Microeconomics Practice Questions | Microeconomics | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh

Microeconomics Practice Questions (70 Questions)
Part 1: First 30 Questions with Answer Key 1. What is a trade-off? Answer: C 2. Opportunity cost refers to: Answer: B
3. Rational people make decisions based on: Answer: B
4. Which of the following is an incentive? Answer: B 5. Absolute advantage means: Answer: B
6. Comparative advantage is based on: Answer: B
7. A perfectly competitive market is characterized by: Answer: C
8. The law of demand states that: Answer: C
9. A normal good is a good for which: Answer: D
10. Price elasticity of demand measures: Answer: B
11. When the demand curve shifts to the right: Answer: A
12. Which event would shift the supply curve to the left? Answer: C 13. In equilibrium: Answer: C
14. A binding price ceiling causes: Answer: B
15. Who bears more tax burden when demand is inelastic? Answer: A
16. Consumer surplus is defined as: Answer: B
17. If a market creates negative externalities: Answer: B 18. A bowed-out PPF implies: Answer: B
19. A tax creates deadweight loss because: Answer: C
20. A positive externality leads the free market to: Answer: B
21. PED calculation Q change ≈ -22.2% Answer: ~ -22.2%
22. Equilibrium price & quantity = Answer: Pe = 10, Qe = 20 23. Price floor effect: Answer: B
24. iPhone & AirPods relation: Answer: B 25. Consumer surplus = Answer: $30 26. Producer surplus = Answer: $15
27. Gasoline inelastic demand spending: Answer: B 28. Social cost = Answer: B
29. Supply shift > demand shift → price: Answer: B 30. Tech improves → PPF: Answer: C
Part 2: Additional 40 Practice Questions (No Answers)
1. Which of the following is NOT one of the 10 Principles of Economics?
2. A “normal good” is one where:
3. Inferior goods are defined as:
4. Which market structure has identical products and price-taking firms?
5. The supply curve represents: 6. The law of supply states: 7. Market demand equals:
8. A binding price floor is set: 9. Deadweight loss refers to:
10. Cross-price elasticity is positive for:
11. A perfectly inelastic demand curve is:
12. In the circular-flow diagram, households supply: 13. Opportunity cost includes:
14. A positive externality causes:
15. A corrective tax is used to:
16. When supply decreases while demand increases, equilibrium price will: 17. If Ed > 1, demand is:
18. Consumer surplus increases when:
19. Which of the following will shift the PPF outward?
20. A subsidy on producers will:
21. When the government imposes a tax on buyers, the demand curve:
22. Which is an example of market power?
23. If the government sets a binding price ceiling:
24. Which good is most likely to have inelastic demand?
25. If supply is more elastic than demand, who bears more of a tax burden?
26. Deadweight loss increases when: 27. An external cost is:
28. A non-binding price ceiling will:
29. Market equilibrium maximizes:
30. When demand increases more than supply increases:
31. Demand: Qd = 100 – 5P. Find Qd when P = 12.
32. Supply: Qs = –20 + 10P. Find Qs when P = 5.
33. Solve equilibrium: Qd = 80 – 2P and Qs = –10 + 4P.
34. If income increases and demand for instant noodles decreases, classify the good.
35. The price of coffee increases. What happens to tea demand?
36. Consumer WTP=120, price=75. Compute CS.
37. Producer cost=50, market price=85. Compute PS.
38. Compute Ed using midpoint: P: 50→60, Q: 200→160.
39. Tax = 10. Buyers pay 70, sellers receive 60. Burden on buyers?
40. A negative externality exists. Which policy improves efficiency?