1. A student quits a job paying $5,000 a month to prepare for a Master's entrance exam. In economics, this $5,000 is referred to as:
(A) Opportunity Cost
(B) Sunk Cost
(C) Marginal Utility
(D) Variable Cost

2. The government imposes a "Carbon Tax" or environmental levy on factories that discharge wastewater into rivers: (A) To solve adverse selection caused by asymmetric information. (B) To increase the marginal returns of the firm. (C) To internalize externalities. (D) To implement a price ceiling to protect consumers.

3. A software company incurs high fixed costs to develop a product, but as the number of users increases, the average total cost per user drops significantly: (A) The industry exhibits economies of scale. (B) The industry faces diminishing marginal product. (C) It proves the company has an Absolute Advantage. (D) It is evidence of unfair competition.

4. A restaurant keeps hiring more chefs while the kitchen size and equipment remain fixed. Eventually, the additional output produced by each new chef begins to fall. This illustrates: (A) Economy of scale. (B) The law of diminishing marginal returns. (C) Negative externalities in the workplace. (D) Increasing average fixed costs.

5. A firm in a competitive labor market finds that the marginal product of labor of the last worker hired is 5 units, and the product price is $20. If the current market wage is $120, the firm should: (A) Hire more workers to increase total revenue. (B) Fire workers because the marginal revenue product is less than the wage. (C) Maintain the current workforce because profit is being made. (D) Increase the price of the product.

6. Consider a Duopoly where two firms (A and B) choose between "High Price" and "Low Price." If both choose High, they earn $100 each. If both choose Low, they earn $40 each. If one chooses Low while the other stays High, the Low-price firm earns $120 and the High-price firm earns $10. What is the Nash Equilibrium of this simultaneous game? (A) Both firms choose High Price. (B) Both firms choose Low Price. (C) Firm A chooses High; Firm B chooses Low. (D) There is no pure-strategy Nash Equilibrium.

7. The cross-price elasticity of demand between Product A and Product B is -1.5. If the price of Product B increases by 10%, what will happen to the demand for Product A and the nature of their relationship? (A) Demand for A increases by \( 15\% \); they are substitutes. (B) Demand for A decreases by \( 15\% \); they are complements. (C) Demand for A decreases by \( 1.5\% \); they are complements. (D) Demand for A increases by \( 15\% \); they are normal goods.

8. According to the Coase Theorem, private parties can solve the problem of externalities without government intervention if: (A) Transaction costs are low and property rights are clearly defined. (B) The government imposes a Pigovian tax equal to the marginal external cost. (C) The polluter is legally required to pay for all damages regardless of cost. (D) The number of affected parties is large enough to ensure a fair outcome.

9. If the provision of national defense were left entirely to the private market, it would be under-provided primarily because: (A) The marginal cost of providing defense to an additional citizen is extremely high, making it unprofitable for private firms. (B) The marginal social benefit of defense is the horizontal sum of all individual demand curves, which private firms cannot calculate. (C) The government possesses an absolute advantage in military technology, creating an insurmountable barrier to entry for private firms. (D) Individual willingness to pay cannot be captured by a market price, as consumers have no incentive to reveal their true valuation of the good.

10. Consider the market for "Inferior Good X." Assume the following three events happen simultaneously: ✓ Consumer average income levels significantly increase. ✓ A new production technology is adopted that reduces the marginal cost of producing Good X. ✓ The price of a complementary good for X decreases. Which of the following is true regarding the new equilibrium? (A) The equilibrium price will definitely decrease, but the effect on quantity is ambiguous. (B) The equilibrium quantity will definitely increase, but the effect on price is ambiguous. (C) The equilibrium price will definitely increase, but the effect on quantity is ambiguous. (D) Both the equilibrium price and quantity are ambiguous without knowing the magnitude of the shifts.

1. Unlike a perfectly competitive firm, for a monopolistically competitive firm (A) marginal revenue = marginal cost at the profit maximizing output. (B) price ≠ marginal revenue for all output levels. (C) price ≠ average revenue for all output levels. (D) price ≠ marginal cost for all output levels.

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