SECTION ONE (Compulsory)：Single-choice questions
　　Multiple-choice questions: from the following four options, select a correct and fill in its labeling the brackets. (A total of 10 points)
　　1. 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.
　　2. Suppose the economy is running at the level of potential GDP, an increase in government spending in the long run will ___ the price level and ___ the output level,
　　A. Increase, not change
　　B. Increase, increase
　　C. Increase, decrease
　　D. Decrease, increase
　　3. For a natural monopoly, the optimal policy for a regulator to set is a price such that: ()
　　A. The price level equals marginal cost.
　　B. The price level equals average variable cost.
　　C. The price level equals average total cost but higher than marginal cost.
　　D. The price level is lower than marginal cost but higher than average total cost.
　　4. If AD shifts to the right to adapt to oil shocks from OPEC, then: ()
　　A. P and GDP will remain normal automatically.
　　B. GDP may be unchanged although P will rise.
　　C. GDP will rise and P will drop.
　　D. The domestic P of oil will drop.
　　5. School students paying a lower fare than adults on the MTR trains, or cheaper tickets to the theatre, is an example of: ()
　　A. The suppliers making less profit because some customers pay a lower price.
　　B. Consumers obtaining more consumer surplus.
　　C. Price discrimination allowing the suppliers to make more profit from charging a higher price to customers whose demand is more elastic.
　　D. Price discrimination allowing the suppliers to make more profit from charging a lower price to customers whose demand is more elastic.
　　6. When the nominal interest rate rises, ()
　　A. Economic activity is encouraged.
　　B. The real interest rate rises and the price of bonds rises.
　　C. Inflation rises and the real interest rate falls.
　　D. The real interest rate rises and the price of bonds falls.
　　7. A firm has fixed costs of £100,000 per month and variable costs of £25 for item. It proposes to sell these items for £50 each. What is the break-even output for this firm? ()
　　A. 4,000 units
　　B. 4,000 units in a month.
　　C. Cannot be worked out from the information.
　　D. 2,000 units per month.
　　8. For an A- rated corporate bond that has deteriorating fundamentals, but is expected to remain investment grade, the greatest risk is most likely: ()
　　A. Event risk.
　　B. Default risk.
　　C. Liquidity risk.
　　D. Credit spread risk.
　　9. An investor currently has a portfolio valued at $700,000. The investor’s objective is long-term growth, but the investor will need $30,000 by the end of the year to pay her son’s college tuition and another $10,000 by year-end for her annual vacation. The investor is considering four alternative portfolios:
　　Portfolio Expected Return Standard Deviation of Returns
　　1．8% 10%
　　2．10% 13%
　　3．14% 22%
　　4．18% 35%
　　Using Roy’s safety-first criterion, which of the alternative portfolios minimizes the probability that the investor’s portfolio will have a value lower than $700,000 at year-end? ()
　　A. Portfolio 1.
　　B. Portfolio 2.
　　C. Portfolio 3.
　　D. Portfolio 4.
　　10. A futures trader must deposit an additional amount of money into a margin account at the clearinghouse if the margin account ending balance is below the: ()
　　A. Initial margin requirement.
　　B. Variation margin requirement.
　　C. Maintenance margin requirement.
　　D. Amount of the loan borrowed from the clearinghouse.

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