Project #33013 - Microeconomics

Heres one of my wife Dido's she is in bed sick I do it for her but its my day off I want to relax so please help lol 

please do not accept if cannot do it in like 20 minutes because this shit not that hard 

Question 1 of 20

5.0 Points

The conclusion that the level of output is efficient at the market equilibrium rests on all of the following assumptions EXCEPT that __________ .

  A. buyers and sellers are well-informed             

  B. there are no external costs or benefits          

  C. the government regulates price and output                

  D. the market is perfectly competitive

Question 2 of 20

5.0 Points

If the government sets a minimum price above the equilibrium price for soybeans, which of the following statements will be correct?

  A. There will be an efficient level of output produced.

  B. There will be excess supply.                

  C. There will be excess demand.            

  D. all of the above

Question 3 of 20

5.0 Points

If the government sets a maximum price for insulin below the equilibrium price, __________ .

  A. there will be an efficient level of insulin produced    

  B. there will be excess supply of insulin              

  C. total surplus will be lower than it would be at the market equilibrium price   

  D. total surplus will be greater than it would be at the market equilibrium price

Question 4 of 20

5.0 Points

Assume that there is rent control in Chicago. Which of the following is true?  

  A. All consumers in the rental market will benefit because the rent will be lower.           

  B. The total surplus will fall because there will be a shortage of apartments.      

  C. The total surplus will rise because consumer surplus will increase.    

  D. Consumer surplus will increase and as a result all consumers in the rental market will benefit.

Question 5 of 20

5.0 Points

Which of the following would result from a quota imposed on the quantity of cars that can be imported into the United States?

  A. an increase in the total surplus          

  B. an increase in producer surplus         

  C. an increase in prices for consumers

  D. an increase in consumer surplus

Question 6 of 20

5.0 Points

Recall the application about price controls and the candy bars. During World War II, the U.S. government imposed price controls to set maximum prices on all different products, including candy bars. How did the candy bar producers respond to maximum prices?

  A. Producers increased the supply of candy bars.           

  B. Producers shrank the weight of the candy bars.        

  C. A lot of the producers dropped out of candy bar market.      

  D. none of the above

Question 7 of 20

5.0 Points

At the market equilibrium, resources are allocated efficiently because __________ .

  A. the marginal cost of producing another unit is equal to zero

  B. the price buyers pay accurately reflects the marginal cost of the resources used to produce the good             

  C. the price buyers pay is greater than sellers' willingness to sell             

  D. all of the above

Question 8 of 20

5.0 Points

Recall the application on rent control and mismatches. Under rent control, the government sets a maximum price for housing, decreasing the quantity supplied and the total value of the market. Rent control and other maximum prices cause __________ and possibly __________ .

  A. inefficiency; mismatches      

  B. efficiency: mismatches          

  C. mismatches: equilibrium      

  D. none of the above

Question 9 of 20

5.0 Points

Assume that the supply of smartphones remains constant, but the price of smartphones increases. Producer surplus __________ .

  A. will decrease             

  B. will increase               

  C. will remain constant               

  D. may increase or decrease depending on the amount of the price increase

Question 10 of 20

5.0 Points

Assume that linen pants are a normal good and consumer income rises. If the supply of linen pants remains constant, producer surplus __________ .

  A. will decrease             

  B. will increase               

  C. will remain constant               

  D. may increase or decrease depending on the amount of the price increase

Question 11 of 20

5.0 Points

Taxes may cause deadweight losses because __________ .

  A. they transfer purchasing power from buyers to the government      

  B. they lower the surplus in the market              

  C. they increase consumer surplus at the expense of producer surplus               

  D. they transfer purchasing power from sellers to the government

Question 12 of 20

5.0 Points

Laura makes hand-made jewelry and she would be willing to sell pairs of earrings for $50. If Laura sells each pair of earrings for $65, her producer surplus per pair of earrings sold would be equal to __________ .

  A. $115              

  B. $65

  C. $15

  D. $50

Question 13 of 20

5.0 Points

Producer surplus is equal to __________ .

  A. the area under the supply curve       

  B. the area above the supply curve below the good's price        

  C. the area under the supply curve below the good's price        

  D. the good's price times the quantity purchased

Question 14 of 20

5.0 Points

A ban on imported avocados would result in __________ .

  A. an increase in total surplus because domestic production will increase           

  B. no change in total surplus because the reduction in consumer surplus will offset the increase in producer surplus                

  C. a reduction in total surplus because a deadweight loss is created      

  D. It is impossible to say what will happen to total surplus.

Question 15 of 20

5.0 Points

You would be willing to pay a maximum of $1,000 for an airplane ticket to London during the summer, and you can buy an airplane ticket for $890. Your consumer surplus is __________ .

  A. $90

  B. $190               

  C. $110               

  D. $100

Question 16 of 20

5.0 Points

Assume that production costs rise and demand remains constant. The equilibrium price will __________ and the producer surplus will __________ .

  A. increase; increase   

  B. increase; decrease  

  C. decrease; decrease

  D. decrease; increase

Question 17 of 20

5.0 Points

If the government sets a maximum price for gasoline above the equilibrium price, __________ .

  A. quantity demanded of gasoline will be equal to quantity supplied of gasoline             

  B. there will be excess demand for gasoline     

  C. there will be excess supply of gasoline           

  D. demand for gasoline will be less than supply of gasoline

Question 18 of 20

5.0 Points

Suppose you receive a consumer surplus of $50. The $50 represents __________ .

  A. a monetary payment from the store              

  B. a monetary payment from the government                

  C. a reduction in the original price of the good

  D. the fact that you paid $50 less than you were willing to pay for the good

Question 19 of 20

5.0 Points

Assume that Crystal's demand for handbags remains constant, but the price of handbags increases. Crystal's consumer surplus __________ .

  A. decreases   

  B. increases     

  C. remains constant     

  D. may increase or decrease depending on the amount of the price decrease

Question 20 of 20

5.0 Points

Tom would be willing to pay a maximum of $2,500 to attend the Super Bowl this year, and he can buy a ticket for $2,050. His consumer surplus is __________ .  

  A. $25

  B. $50

  C. $275               

 

  D. $450

Subject Mathematics
Due By (Pacific Time) 06/12/2014 12:00 am
Report DMCA
TutorRating
pallavi

Chat Now!

out of 1971 reviews
More..
amosmm

Chat Now!

out of 766 reviews
More..
PhyzKyd

Chat Now!

out of 1164 reviews
More..
rajdeep77

Chat Now!

out of 721 reviews
More..
sctys

Chat Now!

out of 1600 reviews
More..
sharadgreen

Chat Now!

out of 770 reviews
More..
topnotcher

Chat Now!

out of 766 reviews
More..
XXXIAO

Chat Now!

out of 680 reviews
More..
All Rights Reserved. Copyright by AceMyHW.com - Copyright Policy