ngân hàng đề câu hỏi trắc nghiệm kinh tế vi mô chương 5 (principle of economicsmankiw)

Toàn bộ những gì bạn cần để qua môn kinh tế học, tài liệu này tập hợp những câu hỏi trắc nghiệm mới nhất của kinh tế vi mô năm 2018. Về nội dung tài liệu, với các khái niệm phổ biến và khái quát nhất về kinh tế vi mô cũng như những giải thích về các cơ chế hoạt động của nền kinh tế, bộ giáo trình bao gồm 23 phần cung cấp cho người đọc các kiến thức khá toàn diện và chuyên sâu về các nguyên lý kinh tế học như các lý thuyết cổ điển, các lý thuyết về phát triển: nền kinh tế trong dài hạn, các lý thuyết về vòng tròn kinh tế: nền kinh tế trong ngắn hạn, các yếu tố vi mô ẩn sau kinh tế vĩ mô, các tranh luận về chính sách vĩ mô… Tất cả đều được giải thích và đánh giá bởi một vị giáo sư kinh tế hàng đầu trên thế giới. Các khái niệm trong sách được định nghĩa rất rõ ràng, dễ nắm bắt, dễ hiểu, có tóm tắt các chương tạo điều kiện tốt nhất cho việc ôn tập.

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Chapter 5 Test Bank

Multiple Choice Questions

1 The price elasticity of demand measures the:

A responsiveness of quantity demanded to a change in quantity supplied

B responsiveness of price to a change in quantity demanded

C responsiveness of quantity demanded to a change in price

D responsiveness of quantity demanded to a change in income

Answer: C Reference:

Explanation:

Type: Multiple Choice Difficulty: Easy Category: Understand

2 Price elasticity of demand is defined as:

A the slope of the demand curve

B the slope of the demand curve divided by the price

C the percentage change in price divided by the percentage change in quantity demanded

D the percentage change in quantity demanded divided by the percentage change in price Answer: D Reference:

Explanation:

Type: Multiple Choice Difficulty: Medium Category: Understand

3 Demand is said to be _ when the quantity demanded is very responsive to

changes in price

A elastic

B unit elastic

C inelastic

D independent

Answer: A Reference:

Explanation:

4 Demand is said to be _ when the quantity demanded is not very responsive to

changes in price

A independent

B inelastic

C unit elastic

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D elastic

Answer: B Reference:

Explanation:

5 Demand is said to be when the quantity demanded changes at the same

proportion as the price

A elastic

B unit elastic

C inelastic

D independent

Explanation:

6 The elasticity of demand is defined as the percentage change in quantity demanded

divided by the percentage change in

A quantity supplied

B the slope of the demand curve

C price

D the slope in the supply curve

Explanation:

7 When demand is inelastic:

A price elasticity of demand is greater than 1

B consumers are not very responsive to changes in price

C the percentage change in quantity demanded resulting from a price change is greater than the percentage change in price

D demand curves appear to be fairly flat

Explanation:

8 Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts

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results in a 15 percent decrease in the number of haircuts purchased What is the elasticity

of demand facing Billy Bob's Barber Shop?

A 0.15

B 3.0

C 0.10

D 0.05

Explanation:

9 If the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in

supply will cause the equilibrium price to:

A rise and the equilibrium quantity to fall

B rise and the equilibrium quantity to stay the same

C rise and the equilibrium quantity to rise

D stay the same and the equilibrium quantity to fall

Explanation:

10 If the demand curve is perfectly elastic, then an increase in supply will:

A decrease the price but result in no change in the quantity exchanged

B increase the quantity exchanged but result in no change in the price

C increase the price but result in no change in the quantity exchanged

D increase both the price and the quantity exchanged

Explanation:

11 Suppose that Bobo purchases 1 pizza per month when the price is $19 and 3 pizzas per

month when the price is $15 What is the price elasticity of Bobo’s demand curve?

A 0.235

B 2.00

C 4.25

D 6.33

Explanation:

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Type: Multiple Choice Difficulty: Easy Category: Apply

12 Suppose that Mimi plays golf 5 times per month when the price is $40 and 4 times per

month when the price is $50 What is the price elasticity of Mimi’s demand curve?

A 0.1

B 0.8

C 1.0

D 10.0

Explanation:

13 A price cut will increase the total revenue a firm receives if the demand for its product

is:

A unit inelastic

B unit elastic

C inelastic

D elastic

Answer: D Reference:

Explanation:

Figure 5-1

14 Refer to Figure 5-1 With reference to Graph A, at a price of $10, total revenue equals:

A $1,000

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B $500.

C $400

D $200

Explanation:

15 Refer to Figure 5-1 With reference to Graph A, at a price of $5, total revenue equals:

A $200

B $400

C $500

D $1,000

Explanation:

16 Refer to Figure 5-1 With reference to Graph B, at a price of $5, total revenue equals:

A $150

B $250

C $300

D $200

Explanation:

17 Refer to Figure 5-1 Graph B represents a demand curve that is relatively

Total revenue as the price decreases from $10 to $5

A inelastic; decreases

B elastic; decreases

C elastic; increases

D inelastic; increases

Explanation:

18 The demand for a product is unit elastic At a price of $20, 10 units of a product are

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sold If the price is increased to $40, then one would expect sales to equal:

A 20 units

B 10 units

C 5 units

D 0 units

Explanation:

19 A 25 percent decrease in the price of breakfast cereal leads to a 20 percent increase in

the quantity of cereal demanded As a result:

A total revenue will decrease

B total revenue will increase

C total revenue will remain constant

D the elasticity of demand will increase

Explanation:

Type: Multiple Choice Difficulty: Medium Category: Apply

20 The price elasticity of demand for tickets to local baseball games is estimated to be

equal to 0.89 In order to boost ticket revenues, an economist would advise:

A increasing the price of game tickets because demand is inelastic

B not changing the price of game tickets because demand is unit elastic

C increasing the price of game tickets because demand is elastic

D decreasing the price of game tickets because demand is elastic

Explanation:

21 A 10 percent increase in the price of soda leads to a 20 percent increase in the quantity

of iced tea demanded It appears that:

A elasticity of demand for soda 0.5 and is inelastic

B elasticity of demand for iced tea is 2 and is elastic

C cross-price elasticity of demand for soda is -0.5

D cross-price elasticity of demand for iced tea is -2

Explanation:

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Type: Multiple Choice Difficulty: Hard Category: Apply

22 A 10 percent decrease in the price of potato chips leads to a 30 percent increase in the

quantity of soda demanded It appears that:

A elasticity of demand for potato chips is 3

B cross-price elasticity of demand for soda is -3

C elasticity of demand for potato chips is 3

D elasticity of demand for soda 3

Explanation:

23 If cola and iced tea are good substitutes for consumers, then it is likely that:

A their cross price elasticities are greater than zero

B their price elasticities of demand are less than one

C their income elasticities are less than zero

D their price elasticities of supply are less than one

Explanation:

24 A 10 percent increase in income leads to a 15% decrease in the quantity of macaroni

and cheese demanded but no change in the price of macaroni and cheese From this

information, we can assume:

A macaroni is a normal good and price elasticity of demand is greater than 1

B macaroni is an inferior good and price elasticity of supply is equal to zero

C macaroni is an inferior good and price elasticity of supply is infinite

D macaroni is an inferior good and price elasticity of demand is less than 1

Explanation:

25 The elasticity of supply is defined as the change in quantity supplied divided by

the _ change in price

A total; percentage

B percentage; marginal

C marginal; percentage

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D percentage; percentage

Explanation:

Type: Multiple Choice Difficulty: Easy Category: Remember

26 Supply is said to be when the quantity supplied is very responsive to

changes in price

A independent

B inelastic

C unit elastic

D elastic

Explanation:

27 If the supply curve for a product is vertical, then the elasticity of supply is:

A equal to zero

B equal to 1

C greater than 1 but less than infinity

D equal to infinity

Explanation:

28 If the supply curve for a product is horizontal, then the elasticity of supply is:

A equal to infinity

B greater than 1 but less than infinity

C equal to 1

D equal to zero

Explanation:

29 A perfectly elastic supply curve is:

A upward sloping to the right

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B downward sloping to the left.

C horizontal

D vertical

Explanation:

30 When economists are sketching examples of demand and supply, it is common to

sketch a demand or supply curve that is close to vertical, and then to refer to that curve as _

A inelastic

B elastic

C unitary elasticity

D income elasticity

Explanation:

31 When economists are sketching examples of a demand or supply curve that is close to

horizontal, they refer to that demand or supply curve as

A elastic

B inelastic

C having zero elasticity

D price inelasticity

Explanation:

32 is the change in what is on the horizontal axis (quantity) divided by the

change in what is on the vertical axis (price)

A Elasticity

B Demand

C Supply

D Revenue

Explanation:

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33 The longer the time period considered, the more the elasticity of supply tends to:

A decrease

B remain constant

C increase

D converge to zero

Explanation:

Type: Multiple Choice Difficulty: Easy Category: Remember

34 Taxes on goods with demand curves will tend to raise more tax revenue for

the government than taxes on goods with demand curves

A elastic; unit elastic

B elastic; inelastic

C inelastic; elastic

D unit elastic; inelastic

Explanation:

Type: Multiple Choice Difficulty: Medium Category: Analyze

35 If the supply curve for aspirin is perfectly elastic, then a reduction in demand will cause

the equilibrium price to:

A stay the same and the equilibrium quantity to fall

B fall and the equilibrium quantity to fall

C rise and the equilibrium quantity to stay the same

D rise and the equilibrium quantity to fall

Explanation:

Type: Multiple Choice Difficulty: Medium Category: Evaluate

36 A demand or supply curve with would be horizontal in appearance

A unitary elasticity

B zero elasticity

C infinite elasticity

D infinite cost elasticity

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Explanation:

37 If the supply curve for housing is perfectly inelastic, then a reduction in demand will

cause the equilibrium price to:

C fall and the equilibrium quantity to fall

D fall and the equilibrium quantity to stay the same

Explanation:

38 Youth smoking seems to be more than adult smoking—that is, the quantity of

youth smoking will fall by a greater percentage than the quantity of adult smoking in

response to a given percentage increase in price

A unitary elastic

B inelastic

C elastic

D cross-price elastic

Explanation:

39 If the supply curve for housing is perfectly inelastic, then a reduction in demand will

cause the equilibrium price to:

C fall and the equilibrium quantity to fall

D fall and the equilibrium quantity to stay the same

Explanation:

40 The evidence on the supply curve of financial capital is controversial, but at least in the

short run, the elasticity of savings with respect to the interest rate appears to be

A elastic

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B inelastic

C perfectly elastic

D negative

Explanation:

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Essay Questions

1 Suppose that a 20% increase in the price of gasoline causes a 5% decrease in the

consumption of gasoline and a 30% drop in the sales of SUVs What can you say about elasticities?

Reference:

Explanation: The elasticity of demand for gasoline is 0.25 (inelastic) and the cross-price elasticity of SUVs with respect to the price of gasoline is -1.5 Gasoline and SUVs are

complements

Type: Essay Difficulty: Medium Category: Understand

2 Define the elasticity of labor supply.

Reference:

Explanation: The percentage change in hours worked divided by the percentage change in wages

Type: Essay Difficulty: Easy Category: Understand

3 What are normal goods and inferior goods? Discuss within the context of income

elasticity of demand

Reference:

Explanation: For most products, most of the time, the income elasticity of demand is

positive: that is, a rise in income will cause an increase in the quantity demanded This pattern is common enough that these goods are referred to as normal goods However, for a few goods, an increase in income means that one might purchase less of the good; for example, a person with a higher income might buy fewer hamburgers, because they are buying more steak instead, or a person with a higher income might buy less cheap wine and more imported beer When the income elasticity of demand is negative, the good is called

an inferior good

Type: Essay Difficulty: Medium Category: Apply

4 Define cross-price elasticity of demand and discuss within the context of complementary

goods and substitute goods

Reference:

Explanation: The term “cross-price” refers to the idea that the price of one good is affecting the quantity demanded of a different good Specifically, the cross-price elasticity of demand

is the percentage change in the quantity of good A that is demanded as a result of a

percentage change in the price of good B

Cross-price elasticity of demand = % change in quantity demanded of good A/

% change in price of good B

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