4203666
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Quiz von tran.melissa2015, aktualisiert more than 1 year ago
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Erstellt von tran.melissa2015
vor fast 9 Jahre
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Frage 1
Frage
FYI: The vertical distance between Points A and B represents a tax in the market.
The loss of producer surplus for those sellers of the good who continue to sell it after the tax is imposed is...
Antworten
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$3
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$0
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$2
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$1
Frage 2
Frage
The minimum wage, if it is binding, lowers the incomes of...
Antworten
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only those workers who become unemployed.
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only those workers who have jobs.
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no workers.
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all workers.
Frage 3
Frage
Suppose each of the five sellers can supply at most one unit of the good. The market quantity supplied is exactly 4 if the price is...
Antworten
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$860
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$1,400
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$1,050
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$1,650
Frage 4
Frage
Michael values a stainless steel refrigerator for his new house at $3,500, but he succeeds in buying one for $3,000. Michael's consumer surplus is...
Antworten
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$500
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$3,500
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$3,000
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$6,500
Frage 5
Frage
Each additional unit of the good that is produced yields an external...
Antworten
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benefit of $36
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cost of $15
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cost of $36
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benefit of $15
Frage 6
Frage
Sellers will be unwilling to sell more than...
Antworten
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2 units of the good if its price is below $450.
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1 unit of the good if its price is below $200.
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3 units of the good if its price is below $700.
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All of the answers are correct.
Frage 7
Frage
Suppose that the production of plastic creates a social cost which is depicted in the graph shown here. Without any government regulation, how much plastic will be produced?
Antworten
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650
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200
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500
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900
Frage 8
Frage
A variable toll on a road in Washington reached a high during the evening rush hour of $5.75. This toll bought the drivers who paid it a 27 minute time savings. Which of the following is correct?
Antworten
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A) For some customers, the toll was more than the opportunity cost of the time they would have spent in traffic.
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B) For some customers, the toll was less than the opportunity cost of the time they would have spent in traffic.
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C) No customers would find this tolls worth the time saved in traffic.
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Both A and B are correct.
Frage 9
Frage
If a sawmill creates too much noise for local residents,...
Antworten
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noise restrictions will force residents to move out of the area.
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the government can raise economic well-being through noise-control regulations.
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a sense of social responsibility will cause owners of the mill to reduce noise levels.
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the government should avoid intervening because the market will allocate resources efficiently.
Frage 10
Frage
An overcrowd beach is an example of...
Antworten
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a positive externality.
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an economically unfair allocation of resources.
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an environmentally inefficient allocation of resources.
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a Tragedy of the Commons.
Frage 11
Frage
FYI: The vertical distance between Points A and C represents a tax in the market.
The amount of the tax on each unit of the good is...
Antworten
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P3 - P2
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P2 - P1
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P3 - P1
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P4 - P3
Frage 12
Frage
Which area represents the INCREASE in producer surplus when the price rises from P1 to P2?
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ABGD
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AHGB
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ACH
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BCG
Frage 13
Frage
Demand is said to be price elastic if...
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buyers respond substantially to changes in the price of the good.
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buyers do not respond much to changes in the price of the good.
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demand shifts substantially when income or the expected future price of the good changes.
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the price of the good responds substantially to changes in demand.
Frage 14
Frage
If a consumer places a value of $20 on a particular good and if the price of the good is $25, then the...
Antworten
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price of the good will rise due to market forces.
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consumer has consumer surplus of $5 if he buys the good.
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market is out of equilibrium.
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consumer does not purchase the good.
Frage 15
Frage
If the price of the good is $150, then consumer surplus amounts to...
Antworten
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$250
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$200
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$300
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$150
Frage 16
Frage
If the government imposes a price ceiling of $2 on this market, then there will be...
Antworten
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no shortage of the good.
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a shortage of 30 units of the good.
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a shortage of 20 units of the good.
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a shortage of 10 units of the good.
Frage 17
Frage
A tax levied on the buyers of a good shifts the...
Antworten
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demand curve upward (or to the right).
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supply curve downward (or to the right).
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demand curve downward (or to the left).
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supply curve upward (or to the left).
Frage 18
Frage
Relative to a situation in which gasoline is not taxed, the imposition of a tax on gasoline causes the quantity of gasoline demanded to...
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increase and the quantity of gasoline supplied to increase.
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increase and the quantity of gasoline supplied to decrease.
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decrease and the quantity of gasoline supplied to decrease.
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decrease and the quantity of gasoline supplied to increase.
Frage 19
Frage
For a price floor to be binding in this market, it would have to be set at...
Antworten
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a price between $2 and $3.
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a price between $3 and $4.
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any price above $3.
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any price below $3.
Frage 20
Frage
Suppose a price ceiling of $5 is imposed on this market. As a result,...
Antworten
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the quantity of the good supplied decreases by 20 units.
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the demand curve shifts to the left; quantity sold is now 30 units and the price is $5.
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the price of the good continues to serve as the rationing mechanism.
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buyers' total expenditure on the good decreases by $80.
Frage 21
Frage
If the price of the product is $130, then who would be willing to purchase the product?
Antworten
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Calvin, Sam, and Andrew
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Calvin and Sam
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Calvin
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Calvin, Sam, Andrew, and Lori
Frage 22
Frage
Suppose your own demand curve for tomatoes slopes downward. Suppose also that, for the last tomato you bought this week, you paid a price exactly equal to your willingness to pay. Then...
Antworten
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you already have bought too many tomatoes this week.
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you should buy more tomatoes before the end of the week.
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your consumer surplus on all of the tomatoes you have bought this week is zero.
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your consumer surplus on the last tomato you bought is zero.
Frage 23
Frage
Erin would be willing to pay as much as $100 per week to have her house cleaned. Ernesto's opportunity cost of cleaning Erin's house is $70 per week.
If Erin pays Ernesto $90 to clean her house, Erin's consumer surplus is...
Antworten
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$10
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$80
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$30
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$20
Frage 24
Frage
A supply curve can be used to measure producer surplus because it reflects...
Antworten
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the actions of sellers.
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sellers' costs.
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the amount that will be purchased by consumers in the market.
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quantity supplied.
Frage 25
Frage
Which area represents consumer surplus at a price of P1?
Antworten
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ABC
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ABDG
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AFG
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BDF
Frage 26
Frage
The vertical distance between points A and B represents a tax in the market.
The per-unit burden of the tax on buyers is...
Antworten
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$5
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$8
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$3
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$4
Frage 27
Frage
If demand is price inelastic, then...
Antworten
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buyers do not respond much to a change in price.
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buyers do not alter their quantities demanded much in response to advertising, fads, or general changes in tastes.
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buyers respond substantially to a change in price, but the response in very slow.
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the demand curve is very flat.
Frage 28
Frage
If the supply curve is S', the demand curve is D, and the equilibrium price is $150, what is the producer surplus?
Antworten
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$625
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$5,000
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$2,500
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$1,250
Frage 29
Frage
Jeff decides that he would pay as much as $3,000 for a new laptop computer. He buys the computer and realizes consumer surplus of $700. How much did Jeff pay for his computer?
Antworten
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$3,700
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$3,000
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$700
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$2,300
Frage 30
Frage
Corrective taxes that are imposed upon the producer of a nasty smell can be successful in reducing that smell because the tax makes the producer...
Antworten
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internalize the positive externality.
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internalize the negative externality.
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externalize the positive externality.
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externalize the negative externality.
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