Tourism Economics - Final revision

Which of the followings are components of resources?

• Land, labor, capital, and entrepreneur
• Land, capital, and entrepreneur
• Land, labor, capital, and companies

Which of the followings can be the question to be answered when making choices about resource use and allocation?

• What to produce?
• What to buy?
• What to sell?

Which of the followings can best describe the shape of the Production possibility frontier?

• Concave
• Convex
• Parabol

Which of the followings can be the correct definition of centrally planned economies?

• The economies that allow only state-owned firms who make production decisions.
• The economies that allow only private ownership of firms.
• The economies that allow both state-owned firms and private ownership of firms.

Which of the followings can be the correct definition of Microeconomics?

• The study of behaviors made by individuals, households, and firms and it analyzes the interaction in particular markets to produce an equilibrium price and quantity sold.
• The study of the whole economy and it analyzes aggregates and economic cycles.
• The study of one extra unit.

Which of the followings can best describe the firm's situation when MB < MC?

• Should not expand
• Reach equilibrium
• Increase profits

Which of the followings can be the correct example of prestige goods?

• Luxurious hotel rooms at Phu Quoc
• Standard hotel rooms at Nha Trang
• Motel rooms at Da Nang

Which of the followings can be the correct definition of demand?

• A schedule of the amount of any product or service that people are willing and able to buy at each specific price in a set of possible prices during some specified period of time.
• A schedule of the amount of any product or service that people are willing and able to sell at each specific price in a set of possible prices during some specified period of time.
• A schedule of the amount of any product or service that people are willing and able to buy at each specific price.

Which of the followings can best describe the slope of demand curve for a prestige good?

• Upward
• Downward
• Vertical straight

When there is an increase in young people who love Korean music, demand for Korean tour packages ______, and demand curve shifts ________.

• Increases; rightward
• Decreases; leftward
• Increases; leftward