đề 3 ktvm

Which of the following observations was made famous by Adam Smith in his book The Wealth of Nations?

• No matter how much people earn, they tend to spend more than they earn.

• Households and firms interacting in markets are guided by an "invisible hand" that leads them to desirable market outcomes.

• People buy more when prices are low than when prices are high.

• There is no such thing as a free lunch.

Which of the following expressions is correct?

The price received by sellers in a market will decrease if the government

• increases a binding price floor in that market.

• increases a binding price ceiling in that market.

• decreases a tax on the good sold in that market.

• None of the above is correct.

In a competitive market,

• no single buyer or seller can influence the price of the product.

• the goods offered by different sellers are markedly different.

• there is a small number of sellers.

• All of the above are correct.

• surplus of 50 units would exist and price would tend to fall.

• shortage of 25 units would exist and price would tend to rise.

• surplus of 25 units would exist and price would tend to fall.

• surplus of 10 units would exist and price would tend to fall.

Mike and Sandy are two woodworkers who both make tables and chairs. In one month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. Given this, we know that

• Mike has a comparative advantage in tables.

• Mike has an absolute advantage in chairs.

• Sandy has a comparative advantage in chair.

• Sandy has an absolute advantage in chairs.

A firm that shuts down temporarily

• still has to pay its variable costs, but not its fixed costs.

• still has to pay both its variable costs and its fixed costs.

• has to pay neither its variable costs nor its fixed costs.

• still has to pay its fixed costs, but not its variable costs.

When a monopolist is able to sell its product at different prices, it is engaging in

• quality adjusted pricing.

• distribution pricing.

• price discrimination.

• price differentiation.