IB Economics Unit 2.1: Microeconomics - Demand & Supply, Equilibrium

Which of the following statemefc vd, g: vnllh-lldk2l0c1;p,cwe 8r1f,v9p nts can be true of a free-market economy?
I. Resources are owned by private individuals
II. Income is distributed on the basis of individual's productivity
III. A free-market economy results in unequal distribution of income

A. I only

B. I and II only

C. II and III only

D. I, II, and III

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4#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Which of the following bpwgb s-c ;+ue 6n5(yfmest describes the concept of “signalling” in the context of the price mechani c-s5 +ufgnype;w(6mb sm?

A. The process by which prices communicate information about the availability of resources

B. The outcome of increasing prices resulting in decreased quantity demanded

C. The practice of firms setting prices to maximise their profits in a competitive market

D. The government's role in controlling and manipulating prices to achieve desired outcomes

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5#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

In the diagram above, $P_1$ identifies all the following except

A. the marginal cost of producing $Q_1$

B. the additional benefit of consuming $Q_1$

C. the market price of $Q_1$

D. the opportunity cost of $Q_1$

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6#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Which of the following would most likely cause the shift in the demand for apple juice from $D_1$ to $D_2$ in the diagram above?

A. A fall in the price of apples

B. A rise in the price of orange juice

C. A fall in incomes

D. A rise in popularity of alternatives to apple juice

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7#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Which of the following scenarios would most likely cause the change in the diagram above?

A. Rising production costs

B. Improving technology

C. An increase in demand

D. An increase in Value Added Tax

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8#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Which of the following state8 ( uc vw7ix4de:lw6ndments are true?
I. In the long run, all factors of production are variable.
II. The average product curve intercepts the marginal product curve (MP) at the highest point of MP.
III. Marginal Cost =$\frac{\Delta q}{\Delta T C}$

A. I only

B. II only

C. I and II only

D. I, II and III

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9#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

The following statements are correct t0-ov 9wzhrr; except:

A. The market demand curve is constructed by horizontally summing up individual demand curves.

B. Only changes in the non-price determinants of demand can cause shifts of the demand curve.

C. Changing price expectations can shift the demand curve.

D. Effective demand is the desire to purchase something at any given price.

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10#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

The 2 sector circular flow of income model 6 8+n3fi(0ozk/bg:g+dj zh yp c ij4osshows:

A. injections increase national output

B. income equality

C. the flow of money from households to firms but not vice-versa

D. income flows to owners of factors of production

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11#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Assume canned corn is a normal good. The market for canned corn is initially in equilibrium at point X. If demand for corn-based ethanol increases, and incomes fall, what would the new equilibrium be?

A. choice A

B. choice B

C. choice C

D. choice D

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12#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Which of the following describes what is happening in the diagram?
I. An increase in quantity demanded
II. An increase in demand
III. The substitution effect

A. I and II only

B. I, II, and III

C. I and III only

D. II and III only