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無年度 - 台灣經濟學奧林匹亞模擬試題範例#93359

科目：奧林匹亞經濟學 | 選擇題數：30 | 申論題數：0

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所屬科目：奧林匹亞經濟學

選擇題 (30)

1. What does UK GDP per capita measure? (A) the total output of London’s economy (B) the average disposable income of a UK resident (C) the total output of the UK citizens, divided by the number of the citizens (D) the total output of the UK’s economy, divided by the country’s population
2. The local grocery store offers a discount of 20% if a customer pays the 10 USD monthly fee. How much should a customer’s monthly spending in this store be so that paying this fee makes sense for her? (A) At least 10 USD (B) At least 30 USD (C) At least 50 USD (D) At least 60 USD
3. Currently you work for 40 hours per week at the wage rate of $20 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours × 7 days − 40 hours = 128 hours per week. Suppose now that your wage rate has increased by 25%. If you are happy to keep your total weekly income constant, then: (A) Your total number of working hours per week will fall by 25%. (B) Your total number of working hours per week will be 30 hours. (C) Your total number of free hours per week will increase by 25%. (D) Your total number of free hours per week will increase by 6.25%
4. Countries A, B and C produce only watermelons (X) and grapefruits (Y). The production possibility frontiers are given by: XA + YA = 100, 2XB +3YB = 300, XC +2YC = 600. What is the maximum amount of watermelons that they can produce together if they want to produce at least 200 grapefruits? (A) 200 (B) 500 (C) 600 (D) None of the above
5. Four farmers are deciding whether to contribute to the maintenance of an irrigation project. For each farmer, the cost of contributing to the project is $10. But when any one farmer contributes, all four of them will benefit from an increase in their crop yields, in particular each gains additional $8. Which of the following statements is correct? (A) If all the farmers are selfish, none of them will contribute. (B) There are multiple Nash equilibria in this game. (C) If Kim is altruistic and contributes $10, the others might contribute too, even if they are selfish. (D) If the farmers have to reconsider this decision every year and consider infinite horizon of planning, they will never choose to contribute to the project if they are selfish.
6. GDP of the country X grows by 1% per year every year. GDP of the country Y grows by 2% per year every year. If in the year 2019 countries have equal GDP, by what year will their GDP differ by two times? (Choose the nearest estimate). (A) 2050 (B) 2090 (C) 2150 (D) 2180
7. Which of the following statements about the outcome of an economic interaction is correct? (A) If the allocation is Pareto efficient, then you cannot make anyone better off without making someone else worse off. (B) All participants are happy with what they get if the allocation is Pareto efficient. (C) There cannot be more than one Pareto-efficient outcome. (D) Pareto-efficient outcome is always fair.
8. Jane spends all her money on the ingredients of her favorite cocktail. To make a portion of the cocktail, she has to mix 200 ml of orange juice with 100 ml of apple juice and with 200 ml of water. Any juice costs 3 USD per liter, water costs 0.5 USD per liter. If she has 20 USD, how many portions of the cocktail can she make? (A) 10 (B) 12 (C) 20 (D) None of the above
9. Maria earns $12 per hour in her current job and works 35 hours a week. Her disutility of effort is equivalent to a cost of $2 per hour of work. If she loses her job, she will receive unemployment benefit equivalent to $6 per hour. Additionally, being unemployed has psychological and social costs equivalent to $1 per hour. Then: (A) The employment rent per hour is $3. (B) Maria’s reservation wage is $6 per hour. (C) If she is offered a job with the wage $11 and disutility of $0,5, she will refuse. (D) If she is offered a job with the wage $14 and disutility of $3, she will take it.
10. Which of the following statements best describes the concept of commitment device? (A) A student announces through social media that he will contribute to charity every time he gets a grade lower than B− and publish the receipts online. (B) A country leader announces the new policy of fighting corruption through increased fines for corrupt officials. (C) An investor buys treasury bonds. (D) The price of ice-creams increases after a surge in demand.
11. The table represents market demand Q for a good at different prices P. Q 100 200 300 400 500 600 700 800 900 1,000 P $270 $240 $210 $180 $150 $120 $90 $60 $30 $0 The firm’s unit cost of production is $60. Based on this information, which of the following is correct? (A) At ? = 100, the firm’s profit is $20,000. (B) The profit-maximizing output is ? = 400. (C) The maximum profit that can be attained is $50,000. (D) The firm will make a loss at all outputs of 800 and above.
12. Which of the following scholars represents the modern institutional theory of economic growth? (A) Daron Acemoglu (B) Jared Diamond (C) Thomas Malthus (D) Adam Smith
13. Which of the following statements is correct? (A) A fall in the mortgage interest rate would shift down the demand curve for new houses. (B) The launch of a new Samsung smartphone would shift up the demand curve for existing iPhones. (C) A fall in the oil price would shift up the demand curve for oil. (D) A fall in the oil price would shift down the supply curve for plastics.
14. The demand for widgets is given by Q = 100–2P, the supply is given by Q = –20 + P. The government sets the price ceiling at P̄ which results in the deficit 30. Find P̄ . (A) P̄ = 10 (B) P̄ = 20 (C) P̄ = 30 (D) P̄ = 40
15. Which of these measures will by itself decrease the Gini coefficient of income distribution? (A) Flat rate income tax (B) Regressive income tax (C) Progressive income tax (D) Income tax at the rate of 80% for the richer half of the population and income tax at the rate of 20% for the poorer half.
16. Which of the following best describes natural monopoly? (A) An eco-friendly monopoly. (B) A firm that can produce at lower average costs than two or more firms. (C) A monopoly on the agricultural market. (D) A monopoly that was created without government intervention.
17. Which of the following statements is correct? (A) The fundamental value of the shares in a firm is determined by expected future profits and systematic risk. (B) If there is no new information regarding the future profitability or systematic risk of a firm, but its share price keeps rising, the fundamental value must be increasing. (C) Buying a share at a price above its fundamental value in the hope that someone else would buy it from you at an even higher price is guaranteed to lose money. (D) All investors always agree on the fundamental value of the shares in a firm.
18. Consider a perfectly competitive market where all firms have constant and equal average cost (a constant cost industry). How will an increase in demand affect the long run equilibrium price on such a market? (A) Price will increase (B) The price will remain constant (C) The price will decrease (D) Unclear
19. Consider the situation where the noise of a factory’s production affects nurses in the dormitory next door. If there are no transaction costs to impede bargaining, which of the following statements is correct? (A) Whether the final output level will be Pareto efficient depends on who has the initial property rights. (B) The nurses would be better off in the bargained allocation if they initially had a right to undisturbed sleep than they would if the factory has the right to make noise. (C) If the factory has the right to make noise, it will prefer not to bargain with the nurses. (D) If the nurses have the initial rights, they will obtain all of the net social gain from factory production.
20. You are going to buy a laptop for 1,000 USD. You can either withdraw this money from your bank account (it pays 10% interest yearly) or do it using one of the following credit schemes. Pick the scheme in which you will spend the most amount of money overall. (A) Paying directly from you bank account. (B) Credit at 0.1% compound interest per day, the only payment is at the end of the year. (C) Credit at 12% interest rate per year, the only payment is at the end of the year. (D) Credit at 0.5% compound interest per month, the only payment is at the end of the year.
21. Which of the following statements is correct? (A) GDP can be measured either as the total spending on domestically produced goods and services, or the total value added in domestic production, or the sum of all incomes received from domestic production. (B) Both exports and imports are included in the measurement of GDP. (C) Government production is not included in the GDP. (D) Domestically consumed goods are included in GDP with more weight than exports.
22. A perfectly competitive market has 100 firms, each of which has constant MC = 10. The demand function is given by Q = 100−P. How much will the market price increase if all firms create a cartel and maximize joint profit? (A) By 15 (B) By 35 (C) By 45 (D) By 50
23. Which of the following statements is correct? (A) Maintaining fiscal balance in a recession helps to stabilize the economy. (B) Automatic stabilizers refer to the fact that economic shocks are partly offset by households smoothing their consumption in the face of variable income. (C) The multiplier on a fiscal stimulus is higher when the economy is functioning at full capacity. (D) A fiscal stimulus can be implemented by raising spending to directly increase demand, or by cutting taxes to increase private sector demand.
24. Which of the following happened at the beginning on the 21st century? (A) The Great Depression (B) The Great Recession (C) The First Industrial Revolution (D) Collapse of the gold standard
25. Which of the following statements is correct? (A) When interest rates go down, asset prices go up. (B) The zero lower bound refers to the central bank’s inability to set the real interest rate to below zero. (C) Quantitative easing involves the central bank lowering its official interest rate. (D) Interest rates cannot be set in a currency union.
26. Firm S is a monopolist on the market for space tourism. The demand for its service is discrete: consumers are eager to pay 12M USD for the first trip, 11M USD for the second trip, etc., up to 1M USD for the 12th trip. To organize a trip, the firm must spend 4M USD. What is the difference between the maximum profit that the firm S can obtain with the perfect price discrimination compared to linear pricing? (A) 10M (B) 16M (C) 20M (D) None of the above
27. Which of the following statements is correct? (A) In the short-run model the amount of some factor is fixed, while in the long-run model the amount of this factor can vary. (B) Labor-saving technological progress raises unemployment in both the short and long run. (C) Firms are more likely to enter the market when the markup is low. (D) The markup is independent of the number of firms.
28. You can often hear the success stories of investors who earn a lot of money at the stock market. At the same time, the stories of many failures remain untold. This can create a wrong impression that investing in the stock market is always profitable. This logical fallacy is called (A) Survivorship bias (B) Confirmation bias (C) Self-fulfilling prophecy (D) Endowment effect
29. Which of the following statements is correct, ceteris paribus? (A) An increase in the trade surplus would lead to a decrease in a country’s current account. (B) A country with zero trade balance but historically high foreign direct investment would always have a current account deficit. (C) An increase in remittances by a country’s nationals abroad would lead to a lower current account. (D) An increase in the official aid payment sent to other countries means a lower current account.
30. Which of the following best describes the concept of liquidity trap? (A) A person cannot withdraw money from his bank account because of the bank’s bankruptcy. (B) A firm wants to invest money earned but cannot find projects worth investing in. (C) A government has so much debt that it has to default. (D) The interest rate is so low that people prefer holding cash. Taiwanese Economics Olympiad

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