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Economics proceeds by making … of social phenomena, which are simplified representations of reality.
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Models
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Ответы на тесты Microeconomics (Advanced Level).d
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Бесплатные ответы на тесты по предмету «Microeconomics (Advanced Level).d» — Синергия и МТИ
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Вопрос 2
In this task, economists are guided by the … , which states that people typically try to choose what’s best for them, and by the equilibrium principle, which says that prices will adjust until demand and supply are equal.
Вопрос 3
The demand curve measures how much people wish to demand at each price, and the supply curve measures how much people wish to supply at each price. An … is one where the amount demanded equals the amount supplied.
Вопрос 4
The study of how the equilibrium price and quantity change when the underlying conditions change is known as … .
Вопрос 5
An economic situation is … if there is no way to make some group of people better off without making some other group of people worse off. The concept of Pareto efficiency can be used to evaluate different ways of allocating resources.
Вопрос 6Ответ открыт бесплатно
The movement from one equilibrium to another can take a substantial amount of … , and questions about how such movement takes place can be very interesting and important.
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All of the above
Вопрос 7
Economists call a person’s maximum willingness to pay for something that person’s … .
Вопрос 8
An economist would describe the distinction between the prices of the two kinds of apartments in this model by saying that the price of the outer-ring apartments is an exogenous variable, while the price of the inner-ring apartments is an … .
Вопрос 9
People try to choose the best patterns of consumption that they can afford. This is known as:
Вопрос 10Ответ открыт бесплатно
Prices adjust until the amount that people demand of something is equal to the amount that is supplied. This is known as:
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Accounting principal ; Equilibrium Principle
Вопрос 11
The … consists of all bundles of goods that the consumer can afford at given prices and income. We will typically assume that there are only two goods, but this assumption is more general than it seems.
Вопрос 12
The … is written as p1x1+p2x2 = m. It has a slope of −p1/p2, a vertical intercept of m/p2, and a horizontal intercept of m/p1.
Вопрос 13Ответ открыт бесплатно
Increasing income shifts the budget line … . Increasing the price of good 1 makes the budget line steeper. Increasing the price of good 2 makes the budget line flatter.
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Outward
Вопрос 14
Taxes, subsidies, and rationing change the slope and position of the budget line by changing the … paid by the consumer.
Вопрос 15
The economic theory of the consumer is very simple: economists assume that consumers choose the … bundle of goods they can afford.
Вопрос 16Ответ открыт бесплатно
We say that good 2 represents a … that stands for everything else that the consumer might want to consume other than good 1.
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Best good
Вопрос 17
Economists sometimes say that the slope of the budget line measures the … of consuming good 1.
Вопрос 18
The budget line is defined by two prices and one income, but one of these variables is … .
Вопрос 19
Governments also sometimes impose … . This means that the level of consumption of some good is fixed to be no larger than some amount. For example, during World War II the U.S. government rationed certain foods like butter and meat.
Вопрос 20Ответ открыт бесплатно
Households with … incomes had to pay more for their allotment of food stamps. Thus the slope of the budget line would become steeper as household income increased.
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Higher
Вопрос 21
Economists assume that a consumer can rank various consumption possibilities. The way in which the consumer ranks the consumption bundles describes the consumer’s … .
Вопрос 22
Indifference curves can be used to depict different kinds of … .
Вопрос 23Ответ открыт бесплатно
Well-behaved preferences are monotonic (meaning more is better) and … (meaning averages are preferred to extremes).
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Convex
Вопрос 24
The … measures the slope of the indifference curve. This can be interpreted as how much the consumer is willing to give up of good 2 to acquire more of good 1.
Вопрос 25
We call the objects of consumer choice … bundles.
Вопрос 26Ответ открыт бесплатно
Two goods are … if the consumer is willing to substitute one good for the other at a constant rate.
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Perfect substitutes
Вопрос 27
… complements are goods that are always consumed together in fixed proportions.
Вопрос 28
A … is a neutral good if the consumer doesn’t care about it one way or the other.
Вопрос 29
A … is a commodity that the consumer doesn’t like.
Вопрос 30Ответ открыт бесплатно
The slope of an indifference curve is known as the … .
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marginal rate of substitution (MRS)
Вопрос 31
A utility function is simply a way to represent or summarize a … ordering. The numerical magnitudes of utility levels have no intrinsic meaning.
Вопрос 32
Thus, given any one … function, any monotonic transformation of it will represent the same preferences.
Вопрос 33Ответ открыт бесплатно
The …, can be calculated from the utility function via the formula MRS = Δx2/Δx1 = −MU1/MU2.
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MRS
Вопрос 34
The theory of … has been reformulated entirely in terms of consumer preferences, and utility is seen only as a way to describe preferences.
Вопрос 35
A utility function is a way of assigning a number to every possible … bundle such that more-preferred bundles get assigned larger numbers than less-preferred bundles.
Вопрос 36Ответ открыт бесплатно
There are some theories of utility that attach a significance to the magnitude of utility. These are known as cardinal utility theories.
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True
Вопрос 37
In mathematics, the set of all (x1, x2) such that u(x1, x2) equals a constant is called a absolute set.
Вопрос 38
When the utility function is linear in good 2, but (possibly) nonlinear in good 1; hence the name quasilinear utility, meaning «partly linear» utility.
Вопрос 39
Consider a consumer who is consuming some bundle of goods, (x1, x2). How does this consumer’s utility doesn’t change as we give him or her a little more of good 1? This rate of change is called the marginal utility with respect to good 1.
Вопрос 40Ответ открыт бесплатно
Utility functions are basically ways of describing choice behavior.
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True
Вопрос 41
The optimal choice of the consumer is that bundle in the consumer’s budget set that lies on the … indifference curve.
Вопрос 42
Typically, the optimal bundle will be characterized by the condition that the slope of the indifference curve (the MRS) will equal the slope of the … line.
Вопрос 43Ответ открыт бесплатно
If we observe several … choices it may be possible to estimate a utility function that would generate that sort of choice behavior. Such a utility function can be used to predict future choices and to estimate the utility to consumers of new economic policies.
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Consumption
Вопрос 44
If everyone faces the same prices for the two goods, then everyone will have the … marginal rate of substitution, and will thus be willing to trade off the two goods in the same way.
Вопрос 45
The optimal choice of goods 1 and 2 at some set of prices and income is called the consumer’s … bundle.
Вопрос 46Ответ открыт бесплатно
The demand function is the function that relates the optimal choice—the quantities demanded—to the different values of prices and incomes.
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True
Вопрос 47
Quantity tax is a tax on the amount consumed of a good, like a gasoline tax of 15 cents per gallon.
Вопрос 48
An income tax is just a tax on Expenses.
Вопрос 49
The Cobb-Douglas consumer always spends a fixed fraction of his income on each good. The size of the fraction is determined by the exponent in the Cobb-Douglas function.
Вопрос 50Ответ открыт бесплатно
The basic procedure will be the same for each example: plot the indifference curves and inverse the budget line and find the point where the lowest indifference curve touches the budget line.
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False
Вопрос 51
The consumer’s … function for a good will in general depend on the prices of all goods and income.
Вопрос 52
A … good is one for which the demand increases when income increases. An inferior good is one for which the demand decreases when income increases.
Вопрос 53Ответ открыт бесплатно
An ordinary good is one for which the demand … when its price increases. A Giffen good is one for which the demand increases when its price increases.
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Decreases
Вопрос 54
If the demand for good 1 … when the price of good 2 increases, then good 1 is a substitute for good 2. If the demand for good 1 decreases in this situation, then it is a complement for good 2.
Вопрос 55
The inverse demand function measures the price at which a given quantity will be demanded. The … of the demand curve at a given level of consumption measures the marginal willingness to pay for an additional unit of the good at that consumption level.
Вопрос 56Ответ открыт бесплатно
The consumer’s demand functions give the optimal amounts of each of the goods as a function of the prices and income faced by the consumer.
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True
Вопрос 57
Studying how a choice responds to changes in the economic environment is known as comparative statics.
Вопрос 58
We would normally think that the demand for each good would increase when income increases. Economists, with a singular lack of imagination, call such goods normal goods.
Вопрос 59
The income offer curve is also known as the income expansion path.
Вопрос 60Ответ открыт бесплатно
The Engel curve is a graph of the demand for one of the goods as a function of income, with all prices being held constant.
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True
Вопрос 61
The market demand curve is simply the sum of the individual … curves.
Вопрос 62
The … price measures the price at which a consumer is just indifferent between purchasing or not purchasing a good.
Вопрос 63Ответ открыт бесплатно
The demand function measures quantity demanded as a function of price. The … demand function measures price as a function of quantity. A given demand curve can be described in either way.
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Inverse
Вопрос 64
The elasticity of demand measures the responsiveness of the quantity demanded to … . It is formally defined as the percent change in quantity divided by the percent change in price.
Вопрос 65
If the absolute value of the elasticity of demand is … than 1 at some point, we say that demand is inelastic at that point. If the absolute value of elasticity is greater than 1 at some point, we say demand is elastic at that point. If the absolute value of the elasticity of demand at some point is exactly 1, we say that the demand has unitary elasticity at that point.
Вопрос 66Ответ открыт бесплатно
If demand is elastic at some point, then an increase in quantity will result in a reduction in revenue.
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False
Вопрос 67
The marginal revenue is the extra revenue one gets from increasing the quantity sold. The formula relating marginal revenue and elasticity is MR = p[1 + 1/E ] = p[1 − 1/|E |].
Вопрос 68
If the inverse demand curve is a linear function p(q) = a − bq, then the marginal revenue is given by MR = a − 2bq.
Вопрос 69
Price elasticity measures the responsiveness of the quantity demanded to income. It is formally defined as the percent change in quantity divided by the percent change in income.
Вопрос 70Ответ открыт бесплатно
A normal good is one for which an increase in income leads to an increase in demand; so for this sort of good the income elasticity of demand is positive.
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True
Вопрос 71
We can use the … set and indifference curve apparatus developed earlier to examine the choice of how much money to invest in risky and riskless assets.
Вопрос 72
The marginal rate of substitution between … and return will have to equal the slope of the budget line. This slope is known as the price of risk.
Вопрос 73Ответ открыт бесплатно
The amount of … present in an asset depends to a large extent on its correlation with other assets. An asset that moves opposite the direction of other assets helps to reduce the overall risk of your portfolio.
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Risk
Вопрос 74
The amount of risk in an asset relative to that of the market as a whole is called the … of the asset.
Вопрос 75
The fundamental equilibrium condition in asset markets is that risk adjusted returns have to be the … .
Вопрос 76Ответ открыт бесплатно
Counterparty risk, which is the risk that the other side of a transaction will not pay, can also be an important risk factor.
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True
Вопрос 77
A closely related measure is the standard deviation, denoted by σw, which is the square root of the variance.
Вопрос 78
Suppose that you can invest in two different assets. One of them, the risk-free asset, always pays a different rate of return, rf. This would be something like a Treasury bill that pays a different rate of interest regardless of what happens.
Вопрос 79
We can call this slope the price of risk since it measures how risk and return can be traded off in making portfolio choices.
Вопрос 80Ответ открыт бесплатно
Financial institutions loan money only to individuals but to each other.
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False
Вопрос 81
In the case of a … good and quasilinear utility, the utility associated with the consumption of n units of the discrete good is just the sum of the first n reservation prices.
Вопрос 82
This sum is the gross benefit of consuming the good. If we … the amount spent on the purchase of the good, we get the consumer’s surplus.
Вопрос 83Ответ открыт бесплатно
The change in … surplus associated with a price change has a roughly trapezoidal shape. It can be interpreted as the change in utility associated with the price change.
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Consumer’s
Вопрос 84
In general, we can use the compensating variation and the equivalent variation in income to measure the monetary impact of a … change.
Вопрос 85
If utility is … , the compensating variation, the equivalent variation, and the change in consumer’s surplus are all equal.
Вопрос 86Ответ открыт бесплатно
In the case of supply behavior we can define a producer’s surplus that measures the net benefits to the supplier from producing a given amount of output.
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True
Вопрос 87
The term v(n) − pn is called consumer’s surplus.
Вопрос 88
If a single consumers is involved we can add up each consumer’s surplus across all the consumers to create an aggregate measure of the consumers’ surplus.
Вопрос 89
This is called the equivalent variation in income since it is the income change that is opposite to the price change in terms of the change in utility.
Вопрос 90Ответ открыт бесплатно
the area above the supply curve is known as producer’s surplus.
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True
Вопрос 91
The … curve measures how much people will be willing to supply of some good at each price.
Вопрос 92
An … price is one where the quantity that people are willing to supply equals the quantity that people are willing to demand.
Вопрос 93Ответ открыт бесплатно
The study of how the equilibrium price and quantity change when the underlying demand and supply curves change is another example of … statics.
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Comparative
Вопрос 94
When a good is taxed, there will always be two prices: the price paid by the demanders and the price received by the suppliers. The difference between the two represents the amount of the … .
Вопрос 95
How much of a tax gets passed along to consumers depends on the relative steepness of the demand and supply curves. If the supply curve is horizontal, all of the tax gets passed along to consumers; if the supply curve is vertical, … of the tax gets passed along.
Вопрос 96Ответ открыт бесплатно
The deadweight loss of a tax is the net loss in consumers’ surplus plus producers’ surplus that arises from imposing the tax. It measures the value of the output that is not sold due to the presence of the tax.
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True
Вопрос 97
A situation is Pareto efficient if there is no way to make some group of people better off without making some other group worse off.
Вопрос 98
The Pareto efficient amount of output to supply in a single market is that amount where the demand and supply curves cross, since this is the only point where the amount that demanders are willing to pay for an extra unit of output equals the price at which suppliers are willing to supply an extra unit of output.
Вопрос 99
If we have a number of independent suppliers of this good, we can add up their individual supply curves to get the market demand curve.
Вопрос 100Ответ открыт бесплатно
A market where each economic agent takes the market price as outside of his or her control is called a super market.
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False
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