Midterm Review for Microeconomics môn Kinh tế vi mô | Trường Đại học Kinh Tế Quốc Dân

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C. A decrease in the quantity of pizza supplied.D. No change in the supply of
pizza35.Total surplus is:A. The total net gain to consumers from trading in the
marketB. Measured as the area between the supply and demand curves from
their beginnings to their ends.C. The sum of consumer and producer
surplusD. The total net gain to producers from trading in the
market.36.Peanut butter is an inferior good. If there is an increase in income
and the supply of peanut butter is upward slopong, total surplus in the
peanut butter market.A. will fluctuate wildly.B. will not change.C. will
increase.D. will decrease.37. The concept of comparative advantage is based
upon:A. Absolute labor productivityB. Relative labor costsC. Dollar prices of
laborD. Relative opportunity costs.38. Individuals gain from trade because:A.
specialization in productionB. They can sell at a lower price than they can
buyC of the principle of absolute advantage.E. Self-sufficiency is efficient.39.
A persistent shortage may occur if:A. demand keeps falling.B. supply shifts
rightward.C. The government imposes a price ceiling. D. The government
imposes a price floor.40. Scarcity in economics means:A. The wants of people
are limited.B. Economists are dearly not doing their jobs.
C. There must be poor people in rich countries.D. People do not have
sufficient resources to produce all of the goods and services they want. More from: Ktvm By Thu Hiền 61 documents Go to Studylist 20
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Mid-term: micro 1. Christine has a linear demand curve for candy. If she
wants to see her consumer surplus…..,she would like to see a …. The market
price of candy. A. Increase, decrease. B. Not change, decrease. C. Decrease,
decrease. D. Increase, increase 2. Total revenue is: A. The price effect times
the quantity effect. B. Total sales less total cost. C. The price of a good times
the quantity of the good that is sold. D. The price of a good divided by the
amount of the good sold 3. The cost of sensors used in making digital
cameras falls, while a successful ad campaign makes digital cameras more
fashional. As a result, the equilibrium price of digital cameras.. the
equilibrium quantity … A. May increase, decrease or stay the same; increase
B. Increases; may increase, decrease or stay the same C. Increase; increases
D. Decreases; increases 4. The most likely reason the government
implements a … for…. A. Price ceiling; producers B. Price floor; consumers C.
Price floor; producers D. Price ceiling; consumers 5. Suppose that an incease
in the price of a good leads to an increase in total revenue. Ignoring other
factors (such as supply), at its current price the good must be: A. Inferior B.
Price-elastic C. Perfectly price-elastic D. Price-inelastic 6. An inward shift in
the U economy’s production possibility frontier could represent which
statement? A. U workers moving from New Jersey to Massachusetts B. U
economic growth as workers move to different states
C. U workers moving to Canada. D. U. economic growth 7. A competitive
market with flexible prices and many buyers and sellrs will A. Reach
equillbrium. B. Eliminate surpluses. C. Eliminate surpluses and shortages and
reach equilbrium. D. Eliminate shortages. 8. Consumer surplus for an
individual buyer is equal to: A. The consumer’s willingess to pay for the good
minus the price of the good B. The price of the goods minus the marginal
cost of producing the good. C. The marginal cost of the goods minus the
consumer’s willingness to pay for the good. D. The consumer’s willingness to
pay for the goods minus the total cost of producing the goods. 9. Which
statement will result in an increased price of milk? A. A shift to the right of
the demand curve for milk. B. A decrease in the number of milk buyers C. An
increase in the number of milk supplies D. A shift to the right of the supply
curve for milk 10 market for lemonade is in equilibrium, and the price of
lemons rises. How will this affect the lemonade market? A. Supply will
decrease, increasing the price and decreasing the quantity. B. Demand will
increase, decreasing the price and decreasing the quantity. C. Demand will
increase, increasing the price and decreasing the quantity. D. Supply will
increase, decreasing the price and increasing the quantity. 11 and tea are
substitutes in consumption. Assuming that the supply curve for tea is upward
sloping, if there is an increase in the price of coffee, total surplus in the tea
market. A. Will not change. B. Will increase. C. Will decrease. D. May
fluctuate wildly. 12 government imposes a price ceiling below the equilibrium
price. The price ceiling will cause: A. An increase in the quantity of the good B. Supply to increase
B. Price paid by consumers does not change C. Wages received by workers
who produce the goood increase by the amount of the tax. D. Price paid by
consumers for the good declines by the amount of the tax. 19 technological
advance in the production of automobile will: A. Increase the supply of
automobiles. B. Decrease the demand for automobiles. C. decrease the
supply of automobiles. D. Increase the demand for automobiles. Variables
that influence sellers(supply) Price of the good itself R  epresents a
movement along the supply curve Input prices Shifts the supply curve. 
Technology Shifts the supply curve. Expectations Shif  ts the supply curve.
 Number of sellers Shifts the supply curve. 20. If the income elasticity for
hybrid cars was positive, then: A. Hybrid cars are a normal good. B. Hybrid
cars are an inferior good. C. There are many substitues for hybrid cars. D.
There are few substitues for hybrid cars. 21 market for good Y, a perfectly
competitive good, is made up of 15 producers who each produce the same
amount of good Y. If the price of good is currently $100 and the total quantity
supplied is 150, how many units of good Y is each producer supplying? A.
100 B. 150 C. 15 D. 10 22 of trade, a country may: A. Consume outside its
production possibility frontier. B. Avoid opportunity costs. C. Consume inside
its production possibility frontier. D. Find that its production possibility
frontier will shift outward. 23 surplus for an individual seller is equal to:
A. The cost of the goods minus the willingness to pay for the good. B. The
willingness to pay for the goods minus the price of the goods. C. The
price of the goods minus the cost of producing the goods. D. The cost
of the goods minus the price of the goods. 24 statement would not
cause the supply curve to shift? A. A change in the price of the goods.
B. A change in factor costs C. A change in supplier’s expectations of
future prices D. A change in the production technology 25 are ….. when
the cross-price elasticity of demand is positive and ….. when the cross-
price elasticity of demand is negative A. Substitues; complements B.
Complements; substitutes C. Inelastic; elastic D. Elastic; inelastic 26
that supply is upward sloping and demand is downward sloping. If
there is an increase in suplly, total surplus: A. Will decrease and then
increase. B. Will decrease. C. Will remain the same. D. Will increase. 27
two competing motorcycle manufacturers: Harley-Davidson and Honda.
If Harley-Davidson raises the price of its motorcycles, one would expect
to see: A. A shift to the right in the demand curve for Hondas and
higher prices for Hondas B. A shift to the left in the demand curve for
Hondas and lower prices for Hondas. C. A shift to the right in the
supply curce of Hondas and lower prices for Hondas D. A shift to the
left in the supply curce of Hondas and higher prices for Hondas. 28 in
general agree that rent controls are: A. An inefficient but sometimes
effective way to help low-income families. B. An efficient method of
dealing with the shortages created during price ceiling. C. An efficient
and equitable way to help low-income families. B.
C. A decrease in the quantity of pizza supplied. D. No change in the
supply of pizza 35 surplus is: A. The total net gain to consumers from
trading in the market B. Measured as the area between the supply and
demand curves from their beginnings to their ends. C. The sum of
consumer and producer surplus D. The total net gain to producers from
trading in the market. 36 butter is an inferior good. If there is an
increase in income and the supply of peanut butter is upward slopong,
total surplus in the peanut butter market. A. will fluctuate wildly. B. will
not change. C. will increase. D. will decrease. 37. The concept of
comparative advantage is based upon: A. Absolute labor productivity
B. relative labor costs C. dollar prices of labor D. Relative opportunity
costs. 38. Individuals gain from trade because: A. specialization in
production B. They can sell at a lower price than they can buy C of the
principle of absolute advantage. E. Self-sufficiency is efficient. 39. A
persistent shortage may occur if: A. demand keeps falling. B. supply
shifts rightward. C. The government imposes a price ceiling. D. The
government imposes a price floor. 40. Scarcity in economics means: A.
The wants of people are limited. B. Economists are dearly not doing their jobs.
D. There must be poor people in rich countries. D. People do not have
sufficient resources to produce all of the goods and services they want. English Vietnam Company About us Ask AI
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