EAC，全称Economics Asia Convention，即亚洲经济学大会。EAC，由IE0日本组委-金融知力普及协会、IE0中国澳门组委-礼仕培育基金，及IE0中国区创始、成功举办前四届IEOC活动的ITCCC联手，联合东京大学、香港大学等权威学术单位专家共同发起，这不仅是一场专属于亚太区域的高水平经济学活动，更是向对经济学与商科满怀激情的中学生发出的荣耀召集令!

首届EAC国际站已于2024年3月在日本成功举办，来自中国香港、澳门，以及日本、阿联酋、泰国、新加坡等多个国家和地区的IEO精英代表与高中财经商界新星，齐聚东京。他们踏入具有历史意义的第18届奥运会会址-NYC国立奥林匹克纪念青少年综合中心，完成了一场为期7天的智慧碰撞与文化交融之旅。

样题共包含30道客观选择题（Multiple Choice Questions），每道题4分。

1.  Which of the following statement is correct?

A.  When comparing with taxes levied on the quantity of pollutants emitted by firms, the obvious advantages of pollution permits is that no monitoring of firm’s emission is required.

B.  When this is no externalities, a nationalized firm set output to maximise social welfare by making average revenue equals to marginal cost.

C.  An age-related pension is included in the measurement of national income.

D.  An increase in the total earnings will make it possible for the increase in real national output to increase in labor productivity.

Answer: B

A is wrong because the obvious advantages of pollution permit is that the reduction level is more predictable.

C is wrong because age-related pension is not included in the measurement of national income.

D is wrong because an increase in the total earnings will not necessarily make it possible for the increase in real national output to increase in labor productivity.

2.  In an economy, the condition of pareto efficiency is realized. What does not necessarily follow from this?

A.  The income distribution in the society is socially acceptable.

B.  The economy is operating at a point on its production possibility frontier.

C.  The conditions for allocative efficiency have been met.

D.  The conditions for productive efficiency have been met.

Answer：A

B is wrong because the condition of pareto efficiency requires the operation on PPF.

C is wrong because the condition of pareto efficiency requires the allocative efficiency.

D is wrong because the condition of pareto efficiency requires the allocative efficiency.

3.  What would be classified by economists as an increase in transfer payments?

A.  The continuous more salary paid to the social workers because of covid-19.

B.  Additional spending on public sector infrastructure

C.  Extra spending for the aged-related pension

D.  Transferring the spending from education to national defense

Answer: C

A is wrong because it is not transfer payment.

B is wrong because it is not transfer payment.

D is wrong because it is not transfer payment.

4.  Which of following is a positive statement?

A.  The U.S. government should increase income tax on high earners.

B.  The U.S economic growth rate 4.5% less than that of China in 2015.

C.  Economic growth in China was better than that of U.S.A.

D.  Wages of those on low incomes ought to be increased.

Answer: B

A is wrong because it is normative statement.

C is wrong because it is normative statement.

D is wrong because it is normative statement.

5.  Two players are negotiating where to place some object on Cartesian plane. They choose the coordinates (x, y) in the following way: player A sets the coordinate on the X-axis, player B sets the coordinate on the Y-axis. Player A wants the object to be as close as possible to the point (2, 4); player B wants the object to be as close as possible to the point (3, 1). Find the Nash equilibrium location of the object.

A.  (3, 4)

B.  (2.5, 2.5)

C.  (2, 1)

D.  (0,0)

Answer: C

To meet the requirement of both players, the Nash equilibrium should be on (2, 1) from the four possible answers.

6.  Given the demand function Q= 700-2P+0.02Y, where P is the price and P=25, Y is the income and Y=5000, the price elasticity of demand and income elasticity of demand is ___.

A.  -0.067, 0.133

B.  0.067, 0.133

C.  0.133, -0.067

D.  0.133, 0.067

Answer: A

PED(Ed)= -2* (25/750)= -0.067

YED(Ei)= 0.02* (5000/750) =0.133

7.  The Sveriges Riksbank prize in economic science in memory of Alfred Nobel 2021was divided, one half awarded to David Card, ___

A.  for his empirical contributions to labor economics

B.  for his methodological contribution to labor economics

C.  for his practical contributions to labor economics

D.  for his positive contributions to labor economics

Answer: A

The 2021 Nobel economic sciences winters are David Card for his empirical contributions to labor economics and Joshua D. Angrist and Guido W. Imbens for their methodological contributions to the analysis of causal relationship.

8.  Tom works 48 hours per week when the wage rate is $10 per hour. When the wage rate is increased to $15 per hour, Tom works 40 hours per week.

What explains the change in the number of hours worked?

A.  There is no income effect

B.  An income effect reinforcing a substitution effect

C.  There is a negative income elasticity of demand for leisure

D.  The income effect offsetting a substitution effect

Answer: D

A is wrong because there is income effect

B is wrong because the income effect offsetting a substitution effect

C is wrong because it is not related to income elasticity of demand