Worksheetsviệt anh đẹp chai số 2 không ai số 1
Total questions: 40
Worksheet time: 20mins
A monopolist can sell 200 units of output for $36 per unit. Alternatively, it can sell 201 units of output for $35.80 per unit. The marginal revenue of the 201st unit of output is
$-0.20
$4.20
$35.80
$-4.20
A statement describing how the world should be
is a positive statement.
would only be made by an economist employed by the government.
would only be made by an economist speaking as a scientist.
is a normative statement.
A decrease in the price of a good would
give producers an incentive to produce more to keep profits from falling.
shift the supply curve for the good to the left.
increase the supply of the good.
increase the quantity demanded of the good.
Total surplus is represented by the area below the
demand curve and above the supply curve, up to the equilibrium quantity.
demand curve and above the horizontal axis, up to the equilibrium quantity.
demand curve and above the price.
price and up to the point of equilibrium.
In the circular-flow diagram, which of the following is not a factor of production?
labor
capital
money
land
Producer surplus directly measures
the well-being of sellers.
the well-being of buyers and sellers.
the well-being of society as a whole.
sellers’ willingness to sell.
A supply schedule is a table that shows the relationship between
quantity demanded and quantity supplied.
input costs and quantity supplied.
price and quantity supplied.
profit and quantity supplied.
Recent forest fires in some provinces are expected to cause the price of lumber to rise in the next six months. As a result, we can expect the supply of lumber to
fall in six months but not now.
fall now.
increase now to meet as much demand as possible.
increase in six months when the price goes up.
Your professor loves her work, teaching economics. She has been offered other positions in the finance industry, but she has decided to continue working as a professor. Her decision would change if the marginal
A. cost of a corporate job increased.
B. cost of teaching increased.
C. benefit of teaching increased.
D. benefit of a corporate job decreased.
If marginal cost is greater than average total cost, then
A. economies of scale are becoming greater.
B. average total cost remains constant.
C. profits are increasing.
D. average total cost is increasing.
Irene is a vegetarian, so she does not eat pork. That is, pork provides no additional utility to Irene. She loves broccoli, however. If we illustrate Irene’s indifference curves by drawing broccoli on the horizontal axis and pork on the vertical axis, her indifference curves will
A. be horizontal straight lines.
B. slope upward.
C. be vertical straight lines.
D. slope downward.
If a price ceiling is not binding, then
A. the equilibrium price is above the price ceiling.
B. it has no legal enforcement mechanism.
C. the equilibrium price is below the price ceiling.
D. there will be a shortage in the market.
The cost of producing the typical unit of output is the firm's
A. opportunity cost.
B. marginal cost.
C. variable cost.
D. average total cost.
Which of the following is not held constant in a supply schedule?
A. the price of the good
B. the prices of inputs
C. production technology
D. expectations
If a consumer is willing and able to pay $20 for a particular good and if he pays $16 for the good, then for that consumer, consumer surplus amounts to
A. $4.
B. $16.
C. $36.
D. $20.
The goal of the consumer is to
A. spend more income in the current time period than in the future.
B. minimize expenses.
C. maximize utility.
D. All are the goals of the consumer.
The length of the short run
A. can never exceed 1 year.
B. is always less than 6 months.
C. is different for different types of firms.
D. can never exceed 3 years.
The market demand curve for a monopolist is typically
A. downward sloping.
B. unit price elastic.
C. horizontal.
D. vertical.
Normative statements are
A. claims about how the world is.
B. claims about how the world should be.
Competitive markets are characterized by
free entry and exit by firms.
the interdependence of firms.
a small number of buyers and sellers.
unique products.
A total-cost curve shows the relationship between the
quantity of an input used and the total cost of production.
quantity of output produced and the total cost of production.
total cost of production and profit.
total cost of production and total revenue.
An indifference curve illustrates
a consumer’s budget.
the prices of two goods.
a firm’s profits.
a consumer’s preferences.
Which of the following is not correct?
An increase in income shifts a consumer’s budget constraint outward.
An increase in the price of good X causes a consumer’s budget constraint to rotate inward along the X axis.
A decrease in the price of good Y causes a consumer’s budget constraint to rotate outward along the Y axis.
Changes in income affect the slope of the budget constraint as well as its location on a graph.
A tax imposed on the buyers of a good will lower the
price paid by buyers and raise the equilibrium quantity.
price paid by buyers and lower the equilibrium quantity.
effective price received by sellers and lower the equilibrium quantity.
effective price received by sellers and raise the equilibrium quantity.
Alex is willing to pay $10, and Bella is willing to pay $8, for 1 kg of steak. When the price of steak increases from $9 to $11,
Bella experiences a decrease in consumer surplus, but Alex does not.
neither Bella nor Alex experiences a decrease in consumer surplus.
Alex experiences a decrease in consumer surplus, but Bella does not.
both Bella and Alex experience a decrease in consumer surplus.
Which of the following is not a determinant of the price elasticity of demand for a good?
the time horizon
the availability of substitutes for the good
the steepness or flatness of the supply curve for the good
the definition of the market for the good
When a tax is placed on the buyers of lemonade, the
buyers bear the entire burden of the tax.
sellers bear the entire burden of the tax.
burden of the tax will be always be equally divided between the buyers and the sellers.
burden of the tax will be shared by the buyers and the sellers, but the division of the burden is not always equal.
Average total cost tells us the
variable cost of a firm that is producing at least one unit of output.
cost of a typical unit of output, if total cost is divided evenly over all the units produced.
fixed cost of a typical unit of output.
marginal cost of the last unit produced.
The circular-flow diagram is an example of
an economic model.
a statistical model.
a laboratory experiment.
a mathematical model.
Cody builds mailboxes. If he charges $20 for each mailbox, his total revenue will be
$200 if he sells 5 mailboxes.
$500 if he sells 25 mailboxes.
$20 regardless of how many mailboxes he sells.
$1,000 if he sells 100 mailboxes.
Suppose the cost of operating a 100 room hotel for a night is $10,000 and there are 5 empty rooms for tonight. If the marginal cost of operating one room for one night is $30 and a customer is willing to pay $60 for the night, the hotel manager should
rent the room because the marginal benefit exceeds the marginal cost.
not rent the room because the marginal benefit is less than the marginal cost.
rent the room because the marginal benefit exceeds the average cost.
not rent the room because the marginal benefit is less than the average cost.
If a tax is levied on the sellers of a product, then the supply curve will
not shift.
become flatter.
shift up.
shift down.
The competitive firm's long-run supply curve is that portion of the marginal cost curve that lies above average
total cost.
fixed cost.
variable cost.
revenue.
If a monopolist can sell 7 units when the price is $4 and 8 units when the price is $3, then marginal revenue of selling the eighth unit is equal to
$24
$4
-$4
$3
An economy’s production of two goods is efficient if
it is impossible to produce more of one good without producing less of the other.
the goods are produced using only some of society’s available resources.
the opportunity cost of producing more of one good is zero.
all members of society consume equal portions of the goods.
If the price of natural gas rises, when is the price elasticity of demand likely to be the highest?
three months after the price increase
immediately after the price increase
one year after the price increase
one month after the price increase
If the demand for a good falls when income falls, then the good is called a(n)
normal good.
regular good.
luxury good.
inferior good.
A tax on buyers will shift the
supply curve upward by the amount of the tax.
supply curve downward by the amount of the tax.
demand curve upward by the amount of the tax.
demand curve downward by the amount of the tax.
Competitive firms that earn a loss in the short run should
shut down if P < AVC.
raise their price.
lower their price.
lower their output.
Suppose a nation is currently producing at a point inside its production possibilities frontier. What does this indicate?
The nation is not using all available resources or is using inferior technology or both.
The nation is producing beyond its capacity, so inflation will occur.
The nation is producing an efficient combination of goods.
There will be a large opportunity cost if the nation tries to increase production of any good.
