Exam 4: Demand and Supply Applications
Exam 1: The Scope and Method of Economics238 Questions
Exam 2: The Economic Problem: Scarcity and Choice220 Questions
Exam 3: Demand, Supply, and Market Equilibrium298 Questions
Exam 4: Demand and Supply Applications173 Questions
Exam 5: Elasticity189 Questions
Exam 6: Household Behavior and Consumer Choice273 Questions
Exam 7: The Production Process: the Behavior of Profit-Maximizing Firms273 Questions
Exam 8: Short-Run Costs and Output Decisions387 Questions
Exam 9: Long-Run Costs and Output Decisions362 Questions
Exam 10: Input Demand: The Labor and Land Markets198 Questions
Exam 11: Input Demand: The Capital Market and the Investment Decision230 Questions
Exam 12: General Equilibrium and the Efficiency of Perfect Competition202 Questions
Exam 13: Monopoly and Antitrust Policy396 Questions
Exam 14: Oligopoly217 Questions
Exam 15: Monopolistic Competition235 Questions
Exam 16: Externalities, Public Goods, and Common Resources275 Questions
Exam 17: Uncertainty and Asymmetric Information132 Questions
Exam 18: Income Distribution and Poverty197 Questions
Exam 19: Public Finance: The Economics of Taxation281 Questions
Exam 20: Introduction to Macroeconomics241 Questions
Exam 21: Measuring National Output and National Income292 Questions
Exam 22: Unemployment, Inflation, and Long-Run Growth297 Questions
Exam 23: Aggregate Expenditure and Equilibrium Output355 Questions
Exam 24: The Government and Fiscal Policy360 Questions
Exam 25: Money, the Federal Reserve, and the Interest Rate357 Questions
Exam 26: The Determination of Aggregate Output, the Price Level, and the Interest Rate243 Questions
Exam 27: Policy Effects and Cost Shocks in the Asad Model200 Questions
Exam 28: The Labor Market in the Macroeconomy287 Questions
Exam 29: Financial Crises, Stabilization, and Deficits260 Questions
Exam 30: Household and Firm Behavior in the Macroeconomy: a Further Look364 Questions
Exam 31: Long-Run Growth196 Questions
Exam 32: Alternative Views in Macroeconomics294 Questions
Exam 33: International Trade, Comparative Advantage, and Protectionism289 Questions
Exam 34: Open-Economy Macroeconomics: the Balance of Payments and Exchange Rates308 Questions
Exam 35: Economic Growth in Developing Economies133 Questions
Exam 36: Critical Thinking About Research105 Questions
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People scalping tickets for a rock concert can sell their tickets for at least a normal profit
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Refer to the information provided in Figure 4.3 below to answer the question(s) that follow.
Figure 4.3
-Refer to Figure 4.3. The government setting the price of pencils at $0.50 would be an example of an effective

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Nonprice rationing will happen whenever there is excess supply in a market.
(True/False)
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Refer to the information provided in Figure 4.3 below to answer the question(s) that follow.
Figure 4.3
-Refer to Figure 4.3. If the government will not allow retailers to charge less than $0.50 for a pencil, which of the following will happen?

(Multiple Choice)
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Related to the Economics in Practice on page 81: When acquiring a ticket for a play takes a significant amount of time, the true economic cost of that ticket would include all of the following factors except
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Issuing coupons, waiting in line, and catering to favored customers are all methods of
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Effective price floors prevent the market price from falling to reach equilibrium.
(True/False)
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Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1
-Refer to Figure 4.1. Assume that initially there is free trade. The price of apples in the United States will increase to 40 cents per apple if a ________ per apple tax tax is imposed.

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The harmful effect of a price ceiling to ________ is ________.
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Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4
-Refer to Figure 4.4. At the world price of $125 per barrel of oil, the United States imports ________ million barrels of oil per day.

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Refer to the information provided in Figure 4.3 below to answer the question(s) that follow.
Figure 4.3
-Refer to Figure 4.3. Retailers will have an excess supply of pencils if the government will not allow retailers to charge less than ________ for a pencil.

(Multiple Choice)
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An example of a price ceiling would be the government setting the price of sugar
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Consumer surplus is the difference between the most a person is willing to pay and market price.
(True/False)
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If the market price of a bowling ball is $125 and the full cost of producing it is $35, then a bowling ball producing firm gets producer surplus of
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Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1
-Refer to Figure 4.1. Assume that initially there is free trade. The quantity demanded of apples will be reduced by 2 million per day if the United States imposes a tax of ________ per apple.

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The total of producer and consumer surplus is maximized when there is overproduction.
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If the market price of coffee is $3.00 per pound but the government will not allow coffee growers to charge more than $2.00 per pound of coffee, which of the following will happen?
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Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.
Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6
-Refer to Figure 4.6. Consumer surplus is area [A + B + E] if price is
![Refer to the information provided in Figure 4.6 below to answer the question(s) that follow. Equilibrium in this market occurs at the intersection of curves S and D. Figure 4.6 -Refer to Figure 4.6. Consumer surplus is area [A + B + E] if price is](https://storage.examlex.com/TB2924/11eab9ca_3e60_924e_b53a_cfc323460690_TB2924_00_TB2924_00_TB2924_00_TB2924_00_TB2924_00_TB2924_00_TB2924_00_TB2924_00_TB2924_00_TB2924_00_TB2924_00_TB2924_00_TB2924_00_TB2924_00.jpg)
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