2021安徽金融英语考试考前冲刺卷.docx

2021安徽金融英语考试考前冲刺卷本卷共分为2大题50小题，作答时间为180分钟，总分100分，60分及格。一、单项选择题（共47题，每题2分。每题的备选项中，只有一个最符合题意） 1.A columnist is discussing how the efficient quantity of output for a good or service is determined. These two statements appear in his column: Statement 1: The equilibrium quantity of production for a good or service can be considered efficient as long as the marginal social benefit of that quantity is greater than its marginal social cost. Statement 2: Subsidies and quotas typically result in production of a good or service in quantities at which the marginal social cost exceeds the marginal social benefit. Are these statements correct Statement 1 Statement 2 （） A. Correct Correct B. Correct Incorrect C. Incorrect IncorrectA. B. C. 2.Which of the following relationships most accurately describes the inefficiency resulting from government imposed production quotas（）A. Marginal benefit exceeds marginal cost leading to underproduction.B. Marginal benefit exceeds marginal cost leading to overproduction.C. Marginal cost exceeds marginal benefit leading to overproduction.3.Marginal benefit is most accurately described as the:（）A. benefit from producing one more unit of a good or service.B. benefit an individual gets from consuming an additional unit of a good or service.C. benefit that must be forgone in order to consume an additional unit of a good or service.4.Equilibrium in a perfectly competitive market results in a quantity for which the:（）A. difference between consumer and producer surpluses is maximized.B. consumer and producer surpluses are equal.C. sum of consumer and producer surpluses is maximized.5.The effect of a price ceiling set above the equilibrium price is most accurately described by which of the following statements（）A. It will have no effect on equilibrium price and quantity.B. It will affect equilibrium price, but not equilibrium quantity.C. Quantity demanded will exceed quantity supplied.6.If accurately calculated, will the amount of accounting profit for a firm generally: be below that firms economic consider both that firms profit for the same time period explicit and implicit costs （） A. No No B. No Yes C. Yes NoA. B. C. 7.A candidate for public office has proposed a program of wealth transfers based on the principles of utilitarianism. In support of her proposal, she makes the following statements: Statement 1: "Increasing taxes on high income earners will cause them to work more hours to maintain their after-tax income, resulting in greater economic output. " Statement 2: "The government will need to hire people to manage and administer the wealth transfers. These new jobs will further expand economic output. " Are these statements correct or incorrect Statement 1 Statement 2（） A. Incorrect Correct B. Correct Incorrect C. Incorrect IncorrectA. B. C. 8.Which of the following most accurately describes the shapes of the average variable cost (AVC) and average total cost (ATC) curves（）A. The AVC and ATC curves are both U-shaped.B. The AVC and ATC curves both decrease initially, and then flatten.C. The AVC curve is U-shaped whereas the ATC curve declines initially then flattens.9.Because copper producers are allowed to release harmful chemicals into the air, the industry supply curve is not the marginal social cost curve. Given this situation and a copper market that is otherwise competitive, copper producers will（）A. produce less than the efficient amount of copper, an example of the free rider problem.B. produce less than the efficient amount of copper, resulting in a dead weight loss from underproduction.C. produce more than the efficient amount of copper, resulting in a deadweight loss from overproduction.10.Alien Chen, CFA, stated that, for the typical company, accounting profit tends to be greater than economic profit because explicit costs are generally not included in calculating accounting profit. Is the analyst correct with respect to the: Relationship between accounting, profit and economic profit Inclusion of explicit costs （） A. No No B. No Yes C. Yes NoA. B. C. 11.Which of the following most accurately describes the relationship between the average total cost (ATC) curve and the average variable cost (AVC) curve The vertical distance between the ATC and AVC curves:（）A. decreases as output increases.B. increases as output increases.C. remains constant as output increases.12.According to the "invisible hand" principle, which of the following statements is least accurate（）A. Competitive markets produce an optimal basket of goods and services.B. Efficient allocation of productive resources occurs through competition.C. The authority of the state, although not seen, must always be present in the market.13.For which the following four-firm concentration ratios and Herfindahl-Hirschman indexes (HHI) indicates a highly competitive market Four-Firm Ratio HHI （） A. 5% 150 B. 98% 9500 C. 98% 150A. B. C. 14.The minimum supply price, the lowest price at which a producer is willing to supply an additional unit of a good, is:（）A. less than the marginal revenue for the additional unit.B. the price at which producer surplus is maximized.C. the marginal cost of producing the additional unit.15.Matthew Reeves is listening to a discussion on how resources move to the most efficient allocation. Two of the participants make these statements: Statement 1: When resources are diverted from beer production to wine production, this represents an inefficient allocation from the perspective of the beer producers. Statement 2: Market allocation of resources tends toward efficiency because the value of what a resource can produce determines its allocation in production. Should Reeves agree or disagree with these statements Statement 1 Statement 2（） A. Disagree Agree B. Agree Agree C. Agree DisagreeA. B. C. 16.In a regulated industry, the introduction of a marginal cost pricing role that maximizes total surplus would most likely be viewed as:（）A. inefficient but leaves the natural monopoly incurring an economic loss.B. inefficient and allows the natural monopoly to realize an economic gain.C. efficient but leaves the natural monopoly incurring an economic loss.17.Consider the following two final consumer goods: Good W requires the inputs of raw material R and intermediate goods S and T. Good X requires the inputs of raw material R and intermediate goods U and V. If demand for Good W increases and demand for Good X decreases, which of the following out comes is least likely（）A. Some of raw material R will be diverted away from the producers of Good X.B. The price of Good U will decrease and the price of Good S will increase.C. More resources will be devoted to producing Good W and less to producing Good T.18.Which of the following best describes the relationship between the Herfindahl-Hirschman Index and the indicated type of market Market type Herfindahl-Hirschman Index （） A. Perfect competition 1800 B. Monopolistic competition 100 C. Monopoly 10000A. B. C. 19.Assume that the supply of ethanol is relatively more elastic than the demand for ethanol. Compared to an initial competitive equilibrium in the market for ethanol, the imposition of a per-gallon tax on producers of ethanol will most likely:（）A. decrease producer surplus by the total amount of tax collected.B. decrease producer surplus by less than it reduces consumer surplus.C. decrease the sum of consumer and producer surplus by the amount of tax collected.20.The cash price consumers pay for a product is most likely to increase as the result of a:（）A. government subsidy to product producers.B. quota on how much of the product can be produced.C. new law imposing high penalties for sales of the product.21.According to the law of diminishing returns, doubling the number of salespeople for a firm will most likely result in:（）A. doubling the total sales of the firm.B. more than doubling the total sales of the firm as a result of economies of scale.C. increasing the total sales of the firm and reducing the average sales per salesperson.22.The Zaxon Company produces one product and labor is the only variable resource in the production process. In the short run, Zaxon faces a horizontal demand curve at $20 per unit. The average product of labor in the short run is given in the following table:AResouce UnitsBAverage Product of LaborC1D25E2F22.5G3H20I4J17.5 23.The law of diminishing returns states that at some point:（）A. as less of a resource are devoted to production, holding the quantity of other inputs constant, the output will decrease, but at an increasing rate.B. as more of a resource is devoted to production, holding the quantity of other inputs constant, the output will increase, but at a decreasing rate.C. as more of a resource is devoted to production, holding the quantity of other inputs constant, at some point output will begin to decrease.24.At a fixed level of capital, output increases as the quantity of labor increases, but at a decreasing rate. This phenomenon is an example of:（）A. law of diminishing costs to labor.B. law of diminishing returns to capital.C. law of diminishing returns to labor.25.Marko Tskitishvili, an economist, has been studying the drop in the price of the average household computer in the U.S. and wonders if computers should still be considered a luxury good or if it has now become a normal good. He conducts a survey of 500 people and finds the following:Assume that 1998 is the base date. Based on the above data, Tskitishvili would conclude that a computer is a:（）A. luxury good with income elasticity of 1.01.B. normal good with income elasticity of 0.84.C. luxury good with income elasticity of 1.18.26.Accounting profit is often an unsatisfactory performance measure from an economic point of view because it:（）A. does not consider depreciation.B. does not consider the opportunity costs of equity capital.C. considers marginal costs rather than average costs.27.Which of the following statements regarding diminishing marginal returns is most accurate（）A. As the quantity produced rises, costs begin to rise at a decreasing rate.B. As the quantity produced falls, costs begin to rise at a decreasing rate.C. As the quantity produced rises, costs begin to rise at an increasing rate.28.The law of diminishing returns states that for a given production process, as more and more of a resource (such as labor) are added, holding the quantities of other resources fixed:（）A. cost declines at an increasing rate.B. cost declines at a decreasing rate.C. output increases at a decreasing rate.29.Which of the following most accurately describes the shape of the average fixed cost (AFC) curve The AFC curve:（）A. is always below the average variable cost curve.B. has the same shape as the average total cost curve.C. becomes flatter as output increases.30.In the short run, the average product of labor:（）A. is initially declining but must increase at some point. B. is upward sloping if the firm is experiencing diminishing marginal returns to labor. C. is at A maximum where it intersects the marginal product of labor curve. 31.In a competitive market, the gains to society are maximized under which of the conditions described below Marginal Benefit Marginal Cost Producer Surplus Consumer Surplus（） A. $1.25 $1.00 $25 $25 B. $1.50 $1.50 $45 $30 C. $2.50 $2.50 $35 $35A. B. C. 32.The long-run production decision differs from the short-run production decision in that:（）A. variable costs can be changed in the short run but not the long run.B. variable costs can be changed in the long run but not the short run.C. fixed costs can be changed in the long run but not the short run.33.Which of the following statements is most accurate A method of production is economic efficiency when:（）A. It uses the most advanced science and technology.B. The cost of fund capital is as low as possibie.C. The cost of producing a given level of output is as low as possible.34.Economics commentator Gail Brythe is discussing the different factors that influence the elasticity of supply. She states the following: Statement 1: Elasticity of supply is greater when a good or service can only be produced with unique or rare inputs. Statement 2: Typically, a goods momentary supply elasticity is higher than its short-run supply elasticity, which in tuna is higher than its long-run supply elasticity. Are Brythes statements correct Statement 1 Statement 2（） A. Correct Correct B. Correct Incorrect C. Incorrect IncorrectA. B. C. 35.Which of the following most accurately describes the typical relationship between marginal product (MP) and average product (AP) As the quantity of labor increases:（）A. initially, AP MP, then AP = MP, then AP MP.B. initially, AP = MP, then AP MP.C. AP is always less than MP.36.Which of the following statements regarding economic costs is most accurate（）A. Sunk costs involve setting aside payments to retire long-term debt.B. In the long run, expected average marginal cost is the most relevant cost to the firm.C. Fixed costs are not a consideration in the short run operating decision, but must be considered in the long run.37.Antonio Conti consumes 2 pounds of beef per week when beef is $4.50 per pound and 3 pounds of chicken when chicken sells for $ 3.50 per pound. If the price of chicken increases to $ 4.00 per pound, Contis consumption of beef increases to 2.5 pounds per week. Which of the following most accurately describes Contis cross elasticity of demand for beef versus chicken The cross elasticity of demand for:（）A. beef relative to chicken is +1.67 and beef and chicken are complimentary goods.B. beef relative to chicken is +1.67 and beef and chicken are substitutes.C. chicken relative to beef is +1.75 and beef and chicken are substitutes.38.Which of the following concentration ratios are most likely to be associated with a perfectly competitive industry Four-firm concentration ratio Herfindah