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Financial English Certificate Test
(Medium Stage for Banking)
BASIC ECONOMICS (Ⅱ)
1. This paper consists of 2 sections.
Section 1: Answer all questions. (20 marks)
Section 2: Answer 4 questions out of 6. (80 marks)
2. All answers must be written on the answer sheets provided. Question papers and answer sheets should be submitted to the invigilator towards the end of the examination.
3. Non-programmable and silent electronic calculators may be used.
4. Time allowed: 2.5 hours.
5. Pencil scripts will not be accepted.
SECTION ONE
Question 1 (Total: 20 marks)
Answer all questions. Read the following statements and choose the best answer by writing the alphabetical letter on the answer sheets.
1. If a market is in equilibrium ______.
(a)buyers and sellers can buy and sell all they wish at the current price.
(b)there is no tendency for the price to rise or fall.
(c)the quantity supplied equals the quantity demanded.
(d)All of the above are correct.
2. If the marginal rate of technological substitution (MRTS) is more than the price ratio of labor over capital (w/r), then to minimize cost the firm should ______ the input of capital and ______ the input of labor.
(a)increase, decrease (b)decrease, increase
(c)decrease, decrease (d)increase, increase
3. Tom cannot tell the difference between Coke and Pepsi. For Tom, these goods are ______.
(a) perfect substitutes. (b) perfect complements.
(c) necessities. (d) None of the above.
4. If the demand for CDs is more elastic than the supply, a ＄3-tax per CD will increase the consumer price by ______.
(a)＄3.
(b)more than ＄1.50, but less than ＄3.
(c)＄1.50.
(d)less than ＄1.50.
5. If the price of a good changes,
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