微观经济学试题样卷.docVIP

Microeconomics (Sample Exam Paper) I. TRUE or FALSE (15 points, 1 point each) Most of the burden of a luxury tax falls on the middle class workers who supply luxury goods rather than on the rich who buy them. If a price ceiling is below equilibrium price, the quantity demanded will exceed the quantity supplied. Welfare economics is the study of the welfare system. Consumer surplus is the amount a buyer actually has to pay for a good minus the amount the buyer is willing to pay for it. In order for market outcomes to maximize the total benefits to buyers and sellers, the markets must be perfectly competitive. ...... II. Multiple Choices (30 points, 2 points each) 1. Economics deals primarily with the concept of a. poverty. b. scarcity. c. change. d. power. 2. Profit is defined as a. net revenue minus depreciation. b. average revenue minus average total cost. c. marginal revenue minus marginal cost. d. total revenue minus total cost. 3. A rational decision maker takes an action only if a. the marginal benefit is greater than the marginal cost. b. the marginal benefit is less than the marginal cost. c. the average benefit is greater than the average cost. d. the marginal benefit is greater than both the average cost and the marginal cost. 4. Which of the following is the most accurate statement about economic models? a. Economic models attempt to mirror reality exactly. b. Economic models are useful, but should not be used for policy-making. c. Economic models cannot be used in the real world because they omit details. d. Economic models omit many details to allow us to see what is truly important. 5. 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 an inferior good. d. positive and therefore the