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1、Chapter 4 The Market Forces of Supply and DemandTRUE/FALSE1.Prices allocate a market economys scarce resources.ANS:TDIF:1REF:4-0NAT:AnalyticLOC:Markets, market failure, and externalitiesTOP:Market economiesMSC:Definitional2.In a market economy, supply and demand determine both the quantity of each g
2、ood produced and the price at which it is sold.ANS:TDIF:1REF:4-0NAT:AnalyticLOC:Markets, market failure, and externalitiesTOP:Market economiesMSC:Definitional3.A market is a group of buyers and sellers of a particular good or service.ANS:TDIF:1REF:4-1NAT:AnalyticLOC:Markets, market failure, and exte
3、rnalitiesTOP:MarketsMSC:Definitional4.Sellers as a group determine the demand for a product, and buyers as a group determine the supply of a product.ANS:FDIF:1REF:4-1NAT:AnalyticLOC:Supply and demandTOP:Demand | SupplyMSC:Definitional5.A yard sale is an example of a market.ANS:TDIF:2REF:4-1NAT:Analy
4、ticLOC:Markets, market failure, and externalitiesTOP:MarketsMSC:Applicative6.A newspapers classified ads are an example of a market.ANS:TDIF:2REF:4-1NAT:AnalyticLOC:Markets, market failure, and externalitiesTOP:MarketsMSC:Applicative7.Most markets in the economy are highly competitive.ANS:TDIF:1REF:
5、4-1NAT:AnalyticLOC:Markets, market failure, and externalitiesTOP:MarketsMSC:Definitional8.In a competitive market, the quantity of each good produced and the price at which it is sold are not determined by any single buyer or seller.ANS:TDIF:1REF:4-1NAT:AnalyticLOC:Markets, market failure, and exter
6、nalitiesTOP:Competitive marketsMSC:Definitional9.In a competitive market, there are so few buyers and so few sellers that each has a significant impact on the market price.ANS:FDIF:1REF:4-1NAT:AnalyticLOC:Markets, market failure, and externalitiesTOP:Competitive marketsMSC:Definitional10.In a perfec
7、tly competitive market, the goods offered for sale are all exactly the same.ANS:TDIF:1REF:4-1NAT:AnalyticLOC:Perfect competitionTOP:Perfect competitionMSC:Definitional11.In a perfectly competitive market, buyers and sellers are price setters.ANS:FDIF:1REF:4-1NAT:AnalyticLOC:Perfect competitionTOP:Pe
8、rfect competitionMSC:Definitional12.All goods and services are sold in perfectly competitive markets.ANS:FDIF:1REF:4-1NAT:AnalyticLOC:Perfect competitionTOP:Perfect competitionMSC:Definitional13.If a good or service has only one seller, then the seller is called a monopoly.ANS:TDIF:1REF:4-1NAT:Analy
9、ticLOC:MonopolyTOP:MonopolyMSC:Definitional14.Monopolists are price takers.ANS:FDIF:2REF:4-1NAT:AnalyticLOC:MonopolyTOP:MonopolyMSC:Interpretive15.Local cable TV companies frequently are monopolists.ANS:TDIF:1REF:4-1NAT:AnalyticLOC:MonopolyTOP:MonopolyMSC:Definitional16.The quantity demanded of a pr
10、oduct is the amount that buyers are willing and able to purchase at a particular price.ANS:TDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Quantity demandedMSC:Definitional17.The law of demand is true for most goods in the economy.ANS:TDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Law of demand
11、MSC:Definitional18.The law of demand states that, other things equal, when the price of a good rises, the quantity demanded of the good rises, and when the price falls, the quantity demanded falls.ANS:FDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Law of demandMSC:Definitional19.The demand curve
12、is the upward-sloping line relating price and quantity demanded.ANS:FDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Demand curveMSC:Definitional20.Individual demand curves are summed horizontally to obtain the market demand curve.ANS:TDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Market demand
13、curveMSC:Definitional21.The market demand curve shows how the total quantity demanded of a good varies as the income of buyers varies, while all the other factors that affect how much consumers want to buy are held constant.ANS:FDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Market demand curveMSC
14、:Definitional22.If something happens to alter the quantity demanded at any given price, then the demand curve shifts.ANS:TDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Demand curveMSC:Definitional23.A movement upward and to the left along a given demand curve is called a decrease in demand.ANS:FD
15、IF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Demand curveMSC:Interpretive24.An increase in demand shifts the demand curve to the left.ANS:FDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Demand curveMSC:Definitional25.If the demand for a good falls when income falls, then the good is called an i
16、nferior good.ANS:FDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Normal goodsMSC:Definitional26.When Marios income decreases, he buys more pasta. For Mario, pasta is a normal good.ANS:FDIF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Inferior goodsMSC:Applicative27.A decrease in income will shift
17、the demand curve for an inferior good to the right.ANS:TDIF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP: Inferior goodsMSC:Interpretive28.An increase in the price of a substitute good will shift the demand curve for a good to the right.ANS:TDIF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Substitut
18、esMSC:Interpretive29.Baseballs and baseball bats are substitute goods.ANS:FDIF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP:ComplementsMSC:Applicative30.A decrease in the price of a complement will shift the demand curve for a good to the left.ANS:FDIF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Co
19、mplementsMSC:Interpretive31.When an increase in the price of one good lowers the demand for another good, the two goods are called complements.ANS:TDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:ComplementsMSC:Definitional32.Cocoa and marshmallows are complements, so a decrease in the price of coc
20、oa will cause an increase in the demand for marshmallows.ANS:TDIF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP:ComplementsMSC:Applicative33.If a person expects the price of socks to increase next month, then that persons current demand for socks will increase.ANS:TDIF:2REF:4-2NAT:AnalyticLOC:Supply
21、and demandTOP:ExpectationsMSC:Applicative34.A decrease in the price of a product and an increase in the number of buyers in the market affect the demand curve in the same general way.ANS:FDIF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Demand curveMSC:Interpretive35.Whenever a determinant of demand
22、 other than price changes, the demand curve shifts.ANS:TDIF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Demand curveMSC:Interpretive36.An increase in the price of pizza will shift the demand curve for pizza to the left.ANS:FDIF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Demand curveMSC:Applicativ
23、e37.Public service announcements, mandatory health warnings on cigarette packages, and the prohibition of cigarette advertising on television are all policies aimed at shifting the demand curve for cigarettes to the right.ANS:FDIF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Demand curveMSC:Applicat
24、ive38.Most studies have found that tobacco and marijuana are complements rather than substitutes.ANS:TDIF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP:ComplementsMSC:Applicative39.The quantity supplied of a good or service is the amount that sellers are willing and able to sell at a particular price
25、.ANS:TDIF:1REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Quantity suppliedMSC:Definitional40.When the price of a good is high, selling the good is profitable, and so the quantity supplied is large.ANS:TDIF:1REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Law of supplyMSC:Definitional41.When the price of a
26、 good is low, selling the good is profitable, and so the quantity supplied is large.ANS:FDIF:1REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Law of supplyMSC:Definitional42.Price cannot fall so low that some sellers choose to supply a quantity of zero.ANS:FDIF:2REF:4-3NAT:AnalyticLOC:Supply and demandT
27、OP:Quantity suppliedMSC:Interpretive43.The law of supply states that, other things equal, when the price of a good rises, the quantity supplied of the good falls.ANS:FDIF:1REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Law of supplyMSC:Definitional44.The law of supply states that, other things equal, w
28、hen the price of a good falls, the quantity supplied falls as well.ANS:TDIF:1REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Law of supplyMSC:Definitional45.If a higher price means a greater quantity supplied, then the supply curve slopes upward.ANS:TDIF:1REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Supp
29、ly curveMSC:Definitional46.Individual supply curves are summed vertically to obtain the market supply curve.ANS:FDIF:1REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Market supply curveMSC:Definitional47.The market supply curve shows how the total quantity supplied of a good varies as input prices vary,
30、 holding constant all the other factors that influence producers decisions about how much to sell.ANS:FDIF:1REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Market supply curveMSC:Definitional48.If something happens to alter the quantity supplied at any given price, then we move along the fixed supply cu
31、rve to a new quantity supplied.ANS:FDIF:2REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Supply curveMSC:Interpretive49.A movement along a supply curve is called a change in supply while a shift of the supply curve is called a change in quantity supplied.ANS:FDIF:2REF:4-3NAT:AnalyticLOC:Supply and deman
32、dTOP:Supply | Quantity suppliedMSC:Interpretive50.A decrease in supply shifts the supply curve to the left.ANS:TDIF:1REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Supply curveMSC:Definitional51.A reduction in an input price will cause a change in quantity supplied, but not a change in supply.ANS:FDIF:
33、2REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Input pricesMSC:Interpretive52.An increase in the price of ink will shift the supply curve for pens to the left.ANS:TDIF:2REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Input pricesMSC:Applicative53.If there is an improvement in the technology used to produc
34、e a good, then the supply curve for that good will shift to the left.ANS:FDIF:2REF:4-3NAT:AnalyticLOC:Supply and demandTOP:TechnologyMSC:Interpretive54.Advances in production technology typically reduce firms costs.ANS:TDIF:2REF:4-3NAT:AnalyticLOC:Supply and demandTOP:TechnologyMSC:Interpretive55.If
35、 a company making frozen orange juice expects the price of its product to be higher next month, it will supply more to the market this month.ANS:FDIF:2REF:4-3NAT:AnalyticLOC:Supply and demandTOP:ExpectationsMSC:Applicative56.When a seller expects the price of its product to decrease in the future, t
36、he sellers supply curve shifts left now.ANS:FDIF:2REF:4-3NAT:AnalyticLOC:Supply and demandTOP:ExpectationsMSC:Interpretive57.An increase in the price of a product and an increase in the number of sellers in the market affect the supply curve in the same general way.ANS:FDIF:2REF:4-3NAT:AnalyticLOC:S
37、upply and demandTOP:Supply curveMSC:Interpretive58.Whenever a determinant of supply other than price changes, the supply curve shifts.ANS:TDIF:2REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Supply curveMSC:Interpretive59.A decrease in the price of pizza will shift the supply curve for pizza to the lef
38、t.ANS:FDIF:2REF:4-3NAT:AnalyticLOC:Supply and demandTOP:Supply curveMSC:Applicative60.Supply and demand together determine the price and quantity of a good sold in a market.ANS:TDIF:1REF:4-4NAT:AnalyticLOC:Supply and demandTOP:EquilibriumMSC:Definitional61.A markets equilibrium is the point at which
39、 the supply and demand curves intersect.ANS:TDIF:1REF:4-4NAT:AnalyticLOC:Supply and demandTOP:EquilibriumMSC:Definitional62.At the equilibrium price, quantity demanded is equal to quantity supplied.ANS:TDIF:1REF:4-4NAT:AnalyticLOC:EquilibriumTOP:EquilibriumMSC:Definitional63.The equilibrium price is
40、 the same as the market-clearing price.ANS:TDIF:1REF:4-4NAT:AnalyticLOC:EquilibriumTOP:EquilibriumMSC:Definitional64.At the equilibrium price, buyers have bought all they want to buy, but sellers have not sold all they want to sell.ANS:FDIF:1REF:4-4NAT:AnalyticLOC:EquilibriumTOP:EquilibriumMSC:Defin
41、itional65.The actions of buyers and sellers naturally move markets toward equilibrium.ANS:TDIF:1REF:4-4NAT:AnalyticLOC:EquilibriumTOP:EquilibriumMSC:Definitional66.When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied.ANS:FDIF:1REF:4-4N
42、AT:AnalyticLOC:EquilibriumTOP:EquilibriumMSC:Definitional67.When the market price is above the equilibrium price, suppliers are unable to sell all they want to sell.ANS:TDIF:1REF:4-4NAT:AnalyticLOC:EquilibriumTOP:EquilibriumMSC:Definitional68.A surplus is the same as an excess demand.ANS:FDIF:1REF:4
43、-4NAT:AnalyticLOC:Supply and demandTOP:SurplusMSC:Definitional69.Sellers respond to a surplus by cutting their prices.ANS:TDIF:1REF:4-4NAT:AnalyticLOC:Supply and demandTOP:SurplusMSC:Definitional70.Price will rise to eliminate a surplus.ANS:FDIF:2REF:4-4NAT:AnalyticLOC:EquilibriumTOP:SurplusMSC:Inte
44、rpretive71.When quantity supplied exceeds quantity demanded at the current market price, the market has a surplus and market price will likely rise in the future to eliminate the surplus.ANS:FDIF:2REF:4-4NAT:AnalyticLOC:EquilibriumTOP:SurplusMSC:Interpretive72.When the market price is below the equilibrium price, the quantity of the good demanded exceeds the quantity supplied.ANS:TDIF:1REF:4-4NAT:AnalyticLOC:EquilibriumTOP:EquilibriumMSC:Definitional73.When the market price is below the equilibrium price, suppliers are unable to sell all they want to sell.ANS:FDIF:1REF:4-4NAT:
