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1、SECTIONA：Multiplechoicequestions.Studentsshouldattempttofindthebestanswerforeachquestion.Eachquestionisworthtwomark(2）.SectionB:Shortanswers。Studentsshouldattempttoansweranythree（3）fromthefollowingfive（5)shortanswerquestions。Eachshortanswerquestionisworthfifteen(15）marks.II.Termdefinition（2pointsper
2、each.20pointsintotal)III.Discussion（4pointspereach.20pointsintotal)Chapter 1What is the opportunity cost of seeing a movie?ANW: theopportunitycostofseeingamovieincludesthemonetarycostofadmissionplusthetimecostofgoingtothetheaterandattendingtheshow.Thetimecostdependsonwhatelseyoumightdowiththattime；i
3、fitsstayinghomeandwatchingTV，thetimecostmaybesmall,butifitsworkinganextrathreehoursatyourjob，thetimecostisthemoneyyoucouldhaveearned。What does the “invisible hand” of the market-place do？ANW: The”invisiblehandofthemarketplacerepresentstheideathateventhoughindividualsandfirmsareallactingintheirownsel
4、f-interest,pricesandthemarketplaceguidethemtodowhatisgoodforsocietyasawhole.Chapter 2Draw and explain a production possibilities frontier for an economy that produces computer and car.Draw and explain a circular flow for an economy Chapter 4Thecasestudypresentedinthechapterdiscussed cigarettetaxesas
5、awaytoreducesmoking.Nowthink aboutthemarketsforothertobaccoproductssuchas cigarsandchewingtobacco。a.Arethesegoodssubstitutesorcomplementsfor cigarettes?b.Usingasupplyand-demanddiagram，showwhat happensinthemarketsforcigarsandchewing tobaccoifthetaxoncigarettesisincreased。c。Ifpolicymakerswantedtoreduc
6、etotaltobacco consumption，whatpoliciescouldtheycombine withthecigarettetaxANS:a.Cigarsandchewingtobaccoaresubstitutesforcigarettes,sinceahigherpriceforcigaretteswouldincreasethedemandforcigarsandchewingtobacco.b.Anincreaseinthetaxoncigarettesleadstoincreaseddemandforcigarsandchewingtobacco.Theresult
7、,asshowninFigure25forcigars,isariseinboththeequilibriumpriceandquantityofcigarsandchewingtobacco。c.Theresultsinpart(b）showedthatataxoncigarettesleadspeopletosubstitutecigarsandchewingtobaccoforcigaretteswhenthetaxoncigarettesrises。Toreducetotaltobaccousage,policymakersmightalsowanttoincreasethetaxon
8、cigarsandchewingtobacco，orpursuesometypeofpubliceducationprogram。90.A very hot summer in Atlanta will cause a.the demand curve for lemonade to shift to the left.b。the demand for air conditioners to decrease。c。the demand for jackets to decrease.d.a movement downward and to the right along the demand
9、curve for tank tops。91。If a study by medical researchers found that brown sugar caused weight loss while white sugar caused weight gain, then we likely would seea。an increase in demand for brown sugar and a decrease in demand for white sugar。b.a decrease in demand for brown sugar and an increase in
10、demand for white sugar.c。an increase in demand for both brown sugar and white sugar。d.no change in demand for either type of sugar because weight loss is not a determinant of demand.92.Which of the following events could shift the demand curve for gasoline to the left？a。The income of gasoline buyers
11、 rises， and gasoline is a normal good。b.The income of gasoline buyers falls, and gasoline is an inferior good.c.Public service announcements run on television encourage people to walk or ride bicycles instead of driving cars。d。The price of gasoline rises。93。An increase in the number of college schol
12、arships issued by private foundations woulda。increase the supply of education.b。decrease the supply of education。c.increase the demand for education。d。decrease the demand for education.94。Today， people changed their expectations about the future。 This changea。can cause a movement along a demand curv
13、e.b.can affect future demand, but not todays demand.c。can affect todays demand。d.cannot affect either todays demand or future demand.95.If Juan expects to earn a higher income next month， he may choose toa.save more now and spend less of his current income on goods and services。b。save less now and s
14、pend more of his current income on goods and services。c.decrease his current demand for goods and services.d。move along his current demand curves for goods and services.96。You love peanut butter。 You hear on the news that 50 percent of the peanut crop in the South has been wiped out by drought, and that this will cause the price of peanuts to double by the end of the year。 As a result，a.your demand for peanut butter will increase, but not until the end of the year.b.your demand for peanut butter increases today。c。your demand for peanut bu
