(国际贸易全英文版第二章习题.docVIP

CHAPTER 2 The Basic Theory Using Demand and Supply Multiple Choice Questions 1. The consumers problem is to maximize: a. utility. b. profit. c. trade. d. consumption. 2. Refer to Figure 2.3. Consumer surplus associated with Q1 units is denoted by _______. Consumer surplus associated with Q2 units is denoted by _______. a. a+b+d; d+c+e b. a; b+d c. a; a+b+d d. a; d 3. If a 1 percent decrease in the price of a good causes the quantity demanded of the good to increase by 2 percent, we call that portion of the demand curve: a. inelastic. b. elastic. c. unit elastic. d. perfectly elastic. 4. Price elasticity of demand is: a. a measure of the responsiveness of consumers to changes in income. b. a measure of the responsiveness of consumers to changes in price. c. the slope of the demand curve. d. a measure of the amount by which the demand curve shifts as a result of a change in price. 5. If a 1 percent decrease in the price of a good results in a 0.5% increase in the quantity demanded of the good, we can conclude that the demand for the good is relatively price: a. inelastic. b. elastic. c. unit elastic. d. perfectly elastic. 6. The motive of the firm is to: a. produce as much as possible. b. maximize the economic well-being of consumers. c. maximize profit. d. minimize costs. 7. Price elasticity of supply is: a. a measure of the responsiveness of producers to changes in income. b. a measure of the responsiveness of producers to changes in price. c. the slope of the supply curve. d. a measure of the amount by which the supply curve shifts as a result of a change in price. 8. When the price elasticity of supply is less than 1, we call supply _______. a. perfectly elastic b. inelastic c. unit elastic d. elastic 9. Refer to Figure 2.6. Producer surplus associated with producing and selling Qx units of the good is the area: a. a. b. b. c. a + b. d. b - a. 10. Producer surplus is: a. found on a graph as the area under the equilibrium price and above t