经济学原理对应练习 05(8)

204 ? Chapter 5/Elasticity and Its Applications

201. If the supply curve for news magazines is an upward-sloping line and goes through the point (quantity supplied = 0,

price = $1.00), then the price elasticity of supply for news magazines is a. less than one. b. greater than one. c. perfectly inelastic.

d. equal to the price elasticity of demand for news magazines. ANS: B PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative 202. If a 30 percent change in price causes a 15 percent change in quantity supplied, then the price elasticity of supply is

a. 0.5 and supply is elastic. b. 0.5 and supply is inelastic. c. 2 and supply is inelastic. d. 2 and supply is elastic. ANS: B PTS: 1 DIF: 3 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative 203. A bakery would be willing to supply 500 bagels per day at a price of $0.50 each. At a price of $0.80, the bakery

would be willing to supply 1,100 bagels. Using the midpoint method, the elasticity of supply for bagels is about a. 0.62. b. 0.77. c. 1.24. d. 1.63. ANS: D PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative 204. In the long run, the quantity supplied of most goods

a. will increase in almost all cases, regardless of what happens to price. b. cannot respond at all to a change in price.

c. can respond to a change in price, but the change is almost always inconsequential. d. can respond substantially to a change in price. ANS: D PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply | Long run MSC: Interpretive 205. When a supply curve is relatively flat,

a. sellers are not at all responsive to a change in price.

b. the equilibrium price changes substantially when the demand for the good changes. c. the supply is relatively elastic. d. the supply is relatively inelastic. ANS: C PTS: 1 DIF: 2 REF: 5-2 TOP: Inelastic supply MSC: Interpretive

206. In January the price of widgets was $2.00 and Wendy's Widgets produced 80 widgets. In February the price of

widgets was $2.50 and Wendy's Widgets produced 110 widgets. In March the price of widgets was $3.00 and Wendy's Widgets produced 140 widgets. The price elasticity of supply of Wendy's Widgets was

a. 0.70 when the price increased from $2.00 to $2.50 and 0.76 when the price increased from $2.50 to $3.00. b. 0.88 when the price increased from $2.00 to $2.50 and 1.08 when the price increased from $2.50 to $3.00. c. 1.42 when the price increased from $2.00 to $2.50 and 1.32 when the price increased from $2.50 to $3.00. d. 1.50 when the price increased from $2.00 to $2.50 and 1.18 when the price increased from $2.50 to $3.00. ANS: C PTS: 1 DIF: 3 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative 207. If sellers do not adjust their quantities supplied at all in response to a change in price,

a. advances in technology must be prevalent.

b. the time period under consideration must be very long. c. supply is perfectly elastic. d. supply is perfectly inelastic. ANS: D PTS: 1 DIF: 2 REF: 5-2 TOP: Perfectly inelastic supply MSC: Interpretive

Chapter 5/Elasticity and Its Applications ? 205

208. If an increase in the price of a good results in an increase in total revenue for the firm, then the supply of the good

must be

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

d. Nothing can be said about price elasticity of supply from the information given. ANS: D PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply | Total revenue MSC: Applicative 209. If the price elasticity of supply for wheat is less than 1, then the supply of wheat is

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

d. quite sensitive to change in price. ANS: A PTS: 1 DIF: 2 REF: 5-2 TOP: Inelastic supply MSC: Interpretive 210. If the price elasticity of supply is zero, then

a. supply is more elastic than it is in any other case. b. the supply curve is horizontal.

c. the quantity supplied is the same, regardless of price.

d. a change in demand will cause a relatively small change in the equilibrium price. ANS: C PTS: 1 DIF: 2 REF: 5-2 TOP: Perfectly inelastic supply MSC: Interpretive

211. If two supply curves pass through the same point and one is steep and the other is flat, which of the following

statements is correct?

a. The flatter supply curve represents a supply that is inelastic relative to the supply represented by the steeper

supply curve.

b. The steeper supply curve represents a supply that is inelastic relative to the supply represented by the flatter

supply curve.

c. Given two prices with which to calculate the price elasticity of supply, that elasticity is the same for both curves. d. A decrease in demand will increase total revenue if the steeper supply curve is relevant, while a decrease in

demand will decrease total revenue if the flatter supply cure is relevant.

ANS: B PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Interpretive 212. Which of the following statements is valid when the market supply curve is vertical?

a. Market quantity supplied does not change when the price changes. b. Supply is perfectly elastic.

c. An increase in market demand will increase the equilibrium quantity. d. An increase in market demand will not increase the equilibrium price. ANS: A PTS: 1 DIF: 2 REF: 5-2 TOP: Perfectly inelastic supply MSC: Interpretive 213. Which of the following statements is not valid when supply is perfectly elastic?

a. The elasticity of supply approaches infinity. b. The supply curve is horizontal.

c. Very small changes in price lead to large changes in quantity supplied.

d. The time period under consideration is more likely a short period rather than a long period. ANS: D PTS: 1 DIF: 3 REF: 5-2 TOP: Perfectly elastic supply MSC: Applicative 214. A linear, upward-sloping supply curve has

a. a constant slope and a changing elasticity of supply. b. a changing slope and a constant elasticity of supply. c. both a constant slope and a constant elasticity of supply. d. both a changing slope and a changing elasticity of supply. ANS: A PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Interpretive

206 ? Chapter 5/Elasticity and Its Applications

215. If the quantity supplied is the same regardless of price, then supply is

a. elastic.

b. perfectly elastic. c. perfectly inelastic. d. inelastic. ANS: C PTS: 1 DIF: 2 REF: 5-2 TOP: Perfectly inelastic supply MSC: Definitional 216. When supply is perfectly elastic, the value of the price elasticity of supply is

a. 0. b. 1.

c. greater than 0 and less than 1. d. infinity. ANS: D PTS: 1 DIF: 2 REF: 5-2 TOP: Perfectly elastic supply MSC: Interpretive 217. As price elasticity of supply increases, the supply curve

a. becomes flatter. b. becomes steeper.

c. becomes downward sloping. d. shifts to the right. ANS: A PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Interpretive

218. Which of the following would be true as the price elasticity of supply approaches infinity?

a. Very small changes in price lead to very large changes in quantity supplied. b. Very large changes in price lead to very small changes in quantity supplied. c. Very small changes in price lead to no change in quantity supplied. d. Very large changes in price lead to no change in quantity supplied. ANS: A PTS: 1 DIF: 2 REF: 5-2 TOP: Perfectly elastic supply MSC: Interpretive

219. A key determinant of the price elasticity of supply is the time period under consideration. Which of the following

statements best explains this fact?

a. Supply curves are steeper over long periods of time than over short periods of time.

b. Buyers of goods tend to be more responsive to price changes over long periods of time than over short periods of

time.

c. The number of firms in a market tends to be more variable over short periods of time than over long periods of

time.

d. Firms tend to be more responsive to price changes over long periods of time than over short periods of time. ANS: D PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Interpretive 220. Some firms eventually experience problems with their capacity to produce output as their output levels increase. For

these firms,

a. market power is substantial. b. supply is perfectly inelastic.

c. supply is more elastic at low levels of output and less elastic at high levels of output. d. supply is less elastic at low levels of output and more elastic at high levels of output. ANS: C PTS: 1 DIF: 3 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative

Chapter 5/Elasticity and Its Applications ? 207

Figure 5-12 221. Refer to Figure 5-12. Along which of these segments of the supply curve is supply least elastic?

a. between E and F b. between C and D c. between A and C d. between A and B ANS: A PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative 222. Refer to Figure 5-12. Along which of these segments of the supply curve is supply most elastic?

a. between A and B b. between C and D c. between D and F d. between E and F ANS: A PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative

223. Refer to Figure 5-12. Using the midpoint method, what is the price elasticity of supply between points D and E?

a. 1.89 b. 1.26 c. 0.53 d. 0.34 ANS: C PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative 224. Refer to Figure 5-12. Using the midpoint method, what is the price elasticity of supply between points B and C?

a. 1.67 b. 1.19 c. 0.84 d. 0.61 ANS: B PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative 225. Generally, a firm is more willing and able to increase quantity supplied in response to a price change when

a. the relevant time period is short rather than long. b. the relevant time period is long rather than short. c. supply is inelastic.

d. the firm is experiencing capacity problems. ANS: B PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative

208 ? Chapter 5/Elasticity and Its Applications

Table 5-2 Price Quantity Supplied Supply Curve A $1.00 500 $2.00 600 Supply Curve B $1.00 600 $3.00 900 Supply Curve C $2.00 400 $5.00 700 226. Refer to Table 5-2. Which of the three supply curves represents the least elastic supply?

a. supply curve A b. supply curve B c. supply curve C

d. There is no difference in the elasticity of the three supply curves. ANS: A PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative 227. Refer to Table 5-2. Which of the three supply curves represents the most elastic supply?

a. supply curve A b. supply curve B c. supply curve C

d. There is no difference in the elasticity of the three supply curves. ANS: C PTS: 1 DIF: 2 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative

228. Refer to Table 5-2. Along which of the supply curves does quantity supplied move proportionately more than the

price?

a. along supply curve B only b. along supply curves B and C c. along all three supply curves

d. Quantity supplied moves proportionately more than the price along none of the three supply curves. ANS: D PTS: 1 DIF: 3 REF: 5-2 TOP: Price elasticity of supply MSC: Applicative 229. The discovery of a new hybrid wheat would increase the supply of wheat. As a result, wheat farmers would realize an

increase in total revenue if

a. the supply of wheat is elastic. b. the supply of wheat is inelastic. c. the demand for wheat is inelastic. d. the demand for wheat is elastic. ANS: D PTS: 1 DIF: 2 REF: 5-3 TOP: Supply | Price elasticity of demand | Total revenue MSC: Applicative 230. Because the demand for wheat tends to be inelastic, the development of a new, more productive hybrid wheat would

tend to

a. increase the total revenue of wheat farmers. b. decrease the total revenue of wheat farmers. c. decrease the demand for wheat. d. decrease the supply of wheat. ANS: B PTS: 1 DIF: 2 REF: 5-3 TOP: Supply | Price elasticity of demand | Total revenue MSC: Applicative 231. Knowing that the demand for wheat is inelastic, if all farmers voluntarily plowed under 10 percent of their wheat crop,

then

a. consumers of wheat would buy more wheat.

b. wheat farmers would suffer a reduction in their total revenue. c. wheat farmers would experience an increase in their total revenue. d. the demand for wheat would decrease. ANS: C PTS: 1 DIF: 2 REF: 5-3 TOP: Supply | Price elasticity of demand | Total revenue MSC: Applicative

百度搜索“77cn”或“免费范文网”即可找到本站免费阅读全部范文。收藏本站方便下次阅读，免费范文网，提供经典小说综合文库经济学原理对应练习 05(8)在线全文阅读。