WorksheetsPhần 4 Introduction to Economics
Total questions: 50
Worksheet time: 38mins
Jackie, a Canadian citizen, works only in the United States. The value of the output she produces is
Included in both US GDP and US GNP
Included in neither US GDP nor US GNP
Included in US GDP, but it is not included in US GNP
Included in US GNP, but it is not included in US GDP
Jennie and Lisa both build birdhouses. Jennie works 20 hours a week and produces 12 birdhouses. Lisa works 30 hours a week and produces 15 birdhouses. Which of the following is correct?
Jennie's production is higher than Lisa's, but Lisa's productivity is higher than Jennie's.
Jennie's production and productivity are higher than Lisa's.
Lisa's production is higher than Jennie's, but Jennie's productivity is higher than Lisa's.
Lisa's production and productivity are higher than Jennie's.
Jennie from BLACPINK who is unemployed because her skills are no longer in demand due to technological advancements is experiencing:
Frictional unemployment
Structural unemployment
Natural unemployment
Cyclical unemployment
Jennie of BLACKPINK lost her job and immediately started looking for another job. As a result the
unemployment rate increases.
unemployment rate remains constant.
labor force decreases.
labor force increases.
Jungkook graduated from college a month ago and is now without work. He accepted a job that will start next month. Today, Jungkook is
employed.
not in the labor force.
a discouraged worker.
in the labor force.
Knowing that data of an economy: Employed: 14,000 people; Unemployed: 3,000 people; Not in the Labor Force: 4,000 people. The labor force equals
18,000 people.
21,000 people.
14,000 people.
17,000 people.
Knowing that data of an economy: Employed: 14,000 people; Unemployed: 3,000 people; Not in the Labor Force: 4,000 people. The unemployment rate is
17.6%.
14.3%.
16.7%.
25.0%.
Knowing that data of an economy: Employed: 14,000 people; Unemployed: 3,000 people; Not in the Labor Force: 4,000 people. The labor-force participation rate (EAR) is
66.7%.
75.0%.
80.9%.
77.8%.
Knowing that data of an economy: Employed: 14,000 people; Unemployed: 3,000 people; Not in the Labor Force: 4,000 people. The employment rate is
83.3%.
75.0%.
85.7%.
82.4%.
Knowing the demand function as: P = 20 – Q/2. Calculate price elasticity of demand at P = 10:
-1
-1/4
1
1/4
Knowing the demand function as: P = 20 – Q/2. Calculate price elasticity of demand at P = 15:
3
1
-1
-3
Knowing the supply function as: P = Q + 10. Calculate price elasticity of supply at P = 20:
-2
2
-0.5
0.5
Knowing the supply function as: P = Q + 10. Calculate price elasticity of supply at P = 30:
-2/3
1.5
-1.5
2/3
Let P = -1/200QD + 250; P = 1/100QS – 50. What is the equilibrium price?
250
150
50
20,000
Let P = -1/200QD + 250; P = 1/100QS – 50. What is the equilibrium quantity?
20,000
50
150
250
Let P = -1/200QD + 250; P = 1/100QS – 50. When the price is 100, there is:
A shortage of 15,000
A shortage of 30,000
A surplus of 30,000
A surplus of 15,000
Let P = -1/200QD + 250; P = 1/100QS – 50. When the price is 200, there is:
A shortage of 10,000
A surplus of 15,000
A surplus of 10,000
A shortage of 15,000
Let QD = -3P + 90; QS = P + 10. When the price of the good is $10, the quantity demanded is
40
20
80
60
Let QD = -3P +90; QS = P +10. When the price of the good is $10, the quantity supplied is
40
20
50
30
Let QD = -4P + 120; QS = 5P + 30. If the price of the good is $12, there is
a surplus of 18 units
a shortage of 20 units
a surplus of 20 units
a shortage of 18 units
Let QD = -4P + 120; QS = 5P + 30. The equilibrium price and quantity are:
P = $10 and Q = 80
P = $96 and Q = 9
P = $80 and Q = 10
P = $9 and Q = 96
Let QD = -4P + 120; QS = 5P + 30. When the price of the good is $4.00, the quantity demanded is
29
5
104
50
Let QD = -4P + 120; QS = 5P + 30. When the price of the good is $4.00, the quantity supplied is
50
29
5
104
Let QD = -4P + 120; QS = 5P + 30. When the price of the good is $4.00, there is
a surplus of 46 units
a shortage of 46 units
a shortage of 54 units
a surplus of 54 units
Let QD = -4P + 14 When the price of the good is $2.00, the quantity demanded is:
14
10
6
12
Let QD= -3P+90; QS= P+10. The equilibrium price and quantity are
P=15 and Q=45
P=30 and Q=20
P=45 and Q=15
P=20 and Q=30
Let QD= -3P+90; QS= P+10. When the price of the good is $10, there is
a surplus of 20 units
a surplus of 40 units
a shortage of 40 units
a shortage of 20 units
Let QS = 4P – 14. When the price of the good is $9.00, the quantity supplied is
50
22
23
5
Macroeconomics is best described as the study of
Very large issues.
The choices made by individual households, firms, and governments.
The relationship between inflation and wage inequality.
The nation’s economy as a whole.
Macroeconomics is the study of
Economy-wide phenomena.
Individual decisionmakers.
Markets for large products.
International trade.
Making rational decisions “at the margin” means that people
Make those decisions that do not impose a marginal cost.
Compare the marginal costs and marginal benefits of each decision.
Always calculate the marginal dollar costs for each decision.
Evaluate how easily a decision can be reversed if problems arise.
Market power is:
The ability of the government to control inflation and unemployment
When enterprises and households have the right to self-determination of production and consumption
The ability of an economic actor (or small group of economic actors) to have a significant influence on market prices
When the government makes laws that promote equality and efficiency
Market power is:
The ability of an economic actor (or small group of economic actors) to have a significant influence on market prices
When enterprises and households have the right to self-determination of production and consumption
When the government makes laws that promote equality and efficiency
The ability of the government to control inflation and unemployment
Microeconomics is best described as the study of:
How markets interact in the aggregate economy.
The choices made by individual households, firms, and governments.
Marginal changes in the economy.
Inflation, unemployment, gross national product, and the nation’s economy as a whole.
Microeconomics is the study of
How the economy as a whole works.
How government affects the economy.
The behavior of consumers.
How individual households and firms make decisions.
Mike and Sandy make tables and chairs. Mike can make 4 tables or 20 chairs; Sandy can make 6 tables or 18 chairs. The opportunity cost of 1 table for Mike is
3 chairs.
1/5 chair.
5 chairs.
1/3 chair.
Mike and Sandy make tables and chairs. The opportunity cost of 1 chair is
5 tables for mike and 1/3 table for sandy.
1/5 table for mike and 3 tables for sandy.
1/5 table for mike and 1/3 table for sandy.
5 tables for mike and 3 tables for sandy.
Money market mutual funds are counted in
Neither m1 nor m2.
M1 but not m2.
M1 and m2.
M2 but not m1.
Net investment equals
GDP minus final sales.
gross investment minus final sales.
depreciation plus GDP.
gross investment minus depreciation.
Nhi holds 50,000 VND to purchase coffee. She spent 10,000 VND to buy coffee package. Nhi’s consumer surplus is:
40,000 VND
50,000 VND
60,000 VND
5,000 VND
Nhi holds 50,000 VND to purchase coffee. She spent 10,000 VND to buy coffee package. Nhi’s consumer surplus is:
40,000 VND
60,000 VND
50,000 VND
5,000 VND
Nominal GDP refers to
None of the above is correct.
The total income from final goods and services measured in constant dollars.
The dollar value of the economy’s output of final goods and services.
The total quantity of final goods and services produced.
Okun’s Law refers to:
The relationship between interest rates and investment.
The relationship between money supply and inflation.
The relationship between GDP growth and unemployment.
The relationship between inflation and unemployment.
On a graph, the area below a demand curve and above the price measures
Producer surplus.
Deadweight loss.
Consumer surplus.
Willingness to pay.
One of the basic principles of economics is that markets are usually a good way to organize economic activity. This principle is explained by the study of
Factor markets.
Labor economics.
Energy markets.
Welfare economics.
Opportunity cost is:
The same as real cost.
All of the answers are correct.
Marginal cost divided by total cost.
What we give up to get something else.
Over the last 70 years, U.S. price levels have increased at an average annual rate of approximately
4 percent per year.
6 percent per year.
8 percent per year.
2 percent per year.
Over the past century in the United States, real GDP per person has grown, on average, by about
3 percent per year.
5 percent per year.
2 percent per year.
1 percent per year.
Over the past century, the average income in the United States has risen about
Twofold.
Eightfold.
Tenfold.
Fivefold.
Over the past decade technological improvements that have lowered the cost of producing an smartphones have increased :
The supply but not the demand for smartphones.
The demand but not the supply of smartphones.
Both the supply and the demand for smartphones.
Neither the supply nor the demand for smartphones.
