WorksheetsF.4 1st Exam Revision
Total questions: 13
Worksheet time: 9mins
Which of the following is INCORRECT?
Because of scarcity, people must make choices.
Scarcity would not exist if everyone had enough money to buy everything.
When there is no choice, there is no cost.
Scarcity exists in both market economies and planned economies.
Javier plans to watch a NBA game in which his favourite player, Steph Curry, will play.
His cost of watching this game
will increase if he is 30 minutes late for the game.
will increase if the game is extended by 30 minutes due to overtime.
will decrease if his view is blocked by a tall spectator in front of him.
will decrease if Steph Curry is hurt and cannot play the game.
Which of the following would increase Danny’s opportunity cost of watching a movie instead of doing a part-time job?
(1) An increase in ticket prices
(2) An increase in the salary of his part-time job
(3) The movie is better than expected.
(1) only
(1) and (2) only
(2) and (3) only
(1), (2) and (3)
Which of the following is a correct statement about ‘free good’?
The price of free goods must be zero.
Goods at zero price must be free goods.
Free good has no value in use.
A normative statement
is always false.
is not refutable with facts.
does not include any subjective judgements.
may be the same as a positive statement if many people agree with it.
Which of the following is related to the problem of 'how to produce'?
A school decided to provide international syllabus.
A school offers students with more types of elective subjects.
A school employs external tutors to conduct some of the music lessons.
A school allocates quotas of an exchange programme to students with good performance.
In a planned economy,
most productive resources are owned by the government.
allocation of goods is governed by market prices.
private ownership of property is widespread.
customs are followed in the allocation of resources.
The completion of Tuen Ma Line of the MTR would
increase the equilibrium fares of minibus.
increase the prices of private property near the stations of Tuen Ma Line.
increase the time cost of travelling from Tuen Mun to Ma On Shan.
All of the above.
Which diagram on the left shows the result of a decrease in the cost of transporting choi sum from China to Hong Kong?
A
B
C
D
Which of the following would change the equilibrium position in the market of calculators from point A to point B?
An increase in the cost of producing calculators
Less people sitting for the public examination of mathematics
A decrease in the number of calculator producers
A decrease in price of calculators
Suppose there is an advance in the production technology of electric vehicles and at the same time, there is an increase in the price of fuel-driven automobiles.
If the original equilibrium of the electric cars market is E0, what is the new equilibrium after the above changes?
E1
E2
E3
E4
Zofi: I always spend all my pocket money on music albums no matter how their prices change.
Gisele: I only bought 3 music albums per year no matter how their prices change.
Zofi's demand for music album is ___ while Gisele's demand for music album is ___.
elastic ... inelastic
inelastic ... elastic
unitarily elastic ... perfectly inelastic
perfectly elastic ... unitarily elastic
Suppose the price of substitutes of Good X increases. As a result the price of Good X increases by 10% while the quantity transacted of Good X changes by 20%.
Which of the following can explain the above percentage changes?
Good X is a durable good.
The proportion of income spent on Good X is low.
There are excess capacity for the production of Good X.
The inputs used to produce Good X is highly specialised.
