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lOMoARcPSD|23381354 Mock Test B Final examination Principles of Microeconomics Microeconomics (Trường Đại học Ngoại thương) Studocu is not sponsored or endorsed by any college or university Downloaded by Bao Pham (baogpham02@gmail.com) lOMoARcPSD|23381354 MOCK TEST FINAL EXAMINATION IN PRINCIPLES OF MICROECONOMICS Date: …………………... Time Duration: 60min Student’s Name: ……………………………………….ID code……………….…… Note: The exam includes of 50 multiple-choice questions. Students are not allowed to open any kind of material. Please choose ONE correct answer among a, b, c, d and mark into the ANSWER SHEET in page 4.. PART 1: 1.The adage, "There is no such thing as a free lunch," is used to illustrate the principle that a. goods are scarce. b. people face tradeoffs. c. income must be earned. d. households face many decisions 2. The two loops in the circular-flow diagram represent a. (i) the flow of goods and (ii) the flow of services. b. (i) the flow of dollars and (ii) other financial flows. c. (i) inputs into production processes and (ii) outputs from production processes. d. (i) the flows of inputs and outputs and (ii) the flow of dollars. 3. If a nation is currently operating at a point inside its production possibilities curve, it: a. has full employment. b. has unemployment and/or inefficiently employed resources. c. is operating at full potential. d. must reduce the output of one good in order to produce more of another good. 4. Wheat is the main input in the production of flour. If the price of wheat decreases, all else equal, we would expect the a. demand for flour to increase. b. demand for flour to decrease. c. supply of flour to increase. d. supply of flour to decrease. 5. When the price of a good is $5, the quantity demanded is 100 units per month; when the price is $7, the quantity demanded is 80 units per month. Using the midpoint method, the price elasticity of demand is about a. 0.22. b. 0.67 c. 1.33. d. 1.50. 6. Total surplus in a market is represented by the total area a. under the demand curve and above the price. b. above the supply curve and up to the equilibrium price. c. under price and up to the point of equilibrium. d. between the demand and supply curves up to the point of equilibrium. 7. You lose your job and as a result you buy fewer romance novels. This shows that you consider romance novels to be a(n) a. luxury good. b. inferior good. c. normal good. d. complementary good. 8. If the supply of apples decreases, which of the following will generally occur in a market setting? a. Demand for apples will decrease. b. The quantity demanded will increase. c. The costs of apple producers will decrease. d. The price of apples will increase. 9. If a tax is imposed on a market with inelastic demand and elastic supply, a. buyers will bear most of the burden of the tax. b. sellers will bear most of the burden of the tax. c. the burden of the tax will be shared equally between buyers and sellers. d. it is impossible to determine how the burden of the tax will be shared. 10. All of the following are properties of indifference curves except a. higher indifference curves are preferred to lower ones. b. indifference curves are downward sloping. c. indifference curves do not cross. d. indifference curves are bowed outward. 11. Jane is maximizing total utility while consuming food and clothing. Her marginal utility from food and clothing are 50 utils and 25 utils, respectively. If clothing is priced at $10 per unit, the price of food must a. be rising. b. be falling. c. equal $5. d. equal $20. 12. At the equilibrium price, total surplus is a. $480. b. $640. c. $1,120. d. $1,280 13. Which of the lines is most likely to represent marginal cost? a. A b. B c. C d. D 14. Due to the nature of the patent laws on pharmaceuticals, the market for such drugs a. switches from monopolistic to competitive once the firm's patent runs out. 1 Downloaded by Bao Pham (baogpham02@gmail.com) lOMoARcPSD|23381354 c. always remains a monopolistic market. d. always remains a competitive market. 15. Which of the following involve a trade-off a. buying a new car b. going to college c.watching a football game on Saturday afternoon d. All of the above 16. Refer to Table. Price Quantity Demanded b. switches from competitive to monopolistic once the firm's patent runs out. 22. Refer to the graph below, a profit maximizing monopoly would have a total cost equal to a. P0 x Q1. b. P0 x Q2. c. P0 x Q3. d. (P1 - P0) x Q2. Quantity Supplied $10 10 100 $8 20 80 $6 30 60 $4 40 40 $2 50 20 In the table shown, if the price were $8, a. a surplus of 30 units would exist and price would tend to fall. b. a surplus of 60 units would exist and price would tend to rise. c. a surplus of 60 units would exist and price would tend to fall. d. a shortage of 30 units would exist and price would tend to rise. 17. An example of an implicit cost of production would be a. the cost of raw materials that are inventory. b.the cost of a delivery truck in a business that rarely makes deliveries. c.the income an entrepreneur could have earned working for someone else. d. all of the above. 18. For a profit maximizing monopolist a. P = MR = MC b. P > MR > MC c. P > MR = MC. d. P > MR < MC. 19. The marginal product of labor is equal to the a. incremental cost associated with a one unit increase in labor. b. incremental profit associated with a one unit increase in labor. c. increase in labor necessary to generate a one unit increase in output. d. increase in output obtained from a one unit increase in labor. 20. Competitive firms have a. horizontal demand curves and can sell only a limited amount at each price. b. horizontal demand curves and can sell as much as they want at the market price. c. downward sloping demand curves and can sell only a limited amount at each price. d. downward sloping demand curves and can sell as much as they want at the market price. 21. Which of the following statement is true? a. All costs are fixed in the long run b.All cost are variable in the long run c. All cost are fixed in the short run d. All cost are varibable in the short run 23. The value of the marginal product of labor is equals a. The price of the output times the wage of labor. wage b. The wage of labor times the quantity of labor. c. The price of the output times the marginal product of labor khong bit d. none of above 24. When marginal cost is less than average total cost a. marginal cost must be falling. b. average total cost is falling. c. average total cost is rising. d. average variable cost must be falling 25. If a seller is supplying a product that is slightly different than that of many close competitors and is able to charge a different price than competitors, then the seller a. is a monopolist. b. is producing a homogeneous product c. will eventually have to decrease the price d. is participating in a monopolistically competitive market 26. If average fixed costs equal $40 and average total costs equal $120 when output is 100, then the total variable cost must be a. $40. b. $80. c. $6,000 d. $8,000. 27.When firms have agreements among themselves on the quantity to produce and the price to sell output they are organized as a. a cartel. b. a Nash arrangement. c. competitive scale firms. d. competitive oligopolists. 28. In competitive price-taker markets, firms are assumed to be producing a. identical products. b. small products. c. large products. d. differentiated products 29. Suppose a certain firm is able to produce 165 units of output per day when 15 workers are hired. The firm is able to produce 176 units of output per day when 16 workers are hired (holding other inputs fixed). Then the marginal product of the 16th worker is a. 10 units of output. b. 11 units of output. c. 16 units of output. d. 176 units of output 30. The monopolist's profit-maximizing quantity of output is determined by the intersection of which of the following two curves? a. marginal cost and demand 2 Downloaded by Bao Pham (baogpham02@gmail.com) lOMoARcPSD|23381354 PART 2: Senario 1 : Supply and Demand in market of good A P = 40 − 0.25Q and P = 10 + 0.5Q (P: $1000)/ton ; Q : ton) 31. What is the equilibrium point of the market? a. Q = 40, P = 30 b. Q = 20; P = 17 c. Q = 40, P = 20 d. None of the above 32. How much is the elasticity of demand at the 3 equilibrium price? la sao ma khong co hieu a. E = -1 b. E = 1 c. E = 1/4 d. None of the above 33. How much is the consumer surplus of this market? a. 900 b. 600 c. 200 d. None of the above 34. If Governmen imposes a tax of $6000/ton on the producers of good A, how will the market change? a. The demand curve is shifted b. The supply curve is shifted to the left c. The marginal cost curve is shifted d. None of the above 35. What is the new equilibrium? a. P = 32; Q = 32 b. P = 36; Q = 16 c. P = 70; Q = 70 d. None of the above 36. How much is the total tax revenue? a. TR(tax) = 129 thousand dollar 6x32=192 b. TR (tax) = 139 thousand dollar c. TR (tax) = 149 thousand dollar d. None of the above 37. How much is the tax burdens that cosumers has to bear? a. 62 thousand dollar b. 64 thousand dollar c. 68 thousand dollar d. None of the above 38. How much is the DWL? a. 24 thousand dollar b. 32 thousand dollar c. 34 thousand dollar d. None of the above Senario 2: A monopolist faces the demand curve P = 120 − 0,5Q and knows the production cost b. average cost and demand c. marginal cost and marginal revenue d. average cost and marginal revenue 41. What is the monopolist’s profit-maximizing price? a. P = 70 b. P = 91.25 c. P = 73.6 d. None of the above 42. How much is the Lerner Index : b. L 1 a. L 0.3 c. L 0.6 d None of the above 43. How much is the consumer surplus? a. CS = $105800 b. CS = $580565.5 c. CS = $826562.5 d. None of the above 44. What is the maximize profit of the monopolist? a. = $3166250 b. = $2080625 d. None of the above c. = $1218250 45. How much is the DWL? a. DWL = $1101987.5 b. DWL = $1102917.5 la sao ma sao tinh khong ra :)) c. DWL = $987500.5 d. None of the above 46. What is the supply curve of the monopolist? a. MC curve b. A part of MC curve no supply curve c. MR curve d. None of the above 47. What is the optimum quantity if this market is competition one? a. Q = 60.66 b. Q = 76.33 c. Q = 76.66 d. None of the above 48. If Governmen imposes a tax of $5000/ton to the monopolist, what will be changed? a. The demand curve is shifted b. The supply curve is shifted c. The marginal cost curve is shifted d. None of the above 49. What is the new optimum quantity and price? a. Q = 55; P = 92.5 New MC: P=Q+10 a. Q = 62.5 ; P = 27.6 MR: P=120-Q c. Q = 25.5 ; P = 79.6 => Q=55 Put in Demand: P=120-0.5Q d. None of the above of AVC = 0,5Q + 5 , FC = 140 (P : USD/kg ; Q : kg) 39. What is the marginal revenue of the monopolist? a. MR = 120 − 2Q b. MR = 120 − Q c. MR = 120Q − Q 2 d. None of the above 40. What is the monopolist’s profit-maximizing quantity? a. Q = 50 b. Q = 57.5 c. Q = 55.5 d. None of the above 50. What is the monopolist’s profit after tax: a. = $1170000 b. = $1645000 cai qq gi z tinh khong ra dm c. Nothing changes d. None of the above 3 Downloaded by Bao Pham (baogpham02@gmail.com) lOMoARcPSD|23381354 ANSWER SHEET FINAL EXAMINATION IN MICROECONOMICS I Student’s name: ……………………………………….ID code……………….…… 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 a b c d 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 a b 4 Downloaded by Bao Pham (baogpham02@gmail.com) c d