01
2 1776 (Adam Smith, 1723~1790) (University of Glasgow) (The Wealth of Nations) (Trade-off) (Micro-economics) (Macro- economics)
3 CHAPTER 01 (invisible hand) (equibilium) (market failure) 1. M 2. 3. (externality) (external benefit) (external cost)
4 4. (monopoly) (natural monopoly) 5. (bad money drives out good) (Gresham) (Gresham Law) (positive economics) (normative economics) 34 GNP 4% 3%
5 CHAPTER 01 1. a. b. c. d. e. f. g. 2. a. A B b. c. d. e. f. g.
6 (endogenous variable) (exogenous variable) X
7 CHAPTER 01 ( ) 1. (A) (B) (C) (D) ( ) 2. (A) (B) (C) (D) (E) ( ) 3. (Price theory) (A) (B) (C) (D) ( ) 4. (A) (B) (C) (D) ( ) 5. A (A) (B) (C) (D) ( ) 6. (A) (B) (C) (D) ( ) 7. (A) (B) (C) (D) ( ) 8. (A) (B) (C) (D) ( ) 9. (A) (B) (C) (D)
8 ( ) 10. (A) (B) (C) (D) ( ) 11. (A) (B) (C) (D) ( ) 12. (A) (B) (C) (D) ( ) 13. I. II. III. IV. (Adam Smith) (A) I II (B) I III (C) II III (D) II IV ( ) 14. (A) (B) (C) (D) ( ) 15. (A) (B) (C) (concave to the origin) (D) ( ) 16. (A) (B) (C) (D) ( ) 17. (A) (B) (C) (D) ( ) 18. (A) (B) (C) (D) ( ) 19. (A) (D. Ricardo) (B) (J. M. Keynes) (C) (A. Marshall) (D) (J. S. Mill) ( ) 20. (A) (B)
9 CHAPTER 01 (C) (D) ( ) 21. (A) (B) (C) (D) ( ) 22. (A) (B) (C) (D) ( ) 23. (A) (B) (C) (D) ( ) 24. (A) (B) (C) (D) ( ) 25. (A) (B) (C) (D) ( ) 26. (Price Theory) (A) (B) (C) (D) ( ) 27. 1 2 3 (A)6 (B)3 (C)2 (D)1 ( ) 28. (A) (B) (C) (D) ( ) 29. (A) (B) (C) (D) ( ) 30. (A) (B) (C) (positive) (normative) (D) (free goods)
10 ( ) 31. (A) (B) (C) (D) ( ) 32. (A) (B) (C) (D) ( ) 33. Which of the following is an example of a normative statement? (A) A higher price for a good causes people to want to buy less of that good. (B)A lower price for a good causes people to want to buy more of that good. (C) To make the good available to more people, a lower price should be set. (D) If you consume this good, you will be better off. ( ) 34. The author of The Wealth of Nations is (A) John Maynard Keynes. (B) David Ricardo. (C) Adam Smith. (D) Alfred Marshall. ( ) 35. Which of the following is a positive economic statement? (A) A minimum wage is good because it guarantees workers a decent living. (B) A tax on the rich is bad because it discourages innovation and investment. (C) A tax on the poor is not fair because the poor already have it hard enough. (D) A cartel has an incentive to reduce its quantity and increase its price.
02 (supply)
12 (quantity demanded) B (demand) (Ceteris Paribus)
13 CHAPTER 02 (demand schedule) A 2-1 A 2-1 a 5 60 b 15 50 c 25 40 d 35 30 e 45 20 2-1 A
14 5 A 60 15 50 45 A 20 a b c d e 2-1 A (demand curve) (law of demand) (substitute effect) (income effect) (price effect) 1. (conspicuous goods) (Velblen goods) 2. (Giffen goods)
15 CHAPTER 02 3. (function of demand) Q f(p,i,p,p,t,h,m ) d e e x x y x Q x d x Px x I Py T H M e 1. (income) (normal goods)
16 (change in demand) (change in quantity demanded) (inferior goods) (independent goods) (Earnest Engle) (Engle curve) 2-2 (1) (2) (3) (Engle Law)
17 CHAPTER 02 2. (P y) (complements) (substitutes) 3. (P xe ) 4. (preference, Taste(T)) 5. (H) 6. (M e )
18 A A B A P 40 4Q B P 20 0.5Q 1 P 40 4QA QA 10 P 4 P 20 0.5QB QB 40 2P Q M Q A Q B 1 10 P 40 2P 4 9 50 P P 20 4 2-3
19 CHAPTER 02 1 Q 10 P 20 P 40 4 9 Q 50 P P 20 4 P 200 2Q P 160 4Q 10% 10% 12%
20 1. 4 20 3 25 2. 3. (supply) (supply schedule) 2-2 a 30 100 b 40 150 c 50 200 d 60 300 (supply curve)