Tests: Economics

In a hypothetical market the producers' supply curve is P = 10 + 0.5Q (P in thousand soums, Q in units). If the market price is 30 thousand soums, what is the producer surplus (the area of the triangle between the supply curve and the price line)?

A hypothetical dairy workshop made 400 cheeses in a month: total cost was 12,000,000 soums, of which fixed cost was 4,000,000 soums. What is the average total cost (ATC) per cheese?

In a hypothetical city the bread market is held by three bakeries with market shares of 50%, 30% and 20%. What is the Herfindahl–Hirschman index (the sum of the squares of the shares in percent)?

In a hypothetical country real GDP grew by 5% in a year while the population grew by 2%. By what percent, calculated exactly, did real GDP per capita grow (to one decimal place)?

In a hypothetical country in one year state budget revenues were 210 billion, expenditures 240 billion units, and GDP 1,500 billion units. What percent of GDP is the budget deficit?

In a hypothetical bank the nominal interest rate on a one-year deposit is 21%, and inflation that year is a hypothetical 10%. Using the exact form of the Fisher equation, (1 + nominal rate) = (1 + real rate) × (1 + inflation), what is the real interest rate?

In a hypothetical country real GDP grew by 4% in a year, while the GDP deflator rose by 10%. By what percentage did nominal GDP increase, calculated exactly?

In a hypothetical market the demand function for shirmon bread is P = 50 − Q (P in thousand soum, Q in units). The market price is 30 thousand soum. What is consumer surplus (the area of the triangle below the demand curve and above the price line)?

In a hypothetical district the working-age population is 20 000 people: 11 400 are employed, 600 are unemployed (looking for work and ready to work), and the rest are not in the labour force. What is the economic activity rate of the population (labour force / working-age population)?

A hypothetical country's real GDP is growing steadily by 7% a year. According to the "rule of 70", in approximately how many years will real GDP double?

In a hypothetical market, demand is Qd = 120 − 2P and supply is Qs = 20 + 3P (P in thousand soums, Q in units). The government sets a price ceiling of P = 10 thousand soums. What happens in the market at this price?

Last year a family spent 540 thousand soums on consumption out of an income of 700 thousand; this year it spent 600 thousand out of an income of 800 thousand soums (hypothetical). What is this year's average propensity to consume (APC = consumption / income)?

In economic theory, by what rule does a firm choose its output level to maximize profit?

In a bakery, 3 bakers bake 300 loaves a day and 4 bakers bake 360 loaves (the oven and other conditions are unchanged). What is the marginal product of the 4th baker?

Which of the following bakery costs is a fixed cost in the short run (does not depend on the number of loaves baked)?

When the real income of a city's population rose by 10%, the quantity demanded of taxi services rose by 15% (prices unchanged). What is the income elasticity of demand, and what type of good is this service?

In hypothetical country A, one working day can produce 12 metres of fabric or 6 kg of tea; in country B, 4 metres of fabric or 4 kg of tea. Which country has the comparative advantage in which good?

The equation of exchange of the quantity theory of money is M × V = P × Q. In a hypothetical economy the money supply M = 200 bln units, the velocity of money V = 5, and real output Q = 500 bln units. What is the price level P?

In economic theory each factor of production brings income to its owner. What is the income received by the owner of the land (natural resource) factor called?

In a hypothetical country the consumer price index rose from 100 to 125 relative to the base period. How did the purchasing power of money change over this period?