課程名稱︰經濟學原理(下) 課程性質：必修 課程教師︰官俊榮 開課學院：生農學院 開課系所︰農經系 考試日期（年月日）︰2008.4.7 考試時限（分鐘）：4 hours 是否需發放獎勵金：是 （如未明確表示，則不予發放） 試題 : Part A. Multiple Choices(40 points) 1. You are given the following information with respect to a firm's present output position marginal product of factor A,4; marginal product of factor B,2; price of A,$8; price of B,$4. Assume the firm is at its Maximum-profit output. Then Marginal Revenue must be A)$0.50 B)$1 C)$2 D)zero 2. Which of the following statement about perfect competition and monopoly is WRONG? A)The output of a monopoly tends to be smaller and the price tends to be higher than under perfect competition. B)The loss of consumer surplus is totally transferred to producer's wealth as an economy shifts from perfect competition to monopoly. C)Unlike firms in perfect competitive markets, monopolist faces a downward- sloped market demand curve. D)A monopolist is not likely to produce at a price below average cost in the long-run. 3. If the price of a monopoly firm is located on the inelastic portion of its demand curve, to maximize profits it should necessarily: A)increase output and decrease price. B)decrease output and increase price. C)increase output and increase price. D)not change output or price. E)do none of the above. 4. If an imperfectly competitive firm is at present producing at a point where average revenue exceeds marginal cost, which of the following policies should management adopt in order to maximize profit? A)Expand output and lower price. B)Contract output and raise price. C)Contract output and leave price unchanged. D)Expand output and leave price unchanged. E)Not necessarily do any of the above, since it already may be maximizing its profit. 5. Which of the following statements concerning the monopolist with the cost and demand curves shown in the figure below is true? p│d │ │\ ＼ │ \ ＼ │ \ ＼ │ \ ＼ │ \ ＼ │ \ ＼ │───\────＼────── MC=AVC │ .\ C d │────\───────── Q A B\ MR A)At output B, the firm is minimizing losses in the short run; in the long run it should shut down. B)At output C, P=MC, and the firm is maximizing profits. C)At output A, the firm is maximizing profits; however, in the long run the firm should go out of business. D)At output B, the firm should shut down in the short run. E)None of the above are true. 6.Suppose the input factor market is perfectly competitive, but the output market is facing regulation in the form of price ceiling. After the regulator raises the price ceiling, the input price will A)be greater than new output price times the marginal product of input. B)be equal to new output price times the marginal product of input. C)be less than new output price times the marginal product of input. D)input demand will shift to the left. E)None of the above is correct. 7. The demand curve in Sector 1 of the labor market is L1=a-bw. The demand curve in Sector 2 is L2=c-dw. The supply curve of labor for the entire market is L=e+fw. In equilibrium. L1+L2=L. Which of the following is false? A)With no minimum wage, equilibrium wage w=(a+c-e)/(b+d+f) B)With no minimum wage, equilibrium employment at Sector 2, L2=c-d(a+c-e)/ (b+d+f). _ C)When we impose the minimum wage(w) in Sector 1 only, equilibrium wage W2= _ (a+c-e-bw)/(d+f). _ D)When we impose the minimum wage(w) in Sector 1 only, the labor demand for _ Sector 2 is that L2=c-d(a+c-e-bw)/(d+f). _ E)When the minimum wage(w) applies to the entire labor market, the employment equilibrium is that L=a+c-(b+d)w. 8. The supply of talent such as that of Michael Jordan(kind of special factor) is A)inelastic. B)elastic. C)perfectly inelastic. D)perfectly elastic. E)unitary elastic. 9. The fraction of a resource's income that consists of economic rent is larger A)the more elastic is the demand for the resource. B)the more inelastic is the demand for the resource. C)the more elastic is the supply of the resource. D)the more inelastic is the supply of the resource. 10. The real interest rate is 2 percent per year. If, at the same time, the interest rate on money is 12 percent per year, then: A)deflation is affecting this economy. B)the inflation rate is 6 percent per year. C)the inflation rate is 10 percent per year. D)the inflation rate is 2 percent per year. E)the inflation rate is 12 percent per year. 11. If the rate of interest increases from 8 percent to 10 percent, the holder of a perpetuity which yields $100 a year forever receives a capital: A)loss of $40. B)loss of $50. C)gain of $50. D)loss of $250. E)gain of $250. 12. An individual who holds marketable government securities now is likely to sell them and hold money instead if he believes that: A)interest rates will fall far below present levels. B)interest rates will fall below present levels for 3 months and then will rise above present levels. C)interest rates will soon rise far above present levels. D)interest rates will not change from present levels. E)a substantial price deflation is coming. 13. If you wanted to increase tax revenue most efficiently, you should advocate taxing: A)goods with inelastic supply. B)goods with inelastic demand like necessities. C)inputs with inelastic derived demand curves. D)inputs with totally inelastic supply. E)any of the above. 14. If I used to work 40 hours a week at $6 per hour, and now I work 35 hours a week at $7 per hour: A)the income effect and substitution effect cancel each other out. B)the income effect is greater than the substitution effect for me. C)the substitution effect is more important to me. D)neither effect can be said to be more important to me. E)I have made an error and should be working at least 40 hours a week. 15. A large increase in immigration into a country of limited land and resources would, in the short run, cause: A)the marginal product of capital to fall. B)the quality and the educational level of the labor force to decline. C)rents and surplus profits to rise. D)no change in the marginal product of labor. E)all of the above. 16. My firm uses two inputs, A and B. These inputs are perfect substitutes and therefore have the same equilibrium market price. Suddenly, the price of B rises one dollar. What should I do to continue maximizing profits? A)Use one less unit of B. B)Use one more unit of A. C)Use no A and all B. D)Use no B and all A. E)Cannot tell from information given. 17. Suppose that a 50% tax were levied on the price of an input with totally inelastic supply. The price of the good being produced using the input would always increase by: A)more than 50%. B)exactly 50%. C)less than 50%. D)some amount depending upon the elasticity of demand. E)none of the above. 18. Suppose that a firm has the opportunity to employ a new machine that will increase production by 5 units and will cost $10 to purchase. If each unit of output can be sold for $5, then the: A)marginal revenue product of the machine is less than its cost, and the firm should not take advantage of the opportunity. B)marginal product of the machine is exactly equal to the price of output, and the firm should therefore take advantage of the opportunity. C)marginal revenue product of the machine is equal to $25, so the firm should take advantage of the opportunity. D)marginal revenue product of the machine is equal to $5, so the firm should take advantage of the opportunity. E)none of the above. 19. If the demand for a product becomes more elastic, then the demand for any given input involved in the production of that good: A)becomes less elastic. B)becomes more elastic as well. C)continues to be identically equal to 1. D)becomes more elastic if and only if it were initially less than 1. E)becomes less elastic if and only if it were initially greater than 1. 20. The derived demand for a factor is more elastic the: A)more inelastic the demand for the product using the factor. B)smaller the technical possibilities of substituting another factor for this factor. C)more inelastic the supply of jointly used factors. D)larger the portion of the cost of this factor in the total cost of the product. E)greater the tendency of the industry using the factor to hold product price constant when faced with an increase in factor cost. Part B. Essay Questions 1. Suppose a monopoly has the following cost data where fixed cost equals $60, and demand for his output.(30 points) --

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