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lOMoARcPSD|61110135 Mid-term microeconomics
Microeconomics 1 (Đại học Kinh tế Quốc dân) Scan to open on Studeersnel
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1. Christine has a linear demand curve for candy. If she wants to see her
consumer surplus…..,she would like to see a …..in the market price of candy. A. Increase, decrease. B. Not change, decrease. C. Decrease, decrease. D. Increase, increase 2. Total revenue is:
A. The price effect times the quantity effect.
B. Total sales less total cost.
C. The price of a good times the quantity of the good that is sold.
D. The price of a good divided by the amount of the good sold
3. The cost of sensors used in making digital cameras falls, while a successful
ad campaign makes digital cameras more fashional. As a result, the
equilibrium price of digital cameras…and the equilibrium quantity ...
A. May increase, decrease or stay the same; increase
B. Increases; may increase, decrease or stay the same C. Increase; increases D. Decreases; increases
4. The most likely reason the government implements a ….is for…. A. Price ceiling; producers B. Price floor; consumers C. Price floor; producers D. Price ceiling; consumers
5. Suppose that an incease in the price of a good leads to an increase in total
revenue. Ignoring other factors (such as supply), at its current price the good must be: A. Inferior B. Price-elastic C. Perfectly price-elastic D. Price-inelastic
6. An inward shift in the U.S economy’s production possibility frontier could represent which statement?
A. U.S workers moving from New Jersey to Massachusetts
B. U.S economic growth as workers move to different states
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C. U.S workers moving to Canada. D. U.S. economic growth
7. A competitive market with flexible prices and many buyers and sellrs will A. Reach equillbrium. B. Eliminate surpluses.
C. Eliminate surpluses and shortages and reach equilbrium. D. Eliminate shortages.
8. Consumer surplus for an individual buyer is equal to:
A. The consumer’s willingess to pay for the good minus the price of the good
B. The price of the goods minus the marginal cost of producing the good.
C. The marginal cost of the goods minus the consumer’s willingness to pay for the good.
D. The consumer’s willingness to pay for the goods minus the total cost of producing the goods.
9. Which statement will result in an increased price of milk ?
A. A shift to the right of the demand curve for milk.
B. A decrease in the number of milk buyers
C. An increase in the number of milk supplies
D. A shift to the right of the supply curve for milk
10.The market for lemonade is in equilibrium, and the price of lemons rises.
How will this affect the lemonade market?
A. Supply will decrease, increasing the price and decreasing the quantity.
B. Demand will increase, decreasing the price and decreasing the quantity.
C. Demand will increase, increasing the price and decreasing the quantity.
D. Supply will increase, decreasing the price and increasing the quantity.
11.Coffee and tea are substitutes in consumption. Assuming that the supply
curve for tea is upward sloping, if there is an increase in the price of coffee,
total surplus in the tea market. A. Will not change. B. Will increase. C. Will decrease. D. May fluctuate wildly.
12.The government imposes a price ceiling below the equilibrium price. The pri ce ceiling will cause:
A. An increase in the quantity of the good B. Supply to increase
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13.If all of the opportunities to make someone better off (without making some
else worse off) have been exploited, an economy is: A. Inefficient B. Equitable C. Efficient D. Marginally optimal
14.The slope of a typical production possibility frontier is: A. Zero B. Negative C. Positive D. Vertical
15.The cross-price elasticity of electrecity with respect to the price of natural
gas has been estimated as being equal to 0.2. This implies that:
A. Natural gas and electricity are both normal goods.
B. Electricity and natural gas are subsititues.
C. One of the two goods is inferior and the other is normal, but more
information is needed to determine which of them is normal.
D. Electricity and natural gas are complements.
-substitutes: cross-price elasticity > 0
-Complements: cross-price elasticity < 0
16.Which statement best describes the law of demand?
A. As the price of corn rises, more acres of corn are planted.
B. As income taxes rise, fewer new cars are purchased.
C. As the population rises, more electricity is consumed.
D. As the price of a DVD rental rises, fewer DVDs are rented.
17. If peanut butter is an inferior good, what would happen to the price and
quantity sold of peanut butter as incomes fall during an economic recession?
A. The price and quantity would both decrease
B. The price would decrease, and the quantity would increase.
C. The price would increase, and the quantity would decrease.
D. The price and quantity would both increase.
18.The burden of a tax that is imposed on a good is said to fall completely on consumers if the
A. Price paid by consumers for the good increases by the amount of the tax
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B. Price paid by consumers does not change
C. Wages received by workers who produce the goood increase by the amount of the tax.
D. Price paid by consumers for the good declines by the amount of the tax.
19.A technological advance in the production of automobile will:
A. Increase the supply of automobiles.
B. Decrease the demand for automobiles.
C. decrease the supply of automobiles.
D. Increase the demand for automobiles.
Variables that influence sellers(supply)  Price of the good itself
Represents a movement along the supply curve  Input prices Shifts the supply curve.
 Technology Shifts the supply curve.
 Expectations Shifts the supply curve.  Number of sellers Shifts the supply curve.
20. If the income elasticity for hybrid cars was positive, then:
A. Hybrid cars are a normal good.
B. Hybrid cars are an inferior good.
C. There are many substitues for hybrid cars.
D. There are few substitues for hybrid cars.
21.The market for good Y, a perfectly competitive good, is made up of 15
producers who each produce the same amount of good Y. If the price of
good is currently $100 and the total quantity supplied is 150, how many
units of good Y is each producer supplying? A. 100 B. 150 C. 15 D. 10
22.Because of trade, a country may:
A. Consume outside its production possibility frontier. B. Avoid opportunity costs.
C. Consume inside its production possibility frontier.
D. Find that its production possibility frontier will shift outward.
23.Producer surplus for an individual seller is equal to:
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A. The cost of the goods minus the willingness to pay for the good.
B. The willingness to pay for the goods minus the price of the goods.
C. The price of the goods minus the cost of producing the goods.
D. The cost of the goods minus the price of the goods.
24.Which statement would not cause the supply curve to shift?
A. A change in the price of the goods. B. A change in factor costs
C. A change in supplier’s expectations of future prices
D. A change in the production technology
25.Goods are ….. when the cross-price elasticity of demand is positive and …..
when the cross-price elasticity of demand is negative A. Substitues; complements B. Complements; substitutes C. Inelastic; elastic D. Elastic; inelastic
26.Suppose that supply is upward sloping and demand is downward sloping. If
there is an increase in suplly, total surplus:
A. Will decrease and then increase. B. Will decrease. C. Will remain the same. D. Will increase.
27.Consider two competing motorcycle manufacturers: Harley-Davidson and
Honda. If Harley-Davidson raises the price of its motorcycles, one would expect to see:
A. A shift to the right in the demand curve for Hondas and higher prices for Hondas
B. A shift to the left in the demand curve for Hondas and lower prices for Hondas.
C. A shift to the right in the supply curce of Hondas and lower prices for Hondas
D. A shift to the left in the supply curce of Hondas and higher prices for Hondas.
28.Economists in general agree that rent controls are:
A. An inefficient but sometimes effective way to help low-income families.
B. An efficient method of dealing with the shortages created during price ceiling.
C. An efficient and equitable way to help low-income families.
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D. The only way to solve the problem of poverty.
29.Suppose the government decides to fight obesity in America by imposing an
excise tax based on the saturated fat content of food. The most likely effect of the tax would be to:
A. Decrease revenue for the government.
B. Lower the profits of ice cream suppliers.
C. Decrease black market activity.
D. Raise the profits of ice cream suppliers.
30.The consumers’ willingness to pay for a good is used to derive the ….for that good. A. Producer surplus B. Demand curve C. Cost of production’ D. Supply curve
31.The price elasticity of demand for gasoline in the short run has been
estimated to be 0.4. If a war in the Middle East causes the price of oil( from
which gasoline is made) to increase, how will that affect total revenue from
gasoline in the short run, all other things unchanged?
A. Total revenue will remain unchanged.
B. Quantity demanded will not change; total revenue will rise.
C. Quantity demanded will stay the same; total revenue will fall.
D. quantity demanded will decrease; total revenue will rise.
32.For an inferior good, the income elasticity of demand will be: A. Zero
B. Determined by the direction of the change in income. C. Positive D. Negative
33. Egg producers know that the elasticity of demand for eggs is 0.1. If they
want to increase sales by 5%, they will have to lower the price by: A. 1% B. 50% C. 5% D. 0,1%
34.If the price of mozzarella cheese(an ingredient in pizza) declines, there would be:
A. An increase in the supply of pizza
B. A decrease in the supply of pizza
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C. A decrease in the quantity of pizza supplied.
D. No change in the supply of pizza 35.Total surplus is:
A. The total net gain to consumers from trading in the market
B. Measured as the area between the supply and demand curves from their beginnings to their ends.
C. The sum of consumer and producer surplus
D. The total net gain to producers from trading in the market.
36.Peanut butter is an inferior good. If there is an increase in income and the
supply of peanut butter is upward slopong, total surplus in the peanut butter market. A. will fluctuate wildly. B. will not change. C. will increase. D. will decrease.
37. The concept of comparative advantage is based upon: A. Absolute labor productivity B. relative labor costs C. dollar prices of labor D. Relative opportunity costs.
38. Individuals gain from trade because:
A. specialization in production
B. They can sell at a lower price than they can buy
C of the principle of absolute advantage.
E. Self-sufficiency is efficient.
39. A persistent shortage may occur if: A. demand keeps falling. B. supply shifts rightward.
C. The government imposes a price ceiling.
D. The government imposes a price floor.
40. Scarcity in economics means:
A. The wants of people are limited.
B. Economists are dearly not doing their jobs.
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C. There must be poor people in rich countries.
D. People do not have sufficient resources to produce all of the goods and services they want.
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