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Microeconomics midterm exam ftu, Exams of Microeconomics

Can-Tho University (CTU)Microeconomics

Sắp dead vì vi mô, khó quá khó

Typology: Exams

2021/2022
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1
FOREIGN TRADE UNIVERSITY
FACULTY OF INTERNATIONAL ECONOMICS
DEPARTMENT OF MICROECONOMICS
MICROECONOMICS
FINAL TEST
Time allowed: 60 minutes
2
5
7
9
10
11
12
13
14
15
A
B
C
D
17
20
22
24
25
26
27
28
29
30
A
B
C
D
PART 1: (6 points)
1. A rational person does not act unless
A. The action produces marginal costs that exceed marginal benefits.
The action produces marginal benefits that exceed marginal costs.
C. The action makes money for the person.
D. None of the above
2. Who guide most of the economic activity in the market economy?
Government
B. Sellers
C. Buyers
Both sellers and buyers
3. Suppose that demand function of good X is Q = -2P - 3P + 5I + 7 then X and Y are
Dx X Y
A. Substitutes
Complements
C. Independent
D. None of the above
4. (Continue question 3) We can conclude that X is
. Normal good
pf3
pf4
pf5
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FOREIGN TRADE UNIVERSITY

FACULTY OF INTERNATIONAL ECONOMICS

DEPARTMENT OF MICROECONOMICS

MICROECONOMICS

FINAL TEST

Time allowed: 60 minutes 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 A B C D 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 A B C D PART 1: (6 points)

  1. A rational person does not act unless A. The action produces marginal costs that exceed marginal benefits. The action produces marginal benefits that exceed marginal costs. C. The action makes money for the person. D. None of the above
  2. Who guide most of the economic activity in the market economy? Government B. Sellers C. Buyers Both sellers and buyers
  3. Suppose that demand function of good X is Q Dx = -2P X - 3P Y+ 5I + 7 then X and Y are A. Substitutes Complements C. Independent D. None of the above
  4. (Continue question 3) We can conclude that X is . Normal good

B. Luxury good C. Inferior good D. None of the above

  1. Suppose that demand function of good X is Q (^) Dx = n.P (^) X + m.P (^) Y+ k. If X and Y are complementary goods then A. n.m = 0 . n.m > 0 C. n.m < 0 D. Not enough information to conclude
  2. When both demand and supply curves shift rightward, equilibrium price will A. Definitely increase B. Definitely decrease C. Remain unchange Lack of information to conclude
  3. If wages for iPhone workers increases and Samsung Galaxy price increases as well, the effect on iPhone market is . Price increases, quantity is ambiguous B. Price decreases, quantity is ambiguous C. Price is ambiguous, quantity increases D. Price is ambiguous, quantity decreases
  4. In the case of inferior goods . An increase in income will cause their demand to fall. B. An increase in income will cause their demand to increase. C. An increase in the price of substitutes will cause the price of substitutes to increase. D. Will be unaffected by changes in tastes.
  5. If a legal price ceiling is established on a good above the existing equilibrium price, the effect would be to A. Raise the price of the good and lower the quantity purchased . Have no effect on the price or quantity of the good C. Lower the price of the good and lower the quantity purchased D. Lower the price of the good and increase the quantity purchased
  6. In which case does supply curve go through the origin? A. Perfectly elastic supply B. Perfectly inelastic supply C. Relatively inelastic supply

C. Non-linear and continuous D. Non-linear and discontinuous

  1. (Continue question 16) One of the budget line functions is 400 = 10X + 5Y with Y ≥ 20 B. 500 = 10X + 5Y with 50 ≤ Y < 70 C. 550 = 10X + 5 Y with 90 ≤ Y < 110 D. None of the above
  2. (Continue question 16) The maximum amount of good Y that consumer can buy is A. 40 B. 60 80 D. None of the above
  3. If an individual knows that marginal utility per dollar spent on good A is less than the marginal utility per dollar spent on good B and h erutility function is U = 2X + 3Y then she should A. Increase total utility by buying more of A and less of B Increase total utility by buying more of B and less of A C. Increase total utility by buying all of A and none of B Increase total utility by buying all of B and none of A
  4. When marginal product is greater than average product A. Marginal product is increasing B. Marginal product is decreasing Average product is increasing D. Both A and C are correct
  5. Which of the following is true about the distances between variable cost and total cost when graphed? . As output increases the difference between them gets smaller B. Is equal to average fixed cost at all levels of output C. Is constant at all levels of output Both A and B are correct
  6. Consumers do not have a strong preference for the output of one seller over that of another in a perfectly competitive market because . there a large number of firms in the market. . the firms sell a standardized product. C. there are no barriers to entry.

D. an individual firm has control over price.

  1. Christopher cannot control the price at which he sells his corn. Christopher sells his corn in a perfectly competitive market. B. a monopoly market. C. a monopolistically competitive market. D. an oligopoly market.
  2. Marginal revenue is equal to price for a perfectly competitive firm because total revenue increases by the price of the good when an additional unit is sold. B. total revenue increases by less than the price of the good when an additional unit is sold. C. firms need to lower price to increase the quantity sold. D. firms can increase price and still increase the quantity sold.
  3. Kevin's Go lf-a-Rama sells golf balls in a perfectly competitive market. At its current level of golf ball, Kevin has marginal costs equal to $1, and AVC is rising. If the market price of golf balls is $2, Kevin should A. decrease the level of golf ball production. B. continue producing the current level of production. . increase the production of golf balls. D. shut down and produce no golf balls.
  4. Farmer Brown sells her wheat in a perfectly competitive market. Suppose the current market price of wheat is $2.50 per bushel. If farmer Brown charges $2.51 for her wheat A. farmer Brown will sell slightly less wheat than her neighbors, but will still make a substantial profit. B. farmer Brown will have to plant more acres of wheat to maximize her profit. farmer Brown will sell no bushels of wheat. D. farmer Brown will increase her total revenue
  5. A market in which competition and entry are restricted by the granting of a public franchise, government license, patent, or copyright is a A. Perfect competition. nopoly. C. Monopolistic competition. D. Oligopoly.
  6. ut where A. demand is unitary elastic. . demand is inelastic.