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考試日期：
德明技術學院
節次：
94
份數:
學年度第
□單面□雙面列印
2 學期
□五專□二專
考試 Principles of Economics
科目
□二技□四技
考試共
科
系
2
年
頁第
班
□需□不需答案紙
命題老師
章：劉景中
頁 簽
班級:
學號:
Multiple Choice:
The figure below depicts the cost structure of a firm in a competitive market. Use the figure to answer questions 86 through 88.
86.
When market price is P5, a profit-maximizing firm’s profits can be represented by the area
a. P5  Q3.
b. (P5 – P3)  Q2.
c. (P5 – P4)  Q3.
d. When market price is P5 there are no profits.
ANSWER: c.
(P5 – P4)  Q3.
TYPE: M DIFFICULTY: 2 SECTION: 14.2
87.
Firms would be encouraged to enter this market for all prices that exceed
a. P1.
b. P2.
c. P3.
d. None of the above are correct.
ANSWER: c.
P3.
TYPE: M DIFFICULTY: 2 SECTION: 14.2
88.
When market price is P2, a profit-maximizing firm’s losses can be represented by the area
a. (P3 – P2)  Q2.
b. (P2 – P1)  Q2.
c. At a market price of P2, the firm does not have losses.
d. At a market price of P2 the firm has losses, but the reference points in the figure don’t identify the losses.
ANSWER: d.
At a market price of P2 the firm has losses, but the reference points in the figure don’t identify the losses.
TYPE: M DIFFICULTY: 2 SECTION: 14.2
Use the figures below to answer questions 164 through 168.
164.
When the market is in long-run equilibrium at point A in panel (b), the firm represented in panel (a) will
a. have a zero economic profit.
b. have a negative accounting profit.
c. exit the market.
d. All of the above are correct.
ANSWER: a.
have a zero economic profit.
TYPE: M DIFFICULTY: 2 SECTION: 14.3
□要□不要裝訂
姓名:
A卷
考試日期：
德明技術學院
節次：
94
份數:
學年度第
□單面□雙面列印
2 學期
□五專□二專
考試 Principles of Economics
科目
□二技□四技
考試共
科
系
2
年
頁第
班
□需□不需答案紙
□要□不要裝訂
命題老師
章：劉景中
頁 簽
班級:
姓名:
學號:
165.
Assume that the market starts in equilibrium at point A in panel (b). An increase in demand from Demand 0 to Demand1 will result in
a. a new market equilibrium at point D.
b. an eventual increase in the number of firms in the market and a new long-run equilibrium at point C.
c. rising prices and falling profits for existing firms in the market.
d. falling prices and falling profits for existing firms in the market.
ANSWER: b.
an eventual increase in the number of firms in the market and a new long-run equilibrium at point C.
TYPE: M DIFFICULTY: 2 SECTION: 14.3
166.
If the market starts in equilibrium at point C in panel (b), a decrease in demand will ultimately lead to
a. more firms in the industry, but lower levels of production for each firm.
b. fewer firms in the market.
c. a new long-run equilibrium at point D in panel (b).
d. None of the above are correct.
ANSWER: b.
fewer firms in the market.
TYPE: M DIFFICULTY: 2 SECTION: 14.3
167.
When a firm in a competitive market, like the one depicted in panel (a), observes market price rising from P1 to P2, it is most likely the result of
a. entrance of new firms into the market.
b. the exit of existing firms in the market.
c. an increase in market supply from Supply0 to Supply1.
d. an increase in market demand from Demand0 to Demand1.
ANSWER: b.
the exit of existing firms in the market.
TYPE: M DIFFICULTY: 2 SECTION: 14.3
168.
An increase in market supply from Supply0 to Supply1 is most likely the result of
a. existing firms changing their cost structure.
b. existing firms in the market increasing their level of production beyond Q1.
c. the entrance of new firms in the market.
d. All of the above are correct.
ANSWER: c.
the entrance of new firms in the market.
TYPE: M DIFFICULTY: 2 SECTION: 14.3
The figure below reflects the cost and revenue structure for a monopoly firm. Use it to answer questions 94 through 98.
94.
A profit-maximizing monopoly’s total revenue is equal to
a. P3  Q2.
b. P2  Q4.
c. (P3 – P0)  Q2.
d. (P3 – P0)  Q4.
ANSWER: a.
P3  Q2.
TYPE: M DIFFICULTY: 2 SECTION: 15.2
95.
A profit-maximizing monopoly’s total cost is equal to
a. (P1 – P0)  Q2.
b. P0  Q1.
c. P0  Q2.
d. P0  Q3.
ANSWER: c.
P0  Q2.
TYPE: M DIFFICULTY: 2 SECTION: 15.2
96.
A profit-maximizing monopoly’s profit is equal to
A卷
考試日期：
德明技術學院
節次：
94
份數:
學年度第
□單面□雙面列印
2 學期
□五專□二專
考試 Principles of Economics
科目
□二技□四技
考試共
科
系
頁第
2
年
班
班級:
□需□不需答案紙
□要□不要裝訂
命題老師
章：劉景中
頁 簽
A卷
姓名:
學號:
a. P3  Q2.
b. P2  Q4.
c. (P3 – P0)  Q2.
d. (P3 – P0)  Q4.
ANSWER: c.
(P3 – P0)  Q2.
TYPE: M DIFFICULTY: 2 SECTION: 15.2
97.
Profit on a typical unit sold for a profit-maximizing monopoly would equal
a. P2 – P1.
b. P2 – P0.
c. P3 – P2.
d. P3 – P0.
ANSWER: d.
P3 – P0.
TYPE: M DIFFICULTY: 2 SECTION: 15.2
98.
At the profit-maximizing level of output,
a. marginal revenue is equal to P3.
b. marginal cost is equal to P3.
c. average revenue is equal to P3.
d. None of the above are correct.
ANSWER: c.
average revenue is equal to P3.
TYPE: M DIFFICULTY: 2 SECTION: 15.2
The figure below depicts the demand, marginal revenue and marginal cost curves of a profit-maximizing monopolist. Use the figure to answer questions 212 through
217.
212.
If the monopoly firm is NOT allowed to price discriminate, then consumer surplus amounts to
a. $0.
b. $500.
c. $1,000.
d. $2,000.
ANSWER: c.
$1,000.
TYPE: M DIFFICULTY: 3 SECTION: 15.5
213.
If the monopoly firm perfectly price discriminates, then consumer surplus amounts to
a. $0.
b. $250.
c. $500.
d. $1,000.
ANSWER: a.
$0.
TYPE: M DIFFICULTY: 3 SECTION: 15.5
214.
If the monopoly firm is NOT allowed to price discriminate, then the deadweight loss amounts to
a. $50.
b. $100.
c. $500.
d. $1,000.
ANSWER: d.
$1,000.
TYPE: M DIFFICULTY: 3 SECTION: 15.5
215.
If the monopoly firm perfectly price discriminates, then the deadweight loss amounts to
a. $0.
b. $100.
c. $200.
d. $500.
ANSWER: a.
$0.
TYPE: M DIFFICULTY: 3 SECTION: 15.5
考試日期：
德明技術學院
節次：
94
份數:
學年度第
□單面□雙面列印
2 學期
□五專□二專
考試 Principles of Economics
科目
□二技□四技
考試共
科
系
2
年
頁第
班
□需□不需答案紙
□要□不要裝訂
命題老師
章：劉景中
頁 簽
班級:
A卷
姓名:
學號:
216.
Monopoly profit without price discrimination equals
a. $500.
b. $1,000.
c. $2,000.
d. $4,000.
ANSWER: c.
$2,000.
TYPE: M DIFFICULTY: 2 SECTION: 15.5
217.
Monopoly profit with perfect price discrimination equals
a. $500.
b. $1,000.
c. $2,000.
d. $4,000.
ANSWER: d.
$4,000.
TYPE: M DIFFICULTY: 2 SECTION: 15.5
17.
Which of the following is the correct definition of GDP?
a. the market value of all goods produced within a country
b. the market value of all final goods and services produced by the citizens of a country
c. the market value of all final goods and services produced within a country
d. None of the above are correct.
ANSWER: c.
the market value of all final goods and services produced within a country
TYPE: M DIFFICULTY: 1 SECTION: 10.2
36.
Which of the following is correct?
a. The value of all intermediate goods and final goods are included in GDP.
b. The value of intermediate goods are included in GDP only if they were produced in the previous year.
c. The value of intermediate goods are included in GDP only if they are purchased by firms rather than households.
d. The value of intermediate goods are not included in GDP.
ANSWER: d.
The value of intermediate goods are not included in GDP.
TYPE: M DIFFICULTY: 1 SECTION: 10.2
Short answer:
1. Consider total cost and total revenue given in the table below:
Quantity
0
1
2
3
4
5
6
7
Total Cost
$8 9 10 11 13 19 27 37
Total Revenue
0
8 16 24 32 40 48 56
a. Calculate profit for each quantity. How much should the firm produce to maximize profit?
b. Calculate marginal revenue and marginal cost for each quantity. Graph them. At what quantity do these curves cross? How does this
relate to your answer to part(a)?
c. Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium?
2. A small town is served by many competing supermarkets, which have constant marginal cost.
a. using a diagram of the market for groceries, show the consumer surplus, producer surplus, and total surplus.
b. Now suppose that the independent supermarkets combine into one chain. Using a new diagram, show the new consumer surplus,
producer surplus, and total surplus. Relative to the competitive market, what is the transfer from consumers to producers? What is the
deadweight loss?
3. Below are some data from the land of milk and honey.
Year price of Milk Quantity of Milk(quarts) price of Honey Quantity of Honey (quarts)
2001
$1
100
$2
50
2002
1
200
2
100
2003
1
200
4
100
a. Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2001 as the base year.
b. Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2003 and 2003 from the preceding year. For each
year, identify the variable that does not change. Explain in words why your answer makes sense.
c. Did economic well-being rise more in 2002 or 2003? Explain.
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