quiz 1 經濟學

Economics (I) (CM105A) Quiz 1
Instructor: Associate Professor Yi-Heng Tseng on 2023/10/30 (Monday)

[Calculator is allowed, while translator is forbidden 可使⽤計算機，但翻譯機不可]
• Multiple choice question (one-choice questions) [ 單選題 ]: 100 points (with
each question being 4 points)
(1) A situation in which some resources are NOT fully utilized is represented in a
production possibilities frontier diagram by
A) any point on either the horizontal or the vertical axis.
B) the midpoint of the production possibilities frontier.
C) a point outside the production possibilities frontier.
D) a point inside the production possibilities frontier.
(2) When the price of a pizza decreases from $14 to $12
A) the income effect means people buy less pizza.
B) the income effect points out that the total purchasing power of people who
buy. pizza increases.
C) the income effect means that the demand for pizza will not change.
D) None of the above answers is correct.
(3) The price elasticity of demand equals magnitude of the
A) change in the price divided by the change in quantity demanded.
B) change in the quantity demanded divided by the change in price.
C) percentage change in the price divided by the percentage change in the
quantity. demanded.
D) percentage change in the quantity demanded divided by the percentage
change. in the price.
(4) Which of the following is TRUE?
A) When a market price allocates resources, all people who are willing and able.
to pay that price get the resource.
B) A command system works well when the range of activities to be monitored
is. large and complex.
C) When the government decides how to allocate tax dollars among competing
uses, resources are allocated by market prices.
D) When a manager offers everyone in the company the opportunity to win a
prize, resources are allocated by a lottery.
(5) Abe can catch 15 pounds of fish an hour or pick 30 pounds of fruit an hour. He
works an 8-hour day, spending 5 hours picking fruit and 3 hours catching fish.
Calculate Abe's opportunity cost of a pound of fruit.
A) 6 minutes
B) 3 hours a day
C) 2 pounds of fish
D) 0.5 pounds of fish
(6) Doctors find that one aspirin per day reduces the risk of heart attacks. Demand for
aspirin will
A) increase, so that equilibrium price and equilibrium quantity will increase.
B) decrease, so that equilibrium price and equilibrium quantity will increase.
C) increase, so that equilibrium price will decrease and equilibrium quantity will.
increase.
D) increase, but the new equilibrium price and quantity are indeterminate.
(7) Quantity of streamed movies demanded
Price (dollars) AlexLynnLiza
6 2 0 3
5 4 0 6
4 6 1 9
3 8 2 12
2 10 3 15
1 12 4 18
Given the individual demands for streamed movies in the above table, and assuming
that these three people are the only ones in the market, which of the following
statements is NOT true about market demand for streamed movies?
A) The market quantity demanded at a price of $5 is 10.
B) The height of the market demand curve at a quantity demanded of 22 is $3.
C) The height of the market demand curve at a quantity demanded of 16 is $5.
D) The market quantity demanded at a price of $2 is 28.
(8) As an economic concept, scarcity applies to
A) both money and time.
B) money but not time.
C) time but not money.
D) neither time nor money.
(9) Suppose Joe can prepare 20 sandwiches or 10 pizzas in an hour and Beth can
produce 36 sandwiches or 27 pizzas. The concept of comparative advantage
concludes that
A) Beth should produce both goods because she can produce more of both
goods. in an hour than can Joe.
B) Beth should produce sandwiches and Joe should produce pizza.
C) Beth should produce pizza and Joe should produce sandwiches.
D) Beth should produce both goods and Joe should produce sandwiches.
(10) If the price of a movie ticket increases by 4 percent and the quantity of movies
demanded falls by 2 percent, the price elasticity of demand is
A) 2.0.
B) 4.0.
C) 0.5.
D) some amount that cannot be determined without more information.
(11) The producer surplus on a unit of a good is the
A) difference between the marginal social benefit and the marginal social cost.
B) number of dollars' worth of other goods and services forgone to produce this.
unit of the good.
C) difference between the price of the good and the marginal cost of producing
the good.
D) difference between the total cost of the good and the marginal cost.
(12) If an economy is operating at a point inside the production possibilities frontier,
then
A) society's resources are being inefficiently utilized.
B) the PPF curve will shift inward.
C) society's resources are being used to produce too many consumer goods.
D) economic policy must retard further growth of the economy.
(13) If the demand curve for bottled water shifts rightward and the supply curve of
bottled water shifts leftward, the equilibrium
A) price of bottled water definitely increases.
B) price of bottled water definitely decreases.
C) quantity of bottled water definitely increases.
D) quantity of bottled water definitely decreases.
(14)
In the above figure, which demand curve illustrates perfectly elastic demand?
A) G
B) H
C) I
D) J
(15) If the demand for a good is elastic, when the price increases, the
A) demand will decrease.
B) quantity demanded will increase.
C) quantity demanded will decrease by a smaller percentage than the price
increased.
D) quantity demanded will decrease by a greater percentage than the price
increased.
(16) The production possibilities frontier itself illustrates
A) all goods that can be produced by an economy.
B) the combination of goods and services that can be produced efficiently.
C) all goods and services that are desired but cannot be produced due to scarce
resources.
D) all possible production of capital goods.
(17) Which of the following statements is TRUE?
A) At the efficient quantity, marginal social benefit equals marginal social cost.
B) Marginal social cost increases as the quantity produced decreases.
C) Marginal social benefit decreases as the quantity consumed decreases.
D) If marginal social benefit exceeds marginal social cost by as much as
possible, production is efficient.
(18) When the price is below the equilibrium price, the quantity demanded
A) is less than the equilibrium quantity and the quantity supplied also is less than
the equilibrium quantity.
B) is less than the equilibrium quantity but the quantity supplied exceeds the.
equilibrium quantity.
C) exceeds the equilibrium quantity and the quantity supplied also exceeds the
D) exceeds the equilibrium quantity but the quantity supplied is less than the.
(19) Pizza and hamburgers are substitutes for consumers. A fall in the price of a pizza
________ the price of a hamburger and ________ the quantity of hamburgers.
A) raises; increases
B) raises; decreases
C) lowers; increases
D) lowers; decreases
(20) If a 1 percent decrease in the price of a pound of squash results in a larger
percentage decrease in the quantity supplied
A) demand is elastic.
B) demand is inelastic.
C) supply is elastic.
D) supply is inelastic.
(21) By reducing its output compared to a competitive market, a monopoly leads to
A) a more efficient use of resources.
B) external benefits.
C) external costs.
D) a deadweight loss.
(22) Which of the following increases the quantity supplied of good X but does NOT
increase the supply of good X?
A) a fall in the price of a factor production used to produce X
B) an advance in the technology for producing X
C) an increase in the price of good Y, a complement in the production of X
D) an increase in the price of X
(23) Producers' total revenue will decrease if
A) income increases and the good is a normal good.
B) the price rises and demand is elastic.
C) the price rises and demand is inelastic.
D) income falls and the good is an inferior good.
(24) The requirement that people in similar situations be treated similarly is called
A) the big tradeoff.
B) the symmetry principle.
C) utilitarianism.
D) efficiency.
(25) Studying the determination of prices in individual markets is primarily a concern
of
A) positive economics.
B) negative economics.
C) macroeconomics.
D) microeconomics.
Economics (II) (CM105A) Quiz 1
Student ID: ; Name: ; Class:
Multiple choice question (one-choice questions): 100 points (with each question
being 4 points)
# (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
Ans D B D A D A C A C C
# (11) (12) (13) (14) (15) (16) (17) (18) (19) (20)
Ans C A A D D B A D D C
# (21) (22) (23) (24) (25)
Ans D D B B D

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Economics (I) (CM105A) Quiz 1

Instructor: Associate Professor Yi-Heng Tseng on 2023/10/30 (Monday)

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