经济学原理对应练习 05(6)

194 ? Chapter 5/Elasticity and Its Applications

143. Refer to Figure 5-9. Between point A and point B on the graph, demand is

a. perfectly elastic. b. inelastic. c. unit elastic.

d. elastic, but not perfectly elastic. ANS: D PTS: 1 DIF: 2 REF: 5-1 TOP: Elastic demand MSC: Applicative 144. The price elasticity of demand changes as we move along a

a. horizontal demand curve. b. vertical demand curve.

c. linear, downward-sloping demand curve. d. All of the above are correct. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Demand curve | Price elasticity of demand MSC:

Interpretive

145. The difference between slope and elasticity is that

a. slope is a ratio of two changes and elasticity is a ratio of two percentage changes. b. slope is a ratio of two percentage changes and elasticity is a ratio of two changes. c. slope measures changes in quantity demanded more accurately than elasticity. d. none of the above; there is no difference between slope and elasticity. ANS: A PTS: 1 DIF: 2 REF: 5-1 TOP: Price elasticity of demand MSC: Interpretive

146. For which of the following goods is demand probably most inelastic?

a. camcorders b. insulin c. apples

d. devices that remove cores from apples ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Elastic demand MSC: Interpretive

147. According to a Los Angeles Times article published in May 2005, John Felmy, chief economist at the American

Petroleum Institute, asserts that the short-run price elasticity of demand for gasoline is about a. 0.10. b. 0.25. c. 0.50. d. 1.00. ANS: A PTS: 1 DIF: 2 REF: 5-1 TOP: Price elasticity of demand MSC: Interpretive

148. According to a Los Angeles Times article published in May 2005, recent estimates indicate that

a. the short-run and long-run price elasticities of demand for gasoline are 0.1 and 0.5, respectively. b. the short-run and long-run price elasticities of demand for gasoline are 0.1 and 1.0, respectively. c. the short-run and long-run price elasticities of demand for gasoline are 0.2 and 1.5, respectively. d. the short-run and long-run price elasticities of demand for gasoline are 0.5 and 1.5, respectively. ANS: B PTS: 1 DIF: 3 REF: 5-1 TOP: Price elasticity of demand MSC: Applicative 149. Whether a good is a luxury or necessity depends on

a. the price of the good.

b. the preferences of the buyer.

c. the intrinsic properties of the good. d. how scarce the good is. ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Demand MSC: Interpretive

Chapter 5/Elasticity and Its Applications ? 195

150. Last year, Sheila bought 6 pairs of shoes when her income was $40,000. This year, her income is $50,000 and she

purchased 10 pairs of shoes. Holding other factors constant, it follows that Sheila a. considers shoes to be a necessity.

b. considers shoes to be an inferior good. c. considers shoes to be a normal good.

d. has a low price elasticity of demand for shoes. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Normal goods MSC: Interpretive 151. Last year, Sheila bought 6 pairs of shoes when her income was $40,000. This year, her income is $52,000 and she

purchased 7 pairs of shoes. Holding other factors constant and using the midpoint method, it follows that Sheila’s income elasticity of demand is about

a. 0.59 and Sheila regards shoes as an inferior good. b. 0.59 and Sheila regards shoes as a normal good. c. 1.7 and Sheila regards shoes as an inferior good. d. 1.7 and Sheila regards shoes as a normal good. ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand | Normal goods MSC: Applicative 152. When the rental price of DVD movies is $4, Denise rents five per month. When the price is $3, she rents nine per

month. Denise's demand for DVD rentals is

a. elastic and her demand curve would be relatively flat. b. elastic and her demand curve would be relatively steep. c. inelastic and her demand curve would be relatively flat. d. inelastic and her demand curve would be relatively steep. ANS: A PTS: 1 DIF: 2 REF: 5-1 TOP: Elastic demand MSC: Applicative 153. Your younger sister needs $50 to buy a new bike. She has opened a lemonade stand to make the money she needs.

She currently is charging 25 cents per cup, but she wants to adjust her price to earn the $50 faster. If you know that the demand for lemonade is elastic, what is your advice to her? a. Leave the price at 25 cents and be patient. b. Raise the price to increase total revenue. c. Lower the price to increase total revenue.

d. There isn't enough information given to answer this question. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Elastic demand | Total revenue MSC: Applicative 154. Income elasticity of demand measures how

a. the quantity demanded changes as consumer income changes.

b. consumer purchasing power is affected by a change in the price of a good. c. the price of a good is affected when there is a change in consumer income. d. many units of a good a consumer can buy given a certain income level. ANS: A PTS: 1 DIF: 1 REF: 5-1 TOP: Income elasticity of demand MSC: Definitional

155. If a 6 percent increase in income results in a 10 percent increase in the quantity demanded of pizza, then the income

elasticity of demand for pizza is

a. negative and therefore pizza is an normal good. b. negative and therefore pizza is a inferior good. c. positive and therefore pizza is an inferior good. d. positive and therefore pizza is a normal good. ANS: D PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand MSC: Applicative

196 ? Chapter 5/Elasticity and Its Applications

156. For which of the following goods is the income elasticity of demand likely highest?

a. water b. diamonds c. hamburgers d. housing ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand MSC: Interpretive

157. Necessities such as food and clothing tend to have

a. high price elasticities of demand and high income elasticities of demand. b. high price elasticities of demand and low income elasticities of demand. c. low price elasticities of demand and high income elasticities of demand. d. low price elasticities of demand and low income elasticities of demand. ANS: D PTS: 1 DIF: 2 REF: 5-1 TOP: Price elasticity of demand | Income elasticity of demand MSC: Interpretive

158. Last year, Joan bought 50 pounds of hamburger when her household’s income was $40,000. This year, her household

income was only $30,000 and Joan bought 60 pounds of hamburger. All else constant, Joan's income elasticity of demand for hamburger is

a. positive, so Joan considers hamburger to be an inferior good.

b. positive, so Joan considers hamburger to be a normal good and a necessity. c. negative, so Joan considers hamburger to be an inferior good.

d. negative, so Joan considers hamburger to be a normal good, but not a necessity. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Inferior goods | Income elasticity of demand MSC: Interpretive 159. If an increase in income results in a decrease in the quantity demanded of a good, then for that good,

a. the cross-price elasticity of demand is negative. b. the price elasticity of demand is negative. c. the income elasticity of demand is negative.

d. an increase in the market supply will increase the equilibrium price of the good. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand MSC: Interpretive

160. Which of the following expressions represents a cross-price elasticity of demand?

a. percentage change in quantity demanded of apples divided by percentage change in quantity supplied of apples b. percentage change in quantity demanded of apples divided by percentage change in price of pears c. percentage change in price of apples divided by percentage change in quantity demanded of apples d. percentage change in quantity demanded of apples divided by percentage change in income ANS: B PTS: 1 DIF: 1 REF: 5-1 TOP: Cross-price elasticity of demand MSC: Definitional 161. To determine whether a good is considered normal or inferior, one could examine the value of the

a. income elasticity of demand for that good. b. price elasticity of demand for that good. c. price elasticity of supply for that good.

d. cross-price elasticity of demand for that good. ANS: A PTS: 1 DIF: 1 REF: 5-1 TOP: Income elasticity of demand MSC: Interpretive

162. You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both

of you were hired at several times your college income. You still enjoy Ramen noodles very much and buy even more, but your roommate plans to buy fewer Ramen noodles in favor of foods she prefers more. When looking at income elasticity of demand for Ramen noodles,

a. yours would be negative and your roommate's would be positive. b. yours would be positive and your roommate's would be negative. c. yours would be zero and your roommate's would approach infinity. d. yours would approach infinity and your roommate's would be zero. ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand MSC: Interpretive

Chapter 5/Elasticity and Its Applications ? 197

163. Suppose good X has a negative income elasticity of demand. This implies that good X is

a. a normal good. b. a necessity.

c. an inferior good. d. a luxury. ANS: C PTS: 1 DIF: 1 REF: 5-1 TOP: Income elasticity of demand MSC: Interpretive

164. For which of the following types of goods would the income elasticity of demand be positive and relatively large?

a. all inferior goods b. all normal goods

c. goods for which there are many good complements d. luxuries ANS: D PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand MSC: Interpretive

165. Assume that a 4 percent increase in income results in a 2 percent increase in the quantity demanded of a good. The

income elasticity of demand for the good is

a. negative and therefore the good is an inferior good. b. negative and therefore the good is a normal good. c. positive and therefore the good is a normal good. d. positive and therefore the good is an inferior good. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand | Normal goods MSC: Applicative 166. Assume that a 4 percent decrease in income results in a 6 percent increase in the quantity demanded of a good. The

income elasticity of demand for the good is

a. negative and therefore the good is an inferior good. b. negative and therefore the good is a normal good. c. positive and therefore the good is an inferior good. d. positive and therefore the good is a normal good. ANS: A PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand | Inferior goods MSC: Applicative 167. Muriel's income elasticity of demand for football tickets is 1.50. All else equal, this means that if her income

increases by 20 percent, she will buy a. 150 percent more football tickets. b. 50 percent more football tickets. c. 30 percent more football tickets. d. 20 percent more football tickets. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand MSC: Applicative

168. When her income increased from $10,000 to $20,000, Heather's consumption of macaroni decreased from 10 pounds

to 5 pounds and her consumption of soy-burgers increased from 2 pounds to 4 pounds. We can conclude that for Heather,

a. macaroni and soy-burgers are both normal goods with income elasticities equal to 1.

b. macaroni is an inferior good and soy-burgers are normal goods; both have income elasticities of 1.

c. macaroni is an inferior good with an income elasticity of -1 and soy-burgers are normal goods with an income

elasticity of 1.

d. macaroni and soy-burgers are both inferior goods with income elasticities equal to -1. ANS: C PTS: 1 DIF: 3 REF: 5-1 TOP: Income elasticity of demand | Normal goods | Inferior goods MSC: Applicative 169. Which of the following should be held constant when calculating an income elasticity of demand?

a. the quantity of the good demanded b. the price of the good c. income

d. All of the above should be held constant. ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand MSC: Interpretive

198 ? Chapter 5/Elasticity and Its Applications

170. Which of the following should be held constant when calculating an income elasticity of demand?

a. the price of the good b. prices of related goods c. tastes

d. All of the above should be held constant. ANS: D PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand MSC: Interpretive

Table 5-1 Income $30,000 $40,000 Quantity of Good X Purchased 2 6 Quantity of Good Y Purchased 20 10 171. Refer to Table 5-1. Using the midpoint method, what is the income elasticity of demand for good X?

a. -3.5 b. -0.29 c. 0.29 d. 3.5 ANS: D PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand MSC: Applicative

172. Refer to Table 5-1. Using the midpoint method, the income elasticity of demand for good Y is

a. 2.33 and good Y is a normal good. b. -2.33 and Y is an inferior good. c. -0.43 and Y is an inferior good.

d. -0.43 and Y is a law-of-demand good. ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Income elasticity of demand | Inferior goods MSC: Applicative

173. Cross-price elasticity of demand measures how

a. the price of one good changes in response to a change in the price of another good.

b. the quantity demanded of one good changes in response to a change in the quantity demanded of another good. c. the quantity demanded of one good changes in response to a change in the price of another good. d. strongly normal or inferior a good is. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Cross-price elasticity of demand MSC: Definitional 174. The cross-price elasticity of demand can tell us whether goods are

a. normal or inferior. b. elastic or inelastic. c. luxuries or necessities.

d. complements or substitutes. ANS: D PTS: 1 DIF: 2 REF: 5-1 TOP: Cross-price elasticity of demand MSC: Interpretive

175. If the cross-price elasticity of two goods is negative, then those two goods are

a. necessities. b. complements. c. normal goods. d. inferior goods. ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Cross-price elasticity of demand MSC: Interpretive

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