KỲ THI OLYMPIC KINH TẾ VIỆT NAM NĂM 2022

ĐỀ THI CHÍNH THỨC - VÒNG 1

Câu 1. If a country's real GDP (gross domestic product) grows at an annual rate of 2%, after
#531435 roughly _____ years, this country's real GDP will double.
Tổng số câu hỏi: 30
A. 40 Rule of 70: 70/2 = 35 years
also we have: rule of 69: continuous compounding
B. 30 rule of 72: annual rate 1 2 3 4 5 6
rule of 70: semi-annual compounding
C. 25 But rule of 70 and 72,69 are roughly similar so no worry 7 8 9 10 11 12
D. 35
13 14 15 16 17 18
Câu 2. Look at Table below

#531437
19 20 21 22 23 24

25 26 27 28 29 30

Nash equilibrium is a concept in game theory.

If one player doesn't change his choice (regardless of other
changing theirs or not), then a Nash equilibrium occurs. (because
the player sees no point in changing his choice).

The Nash equilibrium in the game is: in this case, a low price policy is certainly better than a high-price policy. Thus, A and B are both unwilling
to increase their prices.--> they dont change their choice --> Nash equilibrium.
A. (Low, High)

B. (High, Low)
Note: A Nash equilibrium is not always the optimal choice.
C. (High, High)

D. (Low, Low)
CPI o bng cách kho sát giá ca mt tp hp các mt hàng.
Câu 3. As the consumer price index increases, the typical household in Vietnam
#531450 annual CPI = giá hin ti/giá nm trc
A. finds that living standard is not affected.
inflation rate = (current CPI - prior CPI)/prior CPI x 100%
B. can save more to offset the effects of rising prices.

C. has to spend more Vietnamese Dongs to keep the same living standard.

D. can spend fewer Vietnamese Dongs to keep the same living standard.
marginal cost is the cost of making 1 additional unit.
Câu 4. The costs of producing 1, 2, 3, and 4 units of output are 5  (United States Dollar), 8 , 10 , formula:
#531438 and 11 , respectively. The marginal cost of producing the second unit of output is: MC = change in total expense / change in total quantity

A. 5 .
in this case, the second unit: change in total expense: 8-5 = 3(dollars)
B. 2 . change in total quantity: 2-1 = 1 (unit) --> MC = 3$

C. 3 .

D. 4 .
Câu 5. What is TRUE for a closed economy which has positive investment and a government
#531459 deficit?
A. Both private saving and public saving are negative.

B. Private saving is negative while public saving is positive.

C. Private saving is positive while public saving is negative.

D. Both private and public saving are positive.

Câu 6. When supply increases, the price _____ and the quantity demanded _____.
#531444
A. decreases, decreases
law of supply and demand.
B. increases, increases
Note: in this case, demand increases doesn't necessarily means it really increases.
the demaded quantity in reality may still be the same, but increases in relation to the decreased price
C. decreases, increases --> increase in demanded quantity.
D. increases, decreases
Câu 7. The term that describes the deviation of unemployment from its natural rate is:
#531453
A. frictional unemployment. when an employee transfer to another company, and a new one steps in ---> temporary time of unemployment.

B. cyclical unemployment. caused by economic ups and downs ( which is natural). Inverse relation to economic growth.

C. the unnatural rate of unemployment. includes: institutional, policy-based, cyclical unemployment because not affected by voluntary econ forces

D. structural unemployment. it's like a mismatch between workers and what employers require --> unemployment.

Câu 8. Refer to Figure below.

#531442

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 Tổng số câu hỏi: 30

1 2 3 4 5 6

7 8 9 10 11 12

13 14 15 16 17 18

19 20 21 22 23 24

When the price is 8 , there is:

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A. a surplus of 400 units.
price increases >< quantity decreases
B. a shortage of 200 units.

C. a surplus of 200 units.

D. a shortage of 400 units.

Câu 9. The economic philosopher who is recognized to found modern Macroeconomics?
#531434
A. Adam Smith watch crash course to find out more about this guy
B. Milton Friedman

C. John Maynard Keynes

D. Nicolas Gregory Mankiw

Câu 10. Which of the following statements are correct for both a monopolist and a perfectly
#531447 competitive firm?

i) The firm maximizes profits by equating marginal revenue with marginal cost. the same formula with IV, check it out.

ii) The firm maximizes profits by equating price with marginal cost.

iii) The firm's marginal revenue curve lies below its demand curve.

iv) Average revenue equals price. we have formula for this, check it out.
A. i) ii), and iv) only

B. i) and iv) only

C. i), ii), iii), and iv)

D. i), iii), and iv) only

Câu 11. The relative prices of two goods X and Y is 2:3. If Minh is consuming the quantities of X and
#531458 Y such that MUx/MUy = 3:2, what should Minh do in order to maximize his utility?
A. Minh should consume more Y and less X.

B. Minh should consume the same quantities of X and Y as before because he is

already maximizing his utility.

C. Minh should consume more X and less Y.

D. Indeterminate from the given information.

Câu 12. Which of the following people is considered unemployed?
#531449
A. Tuan has dropped out of school but he does not want to work.

B. Binh was made redundant during the Covid-19 pandemic, he has applied for several
jobs in the past few weeks but has not been successful.

C. An's grandmother, who is too old to work.

D. Phuong is not working because she is attending college.

Câu 13. What is TRUE for a bank in a fractional-reserve banking system:
#531445
A. The bank does not receive deposits.

B. The bank does not make loans.

C. The bank keeps only a fraction of its deposits in reserve.

D. The bank holds only a fraction of its reserves in deposits.

Câu 14. The demand company ABC faces for its product is shown in Table below.

#531441

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Tổng số câu hỏi: 30

1 2 3 4 5 6
If it costs this company 2.5  to produce 1 kg (kilogram) of output, but the company only sells
output in sacks of 50 kg each, what is the optimal quantity the company sells? 7 8 9 10 11 12

A. 250 kg
13 14 15 16 17 18
B. 150 kg

C. 100 kg 19 20 21 22 23 24

D. 200 kg 25 26 27 28 29 30
Câu 15. Antipollution policies include:
#531448
A. emissions fees or taxes

B. market for pollution rights

C. legislated standards

D. all of the answers mentioned

Câu 16.
#531461

P: Price; Q: Quantity. Product A and Product B. The base year is 2010.

What are the real GDP in 2010, 2011, 2012 respectively?

A. Real GDP 2010=300 ; 2011=600 ; 2012 = 900

B. Real GDP 2010=300 ; 2011=400 ; 2012 = 500

C. Real GDP 2010=300 ; 2011=600 ; 2012 = 700

D. Real GDP 2010=600 ; 2011=600 ; 2012 = 900

Câu 17. Nam consumes only rice and noodles. If rice is a normal good and noodles is an inferior
#531457 good, when Nam's income increases, he consumes:
A. more rice and less noodles.

B. more noodles and less rice.

C. more rice, but the impact on noodles is ambiguous.

D. more of both goods.

Câu 18. Which of the following would result in the greatest increase in the economy’s output?
#531452
A. a 50  million increase in taxes.

B. a 50  million reduction in taxes.

C. a 50  million increase in government spending.

D. a 50  million reduction in government spending.

Câu 19. There were 5 million face masks demanded at a price of 2 per piece in 2020. In 2021, the
#531446 quantity demanded at the same price was 4.5 million face masks. Which of the following
would be most likely NOT the cause of such decrease:
A. a decrease in the price of materials used for producing face masks.

B. a decrease in consumers' income if face masks are a normal good.

C. a decreased risk of contracting Covid-19 without face masks.

D. abolition of mask requirement in public places.

Câu 20. Which of the following would NOT be an opportunity cost of your summer holiday to Nha
#531433 Trang?
A. the cost of the ticket to Tri Nguyen Aquarium in Nha Trang

B. the cost of the airline ticket(s) to Nha Trang

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 C. the rent you pay for your accommodation in Hanoi even though you do not stay
there during your summer holiday

D. the amount of money you could have earned if you took a summer job instead
Câu 21. Choose the statement which is NOT TRUE?
#531443
A. An example of game theory is Auctions.
Tổng số câu hỏi: 30
B. Perfect competition is an example of game theory.

C. Common card games are an example of game theory. 1 2 3 4 5 6

D. One example of game theory is Oligopoly.

7 8 9 10 11 12
Câu 22. When calculating the CPI, pork is given greater weight than beef if:
#531456
A. consumers buy more pork than beef. 13 14 15 16 17 18

B. pork is more readily available than beef is to the typical consumer.

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C. it costs more to produce pork than it costs to produce beef.
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D. the price of pork is higher than the price of beef.
Câu 23. For an asset to become the medium of exchange, it must necessarily:
#531454
A. have intrinsic value.

B. be widely accepted.

C. be both widely accepted and declared a legal tender by the government.

D. be declared a legal tender by the government.

Câu 24.
#531462

P: Price; Q: Quantity. Product A and Product B. The base year is 2010.

The basket of goods used to compute the CPI (Consumer Price Index) consists of 100 units
of A and 50 units of B. What are the inflation rate in 2012?
A. 200%

B. 50%

C. 33.33%

D. 43.33%
Câu 25. In a full-employment economy, a high rate of growth requires:
#531436
A. a low rate of saving and a high rate of investment

B. a low rate of saving and a low rate of investment

C. a high rate of saving and a high rate of investment

D. a high rate of saving and a low rate of investment

Câu 26. Two firms A and B are producing the same quantity of output at the same total cost. Firm A
#531440 has lower fixed cost and higher variable cost than firm B. Which of the following statements
is correct?
A. If each firm produces more, firm A will have lower total cost than firm B will.

B. If each firm produces less, their total costs will be equal.

C. If each firm produces more, their total costs will be equal.

D. If each firm produces less, firm A will have lower total cost than firm B will.
Câu 27. Mrs. Nobi lets Nobita and Doraemon share 100 Dorayaki cakes between themselves. Nobita
#531451 can make a proposal in which he states the number of cakes he gives Doraemon (any
integer between 1 and 100), the rest belongs to him. Doraemon then can decide whether to
accept or reject the proposal. If Doraemon accepts, the cakes will be divided among them
as Nobita has proposed, otherwise both of them will receive nothing. They can make their
decision only once and cannot negotiate with each other. How many Nash equilibria are
there in this game?
A. 1

B. 100

C. 0

D. 2

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Câu 28. A firm has the following cost function: TC = 3Q + 5. The firm's average cost would be:
#531439
A. 3 + 5/Q

B. 3

C. 4

D. 5 Tổng số câu hỏi: 30

Câu 29. What is TRUE about "Fiat money"?
#531455
A. is money that does not contain intrinsic value. 1 2 3 4 5 6

B. is backed by gold
7 8 9 10 11 12

C. has value in exchange which is equal to its intrinsic value.

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D. is backed by silver
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Câu 30.
#531460

P: Price; Q: Quantity. Product A and Product B. The base year is 2010.

What are the nominal GDP in 2010, 2011, 2012 respectively?

A. Nominal GDP 2010 = 300 ; 2011=600 ; 2012 = 1200 .

B. Nominal GDP 2010 = 300 ; 2011=900 ; 2012 = 1800 .

C. Nominal GDP 2010 = 300 ; 2011=600 ; 2012 = 1800 .

D. Nominal GDP 2010 = 300 ; 2011=700 ; 2012 = 1300 .

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