AL-Econ-Micro-Past Paper(分topic ,mc+lq,有ans).doc

Unit 1 – The Scope of Economic Analysis (i) Basic Economic Problems 1. Scarcity implies there is no such thing as a free good. competition is inevitable. a lack of proper planning. price is the only viable criterion for the allocation of resources. (87-06) 2. Which one of the following statements about economic goods is FALSE? An economic good is a good for which the amount available is less than amount people want at zero price. An economic good is a good that is subject to competition. An economic good is a good for which more of it is not preferred. None of the above. (87-10) 3. Which of the following statements about competition is FALSE? Waiting in line is a form of competition. The rules of competition define the criteria that determine who wins and who loses. Price is the main criterion of competition in a free enterprise economy. There is no competition in a socialist economy because resource allocation is determined by the government. (87-18) 4. The Open Learning Institute accepted only 3 000 students out of 60 000 applicants. Which of the following methods of allocating the places would be discriminatory? First come, first served. Raising the entrance requirements until only 3 000 applicants were eligible. Random selection by computer. All of the above. (90-18) 5. Which of the following describe(s) a ‘shortage’? A shortage exists whenever the price is fixed by the government. A shortage exists when a queue is found. A shortage exists when, at the given price, the quantity demanded exceeds the quantity supplied. All of the above. (90-21) 6. Scarcity is implied by the existence of price. is the same as shortage. applies to all kinds of goods. All of the above.