Economics Quiz

A country can export a good when it has:

• Only absolute advantage

• Only comparative advantage

• Both a and b

• Neither of a nor b

Demand function excludes which of the followings:

• Price of inputs

• Income of consumer

• Expectation

• Price of related goods

Inferior good is the one which:

• Has low quality

• Has low demand

• Has decreased demand when consumer’s income increases

• Has increased demand when consumer’s income goes up

Suppose buyers of computers and printers regard those two goods as complementary goods. Then an increase in the price of computers will cause:

• a decrease in the demand for printers and a decrease in the quantity supplied of printers.

• a decrease in the supply of printers and a decrease in the quantity demanded of printers.

• a decrease in the equilibrium price of printers and an increase in the equilibrium quantity of printers.

• an increase in the equilibrium price of printers and a decrease in the equilibrium quantity of printers.

Economics deals primarily with the concept of

• Scarcity

• Money

• Poverty

• Banking

Supply function excludes which of the followings:

• Price of inputs

• Technology

• Price of related goods

• Expectation

A and B are substitutes goods. Reduction in A’s price make B’ price:

• Increases

• Decreases

• Constant

• None

When both demand and supply curves shift leftward, equilibrium price will:

• Surely increase

• Surely decrease

• Not change

• None

Vietnam’s Gross Domestic Product measures the production and income of

• Vietnamese and their factories no matter where they are located in the world.

• people and factories located within the borders of Vietnam.

• the domestic service sector only.

• the domestic manufacturing sector only.

Gross Domestic Product is the sum of the market value of the

• intermediate goods.

• normal goods and services.

• inferior goods and services.

• final goods and services.