51. The strongest typhoon in over 50 years has decimated crops of vegetables in Hong Kong. Because the production of vegetable has decreased, prices are expected to increase by 50 percent. These data are insufficient for calculating the elasticity of demand because we also need to know the

a.percentage decrease in quantity.

b.percentage decrease in income.

c.percentage increase in quantity and income.

d.percentage increase in price of rice.

4. The pollution created when coal is burned by utilities to generate electricity is an example of

a.an external cost.

b.a welfare cost.

c.a cost paid by the utilities.

d.a marginal benefit to coal producers.

6.Bruno wants to rent a house. Due to the Regulation, rents are below what he is willing to pay, but he cannot find a house. Then after a month of searching, he finds a house but he is told that he must pay an additional $2,000 to have the door locks changed. Bruno has just experienced the effects of

a.a market working efficiently.

b.a rent floor with a black market.

c.inelastic demand.

d.a rent ceiling.

10. Sancho is a loyal fan of MUFC. He is willing to pay a MUFC jersey signed by all MUFC players at a maximum amount of HKD40,000. The 40,000 HKD is the

a.marginal cost

b.marginal benefit

c.efficient amount

d.efficient price

9.Haaland finds a new job and his new job pays him a higher income. Before he changed jobs, Haaland bought 4 packs of bread from a bakery near his house each week and visited Outback Steakhouse once a month. After he changed jobs, Haaland now purchases 2 packs of bread from the bakery and visited Outback Steakhouse once a week. For Haaland

a.The bakery is an inferior good and Outback Steakhouse is a normal good.

b.both are normal goods.

c.Cannot conclude based on the information.

d.The bakery is a normal good and Outback Steakhouse is an inferior good.

17.Cristiano Jordan graduates from university and he can choose either playing professional rugby at Australia with $3 million a year or coaching for $100,000 a year. He decides to play rugby, but eight years later, though he could continue to play rugby at $3 million a year, he decides to quit and changes to make movies for $5 million a year. His opportunity cost of playing rugby at graduation was ________ and eight years later the opportunity cost of making movies was

a.$3 million; $5 million

b.$100,000; $3 million

c.$3 million; $3 million

d.$100,000; $100,000

29.When the price of apples increases from $5 to $7 per bag, the quantity demanded of apples decreases from 700 bags to 500 bags. The price elasticity of demand over this price range is equal to

a.-1/2.

b.-3/8.

c.-1.

d.-1/4.

42. Kitchee Football Club is planning to distribute the football match tickets with Arsenal FC for free to celebrate its anniversary. Citizens are required to submit the application before deadline and Kitchee will draw 5000 applications randomly. How are the match tickets in this example allocated?

a.market price

b.lottery

c.first-come, first-served

d.contest