Chapter05曼昆经济学

127Chapter5ElasticityandItsApplicationsMULTIPLECHOICE1.Ingeneral,elasticityisa.thefrictionthatdevelopsbetweenbuyersandsellersinamarket.b.ameasureofhowmuchgovernmentinterventionisprevalentinamarket.c.ameasureofhowcompetitiveamarketis.d.ameasureofhowmuchbuyersandsellersrespondtochangesinmarketconditions.ANSWER:d.ameasureofhowmuchbuyersandsellersrespondtochangesinmarketconditions.TYPE:MSECTION:1DIFFICULTY:12.Whenstudyinghowsomeeventorpolicyaffectsamarket,elasticityprovidesinformationonthea.directionoftheeffectonthemarket.b.magnitudeoftheeffectonthemarket.c.efficiencyoftheeffectonthemarket.d.equityoftheeffectonthemarket.ANSWER:b.magnitudeoftheeffectonthemarket.TYPE:MSECTION:1DIFFICULTY:23.Themostbasictoolsofeconomicsarea.demandandsupply.b.priceandquantity.c.monetaryandfiscalpolicy.d.elasticityofdemandandsupply.ANSWER:a.demandandsupply.TYPE:MSECTION:1DIFFICULTY:14.Thepriceelasticityofdemandmeasureshowresponsivea.buyersaretoachangeinincome.b.sellersaretoachangeinprice.c.buyersaretoachangeinprice.d.sellersaretoachangeinbuyers’incomes.ANSWER:c.buyersaretoachangeinprice.TYPE:MSECTION:1DIFFICULTY:15.Thepriceelasticityofdemandmeasuresa.abuyer’sresponsivenesstoachangeinthepriceofagood.b.theincreaseindemandasadditionalbuyersenterthemarket.c.howmuchmoreofagoodconsumerswilldemandwhenincomesrise.d.theincreaseindemandthatwilloccurfromachangeinoneofthenonpricedeterminantsofdemand.ANSWER:a.abuyer’sresponsivenesstoachangeinthepriceofagood.TYPE:MKEY1:DSECTION:1OBJECTIVE:1RANDOM:Y6.Theconceptofelasticityisusedtoa.analyzehowmuchtheeconomyiscapableofexpanding.b.determinethelevelofgovernmentinventionintheeconomy.c.analyzesupplyanddemandwithgreaterprecision.d.calculateconsumercreditpurchases.ANSWER:c.analyzesupplyanddemandwithgreaterprecision.TYPE:MSECTION:1DIFFICULTY:2128Chapter5/ElasticityandItsApplications7.Demandissaidtobeelasticifa.thepriceofthegoodrespondssubstantiallytochangesindemand.b.demandshiftssubstantiallywhenthepriceofthegoodchanges.c.buyersdonotrespondmuchtochangesinthepriceofthegood.d.thequantitydemandedrespondssubstantiallytochangesinthepriceofthegood.ANSWER:d.thequantitydemandedrespondssubstantiallytochangesinthepriceofthegood.TYPE:MSECTION:1DIFFICULTY:18.Demandissaidtobeinelasticifa.thequantitydemandedchangesonlyslightlywhenthepriceofthegoodchanges.b.demandshiftsonlyslightlywhenthepriceofthegoodchanges.c.buyersrespondsubstantiallytochangesinthepriceofthegood.d.thepriceofthegoodrespondsonlyslightlytochangesindemand.ANSWER:a.thequantitydemandedchangesonlyslightlywhenthepriceofthegoodchanges.TYPE:MSECTION:1DIFFICULTY:29.Aninelasticdemandmeansthata.consumershardlyrespondtoachangeinprice.b.consumersrespondsubstantiallytoachangeinprice.c.consumersresponddirectlytoachangeinincome.d.thechangeinquantitydemandedisequaltothechangeinprice.ANSWER:a.consumershardlyrespondtoachangeinprice.TYPE:MSECTION:1DIFFICULTY:110.Whenquantitydemandedrespondsonlyslightlytochangesinprice,demandissaidtobea.unitelastic.b.elastic.c.inelastic.d.perfectlyinelastic.ANSWER:c.inelastic.TYPE:MSECTION:1DIFFICULTY:111.Ifagoodisanecessity,demandforthegoodwouldtendtobea.elastic.b.horizontal.c.unitelastic.d.inelastic.ANSWER:d.inelastic.TYPE:MSECTION:1DIFFICULTY:212.Whenquantitydemandedrespondssubstantiallytochangesinprice,demandissaidtobea.elastic.b.inelastic.c.unitelastic.d.perfectlyelastic.ANSWER:a.elastic.TYPE:MSECTION:1DIFFICULTY:113.Ifagoodisaluxury,demandforthegoodwouldtendtobea.inelastic.b.elastic.c.unitelastic.d.horizontal.ANSWER:b.elastic.TYPE:MSECTION:1DIFFICULTY:2Chapter5/ElasticityandItsApplications12914.Theelasticityofdemandforluxuriestendstobea.greaterthan1.b.lessthan1.c.equalto1.d.equalto0.ANSWER:a.greaterthan1.TYPE:MSECTION:1DIFFICULTY:215.Ifapersononlyoccasionallyenjoysacupofcoffee,hisdemandforcoffeewouldbea.horizontal.b.inelastic.c.unitelastic.d.elastic.ANSWER:d.elastic.TYPE:MSECTION:1DIFFICULTY:216.Apersonwhohashighcholesterolandmustexerciseanhoureverydayhaswhattypeofdemandforexerciseequipment?a.elasticb.unitelasticc.inelasticd.weakANSWER:c.inelasticTYPE:MSECTION:1DIFFICULTY:217.Demandforagoodwouldtendtobemoreinelasticthea.fewertheavailablesubstitutes.b.longerthetimeperiodconsidered.c.morethegoodisconsideredaluxurygood.d.morenarrowlydefinedthemarketis.ANSWER:a.fewertheavailablesubstitutes.TYPE:MSECTION:1DIFFICULTY:218.ChocolateChipCookieDoughicecreamwouldtendtohaveveryelasticdemandbecausea.itmustbeeatenquickly.b.themarketisbroadlydefined.c.therearefewsubstitutes.d.otherflavorsoficecreamarealmostperfectsubstitutes.ANSWER:d.otherflavorsoficecreamarealmostperfectsubstitutes.TYPE:MSECTION:1DIFFICULTY:219.Wertherscandytendstohaveanelasticdemandbecausea.thecandymarketistoobroadlydefined.b.therearemanyclosesubstitutesforWerthers.c.Werthersareconsideredbysometobeanecessity.d.itisusuallyeatenquicklyandthereforethetimehorizonisshort.ANSWER:b.therearemanyclosesubstitutesforWerthers.TYPE:MSECTION:1DIFFICULTY:220.Thereareveryfew,ifany,goodsubstitutesformotoroil.Therefore,a.thesupplyofmotoroilwouldtendtobepriceelastic.b.thedemandformotoroilwouldtend