b.creating deposits without limit. c.printing money up to their required reserve limit. d.making loans and creating deposits,a process that is limited by the size of banks'excess reserves. 16.Which of the following does NOT affect potential GDP? a.the quantity of the money supply b.the quantity of labor employed c.the quantity of capital and human capital d.the amount of entrepreneurial talent available 17.If the price level rises but the money wage rate does not,then firms will hire labor. a.more b.the same amount of c.less d.None of the above answers is correct. 18.Which of the following will NOT cause fluctuations in aggregate supply? a.a change in the price of a major resource b.technological changes c.increases in the amount of capital d.a change in the money income of consumers 19 If we view a graph of a typical firm's AFC,ATC,and AVC curves,we see that the a.AVC curve lies above the ATC curve. b.ATC curve lies below the AFC curve. c.distance between the ATC curve and the AVC curve equals the AFC. d.distance between the AVC curve and the AFC curve equals the ATC. 20.A television signal is an example of a.private good b.nonrival good c.social good. d.normal good. 二、计算题：40分（每小题20分） 得分 1.Consider the following duopoly.Demand is given by P=10-Q,where Q=Q+Q2.The firms'cost functions areC1(Q)=4+2Q1andC2(Q2)=3+3Q2. 1)Suppose both firms have entered the industry.What is the joint profit-maximizing level of output?How much will each firm produce?How would your answer change if the firms have not yet entered the industry? 2)What is each firm's equilibrium output and profit if they behave non-cooperatively?Use the Cournot model. Draw the firms'reaction curves,and show the equilibrium. 2.There are three groups in a community.Their demand curves for public television in hours of programming,T, are given respectively by W1=$150-T, W2=$200-2T, W3=$250-T Suppose public television is a pure public good that can be produced at a constant marginal cost of $200 per hour. 1)What is the efficient number of hours of public television? 2)How much public television would a competitive private market provide? 三、论述题：20分（每小题10分）得分 1.Explain why goods will not be distributed efficiently among consumers if the MRT is not equal to the consumers' marginal rate of substitution. 2.What are the four major sources of market failure?In each case,explain briefly why the competitive market does not operate efficiently.3 b. creating deposits without limit. c. printing money up to their required reserve limit. d. making loans and creating deposits, a process that is limited by the size of banks’ excess reserves. 16. Which of the following does NOT affect potential GDP? a. the quantity of the money supply b. the quantity of labor employed c. the quantity of capital and human capital d. the amount of entrepreneurial talent available 17. If the price level rises but the money wage rate does not, then firms will hire ____ labor. a. more b. the same amount of c. less d. None of the above answers is correct. 18. Which of the following will NOT cause fluctuations in aggregate supply? a. a change in the price of a major resource b. technological changes c. increases in the amount of capital d. a change in the money income of consumers 19 If we view a graph of a typical firm’s AFC, ATC, and AVC curves, we see that the a. AVC curve lies above the ATC curve. b. ATC curve lies below the AFC curve. c. distance between the ATC curve and the AVC curve equals the AFC. d. distance between the AVC curve and the AFC curve equals the ATC. 20.A television signal is an example of a. private good b. nonrival good. c. social good. d. normal good. 二、计算题：40 分（每小题 20 分） 得分 1. Consider the following duopoly. Demand is given by P=10-Q, where Q=Q1 + Q2. The firms’ cost functions are C1(Q1) = 4 + 2Q1 and C2(Q2) = 3 + 3Q2. 1)Suppose both firms have entered the industry. What is the joint profit-maximizing level of output? How much will each firm produce? How would your answer change if the firms have not yet entered the industry? 2)What is each firm’s equilibrium output and profit if they behave non-cooperatively? Use the Cournot model. Draw the firms’ reaction curves, and show the equilibrium. 2. There are three groups in a community. Their demand curves for public television in hours of programming, T, are given respectively by W1 = $150 - T, W2 = $200 - 2T, W3 = $250 - T. Suppose public television is a pure public good that can be produced at a constant marginal cost of $200 per hour. 1) What is the efficient number of hours of public television? 2) How much public television would a competitive private market provide? 三、论述题：20 分（每小题 10 分） 得分 1.Explain why goods will not be distributed efficiently among consumers if the MRT is not equal to the consumers’ marginal rate of substitution. 2.What are the four major sources of market failure? In each case, explain briefly why the competitive market does not operate efficiently