经济学原理微观第五版测试题库解析.docxVIP

Chapter 7 Consumers, Producers, and the Efficiency of Markets TRUE/FALSE Welfare economics is the study of the welfare system. ANS: F DIF: 1 REF: 7-1 LOC: Supply and demand TOP: Welfare  NAT: Analytic MSC: Definitional The willingness to pay is the maximum amount that a buyer will pay for a good and measures how much the buyer values the good. ANS: T DIF: 1 REF: 7-1 NAT: Analytic LOC: Supply and demand TOP: Willingness to pay MSC: Definitional For any given quantity, the price on a demand curve represents the marginal buyers willingness to pay. ANS: T DIF: 2 REF: 7-1 NAT: Analytic LOC: Supply and demand TOP: Willingness to pay MSC: Interpretive A buyer is willing to buy a product at a price greater than or equal to his willingness to pay, but would refuse to buy a product at a price less than his willingness to pay. ANS: F DIF: 1 REF: 7-1 NAT: Analytic LOC: Supply and demand TOP: Willingness to pay MSC: Definitional Consumer surplus is the amount a buyer actually has to pay for a good minus the amount the buyer is willing to pay for it. ANS: F DIF: 1 REF: 7-1 NAT: Analytic LOC: Supply and demand TOP: Consumer surplus MSC: Definitional Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually has to pay for it. ANS: T DIF: 1 REF: 7-1 NAT: Analytic LOC: Supply and demand TOP: Consumer surplus MSC: Definitional Consumer surplus measures the benefit to buyers of participating in a market. ANS: T DIF: 1 REF: 7-1 NAT: Analytic LOC: Supply and demand TOP: Consumer surplus MSC: Interpretive Consumer surplus can be measured as the area between the demand curve and the equilibrium price. ANS: T DIF: 1 REF: 7-1 NAT: Analytic LOC: Supply and demand TOP: Consumer surplus MSC: Interpretive Consumer surplus can be measured as the area between the demand curve and the supply curve. ANS: F DIF: 1 REF: 7-1 NAT: Analytic LOC: Supply and demand TOP: Consumer surplus MSC: Interpretive Joel has a 1966 Mustang, which he sells to Susie, an