1.

The market demand curve for a monopolist is typically

a. downward sloping.
b. horizontal.
c. unitary elastic.
d. perfectly elastic at market price.

2. A technological advancement
a. will shift the demand curve to the right.
b. will shift the demand curve to the left.
c. will shift the supply curve to the right.
d. will shift the supply curve to the left.

3. Markets with only a few sellers, each offering a product similar or identical to the others, are
typically referred to as
a. monopolistically competitive markets
b. oligopoly markets. ( thiểu quyền – ít người bán )
c. monopoly markets.
d. competitive markets.

4. Which of the following would NOT shift the demand curve for a good or service?
a. a change in income
b. a change in the price of a related good
c. a change in expectations about the price of the good or service
d. a change in the price of the good or service

5. Suppose that a decrease in the price of X results in less of good Y sold. This would mean that
X and Y are
a. complementary goods.
b. substitute goods.
c. unrelated goods.
d. normal goods

6. Holding all other forces constant, if raising the price of a good results in less total revenue,
a. the demand for the good must be elastic.
b. the demand for the good must be inelastic.
c. the demand for the good must be unit elastic.
d. the demand for the good must be perfectly inelastic.

7. Scarcity exists when

a. there is less than an infinite amount of a resource or good.
b. there is less of a good or resource available than people wish to have.
c. society can meet the wants of every individual.
d. the price of a good rises.
8. The marginal rate of substitution is
a. the slope of a budget constraint.
b. always constant.
c. the slope of an indifference curve.
d. the point at which the budget constraint and the indifference curve is tangent

9. Assume that a 4 percent increase in income results in a 2 percent decrease in the quantity
demanded of a good. The income elasticity of demand for the good is
a. negative and therefore the good is an inferior good.
b. negative and therefore the good is a normal good.
c. positive and therefore the good is an inferior good.
d. positive and therefore the good is a normal good.

10. 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.

11. In the circular-flow diagram,

a. firms are sellers in the resource market and the product market.
b. households are sellers in the resource market.
c. firms are buyers in the product market.
d. spending on goods and services flow from firms to households.

12. If the demand curve is linear and downward sloping, which of the following would NOT be
correct?
a. The upper part of the demand curve is more elastic than the lower part.
b. Elasticity will change with a movement down the curve.
c. The lower part of the demand curve would be less elastic than the upper part.
d. Elasticity and slope would both remain constant along the curve.

13. The opportunity cost of an item is

a. the number of hours needed to earn money to buy it.
b. what you give up to get that item.
c. always less than the dollar value of the item.
d. always equal to the dollar value of the item.

14. Demand for a good would tend to be more elastic,

a. the greater the availability of complements.
b. the longer the period of time considered.
c. the broader the definition of the market.
d. the fewer substitutes there are.
15. The supply curve of a perfectly competitive
a. Is the whole MC curve. firm
b. Is the portion of MC curve starting from ATC
c. Is the portion of MC curve starting from AVCmin
d. Doesn't exist

16. Consumer preferences are typically represented by

a. budget constraints.
b. cost curves.
c. supply curves.
d. indifference curves

17. If a good is "inferior", then an increase in income will result in

a. no change in the demand for the good..
b. a decrease in the demand for the good.
c. an increase in the demand for the good.
d. a decrease in the supply for the good.

18. Which of the following would result in an increase in equilibrium price and an ambiguous
change in equilibrium quantity?
a. an increase in supply and demand
b. an increase in supply and a decrease in demand
c. a decrease in supply and demand
d. a decrease in supply and an increase in demand

19. A competitive market is

a. a market in which there are many buyers and many sellers so that each has a negligible
impact on price.
b. a market where consumers cannot freely interact with sellers.
c. a market where suppliers are under no government restrictions.
d. a market with many buyers but few sellers.

20. When two goods are perfect complements, the indifference curves are
a. straight lines.
b. right angles.
c. intersecting.
d. upward sloping.

21. The changing slope of the total cost curve reflects

a. decreasing marginal product.
b. increasing marginal product.
c. decreasing average cost.
d. increasing fixed cost.

22. When price is below average variable cost, a firm in a competitive market will
a. continue to operate as long as average revenue exceeds average fixed cost.
b. shut down and incur both variable and fixed costs.
c. continue to operate as long as average revenue exceeds marginal cost.
d. shut down and incur fixed costs.

23. In a market economy,

a. firms decide whom to hire and what to produce. ( đúng )
b. profit and self-interest guide the decisions of firms and households. ( đúng )
c. households decide which firms to work for and what to buy with their incomes. ( đúng )
d. all of the 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. Demand is said to be inelastic if the

a. quantity demanded changes proportionately more than the price.
b. quantity demanded changes proportionately less than the price.
c. price changes proportionately more than income.
d. quantity demanded changes proportionately the same as the price.

26. Monopolistically competitive firms are typically characterized by

a. many firms selling identical products.
b. a few firms selling similar or identical products.
c. a few firms selling highly different products.
d. many firms selling similar, but not identical products.

27. A budget constraint

a. shows the prices that a consumer chooses to pay for products he consumes.
b. shows the purchases made by consumers.
c. shows the consumption bundles that a consumer can afford.
d. represents the consumption bundles that give a consumer equal satisfaction.

28. A supply curve slopes upward because

a. an increase in price gives producers incentive to supply a larger quantity.
b. an increase in input prices increases supply.
c. a decrease in input prices decreases supply.
d. as more is produced, per unit costs of production fall.

29. Monopoly firms exert their market power by charging a price that is
a. above marginal cost.
b. below marginal cost.
c. above average revenue.
d. below average total cost.

30. As the quantity produced increases,

a. average fixed cost decreases.
b. fixed cost increases.
c. variable cost always decreases
d. none of the above