Economics Quiz: Section 2 - Multiple Choice Questions | Microeconomics | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh

1. Which of these statements does not apply to market economies?
A. Prices prevent decentralized decision making from degenerating into chaos.
B. Prices coordinate the actions of millions of people with varying abilities and desires.
C. Prices ensure that anyone who wants a product can get it.
D. Prices ensure that what needs to get done does in fact get done.
2. According to the law of demand, as the price of a good rises, the demand for it decrease. A. TRUE B. FALSE
3. Most markets in the economy are
A. Markets in which sellers, rather than buyers, control the price of the product
B. Markets in which buyers, rather than sellers, control the price of the product C. Perfectly competitive D. Highly competitive
4. New cars are normal goods. What will happen to the equilibrium price of
new cars if the price of gasoline rises, the price of steel falls, public
transportation becomes cheaper and more comfortable, auto-workers accept
lower wages, and automobile insurance becomes more expensive? A. Price will rise B. Price will fall
C. Price will stay exactly the same
D. The price change will be ambiguous
5. The following table contains a demand schedule for a good.
If the law of demand applies to this good, then “?” Could be A.0 B.100 C.200 D.400
6. If Juan expects to earn a higher income next month, he may choose to
A. Save more now and spend less of his current income on goods and services.
B. Decrease his current demand for goods and services.
C. Move along his current demand curves for goods and services.
D. Save less now and spend more of his current income on goods and services.
7. The law of supply states that, other things equal, when the price of a good
rises, the quantity supply of the good falls, and when the price falls, the quantity supply rises. A. TRUE B. FALSE
8. Suppose Spencer and Kate are the only two demanders of lemonade. Each
month, Spencer buys six glasses of lemonade when the price is $1.00 per
glass, and he buys four glasses when the price is $1.50 per glass. Each
month, Kate buys four glasses of lemonade when the price is $1.00 per glass,
and she buys two glasses when the price is $1.50 per glass. Which of the
following points is on the market demand curve?
A. (quantity demanded = 2, price = $1.50)
B. (quantity demanded = 4, price = $2.50)
C. (quantity demanded = 10, price = $1.00)
D. (quantity demanded = 16, price = $2.50)
9. Which of the following statements is correct?
A. Buyers determine supply and sellers determine demand.
B. Buyers determine demand and sellers determine supply.
C. Buyers determine both demand and supply.
D. Sellers determine both demand and supply.
10.If suppliers expect the price of their product to fall in the future, then they will A. Decrease supply now.
B. Decrease supply in the future but not now. C. Increase supply now.
D. Increase supply in the future but not now.
11.The market supply curve shows how the total quantity supplied of a good
Varies as the price of the good varies, ceteris paribus A. TRUE B. FALSE
12.Which of the following demonstrates the law of demand?
A. Melissa buys fewer muffins at $0.75 per muffin than at $1 per muffin, other things equal.
B. Dave buys more donuts at $0.25 per donut than at $0.50 per donut, other things equal.
C. Kendra buys fewer Snickers at $0.60 per Snickers since the price of Milky
Ways fell to $0.50 per Milky Way.
D. After Jon got a raise at work, he bought more pretzels at $1.50 per pretzel than he did before his raise.
13.If these are the only four sellers in the market, then when the price increases
from $6 to $8, the market quantity supplied A. Increases by 0.5 unit. B. Increases by 2 units. C. Decreases by 4 units. D. Increases by 42 units.
14. If drinking beer and watching live football are complementary activities, an
increase in the number of football games (that is, the supply of football
games) will cause a decrease in the demand for beer. A. TRUE B. FALSE
15.Holding all other things constant, a higher price for cinema tickets would
A. Increase the number of viewers
B. Decrease the demand for sellers.
C. Decrease the number of cinema tickets sold
D. Increase the supply of cinema tickets
16.Panel (a) shows which of the following?
A. An increase in demand and an increase in quantity supplied
B. An increase in demand and an increase in supply
C. An increase in quantity demanded and an increase in quantity supplied
D. An increase in quantity demanded and an increase in supply
17.The market for diamond rings is closely linked to the market for high-quality
diamonds. If a large quantity of high-quality diamonds enters the market, then
A. The supply curve for diamond rings will shift right, which will create a
shortage at the current price. That will increase price, which will decrease
quantity demanded and increase quantity supplied. The new market
equilibrium will be at a higher price and higher quantity.
B. The supply curve for diamond rings will shift right, which will create a
surplus at the current price. That will decrease price, which will increase
quantity demanded and decrease quantity supplied. The new market
equilibrium will be at a lower price and higher quantity.
C. The demand curve for diamond rings will shift right, which will create a
shortage at the current price. That will increase price, which will decrease
quantity demanded and increase quantity supplied. The new market
equilibrium will be at a higher price and higher quantity.
D. The demand curve for diamond rings will shift right, which will create a
surplus at the current price. That will decrease price, which will increase
quantity demanded and decrease quantity supplied. The new market
equilibrium will be at a lower price and higher quantity.
18.Lamb is an important ingredient in making yeeros. A decrease in the price of
lamb would lead to a fall in the price of yeeros and an increase in the amount of yeeros traded. A. TRUE B. FALSE
19.A decrease in income will shift the demand curve for an inferior good to
the ........ (right/left) Right
20.If there is currently a shortage of 20 units of the good, then
A. The law of demand predicts that the price will rise by $2 to eliminate the shortage.
B. The law of supply predicts that the price will rise by $2 to eliminate the shortage.
C. The law of supply and demand predicts that the price will rise by $2 to eliminate the shortage.
D. The law of supply and demand predicts that the price will fall by $2 to eliminate the shortage.
21.A country club usually only allows members to purchase tickets for its
celebrity golf tournament, but the club is considering allowing non-members
to purchase tickets this year. The demand and supply schedules are as follows:
If only members are allowed to purchase tickets to this year's celebrity golf
tournament, then what will be the equilibrium price? A. $10 B. $15 C. $20 D. $25
22.A decrease in the price of a complement will shift the demand curve for a good to the right. A. TRUE B. FALSE
23.Suppose Charlie, Maxine, and Quinn are the only demanders of sandwiches. Also suppose the following: • x = 2
• the current price of a sandwich is $3.00
• the market quantity supplied of sandwiches is 5
• the slope of the supply curve is 1 Then
A. There is currently a shortage of 5 sandwiches and the equilibrium price of a
sandwich is between $3.00 and $5.00.
B. There is currently a shortage of 5 sandwiches and the equilibrium price of a sandwich is $5.00.
C. There is currently a surplus of 5 sandwiches and the equilibrium price of a
sandwich is between $3.00 and $5.00.
D. There is currently a surplus of 5 sandwiches and the equilibrium price of a sandwich is $5.00.
24.The market price of coffee increased by 10%, leading to the above demand
for coffee The market decreased by 5% with other conditions remaining
unchanged. This problem belong to : A. Microeconomics, normative. B. Macroeconomics, normative. C. Microeconomics, positivism. D. Macroeconomics, empirical
25.The demand curve for product X shifts when:
A. The price of product X changes.
B. The cost of producing product X changes. C. Consumers' income changes.
D. These statements are correct.
26.Price assumes that the commodity market has a demand function of Qp= 50-
P and a supply function of Qs = 4P. If the target price of the market is P = 5,
this market will enter a state of with an amount is: A. Redundant; 25 B. Redundant; 20 C. Shortage ; 20 D. Shortage ; 25
27.The market price of goods has a demand function of Qp= 50-P and a supply
function of Qs= 4P. If the government imposes a tax on the producer of a
good of $2 per product, the market equilibrium price and quantity are now: A. 9.6 and 38.4 B. 8.4 and 41.6 C. 11.6 and 38.4 D. 9.6 and 40.4
28.The average market price of porcelain has a demand function and a supply
function of Qs= 4P. If the government taxes manufacturers at $2/product. The
amount of tax collected by the Government is equal to: A. 76,8 B. 83,2 C. 80,8 D. 50
29.Supply and demand for raincoats are given as follows: Q, = -50 + 50P and
Qp= 100 - 5P. There is so much buying this time that demand increases by 30
units at all prices. The market equilibrium price and quantity of clothing purchased are: A. P=18, Q=40 B. P=12, Q=40 C. P=12, Q=10 D. P=18, Q=10
30.If the price of a good is higher than the equilibrium price
A. There will be a surplus and prices will increase.
B. There will be a shortage of su and prices will fall.
C. Quantity demanded equals quantity supplied and price remains the same
D. There will be a surplus and prices will