Chapter1-4_F1考试试题及答案P3-新东方在线职业题库

What is an inferior good?

A

A good of such poor quality that demand for it is very weak

B

A good for which the cross elasticity of demand with a substitute product is greater than 1

C

A good for which demand will fall as household income rises

Consider the price and demand for tickets to travel by sea ferry. The price of travelling by hovercraft (a substitute form of travel) goes up. Which of the following would you expect to happen?

A

The demand curve for sea ferry tickets will shift to the left, and their price will go down. More sea ferry tickets will be sold

B

The demand curve for sea ferry tickets will shift to the right, and their price will go up. More ferry

tickets will be sold.

C

The demand curve for sea ferry tickets will shift to the right and their price will go down. More sea ferry tickets will be sold.

D

The demand curve for sea ferry tickets will shift to the right and their price will go up. Fewer sea ferry tickets will be sold.

The summer demand for hotel accommodation in London comes mainly from foreign tourists. Demand for hotel rooms in London in summer could be reduced by a fall in the price or value of which of the following?

1 US dollars

2 Aeroplane tickets

3 Sterling

A

Item 1 only

B

Items 1 and 2 only

C

Items 2 and 3 only

D

Item 3 only

ABC produces a variety of soft drink. It has two competitors but all three producers use product differentiation to distinguish themselves from each other. What type of market is this?

A

Perfect competition

B

Monopoly

C

Monopolistic competition

D

Oligopoly

Suppose that, in a certain advanced industrialised country, the government has applied price controls over rents of both public and private rented accommodation for a number of years, and a serious problem of widespread homelessness has built up.

Just recently, the rent price controls have been eased. Which of the following consequences should now occur?

1 An increase in homelessness

2 In the longer term, an increase in new building work

3 The provision of more rented accommodation

4 Fewer owner-occupied dwellings

A

Consequences 1 and 2

B

Consequences 2 and 3

C

Consequences 3 and 4

D

Consequences 1 and4

The demand curve for a resource may shift because of

A

A change in the demand for a good whose production is dependent on the resource

B

Concerns about potential harmful pollution from the resource

C

A change in the price of a substitute resource

D

All of the above

The income elasticity of demand for a product is high. This means that

A

Sales will fall only slightly when incomes of households fall

B

Sales will rise sharply when incomes of households rise

C

The good is an inferior good

Using the point method, what is the price elasticity of demand of product X as price falls from its current price of $20 to $15?

Old New

Price 20 15

Quantity 10 15

A

0.5

B

1

C

1.5

D

2

Consumer surplus is：

A

The excess between what consumers are prepared to pay for a good or service, and the prevailing market price

B

The indirect tax producers pay on a good or service

C

The marginal utility gained by consuming one more unit of a good or service

D

The indirect tax consumers pay on a good or service

Which combination of demand and supply curves would be appropriate for a firm attempting to increase its profits by increasing its market share?

A

Inelastic demand, inelastic supply

B

Elastic demand, elastic supply

C

Inelastic demand, elastic supply

D

Elastic demand, inelastic supply

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