1. On 1 April, Bob' Taxi Co. purchased 100,000 litres of petrol for $1.20 per litre. The very next day, the market price of petrol increased to $1.40 per litre. The economic cost of petrol being stroed at Bob's taxi as of 2 April should be evaluated using:

a) the purchase price of $1.20 per litre.

b) the current market price of $1.40per litre

c) the average of the purchase and market prices, or $1.30 per litre.

d) the estimated price of petrol at the end of the company's financial year.

2.If the average variable cost of producing  a good is increasing as a firm produces more of the good, then which of the following must be true?

a) AFC is constant.

b) MPL is falling

c) ATC is rising.

d) MC > AVC.

3. In a two-person bargaining situation it is

a) always in the best interests of both players to be as flexible as possible, and to have as many options as possible,

b) alwasy in the best interest of the player that moves first to be as flexible as possible, and to have as many options as possible.

c) often in the best interest of players to cut off some of their own options in order to make the other player's threats not credible.

d) often in the best interest of players to cut off some of their own options in order to make their own threats credible.

4. which statement most closely describles a Nash equilibrium applied to an oligopoly?

a) Firms get together and set the price that maximizes joint profits.

b) Each firm automatically moves to the competitive equilibrium because it knows the other firm will eventually move to that price anyway.

c) Given the prices chosen by its competitors, no firm has an incentive to change their prices from the equilibrium level.

d) One dominant firm sets the price, and the other firms take that price as if it were given by the market.

5. Farmer Bob bought his farm for $575,000 in 2005. Today the farm is worth $5000,000, and the interest rate is 10%. ABC Corporation has offered to buy the farm today for $ 500,000 and XYZ Corporation has offered to buy the farm for $530,000 one year from now . Farmer Bob could earn net profit of $15,000 (over and above all of his expenses) if he farms the land this year. What should he do?

a) Sell to ABC

b) Farm the land for another year and sell to XYZ

c) Accept either offer as they are equivalent

d) Reject both.

6.Economic theory predicts that the demand for tourist trips to 某国.

a) will increase becase of the favourable  impression generated by the 某体育界大会.

b) will decrease becase of 某国's prerceived record on 某权.

c) will remain essentially unchanged from recent years.

d) Economic theory makes no such predictions.

7. Zehr's Pharmacy sells shampoo and conditioner. Zehr's has two types of customer. Their willingness-to-pay for shampoo and conditioner are given in the table below. If Zehr's bundles the shampoo and conditioner, what price should they charge in order to maximize revenue?

             shampoo conditioner

Type1      4                 5

Type2      5                 3

a) 8 b) 9 c)10 d) No additional revenue can be earned by selling the products as bundle.

8. At the beginning of the semester a lecturer announces to her class that she will fail any student whose mobile phone rings during class time . As a result , students in the class should

a) always turn off their mobile phones before class.

b) never turn off their mobile phones before class.

c) Ignore the threat of failing because it is not credible.

d) check university policy before they decide whether the threat of failing is credible.

[此贴子已经被作者于2009-4-23 11:03:49编辑过]