Chapter07曼昆经济学

189Chapter7Consumers,Producers,andtheEfficiencyofMarketsMULTIPLECHOICE1.Welfareeconomicsisthestudyofa.thewell-beingoflessfortunatepeople.b.welfareprogramsintheUnitedStates.c.theeffectofincomeredistributiononworkeffort.d.howtheallocationofresourcesaffectseconomicwell-being.ANSWER:d.howtheallocationofresourcesaffectseconomicwell-being.TYPE:MDIFFICULTY:12.Thestudyofhowtheallocationofresourcesaffectseconomicwell-beingiscalleda.consumereconomics.b.macroeconomics.c.welfareeconomics.d.supply-sideeconomics.ANSWER:c.welfareeconomics.TYPE:MDIFFICULTY:13.Withrespecttowelfareeconomics,theequilibriumpriceofaproductisconsideredtobethebestpricebecauseita.maximizestotalrevenuetofirmsandtotalutilitytobuyers.b.maximizesthetotalwelfareofbuyersandsellers.c.minimizescostsandmaximizesprofitsofsellers.d.minimizesthelevelofwelfarepaymentstothosewhonolongerlivebelowthepovertyline.ANSWER:b.itmaximizesthetotalwelfareofbuyersandsellers.TYPE:MDIFFICULTY:24.Positiveanalysisreferstowhata.is.b.shouldbe.c.couldbe.d.ispoliticallycorrect.ANSWER:a.is.TYPE:MDIFFICULTY:15.Normativeanalysisreferstowhata.is.b.shouldbe.c.maximizesefficiency.d.ispoliticallycorrect.ANSWER:b.shouldbe.TYPE:MDIFFICULTY:16.Theequilibriumofsupplyanddemandinamarketa.maximizestheprofitsofproducers.b.canonlybeachievedwithgovernmentintervention.c.producesbothanefficientandequitablemarketoutcome.d.maximizesthetotalbenefitsreceivedbybuyersandsellers.ANSWER:d.maximizesthetotalbenefitsreceivedbybuyersandsellers.TYPE:MDIFFICULTY:2190Chapter7/Consumers,Producers,andtheEfficiencyofMarkets7.Theparticularpricethatresultsinquantitysuppliedbeingequaltoquantitydemandedisthebestpricebecauseita.maximizescostsoftheseller.b.maximizestheprofitofbuyers.c.maximizesthetotalwelfareofbuyersandsellers.d.minimizestheexpenditureofbuyers.ANSWER:c.maximizesthetotalwelfareofbuyersandsellers.TYPE:MDIFFICULTY:28.SupposethatLarry,MoeandCurlyarebiddinginanauctionforamint-conditionvideoofCharlieChaplin’sfirstmovie.Eachhasinmindamaximumamountthathewillbid.Thismaximumiscalleda.aresistanceprice.b.willingnesstopay.c.consumersurplus.d.producersurplus.ANSWER:b.willingnesstopay.TYPE:MSECTION:1DIFFICULTY:19.Willingnesstopaymeasuresthea.amountabuyeriswillingtopayforagoodminustheamountthebuyeractuallypaysforit.b.amountaselleractuallyreceivesforagoodminustheminimumamounttheselleriswillingtoaccept.c.maximumamountabuyeriswillingtopayminustheminimumamountaselleriswillingtoaccept.d.maximumamountthatabuyerwillpayforagood.ANSWER:d.maximumamountthatabuyerwillpayforagood.TYPE:MSECTION:1DIFFICULTY:210.Consumersurplusisa.abuyer’swillingnesstopayminustheprice.b.abuyer’swillingnesstopayplustheprice.c.thepriceoftheproductminusthebuyer’swillingnesstopay.d.whenthebuyer’swillingnesstopayandthepriceoftheproductareequal.ANSWER:a.abuyer’swillingnesstopayminustheprice.TYPE:MSECTION:1DIFFICULTY:211.Consumersurplusmeasuresa.theamountofaproductaconsumercanbuyatapricebelowequilibriumprice.b.thedifferencebetweentheamountaconsumerhastopayandtheamounttheconsumerwaswillingtopay.c.thenumberofconsumerswhoareexcludedfromamarketbecauseofscarcity.d.howmuchabuyervaluesagood.ANSWER:b.thedifferencebetweentheamountaconsumerhastopayandtheamounttheconsumerwaswillingtopay.TYPE:MSECTION:1DIFFICULTY:212.Aconsumer’swillingnesstopaymeasuresa.thecostofagoodtothebuyer.b.howmuchabuyervaluesagood.c.howmuchabuyerhastopaytoreceiveagood.d.howmuchasellerreceivesfromthesaleofagood.ANSWER:b.howmuchabuyervaluesagood.TYPE:MSECTION:1DIFFICULTY:213.Ifaconsumeriswillingandabletopay$15.00foraparticulargoodbutthepriceofthegoodis$17.00,thenthea.consumerwouldhaveconsumersurplusof$2.00.b.consumerwouldincreasehis/herwillingnessandabilitytopaybyearningmore.c.consumerwouldnotpurchasethegoodandwouldnothaveanyconsumersurplus.d.marketmustnotbeaperfectlycompetitivemarket.ANSWER:c.consumerwouldnotpurchasethegoodandwouldnothaveanyconsumersurplus.TYPE:MSECTION:1DIFFICULTY:2Chapter7/Consumers,Producers,andtheEfficiencyofMarkets19114.Ifaconsumeriswillingandabletopay$20.00foraparticulargoodbutonlyhastopay$14.00,theconsumersurplusisa.$6.00.b.$14.00.c.$20.00.d.$34.00.ANSWER:a.$6.00.TYPE:MSECTION:1DIFFICULTY:215.Belvaiswillingtopay$65.00forapairofshoesforaformaldance.Shefindsapairatherfavoriteoutletshoestorefor$48.00.Belva’sconsumersurplusisa.$17.b.$31.c.$48.d.$65.ANSWER:a.$17.TYPE:MSECTION:1DIFFICULTY:116.IfBrockiswillingtopay$400foranewsuit,butisabletobuythesuitfor$350,hisconsumersurplusisa.$50.b.$150.c.$350.d.$400.ANSWER:a.$50.TYPE:MSECTION:1DIFFICULTY:117.SupposeLauren,LeslieandLydiaallpurchasebulletinboardsfortheirroomsfor$15each.Lauren’swillingnesstopaywas$35,Leslie’swillingnesstopaywas$25,andLydia’swillingnesstopaywas$30.Totalconsumersurplusforthesethreewouldbea.$15.b.$25.c.$35.d.$45.ANSWER:d.$45.TYPE:MSECTION:1DIFFICULTY:218.SupposeLauren,LeslieandLydiaallpurchasebulletinboardsfortheirroomsfor$15each.Lauren’swillingnesstopaywas$35,Leslie’swillingnesstopaywas$25,andLydia’swillingnesstopaywas$30.Whichofthethreereceivesthemostconsumersurplusfromherpurchase?a.Laurenb.Lesliec.Lydiad.Theyeach