HKDSE Economics Past Paper Topic 3 MC

HKDSE Economics
1993 – 2011 HKCEE + 1993 – 2013 HKALE
Past Paper Multiple-Choice Questions
Topic3 Market and Price
I. Equilibrium, shortage and surplus
[1995 Q1]
1. It was reported that many people queued for two days in order to get the monthly parking ticket for a certain
car park. This phenomenon implies
(1) scarcity in parking spaces.
(2) the existence of competition.
(3) shortage of parking spaces.

A. (1) and (2) only

B. (1) and (3) only
C. (2) and (3) only
D. (1), (2) and (3)

[1995 Q8]
2. If the market price of a good is equal to its equilibrium price,
(1) the sellers can sell all quantity that they are willing to supply at that price.
(2) there is no pressure or the price to change.
(3) the sales revenue is maximized.
(4) consumers’ want of the good is fully satisfied.

A. (1) and (2) only

B. (1) and (4) only
C. (2) and (3) only
D. (3) and (4) only

[1995 Q9]
3. The flats under the Home-Ownership Scheme are allocated by a draw. This implies that

A. the Housing Authority has under-estimated the demand for this type of housing.
B. a draw is the fairest method in allocating resources.
C. the price of this type of housing is below the cost.
D. the price of this type of housing is below the equilibrium price.

[1997 Q2 & 3]
Answer the following 2 Questions by referring to the following information:
Max Department Store has launched a promotion campaign. For every purchase of $1 000, customers are given a
coupon to exchange for the following gifts:
Number of Coupons Gifts
10 1 camera
20 1 TV set
30 1 air ticket

4. John has accumulated 30 coupons. What is the opportunity cost to John if he uses them to exchange for one air
ticket?

A. a TV set
B. $30 000
C. a camera and a TV set
D. a camera, a TV set and $30 000

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HKDSE Economics Past Paper Topic 3 MC
5. Later, John finds that he has to queue up to exchange his coupons for gifts. The queue shows that

A. these gifts are truly free of charge.

B. there is a shortage of gifts for all the customers.
C. the promotion campaign is successful and there is an increase in the demand for the company’s products.
D. customers has an extra cost to obtain the gifts.

[1997 Q49]
6. Before the sale of a big residential estate, many elderly people queued up outside the site office for potential
buyers. This implies that

A. the value of the flats to these elderly people was higher than to young people.
B. the price of the flats was above the equilibrium level because there was a shortage.
C. the opportunity cost of the queuing time of these elderly people was lower than that of the potential
buyers.
D. the opportunity cost of the queuing time of these elderly people was zero because they did not have a
job.

[2004 Q13]
7. When the Real Madrid football team visited Hong Kong, many people queued up for days for the tickets to
watch the game. Some people complained that they were unable to buy a ticket even they were willing to pay
the official ticket price. This implies that
(1) there was only price competition for the ticket.
(2) the official ticket price was set below the market clearing level.
(3) the opportunity cost of obtaining a ticket was higher than its official selling price.

A. (1) and (2) only

B. (1) and (3) only
C. (2) and (3) only
D. (1), (2) and (3)

[AL1992 Q5]
8. Scarcity

A. is implied by the existence of price.

B. is the same as shortage.
C. applies to all kinds of goods.
D. All of the above.

[AL1994 Q2]
9. Scarcity

A. is the same as shortage.

B. exists for all goods.
C. can be eliminated by the price mechanism.
D. implies competition and discrimination.

[AL2002 Q17]
10. Which of the following statement about scarcity and shortage is correct?

A. Scarcity implies shortage

B. The existence of market prices implies scarcity
C. Shortages are caused by reduction in supply
D. There is no scarcity in a one-man economy

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HKDSE Economics Past Paper Topic 3 MC
[AL2002 Q18]
11. Which of the following is a normative statement?

A. The price of seafood will go up of its supply is reduced.

B. Bond price will be affected by interest rate fluctuations.
C. Market equilibrium will be attained when the quantity demanded is equal to the quantity supplied.
D. The crime rate will fall when heavier penalty is imposed on criminals.

[AL2004 Q1]
12. Scarcity implies

A. Everything is not enough.

B. There is a shortage, and without a shortage there will be no price.
C. That an individual is willing to sacrifice something for something else.
D. A market will emerge.

[AL 2007 Q25]

13. Non-price competition implies

A. surplus.
B. shortage.
C. scarcity.
D. monopoly.

[AL 2009 Q1]

14. Which of the following statements about scarcity and shortage is correct?

A. Whenever there is shortage, there must be scarcity.

B. In a one-man economy, there may be shortage.
C. Whenever there is scarcity, there must be shortage.
D. Scarcity necessarily implies competition.

[AL 2011 Q2]

15. Scarcity in society implies

A. Shortage.
B. The emergence of private property rights.
C. The existence of price.
D. There is no such thing as a free good.

[AL2013 Q13]
16. The Cross Harbour Tunnel is always congested during rush hours. Which of the following statements is
correct?

A. At a high enough toll, there will be no congestion.

B. A higher toll will necessarily increase the cost of using the tunnel.
C. Congestion will increase the cost of using the tunnel for all users by the same extent.
D. All of the above.

II. Change in Qd / D / Qs / S
[1993 Q18]
17. In 1992, the lending ceiling (最高貸款額) on home mortgages in Hong Kong was reduced from 90% to 70% of
the value of the property. This resulted in ____________ residential property.

A. a decrease in the demand for

B. a decrease in the quantity demanded of
C. an increase in the supply of
D. an increase in the quantity supplied of

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HKDSE Economics Past Paper Topic 3 MC
[1993 Q26]
18. Technological breakthrough has reduced the production cost of calculators. At the same time, there have been
less students sitting for the CE examinations and requiring for the use of calculators. Suppose these two factors
have caused the price of calculator to fall. Which of the following graphs helps to illustrate the above situation?

[1993 Q57]
19. The price of textbooks in Hong Kong has greatly increased in recent years. Which of the following is NOT a
possible reason for this?

A. more frequent revisions of textbooks

B. more publishers publishing textbooks
C. increasing wages and rents
D. the photocopying of textbooks becoming more costly

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HKDSE Economics Past Paper Topic 3 MC
[1994 Q6]
20. In Hong Kong, the number of taxi licences is controlled by the government. In a certain year, it was found that
the price of taxi licences increased after the government issued more taxi licences. Which of the following
diagrams illustrates the above situation?

[1994 Q7]
21. If the price of movie tickets increases and the rental of laser discs falls, then the equilibrium price of laser disc
players …

A. will remain unchanged.

B. will increase.
C. will decrease.
D. may increase or decrease.

[1994 Q58]
22. Which of the following situations will NOT lead to an increase in demand for private cars?

A. The price of private cars decreases sharply.

B. More people live in the remote areas in the New Territories.
C. The fares for public transport increase.
D. The government abolishes the gasoline tax.

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HKDSE Economics Past Paper Topic 3 MC
[1995 Q13]
23. Refer to the diagram below. E0 is the initial equilibrium point of the toy market in the US. After a sharp
increase in the price of raw materials and a boom in the US economy, the new equilibrium point will be

A. Ea
B. Eb
C. Ec
D. Ed

[1996 Q4]
24. The supply of secondary school teachers will increase if

A. The government provides a subsidy for schools to employ more language teachers.
B. The government increases the salary of teachers.
C. The number of children eligible for secondary education increases.
D. The number of job vacancies in the business field decreases.

[1996 Q5]
25. Suppose there is a technological breakthrough in the production of mobile phones and the charge per minute of
using mobile phone decreases. As a result, the price of mobile phone falls. Which of the following best
illustrates the situation of the market for mobile phones?

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HKDSE Economics Past Paper Topic 3 MC
[1996 Q6]
26. Suppose the price of compact discs decreases. The price of compact disc players will ____________ and the
demand for cassette tapes will ____________.

A. rise … increase
B. rise … decrease
C. fall … increase
D. fall … decrease

[1996 Q56]
27. An increase in the supply of leather which is used in the production of shoes will have the following effects
EXCEPT

A. an increase in the demand for shoes.

B. an increase in the supply of shoes.
C. an increase in the quantity demanded of leather.
D. an increase in the quantity demanded of shoes.

[1997 Q5]
28. When the mad cow disease broke out in 1996, many cows were destroyed. Which of the following diagrams
best describes the effects on the beef market?

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HKDSE Economics Past Paper Topic 3 MC
[1997 Q6]
29. The Mass Transit Railway Corporation (MTRC) encourages the adoption of a flexi-time office-hours scheme
(彈性上班時間) to reduce the overcrowding of passengers during the rush hours. Hence, passengers using the
Nathan Road Route before 8:00 a.m. and between 9:00 a.m. and 9:30 a.m. will have a discount on their MTR
fares.

Which of the following diagrams could be a result of such a measure of the MTRC?

[1997 Q7]
30. Suppose the government raised the water charge in January 1997. What would be the result?

A. a decrease in the demand for water

B. a decrease in average household water consumption
C. a decrease in the government revenue from the water charge
D. a decrease in the cost of production of restaurants because they would use less water

[1998 Q8]
31. The diagram below shows the supply and demand curves of tobacco. The original equilibrium point is at E.

Suppose the government increases the income tax of households and the excise duty on tobacco, the new
equilibrium point will be

A. point A.
B. point B.
C. point C.
D. point D.

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HKDSE Economics Past Paper Topic 3 MC
[1998 Q9]
32. Suppose the price of oranges increases and the quantity of oranges transacted decreases in H.K., this is likely
caused by
(1) a rise in transportation cost.
(2) a fall in the price of apples.
(3) the fact that oranges have proved useful in reducing the chance of catching a cold.
(4) a serious bad harvest of oranges in the U.S.A.

A. (1) and (2) only

B. (1) and (4) only
C. (2) and (3) only
D. (3) and (4) only

[1998 Q10]
33. Suppose the rice production in Thailand suffers a serious fall in output and hence less rice is exported to Hong
Kong. Which of the following is a result of this event?

[1999 Q5]
34. In which of the following pairs does the demand for the first good creates derived demand for the second?

A. digital versatile disc (DVD) and laser disc (LD) player

B. wool and mutton
C. hardback book and printing paper
D. electricity and light bulb

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HKDSE Economics Past Paper Topic 3 MC
[1999 Q12]
35. In the following diagram, Eo is the initial equilibrium point of the market for Hong Kong’s garment products in
the U.S. Suppose there is an increase in import duties in the U.S. and many U.S. retailers order form other
Asian countries instead of Hong Kong, the new equilibrium point in the diagram would be

A. Ea
B. Eb
C. Ec
D. Ed

[2000 Q9]
36. Which of the following is an example of joint demand?

A. the courier service (送 遞 文 件 服 務) of a local firm and the postal service of the government
B. the Airport Express train service and the Tung Chung Line train service
C. magazines and printing paper
D. floppy diskettes and floppy diskettes drives

[2000 Q12]
37. Which of the following diagrams shows the result of an improvement in the technology used in producing
digital versatile disc (DVD) players?

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HKDSE Economics Past Paper Topic 3 MC
[2001 Q3]
38. ‘Compared to last year, more watermelons were sold this summer and the price was lower.’ This is because
there was a(an) ____________ in the ____________ watermelons.

A. increase … demand for

B. decrease … demand for
C. increase … supply of
D. decrease … supply of

[2001 Q4]
39. ‘A rise in the price of a good will cause a decrease in demand for it and an increase in its supply.’ The above
statement is

A. correct because a change in price will change both demand and supply.
B. incorrect because a rise in price will only increase the supply.
C. incorrect because a rise in price will only decrease the demand.
D. incorrect because both demand and supply will not change as a result of a change in price.

[2001 Q5]
40. Which of the following diagrams shows the result of a significant increase in the annual licence fee for private
cars?

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HKDSE Economics Past Paper Topic 3 MC
[2001 Q10]
41. The diagram below shows the supply and demand curves of imported Japanese automobiles in Hong Kong.
The original equilibrium point is at E.

If there is an increase in the transportation cost from Japan to Hong Kong and more similar models of Korean
automobiles with cheaper price are imported, the new equilibrium point will be at

A. E1
B. E2
C. E3
D. E4

[2002 Q7]
42. Refer to the following diagram.

Which of the following would lead to the above change in demand from D1 to D2?

A. an increase in the toll fee for taxis using the cross harbour tunnels
B. an increase in the frequency of cross harbour bus services
C. a fall in the wage rate of bus drivers
D. a fall in the ticket price for Mass Transit Railway services.

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HKDSE Economics Past Paper Topic 3 MC
[2002 Q9]
43. The diagram below shows the supply and demand schedules of the market for airline tickets in Hong Kong.
The original equilibrium point is at E.

If, as a result of a terrorist attack, fewer people travel overseas and the insurance premium of airlines rises
to a high level, the new equilibrium point will be at?

A. E1
B. E2
C. E3
D. E4

[2002 Q10]
44. Suppose there is a technological advance in the production of a normal good. In which of the following
situations may the market price of the good remain unchanged?

A. The income of consumers decreases.

B. The government raises the unit sales tax on the good.
C. The demand for the good is perfectly inelastic.
D. The supply of the good is perfectly inelastic.

[2002 Q50]
45. At the outbreak of war in the Middle East, civil aircraft which used to fly through the nearby air space had to
fly longer routes in order to stay away form the war areas. Moreover, the risk of traveling by civil aircraft was
also higher.
Which of the following diagrams about the effects of these changes is INCORRECT?

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HKDSE Economics Past Paper Topic 3 MC
[2003 Q8]
46. According to research evidence, one of the substances in beer has proved to be good for the healthy
development of bones. This will lead to an increase in
(1) the supply of beer.
(2) the quantity transacted of beer.
(3) the demand for beer.

A. (1) and (2) only

B. (1) and (3) only
C. (2) and (3) only
D. (1), (2) and (3)

[2003 Q14]
47. Which of the following diagrams shows the result of a significant reduction in the cost of storing and
transporting chilled chicken from the mainland China to Hong Kong?

[2004 Q5]
48. Suppose a bill is passed that punishes the buyers of pirate compact discs (CDs). The price of pirate CDs would
____________ and the quantity transacted would ____________.

A. increase … increase
B. increase … decrease
C. decrease … increase
D. decrease … decrease

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HKDSE Economics Past Paper Topic 3 MC
[2004 Q6]
49. Suppose the Hong Kong government imposes a toll on highway users.

The above graph shows the effect of the above toll on the market of

A. Mass Transit Railway (MTR) services.

B. private motor cars.
C. gasoline.
D. school bus services

[2004 Q7]
50. The following diagram shows the market supply and demand curves of face masks in Hong Kong. The original
equilibrium point is E.

Suppose more people decide to wear face masks to prevent the spread of respiratory diseases and there is an
increase in the number of face mask producers. As a result, the new equilibrium point would be

A. W
B. X
C. Y
D. Z

[2004 Q8]
51. Suppose an airline reduces the price of its air tickets. As a result,

A. the demand for its air tickets will increase.

B. the number of its passengers will increase.
C. the supply of its aircraft service will increase.
D. its sales revenue will increase.

[2005 Q4]
52. Suppose consumers of traditional eye-glasses gradually change to using contact lenses. As a result, the
equilibrium price of traditional eye-glasses will ____________ and the sales revenue of traditional eye-glass
sellers will ____________.

A. rise … increase
B. rise … decrease
C. fall … increase
D. fall … decrease

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HKDSE Economics Past Paper Topic 3 MC
[2005 Q5]
53. In the following graph, E0 was the original equilibrium point of the seafood market in Hong Kong.

Last year a number of people were poisoned by seafood. At the same time, fishermen’s harvest decreased. As a
result, what would be the new equilibrium point in the graph?

A. Ea
B. Eb
C. Ec
D. Ed

[2005 Q6]
54. It was reported that in late 2004, there were millions of unemployed people in the countryside of the Chinese
mainland. On the other hand, the firms in the Pearl River delta faced a labour shortage problem.
Which of the following would reduce unemployment in the countryside?
(1) The social welfare benefit of workers in the Pearl River delta improves.
(2) Labour wages in the Pearl River delta fall.
(3) Firms in the Pearl River delta move to the countryside.

A. (1) and (2) only

B. (1) and (3) only
C. (2) and (3) only
D. (1), (2) and (3)

[2005 Q7]
55. While many construction workers are unemployed in Hong Kong, there is a shortage of construction workers in
Macau. Suppose the law is passed in Macau which allows the importation of construction workers from Hong
Kong to Macau. Which of the following diagrams would best describe the effects of such a law on the labour
market of construction workers in Macau?

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HKDSE Economics Past Paper Topic 3 MC
[2005 Q13]
56. As shown in the following graph, the government of a certain country has fixed the price of agricultural
products at P’.

If the price of fertilizers falls, what will happen to the agricultural products?

A. a larger excess demand

B. an increase in quantity transacted
C. an increase in the sales revenue
D. a larger excess supply

[2005 Q19]
57. The table below shows the production of Good X in a firm. Only two inputs are required in the production
process.
Capital (Units) Number of Workers Average working hours Total Output
of workers per day
2 10 10 5 000
2 10 9 4 900
2 10 8 4 700
2 10 7 4 400

Due to a fall in market demand, the firm reduces the output by cutting the working hours of the workers from
10 hours a day to 8 hours a day.
Based on the above information, we can conclude that

A. the supply of Good X by the firm decreases.

B. the amount of labour employed by the firm remains constant.
C. the law of diminishing marginal returns applies to the firm.
D. the firm enjoys economies of scale.

[2006 Q5]
58. The following diagram shows the private housing market. Point E is the original equilibrium point.

Suppose there is an increase in both the home mortgage loan interest rate and the labour cost of
private house construction. The new equilibrium point in the diagram would be

A. W
B. X
C. Y
D. Z

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HKDSE Economics Past Paper Topic 3 MC
[2006 Q6]
59. An increase in the price of petroleum will lead to a decrease in

A. the demand for petroleum.

B. the demand for mini-bus services.
C. the supply of mini-bus services.
D. the supply of mini-bus drivers.

[2006 Q7]
60. Nowadays, more schools in Hong Kong have implemented reading programs to develop students’ reading
habits. This would lead to an increase in
A. both the demand for and the supply of books.
B. both the demand for and the quantity supplied of books.
C. both the supply and quantity demanded of books.
D. both the supply and the quantity supplied of books.

[2006 Q8]
61. Which of the following would lead to a fall in price and an increase in quantity sold of imported Japanese
television sets in Hong Kong?

A. The transportation cost of goods from Japan to Hong Kong increases.

B. An increasing number of lower-priced similar models of television sets are imported from Korea.
C. The Japanese technology in producing television sets improves.
D. The salaries tax rate in Hong Kong decreases.

[2007 Q4]
62. The diagram below shows the supply and demand curves of hotel accommodation in Macau. The original
equilibrium point is at E.

More and more hotels start operating in Macau and it is becoming more popular to visit the place. The new
equilibrium point will be at _______________.

A. W
B. X
C. Y
D. Z

[2007 Q5]
63. Suppose the technology required to produce LCD TV sets (液晶體電視機) advances. The price of LVD TV
sets will ______________ and the price of traditional CRT TV sets ( 傳 統 顯 像 管 電 視 機 ) will
_______________.

A. rise … rise
B. rise … fall
C. fall … rise
D. fall … fall

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HKDSE Economics Past Paper Topic 3 MC
[2007 Q10]
64. A possible cause of an increase in both the world market price and the quantity transacted of gasoline could be
A. A warmer than usual weather during winter around the world.
B. A rapid industrial development of newly developing countries.
C. Oil production cuts by the Organization of Petroleum Exporting Countries (OPEC).
D. A decrease in the price of crude oil which is used to produce gasoline.

[2008 Q4]
65. The following diagram shows the market of exhibition spaces in Hong Kong.

An increase in the ________ would lead to a shift of the demand curve from D1 to D2 in the diagram.

A. rental of exhibition spaces in Hong Kong

B. rental of exhibition spaces in Macau
C. number of trade fairs held in Hong Kong
D. exhibition spaces in Macau

[2008 Q5]
66. The diagram below shows the supply and demand curves of residential property in Hong Kong. The original
equilibrium point is at E.

If the population of Hong Kong increases and the wage rate of local construction workers rises, the new
equilibrium point will be at ______.

A. E1
B. E2
C. E3
D. E4

[2008 Q10]
67. With the introduction of high definition television (HD TV) broadcasting in Hong Kong, more people have
chosen to buy an HD TV set. Under what condition will the market price of HD TV sets remain unchanged?

A. The income of consumers increases.

B. The government grants a cash subsidy to lower income groups to buy HD TV sets.
C. The demand of HD TV sets is perfectly inelastic.
D. The supply of HD TV sets is perfectly elastic.

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HKDSE Economics Past Paper Topic 3 MC
[2009 Q5]
68. The demand for ____________ can be regarded as a derived demand of ____________.

A. beef … leather
B. printing paper … magazines
C. pop songs … MP3 players
D. high definition digital receivers (高清電視機機頂盒) … TV sets

[2009 Q6]
69. An increase in the price of flour will lead to a decrease in

A. the demand for flour.

B. the supply of flour.
C. the demand for bread.
D. the supply of bread.

[2009 Q7]
70. The diagram below shows the supply and demand curves of mainland China’s milk powder products in Hong
Kong. The original equilibrium point is at E.

Some of these milk powder products were found to contain the harmful substance, melamine (三聚氰胺) and
some mainland milk powder producers left the industry. One possible new equilibrium point of the above
diagram is at ____________.

A. E1
B. E2
C. E3
D. E4

[2010 Q6]
71. Suppose both the price and quantity transacted of imported rice decrease. This is likely to be caused by

A. an increase in the transportation cost resulting from a higher fuel price.

B. a change in taste from consuming rice to consuming noodles.
C. a bad harvest of rice.
D. an increase in the income of households given that rice is a normal good.

[2010 Q7]
72. Most Hong Kong people use either town gas or electricity for cooking. Suppose there is a drastic increase in
electricity charges. Consumers’ expenditure on electricity consumption ____________ but their expenditure on
town gas consumption ____________.

A. will decrease … will increase

B. will increase … may increase or decrease
C. may remain unchanged … will decrease
D. may increase or decrease … will increase

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HKDSE Economics Past Paper Topic 3 MC
[2010 Q8]
73. The diagram below shows the supply and demand curves of swine flu vaccine in Hong Kong. The original
equilibrium point is at E.

If the number of the swine flu vaccine manufacturers increases and the risk of being infected by swine flu
increases, one possible equilibrium point of the above diagram is at ___________.

A. E1
B. E2
C. 3
D. E4

[2011 Q5]
74. Which of the following is an example of competitive supply ?

A. compact discs and compact disc players

B. residential buildings and commercial buildings
C. textbooks and printing paper
D. bread and butter

[2011 Q7]
75. Suppose in Hong Kong there is an excess supply of Filipina domestic helpers at the minimum wage (ω) set
by the government.
Also suppose that recently Hong Kong employers have to purchases an additional insurance policy for newly
hired Filipina domestic helpers.
Which of the following diagrams correctly reflects the above situation in the Filipina domestic helpers
market in Hong Kong ?

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HKDSE Economics Past Paper Topic 3 MC
[AL1992 Q20]
76. While the prices of fresh produce, such as vegetable, tend to fluctuate daily, those for consumer durables,
such as refrigerators, are more stable. This happens because

A. the demand for consumer durables is less than that for fresh produce.
B. people’s preferences for different types of fresh produce vary daily, while their preferences for consumer
durables tend to remain constant.
C. the sole agents of consumer durables have a greater control of the market than farmers who are selling
fresh produce.
D. it is costly to keep buffer stocks of fresh product, and fresh produce tends to have significant seasonal
fluctuations in supply.

[AL1993 Q18]
77. The price of a natural resource will tend to rise if

A. a new substitute for the resource is discovered.

B. unexpected new supplies of the resource are discovered.
C. the cost of extracting the resource falls.
D. the government subsidizes the users of the resource.

[AL1993 Q22]
78. Most people in Hong Kong travel on the Mass Transit Railway (M.T.R.) or buses. Suppose the fares of the
M.T.R. decrease by 20% while the bus fares remain unchanged. The total fare revenue will

A. remain unchanged for buses but increase for the M.T.R.

B. increase for buses but decrease for the M.T.R.
C. decrease for buses but may increase or decrease for the M.T.R.
D. increase for the M.T.R. but may increase or decrease for buses.

[AL1999 Q22]
79. Suppose over a period of time the market demand for commodity X remains unchanged but its price falls.
This could be explained by

A. The introduction of a complement to X

B. The increase in the unit tax levied on X.
C. The introduction of a subsidy on the production of X
D. An increase in the unit tax levied on a substitute for X.

[AL2005 Q6]
80. An inferior good means

A. For the same type of good, its quality is inferior.

B. A good consumed mostly by poor people
C. A good an individual demands more as his income falls.
D. A good an individual demands less as his income falls.

III. Elasticity of Demand and Supply

[1993 Q20]
81. From 1990 to 1991, even though the price of private flats increased rapidly more flats were sold than in the
previous year. Which of the following reasons can explain this?

A. The demand for private flats did not obey the law of demand.
B. The demand for private flats was inelastic.
C. There was an increase in the supply of public housing.
D. There was a change in the demand for private flats.

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HKDSE Economics Past Paper Topic 3 MC
[1993 Q25]
82.

If the demand is unitarily elastic along the above curve DD, then area 1 ___________ area 2.

A. is equal to
B. is greater than
C. is smaller than
D. may be greater or smaller than

[1993 Q28]
83. In a period of rainy weather, the price of umbrellas increased by 10% while the quantity transacted increased
by 15%.

What is the price elasticity of demand/supply of umbrellas in the above situation?

A. The demand is elastic.

B. The demand is inelastic.
C. The supply is elastic.
D. The supply is inelastic.

[1994 Q10]
84. The following diagram shows the supply of and the demand for the tickets of a concert.

If the tickets are sold at P2 instead of P1,

(1) a black market may occur.
(2) the sales revenue will be smaller.
(3) the quantity transacted will be greater.
(4) the sales revenue may increase or decrease, depending on the price elasticity of demand.

A. (1) and (2) only

B. (1) and (4) only
C. (2) and (3) only
D. (3) and (4) only

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HKDSE Economics Past Paper Topic 3 MC
[1994 Q16]
85. Capital differs from land in that, for example,

A. capital is produced from scarce resources but land is not.

B. capital has a smaller supply elasticity.
C. the demand for capital is a derived demand but that of land is not.
D. Capital generates a higher return to its owners.

[1995 Q7]
86.

The demand for good X is

A. elastic.
B. unitary elastic.
C. perfectly elastic.
D. inelastic.

[1996 Q10]
87. Research shows that change in bus fares will not affect the number of passengers who travel before 9 a.m. but
will affect the number of passengers who travel after 9 a.m. which changes by a greater percentage than the
percentage change in bus fares. In order to obtain the largest revenue, the bus company should

A. increase the fares before and after 9 a.m.

B. not change the fares before 9 a.m. but reduce the fares after 9 a.m.
C. increase the fares before 9a.m. but reduce the fares after 9 a.m.
D. not change the fares before 9 a.m. but increase the fares after 9 a.m.

[1996 Q25]
88. Newspapers in Hong Kong competed among themselves by cutting prices in 1995. This implies that

A. the total revenue of a newspaper will increase if its demand is inelastic.

B. the profit of a newspaper will increase if its demand is elastic.
C. total revenue in the magazine industry will increase because newspapers and magazines are in
competitive demand.
D. the market structure of newspapers is not perfect competition.

[1997 Q8]
89. If there is a poor harvest of rice in Thailand, the total expenditure on Thai rice in Hong Kong

A. would increase because of a price rise.

B. would decrease because of the availability of substitutes.
C. would be more or less the same because of the availability of substitutes.
D. may increase or decrease, depending on the price elasticity of demand of Thai rice.

P. 24 of 52
HKDSE Economics Past Paper Topic 3 MC
[1997 Q9]
90. The price elasticity of demand for the Hung Hom Cross-Harbour Tunnel service would decrease if

A. the tunnel fee is raised from $10 to $30.

B. the Western Harbour Crossing is open.
C. the Eastern Harbour Crossing is closed for maintenance work.
D. a new hydrofoil service is provided between Tsuen Wan and Wan Chai.

[1997 Q10]
91. Suppose the MTR fares on short-distance journeys (X) and cross-harbour journeys (Y) are raised by 6.9% and
13.6% respectively. If the quantity demanded for X and Y falls by 8% and 3.5% respectively, which of the
following is correct?

A. Both the demand for X and Y are elastic.

B. Both the demand for X and Y are inelastic.
C. The demand for X is less elastic than the demand for Y.
D. The demand for X is more elastic than the demand for Y.

[1998 Q5]
92.

In the above diagram, if the demand is unitarily elastic, Q2 will be

A. 60
B. 75
C. 80
D. 100

[1998 Q6]
93. Suppose the unit price of good X increases from $2 to $2.8 and its quantity demanded changes by 20%. Which
of the following statements is correct?

A. The increase in price leads to a more than proportionate decrease in the quantity demanded of good X.
B. The increase in price leads to an increase in the total revenue of good X.
C. The elasticity of demand for good X is 0.4.
D. The change in the quantity demanded is less than the change in the price of good X.

[1998 Q7]
94. When the supply of a commodity increases, its price may rise if

A. the demand for it is perfectly inelastic.

B. the demand for it is perfectly elastic.
C. the price of its complement decreases.
D. the price of its substitute decreases.

P. 25 of 52
HKDSE Economics Past Paper Topic 3 MC
[2000 Q3]
95.

In the above diagram, when the price P1 increases to P2,

A. the excess demand will disappear.

B. the quantity transacted will decrease.
C. the total revenue will necessarily increase.
D. the total revenue will increase only if the demand is inelastic.

[2000 Q5]
96. It became more difficult to find a metered car parking space by the roadside after the fee for a parking space
was reduced from $4 to $2 for every 15 minutes. It was also reported that the fee in a car park remained at $15
per hour.

Which of the following about the effect on metered car parking by the roadside is correct?

A. It can be explained by the law of demand.

B. It is an increase in demand.
C. The equilibrium quantity decreases.
D. The demand is elastic.

[2000 Q10]
97. The demand elasticity of good X is 1.2. After a decrease in supply, the equilibrium quantity drops by 30%. The
equilibrium price would ____________ by ____________.

A. increase … 25%
B. decrease … 25%
C. increase … 36%
D. decrease … 36%

[2001 Q6]
98. ‘I love taking photos very much. Even though the price of film has increased by 30%, my spending on it will
still be the same.’ Mary said. Mary’s demand for film is
A. perfectly inelastic.
B. inelastic.
C. elastic.
D. unitarily elastic.

[2002 Q8]
99. After a good harvest, the price of choi-sum has changed by 50% and the quantity transacted has changed by
40%. Which of the following statements is/are correct?
(1) The quantity demanded of choi-sum has increased.
(2) The demand for choi-sum has increased.
(3) The total revenue from selling choi-sum has increased.

A. (1) only
B. (1) and (2) only
C. (2) and (3) only
D. (1), (2) and (3)

P. 26 of 52
HKDSE Economics Past Paper Topic 3 MC
[2003 Q5]
100. Which of the following would increase the elasticity of demand of the transport service of the Mass Transit
Railway (MTR)?

A. the cutting of bus lines running routes similar to those of the MTR
B. a decrease in MTR passenger fares
C. the opening of new lines of the Kowloon-Canton Railway running routes similar to those of the MTR
D. a decrease in the operating costs of the MTR

[2003 Q7]
101. Refer to the following straight line demand curve DD.

Point A is the mid-point of the demand curve DD. If the unit price increases from $8 to P, the total revenue

A. will be greater than $80.

B. will be equal to $80.
C. will be smaller than $80.
D. may be greater or smaller than $80.

[2003 Q9]
102. The government has imposed a fee for using the emergency services provided by public hospitals. As a result,
patients’ total expenditure on private medical services

A. will decrease.
B. will increase
C. will remain unchanged.
D. may increase or decrease.

[2003 Q13]
103. A market researcher reports to the manager of the company, “Even if we cut prices to boost sales, the sales
revenue will remain unchanged because of the elasticity of demand of our product.”

According to the market researcher, their product’s elasticity of demand is

A. perfectly inelastic.
B. inelastic.
C. elastic.
D. unitarily elastic.

P. 27 of 52
HKDSE Economics Past Paper Topic 3 MC
[2004 Q9]
104.

In the above diagram, DD is a demand curve. In the price range P1 to P2, the elasticity of demand

A. is less than 1.
B. is equal to 1.
C. is greater than 1.
D. may be less tan or greater than 1, depending on the exact vales of P1, P2, Q1 and Q2.

[2005 Q12]
105. The table below shows the relationship between the price of Good X and its total sales revenue.
Price ($) 1 2 3
Total sales revenue ($) 100 200 300

Within the above price range, the elasticity of demand of Good X is

A. equal to zero.
B. greater than zero and smaller than one.
C. equal to one.
D. greater than one.

[2006 Q9]
106. Fearing an outbreak of bird flu, people tend to consume less live poultry but more canned good. As a result, the
price of the canned food of a particular brand changed by 50% and its quantity transacted rose from 1000 cans
to 1350 cans per month.

We can conclude that within the above price range this canned food had

A. an elastic demand.
B. an inelastic demand.
C. an elastics supply.
D. an inelastic supply.

[2007 Q9]
107. The table below shows the relationship between the price of Good X and its sales revenue.
Price ($) 10 20 30
Sales revenue ($) 1000 1500 2000

Within the above price range, the elasticity of demand for Good X is

A. equal to zero.
B. greater than zero and smaller than one.
C. equal to one.
D. greater than one.
P. 28 of 52
HKDSE Economics Past Paper Topic 3 MC
[2008 Q6]
108. Recently the stock market in Shanghai has become overheated. Compared with last year, the selling price of a
financial magazine has increased from RMB¥5 to RMB¥8 while its sales volume has increased by 10%.
In the above case,

A. the law of demand is violated.

B. the demand curve of the magazine can still be downward sloping.
C. the demand for the magazine is inelastic.
D. the supply of the magazine is elastic.

[2009 Q9]
109. Mr Chan travels frequently between Hong Kong and Beijing on business trips. Last year, even though the price
of air-tickets increased by 50%, Mr Chan’s total expenditure on these air-tickets remained unchanged. If Mr
Chan’s demand for these air-tickets last year remained the same as the previous year, his demand for these
air-tickets last year would have been

A. perfectly inelastic.
B. inelastic.
C. unitarily elastic.
D. elastic.

[2009 Q10]
110. Suppose with the more popular use of iPods (portable media players), the price of the traditional MP3 players
has fallen by 40% and the quantity sold has changed by 50%. This would indicate that within the price range,
there was an ____________ for the traditional MP3 player.

A. elastic demand
B. inelastic demand
C. elastic supply
D. inelastic supply

[2010 Q9]
111. The demand elasticity of Good X is equal to one. Which of the following is a correct description of Good X?

A. An increase in its price will not affect the quantity transacted.

B. An increase in the price of its substitute will not affect the quantity demanded.
C. The imposition of a per unit sales tax on it will not affect consumer expenditure on it.
D. A per unit subsidy offered by the government will not affect the total revenue (including the subsidy) of
the sellers.

[2010 Q10]
112. Suppose an increase in the demand for Good Y results in a 10% and 5% change in its price and quantity
transacted respectively. Which of the following could explain the extent of the change in the price and the
quantity transacted?

A. The good is a habit-forming good.

B. There are no close substitutes for the good.
C. Firms producing the good have excess capacity in production.
D. Firms producing the good have used factor inputs which are more specialized.

[2011 Q9]
113. The government has imposed an environmental levy on plastic shopping bags but not on non-woven reusable
bags. Suppose there was also an increase in the number of producers of non-woven reusable bags. As a result,
the total sales revenue of non-reusable bags .

A. would increase
B. would decrease
C. would remain unchanged
D. might increase, remain unchanged or decrease

P. 29 of 52
HKDSE Economics Past Paper Topic 3 MC
[2011 Q10]
114. A seller found that when he raised the price of good X from $10 to $12, the daily total sales revenue of good
X increased from $1 000 to $1 200. Based on the above information, within the above price range, the
elasticity of demand of Good X is .

A. zero
B. greater than zero but smaller than one
C. equal to one
D. greater than one

[2011 Q11]
115. During the last Easter holiday, the unstable political situation in Thailand caused the price of air tickets to
Thailand to fall by 50% and the quantity sold to change by 70%. This suggests that during that period of time
and within that price range, there was an for/of air tickets to Thailand.

A. elastic demand
B. inelastic demand
C. elastic supply
D. inelastic supply

[AL1992 Q11]
116. Good X and Good Y are complements. At their prevailing prices, both of them have a price elasticity of
demand greater than one. An increase in the price of Good X, ceteris paribus, will lead to a ________ in the
total revenue of X and a _________ in the total revenue of Y.

A. fall, fall
B. rise, rise
C. rise, fall
D. fall, rise

[AL1993 Q16]
117. If a consumer sets aside $100 per month for going to movies and never spends a dollar more or a dollar less
on movies, then his demand for movies is

A. elastic.
B. inelastic.
C. unitarily elastic.
D. None of the above.

[AL2000 Q1]
118. Which of the following statements is a normative statement?

A. If price falls, the quantity transacted will fall.

B. If price falls, the quantity transacted will increase.
C. If income increases, the quantity transacted will increase.
D. If the price elasticity of demand for a good is unitary, the percentage change in price will be the same as
the percentage change in the quantity demanded.

[AL2004 Q17]
119. In some Chinese cities, metered taxi fares are increased by about 30 per cent after 11:00 p.m. when taxi
customer decline in number. This is because

A. The market demand for taxi service increase after 11:00 p.m.
B. The market demand for taxi service decrease after 11:00 p.m.
C. Most restaurants close around 11:00 p.m. and the government wants to discourage entertainment late at
night
D. The price elasticity of the market demand for taxi services decrease after 11:00 p.m.

P. 30 of 52
HKDSE Economics Past Paper Topic 3 MC
[AL2005 Q7]
120. If the price elasticity of demand is greater than one, it means

A. When demand increase total revenue increases.

B. When demand increase the price goes up.
C. When the price goes down total revenue decreases
D. When the price goes up total revenue decreases.

[AL2007 Q4]
121. Which of the following is a normative statement?

A. The demand for water is less elastic than the demand for beef.
B. The more substitutes that are available, the higher the price elasticity.
C. A consumer’s total expenditure remains constant over time.
D. He is said to be selfish because he is assumed to be selfish.

[AL2012 Q2]
122. Which of the following is a positive statement?

A. When the demand for chocolates is unitarily elastic at any price, consumers' total expenditure on
chocolates is constant regardless of price changes.
B. An increase in the number of university graduates will drive up the market wage rate.
C. Visitors should not litter in public areas.
D. None of the above.

IV. Price ceiling and Price floor

[1993 Q27]
123. Filipino maids working as domestic helpers in Hong Kong receive a minimum wage. They usually have to
wait for a long time before obtaining employment in Hong Kong. They would have a shorter waiting time and
more employment opportunities in Hong Kong if

A. their minimum wage was raised.

B. the minimum wage legislation was removed.
C. the Philippines was more politically unstable.
D. a surcharge was imposed on the Hong Kong employers.

P. 31 of 52
HKDSE Economics Past Paper Topic 3 MC
[1995 Q12]
124.

In the above figure, the market price of good X is fixed by the government at P’. If the demand increases from
D to D’,
(1) the excess demand will be greater.
(2) the quantity transacted will not change.
(3) the sales revenue will increase when the demand is elastic.

A. (1) and (2) only

B. (1) and (3) only
C. (2) and (3) only
D. (1), (2) and (3)

[1996 Q8]
125. Shortage occurs when

A. a price floor below the equilibrium price is imposed.

B. an effective price ceiling is imposed.
C. the supply is reduced.
D. the demand increases sharply.

[1996 Q9]
126. Suppose initially the price of a certain good is fixed below the market equilibrium. Relaxing the price control
will lead to
(1) an increase in revenue.
(2) a decrease in demand.
(3) an increase in revenue only if the demand for this good is inelastic.
(4) an increase in the quantity supplied.

A. (1) and (2) only

B. (1) and (4) only
C. (2) and (3) only
D. (3) and (4) only

[1998 Q4]
127. If a price floor is set below the equilibrium price of good X,

A. a shortage of good X will occur.

B. the quantity transacted will decrease.
C. the total revenue may increase or decrease, depending on the elasticity of demand for good X.
D. the total revenue will remain unchanged.

P. 32 of 52
HKDSE Economics Past Paper Topic 3 MC
[1999 Q6]
128.
Unit Price ($) Quantity Demanded (Units) Quantity Supplied (Units)
7 8 20
6 12 18
5 16 16
4 20 14
3 24 12
Refer to the above supply and demand schedule for good X. The government sets its minimum price at $4 per
unit. What would happen if the government raised the minimum price to $6 per unit?

A. The shortage of good X would disappear.

B. The quantity transacted would increase.
C. Consumer expenditure on good X would decrease.
D. The surplus of good X would decrease.

[2002 Q6]
129. The following table shows the supply of and demand for Good X.
Unit price ($) Quantity demanded (units) Quantity supplied (units)
2 20 4
4 16 8
6 12 12
8 8 16
10 4 20
If the government raises the price ceiling from $4 per unit to $8 per unit, the quantity transacted will
A. increase by 4 units.
B. increase by 8 units.
C. decrease by 8 units.
D. decrease by 4 units.

[2004 Q12]
130.

Refer to the above diagram. Which of the following statements is correct?

A. If a price ceiling is set at P1, the quantity transacted is Q3.

B. If a price floor is set at P1, the quantity transacted is Q2.
C. If a price floor is set at P3, the quantity transacted is Q2.
D. If a price ceiling is set at P3, the quantity transacted is Q3.

[2007 Q7]
131. An imposition of a minimum wage legislation would increase

A. the employment opportunities of unskilled workers.

B. the total wage payment to unskilled workers.
C. the unemployment of unskilled workers.
D. the inflow of foreign investment.

P. 33 of 52
HKDSE Economics Past Paper Topic 3 MC
[2008 Q11]
132. The following table shows the demand and supply schedules of rice :
Unit price ($) Quantity demanded (units) Quantity supplied (units)
5 10 25
4 12 20
3 15 15
2 20 10
1 27 5
If the controlled price is raised from $2 to $4 per unit, sellers’ total revenue will increase from ______ to
______.
A. $20 … $45
B. $20 … $48
C. $40 … $48
D. $45 … $48

[2008 Q12]
133. If the government raises the effective minimum wage of imported workers,

A. the employment of imported workers will increase.

B. the problem of shortage of imported workers will become more serious.
C. the unemployment rate of local workers will increase.
D. the total wage earnings of local workers will increase.

[2009 Q8]
134. Suppose the government imposed an effective price ceiling on good X. If the government raises the effective
price ceiling, the total consumer expenditure on good X

A. would increase.
B. would decrease.
C. would remain unchanged.
D. may increase, decrease or remain unchanged depending on the elasticity of demand.

[2009 Q11]
135. The government is planning to introduce legislation on a minimum wage across industries. A result of
imposing an effective minimum wage is that

A. the average wage earnings of employed low-income workers must increase.

B. the total wage earnings of employed low-income workers must increase.
C. the demand for low-income workers must decrease.
D. the supply of low-income workers must increase.

[2010 Q14]
136. The diagram below shows the market of Good Z.

If the government imposes a maximum price control on Good Z at $Pc per unit, there would be

A. an excess demand for Good Z.

B. an excess supply of Good Z.
C. no change in consumers’ total expenditure on Good Z.
D. an increase in consumers’ total expenditure on Good Z.
P. 34 of 52
HKDSE Economics Past Paper Topic 3 MC
[2011 Q8]
137. Shortage occurs when a is set the equilibrium price.

A. price ceiling … above

B. price ceiling … below
C. price floor … above
D. price floor … below

V. Quota
[1994 Q12]
138. If the government imposes an effective quota on good Y, the market price of Y will __________ and its
quantity transacted will ___________.

A. increase; increase
B. increase; decrease
C. decrease; increase
D. decrease; decrease

[1994 Q13]
139. Refer to the above Question. The consumers’ total expenditure on good Y will

A. decrease.
B. increase.
C. remain unchanged.
D. increase or decrease, depending on the price elasticity of demand for good Y.

[1999 Q7]
140. The abolition of an effective quota on an imported good will result in
(1) a fall in its price.
(2) an increase in its import volume.
(3) an increase in its total sales volume.
(4) an improvement in its quality.

A. (1) and (2) only

B. (1) and (3) only
C. (1), (3) and (4) only
D. (2), (3) and (4) only

P. 35 of 52
HKDSE Economics Past Paper Topic 3 MC
[1999 Q45]
141. According to a news report, the use of U.S. import quota for Hong Kong garments has decreased because of
keen competition from other Asian countries. This has led to some of the quota remaining unused for the first
time.

Which of the following diagrams correctly shows the situation of Hong Kong’s garment exports in the U.S.
market as described above?

[2000 Q49]
142. Suppose the US government decreases the quota for HK garments exported to the USA. This will lead to

A. a shortage of HK garments in the USA.

B. an increase in the income of garment producers in the USA.
C. a surplus in the balance of trade in the USA.
D. a decrease in the expenditure of US consumers on HK garments.

[2005 Q48]
143. If the US government cancels the effective import quota restrictions on the textile products from Hong Kong,
then the US import price of Hong Kong textile products will ____________ and US import spending on Hong
Kong textile products will ____________.

A. rise … increase
B. rise … be indeterminate
C. fall … increase
D. fall … be indeterminate

P. 36 of 52
HKDSE Economics Past Paper Topic 3 MC
[2006 Q10]
144. In Country A, there is a quota restriction on an imported good. When the import quota quantity is Q1, the
market price of the good is P1.
Now suppose Country A increases the quota quantity from Q1 to Q3 as shown in the diagram below. As a result,
the new hotel total sales revenue would be

A. P1 x Q1
B. P2 x Q2
C. P1 x Q3
D. P3 x Q3

[2007 Q8]
145. China abolished the car import quota system in 2005. As a result, ____________ in China will increase.

A. the price of cars

B. the sales volume of cars
C. the income of workers in the car manufacturing industry
D. the revenue from car sales

[2008 Q9]
146. Country A reduces the quantity of an effective quota on clothing imported from Country B. At the same time,
imported clothing from other countries to Country A has become cheaper.

Which of the following graphs can illustrate the changes in Country A’s market of clothing imported from
Country B ? E1 is the original equilibrium point and E2 is the new equilibrium point.

P. 37 of 52
HKDSE Economics Past Paper Topic 3 MC
[2009 Q12]
147. Last year, the government reduced the import quota of fresh chicken into Hong Kong. On the other hand,
many Hong Kong citizens have changed their habit of consuming fresh chicken to consuming chilled chicken.
Which of the following diagrams illustrates this phenomenon?

[2010 Q13]
148. If the Hong Kong government abolishes the import quota on live chickens from mainland China,

A. the price of live chickens in Hong Kong will increase.

B. the total sales revenue form live chickens in Hong Kong may increase.
C. the sales volume of chilled chickens in Hong Kong will increase.
D. the total expenditure on chilled chickens in Hong Kong may increase.

VI. Tax and Subsidy

[1993 Q29]
149. A tax is imposed on a commodity. The tax burden on the consumers is relatively smaller if the commodity has
an ___________ demand and an ___________ supply.

A. elastic; elastic
B. elastic; inelastic
C. inelastic; elastic
D. inelastic; inelastic

P. 38 of 52
HKDSE Economics Past Paper Topic 3 MC
[1994 Q8 & 9]
For the following two Questions, consider the following supply and demand schedule of wine in a certain country:
Price ($) Quantity demanded (Units) Quantity supplied (Units)
30 90 60
32 80 65
34 70 70
36 60 75
38 50 80
40 40 85
Suppose initially the wine market is in equilibrium.

150. If the government imposes a tax of $6 for each unit of wine sold, the new equilibrium price will be
A. $32
B. $36
C. $38
D. $40

151. Government revenue from the above tax will be ________.

A. $240
B. $300
C. $360
D. $420

[1994 Q11]
152. The demand for good X is perfectly inelastic. If the government offers a subsidy at $4 for each unit of X
produced, the equilibrium price of X will
A. remain unchanged.
B. decrease by $4.
C. decrease by less than $4.
D. decrease by more than $4.

[1995 Q10]
153.

The above diagram shows the supply and demand for good X. If the government offers a subsidy of $2 for each
unit of output, the market price will
A. decrease to $3
B. decrease to $4
C. increase to $6
D. increase to $7

P. 39 of 52
HKDSE Economics Past Paper Topic 3 MC
[1995 Q11]
154. Suppose the government imposes a per unit sales tax of $5 good X. Under what condition will the price
increase by $5?

A. The supply of X is unitary elastic.

B. The supply of X is perfectly inelastic.
C. The demand for X is perfectly inelastic.
D. The demand for X is unitary elastic.

[1996 Q7]
155.
Price ($) Quantity demanded (units) Quantity supplied (units)
6 60 40
8 55 45
10 50 50
12 45 55
14 40 60

Refer to the above information about a good. What will be the consumer tax burden if a per-unit tax of $4 is
imposed?
A. $90.
B. $100.
C. $110.
D. $180.

[1996 Q11]
156. The diagram below shows that the unit price of a commodity falls from $10 to $8 when the government
provides a per-unit subsidy of $5 to its suppliers.

What is the total amount of suppliers’ benefit from the government subsidy?

A. $80
B. $120
C. $150
D. $250

[1999 Q4]
157. Case I: The market price of Good X decreases by $4 per unit after the provision of a $10 per unit subsidy.
Case II: The market price of Good X decreases by $6 per unit after the provision of a $10 per unit subsidy.
We can conclude that in comparing the two cases, Good X in Case I has a ____________ or a ____________
supply.
A. less elastic … less elastic
B. more elastic … more elastic
C. less elastic … more elastic
D. more elastic … less elastic
P. 40 of 52
HKDSE Economics Past Paper Topic 3 MC
[1999 Q8 & 9]
Refer to the following supply and demand schedule for good Y and answer the following 2 questions.
Unit price ($) 12 11 10 9 8 7
Quantity demanded (Units) 40 60 80 100 120 140
Quantity supplied (Units) 280 240 200 160 120 80

158. If the government imposed a $3 per unit tax on Y, what would the new total sales revenue be?
A. $360
B. $800
C. $960
D. $1 320

159. The ratio of the buyers’ tax burden to the sellers’ tax burden is
A. 1 : 1
B. 2 : 1
C. 1 : 2
D. 3 : 0

[1999 Q49]
160. Consider the trade between two countries, A and B. If Country A increases the per unit tariff imposed on the
imports from Country B, then

A. the import value of Country A will increase because its import prices increase.
B. the import prices of Country A will decrease because its imports decrease in quantity.
C. the tariff revenue of Country A will increase because the above tariff is increased.
D. the export value of Country B will decrease because its exports decrease in quantity.

[2000 Q8]
161. Refer to the following demand and supply schedules of a good.
Price per unit ($) 25 30 35 40 45
Quantity demanded (units) 120 100 80 75 60
Quantity supplied (units) 60 75 80 100 120

According to the above information, we can conclude that

A. the total revenue would be $3 000 when the price is $30 per unit.
B. a unit subsidy of $10 on production would cause the equilibrium price to drop by $5.
C. a higher salaries tax would raise the market price to a price greater than $35.
D. the seller could set the price at $40 to gain the highest profit.

[2000 Q11]
162. Suppose the government imposes a unit subsidy on good Y causing a shift of its supply curve from S1 to S2.

The amount of subsidy benefit enjoyed by the sellers of good Y is

A. (P2 – P1) x Q1
B. (P3 – P1) x Q1
C. (P3 – P2) x Q2
D. (P4 – P3) x Q2
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HKDSE Economics Past Paper Topic 3 MC
[2001 Q7]
163.

The above diagram shows the increase in supply of a good from S1 to S2 as a result of the provision of a per
unit subsidy for the good by the government.

Suppliers’ new total revenue excluding the subsidy ____________ their old total revenue before the provision
of the subsidy.

A. is smaller than
B. is equal to
C. is larger than
D. may be larger or smaller than

[2001 Q8]
164. Suppose a per unit sales tax is imposed on good X. The sellers would bear a relatively smaller proportion of
the tax burden if the demand for the good is ____________ and the supply is ____________.

A. elastic … elastic
B. elastic … inelastic
C. inelastic … elastic
D. inelastic … inelastic

[2002 Q11]
165. Suppose the government imposes a unit sales tax on a good. The producers’ revenue after deduction of the
sales tax will remain unchanged if

A. the demand for the good is perfectly elastic.

B. the demand for the good is perfectly inelastic.
C. the supply of the good is perfectly elastic.
D. the supply of the good is perfectly inelastic.

[2002 Q46]
166. Now that China has become a member of the World Trade Organization (WTO), the Chinese government will
have to lower the per unit tax on imports. As a result, China

A. the tariff revenue of the government will decrease but the import volume will increase
B. the supply of imports will increase but the domestic price of imports will fall
C. the supply of imports will increase but the import value will decrease
D. Both the demand for imports and the import volume will increase.

[2003 Q6]
167. If a country reduces a per-unit tariff on its imported garments,

A. the domestic demand for imported garments would increase.

B. local consumers’ expenditure on imported garments would increase.
C. the sales revenue of domestic garment producers would decrease.
D. the tariff revenue of the country coming from imported garments would decrease.

P. 42 of 52
HKDSE Economics Past Paper Topic 3 MC
[2003 Q11 & 12]
Answer the following 2 Questions by referring to the following market demand schedule of a good.
Price ($) 11 12 13 14
Quantity demanded (unit) 160 140 120 100

Suppose the government imposes a unit sales tax of $3 on the good. As a result, the equilibrium price of the good
increases from $12 per unit to $13 per unit.

168. Which of the following descriptions is correct?

A. The consumers bear a large tax burden than the producers.

B. The elasticity of demand of the good is greater than 1.
C. The total tax burden is $120.
D. The total sales revenue (including tax) has increased.

169. If the equilibrium price of the good falls back to $12 per unit due to a decrease in production cost,

A. the producers will bear all the tax burden.

B. the total tax burden will be $360.
C. there will be excess demand.
D. the total sales revenue net of tax will be $1 260.

[2004 Q10]
170. Suppose the government imposes a per-unit sales tax on good X of which the supply is perfectly inelastic.
Only ____________ will bear the tax burden, and the quantity transacted will ____________.

A. sellers … remain unchanged

B. sellers … decrease
C. buyers … remain unchanged
D. buyers … decrease

[2004 Q11]
171. The following table shows the market demand and supply of a good.
Unit price ($) Market quantity demanded (Units) Market quantity supplied (Units)
10 70 130
9 90 120
8 110 110
7 130 100
6 150 90
5 170 80

If the government provides a per unit subsidy of $3 to the suppliers,

A. the new equilibrium price is $5 per unit.

B. the total amount of subsidy provided is $390.
C. the subsidy benefit of enjoyed by the consumers is greater than that of the suppliers.
D. the total expenditure of consumers will decrease.

[2005 Q9]
172. Under the Closer Economic Partnership Arrangement (CEPA), some of Hong kong made goods exported to the
Chinese mainland will enjoy zero tariffs. As a result, in the mainland,

A. the price of these goods will rise.

B. the price of these goods will fall.
C. the total expenditure on these goods will rise.
D. the total expenditure on these goods will fall.

P. 43 of 52
HKDSE Economics Past Paper Topic 3 MC
[2005 Q10 & 11]
Study the following table and answer the following 2 Questions.
Good X (unit price) Quantity demanded in the market Quantity supplied in the market
(unit) (unit)
$6 60 40
$9 55 45
$12 50 50
$15 45 55
$18 40 60

173. If the government fixed the production quota of Food X at 45 units, the market price of Good X will be
A. $9
B. $12
C. $15
D. $18

174. If the government uses a unit tax instead to fix the output of Good X at 45 units, the unit tax imposed on Good
X will be
A. $3
B. $6
C. $9
D. $12

[2006 Q11 & 12]

Answer the following 2 questions by referring to the following information:

The graph below shows the market situation of Good A when a per-unit sales tax of $30 is charged on it.

175. Suppose the above per-unit sales tax is abolished. The new market price would be
A. $100
B. $120
C. $140
D. $160

176. Within the range of the original and new market prices, the elasticity of demand of Good A is

A. smaller than its elasticity of supply.

B. equal to its elasticity of supply.
C. greater than its elasticity of supply.
D. unity.
P. 44 of 52
HKDSE Economics Past Paper Topic 3 MC
[2007 Q6]
177. Refer to the following demand and supply schedules of a good.
Price Per unit $20 $25 $30 $35 $40
Quantity demanded (units) 120 100 80 75 60
Quantity supplied (units) 80 80 80 80 80

If the government imposes a per unit tax of $5 on the good, the new equilibrium price inclusive of tax will be
___________.

A. 25
B. 30
C. 35
D. 40

[2007 Q11]
178. The imposition of a per unit sales tax on a good will reduce its equilibrium quantity if

A. the demand is inelastic.

B. the demand is elastic.
C. the demand is unitarily elastic.
D. all of the above are correct.

[2007 Q47]
179. In Mainland China, the import of cotton is subject to a per unit tariff. If the government of China reduced the
per unit import tariff of cotton,

A. the shortage of cotton would increase.

B. the total import value of cotton, exclusive of tariff, would increase.
C. the volume of imports of cotton would decrease.
D. the tariff revenue would decrease.

[2008 Q7]
180. The following table shows the supply of and the demand for Good X.
Unit price ($) Quantity demanded (units) Quantity supplied (units)
5 10 50
4 20 40
3 30 30
2 40 20
1 50 10
If the government imposes a $2 per unit sales tax on Good X, the new equilibrium price will be ______.
A. $2
B. $3
C. $4
D. $5

[2008 Q8]
181. Suppose the per unit sales tax on red wine is reduced. The sellers will enjoy a smaller proportion of a reduction
in tax burden than the buyers if the demand for red wine is _______ and the supply is _______.

A. elastic … elastic
B. elastic … inelastic
C. inelastic … elastic
D. inelastic … inelastic

P. 45 of 52
HKDSE Economics Past Paper Topic 3 MC
[2009 Q13]
182. The following table shows the supply of and demand for Good X.
Unit price ($) Quantity demanded (units) Quantity supplied (units)
6 10 60
5 20 50
4 25 40
3 30 30
2 50 20
1 60 10

If the government imposes a $3 per unit tax on Good X, the tax burden for consumers would be ____________.

A. $20
B. $40
C. $60
D. $100

[2010 Q11 & 12]

The following table shows the market of Good M.
Unit price Quantity demanded (units) Quantity supplied (units)
$2 1 200 400
$4 1 000 600
$6 800 800
$8 600 1 000
$10 400 1 200

Suppose the government imposes a per unit sales tax of $4 on Good M. Find the correct answers for questions 11
and 12.

183. The new market price is ____________.

A. $4
B. $6
C. $8
D. $10

184. The total tax burden on producers is ____________.

A. $1 200
B. $1 600
C. $2 400
D. $3 200

P. 46 of 52
HKDSE Economics Past Paper Topic 3 MC
[2011 Q12]
185.

The above diagram shows the supply and demand curves of good X. If the government imposes a per unit tax
of $2 on the good, the total expenditure of consumers on good X will be .

A. $80
B. $120
C. $200
D. $240

[2011 Q13]
186. Refer to the following demand and supply schedules of Good X.

Unit price ($) 100 90 80 70 60 50

Quantity demanded (Units) 80 100 120 140 160 180
Quantity supplied (Units) 200 160 120 80 60 40

If the government fixes the production quota of Good X at 80 units, the total expenditure of consumers on the
good will be .

A. $5 600
B. $6 400
C. $8 000
D. $9 600

P. 47 of 52
HKDSE Economics Past Paper Topic 3 MC
[AL1992 Q14]
187. Suppose the Environmental Protection Department requires industries to install costly anti-pollution
equipment. Under which of the following situations would you expect the additional costs to be borne
mainly by producers?

A. Demand is inelastic and supply is elastic.

B. Demand is elastic and supply is inelastic.
C. Demand and supply are both inelastic.
D. Demand and supply are both elastic.

[AL1996 Q18]
188. For an unit tax, the tax incidence of consumers is greater than that of sellers if

A. demand is elastic and supply is elastic.

B. demand is inelastic and supply is inelastic.
C. demand is elastic but supply is inelastic.
D. demand is inelastic but supply is elastic.

[AL1998 Q8]
189. Suppose the market price of a commodity increases by $3 per unit after the imposition of a $5 per unit sales
tax. This indicates that

A. its elasticity of demand is lower than its elasticity of supply.

B. its elasticity of demand is higher than its elasticity of supply.
C. its demand is inelastic.
D. its supply is inelastic.

[AL2002 Q20]
190. If a sales tax of 8% is introduced in Hong Kong

A. The rent of shops in Hong Kong will rise

B. The rent of shops in Shenzhen will fall.
C. Many shops in Hong Kong will close down
D. The tax revenue of the Hong Kong government must rise.

VII. Application of the Law of Demand

[AL1992 Q8]
191. According to the law of demand, if taxi drivers impose a $5 additional charge per trip regardless of
distance,

A. the number of short distance trips will have a larger percentage fall than long distance trips.
B. the number of short distance trips will have a smaller percentage fall than long distance trips.
C. the number of short and long distance trips will both fall by the same percentage.
D. the ratio of short to long distance trips will not change.

[AL1994 Q7]
192. Country A imports two brands of garments, X and Y, from Country B. Brand X is of better quality and is
higher priced. Now, a tariff rate of 10% is imposed on both X and Y. If there is no other source of supply of
garments, we predict that

A. the proportion of X in the total garments imported decreases.

B. the proportion of X in the total garments imported increases.
C. the proportion of X in the total garments imported remains unchanged.
D. the total amount of garments imported remains unchanged.

P. 48 of 52
HKDSE Economics Past Paper Topic 3 MC
[AL1997 Q8]
193. A per unit tax imposed on cigarettes will tend to generate which of the following effects?

A. The quality of cigarettes will improve.

B. The length of cigarettes will increase.
C. Cigarettes will be sold by piece, not by package.
D. Both A and B.

[AL2000 Q8]
194. Which of the following statement may be consistent with a downward sloping demand curve ?

A. Price and quantity transacted are observed to increase together.

B. Price rises and quantity transacted falls
C. A student is not willing to give up anything for an additional distinction in one other subject
D. All of the above.

[AL2000 Q22]
195. If a uniform per-unit tax on wine is removed, then
A. The price of high-quality wine will decrease.
B. The price of low-quality wine will decrease.
C. The relative price of high-quality wine will increase.
D. All of the above.

[AL2000 Q30]
196. A telephone company raises the monthly charge from $68.5 to $90. Which of the following is true for a
household that continues to use the telephone service of this company.

A. The average time of telephone calls the household makes will increase.
B. The household will make telephone calls
C. All of the household’s consumer surplus will be fully extracted
D. The household’s total use value of using the telephone service is at least $90 per month.

[AL2001 Q8]
197. If the government charges the same lump-sum sales tax to each and every customer going to eat in
restaurants,

A. The price of food in restaurants will be reduced.

B. A customer will eat less each time he goes to a restaurant and he will go less often.
C. A customer will go to restaurant less often, but he will go to the higher-class restaurants.
D. None of the above.

[AL2001 Q20]
198. A unit sales tax imposed on cigarettes implies that

A. The cigarettes produced will be longer

B. More smokers will buy cigarettes by the carton (條裝)
C. The quantity of tobacco consumed will not be affected
D. The age distribution of smokers will not be affected

[AL2002 Q15]
199. The law of demand would be rejected if

A. A larger quantity of cheap model motorbikes were sold near the place of manufacture than in a far away
market.
B. The ratio of the number of first class passengers to that of economy class passengers rose after removal
of the airport departure tax.
C. The ratio of high-quality red wine sold to low-quality red wine sold remained unchanged after
imposition of an ad valorem tax.
D. More mobile phones were sold during a promotion period when discounts were offered to customers.

P. 49 of 52
HKDSE Economics Past Paper Topic 3 MC
[AL2004 Q21]
200. There are two type of cars : luxury cars and ordinary cars. If a uniform lump-sum tax is imposed on the
purchases of a new car,

A. The proportion of luxury cars will increase.

B. The proportion of ordinary cars will increase
C. The number of luxury cars will increase
D. The number of ordinary cars will increase

[AL2006 Q8]
201. Which of the following pairs of incidents is inconsistent with the law of demand

A. Terrorist attacks in a country and a fall in the number of visitors to that country
B. Heavier penalties for speeding and a reduced number of casualties in car accidents
C. An imposition of quota on garment exports and a fall in the quality of garment exported
D. An invention of a new software program which tracks the illegal downloading of movies and an increase
in the sales revenue of movie companies

[AL2007 Q8]
202. Which of the following pairs of observations is inconsistent with the law of demand?

A. an increase in unemployment benefits and an increase in the number of unemployed people

B. a sharp rise in the prices of dinners during Christmas Eve and a decrease in the number of people eating
at home
C. an increase in the rental of parking spaces and a decrease in the average quality of vehicles
D. None of the above

[AL2008 Q9]
203. Which of the following statements is INCONSISTENT with the law of demand?

A. A restaurant charges one dollar for one cooked chicken.

B. A publisher sells some books well below the original cost of production.
C. A hotel charges lower room rates for travel agents.
D. Foreign tourists tent to stay in cheaper hotels than local tourists.

[AL2008 Q16]
204. Consider a unit tax as against an ad valorem tax imposed on cigarettes. Which of the following is correct?

A. The unit tax tends to increase the length of the cigarettes produced.
B. For the same amount of tax collected, the ad valorem tax tends to encourage more smuggling of
cigarettes.
C. The price elasticity of demand is easier to estimate with the ad valorem tax than the unit tax.
D. The price elasticity of demand is easier to estimate with the unit tax than the ad valorem tax.

[AL2009 Q11]
205. The law of demand predicts that

A. if the demand for a good is inelastic, its quantity demanded will change by a smaller amount with a
change in price.
B. the birth rate increases when the income tax exemption for children increases.
C. people tend to choose lower quality wine after abolition of the ad valorem alcohol duty.
D. the number of short distance trips will fall while the number of long distance trips will rise after a $1
additional charge per mile is imposed on taxi rides.

P. 50 of 52
HKDSE Economics Past Paper Topic 3 MC
[AL2010 Q9]
206. Which of the following statements is NOT implies by the law of demand?

A. A relaxation of a garment quota leads to a decline in garment quality.

B. A law which prohibits the advertising products leads to improvements in product quality.
C. An increase in the penalty on drunk driving leads to a reduction in the number of car accidents.
D. A natural disaster in Taiwan leads to a fall in the number of tourists visiting Taiwan.

[AL2011 Q9]
207. Which of the following is NOT implies by the law of demand?

A. Customers tend to buy more items when there is a long waiting line at the cashier in a supermarket.
B. Consumers tend to buy less lower-quality red wine after the abolition of the unit tax on red wine.
C. Developers tend to build higher-quality housing units on a piece of land with a good view.
D. Companies tend to spend more on entertaining clients when entertainment expenses are tax deductible.

[AL2012 Q8]
208. A lump-sum airport tax has been replaced by an ad valorem tax on air tickets. Which of the following will be
a result of such a change?

A. The total number of passengers may be unaffected.

B. Travellers will have a longer journey on average.
C. The airlines are indifferent as long as the tax payments under, the two schemes re the same.
D. The percentage of first-class passengers will rise.

[AL2012 Q9]
209. Which of the following statements is INCONSISTENT with the law of demand?

A. A unit tax on cigarettes tends to increase the length of the cigarettes produced.
B. A regulation requiring compulsory use of seat belts tends to decrease the number of traf accidents.
C. Luxury cars are relatively more abundant in Hong Kong than in Europe.
D. An increase in the unemployment benefit increases the unemployment rate.

[AL2013 Q26]
210. Expensive wines are more likely to be served in high-class restaurants than 'in mid-range restaurants. This is
because

A. only customers dining at high-class restaurants could afford expensive wines.

B. the wealthier the diners, the higher the demand for expensive wines will be.
C. with higher food prices in high-class restaurants, the relative price of expensive wines will be lower than
that in mid-range restaurants.
D. diners going to high-class restaurants will necessarily consume expensive wines regardless of the price.

P. 51 of 52
HKDSE Economics Past Paper Topic 3 MC
Topic 3 Topic 3 Topic 3 Topic 3
Q Yr Q Ans % Q Yr Q Ans % Q Yr Q Ans % Q Yr Q Ans %
1 1995 01 D - 61 2006 08 C 65 121 AL2007 04 D 82 181 2008 08 C 49
2 1995 08 A - 62 2007 04 C 79 122 AL2012 2 A 67 182 2009 13 B 47
3 1995 09 D - 63 2007 05 D 59 123 1993 27 B - 183 2010 11 C 69
4 1997 02 C - 64 2007 10 B 54 124 1995 12 A - 184 2010 12 A 53
5 1997 03 D - 65 2008 04 D 63 125 1996 08 B - 185 2011 12 B 58
6 1997 49 C - 66 2008 05 A 56 126 1996 09 B - 186 2011 13 C 26
7 2004 13 C 60 67 2008 10 D 56 127 1998 04 D - 187 AL1992 14 B -
8 AL1992 05 A - 68 2009 05 B 47 128 1999 06 C 31 188 AL1996 18 D -
9 AL1994 02 D - 69 2009 06 D 60 129 2002 06 A 35 189 AL1998 08 A -
10 AL2002 17 B 55 70 2009 07 A 83 130 2004 12 B 43 190 AL2002 20 C 32
11 AL2002 18 C 66 71 2010 06 B 78 131 2007 07 C 46 191 AL1992 08 A -
12 AL2004 01 C 77 72 2010 07 D 52 132 2008 11 B 52 192 AL1994 07 C -
13 AL2007 25 C 62 73 2010 08 D 78 133 2008 12 D 47 193 AL1997 08 D -
14 AL2009 01 A 49 74 2011 05 B 85 134 2009 08 A 50 194 AL2000 08 D -
15 AL2011 02 C 89 75 2011 07 A 72 135 2009 11 A 40 195 AL2000 22 D -
16 AL2013 13 A 54 76 AL1992 20 D - 136 2010 14 C 44 196 AL2000 30 D -
17 1993 18 A - 77 AL1993 18 D - 137 2011 08 B 77 197 AL2001 08 C -
18 1993 26 B - 78 AL1993 22 C - 138 1994 12 B - 198 AL2001 20 A -
19 1993 57 B - 79 AL1999 22 C - 139 1994 13 D - 199 AL2002 15 B 40
20 1994 06 C - 80 AL2005 06 C 88 140 1999 07 A - 200 AL2004 21 A 78
21 1994 07 B - 81 1993 20 D - 141 1999 45 A - 201 AL2006 08 C 74
22 1994 58 A - 82 1993 25 A - 142 2000 49 B - 202 AL2007 08 C 43
23 1995 13 A - 83 1993 28 C - 143 2005 48 D 46 203 AL2008 09 D 70
24 1996 04 D 15 84 1994 10 A - 144 2006 10 B 52 204 AL2008 16 A 80
25 1996 05 A - 85 1994 16 A - 145 2007 07 C 46 205 AL2009 11 B 54
26 1996 06 B - 86 1995 07 B - 146 2008 09 C 54 206 AL2010 09 B 64
27 1996 56 A - 87 1996 10 C - 147 2009 12 B 78 207 AL2011 09 B 62
28 1997 05 B - 88 1996 25 D - 148 2010 13 B 63 208 AL2012 8 A 55
29 1997 06 A - 89 1997 08 D - 149 1993 29 B - 209 AL2012 9 B 50
30 1997 07 B - 90 1997 09 C - 150 1994 08 B 29 210 AL2013 26 C 94
31 1998 08 C - 91 1997 10 D - 151 1994 09 C -
32 1998 09 B - 92 1998 05 C - 152 1994 11 B -
33 1998 10 D - 93 1998 06 B - 153 1995 10 B -
34 1999 05 C - 94 1998 07 C - 154 1995 11 C -
35 1999 12 C - 95 2000 03 C - 155 1996 07 A -
36 2000 09 D - 96 2000 05 A - 156 1996 11 C -
37 2000 12 D - 97 2000 10 A - 157 1999 04 D -
38 2001 03 C - 98 2001 06 D 25 158 1999 08 B -
39 2001 04 D - 99 2002 08 A 44 159 1999 09 B -
40 2001 05 A - 100 2003 05 C 51 160 1999 49 D -
41 2001 10 C - 101 2003 07 C 55 161 2000 08 B -
42 2002 07 D 82 102 2003 09 B 45 162 2000 11 D -
43 2002 09 C 72 103 2003 13 D 59 163 2001 07 A -
44 2002 10 B 34 104 2004 09 C 51 164 2001 08 C -
45 2002 50 D 51 105 2005 12 A 32 165 2002 11 B 58
46 2003 08 C 58 106 2006 09 D 14 166 2002 46 B 35
47 2003 14 C 43 107 2007 09 B 55 167 2003 06 C 19
48 2004 05 D 60 108 2008 06 B 24 168 2003 11 B 46
49 2004 06 D 31 109 2009 09 C 62 169 2003 12 D 25
50 2004 07 C 79 110 2009 10 C 26 170 2004 10 A 28
51 2004 08 B 55 111 2010 09 C 42 171 2004 11 B 34
52 2005 04 D 89 112 2010 10 D 20 172 2005 09 B 68
53 2005 05 C 84 113 2011 09 D 58 173 2005 10 C 39
54 2005 06 B 77 114 2011 10 A 30 174 2005 11 B 47
55 2005 07 D 70 115 2011 11 C 19 175 2006 11 B 39
56 2005 13 D 49 116 AL1992 11 A - 176 2006 12 C 56
57 2005 19 C 26 117 AL1993 16 C - 177 2007 06 B 44
58 2006 05 A 61 118 AL2000 01 D - 178 2007 11 D 52
59 2006 06 C 55 119 AL2004 17 D 81 179 2007 47 B 59
60 2006 07 B 45 120 AL2005 07 D 81 180 2008 07 C 63

P. 52 of 52