經濟學原理一 小考三 12.13.

2019

學號： 姓名： 得分：

單選題 (每題 5 分) Multiple Choice (5 points each)

Identify the choice that best completes the statement or answers the question.

1. Chad is willing to pay $5.00 to get his first cup of morning latté; he is willing to pay $4.50 for a second cup.
He buys his first cup from a vendor selling latté for $3.75 per cup. He returns to that vendor later in the
morning to find that the vendor has increased her price to $3.90 per cup. Chad buys a second cup. Which of
the following statements is correct?
a. Chad’s willingness to pay for his second cup of latté was smaller than his willingness to pay for
his first cup of latté.
b. Chad’s consumer surplus on his second cup of latté was larger than his consumer surplus on his
first cup of latté.
c. Chad is irrational in that he is willing to pay a different price for his second cup of latté than what
he is willing to pay for his first cup of latté.
d. Chad places a higher value on his second cup of latté than on his first cup of latté………______

Figure 7-1

P
350

300

250

200

150

100

50 Demand

1 2 3 4 5 Q

2. Refer to Figure 7-1. The value of the good to consumers minus the cost of the good to consumers amounts
to $325 if the price of the good is
a. $200.
b. $150.
c. $125.
d. $100……._______

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 Figure 7-18
Price Supply
28

26

24

22

20

18

16

14

12

10

6 Demand
4

10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 Quantity

3. Refer to Figure 7-18. At the equilibrium price, producer surplus is

a. $480.
b. $640.
c. $1,120.
d. $1,280……________

Figure 8-1

Price Supply

J
P'
K I
P''
L Y

P'''
M B
N
Demand
Quantity

4. Refer to Figure 8-1. Suppose the government imposes a tax of P' - P'''. The deadweight loss due to the tax is
measured by the area
a. J+K+L+M.
b. J+K+L+M+N.
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 c. I+Y.
d. I+Y+B…….________
5. Labor taxes may distort labor markets greatly if
a. labor supply is highly inelastic.
b. many workers choose to work 40 hours per week regardless of their earnings.
c. the number of hours many part-time workers want to work is very sensitive to the wage
rate.
d. “underground” workers do not respond to changes in the wages of legal jobs because they
prefer not to pay taxes……._______

Figure 8-13

Price Price

16 Panel (a) 16 Panel (b)

15 15

14 14

13 13

12 12

11 11

10 10

9 9
Supply Supply
8 8

7 7

6 6

5 5

4 4

3 3

2 2

1 1
Demand Demand

1 2 3 4 5 6 7 8 Quantity 1 2 3 4 5 6 7 8 Quantity

6. Refer to Figure 8-13. Panel (a) and Panel (b) each illustrate a $4 tax placed on a market. In comparison to
Panel (a), Panel (b) illustrates which of the following statements?
a. When demand is relatively inelastic, the deadweight loss of a tax is smaller than when
demand is relatively elastic.
b. When demand is relatively elastic, the deadweight loss of a tax is larger than when
demand is relatively inelastic.
c. When supply is relatively inelastic, the deadweight loss of a tax is smaller than when
supply is relatively elastic.
d. When supply is relatively elastic, the deadweight loss of a tax is larger than when supply
is relatively inelastic……________
7. Suppose the tax on gasoline is raised from $0.50 per gallon to $2.50 per gallon. As a result,
a. tax revenue necessarily increases.
b. the deadweight loss of the tax necessarily increases.
c. the demand curve for gasoline necessarily becomes steeper.
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 d. All of the above are correct……._______

Figure 10-19

Price

Supply

$125
$110
$89

Social value
Demand

58 73 94 Quantity

8. Refer to Figure 10-19. Each additional unit of the good that is produced yields an external benefit of
a. $15.
b. $23.
c. $36.
d. $89……_______
9. Refer to Figure 10-19. The socially optimal quantity of output is
a. 58 units.
b. 73 units.
c. between 73 and 94 units.
d. 94 units……_______
10. According to the Coase theorem, private parties can solve the problem of externalities if
a. the cost of bargaining is small.
b. the initial distribution of legal rights favors the person being adversely affected by the
externality.
c. the number of parties involved is sufficiently large.
d. All of the above are correct……_______
11. Emma is a writer who works from her home. Emma lives next door to Clay, the drummer for a local band.
Clay needs lots of practice to earn his share of the band’s profit, which will amount to $250. Emma gets
distracted by Clay’s drumming but needs to get her writing done to earn $500 for her current article. If Emma
needs to hire a lawyer to help her reach an agreement with Clay, then what price is Emma willing to pay the
lawyer?
a. less than $250
b. less than $450
c. less than $500
d. less than $750……_______
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 12. Both public goods and common resources are
a. rival in consumption.
b. nonrival in consumption.
c. excludable.
d. nonexcludable……._______
13. Under which of the following scenarios would a park be considered a club good?
a. Visitors to the park must pay an admittance fee, but there are always plenty of empty
picnic tables.
b. Vistors to the park must pay an admittance fee and frequently all of the picnic tables are in
use.
c. Visitors can enter the park free of charge and there are always plenty of empty picnic
tables.
d. Visitors can enter the park free of charge, but frequently all of the picnic tables are in
use…...______
14. Antonio, Vanessa, and Norah all enjoy looking at flowers blooming in gardens in their neighborhood. The
neighborhood association is considering planting a flower garden around the sign at the entrance to the
neighborhood. Antonio values the garden at $25, Vanessa at $15, and Norah at $30. The flowers and labor for
the garden cost $55. What should the neighborhood association do?
a. Plant the garden because people like flowers.
b. Plant the garden because the benefits outweigh the costs.
c. Do not plant the garden because the costs outweigh the benefits.
d. Do not plant the garden in order to prevent the Tragedy of the Commons problem of
overuse……______

是非題 (每題 3 分) True/False (3 points each)

Indicate whether the statement is true or false.

15. If the government imposes a binding price floor in a market, then the consumer surplus in that market will
increase……______

16. Suppose you buy an iPod for $100. If your consumer surplus is $30, your willingness to pay is $70……
______

17. Connie can clean windows in large office buildings at a cost of $1 per window. The market price for window-
cleaning services is $3 per window. If Connie cleans 100 windows, her producer surplus is $200……______

18. Let P represent price; let QS represent quantity supplied; and assume the equation of the supply curve is
. If 80 units of the good are produced and sold, then producer surplus amounts to
$1,200……_______

19. Normally, both buyers and sellers of a good become worse off when the good is taxed……______

20. If a tax did not induce buyers or sellers to change their behavior, it would not cause a deadweight loss……
_______

21. Government intervention is necessary to correct all externalities……______

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22. A free rider is a person who pays for a good but does not receive the benefit of it……______

23. Some goods, such as lighthouses, can switch between being public goods and being private goods depending
on the circumstances……_____

24. One solution to the “Tragedy of the Commons” is to turn the common resource into a private good……_____

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quiz12132019
Answer Section

MULTIPLE CHOICE

1. ANS: A PTS: 1 DIF: 2 REF: 7-1

NAT: Analytic LOC: Supply and demand TOP: Consumer surplus
MSC: Analytical
2. ANS: C PTS: 1 DIF: 2 REF: 7-1
NAT: Analytic LOC: Supply and demand TOP: Consumer surplus
MSC: Applicative
3. ANS: B PTS: 1 DIF: 3 REF: 7-3
NAT: Analytic LOC: Supply and demand TOP: Producer surplus
MSC: Applicative
4. ANS: C PTS: 1 DIF: 2 REF: 8-1
NAT: Analytic LOC: Supply and demand TOP: Deadweight loss
MSC: Analytical
5. ANS: C PTS: 1 DIF: 2 REF: 8-2
NAT: Analytic LOC: Elasticity TOP: Labor MSC: Interpretive
6. ANS: A PTS: 1 DIF: 2 REF: 8-2
NAT: Analytic LOC: Elasticity TOP: Deadweight loss
MSC: Applicative
7. ANS: B PTS: 1 DIF: 2 REF: 8-3
NAT: Analytic LOC: Supply and demand TOP: Deadweight loss
MSC: Applicative
8. ANS: C PTS: 1 DIF: 2 REF: 10-2
NAT: Analytic LOC: Markets, market failure, and externalities
TOP: Positive externalities MSC: Applicative
9. ANS: B PTS: 1 DIF: 2 REF: 10-2
NAT: Analytic LOC: Markets, market failure, and externalities
TOP: Positive externalities | Efficiency MSC: Applicative
10. ANS: A PTS: 1 DIF: 2 REF: 10-3
NAT: Analytic LOC: Markets, market failure, and externalities
TOP: Coase theorem MSC: Applicative
11. ANS: A PTS: 1 DIF: 2 REF: 10-3
NAT: Analytic LOC: Markets, market failure, and externalities
TOP: Coase theorem MSC: Analytical
12. ANS: D PTS: 1 DIF: 2 REF: 11-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Excludability MSC: Applicative
13. ANS: A PTS: 1 DIF: 2 REF: 11-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Club goods MSC: Applicative
14. ANS: B PTS: 1 DIF: 2 REF: 11-2
NAT: Analytic LOC: Understanding and applying economic models
TOP: Cost-benefit analysis MSC: Analytical

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TRUE/FALSE

15. ANS: F PTS: 1 DIF: 2 REF: 7-1

NAT: Analytic LOC: Supply and demand TOP: Consumer surplus
MSC: Applicative
16. ANS: F PTS: 1 DIF: 2 REF: 7-1
NAT: Analytic LOC: Supply and demand TOP: Willingness to pay
MSC: Applicative
17. ANS: T PTS: 1 DIF: 2 REF: 7-2
NAT: Analytic LOC: Supply and demand TOP: Producer surplus
MSC: Applicative
18. ANS: F PTS: 1 DIF: 2 REF: 7-2
NAT: Analytic LOC: Supply and demand TOP: Producer surplus
MSC: Applicative
19. ANS: T PTS: 1 DIF: 2 REF: 8-1
NAT: Analytic LOC: Supply and demand TOP: Welfare
MSC: Interpretive
20. ANS: T PTS: 1 DIF: 2 REF: 8-2
NAT: Analytic LOC: Supply and demand TOP: Deadweight loss
MSC: Interpretive
21. ANS: F PTS: 1 DIF: 2 REF: 10-3
NAT: Analytic LOC: Markets, market failure, and externalities
TOP: Externalities MSC: Applicative
22. ANS: F PTS: 1 DIF: 1 REF: 11-2
NAT: Analytic LOC: The study of economics and definitions in economics
TOP: Free riders MSC: Definitional
23. ANS: T PTS: 1 DIF: 2 REF: 11-2
NAT: Analytic LOC: Understanding and applying economic models
TOP: Public goods | Private goods MSC: Interpretive
24. ANS: T PTS: 1 DIF: 1 REF: 11-3
NAT: Analytic LOC: The study of economics and definitions in economics
TOP: Tragedy of the Commons MSC: Interpretive