《经济学原理》(微观)第五版测试题库 (新) 下载本文

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288 ? Chapter 5 /Elasticity and Its Application

Chapter 5

Elasticity and Its Application

TRUE/FALSE

1. Elasticity measures how responsive quantity is to changes in price. ANS: T DIF: 1 REF: 5-0

LOC: Elasticity TOP: Price elasticity of demand ANS: T DIF: 1 REF: 5-0

LOC: Elasticity TOP: Price elasticity of demand

NAT: Analytic MSC: Definitional NAT: Analytic MSC: Definitional

2. Measures of elasticity enhance our ability to study the magnitudes of changes.

3. The demand for bread is likely to be more elastic than the demand for solid-gold bread

plates. ANS: F DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand ANS: F DIF: 1 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand ANS: T DIF: 1 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand ANS: T DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand

NAT: Analytic MSC: Interpretive NAT: Analytic MSC: Interpretive NAT: Analytic MSC: Interpretive NAT: Analytic MSC: Interpretive

4. In general, demand curves for necessities tend to be price elastic.

5. In general, demand curves for luxuries tend to be price elastic.

6. Necessities tend to have inelastic demands, whereas luxuries have elastic demands.

7. Goods with close substitutes tend to have more elastic demands than do goods without close

substitutes. ANS: T DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand ANS: T DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand ANS: F DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand

NAT: Analytic MSC: Interpretive NAT: Analytic MSC: Interpretive NAT: Analytic MSC: Interpretive

8. The demand for Rice Krispies is more elastic than the demand for cereal in general.

9. The demand for soap is more elastic than the demand for Dove soap.

10. The demand for gasoline will respond more to a change in price over a period of five weeks

than over a period of five years. ANS: F DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand

NAT: Analytic MSC: Interpretive

11. Even the demand for a necessity such as gasoline will respond to a change in price,

especially over a longer time horizon. ANS: T DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand

NAT: Analytic MSC: Interpretive

288

Chapter 5 /Elasticity and Its Application ? 289

12. The price elasticity of demand is defined as the percentage change in quantity demanded

divided by the percentage change in price. ANS: T DIF: 1 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand

NAT: Analytic MSC: Definitional

13. The price elasticity of demand is defined as the percentage change in price divided by

the percentage change in quantity demanded. ANS: F DIF: 1 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand

NAT: Analytic MSC: Definitional

14. Suppose that when the price rises by 20% for a particular good, the quantity demanded

of that good falls by 10%. The price elasticity of demand for this good is equal to 2.0. ANS: F DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand

NAT: Analytic MSC: Analytical

15. Suppose that when the price rises by 10% for a particular good, the quantity demanded

of that good falls by 20%. The price elasticity of demand for this good is equal to 2.0. ANS: T DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand

NAT: Analytic MSC: Analytical

16. If the price of calculators increases by 15 percent and the quantity demanded per week

falls by 45 percent as a result, then the price elasticity of demand is 3. ANS: T DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand ANS: F DIF: 1 REF: 5-1 LOC: Elasticity TOP: Inelastic demand ANS: F DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand

NAT: Analytic MSC: Applicative NAT: Analytic MSC: Definitional NAT: Analytic MSC: Interpretive

17. Demand is inelastic if the price elasticity of demand is greater than 1.

18. A linear, downward-sloping demand curve has a constant elasticity but a changing slope.

19. Price elasticity of demand along a linear, downward-sloping demand curve increases as

price falls. ANS: F DIF: 3 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand ANS: F DIF: 1 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand ANS: T DIF: 1 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand

NAT: Analytic MSC: Interpretive NAT: Analytic MSC: Definitional NAT: Analytic MSC: Definitional

20. If the price elasticity of demand is equal to 0, then demand is unit elastic.

21. If the price elasticity of demand is equal to 1, then demand is unit elastic.

22. Demand for a good is said to be inelastic if the quantity demanded increases substantially

when the price falls by a small amount. ANS: F DIF: 1 REF: 5-1 LOC: Elasticity TOP: Inelastic demand

NAT: Analytic MSC: Definitional

289

290 ? Chapter 5 /Elasticity and Its Application

23. The midpoint method is used to calculate elasticity between two points because it gives

the same answer regardless of the direction of the change. ANS: T DIF: 2 REF: 5-1 LOC: Elasticity TOP: Midpoint method

NAT: Analytic MSC: Interpretive

24. The flatter the demand curve that passes through a given point, the more inelastic the

demand. ANS: F DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand ANS: T DIF: 2 REF: 5-1

LOC: Elasticity TOP: Price elasticity of demand

NAT: Analytic MSC: Interpretive NAT: Analytic MSC: Interpretive

25. The flatter the demand curve that passes through a given point, the more elastic the demand.

26. If demand is perfectly inelastic, the demand curve is vertical, and the price elasticity

of demand equals 0. ANS: T DIF: 2 REF: 5-1

LOC: Elasticity TOP: Perfectly inelastic demand

NAT: Analytic MSC: Interpretive

27. If demand is perfectly elastic, the demand curve is horizontal, and the price elasticity

of demand equals 1. ANS: F DIF: 2 REF: 5-1 LOC: Elasticity TOP: Perfectly elastic demand

NAT: Analytic MSC: Interpretive

28. Along the elastic portion of a linear demand curve, total revenue rises as price rises. ANS: F DIF: 3 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Total revenue | Price elasticity of demand MSC: Interpretive

29. If a firm is facing elastic demand, then the firm should decrease price to increase revenue. ANS: T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Total revenue | Price elasticity of demand MSC: Applicative

30. If a firm is facing inelastic demand, then the firm should decrease price to increase

revenue. ANS: F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Total revenue | Price elasticity of demand MSC: Applicative

31. When demand is inelastic, a decrease in price increases total revenue. ANS: F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Inelastic demand | Total revenue MSC: Interpretive

32. The income elasticity of demand is defined as the percentage change in quantity demanded

divided by the percentage change in income. ANS: T DIF: 1 REF: 5-1

LOC: Elasticity TOP: Income elasticity of demand

NAT: Analytic MSC: Definitional

33. The income elasticity of demand is defined as the percentage change in quantity demanded

divided by the percentage change in price. ANS: F DIF: 1 REF: 5-1

LOC: Elasticity TOP: Income elasticity of demand

NAT: Analytic MSC: Definitional

290