國立嘉義大學九十九學年度轉學生招生考試試題

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科目：經濟學（每題2分，共100分）  〈請將答案寫在答案卷上〉

1.

The bowed-outward shape of a PPF

(A)

illustrates the fact that no opportunity cost is incurred for increasing the production of the good measured on the horizontal axis but it is incurred to increase production of the good measured along the vertical axis.

(B)

reflects the unequal application of technology in production.

(C)

is due to capital accumulation.

(D)

is due to the existence of increasing opportunity cost.

2.

A person has a comparative advantage in producing a particular good if that person

(A)

can produce it at lower opportunity cost than anyone else can.

(B)

has more human capital related to that good than anyone else has.

(C)

has less desire to consume that good than anyone else has.

(D)

has higher productivity in producing it than anyone else has

3.

For many goods, the price elasticity of demand increases over time because

(A)

the ability to find substitutes for a good whose price has risen increases over time

(B)

people's incomes tend to increase over time.

(C)

inflation increases all prices and incomes over time.

(D)

None of the above answers is correct.

4.

The price elasticity of demand depends on the

(A)

number of available substitutes.

(B)

proportion of consumers' budgets spent on the good.

(C)

extent to which the commodity is a luxury.

(D)

all of the above

5.

Which of the following statements can used to describe efficiency?

Ⅰ. Efficiently using resources means that producers make the highest profits possible.

Ⅱ. Using resources efficiently means that we cannot produce more of one good without producing less of another good that has a higher value.

Ⅲ. Resource use is efficient when we produce goods and services that people value most highly.

(A)

I and II

(B)

I only

(C)

II and III

(D)

I, II and III

6.

The symmetry principle in economics means that

(A)

similar individuals must have similar outcomes.

(B)

all individuals must have similar outcomes.

(C)

individuals must have opposite outcomes.

(D)

all similar individuals must be treated similarly.

7.

A price floor

(A)

results in a surplus if the floor price is greater than the equilibrium price.

(B)

always results in a shortage.

(C)

results in a shortage if the floor price is greater than the equilibrium price.

(D)

always results in a surplus.

8.

In general, how a sales tax is divided between buyers and sellers is determined by

(A)

the elasticities of supply and demand.

(B)

the revenue needs of government.

(C)

who the law says must pay the tax.

(D)

the government's choice of whom to tax.

9.

Which of the following is an explanation for the existence of trade restrictions?

(A)

rent seeking

(B)

Tariffs generate revenue for the government.

(C)

inefficient quotas

(D)

Both answers A and B are key explanations.

10.

When considering rent seeking, which of the following is TRUE?

(A)

Only the pro-free trade group is concerned about the government's revenue from tariffs.

(B)

The anti-free trade group generally will lobby more than the pro-free trade group.

(C)

Usually only the anti-free trade group is concerned about what is best for society at large.

(D)

The pro-free trade group generally will lobby more than the anti-free trade group.

11.

Sam consumes only sandwiches and soda and maximizes his total utility. Suppose that the price of a sandwich falls. At the new consumer equilibrium, Sam substitutes ________ for ________. Sam's marginal utility from soda ________ and his marginal utility per dollar spent on sandwiches ________.

(A)

sandwiches; soda; increases; decreases

(B)

sandwiches; soda; increases; increases

(C)

soda; sandwiches; stays the same; stays the same

(D)

soda; sandwiches; decreases; increases

12.

A behavioral economist will explain Tom's donation to charity by saying that Tom is displaying

(A)

bounded rationality

(B)

bounded will power

(C)

bounded self-interest

(D)

the endowment effect

13.

The income effect for an inferior good

(A)

is negative.

(B)

is zero.

(C)

could be negative, zero, or positive.

(D)

is positive.

14.

As the wage rate rises, the income effect

(A)

is always less than the substitution effect.

(B)

is greater than the price effect.

(C)

eventually dominates the substitution effect.

(D)

encourages less leisure and more hours of work.

15.

"When the cost of producing a unit of a good falls because the firm uses specialized resources to produce a range of goods and services" is the definition of

(A)

economies of scope.

(B)

technological efficiency.

(C)

economic efficiency.

(D)

economies of scale.

16.

The range of output over which a firm's average variable cost is decreasing is the same as the range over which its

(A)

marginal cost is increasing.

(B)

average product is decreasing.

(C)

average product is increasing.

(D)

average fixed cost is decreasing.

17.

A perfectly competitive firm is more likely to shut down during a recession, when the demand for its product declines, than during an economic expansion, because during the recession it might be unable to cover its

(A)

external costs.

(B)

fixed costs.

(C)

variable costs.

(D)

depreciation due to machinery becoming obsolete.

18.

Suppose firms in a perfectly competitive industry are earning economic profits. As a result, 

Ⅰ. new firms enter the industry.

Ⅱ. the market price falls.

Ⅲ. the economic profits of the existing firms eventually decreases.

(A)

I and II

(B)

I, II and III

(C)

II and III

(D)

I and III

19.

Natural monopolies occur when there are

(A)

large economies of scale.

(B)

external economies.

(C)

natural resources involved.

(D)

large diseconomies of scale.

20.

Compared to a single-price monopoly, a perfectly competitive industry with the same costs produces ________ output and has a ________ price.

(A)

more; lower

(B)

less; higher

(C)

less; lower

(D)

more; higher

21.

In its long-run equilibrium, a firm in monopolistic competition

(A)

makes a positive economic profit and operates with excess capacity.

(B)

makes zero economic profit and produces above capacity output.

(C)

makes a positive economic profit and produces above capacity output.

(D)

makes zero economic profit and operates with excess capacity.

22.

"It is clear from the theory of monopolistic competition that product development is not pushed to its efficient level." This statement is

(A)

false because there are so many wasteful innovations in monopolistic competition that are merely cosmetic.

(B)

false because there is so much product differentiation in monopolistic competition.

(C)

true because there is little incentive to innovate in monopolistic competition.

(D)

true because price exceeds marginal revenue in monopolistic competition.

23.

In a prisoner's dilemma, the Nash equilibrium occurs where

(A)

the one who goes first ends up with his best outcome

(B)

both end up with their best outcome

(C)

only one ends up with his best outcome

(D)

neither person ends up with their best outcome

24.

Firms A and B can conduct research and development (R&D) or not conduct it. R&D is costly but can increase the quality of the product and increase sales. The payoff matrix is the economic profits of the two firms and is given under, where the numbers are millions of dollars. A's best strategy is to

R&D

No R&D

R & D

A:  $25

B:  $15

A:  -$3

B:  $60

Firm B

No R&D

A:  $60

B:  -$3

A:  $50

B:  $35

Firm A

(A)

conduct R&D regardless of what B does.

(B)

conduct R&D only if B does not conduction R&D.

(C)

conduct R&D only if B conducts R&D.

(D)

not conduct R&D regardless of what B does.

25.

It is possible to eliminate the inefficiency that results from an external cost by

(A)

forming a more competitive market.

(B)

granting subsidies.

(C)

lowering fines.

(D)

establishing property rights.

26.

Most governments subsidize basic education because

(A)

there are external costs associated with well educated citizens.

(B)

of the existence of private schools.

(C)

marginal social benefit of education is greater than marginal private benefit.

(D)

None of the above answers are correct.

27.

In the short run, as the quantity of labor employed by a firm decreases , labor's ________ increases.

(A)

marginal revenue

(B)

marginal cost

(C)

value of marginal product

(D)

average cost

28.

For a nonrenewable natural resource, such as oil, the equilibrium price ________ the market fundamentals price.

(A)

can be less than but not greater than

(B)

can be less than, greater than, or equal to

(C)

is always the same as

(D)

can be greater than but not less than

29.

Real GDP measures the

(A)

total profits earned by all businesses valued using prices from a single year.

(B)

general upward drift in prices.

(C)

value of total production linked to prices of a single year.

(D)

changes in the prices of output measured in dollars.

30.

Because pollution reduces economic welfare, on this count real GDP

(A)

understates economic welfare.

(B)

overstates economic welfare.

(C)

increases to take into account the expenditures that will be made in the future to clean up the pollution.

(D)

decreases as pollution increases.

31.

The consumer price index (CPI)

(A)

compares the cost in the current period to the cost in a reference base period of a basket of goods typically consumed in the base period.

(B)

measures the increase in the prices of the goods included in GDP.

(C)

compares the cost of the typical basket of goods consumed in period 1 to the cost of a basket of goods typically consumed in period 2.

(D)

is the ratio of the average price of a typical basket of goods to the cost of  producing those goods.

32.

Because of the biases in calculating the CPI, actual inflation is

(A)

less than the measured inflation rate by about 1 percent per year.

(B)

more than the measured inflation rate by about 1 percent per month.

(C)

more than the measured inflation rate by about 1 percent per year.

(D)

accurately measured.

33.

Growth accounting is designed to measure the amount of economic growth resulting from

(A)

only increased capital and labor.

(B)

only technological progress.

(C)

technological progress, increased labor, and increased capital.

(D)

only increased labor.

34.

An assumption of classical growth theory is that when ________ the population growth rate ________.

(A)

the real wage rate exceeds the subsistence real wage rate; increases

(B)

saving declines; decreases

(C)

the real wage rate decreases; increases

(D)

people become more skilled; decreases

35.

Approximately, the real interest rate ________ the inflation rate ________ the nominal interest rate.

(A)

equals; minus

(B)

equals; plus

(C)

minus; equals

(D)

plus; equals

36.

If the government begins to run a larger budget deficits, then assuming there is no Ricardo-Barro effect, the demand for loanable funds ________ and the real interest rate ________.

(A)

increases; falls

(B)

decreases; rises

(C)

decreases; falls

(D)

increases; rises

37.

Suppose the money growth rate is 3 percent, velocity is constant, and real GDP is growing at 2 percent. What is the inflation rate?

(A)

3 percent

(B)

5 percent

(C)

1 percent

(D)

6 percent

38.

Read the following statements and determine if they are true or false.

Ⅰ. According to the quantity theory of money, an increase in the growth rate of the quantity of money increases inflation in the long run.

Ⅱ. Historical and international data show that there is no correlation between inflation and money growth.

(A)

I and II are both true.

(B)

I and II are both false.

(C)

I is false and II is true.

(D)

I is true and II is false.

39.

As the expected profit from holding dollars ________, the quantity of ________.

(A)

decrease; foreign currency demanded decreases

(B)

increases; dollars demanded decreases

(C)

increases; dollars demanded increases

(D)

None of the above answers is correct.

40.

Interest rate parity implies

(A)

purchasing power parity holds.

(B)

purchasing power parity does not hold.

(C)

interest rates, adjusted for risk and expected changes in the exchange rate, are equal.

(D)

there is an equilibrium exchange rate.

41.

There are several reasons why the aggregate demand curve is downward sloping. Which of the following correctly describes one of these explanations?

(A)

A fall in the price level, holding foreign prices and the exchange rate constant, increases net exports.

(B)

A rise in the price level raises the purchasing power wealth and increases desired consumption.

(C)

A rise in the price level lowers the interest rate and increases investment spending.

(D)

A rise in the price level raises interest rates and increases investment spending.

42.

________ economists believe that the economy is self-regulating and will be at full employment as long as monetary policy is not erratic.

(A)

Classical

(B)

All

(C)

Monetarist

(D)

Keynesian

43.

The relationship between net exports and GDP makes the slope of the aggregate expenditure curve

(A)

flatter than it would be otherwise.

(B)

steeper at low levels of GDP and flatter at high levels of GDP.

(C)

neither flatter nor steeper than it would be otherwise.

(D)

steeper than it would be otherwise.

44.

The larger the multiplier, the ________ the AE curve and the ________ the AD curve from an increase in investment.

(A)

steeper; larger the shift in

(B)

steeper; smaller the shift in

(C)

flatter; larger the movement along

(D)

flatter; smaller the movement along

45.

The long-run Phillips curve shows the relationship between the inflation rate and the unemployment rate when the

(A)

actual inflation rate equals the expected inflation rate.

(B)

inflation rate is zero.

(C)

real interest rate is zero.

(D)

real interest rate equals the nominal interest rate.

46.

In monetarist business cycle theory, increases in money growth temporarily ________ real GDP and ________ the price level.

(A)

increase; lower

(B)

increase; rise

(C)

decrease; lower

(D)

decrease; rise

47.

Taxes and government expenditures that, without need for additional government action, change in response to changes in the level of economic activity are called

(A)

cyclically balanced budgets.

(B)

automatic stabilizers.

(C)

discretionary fiscal variables.

(D)

built-in monetary stabilizers.

48.

A cyclical surplus is a

(A)

budget surplus only because real GDP is equal to potential GDP.

(B)

budget surplus only because real GDP is greater than potential GDP.

(C)

nominal, as opposed to real, budget surplus.

(D)

budget surplus only because real GDP is less than potential GDP.

49.

The McCallum rule targets the ________ and the Taylor rule targets the ________.

(A)

monetary base; monetary base

(B)

federal funds rate; federal funds rate

(C)

federal funds rate; monetary base

(D)

monetary base; federal funds rate

50.

Milton Friedman's k-percent rule says to set the rate of growth of the quantity of money equal to

(A)

the unemployment rate.

(B)

the rate of growth of potential GDP.

(C)

a constant.

(D)

the real interest rate.

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