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Web_02E2_eng - F.5/01-02 Mock Econ(2/P.1 There are 50...

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F.5/01-02/ Mock/ Econ(2)/P.1 There are 50 questions. Choose the BEST answer for each question. 1. Which of the following are the reasons for division of labour to raise the productivity of labour? (1) practice makes perfect (2) assign the right person to the right job (3) save learning time (4) save the time for changing between jobs A. (1) and (2) only B. (2) and (4) only C. (1), (2) and (3) only D.(1), (2), (3) and (4) 2. A mixed economy allocates resources by (1) government’s decision (2) price mechanism (3) customs and tradition 3. Which of the following will reduce the opportunity cost of building a new railway? 4. With an increase in supply, the price will fall to the greatest extent when 5. Suppose there is a good harvest of wheat this year, the quantity sold will ______ and wheat farmers will earn ______ revenue when the demand is inelastic. A.decrease; less B. increase; less C. decrease; more D.increase; more
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F.5/01-02/ Mock/ Econ(2)/P.2 6. Which of the following factors will cause a decrease in the demand for taxi licenses? (1) The government greatly cuts the salaries of civil servants. (2) The MTR builds new extensions. (3) The government issues fewer taxi licenses. 7. When an economy starts to recover, the prices of labour, machines and land will increase because 8. The following diagram shows the supply and demand of milk. Suppose the initial equilibrium point is E 0 . If the government gives the milk producer a unit subsidy and at the same time there is a drastic increase in population, the new equilibrium point is Milk (quantity) Price S 0 D 0 S 2 S 1 D 2 D 1 E 0 E 1 E 2 E 3 E 4
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F.5/01-02/ Mock/ Econ(2)/P.3 9. Which of the following will necessarily lead to an increase in the total revenue of good A? (1) more quotas (2) a rise in the price of substitutes (3) a fall in the price of complements A. (1) and (2) only B. (1) and (3) only C. (2) and (3) only D.(1), (2) and (3)
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