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    microeconomics

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    © All Rights Reserved
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    32 views41 pages

    Tuyển tập đề Microeconomics anh Huy

    Uploaded by

    Mai Nhu Vo
    microeconomics

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 41
    FINAL EXAM ‘Subject: Microeconomics Program: E-PMP Intake: 4 Class: K6O ‘Venue: National Economics University Date: / 2019 Shit: “Time limit: 90 mimtes MULTIPLE CHOICE. Choose the one alternative that best completes the statement © ‘uestion. (2 points each) 2. An advestising campaign which makes the demand for a good less elastic without ging the margi coat of producing te geod wil: rae ay eee ‘SO bead a prott maxiedatog fm w lntreass prices lesa wattemmsinntee fen eng oS d. cause the firm to shut down = eartataly cecal ots Gres hing tes weeks & 2. A firm that wants to mazimaize profits should slot Sowa fal alee are toss dato comes b. total sales are less than fixed costs. total sales are less than variable costs 4. all of the above. 3. Which ofthe following is likely to affect 2 = Availability of substitutes - ; = ae €. ‘The degree to which the item is 2ieeg Ny. = d. Allofthe above . . b)andc) only. G 4. Demand is given by P = 1,000 1 ply by P = 400 + 20Q. Equilibrium price and output under perfect competition are ‘ a. P=$600 and Q=10 e. P=$800. = 10 units, & Uae ey ion is given by: TC = 1,000 + 15Q. At an output of 200 units, a Total 4,000 and marginal cost is 3,000. b. Total Co8js ¥,000 and fixed cost is 1,000. ¢. TojetNepst is 4,000 and marginal cost is 15. tal cost is constant. Pa ¢ and d are both correct. s and cost equations are given by: = = Tespecti ee are by: P = 200 — 2Q and TC 1,000 + 409, ve a. The firm’s revenue is: TR= 200-292, b The firm’s profit is: x =-1000+ 160Q-2Q2. 9. Iie demaodearve crease the spp 11, Refer to the above Betwoen prices a. DI is mo! b. D2 c. Di and d. Mies the abore , a ii)hbf demand for a product is likely to be greater: if the product is a necessity, rather than a luxury good, ‘greater the amount of time over which buyers adjust to a price change. the smaller the proportion of one’s income spent on the product. the smaller the number of substitute products available, anti-drug policy that reduces the supply of crack cocaine might: a. reduce the price of a "fix" from a $20 to a $10. b. reduce street muggings because the addict's demand for crack cocaine is highly clastic. ¢. increase street muggings because the addict's demand for crack cocaine is highly inelastic Ht enti | 2% CU tits ox variate coms 16-tr git Mill rates | CFA tof ud Geese Whe marginal a2 loss equal toe oes ee 2 sca 20 td the average com in 75, we can be nue that ost is rising = b Averag AEBS foal cost i ing : & Marina con isaac e RMSEMEE total conti ling 7 27. a NONE Of the above is true were Tevenue for producing an additional unit is Be Tea Presser will contract production B. ‘The producer will expand production ir = © The producer will keep ouput the same 18, watly Allott above are posible Which statement is false a competi 5 2 Tl ene aN wns tpt oer b. The total cost function is lincer, slope ~ The marginal cost is rising S contin Jong-run equilibrium output . The firms will shut down if pei is Below average variable cort Z = ae 19. With references to monopolies, Curve is downward sloping, marginal revenue (MR) 2. Equal to price b. Equal to average (AR) ©. Less than price d. More than price 20. A monopolist has. revenue (MR) to 2er0, The firm has ve 21, In monopoly, firms have a certain amount of monopoly power because they ywnward sloping demand curves in number fieedom of entry 4. None of the above ‘0 advertise The demand for 2 good is price inelastic if .a._ the price elasticity is -] b. the price elasticity is less than -1 ¢. the price elasticity is greater than -1 d. all of the above €_ none of the above of protection. Which ofthe ftontag 23.4 firm's marginal y t Answer (3 points) 1. Given the table below, graph the demand and supply curves for flashlights. Formulate the supply and demand curve. Make certain to label the equilibrium price and equilibrium quantity. ce. Quantity (Quantity [Demanded Per —_|Supplied Per Month Month 85| 6,000 10,000 SA] 8,000 8,000 83] 10,000 6,000 $2] 12,000 4,000 $I 14,000 2,000 2. What is the equilibrium price and the equilibrium quantity? 3. Suppose the price is currently $5. What problem would exist in the market? What would you expect to happen to price? Show this on your graph. . In the short run, phew MIDTERM EXAM 2 TRUE OR FALL | ‘The difference between economic profit and accounting profit is that economic profit calculated based on both implicit and explicit costs whereas accounting profit is calculated based on explicit costs only. Although economists and accountants treat many costs differently, they both treat the cost of capital the same, Diminishing marginal product exists when the production function becomes flattty as inputs increase. \) The average fixed cost curve is constant. ‘A monopolist’s supply curve is vertical. A monopoly creates a deadweight loss to society because Ae s less output than the socially efficient level. Oy For a firm operating in a perfectly carci marginal revenue and average revenue are equal. A firm will shut down in the short run rose) not sufficient to cover its variable costs of production. The supply curve of a firm in a market is the average variable cost curve above the minimum of marg exit the industry if its marginal cost exceeds its marginal os I. PANS 'E QUESTIONS 1. The amount of money that a firm receives from the sale of its output is called a. total gross profit. b. total net profit. c. total revenue. d._ net revenue. 2. Total cost is the |. amount a firm receives for the sale of its output. a, b. fixed cost less variable cost. ° . market value of the inputs a firm uses in production. d. quantity of output minus the quantity of inputs used to make a good. 3. Which of the following can be added to profit to obtain total revenue? mee S a b. capital profit ee operational profit d. total cost A 4. Accounting profit is equal to a. marginal revenue minus marginal cost. eR b. total revenue minus the explicit cost ing goods and services. ¢, total revenue minus the opporgunif f producing goods and services. d |. average revenue minus the sost of producing the last unit of a good or service. ° 5. Kevin quit his $65, rate lawyer job to open up his own law practice. In Kevin's first eke his total revenue equaled $150,000. Kevin's explicit cost during the,gear Yotaled $85,000. Using the information from Kevin's first year in can his economic profit? a. b. $20,000 c. $65,000 d. $85,000 6. The marginal product of labor can be defined as a. change in profivchange in labor. b. change in output/change in labor. ¢, change in labor/change in output. d. change in labor/change in total cost. 7. Let L represent the number of workers hired by a firm and let Q represent that firm's quantity of output, Assume two points on the firm's production function are (L = 12, @= 122) and (L = 13, Q = 132). Then the marginal product of the 13th worker is a. 8 units of output. b. 10 units of output. ¢. 122 units of output. d. 132 units of output. 8. The value of a business owner's time is an example of a. an opportunity cost. b. a fixed cost. \ ¢. an explicit cost. \) d. total revenue. 9. When the marginal product of an input declines as the meade input increases, the production function exhibits ~ a. increasing marginal product. eR b. diminishing marginal product. oO ¢. diminishing total product. XQ d. Both band care correct. °°. 10. Some costs do not vary wit itis produced. Those costs are called a. marginal costs. © b. average costs* \ c. fixed coats XS pllowing measures of cost is best described as “the cost of a typical unit of al cost is divided evenly over all the units produced?” a. average fixed cost b. average variable cost c. average total cost d. marginal cost 12. The cost of producing an additional unit of output is the firm's a. marginal cost. b. productivity offset. a. Q= 20; PS = 600; x= 800 b. Q=20; PS = 800; x= 600 c. Q= 60; PS = 200; x = 600 d. Q = 80; PS = 600; x = 800 19. A perfectly competitive firm has average variable cost function as follow AVC = Q + 1. The firm's supply function is: a P=2Q+1 b.P=Q+1 ©. P=Q+2 dg. P=2Q+2 20. A perfectly competitive firm has total cost function as follow TC (S) = Q? + 4Q + 225. The firm's break — even output and price are: a. P=15;Q=34 b.P=19;Q=15 ¢. P=34;Q=15 d. P= 30;Q=15 21. A perfectly competitive firm has total cost function as follow TC (S$) = 5@2 +125, If the market price is 80S, the firm's output and profit are: xy a. Q=6;2=55 b.Q=8:2=5 c.Q=4;x=75 d.Q= 22. A monopolist is facing with the demand curve P = +4 and FC = 8000, Price and quantity when this fi he firm's cost are AVC = Q a. P= 376; Q = 124 ». PE 124; Q = 376 c. P=421;Q= 124 (Obr-neg 214 23, A monopoly faces a demand, fa low (D): P = 80 — 2Q. The firm’s total cost ). Lerner index and deadweight loss in this case are: b. L = 0,33; DWL = 50 d. L = 0,33; DWL = 150 function is given by TC = a, L = 0,36; DWE = ¢, L=0,305 <0 24, The supply _ monopolist Le ital” d. does not exist. 25. The profit-maximization problem for a monopolist differs from that of a competitive firm in which of the following ways? a. A competi firm maximizes profit at the point where marginal revenue equals. marginal cost; a monopolist maximizes profit at the point where marginal revenue exceeds marginal cost. b. A competitive firm maximizes profit at the point where average revenue equals marginal cost; a monopolist maximizes profit at the point where average revenue exceeds marginal cost. c. For a competitive firm, marginal revenue at the profit-maximizing level of output is equal to marginal revenue at all other levels of output: for a monopolist, marginal revenue at the profit-maximizing level of output is smaller than it ®\for larger levels of output. 4. For a profit-maximizing competitive firm, thinking at the margin ‘more important than it is for a profit-maximizing monopolist. 26. A monopolist’s average revenue is always NN a. equal to marginal revenue. OC b. greater than the price of its product. fe» c. equal to the price of its product. d._ less than the price of its product.

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