Midterm Exam Môn Kinh tế vi mô | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh

lOMoAR cPSD| 58605085
THE INTERNATIONAL UNIVERSITY (IU) –
VIETNAM NATIONAL UNIVERSITY – HCMC MID-TERM EXAM
Date: 09 December, 2021
Duration: 7 days until 10:15 am on Wednesday
15/12/2021 Student ID: .................................. Name:................................................
SUBJECT: INTRODUCTION TO MICROECONOMICS - BA
Dean of School of Business Lecturer Administration Signature: Signature: Full name:
Assoc.Prof. Nguyễn Văn Phương Dr. Nguyễn Bá Trung Ms. Bùi Thị Thảo Hiền
Full name: Dr. Trinh Viet Dung GENERAL INSTRUCTION(S) 1)
Please submit back your midterm exam via blackboard. 2)
Please answer all 3 questions. 3)
This is an open book examination. 4)
Note that any work submitted is expected to be yours. Dishonesty (cheating) in
any form is prohibited. Specifically, anyone caught cheating or allowing another
student to cheat will have points taken off or receive a zero for the assignment or
even refuse to take the final exam. lOMoAR cPSD| 58605085 QUESTION 1: (30 points)
a. Can a Giffen good be a normal good? Why or why not? Use a market with only two goods in your explanation. ( 20 points)
b. Find a specific good, which can be considered a Giffen good in the special circumstance. (10 points) QUESTION 2: (35 points)
a. What is efficiency? Is it the only goal of economic policymakers? Please give
one real life example between equity and efficiency (10 points)
b. Name two types of market failure. Explain why each may cause market outcomes to be inefficient? (10 points)
c. Please give some suggestions for the government on how to deal with shortage
of the good when it applies price ceiling? (15 points) QUESTION 3: (35 points)
a. Provide the example of a market in which you regularly participated today.
How often were you a buyer/demander? How would a price change have
affected your choices? (5 points) lOMoAR cPSD| 58605085
b. List three factors that shift the supply and demand curve for the market that
you provide above? And using the supply and demand diagram to show how
they shift the supply/ demand curve. (15 points).
c. Using the supply and demand model, analyze how the covid-19 outbreak
affects the market that you provide above. You should explain why and how
the demand and supply curve shift due to the covid-19 pandemic, and show
how the market equilibrium changes under the covid-19 outbreak (15 points)