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¡½Test > Microeconomics I
There are 10 questions in this quiz![ PRINT ]

/ 00:05:00

Q. 1 If 'scarcity' DOES NOT exist in a society, it implies that ...
A
the economy DOES NOT have any production.
B
the economy is a market economy.
C
the economy DOES NOT have any free goods.
D
opportunity costs DO NOT exist.


Q. 2
Suppose the government increases the price ceiling from $1 per unit to $2 per unit, then
A
producers will increase the supply.
B
the quantity transacted will decrease.
C
consumers' expenditure will increase.
D
there will be no shortage in the market.


Q. 3 Case I¡GAfter imposing a $10 per-unit sales tax on the producer of product Y, its per unit price increases by $8.
Case II¡GAfter imposing a $10 per-unit tax on the producer of product Y, its per unit price increases by $6.
It means that product Y in Case I has a __________ elastic supply or has a __________ elastic demand.
A
more ... more
B
less ... more
C
more ... less
D
less ... less


Q. 4 Suppose E0 is the original equilibrium point of the garment market for American factory owners. If the cost of producing garments, exporting to the U.S., in Hong Kong can be further reduced, the new equilibrium point should be at
A
E1.
B
E2.
C
E3.
D
E4.


Q. 5 Which of the following items are producer goods in a farm?
(1) Rice
(2) Fertilizers
(3) Tractors
A
(1) and (2) only
B
(1) and (3) only
C
(2) and (3) only
D
(1), (2) and (3)


Q. 6 Which of the following are capitals of a Chinese restaurant?
(1) The restaurant's shop premises
(2) The restaurant's waiters
(3) The restaurant's bowls and plates
A
(1) and (2) only
B
(1) and (3) only
C
(2) and (3) only
D
(1), (2) and (3)


Q. 7 Tony Electronics Factory expanded its business in April this year. It employed 60 additional labours.
A
The factory is in short run.
B
The factory is in long run.
C
Machinery is the factory's fixed factors of production.
D
The factory enjoys economies of scale.


Q. 8 Suppose the population of a certain economy increases sharply this year due to the mass inflow of immigrants. Which of the following must NOT be the result of it?
A
The sales volume of good X increases sharply.
B
Wages of labour fall a bit.
C
Individual demand for good X increases sharply.
D
Public services are in serious shortage.


Q. 9 Mr Chan is a lawyer. When his law firm suffers a loss, his maximum loss will ONLY be his total investment in the firm. Mr Chan's law firm belongs to __________, and he is a __________.
(1) partnership ... limited partner
(2) partnership ... general partner
(3) sole proprietorship ... sole proprietor
A
(1) only
B
(2) only
C
(3) only
D
(2) or (3)


Q. 10 In the past, bus services on Hong Kong island are solely provided by the China Motor Bus Limited. At present, the services are provided by two bus companies. Thus, the market structure of the bus services in Hong Kong island is changed from __________ to __________.
A
monopoly ... oligopoly
B
oligopoly ... monopolistic competition
C
monopolistic competition ... perfect competition
D
perfect competition ... monopoly


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