超星 - 新建作业9

单选题

When shortage exists in market, sellers ( )

A. raise price, which increases quantity demanded and decreases quantity supplied until the shortage is eliminated.
B. raise price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated.
C. lower price, which increases quantity demanded and decreases quantity supplied until the shortage is eliminated.
D. lower price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated.

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单选题

The price elasticity of demand measures how much ( )

A. quantity demanded responds to a change in price.
B. quantity demanded responds to a change in income.
C. price responds to a change in demand.
D. demand responds to a change in supply.

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单选题

When consumers face rising gasoline prices, they typically ( )

A. reduce their quantity demanded more in the long run than in the short run.
B. reduce their quantity demanded more in the short run than in the long run.
C. do not reduce their quantity demanded in the short run or the long run.
D. increase their quantity demanded in the short run but reduce their quantity demanded in the long run.

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单选题

Which of the following statements about the price elasticity of demand is correct? ( )

A. The price elasticity of demand for a good measures the willingness of buyers of the good to buy less of the good as its price increases.
B. Price elasticity of demand reflects the many economic, psychological, and social forces that shape consumer tastes.
C. Other things equal, if good x has close substitutes and good y does not have close substitutes, then the demand for good x will be more elastic than the demand for good y.
D. All of the above are correct.

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单选题

Which of the following is likely to have the most price elastic demand? ( )

A. Lattés
B. doctor’s visits
C. eggs
D. natural gas

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单选题

The midpoint method is used to compute elasticity because it ( )

A. automatically computes a positive number instead of a negative number.
B. results in an elasticity that is the same as the slope of the demand curve.
C. gives the same answer regardless of the direction of change.
D. automatically rounds quantities to the nearest whole unit.

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单选题

Suppose that when the price of good X falls from $10 to $8, the quantity demanded of good Y rises from 20 units to 25 units. Using the midpoint method, the cross-price elasticity of demand is ( )

A. -1.0, and X and Y are complements.
B. -1.0, and X and Y are substitutes.
C. 1.0, and X and Y are complements.
D. 1.0, and X and Y are substitutes.

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单选题

For two individuals who engage in the same two productive activities, it is impossible for one of the two individuals to ( )

A. have a comparative advantage in both activities.
B. have an absolute advantage in both activities.
C. be more productive per unit of time in both activities.
D. gain from trade with each other.

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单选题

Buyers and sellers who have no influence on market price are referred to as ( )

A. market pawns.
B. monopolists.
C. price takers.
D. price setters.

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单选题

A downward-sloping demand curve illustrates ( )

A. that demand decreases over time.
B. that prices fall over time.
C. the relationship between income and quantity demanded.
D. the law of demand.

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