HỌC VIỆN NGÂN HÀNG KHOA: Kinh tế vi mô – ECO01H

KINH TẾ ĐỀ THI SỐ: 01

ĐỀ THI KẾT THÚC HỌC PHẦN:
Thời gian làm bài: 90 phút

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PART I: MUTIPLE-CHOICE QUESTIONS: Choose the best

answer that completes the statement or answers the question

1. The phrase “no such thing as a free lunch” means:

a. rational people think at the margin.

b. people must face tradeoffs.

c. people respond to incentives.

d. trade can make everyone better off.

2. When calculating the opportunity cost of college, which of the

following should you probably not include?
a. The cost of meals

b. The cost of books required for college classes

c. The cost of tuition

d. The income you would have earned had you not gone to college

3. In the simple circular-flow diagram, the participants in

the economy are a. households and firms.

b. households and government.

c. firms and government.

d. households, firms, and government.

4. Economists speaking like policy advisers make

a. positive statements.
b. descriptive statements.

c. claims about how the world is.

 d. claims about how the world should be.

5. Which of the following changes would not shift the

demand curve for a good or service?
a. a change in income
b. a change in expectations about the future price of the good or service

c. a change in the price of the good or service

d. a change in the price of a related good or service

6. A decrease in quantity supplied

a. results in a movement downward and to b. shifts the supply curve to the left.
the left along a fixed supply curve.

c. results in a movement upward and to the d. shifts the supply curve to the right.
right along a fixed supply curve.

7. If a shortage exists in a market, then we know that the actual price is

a. above the equilibrium price, and b. above the equilibrium price, and
quantity quantity demanded is greater than quantity
supplied is greater than quantity supplied.
demanded.
c. below the equilibrium price, and quantity demanded is greater than quantity
supplied.
d. below the equilibrium price, and quantity supplied is greater than quantity
demanded.

8. 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
a. a. 0.2%
b. 0.5%
c. 2.0%
d. 4.5%

9. The value of the price elasticity of demand for a good

will be relatively large when a. there are no good
substitutes available for the
b. b. the good is a luxury rather than a necessity.
good.
c. the time period in question is relatively short.d. d. All of the above are correct.

10. A shortage results when a

a. nonbinding price ceiling is imposed b. nonbinding price ceiling is removed
on a market. from a market.

c. binding price ceiling is imposed on a market. d. binding price ceiling is removed

from a market.

11. If the government levies a $500 tax per car on sellers of cars,
then the price received by sellers of cars would
 a. decrease by less than $500. b. b. decrease by exactly $500.
c. decrease by more than $500. d. d. increase by an
indeterminate amount.

12. Consumer surplus is

a. the amount a buyer is willing to pay
for a good minus the cost of producing
the good.
c. a buyer's willingness to pay for a
good plus the price of the good.
b. the amount by which the quantity
supplied of a good exceeds the quantity
demanded of the good. d. the amount a
buyer is willing to pay for a good minus
the amount the buyer actually pays for it.

13. Henry is willing to pay $0.45, and Janine is willing to pay

$0.55, for 1 bunch of bananas. When the price of bananas falls
from $0.5 a bunch to $0.4 a bunch,
a. Henry experiences an increase in b. Janine experiences an increase in
consumer surplus, but Janine does not. consumer surplus, but Henry does not.
c. both Janine and Henry experience an d. neither Janine nor Henry experiences an
increase in consumer surplus. increase in consumer surplus.

14. When there is a technological advance in the pork industry,

consumer surplus in that market will
a. not change, since technology affects producers and not consumers.
b. increase.
b. not a e, si e s mers’ wi i ess t ay is affe te d. decrease.
by t e technological advance.

15. Billy produced 300 chairs but sold only 275 of the units he
produced. The average cost of production for each unit of output
produced was $100. The price for each of the 275 units sold was
$95. Total profit for Billy would be
a. -$3,875. b. $26,125. c. $28,500. d. $30,000.

16. Economic profit

a. is most often equal to accounting profit.
b. is always at least as large as accounting profit.
c. will never exceed accounting profit.
d. is a less complete measure of profitability than accounting profit.

17. When marginal cost exceeds average total cost,

a. average total cost must be falling.
b. b. average total cost must be rising.
c. c. marginal cost must be falling.
d. average fixed cost must be rising.

2
18. Suppose a firm in a competitive market reduces its output by 20
percent. As a result, the price of its output is likely to
a. a. increase. b. b. remain unchanged.
c. c. decrease by less than 20 percent. d. decrease by more than 20 percent.

19. In the short run, a firm operating in a competitive

industry will shut down if price is a. a. less than average total
 cost. b. less than average variable cost.
b. c. greater than average variable cost but 20. A monopoly market is
less than average total cost. characterized by
d. greater than marginal cost.

a. a. many buyers and sellers. b. “ at ra ” r ts.

b. c. barriers to entry. d. a Nash equilibrium.

21. In order to sell more of its product, a monopolist must

a. a. sell to the government. b. b. sell in international markets.
c. c. lower its price. d. use its market power to force up the price office of
complementary products.

22. A consumer is currently spending all of her available income on

two goods: music CDs and DVDs. At her current consumption
bundle, she is spending twice as much on CDs as she is on DVDs.
If the consumer has $120 of income and is consuming 10 CDs and
2 DVDs, what is the price of a CD?
Pc/Pd=1/2
a. $4

b. $8

c. $12

d. $20

120=10.2x+2.x

23. An increase in a consumer's income

a. increases the slope of the b. has no effect on the slope of the
consumer's budget constraint. consumer's budget constraint.
c. decreases the slope of the d. has no effect on the consumer's budget
consumer's budget constraint. constraint.

24. The consumer's optimum choice is represented by

a. a. MUx/MUy = Px/Py. b. b. MUx/Px = MUy/Py.
c. c. MRSxy = Px/Py. d. d. All of the above are correct.
PART II: WRITTEN QUESTIONS
2.1. The company that you manage has invested $5 million in
developing a new product, but the development is not quite finished.
At a recent meeting, your salespeople report that the introduction of
competing products has reduced the expected sales of your new
product to $3 million. If it would cost $1 million to finish
development and make the product, should you go ahead and do so?
What is the most thing you should pay to complete development?
$5 is the sunk cost
=> $5 has no effect on decision
When pay $1 in order to get TR $3 => margin profit=2
2.2. An early freeze in California sours the lemon crop. Explain what
happens to consumer surplus in the market for lemons. Explain what
happens to consumer surplus in the market for lemonade.

Illustrate your answers with diagrams.

Lemon crop effects S’s curve

S curve shifts left

 P raise
CS falls

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