微观经济学纸质练习ch5-ch6助教答案版.docVIP

微观经济学纸质练习ch5-ch6 姓名： 学号： 得分： A Multiple choice 1) In the figure above, when production is 3 units with a price of $3, the producer surplus in this market equals A) b + g. B) f + g. C) a + b + f + g. D) a + b + f + g + h + i. Answer: B 2) Underproduction of good ________ create a deadweight loss and overproduction of a good ________ create a deadweight loss. A) will; will B) will; will not C) will not; will D) will not; will not Answer: A 3) Susan thinks the only fair outcome is one in which she has three slices of pizza a week. Susan is using a ________ concept of fairness. A) its not fair if the result isnt fair B) its not fair if the rules arent fair C) big tradeoff D) Novak principle Answer: A 4) When a rent ceiling is imposed in a housing market, the opportunity cost of housing equals the A) rent. B) market equilibrium rent that would prevail in the absence of a rent ceiling. C) value of the time and resources spent searching plus the rent. D) consumer surplus. Answer: C 5) The price ceiling depicted in the above figure results in A) consumer surplus increasing from $30 thousand to $34.5 thousand. B) producer surplus decreasing from $24 thousand to $6 thousand. C) a deadweight loss of $16 thousand. D) Both answers A and B are correct. Answer: D 6) A minimum wage set above the equilibrium wage will A) create a shortage of labor. B) create a surplus of labor. C) have no effect because the equilibrium level of employment is not affected by a minimum wage above the equilibrium wage. D) create a lower wage rate for skilled workers than for unskilled workers. Answer: B 7) In the above figure, a price ceiling of $4 would A) result in a shortage in the long run. B) result in a surplus in the long run. C) have no effect. D) result in a surplus in the short run but have no effect in the long run. Answer: C 8) If a tax is imposed in a market in which demand is perfectly inelastic A