1. The income that must be forgone in order to obtain goods or services is called ( ). A. opportunity costs B. sunk costs C. fixed costs D. variable costs
2. The following items that are not factors of production are（ ）.
A. capital B. land C. money D. labor
3. The opportunity cost of going to a movie is ( ).
A. the price of the ticket
B. the price of the ticket plus the cost of the soda and Popcorn
C. all the cash you spent on the movie and the value of your time
D. as long as you enjoyed the movie and thought the time and money spent was worth it, zero.
4. Changes in ( ) will lead to a shift in the demand curve for movie tickets.
A. film supply B. video rental prices C. cinema scale D. movie price
5. If there is a shortage, it means that ( ).
A. consumers are willing to buy more goods than manufacturers can sell
B. the current price is above the equilibrium price
C. a seller is willing to sell more goods than that can be sold
D. the actual number of transactions at current prices is determined by the demand curve
6. Under the condition of( ), MR=AR。
A. perfect competition B. oligopoly
C. complete monopoly D. none of the previous answers are correct
7. The substitution effect caused by the increase in wage rate is ( ) .
A. you can earn more money by working the same long hours.
B. you can get the same income for a shorter period of time.
C. workers Prefer to work longer hours, replacing the utility of leisure with the utility of income.
D. All of the previous answers are correct
8. The positive externality of an activity means that ( )
A. the private interest of the activity is greater than its social interest.
B. the private cost of the activity is greater than its social cost.
C. the private interest of the activity is less than its social interest.
D. the private cost of the activity is less than its social cost
9.The government may intervene in the market economy to（ ）.
A. protect property rights
B. correct the market failure caused by externalities
C. achieve a more equal distribution of income
D. all above are right
10. If a country has high and persistent inflation, the most likely explanation is that ( ).
A. the central bank has created an excess of money
B. unions haggle over too low wages
C. the government imposes excessive taxes
D. firms use their monopoly power to impose excessively high prices
11. In a ( )monopolistic market, the demand curve of the firm is equal to the market demand curve.
A. competition
B. monopolistic competition
C. oligopoly
D. monopoly
12. A change in the price or output of one firm causes others to change the price or output, most likely in an ( ) market.
A. competition
B. monopolistic competition.
C. oligopoly
D. monopoly
13. The result of a cartel breakup would be ( ) .
A. the price falls and the output rises
B. the price goes up and the output goes down
C. the prices falls and the output falls
D. the price goes up and the output goes up
14. An increase in （ ）will cause a change along a given demand curve, which is called （ ）.
A. supply, a shift in the demand curve
B. supply，a change in quantity demanded
C. demand, a shift in the supply curve
D. demand, a change in quantity supplied
15. A linear demand curve that slopes downward to the right is ( )
A. inelastic
B. unit elastic
C. inelastic at some points and elastic at others
D. elastic
16. A cake shop operating in a competitive market sells cakes for $10 each and employs workers for $10 an hour. To make profit maximization, it employs workers until the marginal output of labor is ( ).
A. 2 piece of cake per hour B. 10 pieces of cake per hour
C.5 pieces of cake per hour D.1 piece of cake per hour
17. Technological advances that increase the marginal product of labor shift ( ) to ( ).
A. the labor demand curve, the left B. the labor demand curve, the right
C. the labor supply curve, the left D. the labor supply curve, the right
18. Which of the following conditions cannot describe a firm in a monopolistic competitive market?( )
A. Produce something different from its competitors
B. Accept a given price in a market
C. Profit maximization can be achieved in the short and long term
D. it can freely entry or exit in Long term
19. A competitive firm achieves profit maximization by choosing the quantity of output at which（ ）.
A. the marginal cost equals the price
B. the average total cost is the lowest
C. the average total cost equals the price
D. the marginal cost equals the average total cost
20. A firm produces 1,000 units at a total cost of $2,000. If the production increases to 1,001 units, the total cost increases to $2,004. This information indicates that ( )
A. the marginal cost of the firm is $2 and the average variable cost is $4.
B. the marginal cost of the firm is $2 and the average total cost is $4.
C. the marginal cost of the firm is $4 and the average total cost is $2.
D. the marginal cost of the firm is $4 and the average variable cost is $2.
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vika1704    3   01.07.2020 14:24    1