Chapter04曼昆经济学

87Chapter4TheMarketForcesofSupplyandDemandMULTIPLECHOICE1.Theforcesthatmakemarketeconomiesworkarea.priceandquantity.b.demandandsupply.c.theSenateandHouseofRepresentatives.d.theConstitutionandtheBillofRights.ANSWER:b.demandandsupply.TYPE:MSECTION:1DIFFICULTY:12.Whichofthefollowingarethewordsmostcommonlyusedbyeconomists?a.surplusandshortageb.scarcityandhumanwantsc.supplyanddemandd.priceandquantityANSWER:c.supplyanddemandTYPE:MSECTION:1DIFFICULTY:13.Oneresultofadroughtinthemidwestcouldbeanincreaseina.farmmachineryprices.b.thepriceofdieselfuelusedinfarming.c.migrantfarmworkers’wages.d.thepriceoffrostedshreddedwheat.ANSWER:d.thepriceoffrostedshreddedwheat.TYPE:MSECTION:1DIFFICULTY:24.Inafreemarket,whodetermineshowmuchofagoodwillbesoldandthepriceatwhichitissold?a.suppliersb.demandersc.thegovernmentd.suppliersanddemanderstogetherANSWER:d.suppliersanddemanderstogetherTYPE:MSECTION:1DIFFICULTY:15.Amarketisaa.groupofdemandersandsuppliersofaparticulargoodorservice.b.groupofpeoplewithcommondesires.c.placewhereonlysellersmeet.d.placewhereonlybuyerscometogether.ANSWER:a.groupofdemandersandsuppliersofaparticulargoodorservice.TYPE:MSECTION:1DIFFICULTY:16.Thebehaviorofpeopleastheyinteractwithoneanotherinmarketsisreferredtoasa.economics.b.interaction.c.demandandsupply.d.socialpsychology.ANSWER:c.demandandsupply.TYPE:MSECTION:1DIFFICULTY:188Chapter4/TheMarketForcesofSupplyandDemand7.Whichofthefollowingistrue?a.Buyersdeterminesupplyandsellersdeterminedemand.b.Buyersdeterminedemandandsellersdeterminesupply.c.Buyersandsellersasonegroupdeterminesupply.d.Buyersandsellersasonegroupdeterminedemand.ANSWER:b.Buyersdeterminedemandandsellersdeterminesupply.TYPE:MSECTION:1DIFFICULTY:28.Foreachgoodproducedinamarketeconomy,demandandsupplydeterminea.thepriceofthegood,butnotthequantity.b.thequantityofthegood,butnottheprice.c.bothpriceandquantity.d.neitherpricenorquantityisdeterminedbydemandandsupply,becausepricesareultimatelysetbyproducers.ANSWER:c.bothpriceandquantity.TYPE:MSECTION:1DIFFICULTY:29.Inamarketeconomy,a.demandisdeterminedbysupply.b.supplyisdeterminedbydemand.c.priceisdeterminedbyquantity.d.quantityisdeterminedbyprice.e.Eitheraorbarecorrect,dependingontheproduct.ANSWER:d.quantityisdeterminedbyprice.TYPE:MSECTION:1DIFFICULTY:210.Whoisitthatultimatelydeterminesthedemandforaproductorservice?a.thosewhobuytheproductorserviceb.thegovernmentc.theproducerswhocreatetheproductorserviced.thosewhosupplytherawmaterialsusedintheproductionofthegoodorserviceANSWER:a.thosewhobuytheproductorserviceTYPE:MSECTION:1DIFFICULTY:211.Aneconomy’sscarceresourcesareallocatedbya.economicplanners.b.producerswhouseresources.c.pricesforresources.d.governmentregulationofscarceresources.ANSWER:c.pricesforresources.TYPE:MSECTION:1DIFFICULTY:212.Acompetitivemarketisoneinwhicha.thereisonlyoneselleroftheproduct.b.eachselleroftheproductisfreetosetthepriceofhisproduct.c.eachsellerattemptstocompetewithothersellers,causingfewersellersinthemarket.d.therearesomanybuyersandmanysellersthateachhasanegligibleimpactonprice.ANSWER:d.therearesomanybuyersandmanysellerssothateachhasanegligibleimpactonprice.TYPE:MSECTION:1DIFFICULTY:213.Inacompetitivemarket,a.onlyafewsellerssellthesameproduct.b.eachsellerhaslimitedcontroloverthepriceofhisproduct.c.ifonebuyerchoosestopurchasealargequantityoftheproduct,thepricewillrise.d.ifonesellerwithholdshisproductfromthemarket,priceswillrise.ANSWER:b.eachsellerhaslimitedcontroloverthepriceofhisproduct.TYPE:MSECTION:1DIFFICULTY:2Chapter4/TheMarketForcesofSupplyandDemand8914.Inacompetitivemarket,eachsellerhaslimitedcontroloverthepriceofhisproductbecausea.othersellersareofferingsimilarproducts.b.incompetitivemarkets,buyershavemoreinfluenceoverpricethansellers.c.theproductssoldincompetitivemarketsaregenerallyinabundantsupply.d.sellersincompetitivemarketsprefertomeetandsetapricethateachwillprofitfrom.ANSWER:a.othersellersareofferingsimilarproducts.TYPE:MSECTION:1DIFFICULTY:215.Foracompetitivemarket,whichofthefollowingistrue?a.Asellerwhochargesmorethanthegoingpricecanincreaseherprofit.b.Ifasellerchargesmorethanthegoingprice,buyerswillgoelsewhere.c.Aselleroftenchargeslessthanthegoingpricetoincreasesalesandprofit.d.Abuyercaninfluencethepriceoftheproduct,butonlywhenpurchasingfromseveralsellers.ANSWER:b.Ifasellerchargesmorethanthegoingprice,buyerswillgoelsewhere.TYPE:MSECTION:1DIFFICULTY:216.WhichofthefollowingisNOTacharacteristicofaperfectlycompetitivemarket?a.similarproductsb.numeroussellersc.marketpowerd.numerousbuyersANSWER:c.marketpowerTYPE:MSECTION:1DIFFICULTY:117.Pricetakersrefertobuyersandsellersina.aperfectlycompetitivemarket.b.amonopolisticlycompetitivemarket.c.anoligopolisticmarket.d.amonopolisticmarket.ANSWER:a.aperfectlycompetitivemarket.TYPE:MSECTION:1DIFFICULTY:218.Buyersandsellerswhohavenoinfluenceonmarketpricearereferredtoasa.pricemakers.b.marketpawns.c.pricetakers.d.powerless.ANSWER:c.pricetakers.TYPE:MSECTION:1DIFFICULTY:119.Pricetakershavenoinfluenceovermarketpricesbecausetherearea.numerousbuyers.b.numeroussellers.c.distinctiveproducts