经济学题库及答案(21)

Economics, 11e, Global Edition (Parkin)

Part 4 Review

1 Firms and Markets

1) Ms. Lollipop opened a candy store in December 2013. She rented a building for $25,000 a year and used $30,000 from her savings account, which earned an annual interest rate of 5 percent, to buy capital equipment. In December 2014, the market value of her capital equipment was $26,000. What is the economic depreciation of Lollipop's capital?

A) $3,000

B) $4,000

C) $1,000

D) $25,000

Answer: B

Topic: Economic Depreciation

Skill: Conceptual

Status: Previous edition, Part Review 4

AACSB: Analytical Skills

2) Ms. Lollipop opened a candy store in December 2013. She rented a building for $25,000 a year and used $30,000 from her savings account, which earned an annual interest rate of 5 percent, to buy capital equipment. During the first year of operation, Lollipop paid $28,000 to her employees, $10,000 for utilities, and $16,000 for goods she bought from other firms. In December 2014, the market value of Lollipop's capital equipment was $26,000. Lollipop's best alternative to running her candy store is to work as a sales clerk at Winn-Dixie for $15,000 a year. What is Lollipop's total opportunity cost?

A) $99,500

B) $94,000

C) $79,000

D) $20,500

Answer: A

Topic: Opportunity Costs

Skill: Conceptual

Status: Previous edition, Part Review 4

AACSB: Analytical Skills

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3) Ms. Lollipop ope ned a candy store in December 2013. She ren ted a build ing for $25,000 a year and used $30,000 from her sav ings accou nt, which ear ned an ann ual in terest rate of 5 perce nt, to buy capital equipment. During the first year of operation, Lollipop paid $28,000 to her employees, $10,000 for utilities, and $16,000 for goods she bought from other firms. In December 2014, the market value of Lollipop's capital equipme nt was $26,000. Lollipop's best alter native to running her candy store is to work as a sales clerk at Winn-Dixie for $15,000 a year. What is Lollipop's econ omic profit?

A) $21,000

B) $500

C) $5,000

D) -$9,000

An swer: B

Topic: Economic Profit

Skill: Conceptual

Status: Previous edition, Part Review 4

AACSB: Analytical Skills

4) In the table above, what is the marg inal product of the 5th worker?

A) 190 units per week

B) 4 un its per week

C) 20 un its per week

D) 38 un its per week

An swer: C

Topic: Marginal Product of Labor

Skill: Analytical

Status: Previous edition, Part Review 4

AACSB: Analytical Skills

5) Give n the in formati on in the table above, suppose labor is the only variable in put. The price of labor is $400 per week and total fixed costs are $1,000 per week. What is the total cost of produci ng 100 un its?

A) $1,700

B) $1,800

C) $1,900

D) $2,000

An swer: B

Topic: Total Cost

Skill: Analytical

Status: Previous edition, Part Review 4

AACSB: Analytical Skills

6) Given the information in the table above, suppose labor is the only variable input. The price of labor is $400 per week and total fixed costs are $1,000 per week. If 170 units are produced, the average total cost is

2

A) $15.29.

B) $5.88.

C) $9.41.

D) $7.99 Answer: A

Topic: Average Total Cost

Skill: Analytical

Status: Previous edition, Part Review 4

AACSB: Analytical Skills

7) Given the information in the table above, suppose labor is the only variable input. The price of labor is $400 per week and total fixed costs are $1,000 per week. What is the marginal cost of producing the 120th unit?

A) $400.00

B) $40.00

C) $20.00

D) $10.00 Answer: D

Topic: Marginal Cost

Skill: Analytical

Status: Previous edition, Part Review 4

AACSB: Analytical Skills

8) Given the information in the table above, suppose labor is the only variable input. The price of labor is $400 per week and total fixed costs are $1,000 per week. If the firm wants to minimize its average total cost, it should produce

A) 100 units.

B) 140 units.

C) 170 units.

D) 190 units.

Answer: C

Topic: Average Total Cost

Skill: Analytical

Status: Previous edition, Part Review 4

AACSB: Analytical Skills

9) The profit maximizing condition for any competitive firm is

A) MR = P.

B) MC = MR.

C) P = ATC.

D) None of the above answers is correct because each type of competitive firm has a different condition of maximizing its profit.

Answer: B

Topic: Profit Maximization

Skill: Conceptual

Status: Previous edition, Part Review 4 AACSB: Reflective Thinking

10) Firms in which of the following industries can incur an economic loss in the short run?

A) Any firm can in cur an econo mic loss profit in the short run.

B) only perfect competiti on and mono polistic competiti on

C) only mono polistic competiti on

D) only perfect competiti on

An swer: A

Topic: Economic Loss

Skill: Conceptual

Status: Modified 10th edition

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AACSB: Reflective Thinking

11) Which of the followi ng stateme nts is FALSE? __

A) In the short run, a monopolist might operate even though it is incurring an economic loss, but in the short run a perfectly competitive firm always shuts down if it is incurring an economic loss.

B) A monopoly can earn an economic profit in the long run, but a perfectly competitive firm cannot.

C) A mono poly can set its price while a perfectly competitive firm cannot.

D) A mono poly is protected by barriers to en try while a perfectly competitive firm is not.

An swer: A

Topic: Single-Price Monopoly's Output and Price Decisions

Skill: Conce …… 此处隐藏：7444字，全部文档内容请下载后查看。喜欢就下载吧 ……