后天考EC1301，拿了这门课的筒子可以练练。：）

下面选择题均只有一个是正确的。

PART 1. The Theory of Demand


1. Tom graduates from university with a degree in Economics and his income increases by £10,000 a year. Other things remaining the same, he decreases the quantity of donuts he buys. For Tom, donuts ______________.


A are a normal good
B and tea has become complements
C are an inferior good
D and toast have become substitutes

2. Suppose that an 20% increase in the price of good Y results in an increase in the consumption of good X of 8%. This is an example of

A The substitution effect
B A higher demand for all goods and services in general
C A shift in supply
D The real income effect

3. The market demand curve for overseas cruises will NOT shift when there is a

A Fall in the price of a cruise in the brochures
B Successful advertising campaign
C Rise in consumers real incomes
D Increase in the price of land-based package holidays (a substitute for cruises)

4. Chicken and fish are assumed to be substitutes. If the price of chicken increases, the demand for fish will _________

A increase and the demand curve for fish wil shift to the right
B increase or decrease, but there will be no change in the demand for chicken
C decrease and the demand curve for fish will shift to the left
D not change but there will be a movement along the demand curve for fish

5. The demand for fresh bread from a bakery is estimated to have an income elasticity of + 0.3. Following a 15% rise in consumers real incomes (other factors held constant) we predict that demand for fresh bread will

A Rise by 3%
B Rise by 4%
C Rise by 4.5%
D Rise by 15%

6. Which one of the following would be expected to cause an inward shift in the market demand for UK produced cheese?

A An increase in the price of a complement to cheese
B A rise in income - assuming that cheese is a normal good
C A rise in the price of a substitute for cheese
D An increase in the price of cheese

7. All other factors held constant (ceteris paribus) a decrease in market demand for new cars will lead to

A increased price and decreased quantity
B decreased price and decreased quantity
C decreased price and no change in quantity
D increased price and increased quantity

8. According to the Law of Supply

A if the price is low, any firm will sell the product
B anything that is supplied will be purchased by consumers
C the higher the price, the larger the quantity supplied.
D the higher the price, the lower the quantity supplied

9. When the price of one of the products that you buy increases, your purchasing power decreases. Thus you are likely to buy less of all normal goods. This is known as:

A the substitution effect
B the real income effect
C the giffen good effect
D the law of diminishing marginal returns

10. If consumers expect that the price of cocoa will increase in the future, what will happen to equilibrium price and quantity of cocoa now?

A Both price and quantity will remain the same
B Price will increase; quantity will increase
C Price will decrease; quantity will increase
D Price will increase; quantity will decrease



答案是：


CAAAC ABCBB

Part 2. Demand and Supply



1. The supply of canned peaches at a given price will shift inwards when there is

A An advertising campaign for canned peaches

B A higher price for aluminium cans

C An increase in the demand for milk

D An increase in the demand for fresh fruit


2. If the supply curve for a good is positively sloped, a rise in the price of the good results in

A A rightward shift in the supply curve

B A decrease in the quantity supplied

C A leftward shift in the supply curve

D An increase in quantity supplied


3. A tax on producers of alcoholic lemonade (other factors remaining equal) would cause

A An outward shift of demand

B An inward shift of supply

C An outward shift of supply

D An inward shift of demand


4. Given a fall in real income caused by an economic recession, the demand curve for a normal good will, other things being equal,

A Shift to the left, hence lowering price

B Shift to the right, only if prices rise by less than real income

C Shift to the right, hence raising price

D Shift to the left, causing an inward shift of the supply curve


5. Which of the following would be expected to increase market demand for foreign holidays

A A fall in the value of the exchange rate

B A rise in mortgage interest rates

C A rise in consumers' income

D A fall in consumer confidence


6. What is an inferior good?

A A good that only low income families will contemplate buying

B A good that is advertised only on Channel 5

C A good of such poor quality that only Asda will stock it

D A good for which demand will fall as income rises


7. An improvement in technology lowers the cost of producing coffee. At the same time, consumers switch their preferences away from tea towards coffee. We would expect the quantity traded of coffee to

A Fall

B Rise

C Remain the same

D Rise or fall depending on whether the price of coffee rises or falls



8. Which of the following would cause the demand curve for a good to shift to the left?

A An increase in the supply of the good

B A decrease in the price of a substitute good

C A rise in the price of the good

D A decrease in the tax imposed by the government on the good


9. Consider the price and demand for flower vases. The price of freshly cut flowers goes up sharply. Which of the following would you expect to happen?

A There will be a movement along the demand curve for flower vases and price will go down

B The demand curve for flower vases will shift to the left and their price will fall

C The demand curve for flower vases will shift to the left and their price will rise

D The demand curve for flower vases to will shift to the right and their price will rise


10. A rise in the relative price of bus transport will lead to

A A fall in the demand for new cars

B An expansion of supply of new cars

C An expansion of new bus routes available for customers

D A fall in the demand for taxi services




答案是

BDBAC DBBBB

PART 3. Price Elasticity of Demand



1.When the price elasticity of demand for a good is greater than 1, we say that the demand is ____________________.Demand is said to be ____________________ when the elasticity of demand is less than ____________________

A inelastic, elastic, 1
B inelastic, elastic, -1
C elastic, inelastic, -1
D elastic, inelastic, 1

2. True or False, the steeper the demand curve, the less elastic the demand curve

A False
B True

3. We know that the demand for a good or service is inelastic if ____________________

A when price rises, quantity demanded falls
B when price rises, total revenue rises
C when price rises, quantity demanded rises
D when price rises, total revenue falls

4. When consumers only have a limited time period to respond to price changes, demand becomes

A more price elastic
B less price elastic
C unit elastic
D the time frame does not influence price elasticity of demand

5. Given that the market demand for heroin is inelastic, how will a reduction in market supply affect total revenue of those selling this drug (other things equal)?

A Total revenue will fall
B The final effect on total revenue cannot be predicted - it depends on how much the supply has fallen
C Total revenue will remain unchanged
D Total revenue will rise

6. The local multiplex cinema discovered that when it charged £5 for the afternoon matinee, it took in £450 per showing, but when it lowered the price to £3, it took in £500 per showing. This implied that the elasticity of demand for afternoon matinee movies is

A Price inelastic
B Unit elastic
C Price elastic
D Perfectly elastic

7. If the price elasticity of demand for beans is estimated to be -0.4, then a 20% increase in price will _______ the quantity demanded by ____ %

A decrease, 14%
B decrease, 8%
C increase, 16%
D increase, 8%

8. When the price of petrol rises 30%, the quantity of petrol purchased falls by 6%. The demand for petrol is _______________

A price inelastic
B perfectly elastic
C perfectly inelastic
D price elastic

9. The price elasticity of demand measures the responsiveness of quantity demanded for good X to ____________________

A quantity demanded
B a change in the output of good X
C quantity supplied
D a change in the price of good X

10. If you earn £50,000 a year and acquiring a cable TV service costs you £360 per year, your demand for cable television is likely to be

A perfectly elastic
B elastic
C inelastic
D perfectly inelastic



答案是：

CBBBB CBADC

PART 0. Introductory Economic Concepts





1. Which one of the following is a positive economic statement?

A the extent of income inequality in the United Kingdom has increased over the last 30 years
B the rate of unemployment is too high
C the national minimum wage rate should be increased to £5 per hour for all workers
D nurses working the national health service should be on a maximum working week of 50 hours per week

2. Which one of the following is an example of a 'normative economic statement'?

A Most firms seek to maximise their market share
B Prices in a competitive market are likely to be lower than under a pure monopoly
C Increased consumer spending on new cars will lead to a rise in traffic congestion
D The government should increase the taxation on goods which harm the environment


3. Which economic concept is illustrated by the shape of the production possibility frontier shown in the diagram above?

A The theory of demand
B Economic growth
C The law of diminishing marginal returns
D The law of economies of scale

4. The opportunity cost to society of constructing a new motorway would be

A The other goods and services which labour employed constructing the road could produce
B The other goods and services that would be produced if the motorway were not built
C The financial cost of the road
D The loss of farmland and natural habitat used in order to build the road

5. In a market-based economy the scarcity of factors of production means that

A The economy cannot achieve economic growth every year
B The economy cannot produce on its production possibility frontier
C Consumers must inevitably consider the opportunity cost of their choices
D Inflation is inevitable


6. A reallocation of resources within an economy from A to B shown in the PPF diagram above is likely to lead to

A An increase in the demand for consumption goods
B A short term rise in production of consumer goods and a fall in demand for investment goods
C A short term fall in production of consumer goods but a long term rise in an economy's productive potential
D A decrease in demand for workers employed in producing capital goods

7. Choice is an important element in the basic economic problem because

A limited economic resources have many alternative uses
B wants increase with income
C scarce economic resources are distributed equally
D high demand leads to higher market prices

8. Which one of the following is best described as a normative statement?

A A reduction in spending on the NHS will result in some job losses
B A reduction in health care spending will have most impact on lower income households
C Free health care should be provided to everyone free at the point of consumption and not based on ability to pay
D Extra funding for the NHS may involve some switching of spending from other services

9. Which one of the following is a normative economic statement?

A The government regards health care as a merit good
B Building a new hospital involves an opportunity cost
C Some medicinal drugs are ineffective
D The government should spend more on the health service

10. Which of the following is a measure of productivity?

A The amount produced
B The percentage increase in employment
C The quantity of capital employed
D Output divided by employment




答案是：

ADCBC CACDD

PART4. Costs of Production



1. If we assume that production in the short run is subject to increasing and then diminishing returns to the variable factor, then the general shape of the short run marginal cost curve is that it ____________________ and then ____________________

A declines, rises
B is horizontal, rises
C is horizontal, declines
D rises, declines

2. Which if the following could lead to diseconomies of scale?

A A limited size of market
B Difficulties in coordinating production
C Labour shortages
D An increase in the market prices of important raw materials

3. ____________are the sum of _____________ and _____________

A Variable costs (VC), fixed costs (FC), marginal costs (MC)
B Fixed costs (FC), variable costs (VC), marginal costs (MC)
C Total costs (TC), fixed costs (FC), variable costs (VC)
D Marginal costs (MC), fixed costs (FC), variable costs (VC)

4. A firm has £400 million in revenues and total costs of £150 million. Its owners have invested £200 million in the company. This could have been invested at 10 percent per year. The firm's economic profit is

A £230 million
B £250 million
C Zero
D £200 million

5. The minimum efficient scale of production (MES) represents

A the lowest price a business can charge consumers and still make normal profit.
B the output at which the long run average total cost curve becomes horizontal
C the output at which no further increases in output are possible
D the highest number of employees a firm can employ before productivity starts to fall

6. The break-even point or output for a business in both the short and the long run occurs when _____________

A Price = Marginal Cost
B Price = Average Variable Cost
C Price = Average Total Cost
D Price = Average Fixed Cost

7. Diseconomies of scale occur in the long run when

A the workforce demands a higher share of company profits as output increases
B a firm's long run average total cost increases with increased production.
C a firm pays a higher price for inputs as its level of production increases.
D a firm faces a high level of sunk costs

8. When a firm's long-run average cost curve exhibits internal economies of scale in the long run

A the long-run average cost equals the short-run average cost for all levels of output
B the long-run average cost curve (LRAC) is downward sloping
C the long-run average cost curve (LRAC) is upward sloping
D the long-run average cost curve (LRAC) is horizontal

9. If a producer's long-run average cost rises as its scale of operations increases, the producer is experiencing

A diminishing returns
B diseconomies of scale
C economies of scale
D falling profits

10. If the firm is experiencing diminishing returns to labour (in the short run), then total output is ________, and marginal cost is __________.

A constant, constant
B increasing, constant
C increasing, increasing
D increasing, decreasing



答案是：


ABCAB CBBBC

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虽说有点顶晚了。