经济学原理对应练习-05

169Chapter5ElasticityandItsApplicationsMultipleChoice1.Ingeneral,elasticityisameasureofa.theextenttowhichadvancesintechnologyareadoptedbyproducers.b.theextenttowhichamarketiscompetitive.c.howfastthepriceofagoodrespondstoashiftofthesupplycurveordemandcurve.d.howmuchbuyersandsellersrespondtochangesinmarketconditions.ANS:DPTS:1DIF:1REF:5-0TOP:ElasticityMSC:Definitional2.Whenstudyinghowsomeeventorpolicyaffectsamarket,elasticityprovidesinformationonthea.directionoftheeffectonthemarket.b.magnitudeoftheeffectonthemarket.c.speedofadjustmentofthemarketinresponsetotheeventorpolicy.d.numberofmarketparticipantswhoaredirectlyaffectedbytheeventorpolicy.ANS:BPTS:1DIF:2REF:5-0TOP:ElasticityMSC:Interpretive3.Howdoestheconceptofelasticityallowustoimproveuponourunderstandingofsupplyanddemand?a.Elasticityallowsustoanalyzesupplyanddemandwithgreaterprecisionthanwouldbethecaseintheabsenceoftheelasticityconcept.b.Elasticityprovidesuswithabetterrationaleforstatementssuchas“anincreaseinxwillleadtoadecreaseiny”thanwewouldhaveintheabsenceoftheelasticityconcept.c.Withoutelasticity,wewouldnotbeabletoaddressthedirectioninwhichpriceislikelytomoveinresponsetoasurplusorashortage.d.Withoutelasticity,itisverydifficulttoassessthedegreeofcompetitionwithinamarket.ANS:APTS:1DIF:2REF:5-0TOP:ElasticityMSC:Interpretive4.Elasticityimprovesourunderstandingofsupplyanddemandbyaddinga.measuresofequity.b.measuresofefficiency.c.aquantitativeelementtoouranalysis.d.aqualitativeelementtoouranalysis.ANS:CPTS:1DIF:2REF:5-0TOP:ElasticityMSC:Interpretive5.Thepriceelasticityofdemandmeasureshowmucha.quantitydemandedrespondstoachangeinprice.b.quantitydemandedrespondstoachangeinincome.c.pricerespondstoachangeindemand.d.demandrespondstoachangeinsupply.ANS:APTS:1DIF:1REF:5-1TOP:PriceelasticityofdemandMSC:Definitional6.Thepriceelasticityofdemandmeasuresa.buyers’responsivenesstoachangeinthepriceofagood.b.theextenttowhichdemandincreasesasadditionalbuyersenterthemarket.c.howmuchmoreofagoodconsumerswilldemandwhenincomesrise.d.themovementalongasupplycurvewhenthereisachangeindemand.ANS:APTS:1DIF:1REF:5-1TOP:PriceelasticityofdemandMSC:Definitional170Chapter5/ElasticityandItsApplications7.Demandissaidtobeelasticifa.thepriceofthegoodrespondssubstantiallytochangesindemand.b.demandshiftssubstantiallywhenincomeortheexpectedfuturepriceofthegoodchanges.c.buyersdonotrespondmuchtochangesinthepriceofthegood.d.buyersrespondsubstantiallytochangesinthepriceofthegood.ANS:DPTS:1DIF:2REF:5-1TOP:ElasticdemandMSC:Definitional8.Demandissaidtobeinelasticifa.buyersrespondsubstantiallytochangesinthepriceofthegood.b.demandshiftsonlyslightlywhenthepriceofthegoodchanges.c.thequantitydemandedchangesonlyslightlywhenthepriceofthegoodchanges.d.thepriceofthegoodrespondsonlyslightlytochangesindemand.ANS:CPTS:1DIF:2REF:5-1TOP:InelasticdemandMSC:Definitional9.Ifdemandisinelastic,thena.buyersdonotrespondmuchtoachangeinprice.b.buyersrespondsubstantiallytoachangeinprice,buttheresponseisveryslow.c.buyersdonotaltertheirquantitiesdemandedmuchinresponsetoadvertising,fads,orgeneralchangesintastes.d.thedemandcurveisveryflat.ANS:APTS:1DIF:2REF:5-1TOP:InelasticdemandMSC:Definitional10.Whenquantitydemandedrespondsstronglytochangesinprice,demandissaidtobea.fluid.b.elastic.c.dynamic.d.highlyvariable.ANS:BPTS:1DIF:1REF:5-1TOP:ElasticdemandMSC:Definitional11.Whichofthefollowingstatementsaboutthepriceelasticityofdemandiscorrect?a.Thepriceelasticityofdemandforagoodmeasuresthewillingnessofbuyersofthegoodtomoveawayfromthegoodasitspriceincreases.b.Priceelasticityofdemandreflectsthemanyeconomic,psychological,andsocialforcesthatshapeconsumertastes.c.Otherthingsequal,ifgoodxhasclosesubstitutesandgoodydoesnothaveclosesubstitutes,thenthedemandforgoodxwillbemoreelasticthanthedemandforgoody.d.Alloftheabovearecorrect.ANS:DPTS:1DIF:2REF:5-1TOP:PriceelasticityofdemandMSC:Interpretive12.Foragoodthatisanecessity,a.quantitydemandedtendstorespondsubstantiallytoachangeinprice.b.demandtendstobeinelastic.c.thelawofdemandoftendoesnotapply.d.Alloftheabovearecorrect.ANS:BPTS:1DIF:2REF:5-1TOP:PriceelasticityofdemandMSC:Interpretive13.Foragoodthatisaluxury,demanda.tendstobeinelastic.b.tendstobeelastic.c.hasunitelasticity.d.cannotberepresentedbyademandcurveintheusualway.ANS:BPTS:1DIF:2REF:5-1TOP:PriceelasticityofdemandMSC:InterpretiveChapter5/ElasticityandItsApplications17114.Ifapersononlyoccasionallybuysacupofcoffee,hisdemandforcoffeeisprobablya.representedbyaverticalornearly-verticaldemandcurve.b.noteasilyrepresentedbyademandscheduleordemandcurve.c.inelastic.d.elastic.ANS:DPTS:1DIF:2REF:5-2TOP:PriceelasticityofdemandMSC:Interpretive15.Apersonwhotakesaprescriptiondrugtocontrolhighcholesterolmostlikelyhasademandforthatdrugthatisa.inelastic.b.unitelastic.c.elastic.d.highlyresponsivetochangesinincome.ANS:APTS:1DIF:2REF:5-1TOP:PriceelasticityofdemandMSC:Interpretive16.Otherthingsequal,thedemandforagoodtendstobemoreinelastic,thea.fewertheavailablesubstitutes.b.longerthetimeperiodconsidered.c.morethegoodisconsideredaluxurygood.d.morenarrowlydefinedisthema