微观经济学试题.docx

Single choice
1. The phenomenon of scarcity stems from the fact that ( ).
A) most economies’ production methods are not very good.
B) in most economies, wealthy people consume disproportionate quantities of goods and services.
C) governments restrict production of too many goods and services.
D) resources are limited.
2. In a market economy, supply and demand are important because they ( ).
A) play a critical role in the allocation of the economy’s scarce resources.
B) determine how much of each good gets produced.
C) can be used to predict the impact on the economy of various events and policies.
D) All of the above are correct.
3. What will happen to the equilibrium price of new textbooks if more students attend college, paper es cheaper, textbook authors accept lower royalties, and fewer used textbooks are sold? ( )
A) Price will rise.
B) Price will fall.
C) Price will stay exactly the same.
D) The price change will be ambiguous.
4. The presence of a price control in a market for a good or service usually is an indication that ( ).
A) an insufficient quantity of the good or service was being produced in that market to meet the public’s need.
B) the usual forces of supply and demand were not able to establish an equilibrium price in that market.
C) policymakers believed that the price that prevailed in that market in the absence of price controls was unfair