of land increases. At the same time, income increases. What would happen to the equilibrium price and quantity of housing?
A:Equilibrium price will decrease. We cannot predict what will happen to equilibrium quantity.
B:Equilibrium price will increase. We cannot predict what will happen to equilibrium quantity.
C:Equilibrium quantity will decrease. We cannot predict what will happen to equilibrium price.
D:Equilibrium quantity will increase. We cannot predict what will happen to equilibrium price.
答案: Equilibrium price will increase. We cannot predict what will happen to equilibrium quantity.
12、 If the quantity of movie tickets sold decreases by 20 percent when the price increases by 10 percent, demand over this price range is:
A:inelastic.
B:elastic.
C:perfectly inelastic.
D:perfectly elastic.
答案: elastic.
13、 The local movie theater lowers admission prices in an attempt to increase its revenues. The managers of the theater must believe demand to be
A:unit price elastic.
B:perfectly price inelastic.
C:price elastic.
D: price inelastic.
答案: price elastic.
14、 Suppose the cross-price elasticity of demand is a negative number. We know that
A:the two goods are complements.
B:the two goods are substitutes.
C: the two goods are inferior goods.
D:the two goods are normal goods.
答案: the two goods are complements.
15、 Suppose the supply curve for a good is vertical. We know that supply is
A:price elastic.
B:perfectly price inelastic.
C:unit price elastic.
D:perfectly price elastic.
答案: perfectly price inelastic.
16、 The cross-price elasticity of Toyotas and Nissans is a positive number. This would indicate that Toyotas and Nissans are
A:substitutes.
B:complements.
C:luxuries.
D:Necessities.
答案: substitutes.
17、 If the government establishes a legal price floor for a good, the result will be a(n)
A: shortage of the good, but only if the floor is equal to the equilibrium price.
B: surplus of the good, but only if the floor is above the equilibrium price.
C:surplus of the good, but only if the floor is below the equilibrium price.
D:shortage of the good, but only if the floor is above the equilibrium price.
答案: surplus of the good, but only if the floor is below the equilibrium price.
18、 A price ceiling is
A:a legal maximum price at which a good can be sold.
B:a legal minimum price at which a good can be sold.
C:typically equal to the equilibrium price of a good.
D:a price set by government that varies with market conditions.
答案: a legal maximum price at which a good can be sold.
19、 Tax incidence deals with
A: the level of taxable income.
B: the level of taxation on sales.
C:the dollar amount of incidental taxes.
D: who bears the burden of a tax.
答案: who bears the burden of a tax.
20、 Assume the government wants to impose a tax on wine. It wants to minimize the negative impact the tax has on consumers in the form of higher prices. It will achieve this goal if
A:demand is relatively elastic.
B:demand is relatively inelastic.
C:supply is relatively elastic.
D: the supply curve and the demand curve for wine have the same elasticity.
答案: demand is relatively elastic.
21、 A law requiring sellers to pay the government a tax on cigarettes has the effect of
A: shifting the supply curve to the right.
B: changing the slope of the supply curve.
C:shifting the supply curve to the left.
D: changing the slope of the demand curve.
答案: shifting the supply curve to the left.
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