Exam 3: Applying the Supply-And-Demand Model

Suppose that a specific tax of $3 is imposed on consumers of bread. The bread market supply is Qs = 10 + 0.5P and the bread market demand is Qd = 100-P. What is the consumers' tax burden?

(Multiple Choice)

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Question 101

A given supply curve has a zero intercept. At the current equilibrium price the price elasticity of supply equals

(Multiple Choice)

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Question 102

Suppose the market for grass seed can be expressed as Demand: Q^D = 100 - 2p Supply: Q^S = 3p If government imposes a 10% ad valorem tax to be collected from sellers, what is the price consumers will pay? How much tax revenue is collected?

(Essay)

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Question 103

The number of vehicle types available in the United States has increased dramatically over the past thirty years. Everything else equal, this would make

(Multiple Choice)

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Question 104

If the demand curve for a good is unit price elastic and the supply curve is perfectly price elastic, a $1 specific tax imposed on the sellers of this good will

(Multiple Choice)

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Question 105

The elasticity of supply of rental units in New York City is estimated to be about 0.10. Current price restrictions (price floors)are estimated to decrease the price of rental units by 10% below equilibrium price. By how much would price and quantity supplied change if the price floors were removed from the rental unit market in New York City?

(Multiple Choice)

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Question 106

The supply of movie tickets at one theater's box office for this Saturday's 4:30 show of a new movie is

(Multiple Choice)

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Question 107

The supply curve for tickets for a sporting event

(Multiple Choice)

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Question 108

Suppose that an ad valorem tax of 10% is imposed on consumers of butter. The bread market supply is Qs = 10 + P and the bread market demand is Qd = 220-P. What is the consumers' tax burden?

(Multiple Choice)

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Question 109

The percentage change in the quantity supplied in response to a percentage change in the price is known as the

(Multiple Choice)

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Question 110

Suppose the market for grass seed can be expressed as Demand: Q^D = 100 - 2p Supply: Q^S = 3p Price elasticity of supply is constant at 1. If the demand curve is changed to Q = 10 - .2p, price elasticity of demand at any given price is the same as before. Yet, the incidence of a tax falling on consumers will be higher. Why?

(Essay)

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Question 111

-The above figure shows the supply and demand curves for rice in the U.S. and Japan. Assume there is no trade between the two countries. If bad weather causes the supply curves in each country to shift leftward by the same amount, then

(Multiple Choice)

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Question 112

If the government decides to levy an ad valorem tax on product with a perfectly inelastic supply. The consumers tax incidence will be

(Multiple Choice)

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Question 113

If the supply curve for orange juice is estimated to be Q = 40 + 2p, then

(Multiple Choice)

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Question 114

If the price elasticity of demand for a good is greater than one in absolute value, economists characterize that demand is

(Multiple Choice)

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Question 115

The percentage change in the quantity demanded in response to a percentage change in the price is known as the

(Multiple Choice)

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Question 116

-The above figure shows the demand curve for crude oil. If the market price is $10 a barrel, what is the price elasticity of demand?

(Multiple Choice)

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Question 117

The National Association of Business Schools recently required that all business schools must hire three additional people with Ph.D. degrees in English literature. What is the immediate effect on the salaries of people with Ph.D.s in English literature? What will be the effect after ten years?

(Essay)

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Question 118

The cross price elasticity of demand between two goods will be positive if

(Multiple Choice)

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Question 119

Who will bear the burden of a $0.50 tax placed on soda suppliers (consumer or seller)in a soda market where Qd = 225-10P and Qs = 50 + 15P?

(Multiple Choice)

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Question 120

Showing 101 - 120 of 124

Suppose that a specific tax of $3 is imposed on consumers of bread. The bread market supply is Qs = 10 + 0.5P and the bread market demand is Qd = 100-P. What is the consumers' tax burden?

A given supply curve has a zero intercept. At the current equilibrium price the price elasticity of supply equals

Suppose the market for grass seed can be expressed as Demand: Q^D = 100 - 2p Supply: Q^S = 3p If government imposes a 10% ad valorem tax to be collected from sellers, what is the price consumers will pay? How much tax revenue is collected?

The number of vehicle types available in the United States has increased dramatically over the past thirty years. Everything else equal, this would make

If the demand curve for a good is unit price elastic and the supply curve is perfectly price elastic, a $1 specific tax imposed on the sellers of this good will

The supply of movie tickets at one theater's box office for this Saturday's 4:30 show of a new movie is

The supply curve for tickets for a sporting event

Suppose that an ad valorem tax of 10% is imposed on consumers of butter. The bread market supply is Qs = 10 + P and the bread market demand is Qd = 220-P. What is the consumers' tax burden?

The percentage change in the quantity supplied in response to a percentage change in the price is known as the

-The above figure shows the supply and demand curves for rice in the U.S. and Japan. Assume there is no trade between the two countries. If bad weather causes the supply curves in each country to shift leftward by the same amount, then

If the government decides to levy an ad valorem tax on product with a perfectly inelastic supply. The consumers tax incidence will be

If the supply curve for orange juice is estimated to be Q = 40 + 2p, then

If the price elasticity of demand for a good is greater than one in absolute value, economists characterize that demand is

The percentage change in the quantity demanded in response to a percentage change in the price is known as the

-The above figure shows the demand curve for crude oil. If the market price is $10 a barrel, what is the price elasticity of demand?

The National Association of Business Schools recently required that all business schools must hire three additional people with Ph.D. degrees in English literature. What is the immediate effect on the salaries of people with Ph.D.s in English literature? What will be the effect after ten years?

The cross price elasticity of demand between two goods will be positive if

Who will bear the burden of a $0.50 tax placed on soda suppliers (consumer or seller)in a soda market where Qd = 225-10P and Qs = 50 + 15P?

Introduction

Supply and Demand

Consumer Choice

Applying Consumer Theory

Firms and Production

Costs

Competitive Firms and Markets

Applying the Competitive Model

General Equilibrium and Economic Welfare

Monopoly

Pricing and Advertising

Oligopoly and Monopolistic Competition

Game Theory

Factor Markets

Interest Rates, Investments, and Capital Markets

Uncertainty

Externalities, Open-Access, and Public Goods

Asymmetric Information

Contracts and Moral Hazards

Filters

Exam 3: Applying the Supply-And-Demand Model

Suppose that a specific tax of $3 is imposed on consumers of bread. The bread market supply is Qs = 10 + 0.5P and the bread market demand is Qd = 100-P. What is the consumers' tax burden?

A given supply curve has a zero intercept. At the current equilibrium price the price elasticity of supply equals

Suppose the market for grass seed can be expressed as Demand: QD = 100 - 2p Supply: QS = 3p If government imposes a 10% ad valorem tax to be collected from sellers, what is the price consumers will pay? How much tax revenue is collected?

The number of vehicle types available in the United States has increased dramatically over the past thirty years. Everything else equal, this would make

If the demand curve for a good is unit price elastic and the supply curve is perfectly price elastic, a $1 specific tax imposed on the sellers of this good will

The supply of movie tickets at one theater's box office for this Saturday's 4:30 show of a new movie is

The supply curve for tickets for a sporting event

Suppose that an ad valorem tax of 10% is imposed on consumers of butter. The bread market supply is Qs = 10 + P and the bread market demand is Qd = 220-P. What is the consumers' tax burden?

The percentage change in the quantity supplied in response to a percentage change in the price is known as the

-The above figure shows the supply and demand curves for rice in the U.S. and Japan. Assume there is no trade between the two countries. If bad weather causes the supply curves in each country to shift leftward by the same amount, then

If the government decides to levy an ad valorem tax on product with a perfectly inelastic supply. The consumers tax incidence will be

If the supply curve for orange juice is estimated to be Q = 40 + 2p, then

If the price elasticity of demand for a good is greater than one in absolute value, economists characterize that demand is

The percentage change in the quantity demanded in response to a percentage change in the price is known as the

-The above figure shows the demand curve for crude oil. If the market price is $10 a barrel, what is the price elasticity of demand?

The National Association of Business Schools recently required that all business schools must hire three additional people with Ph.D. degrees in English literature. What is the immediate effect on the salaries of people with Ph.D.s in English literature? What will be the effect after ten years?

The cross price elasticity of demand between two goods will be positive if

Who will bear the burden of a $0.50 tax placed on soda suppliers (consumer or seller)in a soda market where Qd = 225-10P and Qs = 50 + 15P?

Introduction

Supply and Demand

Consumer Choice

Applying Consumer Theory

Firms and Production

Costs

Competitive Firms and Markets

Applying the Competitive Model

General Equilibrium and Economic Welfare

Monopoly

Pricing and Advertising

Oligopoly and Monopolistic Competition

Game Theory

Factor Markets

Interest Rates, Investments, and Capital Markets

Uncertainty

Externalities, Open-Access, and Public Goods

Asymmetric Information

Contracts and Moral Hazards

Filters

Suppose the market for grass seed can be expressed as Demand: Q^D = 100 - 2p Supply: Q^S = 3p If government imposes a 10% ad valorem tax to be collected from sellers, what is the price consumers will pay? How much tax revenue is collected?