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Bài tập chương 2+3 Vi mô - MentorA+ (English)
Bài tập chương 2+3 Vi mô - MentorA+ (English)
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PRINCIPLES OF MICROECONOMICS MENTORA+
7. Which of the following will cause the demand curve for product A to shift to the left?
A. population growth that causes an expansion in the number of persons consuming A
B. an increase in money income if A is a normal good
C. a decrease in the price of complementary product C
D. an increase in money income if A is an inferior good
8. All of the following shift the supply of watches to the right except
A. an advance in the technology used to manufacture watches.
B. an increase in the price of watches.
C. a decrease in the wage of workers employed to manufacture watches.
D. manufacturers' expectation of lower watch prices in the future.
9. If the price of a good is above the equilibrium price,
A. there is a surplus and the price will rise.
B. there is a shortage and the price will fall.
C. there is a shortage and the price will rise.
D. there is a surplus and the price will fall.
10. If the price of a good is below the equilibrium price,
A. there is a shortage and the price will rise.
B. the quantity demanded is equal to the quantity supplied and the price remains
unchanged.
C. there is a shortage and the price will fall.
D. there is a surplus and the price will rise.
11. If the price of a good is equal to the equilibrium price,
A. the quantity demanded is equal to the quantity supplied and the price remains
unchanged.
B. there is a shortage and the price will fall.
C. there is a surplus and the price will rise.
D. there is a shortage and the price will rise.
12. An increase (rightward shift) in the demand for a good will tend to cause
A. an increase in the equilibrium price and quantity.
B. an increase in the equilibrium price and a decrease in the equilibrium quantity.
C. a decrease in the equilibrium price and an increase in the equilibrium quantity.
D. a decrease in the equilibrium price and quantity.
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13. A decrease (leftward shift) in the supply for a good will tend to cause
A. an increase in the equilibrium price and quantity.
B. a decrease in the equilibrium price and an increase in the equilibrium quantity.
C. a decrease in the equilibrium price and quantity.
D. an increase in the equilibrium price and a decrease in the equilibrium quantity.
14. Suppose there is an increase in both the supply and demand for personal computers.
In the market for personal computers, we would expect
A. the equilibrium quantity to rise and the equilibrium price to rise.
B. the equilibrium quantity to rise and the equilibrium price to fall.
C. the change in the equilibrium quantity to be ambiguous and the equilibrium price to
rise.
D. the equilibrium quantity to rise and the change in the equilibrium price to be
ambiguous.
15. Suppose there is an increase in both the supply and demand for personal computers.
Further, suppose the supply of personal computers increases more than demand for
personal computers. In the market for personal computers, we would expect
A. the change in the equilibrium quantity to be ambiguous and the equilibrium price to
fall.
B. the equilibrium quantity to rise and the equilibrium price to rise.
C. the equilibrium quantity to rise and the change in the equilibrium price to be
ambiguous.
D. the equilibrium quantity to rise and the equilibrium price to fall.
16. Suppose a frost destroys much of the Florida orange crop. At the same time, suppose
consumer tastes shift toward orange juice. What would we expect to happen to the
equilibrium price and quantity in the market for orange juice?
A. Price will decrease; quantity is ambiguous.
B. Price will increase; quantity will increase.
C. Price will increase; quantity will decrease.
D. Price will increase; quantity is ambiguous.
17. Suppose consumer tastes shift toward the consumption of apples. Which of the
following statements is an accurate description of the impact of this event on the
market for apples?
A. There is an increase in the quantity demanded of apples and in the supply for apples.
B. There is an increase in the demand and supply of apples.
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C. There is an increase in the demand for apples and a decrease in the supply of apples.
D. There is an increase in the demand for apples and an increase in the quantity supplied
of apples.
18. Suppose both buyers and sellers of wheat expect the price of wheat to rise in the near
future. What would we expect to happen to the equilibrium price and quantity in the
market for wheat today?
A. The impact on both price and quantity is ambiguous.
B. Price will decrease; quantity is ambiguous.
C. Price will increase; quantity is ambiguous.
D. Price will increase; quantity will increase.
19. Which of the following statements is true about the impact of an increase in the price
of lettuce?
A. Both the demand for lettuce will decrease and the equilibrium price and quantity of
salad dressing will fall.
B. The supply of lettuce will decrease.
C. The demand for lettuce will decrease.
D. The equilibrium price and quantity of salad dressing will fall.
E. The equilibrium price and quantity of salad dressing will rise.
20. When the demand and supply curves both shift leftward, which of the following
happens?
A. The equilibrium quantity increases and any change in the equilibrium price cannot be
determined.
B. The equilibrium price falls and any change in the equilibrium quantity cannot be
determined.
C. The equilibrium quantity decreases and any change in the equilibrium price cannot be
determined.
D. The equilibrium price increases and any change in the equilibrium quantity cannot be
determined.
21. An inferior good is one for which an increase in income causes a(n)
A. decrease in supply.
B. increase in demand.
C. increase in supply.
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D. decrease in demand.
22. An increase in demand means that
A. when price falls consumers are willing to purchase greater quantities of the good.
B. consumers are willing to purchase greater quantities of the good at any given price.
C. when the price rises, consumers are willing to purchase greater quantities of the good.
D. consumers cause the price drop by buying greater quantities of the good.
23. If products C and D are close substitutes, an increase in the price of C will
A. tend to cause the price of D to fall.
B. shift the demand curve of C to the left and the demand curve of D to the right.
C. shift the demand curve of D to the right.
D. shift the demand curves of both products to the right.
24. If good B is a substitute for good A, and the price of good B increases
A. the quantity demanded of good A will decrease.
B. the demand for good A will increase.
C. the price of good A will decrease.
D. the quantity demanded of good B will increase.
25. When the price of good X increases
A. the quantity supplied of good X will increase.
B. the quantity supplied of good X will decrease.
C. the supply curve for good X will shift to the right.
D. the supply curve for good X will shift to the left.
26. A new technology that helps firms reduce production costs will cause a
A. movement down and left along the supply curve.
B. movement up and right along the supply curve.
C. shift to the right of the supply curve.
D. shift to the left of the supply curve.
27. Suppose that a scientific study just published demonstrates that eating apples makes
people much healthier. How will this affect the equilibrium price and quantity in the
market?
A. The equilibrium price will increase and the equilibrium quantity will decrease.
B. The equilibrium price will decrease and the equilibrium quantity will increase.
C. Both the equilibrium quantity and price will increase.
D. Both the equilibrium quantity and price will decrease.
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28. If the price in a market happens to be below equilibrium, there will be a ________ in
the market, and the price will tend to ________.
A. surplus, fall
B. surplus, rise
C. shortage, fall
D. shortage, rise
29. If the price in a market happens to be above equilibrium, there will be a ________ in
the market, and the price will tend to ________.
A. surplus, fall
B. surplus, rise
C. shortage, fall
D. shortage, rise
30. Suppose the price of corn syrup increases. Given that corn syrup is a major ingredient
in the production of soft drinks, how will this affect the equilibrium price and quantity
in the soft drink market?
A. The equilibrium price will increase and the equilibrium quantity will decrease.
B. The equilibrium price will decrease and the equilibrium quantity will increase.
C. Both the equilibrium quantity and price will increase.
D. Both the equilibrium quantity and price will decrease.
31. If price is above the equilibrium level, competition among sellers will result in
A. surplus will increase quantity demanded and decrease quantity supplied.
B. shortage will decrease quantity demanded and increase quantity supplied.
C. surplus will decrease quantity demanded and increase quantity supplied.
D. shortage will increase quantity demanded and decrease quantity supplied.
32. An increase in demand will increase equilibrium price to a greater extent
A. if the product is a normal good.
B. if the product is an inferior good.
C. the less elastic the supply curve.
D. the more elastic the supply curve.
33. At the current price there is a shortage of a product. We would expect price to
A. increase, quantity demanded to increase, and quantity supplied to decrease.
B. increase, quantity demanded to decrease, and quantity supplied to increase.
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40. Suppose the equilibrium price for apartments is €500 per month and the government
imposes rent controls of €250. Which of the following is unlikely to occur as a result
of the rent controls?
A. There may be long lines of buyers waiting for apartments.
B. Landlords may discriminate among apartment renters.
C. There will be a shortage of housing.
D. The quality of apartments will improve.
41. Which of the following workers would be most likely to find it more difficult to get a
job after a rise in the minimum wage rate?
A. A teenage worker with few qualifications.
B. A manual worker with fifteen years of work experience.
C. A professional worker with a university degree.
D. All three are equally likely to find it difficult to get a job.
42. Which side of the market is more likely to lobby government for a price floor?
A. The buyers
B. The sellers
C. Both buyers and sellers desire a price floor.
D. Neither buyers nor sellers desire a price floor.
43. Within the supply-demand model, a tax imposed on the sellers of a good shifts the A.
demand curve downward by the size of the tax per unit.
B. supply curve downward by the size of the tax per unit.
C. demand curve upward by the size of the tax per unit.
D. supply curve upward by the size of the tax per unit.
44. Within the supply-demand model, a tax imposed on the buyers of a good shifts the A.
demand curve downward by the size of the tax per unit.
B. supply curve downward by the size of the tax per unit.
C. demand curve upward by the size of the tax per unit.
D. supply curve upward by the size of the tax per unit.
45. Which of the following takes place when a tax is placed a good?
A. a decrease in the price buyers pay, an increase in the price sellers receive, and a
decrease in the quantity sold
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B. an increase in the price buyers pay, a decrease in the price sellers receive, and an
increase in the quantity sold
C. a decrease in the price buyers pay, an increase in the price sellers receive, and an
increase in the quantity sold
D. an increase in the price buyers pay, a decrease in the price sellers receive, and a
decrease in the quantity sold
46. A tax of €1.00 per litre on petrol
A. places a tax wedge of €1.00 between the price the buyers pay and the price the sellers
receive.
B. decreases the price the sellers receive by €1.00 per litre.
C. increases the price the buyers pay by €1.00 per litre.
D. increases the price the buyers pay by precisely €0.50 and reduces the price received by
sellers by precisely €0.50.
47. Suppose that demand function of good X is QDx = n.PX + m.PY + k. If X and Y are
subtitutes then
A. n.m = 0
B. n.m > 0
C. n.m < 0
D. Not enough information to conclude
48. Engel curve reflects the relationship between
A. Price and quantity demanded
B. Price and quantity supplied
C. Income and quantity demanded
D. Income and quantity supplied
49. Engel curve is
A. Upward sloping
B. Downward sloping
C. U-shaped
D. Backward bending
50. If A and B are complementary goods, what will happen to price of good B when price
of good A increases?
A. Price of good B will increase
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CHAPTER 3: ELASTICITIES
1. The price elasticity of demand is defined as
A. the percentage change in the quantity demanded divided by the percentage change in
income.
B. the percentage change in income divided by the percentage change in the quantity
demanded.
C. the percentage change in the quantity demanded of a good divided by the percentage
change in the price of that good.
D. the percentage change in price of a good divided by the percentage change in the
quantity demanded of that good.
2. If a small percentage increase in the price of a good greatly reduces the quantity
demanded for that good, the demand for that good is
A. income inelastic. C. price elastic.
B. price inelastic. D. unit price elastic.
3. In general, a flat demand curve is more likely to be
A. price elastic. C. price inelastic.
B. unit price elastic. D. none of the above.
4. Which of the following would cause a demand curve for a good to be price inelastic?
A. The good is a luxury.
B. There are a great number of substitutes for the good.
C. The good is a necessity.
D. The good is an inferior good.
5. The demand for which of the following is likely to be the most price inelastic?
A. Transportation C. bus tickets
B. taxi rides D. airline tickets
6. If demand curve is linear (a straight line), then price elasticity of demand is
A. elastic in the upper portion and inelastic in the lower portion.
B. inelastic in the upper portion and elastic in the lower portion.
C. inelastic throughout.
D. constant along the demand curve.
7. If the slope of a demand curve is constant, then the price elasticity of demand for the
good will
A. be constant.
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30. If the price elasticity of demand for a good is -1.5, then a 5% decrease in the price of
the good will cause a
A. 7.5% increase in the quantity demanded.
B. 7.5% decrease in the quantity demanded.
C. 3.33% increase in the quantity demanded.
D. 3.33% decrease in the quantity demanded.
31. Suppose you produce tie-dyed t-shirts. You notice that when you charge $10 per shirt,
you sell 200 shirts. Also, when you raise the price to $12, you sell 150 shirts. As the
price goes up from $10 to $12, your total revenue __________, therefore the demand
for tiedyed t-shirts must be
A. increases; elastic. C. decreases; elastic.
B. increases; inelastic. D. decreases; inelastic.
32. Suppose that at a price of €30 per month, there are 30,000 subscribers to cable
television in Small Town. If Small Town Cablevision raises its price to €40 per month,
the number of subscribers will fall to 20,000. Using the midpoint method for
calculating the elasticity, what is the price elasticity of demand for cable TV in Small
Town?
A. -1.4 C. -0.75
B. -0.66 D. -2.0
33. If a firm needs to decrease its total revenue, the firm should ________ the price if the
demand for its product is ________.
A. raise, inelastic C. drop, elastic
B. raise, elastic D. drop, unit elastic
34. Suppose that General Cars increases the price of its Cadiclap model from $13,500 to
$16,500. As a result of this, the quantity demanded of the Cadiclap model decreases
from 600,000 to 400,000 per year. Find the price elasticity of demand of the Cadiclap
using the mid-point method.
A. -3.0 C. -2.0
B. -0.5 D. -0.3
35. A government wants to reduce electricity consumption by 5%. The price elasticity of
demand for electricity is ‐0.5. The government must ___ the price of electricity by __
A. raise; 10.0% C. raise; 0.1%
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A. substitutes. C. necessities.
B. complements. D. luxuries.
44. The cross-price elasticity of demand between good X and good Y is 0.5. Given this
information, which of the following statements is TRUE? A. The demand for goods X
and Y is inelastic.
B. Goods X and Y are substitutes.
C. Goods X and Y are complements.
D. The demand for goods X and Y is income inelastic.
45. If the income elasticity of demand for cereal is -0.25 and the income elasticity of
demand for peaches is 1.5 then
A. cereal and peaches are substitutes.
B. cereal and peaches are complements.
C. cereal is a normal good and peaches are an inferior good.
D. cereal is an inferior good and peaches are normal goods.
46. If a supply curve for a good is price elastic, then
A. the quantity supplied is sensitive to changes in the price of that good.
B. the quantity demanded is insensitive to changes in the price of that good.
C. the quantity demanded is sensitive to changes in the price of that good.
D. the quantity supplied is insensitive to changes in the price of that good.
47. In general, a steep supply curve is more likely to be
A. price elastic. C. price inelastic.
B. unit price elastic. D. none of the above.
48. If a fisherman must sell all of his daily catch before it spoils for whatever price he is
offered, once the fish are caught the fisherman's price elasticity of supply for fresh fish
is
A. zero.
B. infinite.
C. one.
D. unable to be determined from this information.
49. The price elasticity of supply measures how
A. easily labor and capital can be substituted for one another in production.
B. responsive the quantity supplied of X is to changes in the price of X.
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D. The price elasticity of demand is greater the longer the time period under consideration
in terms of non-durable goods.
56. Which of the following elasticities represents the movement along demand curve?
A. Cross-price elasticity of demand
B. Income elasticity of demand
C. Price elasticity of demand
D. Price elasticity of supply
57. The surplus caused by a binding price floor will be greatest if
A. demand is inelastic and supply is elastic.
B. supply is inelastic and demand is elastic.
C. both supply and demand are elastic.
D. both supply and demand are inelastic.
58. Assume the demand for a product is perfectly inelastic. If government establishes a
price floor that is $2 above the equilibrium price, the resulting
A. shortage will be greater the more elastic the supply
B. shortage will be greater the less elastic the supply
C. surplus will be greater the more elastic the supply
D. surplus will be greater the less elastic the supply
59. Other things equal, the shortage associated with a price ceiling will be greater the
A. smaller the elasticity of both demand and supply.
B. greater the elasticity of both demand and supply.
C. greater the elasticity of supply and the smaller the elasticity of demand.
D. greater the elasticity of demand and the smaller the elasticity of supply.
60. Which of the following statements about the burden of a tax is correct?
A. The tax burden generated from a tax placed on a good that consumers perceive to be a
necessity will fall most heavily on the sellers of the good.
B. The burden of a tax falls on the side of the market (buyers or sellers) from which it is
collected.
C. The distribution of the burden of a tax is determined by the relative elasticities of
supply and demand and is not determined by legislation.
D. The tax burden falls most heavily on the side of the market (buyers or sellers) that is
most willing to leave the market when price movements are unfavourable to them.
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61. A tax is imposed on the sale of a product. As long as neither the supply nor the demand
is perfectly elastic or inelastic,
A. the price paid by the consumer will increase by more than the amount of the tax
B. the price paid by the consumer will increase by less than the amount of the tax
C. there will be no change in the price paid by the consumer
D. the price paid by the consumer will increase by the full amount of the tax
62. The tax incidence is determined by the
A. federal government in all cases
B. greed of the seller
C. level of government which imposes the tax
D. price elasticities of supply and demand
63. A tax placed on a good that is a necessity will likely generate a tax burden that
A. falls more heavily on sellers.
B. falls entirely on sellers.
C. falls more heavily on buyers.
D. is evenly distributed between buyers and sellers.
64. The burden of a tax falls more heavily on the buyers in a market when
A. both supply and demand are inelastic.
B. demand is elastic and supply is inelastic.
C. both supply and demand are elastic.
D. demand is inelastic and supply is elastic.
65. The burden of a tax falls more heavily on the sellers in a market when
A. both supply and demand are elastic.
B. both supply and demand are inelastic.
C. demand is inelastic and supply is elastic.
D. demand is elastic and supply is inelastic.
66. Which of the following leads to the buyers paying all of a tax?
A. The demand is perfectly elastic
B. The supply is unit elastic
C. The demand is perfectly inelastic
D. The supply is perfectly inelastic
67. Which of the following leads to the producers paying all of a tax?
A. The supply is perfectly inelastic
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