When the price of a bond is below the equilibrium price, there is excess _________ in the bond market and the price will _________

When the price of a bond is______the equilibrium price, there is an excess demand of bonds and the price will______.

A．above...rise

B．above...fall

C．below...fall

D．below...rise

A、only demanders.

B、only suppliers.

C、government regulations.

D、both demanders and suppliers.

A、demand increased.

B、demand decreased.

C、supply increased.

D、supply decreased.

What do business firms look at when they make decisions about prices and production?

A．The supply curve.

B．The demand curve.

C．The equilibrium point.

D．All of the above.

Welfare economics explains which of the following in the market for televisions?

A.The government sets the quantity of televisions; firms respond to the quantity by charging a specific price.

B.The government sets the price of televisions; firms respond to the price by producing a specific level of output.

C.The market equilibrium price for televisions maximizes the total welfare of television buyers and sellers.

D.The market equilibrium price for televisions maximizes consumer welfare and minimizes producer profit.

试为具有下述特征的经济推导均衡价格和产量； a．消费C=10—5P，投资I=200政府支出G=15，总供给Qs=5+P。 b．如果政府支出增至G=25。那么产量和价格会有什么变化? c．如果总供给Qs=10，那么a、b的答案会有什么变化? Derive the equilibrium price level and output for an economy with the following characteristics： a．Consumption is C=10—5P，investment is I=20，government spending is G=15，aggregate supply is Qs=5+P． b．What happens to production and prices if government spending raises to G=25? C．How would your answers to(a)and(b)change if aggregate supply were Qs=10?

There has been an ecological triumph in the province of Sweden where I've spent the past three weeks. The wolf and the lynx have both returned to the forests. The naturalists have been rejoicing. There's been a TV documentary. Meanwhile the local farmers and hunters have disappeared into the forests with their rifles. Jan and Lennart, the sons of the farmer at the end of the lake, were particularly aggrieved that the lynx (that's a wild cat to you townies) was killing "their" deer, and the urban bureaucrats who had decided to protect it only increased their rage. They vowed to track the animal down. "Did they kill it?" I asked one local man. "They didn't say", he replied with a hint of a wink.

What does the word "rural" mean to you? Organic, perhaps. Wholesome. Gemeinschaft (or do I mean Gesellschaft?). Conservative. Marx's "rural idiocy" maybe. To me the countryside is about paranoia. It breeds independence and idiosyncrasy and other nice things but also the sort of people who wander onto Capitol Hill in order to kill some senators or declare war on the FBI for being an essentially socialist organization. For people who live in and off the countryside, there always seems to be the idea that "they"—the bureaucrats, the government, the city folk—are out to get them.

What they despise almost as much as city folk themselves are the sort of things that city folk like about the countryside, footpaths, beauty spots, old buildings, rare flora and fauna, ancient sites of historical interest. To select from my experience of the past few weeks, the land that was once owned by my late grandparents contained a meadow that was famous across Sweden (well, it was once featured on the front page of the local newspaper) for its rare plants. A couple of weeks ago my cousin—an engineer and part-time farmer with a flock of four sheep and one ram—fenced the meadow off, set the sheep loose into it and within two days it duly looked like a bit of scrub in a corner of a derelict industrial estate. Incidentally, when your correspondent went to investigate this vandalism, the said ram pursued him across the field in a way that was later said to be hilarious to onlookers.

Another local man carries around a special bullet in case he should ever get on the trail of a wolf. The normal bullets used for hunting deer and elk have soft tips so that they spread out on contact and cause devastating fatal wounds. But this special wolf bullet has a hard tip so that it will pass right through the animal, leaving a relatively small (though almost certainly fatal) wound. The dying wolf will then probably walk tens of miles before it dies, thus preventing "them" from identifying the slayers of this absurdly protected predator. And this happens in a province which has a wolf as its official symbol.

There's more. A neighboring lake has become home to what I was informed is an exceedingly rare kind of hawk. But the local people who have spotted it have kept its presence a closely guarded secret. If they told ornithologists about it, then the next thing that would happen is that they would probably want to come into the area and start to look at the bloody thing, and once these bureaucrats and scientists get their claws into an area, who knows where it will end?

Much of this is probably true of rural areas everywhere, but in Sweden it has been exacerbated by the Byzantine bureaucracy that was generated by 40 years of social democracy, a system that led both to some of the finest public services and to the situation in which the country's greatest living artist, Ingmar Bergman, under suspicion of a minor tax transgression, was publicly arrested and interrogated in a manner that might have been thought excessive by Beria.

One of the fundamental Swedish rights is entitled allamansrdtt, which permits anybody to walk, pick berries or mushrooms virtually anywhere. Some local business

A．hated

B．distrust

C．contempt

D．reverence

Question 2

The world producer price for baseballs is ＄24 per dozen, and almost all of them are produced outside the U.S. Suppose the U.S demand curve is QD=100,000-2,000P, where P is price per dozen, and Q is measured in dozens. The U. S domestic supply curve is QS=-10,000 + 1,000P.

(a) Before a tariff is imposed, what is the U. S equilibrium price? Domestic consumption? Domestic production? Imports?

(b)Congress has decided to help the baseball manufacturing industry for national security reasons, and it imposes a tariff of ＄6 per dozen. What are the new equilibrium price, domestic consumption, domestic production, and imports?