Worksheetsánh đậu béo
Total questions: 40
Worksheet time: 20mins
Which of the following is an example of a normative statement?
An increase in the cigarette tax would cause a decrease in the number of smokers.
A law requiring the government to balance its budget would increase economic growth.
International health care would be good for Vietnamese citizens.
A decrease in the minimum wage would decrease unemployment.
At Nick's Bakery, the cost to make homemade chocolate cake is $3 per cake. As a result of selling three cakes, Nick experiences a producer surplus in the amount of $19.50. Nick must be selling his cakes for
$6.50 each.
$10.50 each.
$9.50 each.
$7.50 each.
The average fixed cost curve
always rises with increased levels of output.
declines as long as it is above marginal cost.
declines as long as it is below marginal cost.
always declines with increased levels of output.
Which of the following expressions is correct?
economic profit = accounting profit + explicit costs
accounting profit = total revenue - implicit costs
economic profit = total revenue - implicit costs
accounting profit = economic profit + implicit costs
If the minimum wage exceeds the equilibrium wage, then
the minimum wage will not be binding.
there will be no unemployment.
the quantity demanded of labor will exceed the quantity supplied.
the quantity supplied of labor will exceed the quantity demanded.
If a good is inferior, then an increase in income will result in
a decrease in the demand for the good.
an increase in the demand for the good.
a movement down and to the right along the demand curve for the good.
a movement up and to the left along the demand curve for the good.
A budget constraint illustrates the
prices that a consumer chooses to pay for products he consumes.
consumption bundles that give a consumer equal satisfaction.
consumption bundles that a consumer can afford.
purchases made by consumers.
If something happens to alter the quantity supplied at any given price, then
we move along the supply curve.
the supply curve shifts.
the supply curve becomes steeper.
the supply curve becomes flatter.
In the simple circular-flow diagram, the participants in the economy are
households, firms, and government.
households and firms.
households and government.
firms and government.
A rational decisionmaker
ignores the likely effects of government policies when he or she makes choices.
takes an action only if the combined benefits of that action and previous actions exceed the combined costs of that action and previous actions.
takes an action only if the marginal benefit of that action exceeds the marginal cost of that action.
ignores marginal changes and focuses instead on “the big picture.”
A seller’s opportunity cost measures the
out of pocket expenses to produce a good but not the value of her time.
amount she is paid for a good minus her cost of providing it.
consumer surplus.
value of everything she must give up to produce a good.
A key characteristic of a competitive market is that
firms have price setting power.
firms minimize total costs.
producers sell nearly identical products.
government antitrust laws regulate competition.
Which of the following expressions is correct?
average variable cost = (quantity of output)/(total variable cost)
marginal cost = (change in quantity of output)/(change in total cost)
average total cost = (total cost)/(quantity of output)
total cost = variable cost + marginal cost
When an economist is asked a question like “why is unemployment higher for teenagers than for older workers?” the economist
is asked as a policy adviser.
does not have enough information to respond.
is asked to explain the cause of an economic event.
is asked to recommend a policy to improve economic outcomes.
For a particular good, a 10 percent increase in price causes a 15 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
The good is a necessity.
The market for the good is broadly defined.
The relevant time horizon is long.
There are no close substitutes for this good.
If long-run average total cost decreases as the quantity of output increases, the firm is experiencing
economies of scale.
coordination problems arising from the large size of the firm.
diseconomies of scale.
fixed costs greatly exceeding variable costs.
For a monopolist, marginal revenue is
less than price, as it is for a perfectly competitive firm.
equal to price, whereas marginal revenue is less than price for a perfectly competitive firm.
equal to price, as it is for a perfectly competitive firm.
less than price, whereas marginal revenue is equal to price for a perfectly competitive firm.
Ellie decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost of napping is
nothing, since she valued sleep more than attendance at class.
the value of the knowledge she would have received had she attended class.
the $24 she could have earned if she had worked at her job for those two hours.
the value of her nap less the value of attending class.
If a tax is levied on the sellers of a product, then there will be a(n)
movement up and to the left along the demand curve.
upward shift of the demand curve.
movement down and to the right along the demand curve.
downward shift of the demand curve.
An optimizing consumer will select the consumption bundle in which the marginal rate of substitution
is less than the slope of the budget constraint.
is equal to the price of the least-expensive good.
exceeds the marginal utility of each good by the greatest amount.
None is correct.
Zach has decided to start his own photography studio. To purchase the necessary equipment, Zach withdrew $10,000 from his savings account, which was earning 3% interest, and borrowed an additional $5,000 from the bank at an interest rate of 8%. What is Zach's annual opportunity cost of the financial capital that has been invested in the business?
$700
$400
$300
$1,650
If consumers view cappuccinos and lattés as substitutes, what would happen to the equilibrium price and quantity of lattés if the price of cappuccinos rises?
The equilibrium price would decrease, and the equilibrium quantity would increase.
Both the equilibrium price and quantity would increase.
Both the equilibrium price and quantity would decrease.
The equilibrium price would increase, and the equilibrium quantity would decrease.
The opportunity cost of an item is
usually less than the dollar value of the item.
the number of hours needed to earn money to buy the item.
the dollar value of the item.
what you give up to get that item.
A budget constraint shows
the maximum utility that a consumer can achieve for a given level of income.
a series of bundles that cost the consumer the same amount of money.
a series of bundles that give the consumer the same level of utility.
All are correct.
Which of the following costs do not vary with the amount of output a firm produces?
fixed costs
marginal costs and average fixed costs
fixed costs and average fixed costs
average fixed costs
Which of the following is a principle concerning how people interact?
People face trade-offs
People respond to incentives.
Markets are usually a good way to organize economic activity.
Rational people think at the margin.
If the price elasticity of supply is 1.5, and a price increase led to a 3% increase in quantity supplied, then the price increase is about
4.5%
0.5%
2.0%
0.2%
A decrease in supply is represented by a
movement upward and to the right along a supply curve.
rightward shift of a supply curve.
movement downward and to the left along a supply curve.
leftward shift of a supply curve.
If a price floor is not binding, then
there will be a shortage in the market.
there will be a surplus in the market.
there will be no effect on the market price or quantity sold.
the market will be less efficient than it would be without the price floor.
If a tax is levied on the sellers of a product, then the supply curve will
become flatter.
shift up.
shift down.
not shift.
Suppose consumer income increases. If orange is a normal good, the equilibrium price of orange will
increase, and producer surplus will decrease.
increase, and producer surplus will increase.
decrease, and producer surplus will decrease.
decrease, and producer surplus will increase.
A firm's opportunity costs of production are equal to its
implicit costs only.
explicit costs + implicit costs.
explicit costs + implicit costs + total revenue.
explicit costs only.
A consumer chooses an optimal consumption point where the
marginal rate of substitution equals the relative price ratio.
ratios of all the marginal utilities are equal.
slope of the indifference curve exceeds the slope of the budget constraint.
All are correct.
Suppose that demand for a good increases and, at the same time, supply of the good decreases. What would happen in the market for the good?
Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous.
Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous.
Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.
The amount by which total cost rises when the firm produces one additional unit of output is called
variable cost.
average cost.
marginal cost.
fixed cost.
A one-unit decrease in output will increase the firm's profit.
True
False
Cannot be determined
Only if costs are fixed
The maximum price that a buyer will pay for a good is called the
willingness to pay.
cost.
efficiency.
equity.
Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is
1
0
36
6
Which of the following is not an example of a barrier to entry?
A pharmaceutical company obtains a patent for a new medication to treat migraine headaches.
A taxi cab driver in Hà Nội obtains a license to legally provide transportation in Hà Nội.
Microsoft obtains a copyright for its Windows operating system.
A soybean farmer is the first in her county to use a new brand of fertilizer.
Suppose that the government imposes a binding price ceiling in the rental house market. Is there a shortage or surplus of houses for rent? Using supply-and-demand diagrams, analyze the short-run and long-run effects of rent control on the housing market.
Shortage in both short-run and long-run
Surplus in both short-run and long-run
Shortage in short-run, surplus in long-run
No effect on the market
