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[单选题]

When the price is below the equilibrium price, the quantity demanded （）.

A.is less than the equilibrium quantity and the quantity supplied is also less than the equilibrium quantity

B.is less than the equilibrium quantity, but the quantity supplied exceeds the equilibrium quantity

C.exceeds the equilibrium quantity and the quantity supplied also exceeds the equilibrium quantity

D.exceeds the equilibrium quantity, but the quantity supplied is less than the equilibrium quantity

答案

D、exceeds the equilibrium quantity, but the quantity supplied is less than the equilibrium quantity

发布时间：2023-09-30

更多“When the price is below the equilibrium price, the quantity demanded （）.”相关的问题

第1题

The intrinsic value of a call is:

I. the value of the call if it were about to expire.

II. equal to the lower bound of a call's value.

III. another name for the market price of a call.

IV. always equal to zero if the call is currently out of the money.

A.I and III only

B.II and IV only

C.I and II only

D.II，III，and IV only

E.I，II，and IV only

27. The intrinsic value of a put is equal to the:

A.lesser of the strike price or the stock price

B.lesser of the stock price minus the exercise price or zero

C.lesser of the stock price or zero

D.greater of the strike price minus the stock price or zero

E.greater of the stock price minus the exercise price or zero.

28. Which of the following statements are correct concerning option values?

I. The value of a call increases as the price of the underlying stock increases. II. The value of a call decreases as the exercise price increases.

III. The value of a put increases as the price of the underlying stock increases. IV. The value of a put decreases as the exercise price increases.

A.I and III only

B.II and IV only

C.I and II only

D.II and III only

E.I，II，and IV only

29. The value of a call increases when:

I. the time to expiration increases.

II. the stock price increases.

III. the risk-free rate of return increases.

IV. the volatility of the price of the underlying stock increases.

A.I and III only

B.II，III，and IV only

C.I，III，and IV only

D.I，II，and III only

E.I，II，III，and IV

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第2题

在完全竞争市场中，厂商的定价等于边际成本。为什么当存在内部规模经济时，这就不再可能？ In perfect competi

在完全竞争市场中，厂商的定价等于边际成本。为什么当存在内部规模经济时，这就不再可能？

In perfect competition，firms set price equal to marginal cost.Why isn't this possible when there are internal economies of scale？

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第3题

Text 3 Could the bad old days of economic decline be about to return？ Since OPEC agreed t

o supply-cuts in March, the price of crude oil has jumped to almost $26 a barrel, up from less than $10 last December. This near-tripling of oil prices calls up scary memories of the 1973 oil shock, when prices quadrupled, and 1979-80, when they also almost tripled. Both previous shocks resulted in double-digit inflation and global economic decline. So where are the headlines warning of gloom and doom this time？

The oil price was given another push up this week when Iraq suspended oil exports. Strengthening economic growth, at the same time as winter grips the northern hemisphere, could push the price higher still in the short term.

Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s. In Europe, taxes account for up to four-fifths of the retail price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.

Rich economies are also less dependent on oil than they were, and so less sensitive to swings in the oil price. Energy conservation, a shift to other fuels and a decline in the importance of heavy, energy-intensive industries have reduced oil consumption. Software, consultancy and mobile telephones use far less oil than steel or car production. For each dollar of GDP (in constant prices) rich economies now use nearly 50% less oil than in 1973. The OECD estimates in its latest Economic Outlook that, if oil prices averaged $22 a barrel for a full year, compared with $13 in 1998, this would increase the oil import bill in rich economies by only 0.25-0.5% of GDP. That is less than one-quarter of the income loss in 1974 or 1980. On the other hand, oil-importing emerging economies--to which heavy industry has shifted-have become more energy-intensive, and so could be more seriously squeezed.

One more reason not to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economist's commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%, and in 1979 by almost 30%.

第51题：The main reason for the latest rise of oil price is

A global inflation.

B reduction in supply.

C fast growth in economy.

D Iraq's suspension of exports.

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第4题

Business and government leaders also consider the inflation rate to be an important genera

l indicator. Inflation is a period of increased【C1】______ that causes rapid rises in prices.【C2】______ your money buys fewer goods so that you get.【C3】______ for the same amount of money as before, inflation is the problem. There is a general rise【C4】______ the price of goods and services. Your money buys less. Sometimes people describe inflation as a(n)【C5】______ when "a dollar is not worth a dollar anymore.

Inflation is a problem for all consumers. People who live on a fixed income are hurt the【C6】______ .Retired people, for instance, cannot【C7】______ on an increase in income as prices rise. Elderly people who do not, work face serious problems in stretching their incomes to【C8】______ their needs in time of inflation. Retirement income【C9】______ any fixed income usually does not rise as fast as prices. Many retired people must cut their spending to【C10】______ rising prices. In many cases they must stop【C11】______ some necessary items, such as food and clothing. Even【C12】______ working people whose incomes are going up, inflation can be a problem. The【C13】______ of living goes up, too. People who work must have even more money to keep up their standard of living. Just buying the things they need costs more. When incomes do not keep【C14】______ with rising prices, the standard of living goes down. People may be earning the same amount of money, but they are not living【C15】______ because they are not able to buy as many goods and services.

Government units gather information about prices in our economy and publish it as price indexes 【C16】______ the rate of change can be determined. A price index measures changes in prices using the price for a【C17】______ year as the base. The base price is set 【C18】______ 100, and the other prices are reported as a【C19】______ of the base price. A price index makes【C20】______ possible to compare current prices of typical consumer goods, for example, with prices of the same goods in previous years.

【C1】

A．spending

B．demanding

C．consuming

D．saving

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第5题

Section B – TWO questions ONLY to be attemptedGNT Co is considering an investment in one o

Section B – TWO questions ONLY to be attempted

GNT Co is considering an investment in one of two corporate bonds. Both bonds have a par value of $1,000 and pay coupon interest on an annual basis. The market price of the first bond is $1,079？68. Its coupon rate is 6% and it is due to be redeemed at par in five years. The second bond is about to be issued with a coupon rate of 4% and will also be redeemable at par in five years. Both bonds are expected to have the same gross redemption yields (yields to maturity).

GNT Co considers duration of the bond to be a key factor when making decisions on which bond to invest.

Required:

(a) Estimate the Macaulay duration of the two bonds GNT Co is considering for investment. (9 marks)

(b) Discuss how useful duration is as a measure of the sensitivity of a bond price to changes in interest rates. (8 marks)

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第6题

It is said that the public and Congressional concern about deceptive （欺骗性的) packaging

It is said that the public and Congressional concern about deceptive (欺骗性的) packaging rumpus (喧嚣)started because Senator Hart discovered that the boxes of cereals consumed by him, Mrs. Hart, and their children were becoming higher and narrower, with a decline of net weight from 12 to 10.5 ounces, without any reduction in price. There were still twelve biscuits, but they had been reduced in size. Later, the Senator rightly complained of a store-bought pie in a handsomely illustrated box that pictured, in a single slice, almost as many cherries as there were in the whole pie.

The manufacturer who increases the unit price of his product by changing his package size to lower the quantity delivered can, without undue hardship, put his product into boxes, bags, and tins that will contain even 4-ounce, 8-ounce, one-pound, two-pound quantities of breakfast foods, cake mixes, etc. A study of drugstore (杂货店) and supermarket shelves will convince any observer that all possible sizes and shapes of boxes, jars, bottles, and tins are in use at the same time, and, as the package journals show, week by week, there is never any hesitation in introducing a new size and shape of box or bottle when it aids in product differentiation. The producers of packaged products argue strongly again st changing sizes of packages to contain even weights and volumes, but no one in the trade comments unfavorably on the huge costs incurred by endless changes of package sizes, materials, shape, art work, and net weights that are used for improving a product's market position.

When a packaging expert explained that he was able to multiply the price of hard sweets by 2.5, from $1 to $ 2.50 by changing to a fancy jar, or that he had made a 5-ounce bottle look as though it held 8 ounces, he was in effect telling the public that packaging can be a very expensive luxury. It evidently does come high, when an average family pays about $ 200 a year for bottles, cans, boxes, jars and other containers, most of which can’t be used for anything but stuffing the garbage can.

What started the public and Congressional concern about deceptive packaging rumpus？

A．Consumers' complaints about the changes in package size.

B．Expensive packaging for poor quality products.

C．A senator’s discovery of the tricks in packaging.

D．The rise in the unit price for many products.

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第7题

Many college students today own personal computers that cost anywhere from $ 1 000 to perh

aps $5 000 or more.【B1】______, it is not uncommon for them to purchase【B2】_______ costing another several hundred dollars. Twenty years ago, computers were【B3】______, but they were very large and extremely expensive. Few, if any,【B4】______purchased computers for home use. Over the years, the price of the "guts" Of a computer its memory—has declined to less than a thousandth of the price per unit of memory that prevailed twenty years ago. This is the main reason why computers cost so much less today than they used to. Moreover,【B5】______improvements have made it possible to【B6】______memory circuitry that is small enough to fit into the portable personal computers that many of us own and use.【B7】______, as the price of computation has declined the average consumer and business have spent more on purchasing computers. 【B8】______, improved agricultural technology, hybrid(杂交)seeds,【B9】______animal breeding, and so on have vastly increased the amount of output a typical farmer can produce. The prices of goods such as meats and grains have fallen sharply relative to the prices of most other goods and services. As agricultural prices have fallen, many households have decreased their total expenses on food. Even though the【B10】______of a product purchased generally increases when its price falls, total expenses on it may decline.

【B1】

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第8题

A manufacturing company, Man Co, has two divisions: Division L and Division M. Both divisi

ons make a single standardised product. Division L makes component L, which is supplied to both Division M and external customers.

Division M makes product M using one unit of component L and other materials. It then sells the completed

product M to external customers. To date, Division M has always bought component L from Division L.

The following information is available:

A manufacturing company, Man Co, has two divisions

Division L charges the same price for component L to both Division M and external customers. However, it does not incur the selling and distribution costs when transferring internally.

Division M has just been approached by a new supplier who has offered to supply it with component L for $37 per unit. Prior to this offer, the cheapest price which Division M could have bought component L for from outside the group was $42 per unit.

It is head office policy to let the divisions operate autonomously without interference at all.

Required:

(a) Calculate the incremental profit/(loss) per component for the group if Division M accepts the new supplier’s

offer and recommend how many components Division L should sell to Division M if group profits are to be

maximised. (3 marks)

(b) Using the quantities calculated in (a) and the current transfer price, calculate the total annual profits of each division and the group as a whole. (6 marks)

(c) Discuss the problems which will arise if the transfer price remains unchanged and advise the divisions on a suitable alternative transfer price for component L. (6 marks)

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第9题

PV Co is evaluating an investment proposal to manufacture Product W33, which has performed

well in test marketing trials conducted recently by the company’s research and development division. The following information relating to this investment proposal has now been prepared.

Initial investment $2 million

Selling price (current price terms) $20 per unit

Expected selling price inflation 3% per year

Variable operating costs (current price terms) $8 per unit

Fixed operating costs (current price terms) $170,000 per year

Expected operating cost inflation 4% per year

The research and development division has prepared the following demand forecast as a result of its test marketing trials. The forecast reflects expected technological change and its effect on the anticipated life-cycle of Product W33.

PV Co is evaluating an investment proposal to manu

It is expected that all units of Product W33 produced will be sold, in line with the company’s policy of keeping no inventory of finished goods. No terminal value or machinery scrap value is expected at the end of four years, when production of Product W33 is planned to end. For investment appraisal purposes, PV Co uses a nominal (money) discount rate of 10% per year and a target return on capital employed of 30% per year. Ignore taxation.

Required:

(a) Identify and explain the key stages in the capital investment decision-making process, and the role of

investment appraisal in this process. (7 marks)

(b) Calculate the following values for the investment proposal:

(i) net present value;

(ii) internal rate of return;

(iii) return on capital employed (accounting rate of return) based on average investment; and

(iv) discounted payback period. (13 marks)

(c) Discuss your findings in each section of (b) above and advise whether the investment proposal is financially acceptable. (5 marks)

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第10题

计算下列资产的美元收益率： a．在一年里，一幅画的价格从20万美元升至25万美元。 b．一瓶1978年珍贵的Burgund

计算下列资产的美元收益率：

a．在一年里，一幅画的价格从20万美元升至25万美元。

b．一瓶1978年珍贵的Burgundy，Domaine de la Romanée-Conti 1978，在1999～2000年价格由180美元升至216美元。

c．存在一家伦敦银行的10000英镑的一年期存款，英镑利率为10%，美元/英镑汇率由每英镑1.50美元升至每英镑1.38美元。

Calculate the dollar rates of return on the following assets：

a．A painting whose price rises from ＄200,000 to ＄250,000 in a year．

b．A bottle of a rare Burgundy，Domaine de la Romanée-Conti 1978，whose price rises from ＄180 to ＄216 between 1999 and 2000．

c．A ￡10.000 deposit in a London bank in a year when the interest rate on pounds is IO percent and the ＄/￡ exchange rate moves from ＄1.50 per pound to ＄1.38 per pound．

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第11题

Purchase Order #120－B21 Date: 4／6／07Creating Better LivingRoom 1903, No 521 South Wanping

Purchase Order #120-B21

Date: 4/6/07

Purchase Order #120－B21 Date: 4／6／07Creating Bette

Creating Better Living

Room 1903, No 521 South Wanping Rd,

P. R. China, 200000

Phone: 021-6464-4471

To: Ann Lin (lin@woodman.com)

From: Bruce Campbell (bruce@living.com)

Date: April 10

Subject: Purchase Order (#120-B21)

Dear Mr. Ann Lin,

We have received your Purchase Order No. 120-B21 dated 4-6-07.

We regret to inform. you that this order cannot be fulfilled in its totality at this time due to the following reason: Item #G6 (True-Bond Adhesive) is temporarily out of stock.

We can substitute a comparable product (#G11: Woodlock Carpenter' s Glue) if an item you have chosen is not available and reduce the price to match the price of item #G6.

Our policy indicates that we will neither substitute items nor automatically send backordered items without our customer's direct consent, so you must reply to this e-mail and tell us how you wish to proceed.

Otherwise, your partial order will be shipped on April 13, 2007 and you will be contacted by a representative when we receive our next item #G6.

Best Regards,

Bruce Campbell

What comprises the bulk of the order？

A．Adhesives

B．Fasteners

C．Lumbers

D．Tools

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