所屬科目：研究所、轉學考(插大)-經濟學
1. A perfectly competitive firm is currently producing at a level of output where marginal revenue is greater than marginal cost (MR > MC). To maximize its total economic profit, what action should the firm take? (A) Shut down operations immediately to avoid future losses. (B) Increase its production output until marginal revenue equals marginal cost. (C) Decrease its production output to raise the market price of its product. (D) Maintain its current production level because any change will reduce profit.
2. Suppose the government increases personal income taxes by $50 billion to reduce the budget deficit. If the Marginal Propensity to Consume (MPC) is 0.8, what is the total impact on aggregate demand resulting from this tax change (ignoring possible crowding out and supply-side effects)? (A) Increase by $250 billion. (B) Decreases by $250 billion. (C) Increases by $200 billion. (D) Decreases by $200 billion.
3. Mary decides that worker turnover is too high at her firm. She hopes that, by paying above-market wages, workers will stay longer. This may create _______. (A) a surplus of workers (B) a surplus of jobs (C) a shortage of workers (D) a shortage of jobs
4. Which of the following statements accurately describes a difference between the Consumer Price Index (CPI) and the GDP Deflator? (A) The CPI measures the prices of all goods produced domestically, while the GDP deflator measures only consumer goods. (B) The CPI includes the prices of imported consumer goods, whereas the GDP deflator includes only goods produced within the country. (C) The GDP deflator allows the basket of goods to change every month, while the CPI never changes its basket over time. (D) The CPI always underestimates inflation, while the GDP deflator always overestimates it.
5. When the consumption of a good creates a positive externality, such as a neighbor investing in beautiful landscaping or a citizen getting a flu vaccination, which of the following describes the relationship between the free-market outcome and social efficiency? (A) The marginal private value of the good exceeds the marginal social value. (B) The private market underproduces the good relative to the socially optimal quantity. (C) The market price is artificially higher than the socially efficient price. (D) The marginal social cost of the good exceeds the marginal private cost.
6. After many terrible first dates arranged through a dating website, you decide to ask your good friends to help you find a companion. To motivate them, you promise your friends a $200 cash reward for every person they introduce to you, regardless of the outcome. Consequently, your friends start setting you up with random strangers just to collect the money. By offering this incentive, you have created a(n) _______. (A) principal-agent problem (B) adverse selection (C) screening failure (D) moral hazard
7. A local transit authority notices that when they raise bus ticket prices by 10%, their total revenue from ticket sales decreases. What does this outcome indicate about the price elasticity of demand for bus rides in this city? (A) Demand is elastic, meaning the percentage change in quantity demanded is larger than the percentage change in price. (B) Demand is unit elastic, meaning the percentage change in quantity demanded exactly equals the percentage change in price. (C) Demand is inelastic, meaning the percentage change in quantity demanded is smaller than the percentage change in price. (D) Demand is perfectly inelastic, meaning consumers will buy the same amount regardless of price.
8. According to the diminishing marginal utility, as an individual consumes more units of a single good within a specific time period, what happens to their utility? (A) Total utility decreases with every additional unit consumed. (B) Marginal utility increases at an increasing rate. (C) Total utility remains constant while marginal utility falls to zero. (D) Marginal utility decreases with each additional unit consumed, even if total utility is still rising.
9. Assume a commercial bank receives a new cash deposit of $10,000. If the central bank's required reserve ratio is 10%, and the bank lends out all of its excess reserves, what is the maximum amount of new money this single bank can create through this initial loan? (A) $1,000 (B) $9,000 (C) $10,000 (D) $90,000
10. When a government imposes a binding price floor on an otherwise competitive agricultural market, what is the most likely outcome? (A) Market efficiency increases because farmers receive a guaranteed higher price. (B) A shortage of the agricultural good develops because consumers want to buy more. (C) Total surplus is maximized, and deadweight loss is completely eliminated. (D) A surplus of the agricultural good develops, creating deadweight loss in the market.
11. In the loanable funds market, what is the expected outcome if the government switches from a budget surplus to a budget deficit? (A) The supply of loanable funds shifts left, raising the equilibrium interest rate. (B) The supply of loanable funds shifts right, lowering the equilibrium interest rate. (C) The demand for loanable funds shifts left, lowering the equilibrium interest rate. (D) The demand for loanable funds shifts right, lowering the equilibrium interest rate.
12. If the central bank wants to close a recessionary gap using expansionary monetary policy, what action should it take? (A) Buy government bonds to increase the money supply and lower interest rates. (B) Sell government bonds to decrease the money supply and raise interest rates. (C) Raise the discount rate to discourage commercial banks from lending. (D) Increase the required reserve ratio for all commercial banks.
13. Country A can produce either 10 computers or 20 shirts per day. Country B can produce either 5 computers or 15 shirts per day. Which of the following statements is true regarding comparative advantage? (A) Country A has a comparative advantage in shirts because it can produce more than Country B. (B) Country B has a comparative advantage in shirts because its opportunity cost of making a shirt is lower than Country A's. (C) Country A has a comparative advantage in both goods because it has higher overall productivity. (D) Country B has a comparative advantage in computers because it gives up fewer shirts to make one.
14. If a country experiences a significant depreciation of its domestic currency relative to foreign currencies, what is the most likely short-run impact on its balance of trade? (A)Imports will rise and exports will fall, creating a trade surplus. (B)Imports will fall and exports will rise, creating a trade deficit. (C)Net exports will decrease because domestic imports become cheaper for citizens. (D)Net exports will increase because domestic exports become cheaper for foreigners.
15. Which of the following transactions would be directly included in the calculation of a nation's Gross Domestic Product (GDP) for the current year? (A) A family pays a local contractor to build a new deck on their house. (B) A consumer purchases a used car from a local dealership. (C) A bakery buys flour to use in baking bread for its daily customers. (D) The government distributes Social Security checks to retired citizens.
16. According to the principle of monetary neutrality, an increase in the money supply by the central bank will change which of the following variables in the long run? (A)Real GDP (B)Real wages (C) The aggregate price level (D) All of the above
17. According to economic growth theory, which of the following is the most critical long-run determinant of a nation's standard of living? (A) The total amount of physical currency in circulation. (B) The imposition of strict tariffs to protect domestic industries from trade. (C) The ability of the country's workers to produce goods and services. (D) The frequency of government interventions to fix market prices.
18. In the long run, what forces a typical firm in a monopolistically competitive industry to earn zero economic profit? (A)Strict government price regulations that cap profit margins. (B) The absence of close substitutes, which turns the market into a monopoly. (C) Collusion among the largest firms to deliberately restrict industry output. (D) The low barriers to entry, which allow new firms to enter the market when profits exist.
19. Unlike a perfectly competitive firm, why does a profit-maximizing monopolist produce a level of output where the market price is greater than marginal cost (P > MC)? (A) The monopolist's marginal revenue curve lies entirely below its downward-sloping demand curve. (B) The monopolist faces a perfectly elastic demand curve for its unique product. (C) The government forces monopolies to charge higher prices to offset corporate taxes. (D)Monopolists aim to minimize total revenue rather than maximize total profit.
20. Suppose the current nominal exchange rate between the United States and the United Kingdom is 1.50 USD/GBP. According to the theory of Purchasing Power Parity (PPP), if over the next year the inflation rate in the United States is 5%, while the inflation rate in the United Kingdom is 2%. Assuming the real exchange rate remains constant, which of the following is the closest estimate for the new nominal exchange rate after one year? (A)1.41 USD/GBP (B)1.46 USD/GBP (C)1.54 USD/GBP (D)1.59 USD/GBP
21. The following table shows two firms in a single-stage duopoly game. Each firm makes its decision without knowledge of the other firm's decision. The payoffs for each firm represent economic profits, and each firm strictly prefers more economic profit than less. This game would be considered a prisoner's dilemma if X is between _______. | | Chloe | | | | --- | --- | --- | --- | | | | Low Quantity | High Quantity | | Rocky | Low Quantity | Rocky: $2,500; Chloe: $2,500. | Rocky: $1,000; Chloe: $3,500. | | | High Quantity | Rocky: $3,500; Chloe: $1,000. | Rocky: $X; Chloe: $X. | (A) $0 and $2,500 (B) $1,000 and $2,500 (C) $2,500 and $3,500 (D) $1,000 and $3,500
22. An increase in the price of pork, a substitute for chicken, occurs simultaneously with a significant decrease in the cost of chicken feed. How will these events affect the equilibrium price and quantity of chicken? (A) The equilibrium price will fall, and the equilibrium quantity will rise. (B) The equilibrium price will rise, and the equilibrium quantity will fall. (C) The equilibrium quantity will rise, but the effect on equilibrium price is ambiguous. (D) The equilibrium price will rise, but the effect on equilibrium quantity is ambiguous.
23. If a country's Nominal GDP increases by 8% from one year to the next, while its Real GDP increases by only 3%, what can be concluded about the economy? (A) The price level in the economy increased. (B) The economy experienced a severe recession. (C) Productivity grew faster than the population. (D) The country produced fewer physical goods and services.
24. Which of the following describes a foundational assumption made when constructing a standard Production Possibilities Frontier (PPF)? (A) Resources are perfectly adaptable to producing any type of good without loss of efficiency. (B) The economy produces an unlimited variety of goods and services. (C) The total quantity of available resources and technology remains constant. (D) Consumers and businesses always share resources equally.
25. In the search engine industry, average total costs continue to fall over the entire range of market demand as users expand. In this type of industry, smaller rivals trying to enter the market _______. (A) will easily be able to gain market power. (B) will have much higher average costs. (C) have even lower average costs. (D) face no fixed costs.
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