Q1. If the marginal benefit of the last unit of a good or service consumed was $25, the marginal benefit of the next unit consumed is most likely to be:

A)   $25.

B)   $26.

C)   $24.

Q2. Marginal benefit is most accurately described as the:

A)   benefit from producing one more unit of a good or service.

B)   benefit that must be forgone in order to consume an additional unit of a good or service.

C)   benefit an individual gets from consuming an additional unit of a good or service.

Q3. Marginal cost is most accurately defined as the:

A)   cost of producing one more unit of a good or service.

B)   cost that a consumer must incur to consume an additional unit of a good or service.

C)   value of the good or service that a consumer must forego in order to consume an additional unit of a good or service.

Q4. 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.

With respect to these statements:

A)   both are correct.

B)   only one is correct.

C)   both are incorrect.

答案和详解如下：

Q1. If the marginal benefit of the last unit of a good or service consumed was $25, the marginal benefit of the next unit consumed is most likely to be:

A)   $25.

B)   $26.

C)   $24.

Correct answer is C)

In most cases, the marginal benefit of a good or service decreases as the quantity consumed increases. So, $24 is the most likely answer. This principle is called decreasing marginal benefit.

Q2. Marginal benefit is most accurately described as the:

A)   benefit from producing one more unit of a good or service.

B)   benefit that must be forgone in order to consume an additional unit of a good or service.

C)   benefit an individual gets from consuming an additional unit of a good or service.

Correct answer is C)

Marginal benefit is the benefit a consumer receives from consuming an additional unit of a good or service. It is quantified as the maximum price that a consumer is willing to pay for one additional unit of a good or service.

Q3. Marginal cost is most accurately defined as the:

A)   cost of producing one more unit of a good or service.

B)   cost that a consumer must incur to consume an additional unit of a good or service.

C)   value of the good or service that a consumer must forego in order to consume an additional unit of a good or service.

Correct answer is A)

Marginal cost is the cost of producing one more unit of output.

Q4. 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.

With respect to these statements:

A)   both are correct.

B)   only one is correct.

C)   both are incorrect.

Correct answer is C)

Statement 1 is incorrect. The efficient quantity of output is the quantity at which the marginal social benefit (demand) is equal to the marginal social cost (supply). Statement 2 is also incorrect. Subsidies typically lead to overproduction, where the marginal social cost at the quantity produced is greater than the marginal social benefit. Quotas, however, typically limit production to a level below equilibrium, such that the marginal social benefit at the quantity produced is greater than the marginal social cost.

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[em50]

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