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1、189Chapter 7Consumers, Producers, and the Efficiency of MarketsMULTIPLE CHOICE1. Welfare economics is the study ofa. the well-being of less fortunate people.b. welfare programs in the United States.c. the effect of income redistribution on work effort.d. how the allocation of resources affects econo
2、mic well-being.ANSWER: d. how the allocation of resources affects economic well-being.TYPE: M DIFFICULTY: 12. The study of how the allocation of resources affects economic well-being is calleda. consumer economics.b. macroeconomics.c. welfare economics.d. supply-side economics.ANSWER: c. welfare eco
3、nomics.TYPE: M DIFFICULTY: 13. With respect to welfare economics, the equilibrium price of a product is considered to be the best price because ita. maximizes total revenue to firms and total utility to buyers.b. maximizes the total welfare of buyers and sellers.c. minimizes costs and maximizes prof
4、its of sellers.d. minimizes the level of welfare payments to those who no longer live below the poverty line.ANSWER: b. it maximizes the total welfare of buyers and sellers.TYPE: M DIFFICULTY: 24. Positive analysis refers to whata. is.b. should be.c. could be.d. is politically correct.ANSWER: a. is.
5、TYPE: M DIFFICULTY: 15. Normative analysis refers to whata. is.b. should be.c. maximizes efficiency.d. is politically correct.ANSWER: b. should be.TYPE: M DIFFICULTY: 16. The equilibrium of supply and demand in a marketa. maximizes the profits of producers.b. can only be achieved with government int
6、ervention.c. produces both an efficient and equitable market outcome.d. maximizes the total benefits received by buyers and sellers.ANSWER: d. maximizes the total benefits received by buyers and sellers.TYPE: M DIFFICULTY: 2190 Chapter 7/Consumers, Producers, and the Efficiency of Markets7. The part
7、icular price that results in quantity supplied being equal to quantity demanded is the best price because ita. maximizes costs of the seller.b. maximizes the profit of buyers.c. maximizes the total welfare of buyers and sellers.d. minimizes the expenditure of buyers.ANSWER: c. maximizes the total we
8、lfare of buyers and sellers.TYPE: M DIFFICULTY: 28. Suppose that Larry, Moe and Curly are bidding in an auction for a mint-condition video of Charlie Chaplins first movie. Each has in mind a maximum amount that he will bid. This maximum is calleda. a resistance price.b. willingness to pay.c. consume
9、r surplus.d. producer surplus.ANSWER: b. willingness to pay.TYPE: M SECTION: 1 DIFFICULTY: 19. Willingness to pay measures thea. amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.b. amount a seller actually receives for a good minus the minimum amount the se
10、ller is willing to accept.c. maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept.d. maximum amount that a buyer will pay for a good.ANSWER: d. maximum amount that a buyer will pay for a good.TYPE: M SECTION: 1 DIFFICULTY: 210. Consumer surplus isa. a buyer
11、s willingness to pay minus the price.b. a buyers willingness to pay plus the price.c. the price of the product minus the buyers willingness to pay.d. when the buyers willingness to pay and the price of the product are equal.ANSWER: a. a buyers willingness to pay minus the price.TYPE: M SECTION: 1 DI
12、FFICULTY: 211. Consumer surplus measuresa. the amount of a product a consumer can buy at a price below equilibrium price.b. the difference between the amount a consumer has to pay and the amount the consumer was willing to pay.c. the number of consumers who are excluded from a market because of scar
13、city.d. how much a buyer values a good.ANSWER: b. the difference between the amount a consumer has to pay and the amount the consumer was willing to pay.TYPE: M SECTION: 1 DIFFICULTY: 212. A consumers willingness to pay measuresa. the cost of a good to the buyer.b. how much a buyer values a good.c.
14、how much a buyer has to pay to receive a good.d. how much a seller receives from the sale of a good.ANSWER: b. how much a buyer values a good.TYPE: M SECTION: 1 DIFFICULTY: 213. If a consumer is willing and able to pay $15.00 for a particular good but the price of the good is $17.00, then thea. cons
15、umer would have consumer surplus of $2.00.b. consumer would increase his/her willingness and ability to pay by earning more.c. consumer would not purchase the good and would not have any consumer surplus.d. market must not be a perfectly competitive market.ANSWER: c. consumer would not purchase the
16、good and would not have any consumer surplus.TYPE: M SECTION: 1 DIFFICULTY: 2Chapter 7/Consumers, Producers, and the Efficiency of Markets 19114. If a consumer is willing and able to pay $20.00 for a particular good but only has to pay $14.00, the consumer surplus isa. $6.00.b. $14.00.c. $20.00.d. $34.00.ANSWER: a. $6.00.TYPE: M SECTION: 1 DIFFICULTY: 215. Belva is willing to pay $65.00 for a pair of shoes for a formal dance. She finds a pair at her favorite outlet shoe stor
