HEY PPL QUESTION IS JUMBLE UP! FIND URSELF =D
A
1) Firms in an oligopolistic market structure are likely to collude when
a there are low barriers to entry into the industry.
b there are greater economies of scale to be reaped as a result.
c the demand for the product is falling rapidly.
d the product is not differentiated.
Correct Answer : there are greater economies of scale to be reaped as a result.
2)
The diagram below shows the cost structure and demand of an electric corporation which manufactures electric light bulbs, owned by a profit maximizing entrepreneur.
The regulation committee insists that the firm should be nationalized and sets its price where the firm would break even. What price should the corporation charge and which level of output would the monopolist be producing at?
a 250 units at $7 each
b 250 units at $5 each
c 550 units at $3 each
d 700 units at $1 each
Correct Answer : 550 units at $3 each
3)
Monopoly power may be achieved in all of the following ways except
a the natural efficiency of a single firm.
b the merger of existing firms.
c a conspiracy among firms.
d decreasing returns to scale.
Correct Answer : decreasing returns to scale.
4)
When Singapore Petroleum Company (SPC) offered a 15 per cent discount on its fuel, other petrol companies in Singapore followed suit.
Which one of the following could explain this?
a All petrol companies in Singapore are price takers.
b They are engaging in non-price competition.
c Singapore Petroleum Company is less efficient than the other petrol firms.
d There is mutual interdependence among firms in the petroleum industry.
Correct Answer : There is mutual interdependence among firms in the petroleum industry.
5) Which of the statements below is/are correct?
a When demand is price elastic, a reduction in price leads to a decrease in total revenue.
b When demand is price elastic, a reduction in price leads to an increase in total revenue.
c When demand is price inelastic, a reduction in price leads to an increase in total revenue.
d Both a and c.
Correct Answer : When demand is price elastic, a reduction in price leads to an increase in total revenue.
6)
Refer to the graph below. Start at point A. When the magnitude of an increase in supply is greater than the magnitude of an increase in demand:
a Equilibrium price will increase, and quantity will increase. The market moves to point B.
b Equilibrium price will decrease, and quantity will increase. The market moves to point C.
c Equilibrium price will increase, and quantity will increase. The market moves to point D.
d Equilibrium price will increase, and quantity will increase. The market moves to point B.
Correct Answer : Equilibrium price will decrease, and quantity will increase. The market moves to point C.
7) The opportunity cost of the federal government's building a new aircraft carrier could be :
a raising taxes.
b decreasing the federal budget surplus.
c cutting Medicare benefits.
d creating an arms race with Russia, China, or some other country.
Correct Answer : cutting Medicare benefits.
8)
The supply of a good to a market is likely to be more price elastic when
a Producers are operating close to full capacity
b The time period required for production is small
c Factor inputs cannot be substituted between alternative uses
d Stock levels are low
Correct Answer : The time period required for production is small
9) If the price elasticity of demand for butter is 2, a 1% decrease in the price of butter will
a Reduce the quantity demanded by half
b Increase the quantity demanded by 2%
c Increase the quantity demanded by 0.5%
d Double the quantity demanded
Correct Answer : Increase the quantity demanded by 2%
10) Evidence suggests that the cross elasticity of demand between private and public transport, whilst positive, is very low. Therefore it follows that
a A fall in the demand for private transport would cause a small rise in the demand for public transport
b A rise in the price of private transport would cause a small rise in the demand for public transport
c A rise in the price of private transport would cause a slight fall in the demand for public transport
d A fall in the demand for private transport would cause a small rise in the price of public transport
Correct Answer : A rise in the price of private transport would cause a small rise in the demand for public transport
11)
When there is a leftward shift in supply curve, equilibrium price _____ and equilibrium quantity _____. (assuming there is no shift in the demand curve)
a falls, falls
b rises, rises
c rises, falls
d falls, rises
Correct Answer : rises, falls
12) The minimum efficient scale (MES) refers to the
a smallest plant size which is profitable to operate.
b output level after which no economies of scale is available.
c profit-maximising output level in the long run.
d largest plant size available in the short run.
Correct Answer : output level after which no economies of scale is available.
13) If the government establishes the market price above the equilibrium price, that price is a price______ and there is a _________.
a ceiling, shortage
b ceiling, surplus
c floor, shortage
d floor, surplus
Correct Answer : floor, surplus
14)
Refer to the graph below. Start at point A. As an assistant to Alan Greenspan, you are asked to predict the direction of gas prices. This is today's news: An oil shortage, caused mostly by OPEC cutbacks, appears to be being compensated for by a reduced preference for driving. Analysts now attribute the recent fall in oil stocks to this new trend in the driving habits of Americans.
a You'll tell Alan Greenspan that the market is headed for point F.
b You'll tell Alan Greenspan that the market is headed for point G.
c You'll tell Alan Greenspan that the market is headed for point H.
d You'll tell Alan Greenspan that the market will remain at point A.
Correct Answer : You'll tell Alan Greenspan that the market is headed for point G.
15)
The data below shows the total cost of a perfectly competitive firm producing a good X.
Units of X produced
Total Cost (S$)
0
100
1
200
2
280
3
460
4
620
5
800
What is the minimum price required for the firm to continue production in the short run?
a $60
b $90
c $130
d $140
Correct Answer : $90
16) Finish the following sentence: When a good has few close substitutes readily available,
a quantity demanded is not nearly as responsive to a change in price.
b price elasticity of demand is greater than one.
c proportional changes in quantity demanded tend to be greater than proportional changes in price.
d all of the above are true.
Correct Answer : quantity demanded is not nearly as responsive to a change in price.
17)
Refer to the graph below. Assume that TVs and VCRs are two complement goods and that the diagram below represents the demand for VCRs. Which move would best describe the impact of a decrease in the price of TVs on this diagram?
a The move from A to B.
b The move from A to C.
c Both moves. Demand first moves from A to B, then from B to C.
d None of the above. Since this is the demand for VCRs, changes in the price of other goods would have no impact on it.
Correct Answer : The move from A to C.
18) When the magnitude of a decrease in supply is greater than the magnitude of a decrease in demand:
a Both equilibrium quantity and price will increase
b Both equilibrium quantity and price will decrease
c Equilibrium quantity will increase, and equilibrium price will decrease
d Equilibrium quantity will decrease, and equilibrium price will increase
Correct Answer : Equilibrium quantity will decrease, and equilibrium price will increase
19) Why is the demand for the product of a monopolistically competitive firm more price elastic than that of a monopolist?
a Marginal revenue equates marginal cost for the monopolistically competitive firm.
b Average revenue exceeds average cost in the long run equilibrium of a monopolist.
c A monopolistically competitive firm produces goods with close substitutes.
d Barriers exist to entry of new firms for the monopolistically competitive firm.
Correct Answer : A monopolistically competitive firm produces goods with close substitutes.
20)
Positive cross-elasticities suggest that goods are ________ and
negative cross-elasticities suggest that goods are ________.
a substitutes, inferior
b normal, complements
c substitutes, complements
d normal, inferior
Correct Answer : substitutes, complements
21) In the theory of the firm, the long run is distinguished from the short run in that
a all firms produce at the level of output at which their costs are minimised.
b all the factor inputs can be varied.
c he quantity supplied can be varied in response to a change in price.
d only profit maximising firms can produce.
Correct Answer : all the factor inputs can be varied.
22) What will be the effect on the price charged by a monopoly who practises first- degree price discriminiation, and on the quantity it produces, if a tax of 50 cents per unit of output is introduced?
a Price: Increases by 50 cents
Quantuty: Falls
b Price: Increases by 50 cents
Quantity: Unchanged
c Price: Increases by less than 50 cents
Quantity: Unchanged
d Price: No change
Quantity: Falls
Correct Answer : Price: No change
Quantity: Falls
23) The price per unit at which a profit-maximising firm can sell its output is fixed by the government. The firm will produce at the level of output where
a average cost is equal to average revenue.
b average cost is minimised.
c marginal cost is equal to price.
d total revenue is maximised.
Correct Answer : marginal cost is equal to price.
24) When a firm doubles all its inputs, its output increases by 150%. This illustrates
a the law of variable proportions.
b increasing marginal returns.
c increasing returns to scale.
d increasing short-run marginal cost.
Correct Answer : increasing returns to scale.
25)
Refer to the graph below. At which points are resources fully and efficiently employed along both the AE and the FE curves?
a At points B, C, and D only.
b At points A, F, and E only.
c At points A, B, C, D, F, and E.
d At point H only.
Correct Answer : At points A, B, C, D, F, and E.
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Sunday, 10 August 2008
Saturday, 9 August 2008
CHINESE ELEARNING ANSWER
Hey ppl! GREETINGS!. Here are the answers for the chinese E-learning. For the excercise 2 ar, Answer 2 got abit problem, cause the answer is not even in one of the choice =D.
Exercise 1
Q01 攻讦
Q02 因人而异
Q03 心旷神怡
Q04 去芜存菁
Q05 毁灭性
Q06 1
Q07 2
Q08 2
Q09 1
Q10 4
Q11 3
Q12 2
Excercise 2
Q01 自生自灭
Q02 怨天人
Q03 聪颖
Q04 徒然
Q05 积极
Q06 1
Q07 2
Q08 1
Q09 2
Q10 3
Q11 4
Q12 3
Hope you all find it helpful! =D
Exercise 1
Q01 攻讦
Q02 因人而异
Q03 心旷神怡
Q04 去芜存菁
Q05 毁灭性
Q06 1
Q07 2
Q08 2
Q09 1
Q10 4
Q11 3
Q12 2
Excercise 2
Q01 自生自灭
Q02 怨天人
Q03 聪颖
Q04 徒然
Q05 积极
Q06 1
Q07 2
Q08 1
Q09 2
Q10 3
Q11 4
Q12 3
Hope you all find it helpful! =D
Saturday, 12 July 2008
CLASS OUTING DETAILS FINAL!
sorry, due to the many changes i cant confirm anything until now =).
Here is the confirm details about the class outing.
Address of the location
157e Tamarind Road
Serenity park condo
Buses to reach there: 70 163 854 86
Nearest MRT: Yio chu kang.
For people who dont know how to go, i suggest u to meet me at school bus stop at 4.30 pm. i wil bring u all there =).
Sentosa outing is cancelled due to the lack of people going.
I apologise for the many changes made for the location because there are really alot of things that cock up last min. sorry for the screw up plan this time. Thanks for the people who helped out the class outing =D. See you guys later!!
Here is the confirm details about the class outing.
Address of the location
157e Tamarind Road
Serenity park condo
Buses to reach there: 70 163 854 86
Nearest MRT: Yio chu kang.
For people who dont know how to go, i suggest u to meet me at school bus stop at 4.30 pm. i wil bring u all there =).
Sentosa outing is cancelled due to the lack of people going.
I apologise for the many changes made for the location because there are really alot of things that cock up last min. sorry for the screw up plan this time. Thanks for the people who helped out the class outing =D. See you guys later!!
Sunday, 15 June 2008
OUTING!
hey guys! i know everyone muz be mugging real hard for midyear ba! Anyone slacking??! I hope none! =)
Anyway this is what i plan for everyone after midyear for u all to look forward to.
Date: 12 July 2008 (Saturday)
Plan:
Afternoon we will go sentosa again to play!
Night we will be having buffet at orchard sakura. Which cost around $30 per pax.
I hope most of us can turn up for the outing ba. I know the buffet is kind of ex. But if u start saving 1 buck each day now. By the day ar. just nice got the money to eat le! Meeting time i will confirm with u all as de day come near. =)
MUG HARD FOR MID YEAR GUYS! =D
Anyway this is what i plan for everyone after midyear for u all to look forward to.
Date: 12 July 2008 (Saturday)
Plan:
Afternoon we will go sentosa again to play!
Night we will be having buffet at orchard sakura. Which cost around $30 per pax.
I hope most of us can turn up for the outing ba. I know the buffet is kind of ex. But if u start saving 1 buck each day now. By the day ar. just nice got the money to eat le! Meeting time i will confirm with u all as de day come near. =)
MUG HARD FOR MID YEAR GUYS! =D
Sunday, 18 May 2008
CIP
hello all
there will be an activity known as the 30-hour Famine Camp taking place during the June holidays.
it is a 2 day activity, at Anglo Chinese School (Barker Road) from the 14th to 15th June 2008.
Dates: 14-15 June 2008
Venue: Angle Chinese School (Barker Road)
Price: $30 (cheques to "World Vision International")
the aim of this activity is to spread awareness about global poverty and to experience what it's like to starve, have HIV/AIDS (well you dont really get it as in get it), have to work to build your home which has been destroyed by natural disasters and global warming.
in short, you will starve for 30 hours, and get 30 hours of CIP. you will be taking part in physical activities which are super fun...
for more information, please visit http://www.30hourfamine.org.sg/
registration will end by 21st May 2008, which will be this coming wednesday. so if you're interested, you can come to me for the registration form, or get it off the website :)
_______________________________________________
another CIP opportunity would be the email Marcus has sent. it's an activity that is organised by the SAC (Student Advisory Centre) committee. this is the email:
------------------------------------
By youth, for youth, 'youths.care' is a social enterprise set up by a group of students from 10 different Junior Colleges (HCI, ACJC, ACSIB, RJC, VJC, CJC, SAJC, AJC, NJC and TJC) island-wide, for the Student Advisory Centre (http://www.studentadvisory.org.sg)
In June, street sales will be conducted by recruited volunteers to sell badges, shirts and notebooks. These merchandise have been painstakingly designed by youths all around Singapore!
AS SUCH, we're appealing to YOU, the rest of Singapore's youth to sign up as a volunteer for our street sales! WE need you, and most importantly- SINGAPORE'S YOUTH need YOU!
Our primary aim is to raise funds for the SAC's Lunchbox Fund that funds disadvantaged school children for their recess and lunch, the SAC's EQ Champs program that helps to boost the self-confidence of youths at risk as well as the SAC's SMILE program.
In addition, our aim is to promote youth activism in Singapore where youths can do THEIR part for other youth through the showcasing of their talents. In this case, it would be their art & design talent.
To further support our cause, a concert cum party will be held in August (tentatively 30th August 2008) that will showcase the performing of many youths around Singapore in an environment where youths can interact with each other. Our beneficiaries from the SAC will also be putting up a performance to showcase THEIR talents!
IF we get enough volunteers to support this cause, we will also be able to recruit the ex SAC benefciaries to sell the merchandise - thus allowing them to give back to the SAC what the SAC has given them, to give back to the Singapore community what it has given them.
So, please support our cause. Sign up to be a volunteer. Let's be active youths that help other youths (:
Send your applications to youthscare08@gmail.com with the following details:
1) Your Name
2) Your School
3) Your NRIC (for registration of CIP hours)
4) Your Address (so we can allocate you accordingly)
5) Your Preferred dates of sales
6) Your Preferred no. of shifts
7) Your UNavailable dates between 1st june 2008 - 20th june 2008
Our aim is to gather 3000 volunteers to support this cause - because YOUths.CARE (:
Thank you for reading, we hope to receive your application :)
Waiting eagerly for your applications,
The entire YOUths.CARE committee
------------------------------------
basically you sell stuff to raise funds for the SAC Lunchbox fund to help other students by giving them money for their recess and lunch. so yeah, anyone interested, please let us know :D
for more info about the SAC, please visit http://www.studentadvisory.org.sg
thanks all. it would be cool if the whole class can do cip together :D
love you all!
Briana
Anyway just to add in this CIP. We have actually plan with class ldr of 1s26 of the following CIP. Is still pending for approval. Here is the details :
What?: Car washing for all parents/teachers/principals/Public
Why?: To raise fund for the Iwill fund raising, Money raise will be equally distributed to the students who participate.
How?: Wash car, publicise.
Where?: It will be happening in school most slightly.
All these are just tentative, just to let u all noe a slight detail about it first. Everything will not be confirmed until our proposal is approve by ms Lam. Keep you guys updated again =). ENJOY THE LONG WEEKEND =)
-Max
there will be an activity known as the 30-hour Famine Camp taking place during the June holidays.
it is a 2 day activity, at Anglo Chinese School (Barker Road) from the 14th to 15th June 2008.
Dates: 14-15 June 2008
Venue: Angle Chinese School (Barker Road)
Price: $30 (cheques to "World Vision International")
the aim of this activity is to spread awareness about global poverty and to experience what it's like to starve, have HIV/AIDS (well you dont really get it as in get it), have to work to build your home which has been destroyed by natural disasters and global warming.
in short, you will starve for 30 hours, and get 30 hours of CIP. you will be taking part in physical activities which are super fun...
for more information, please visit http://www.30hourfamine.org.sg/
registration will end by 21st May 2008, which will be this coming wednesday. so if you're interested, you can come to me for the registration form, or get it off the website :)
_______________________________________________
another CIP opportunity would be the email Marcus has sent. it's an activity that is organised by the SAC (Student Advisory Centre) committee. this is the email:
------------------------------------
By youth, for youth, 'youths.care' is a social enterprise set up by a group of students from 10 different Junior Colleges (HCI, ACJC, ACSIB, RJC, VJC, CJC, SAJC, AJC, NJC and TJC) island-wide, for the Student Advisory Centre (http://www.studentadvisory.org.sg)
In June, street sales will be conducted by recruited volunteers to sell badges, shirts and notebooks. These merchandise have been painstakingly designed by youths all around Singapore!
AS SUCH, we're appealing to YOU, the rest of Singapore's youth to sign up as a volunteer for our street sales! WE need you, and most importantly- SINGAPORE'S YOUTH need YOU!
Our primary aim is to raise funds for the SAC's Lunchbox Fund that funds disadvantaged school children for their recess and lunch, the SAC's EQ Champs program that helps to boost the self-confidence of youths at risk as well as the SAC's SMILE program.
In addition, our aim is to promote youth activism in Singapore where youths can do THEIR part for other youth through the showcasing of their talents. In this case, it would be their art & design talent.
To further support our cause, a concert cum party will be held in August (tentatively 30th August 2008) that will showcase the performing of many youths around Singapore in an environment where youths can interact with each other. Our beneficiaries from the SAC will also be putting up a performance to showcase THEIR talents!
IF we get enough volunteers to support this cause, we will also be able to recruit the ex SAC benefciaries to sell the merchandise - thus allowing them to give back to the SAC what the SAC has given them, to give back to the Singapore community what it has given them.
So, please support our cause. Sign up to be a volunteer. Let's be active youths that help other youths (:
Send your applications to youthscare08@gmail.com with the following details:
1) Your Name
2) Your School
3) Your NRIC (for registration of CIP hours)
4) Your Address (so we can allocate you accordingly)
5) Your Preferred dates of sales
6) Your Preferred no. of shifts
7) Your UNavailable dates between 1st june 2008 - 20th june 2008
Our aim is to gather 3000 volunteers to support this cause - because YOUths.CARE (:
Thank you for reading, we hope to receive your application :)
Waiting eagerly for your applications,
The entire YOUths.CARE committee
------------------------------------
basically you sell stuff to raise funds for the SAC Lunchbox fund to help other students by giving them money for their recess and lunch. so yeah, anyone interested, please let us know :D
for more info about the SAC, please visit http://www.studentadvisory.org.sg
thanks all. it would be cool if the whole class can do cip together :D
love you all!
Briana
Anyway just to add in this CIP. We have actually plan with class ldr of 1s26 of the following CIP. Is still pending for approval. Here is the details :
What?: Car washing for all parents/teachers/principals/Public
Why?: To raise fund for the Iwill fund raising, Money raise will be equally distributed to the students who participate.
How?: Wash car, publicise.
Where?: It will be happening in school most slightly.
All these are just tentative, just to let u all noe a slight detail about it first. Everything will not be confirmed until our proposal is approve by ms Lam. Keep you guys updated again =). ENJOY THE LONG WEEKEND =)
-Max
Friday, 2 May 2008
Confirm outing
OK here a list of event for people who is going for movie or sentosa tomorrow
sentosa
Please kindly meet at 1.30 at harbour front MRT station. Bring extra set of clothes and bathing stuffs!
Movie
We are watching ironman movie. The show is starting at 6.45. For those who not meetin us for dinner can meet us around 6.40 the latest. for those who wanna meet for dinner can meet us at vivo around 6. Call me when u guys reach vivo so that i can tell u guys where to meet =).
p.s. This outing the number of people going is around less than half a class =(. Hopefully next outing more people can go ba =D shall update some photos tomorrow =D
-Max
sentosa
Please kindly meet at 1.30 at harbour front MRT station. Bring extra set of clothes and bathing stuffs!
Movie
We are watching ironman movie. The show is starting at 6.45. For those who not meetin us for dinner can meet us around 6.40 the latest. for those who wanna meet for dinner can meet us at vivo around 6. Call me when u guys reach vivo so that i can tell u guys where to meet =).
p.s. This outing the number of people going is around less than half a class =(. Hopefully next outing more people can go ba =D shall update some photos tomorrow =D
-Max
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