微观经济理论测试题库：tb08

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1、Chapter 8Cost Functions77.The opportunity cost of producing a bicycle refers to thea.outofpocket payments made to produce the bicycle.*b.value of the goods that were given up to produce the bicycle.c.bicycles retail price.d.marginal cost of the last bicycle produced.78.A firms economic profits are g

2、iven bya.total revenue minus total accounting cost.b.the owners opportunity cost.*c.total revenue minus total economic cost.d.total revenue minus the cost of capital.79.In order to minimize the cost of a particular level of output, a firm should produce wherea.labor input equals capital input.b.the

3、RTS (of L for K) = .*c.the RTS (of L for K) = d.the MRS = .80.The firms expansion path recordsa. profitmaximizing output choices for every possible price.b. costminimizing input choices for all possible output levels for when input rental rates expand along with production.*c. costminimizing input c

4、hoices for all possible output levels for a fixed set of input prices.d. costminimizing input choices for profitmaximizing output levels.81.The expansion path for a homothetic production functiona.is a straight line through the origin with a slope greater than one if w v.b.is a straight line through

5、 the origin with a slope less than one if w v .*c.is a straight line through the origin though its slope cannot be determined by w and v alone.d.has a positive slope but is not necessarily a straight line.82.A firm whose production function displays increasing returns to scale will have a total cost

6、 curve that isa.a straight line through the origin.*b.a curve with a positive and continually decreasing slope.c.a curve with a positive and continually increasing slope.d.a curve with a negative and continually decreasing slope.83.A linear total cost curve that passes through the origin implies tha

7、ta.average cost is constant and marginal cost is variable.b.average cost is variable and marginal cost is constant.*c.average and marginal costs are constant and equal.d.you need more information to answer question.84.As long as marginal cost is below average cost, average cost will be*a.falling.b.r

8、ising.c.constant.d.changing in a direction that cannot be determined without more information.85.As long as marginal cost is less than average variable cost,*a.both average total costs and average variable costs will be falling.b. average total costs will be falling but average costs may be rising o

9、r falling.c. average fixed costs are rising.d. average total costs are falling but average fixed costs may be rising.86.The average fixed cost curve always has a negative slope becausea. marginal costs are below average fixed costs.b. average variable costs exceed marginal costs.c. total fixed costs

10、 always decrease.*d. total fixed costs do not change as output increases.87.The shape of a firms longrun average cost curve is determined bya.the degree to which each input encounters diminishing marginal productivity.*b.the underlying nature of the firms production function when all inputs are able

11、 to be varied.c. how much the firm decides to produce.d. the way in which the firms expansion path reacts to changes in the rental rate on capital.88. For a constant returns to scale production functiona.marginal costs are constant but the average cost curve has a Ushape.*b. both average and margina

12、l costs are constant.c. marginal cost has a Ushape; average costs are constant.d. both average and marginal cost curves are Ushaped.89.For any given output level, a firms longrun costsa.are always greater than or equal to its shortrun costs.b.are usually greater than or equal to its shortrun costs e

13、xcept in the case of diminishing returns to scale.*c.are always less than or equal to its shortrun costs.d.are usually less than or equal to its shortrun costs except in the case of diminishing returns to scale.90.An increase in the wage rate will have a greater effect on average costsa. the larger

14、the proportion labor costs are of total costs and the easier it is to substitute capital for labor.*b.the larger the proportion labor costs are of total costs and the harder it is to substitute capital for labor.c. the greater is the diminishing marginal product of labor.d. the greater are returns t

15、o scale.91.Technical progress will*a.shift a firms production function and its related cost curves.b. not affect the production function, but may shift cost curves.c. shift a firms production function and alter its marginal revenue curve.d. shift a firms production function and cause more capital (a

16、nd less labor) to be hired.92.The Cobb-Douglas production function yields the cost function C = (where B is a constant).a.b.c.*d.93.For the cost function consider the following statements:I.The function exhibits decreasing average cost.II.The function is homogeneous of degree 1 in v and w.III.The el

17、asticity of marginal cost with respect to v exceeds the elasticity with respect to w.a.None is true.b.All are true.c.Only I is true.*d.Only I and II are true.94.For the cost function C = 100 + .3q,*a.marginal cost is constant.b.average cost is U-shaped.c.fixed costs diminish with q.d.all of the abov

18、e are true.95. The input demand functions that can be derived from cost functions are referred to as “contingent” demand functions because the functions:a. assume input costs are constant.*b.express input demand as a function of output.c.depend on the assumption of profit maximization.d.assume constant returns to scale in production.96.The cost function arises froma.a Cobb-Douglas production function.*b.a CES production function.c.a fixed proportions production function.d.a Translog production function.