Micro Econ Midterm 1 Study Guide: 123 Multiple Choice Questions | Microeconomics | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh
To be binding, a price ceiling must be set at a price lower than the equilibrium price. equal to the equilibrium price since the number of tickets bought equals the number sold. higher than the equilibrium price. quantity supplied to increase. 1/123 Thuật ngữ - complements all societies - demand 2/123 Thuật ngữ If the price of mozzarella cheese (an ingredient in pizza) declines, there would be: increase producer surplus. an increase in the demand. an increase in the supply of milkshakes. an increase in the supply of pizza. Tài liệu được sưu tầm và soạn thảo dưới dạng file PDF để gửi tới các bạn cùng tham khảo, ôn tập đầy đủ kiến thức, chuẩn bị cho các buổi học thật tốt. Mời bạn đọc đón xem!
Môn: Microeconomics 613 tài liệu
Trường: Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh 1.9 K tài liệu
Tác giả:
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Name: Score: 123 c u h ‰ i nhi ỏ ều lựa chọn Thuật ngữ 1/123
To be binding, a price ceiling must be set at a price
lower than the equilibrium price.
equal to the equilibrium price since the number of tickets bought equals the number sold.
higher than the equilibrium price. quantity supplied to increase. Thuật ngữ 2/123 - complements all societies - demand Thuật ngữ 3/123
If the price of mozzarella cheese (an ingredient in pizza) declines, there would be: increase producer surplus. an increase in the demand.
an increase in the supply of milkshakes.
an increase in the supply of pizza. Thuật ngữ 4/123
If the opportunity cost of manufacturing machinery is lower in the United States than in
Britain and the opportunity cost of manufacturing sweaters is higher in the United States
than in Britain, then the United States will:
compares all of the benefits and costs of eating another brownie
an increase in the price and an unpredictable change in the quantity
The quota rent and the market price of the licence.
export sweaters to Britain and import machinery from Britain. Thuật ngữ 5/123 Opportunity cost is: the price of thin-crust pizza.
the value of the best alternative forgone in making any choice
unemployment among unskilled workers increases
Equilibrium price increases and equilibrium quantity increases. Thuật ngữ 6/123
If Brazil gives up 3 automobiles for each ton of coffee it produces, while Peru gives up 7
automobiles for each ton of coffee it produces, then:
Brazil has a comparative advantage in coffee production and should specialize in coffee production.
Equilibrium price increases and equilibrium quantity increases.
at a lower opportunity cost than another economy.
There was a decrease in demand or a decrease in supply. Thuật ngữ 7/123
Economists use the term equilibrium to describe:
When income increases, the demand decreases
when no individual would be better off taking a different action or when no individual
has an incentive to change his or her behavior.
the Olive Garden offers a 10% discount coupon in the local newspaper.
the country can produce the product while forgoing fewer alternative products than any other country Thuật ngữ 8/123
The government decides to impose a price ceiling on a good because it thinks the market-
determined price is "too high." If the government imposes the price ceiling below the equilibrium price: producers; price floor
consumers will respond to the lower price and wish to purchase more of the good than at the equilibrium price.
The quota rent and the market price of the licence.
compares all of the benefits and costs of eating another brownie Thuật ngữ 9/123 Microeconomics deals with:
an increase in the unemployment rate. gross domestic product.
individual decision makers in the economy.
the working of the entire economy or large sectors of it. Thuật ngữ 10/123
The problem of scarcity is confronted by: most countries all societies culture region preindustrial societies only Thuật ngữ 11/123
Finland has an absolute advantage in producing:
neither cell phones nor herring. cell phones only.
an increase in the supply of pizza. herring only. Thuật ngữ 12/123
A recent news story reported that OPEC is expected to decrease the supply of oil next
summer. Summer is traditionally a time of increased demand for oil because of the many
families driving and flying to vacation sites. What would be the combined effect of these
two events on the summer market for gasoline?
an increase in quantity demanded an increase in the demand.
an increase in the price and an unpredictable change in the quantity
an increase in the supply of milkshakes. Thuật ngữ 13/123
Economists tend to believe that to change people's behavior you must:
appeal to their concern for society change their incentives
appeal to their religious values a larger population Thuật ngữ 14/123
In terms of the production possibility frontier, inefficient use of available resources is shown by:
a point inside the production possibility frontier.
an increase in the labor force growth rate.
your enjoyment of the new cd player.
an increase in demand for new potatoes. Thuật ngữ 15/123
In Ventura County, California, strawberry production is limited by the number of acres
available for agriculture production. This statement best represents this economic concept: Resources are limited
Goods and services are not scarce Resources are scarce The scarcity principle Thuật ngữ 16/123
If chicken and beef are substitutes, then a fall in the price of chicken will bring about:
a decrease in the demand for beef.
an increase in demand for new potatoes.
a decrease in the quantity demanded of beef.
no change in the demand for beef. Thuật ngữ 17/123
The effect of an increase in productive inputs such as labor and capital can be shown by:
an outward shift of the production possibility frontier.
Deadweight loss does not exist when there are quantity controls.
the equilibrium price and quantity of soybeans will rise.
we say that the transaction takes place on a black market Thuật ngữ 18/123
Because of trade, a country may:
consume outside its production possibility frontier.
shift the production possibility frontier outward.
unemployment among unskilled workers increases avoid opportunity costs. Thuật ngữ 19/123
If the price of gasoline rises and stays high for an extended period, we expect people to:
use more public transportation. ride their bicycles less.
buy larger and less fuel-efficient cars.
increase the number of miles they drive. Thuật ngữ 20/123
The demand curve for videos has shifted to the right. What could have caused it?
your enjoyment of the new cd player.
an increase in quantity demanded
an increase in the incomes of buyers a fall in the price of videos Thuật ngữ 21/123
When the price of armchairs increases, the: decrease quantity supplied increases supply decreases increase Thuật ngữ 22/123
Raclette is a popular wintertime dish in Switzerland. It is essentially melted Raclette cheese
over boiled new potatoes. If the price of Raclette cheese decreased, we would expect to see:
an increase in the supply of pizza. increase; increase
an increase in demand for new potatoes.
the prices of grass and corn increase. Thuật ngữ 23/123
Suppose the United States removes the current sugar quotas and the market price of sugar
drops. In the candy bar market, we would expect consumer surplus to: decrease increase demand rise Thuật ngữ 24/123
A negative relationship between the quantity demanded and price is called the law of ________. supply increase demand quantity demanded Thuật ngữ 25/123
An economy is efficient if it is:
not possible to produce more of one good without producing less of another good.
compares all of the benefits and costs of eating another brownie
the country can produce the product while forgoing fewer alternative products than any other country
shift the production possibility frontier outward. Thuật ngữ 26/123 Marginal analysis:
We do not have sufficient resources to produce all the goods and services we want.
emphasize basic relationships by abstracting from complexities in the everyday world.
refers to decisions about whether to do a bit more or a bit less of an activity, helps
when making a "how much" choice, and involves trade-offs.
a maximum price sellers are allowed to charge for a good or service Thuật ngữ 27/123
An increase in supply, with no change in demand, will lead to ________ in equilibrium quantity
and ________ in equilibrium price. an increase; a decrease high; low
an indeterminate change; an increase
increase; lower the discount rate Thuật ngữ 28/123
The market for lemonade is in equilibrium and the price of lemons rises. How will this affect the lemonade market?
People usually take advantage of opportunities to make themselves better off.
may change, but we cannot determine the change without more information.
the Olive Garden offers a 10% discount coupon in the local newspaper.
Supply will decrease, increasing the price and decreasing the quantity. Thuật ngữ 29/123
We can measure total consumer surplus for good X as:
at the old price of $2.50, there will be pressure for the price to fall
When income increases, the demand increases.
the Olive Garden offers a 10% discount coupon in the local newspaper.
the sum of the individual consumer surpluses for all buyers of X. Thuật ngữ 30/123
Thinking in economic terms, when Mary Sweettooth is deciding whether to eat another brownie, she:
an outward shift of the production possibility frontier.
a decrease in the price of good X
compares all of the benefits and costs of eating another brownie
not possible to produce more of one good without producing less of another good. Thuật ngữ 31/123
Suppose the United States removes the current sugar quotas and the market price of sugar
drops. In the candy bar market, we would expect: will decrease.
the deadweight loss to increase.
the consumer surplus to increase. quantity supplied to increase. Thuật ngữ 32/123
Economists are generally in support of: free international trade government management of trade free trade trade restrictions Thuật ngữ 33/123
If New York City had no medallion system for taxicabs, the price of a taxicab ride would: Demand Fall Increase Decrease Thuật ngữ 34/123
An inward shift in the U.S. economy's production possibility frontier could represent which of the following? A larger population Consumers; price ceiling U.s. economic growth U.S. workers moving to Canada Thuật ngữ 35/123
After graduation from college, you might have an increase in your income from a new job.
If, as a result, you decide that you will purchase more T-bone steak and less hamburger,
then for you hamburger would be considered: a substitute good. a complementary good. an inferior good. a normal good. Thuật ngữ 36/123
Equilibrium in the market for peanut butter is disturbed by an increase in the price of
peanuts. Producer surplus in the peanut butter market:
may change, but we cannot determine the change without more information.
compares all of the benefits and costs of eating another brownie
the country can produce the product while forgoing fewer alternative products than any other country an increase; a decrease Thuật ngữ 37/123
When the price of gas goes down and the demand for tires goes up, a likely possibility is that tires and gas are: demand an inferior good. complements substitutes Thuật ngữ 38/123
Which of the following will not cause an increase in the supply of good X?
an increase in the supply of pizza.
an increase in quantity demanded
an increase in the supply of milkshakes.
an increase in the price of inputs used to produce good X Thuật ngữ 39/123
A newspaper story recently reported that the price of new cars has decreased and the
quantity of new cars sold has dropped. The new price and quantity could have been caused by: an increase in the demand. a decrease in buyers' incomes.
the price and quantity would both increase.
an increase in production costs. Thuật ngữ 40/123 Quota limits cause:
The quota rent and the market price of the licence.
There was a decrease in demand or a decrease in supply.
the demand price to be greater than the supply price.
When income increases, the demand decreases Thuật ngữ 41/123
To be binding, a price floor must be set at a price: Quantity supplied to increase.
Higher than the equilibrium price. An increase in the demand.
Lower than the equilibrium price. Thuật ngữ 42/123
If the quantity supplied in a market exceeds the quantity demanded in a market, we would expect prices to: fall rise decrease increase Thuật ngữ 43/123
Consider gas stations where customers pay inside before they pump gasoline. If they
introduce a new technology where customers pay at the pump, thus decreasing production costs, there will be: shift to the right; increase
a shift to the right in the supply curve and lower gas prices.
a point inside the production possibility frontier.
an increase in the price and an unpredictable change in the quantity Thuật ngữ 44/123 A decrease in supply means:
a point inside the production possibility frontier.
consume outside its production possibility frontier.
a shift to the left of the entire supply curve
a maximum price sellers are allowed to charge for a good or service Thuật ngữ 45/123
Rapidly increasing health costs have been a major political concern since at least 1992.
Suppose the government sets the maximum price for a normal doctor's visit at $20 to
control rising health costs but the current market price is $40. What will happen?
consumers will respond to the lower price and wish to purchase more of the good than at the equilibrium price.
may change, but we cannot determine the change without more information.
More people will try to visit the doctor, but there will be fewer doctors willing to see patients at that price.
the equilibrium price and quantity of soybeans will rise. Thuật ngữ 46/123
Economists in general agree that rent controls are:
when no individual would be better off taking a different action or when no individual
has an incentive to change his or her behavior.
A change in quantity demanded is a movement along the demand curve, and a
change in demand is a shift of the demand curve.
an inefficient but sometimes effective way to help low-income families.
society may be worse off in some cases. Thuật ngữ 47/123
Pizza is a normal good. If students' incomes at your college increase, the effect on pizza would be:
an increase in quantity demanded an increase in the demand. marginal analysis. no change in the demand. Thuật ngữ 48/123
A friend comes up to you and offers to give you a free ticket to the local professional
team's baseball game that night. You decide to attend the game. The game takes five hours
and costs you $15 for transportation. If you had not attended the game, you would have
worked at your part-time job for $8 an hour. What is the cost to you of attending the game? $50 $45 $55 $25 Thuật ngữ 49/123
Which of the following is likely to cause a rightward shift in the demand for home-delivered pizza? a larger population a lower price of pizza a higher price of pepperoni
a lower price of fast-food hamburgers Thuật ngữ 50/123
Farmers in developing countries want the United States to reduce the subsidies that it gives
to American farmers because subsidized agricultural products from the United States:
lead to agricultural surpluses and lower prices for developing country farmers.
may change, but we cannot determine the change without more information.
The quota rent and the market price of the licence.
the country can produce the product while forgoing fewer alternative products than any other country Thuật ngữ 51/123
If the price of a commodity increases, you would expect the:
supply curve to shift to the right. quantity supplied to increase. will decrease.
an increase in the supply of pizza. Thuật ngữ 52/123
If people demand more of product A when the price of B falls, then A and B are: an inferior good. demand substitutes complements Thuật ngữ 53/123
You can spend $100 on either a new economics textbook or a new CD player. If you choose
to buy the new economics textbook, the opportunity cost is:
european governments hiring the surplus Of workers.
an increase in the incomes Of buyers impossible to determine.
your enjoyment of the new CD player. Thuật ngữ 54/123
The market for soybeans is initially in equilibrium. Because of mad cow disease, producers
decide to replace bone meal with soybeans in cattle feed. The likely effect is that:
the sum of the individual consumer surpluses for all buyers of X.
The prices of grass and corn increase.
the equilibrium price and quantity of soybeans will rise.
we say that the transaction takes place on a black market Thuật ngữ 55/123
A new fast-food restaurant offered a free meal (valued at $5) a week for a year to its first
100 customers. Ramona camped out for 48 hours before the opening to be one of the first
100 customers. The cost of the free meal a week for a year for Ramona was:
The quota rent and the market price of the licence.
whatever she would have done with those 48 hours.
an increase in the price and an unpredictable change in the quantity
society may be worse off in some cases. Thuật ngữ 56/123
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. increase; decrease increase demand curve decrease; upward Thuật ngữ 57/123
If the price is below the equilibrium price in the market for grapefruit, total surplus: will not change. will remain constant. consumers; price ceiling will decrease. Thuật ngữ 58/123
Ashley bought a new pair of jeans. When she walked out of the store, she thought, "I got
such a great deal; I would have paid $40 more for these jeans!" This best represents the concept of: deadweight loss. producer surplus. willingness to pay. consumer surplus. Thuật ngữ 59/123 Scarcity in economics means
both Mexico and the United States will be better off.
We do not have sufficient resources to produce all the goods and services we want.
a point inside the production possibility frontier.
shift the production possibility frontier outward. Thuật ngữ 60/123
When a tenant in a rent-controlled apartment sublets the apartment to another renter at a
rent higher than the price ceiling:
we say that the transaction takes place on a black market
a shift to the right in the supply curve and lower gas prices.
Equilibrium price increases and equilibrium quantity increases.
Supply will decrease, increasing the price and decreasing the quantity. Thuật ngữ 61/123
Along a given supply curve, an increase in the price of a good will: increase producer surplus. will increase.
an increase in quantity demanded producers; price floor
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