微观经济学题.pdf
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1、Microeconomics lOe(Parkin)Chapter 4 Elasticity1 Price Elasticity of Demand1)Suppose the price of burgers increases from$2 to$3 each.The degree to which quantitydemanded responds to this price increase depends on theA)price elasticity of demand.B)the price elasticity of supply.C)income elasticity of
2、demand.D)cross elasticity of demand.Answer:ATopic:Price Elasticity of DemandSkill:RecognitionQuestion history:Previous edition,Chapter 4AACSB:Reflective Thinking2)The price elasticity of demand measuresA)how often the price of a good changes.B)the slope of a budget curve.C)how sensitive the quantity
3、 demanded is to changes in demand.D)the responsiveness of the quantity demanded to changes in price.Answer:DTopic:Price Elasticity of DemandSkill:RecognitionQuestion history:Previous edition,Chapter 4AACSB:Reflective Thinking3)Elasticity measures theA)percentage change in a variable.B)slope of a cur
4、ve.C)change in a variable.D)responsiveness of a variable to a change in another variable.Answer:DTopic:Price Elasticity of DemandSkill:RecognitionQuestion history:Previous edition,Chapter 4AACSB:Reflective Thinking4)The price elasticity of demand fbr purses is measured inA)dollars.B)purses.C)dollars
5、 per purse.D)None of the above answers is correct because there are no units for an elasticity of demand.Answer:DTopic:Price Elasticity of DemandSkill:RecognitionQuestion history:Modified l()th editionAACSB:Reflective Thinking5)The price elasticity of demand is defined as the magnitude of theA)chang
6、e in quantity demanded divided by the change in price.B)change in price divided by the change in quantity demanded.C)percentage change in quantity demanded divided by the percentage change in price.D)percentage change in price divided by the percentage change in quantity demanded.Answer:CTopic:Price
7、 Elasticity of DemandSkill:RecognitionQuestion history:Previous edition,Chapter 4AACSB:Reflective Thinking6)The price elasticity of demand is calculated as the absolute value of theA)percentage change in quantity demanded divided by the percentage change in price.B)percentage change in price divided
8、 by the percentage change in quantity demanded.C)change in quantity demanded divided by the change in price.D)change in price divided by the change in quantity demanded.Answer:ATopic:Price Elasticity of DemandSkill:RecognitionQuestion history:Previous edition,Chapter 4AACSB:Reflective Thinking7)The
9、price elasticity of demand equals magnitude of theA)change in the price divided by the change in quantity demanded.B)change in the quantity demanded divided by the change in price.C)percentage change in the price divided by the percentage change in the quantity demanded.D)percentage change in the qu
10、antity demanded divided by the percentage change in the price.Answer:DTopic:Calculating ElasticitySkill:RecognitionQuestion history:Previous edition,Chapter 4AACSB:Reflective Thinking8)The price elasticity of demand is equal to the in the divided by thein the.A)percentage change;price;percentage cha
11、nge;quantity demandedB)change;price;change;quantity demandedC)percentage change;quantity demanded;percentage change;priceD)change;quantity demanded;change;priceAnswer:CTopic:Price Elasticity of DemandSkill:RecognitionQuestion history:Previous edition,Chapter 4AACSB:Reflective Thinking9)The slope of
12、a demand curve depends onA)the units used to measure price and the units used to measure quantity.B)the units used to measure price but not the units used to measure quantity.C)the units used to measure quantity but not the units used to measure price.D)neither the units used to measure price nor th
13、e units used to measure quantity.Answer:ATopic:Price Elasticity of DemandSkill:ConceptualQuestion history:Previous edition,Chapter 4AACSB:Reflective Thinking10)The price elasticity of demand depends onA)the units used to measure price and the units used to measure quantity.B)the units used to measur
14、e price but not the units used to measure quantity.C)the units used to measure quantity but not the units used to measure price.D)neither the units used to measure price nor the units used to measure quantity.Answer:DTopic:Price Elasticity of DemandSkill:ConceptualQuestion history:Previous edition,C
15、hapter 4AACSB:Reflective Thinking11)When the quantity of coal is measured in kilograms instead of pounds,the demand for coalbecomesA)more elastic.B)less elastic.C)neither more nor less elastic.D)undefined.Answer:CTopic:Calculating ElasticitySkill:ConceptualQuestion history:Previous edition,Chapter 4
16、AACSB:Reflective Thinking12)The price elasticity of demand for oranges change if the units of the quantity waschanged from pounds to kilograms and change if the units of the price was changedfrom dollars to cents.A)would;wouldB)would;would notC)would not;wouldD)would not;would notAnswer:DTopic:Price
17、 Elasticity of DemandSkill:ConceptualQuestion history:Previous edition,Chapter 4AACSB:Reflective Thinking13)Suppose the quantity of gasoline is measured in gallons and the price of gasoline is measuredin dollars.The price elasticity of demand is 0.67.If the price of gasoline was now measured incents
18、 rather than dollars,the price elasticity of demand would now beA)0.0067.B)0.67.C)6.7.D)67.0.Answer:BTopic:Price Elasticity of DemandSkill:ConceptualQuestion history:Previous edition,Chapter 4AACSB:Reflective Thinking14)A decrease in the price of eggs from$1.50 to$1.30 per dozen resulted in an incre
19、ase in eggpurchases in two cities.In Philadelphia,daily egg purchases increased from 6000 to 8000 dozens;in nearby Dover,Delaware,daily egg purchases increased from 300 to 400 dozens.The priceelasticity of demand is thereforeA)lower in the smaller city as would be expected.B)greater in the smaller c
20、ity as would be expected.C)certainly affected by population differences in different markets.D)the same in Philadelphia as in Dover.Answer:DTopic:Calculating ElasticitySkill:AnalyticalQuestion history:Previous edition,Chapter 4AACSB:Analytical Skills15)Dan sells newspapers.Dan says that a 4 percent
21、increase in the price of a newspaper willdecrease the quantity of newspapers demanded by 8 percent.According to Dan,the demand fornewspapers is.A)inelasticB)unit elasticC)perfectly elasticD)elasticAnswer:DTopic:Calculating ElasticitySkill:ConceptualQuestion history:Previous edition,Chapter 4AACSB:Re
22、flective Thinking16)The price elasticity of demand for furniture is estimated at 1.3.This value means a onepercent increase in theA)price of furniture will increase the quantity of furniture demanded by 1.3 percent.B)price of furniture will decrease the quantity of furniture demanded by 1.3 percent.
23、C)quantity of furniture demanded will decrease the price of furniture by 1.3 percent.D)quantity of furniture demanded will increase the price of furniture by 1.3 percent.Answer:BTopic:Calculating ElasticitySkill:ConceptualQuestion history:Previous edition,Chapter 4AACSB:Analytical Skills17)The price
24、 elasticity of demand for oil is estimated at 0.05.This value means a 10 percentincrease in theA)quantity of oil demanded will result from a 0.5 percent increase in the price of oil.B)quantity of oil demanded will result from a 0.5 percent decrease in the price of oil.C)price of oil will increase th
25、e quantity of oil demanded by 0.5 percent.D)price of oil will decrease the quantity of oil demanded by 0.5 percent.Answer:DTopic:Calculating ElasticitySkill:ConceptualQuestion history:Previous edition,Chapter 4AACSB:Analytical Skills18)If a 6 percent decrease in the price leads to a 5 percent increa
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