Economics Quiz Questions and Answers | Microeconomics | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh

Question 1: Economics may best be defined as: A: the interaction between macro
and micro considerations. B: the study of the behaviour of people and institutions
in the production, distribution, and consumption of scarce goods. C: the empirical
testing of value judgements through the use of induction and deduction. D: the use
of policy to refute facts and hypotheses.
Question 2: The study of economics is primarily concerned with: A: keeping
private businesses from losing money. B: demonstrating that capitalistic economies
are superior to socialistic economies. C: choices that are made in seeking to use
scarce resources efficiently. D: determining the most equitable distribution of society's output.
Question 3: The term ‘ceteris paribus’ means: A: if event A precedes event B, A has
caused B. B: economics deals with facts, not values. C: other things being equal.
D: prosperity inevitably follows recession
Question 4: The concept of economic efficiency is primarily concerned with: A:
the limited wants and unlimited resources dilemma. B: considerations of equity in
the distribution of wealth. C: obtaining the maximum output from available
resources. D: the conservation of irreplaceable natural resources.
Question 5: The fundamental problem of economics is: A: to establish an equitable
system of personal and business taxation. B: to establish a democratic political
framework for the provision of social goods and services. C: the establishment of
prices that accurately reflect the relative scarcities of products and resources. D:
the scarcity of productive resources relative to material wants.
Question 6: The scarcity problem: A: persists only because countries have failed to
achieve continuous full employment. B: persists because material wants exceed
available productive resources. C: has been solved in all industrialised nations. D:
has been eliminated in affluent societies such as Australia.
Question 7: The idea of ‘allocative efficiency’ = do right thing refers to: A: the use
of the least-cost method of production. B: the production of the product-mix most
wanted by society. C: the full employment of all available resources. D:
production, at some point, inside of the production possibilities curve.
Question 8: ‘Productive efficiency’ = do thing in right way refers to: A: the use of
the least-cost method of production. B: the production of the product-mix most
wanted by society. C: the full employment of all available resources. D:
production, at some point, inside of the production possibilities curve.
Question 9: Which of the following is not one of the three basic economics issues?
A: Which products should be in short supply and which in excess supply? B: For
whom should the total output be produced? C: How should production be
organised? D: What goods and services should be produced?
1) A market: A: reflects upsloping demand and downsloping supply curves. B:
entails the exchange of goods, but not services. C: is an institution that
brings together buyers and sellers. D: always entails face-to-face contact between buyer and seller.
2) The law of demand states that: A: price and quantity demanded are inversely
related. B: the larger the number of buyers in a market, the lower product
price. C: price and quantity demanded are directly related. D: consumers will
buy more of a given product at high prices than they will at low prices.
3) Represented graphically, the market demand curve is: A: steeper than any
individual demand curve that comprises it. B: greater than the sum of the
individual demand curves. C: the horizontal sum of individual demand
curves. D: the vertical sum of individual demand curves.
4) Which of the following will not cause the demand for product K to change?
A: A change in the price of close-substitute product J. B: An increase in
consumer incomes. C: A change in the price of K. D: A change in consumer
tastes (change in demand tức là shift, mà đổi giá thì không shift, chỉ movement along)
5) If consumer incomes increase, the demand for product X: A: will necessarily
remain unchanged. B: may shift either to the right or left. C: will necessarily
shift to the right. D: will necessarily shift to the left.
6) The law of supply indicates that: A: producers will offer more of a product at
high prices than they will at low prices. B: the product supply curve is
downsloping. C: consumers will purchase less of a good at high prices than
they will at low prices. D: producers will offer more of a product at low
prices than they will at high prices
7) An improvement in production technology will: A: tend to increase
equilibrium price. B: shift the supply curve to the left. C: shift the supply
curve to the right. D: shift the demand curve to the left.
8) of the following statements is incorrect? A: If demand increases and supply
decreases, equilibrium price will rise. B: If supply increases and demand
decreases, equilibrium price will fall. C: If demand decreases and supply
increases, equilibrium price will rise. D: If supply declines and demand
remains constant, equilibrium price will rise.
9) if there is a shortage of product X, we can predict that: A: fewer resources
will be allocated to the production of this good. B: the price of the product
will rise. C: the price of the product will decline. D: the supply curve will
shift to the left and the demand curve to the right, thereby eliminating the shortage
1) The price elasticity of demand indicates: A buyer responsiveness to price
changes. B: the extent to which a demand curve shifts when incomes
change. C: the slope of the demand curve. D: how far business executives
can stretch their fixed costs.
2) The price of product X is reduced from $100 to $90 and, as a result, the
quantity demanded increases from 50 to 60 units. From this we can conclude
that the demand for X in this price range: A: has declined. B: is of unit
elasticity. C: is inelastic. D: is elastic. (%deltaP= %deltaQ= Epd=0,2/0.1=2
3) If the price elasticity of demand for a product is 2.5, then a price cut from
$2.00 to $1.80 will: A: increase the quantity demanded by 2.5%. B: decrease
the quantity demanded by 2.5%. C: increase the quantity demanded by 25%. D: do none of the above.
(cut là giảm giá, dẫn đến tăng cầu, loại B và D, 2.5=%lượng tăng/0.1 => tăng = 25%)
4) Suppose that, as the price of Y falls from $2.00 to $1.90, the demanded
quantity of Y increases from 110 to 118. It can be concluded that the price
elasticity of demand is: A: 4.00 B: 2.09 C: 1.44 D: 3.94 (Epd=
5) In which of the following instances will total revenue decline? A: Price rises
and supply is elastic. B: Price falls and demand is elastic. C: Price rises and
supply is inelastic. D: Price rises and demand is elastic.
6) Price elasticity of demand is generally: A: greater in the long run than in the
short run. B: greater in the short run than in the long run. C: the same in both
the short run and the long run. D: greater for ‘necessities’ than it is for ‘luxuries’.