Exam 4: Demand and Supply Applications

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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. 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 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.

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Refer to the information provided in Figure 4.3 below to answer the question(s) that follow. 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? 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?

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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.

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If a price floor is set above the equilibrium price

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Refer to the information provided in Figure 4.1 below to answer the question(s) that follow. 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. 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. 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. 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. 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. 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.

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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.

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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. 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. 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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An effective price ceiling must be set

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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. 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 Figure 4.6 -Refer to Figure 4.6. Consumer surplus is area [A + B + E] if price is

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