16. Trade can make everybody better off because it
(A) increases cooperation among nations
(B) allows people to specialize according to comparative advantages
(C) increase prices
(D) reduces competition among domestic companies

12. Minimum-wage laws (A) affect highly-educated workers more than high school dropouts (B) cause labor shortages, which further raise wages above equilibrium (C) reduce unemployment (D) create unemployment

13. Which of the following statements is NOT considered a disadvantage of GDP measurement? (A) GDP measurement does not take different price levels in different countries into account. (B) GDP measurement does not reflect living quality. (C) GDP measurement does not include the product of household labor. (D) GDP measurement does not include the product of foreign labor.

14. Which of the following is NOT a factor of the rise of real GDP in a country? (A) Advance of technology (B) Rise of the education level (C) Rise of the price level (D) Increase of investment

15. Which of the following statements may NOT be a result of steady inflation? (A) Steady inflation can make it easier to conduct price negotiations. (B) Steady inflation can facilitate economic growth. (C) Steady inflation can raise unemployment rates. (D) Steady inflation can help redistribute income.

17. Which term can be used to describe the following situation: “firms’ marginal revenue is not equal to the price of the goods, and thus they do not equate the marginal cost and the price”? (A) Externalities (B) Monopoly/oligopoly power (C) Ignorance and uncertainty (D) Public goods and services

18. Country T produces only apples ( A ) and bananas ( B ). The production probability frontier is given by A2 + B2 = 2500. Which of the following statements is false? (A) T can produce 50 apples and 0 bananas. (B) T can produce 40 apples and 30 bananas. (C) T can produce 35 apples and 35 bananas. (D) T can produce 25 apples and 45 bananas.

【已刪除】19. Empirical studies show that the typical shape of firms’ long-run average cost curves is (A) sloping up to the right (B) sloping down to the right (C) sloping down to the right and then levelling off (D) horizontal (E)一律給分

20. Trump Machinery is analyzing a proposed project that is expected to sale 2,450 units, with an error range of ±8%. The expected variable cost per unit is $246, and the expected fixed costs are $309,000. Both cost estimates are considered accurate within a ±3% error range. The depreciation expense is $106,000. The sales price is estimated to be $599 per unit within a ±2% error range. What is the amount of the total cost per unit under the worst-case scenario? (A) $448.58 (B) $404.16 (C) $394.58 (D) $366.67

21. Which of the following pairs of causal relations is incorrect? (A) Banker’s interference in the market – Panic of 1907 (B) Wrong decisions made by governemnt – Great Depression (C) Change in the exchange rate system – 1997 Asian financial crisis (D) Inappropriate manipulation of financial products – Great Recession

22. Which of the following is NOT a function of currency? (A) Unit of account (B) Store of value (C) Deferred payment (D) A credit indenture