1. O(True) or X(False)
( ) 1. A trade-off is a principle for market activities.
( ) 2. A manager’s salary is the opportunity cost.
( ) 3. A trade provides a division of labor.
( ) 4. The market failure always results in the negative externality.
( ) 5. An analysis on Trump’s tax policy is the normative analysis.
( ) 6. The demand change due to a related commodity price change is a demand law.
( ) 7. The supply change due to that input price change is a supply law.
( ) 8. The right demand shift results into an increase in equilibrium price.
( ) 9. The price down of necessity goods results in increases of both demand and total revenue.
( ) 10. The price down for long-run results in increases of both demand and total revenue.
( ) 11. A control of gasoline price results in more demand for gasoline than supply.
( ) 12. An indifference curve is a curve of 2 goods purchase not related to satisfaction.
( ) 13. A budget line is a line of 2 goods purchase with a given budget not related to prices.
( ) 14. A budget line shifts left as a budget increases.
( ) 15. The substitution effect of price change is always an inverse relationship.
( ) 16. The income effect of price change is always a positive relationship.
( ) 17. A consumer surplus is the surplus of consumption which a consumer spends for.
( ) 18. A producer surplus is the surplus of producer above the price.
( ) 19. The cost equation is not related to output prices.
( ) 20. The revenue function is related to output..
( ) 21. The export results in extra gain, while the import does not result in extra gain.
( ) 22. The Giffen goods are those whose demand decreases due to price change.
( ) 23. The labor marginal product is the labor productivity.
( ) 24. As the average product decreases, the marginal product decreases always.
( ) 25. The average product and marginal product do not cross each other.
( ) 26. When price elasticity of demand is less than 1, production increase increases revenue.
( ) 27. When price elasticity of demand is greater than 1, production decrease decreases revenue.
(1) Marginal Principle
(2) Circular Flow Model
(4) Demand Elasticity for Price, Income, and Cross-Price
(5) Consumer Optimization Rule
(6) Price Change Effects on Demand in the Short-Run and Long-Run
(7) Substitution effects and income effects
(8) Total Product, Average Product, and Marginal Product
(9) Indifference curve
(10) Isoquant curve
(11) Production Possibility Frontier
(12) Consumer Surplus
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