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    after the government imposed a $0.20 per gallon tax on gasoline, the price of a gallon of gasoline increased from $1.00 to $1.15. which of the following statements is true?

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    Government Intervention

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    QUIZ

    Government Intervention

    Government Intervention 60%

    25 10th - 12th 10th - 12th Social Studies Julie Walker 1 year

    15 Qs

    1. Multiple-choice 45 seconds Q.

    After the government imposed a $0.20 per gallon tax on gasoline, the price of a gallon of gasoline increased from $1.00 to $1.15. Which of the following statements is true?

    answer choices

    Consumers bear the entire burden of the tax, since producers can pass the tax along to consumers.

    Consumers and producers share the tax burden equally.

    Consumers bear most, but not all, of the tax burden.

    Producers bear the entire burden of the tax, since the tax was levied on producers, not consumers.

    There is no tax burden, since gasoline is a normal good.

    2. Multiple-choice 45 seconds Q.

    Antitrust legislation is designed to make it illegal for a firm to monopolize an industry. Which of the following best states the economic rationale for this legislation?

    answer choices

    A monopolist produces too little of the good, producing an output that minimizes the average cost of production.

    A monopolist produces too little of the good, charging consumers a price that exceeds the marginal cost of production.

    A monopolist is more likely to pollute the environment than are firms in a competitive industry.

    A monopolist engages in price discrimination, charging low-income people with elastic demand curves a higher price than that charged to high-income people with inelastic demand curves.

    A monopolist produces too much of a good, attracting scarce factors of production that might be better utilized in other industries.

    3. Multiple-choice 45 seconds Q.

    If government regulators set price such that a natural monopolist earns only normal profits, price will be set equal to

    answer choices marginal revenue marginal cost average total cost average revenue

    average variable cost

    4. Multiple-choice 45 seconds Q.

    The graph above shows the market for good X The letters in the graph denote the enclosed areas If the government imposes an excise tax of t dollars on each unit of good X, which of the following represents the deadweight loss after the imposition of the tax?

    answer choices C+D+E D+E C +D + E + F E + F A 5. Multiple-choice 45 seconds Q.

    The graph above shows the market for good X The letters in the graph denote the enclosed areas If the government imposes an excise tax of t dollars on each unit of good X, which of the following represents the producer surplus after the imposition of the tax?

    answer choices A A + B + C+D D + E H + F + E G 6. Multiple-choice 45 seconds Q.

    The government revenue collected by the tax is equal to

    answer choices P1GHP0 P1GKP0 GHK P1GIP2 P0HIP2 7. Multiple-choice 45 seconds Q.

    Which of the following bears the total tax burden?

    answer choices

    The consumers bear it.

    The producers bear it.

    The consumers and the producers each bear a part of it.

    The group that legally pays the tax bears it.

    The government bears it.

    8. Multiple-choice 45 seconds Q.

    The graph above illustrates the labor market for teenage workers. The current minimum wage for all workers is W1. If Congress introduces a sub-minimum wage, W2 that applies only to teenagers, what is the most likely effect on teenage employment?

    answer choices

    Teenage employment will increase because firms will want to hire more teenagers at W2 than at W1.

    Teenage employment will increase because more teenagers will want to work at W2 than at W1.

    Teenage employment will decrease because fewer teenagers will want to work at W2 than at W1.

    Teenage employment will decrease because firms will want to hire fewer teenagers at W2 than at W1.

    Teenage employment will stay the same because the market-clearing wage is lower than W1 and W2.

    9. Multiple-choice 45 seconds Q.

    The graph above shows the supply and demand curves for gasoline. Which of the following will occur if the government establishes a price ceiling of $1.20 per gallon?

    answer choices

    A shortage of 900 million gallons

    A shortage of 200 million gallons

    A shortage of 100 million gallons

    A surplus of 100 million gallons

    Neither a surplus nor a shortage

    10. Multiple-choice 45 seconds Q.

    Which of the following will occur if the government imposes a price ceiling below the equilibrium price of a good?

    answer choices

    The quantity sold will exceed the equilibrium quantity.

    Firms’ total revenues will increase if demand is price elastic.

    There will be a shortage in the market.

    All firms will shut down, since price is below the equilibrium price.

    Price will exceed the marginal cost of producing the last unit sold.

    11. Multiple-choice 45 seconds Q.

    If a price ceiling is set at P1, which of the following areas represent the resulting consumer surplus?

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    Unit Two Flashcards

    Study with Quizlet and memorize flashcards terms like Assume product X has market price of $20 and a total revenue amount of $50,000. If price changes to $30 and total revenue, as a result of price change, increases to $80,000, what can be determined about the demand of that product?, Which of the following will not change demand for lemons?, The Q of peanuts supplied increased from 40 tons per week to 60 ton per week when the price of peanuts increased from $4 to $5 per ton. The price elasticity of supply for peanuts over this price range is and more.

    Unit Two

    5.0 1 Review

    Assume product X has market price of $20 and a total revenue amount of $50,000. If price changes to $30 and total revenue, as a result of price change, increases to $80,000, what can be determined about the demand of that product?

    Click card to see definition 👆

    Demand is inelastic

    Click again to see term 👆

    Which of the following will not change demand for lemons?

    Click card to see definition 👆

    Change in the price of lemons

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    1/13 Created by impentia

    Terms in this set (13)

    Assume product X has market price of $20 and a total revenue amount of $50,000. If price changes to $30 and total revenue, as a result of price change, increases to $80,000, what can be determined about the demand of that product?

    Demand is inelastic

    Which of the following will not change demand for lemons?

    Change in the price of lemons

    The Q of peanuts supplied increased from 40 tons per week to 60 ton per week when the price of peanuts increased from $4 to $5 per ton. The price elasticity of supply for peanuts over this price range is

    Elastic

    If the cross price elasticity of demand coefficient for two products is -.8 then the products are

    Complements

    A rise in the price of corn, a substitute good for potatoes will

    Increases the demand for potatoes

    After the government imposed a $.20 per gallon tax on gasoline the price of a gallon of gas increased from $1.00 to $1.15. Which of the following statements is true?

    Consumers bear most, but not all of the tax burden

    If the demand for a good is perfectly price inelastic in the short run and the supply curve is upward sloping, imposing a sales tax on the good will

    Not change the after tax revenues received by suppliers

    Given the demand curve above, if the price decreases from $8 to $4 per unit, total consumer surplus will

    Increase by $18

    Q of apples Total Benefits

    1 10 2 18 3 24 4 28 5 30 6 31

    The table above shows the total benefit tony gets from eating different quantities of apples. If the apples cost $3 each, how many should he buy to maximize his consumer surplus?

    4

    An art student spends all of her income on pencils and drawing pads. The student currently buys 30 pencils at $1 each and 10 pads at $5 each. If the marginal utility of the 30th pencil is 100 utils and the marginal utility of the 10th pad is 400 utils, to maximize utility the student should buy

    More pencils, Less pads

    If hot dogs are an inferior good, an increase in income will result in

    A decrease in the demand for hot dogs

    Total revenue is maximized when demand is

    Unit Elastic

    Assume that the current market equilibrium price for milk is $2.80 per gallon and that 5 million gallons are sold per day. If the government sets a price ceiling of $2.00 per gallon which of the following is true?

    ...

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    Unit 2B Nature and Functions of Product Market (Surplus, Elasticity, and Utility) Study Guide

    Flashcards related to Unit 2B Nature and Functions of Product Market (Surplus, Elasticity, and Utility) Study Guide within Economics category.

    Unit 2B Nature and Functions of Product Market (Surplus, Elasticity, and Utility) Study Guide

    Home Previous Next

    If the demand for a good is inelastic and the supply is elastic, which of the following is true when there is an increase in sales tax?

    a. Consumers will bear most of the burden of the tax

    Assume that demand for bottled water is relatively price elastic. An increase in supply of bottled water will result in which of the following?

    a. A decrease in price, leading to an increase in total revenue

    When total utility is at its maximum, marginal utility is

    c. equal to zero

    Assume that the price of good X decreases from $10 to $9 per unit and that the quantity demanded of good X increase from 25 to 30 units. In this price range, the demand for good X is

    b. Elastic

    Which of the following will tend to make the demand for a product more elastic?

    a. New firms produce similar products enter the industry

    Which of the following taxes contributes most to decreasing inequality in the distribution of income?

    a. Progressive income taxes

    The difference between what consumers are willing to pay for units of a good and the price consumers actually pay for units of the good is called

    c. Consumer surplus

    Which of the following is true of the substitution effect of an increase in the price of a normal good?

    b. It works to reinforce the income effect

    When the market is in equilibrium, the total economic surplus is equal to area

    f+g+h+i+j+k

    If a price ceiling is set at P1, which of the following areas represent the resulting consumer surplus, producer surplus and dead weight loss?

    b. f+g+I k h+j

    Following a decrease in the supply of oranges, the price of orange juice increase by 20%, which resulted in a 10% increase in the quantity of apple juice consumed. this implies that the cross elasticity of demanded between orange juice and apple juice is

    b. 0.5

    To maximize utility, a consumer with a fixed budget will purchase quantities of goods so that the ratios of marginal utility of each good to its

    c. price are equal 13 ... 14 ...

    After the government imposed a $0.20 per gallon tax on gasoline, the price of a gallon of gasoline increased from $1.00 to $1.15. Which of the following statements is true.

    c. Consumers bear most, but not all, of the tax burden

    16 ...

    which of the following will most likely lead to a more equal distribution of income?

    b. More progressive income taxes

    what is the price paid by consumers and the net price received by producers after the tax is paid?

    b. $10.45 $9.45

    According to the diagram, what is the dollar amount of the tax unit?

    b. $1.00

    If the income elasticity of demand for good X is negative and the cross-price elasticity of demand between good X and good Y is negative, which of the following must be true of good X?

    b. X is an inferior good and is a complement to Y

    According to the law of diminishing marginal utility, which of the following is true?

    a. the additional satisfaction received from consuming extra units of a good decreases as consumption of the good increases.

    If a severe drought destroys a significant portion of the peanut crop and peanut farmers' revenues increase, which of the following is true over the observed range of prices?

    a. The demand for peanuts must be price inelastic

    Suppose that the market supply curve for shoes is upward sloping and the market demand curve is downward sloping. How will the imposition of a sales tax on shoes affect the consumer surplus, the producer surplus, and the total surplus?

    a. Decrease Decrease Decrease

    In a given time period , a person consumes more and more of a good or service and, as a result, enjoys each additional unit less and is willing to pay less for each additional unit. This behavior is consistent with the law of

    c. diminishing marginal utility

    at her current level of consumption, a consumer is willing to pay up to $1.50 for a bottle of water and up to $1,500 for a diamond ring because the

    c. marginal utility of a bottle of water is less than the marginal utility of a diamond ring

    the diagram above shows the demand curve for a good. If the price increases from P1 to P2, and quantity consumed decreases from Q2 to Q1, consumer surplus decrease by the area

    b. P1P2BC

    If the government imposes a tariff on imports of cheese, the price and quantity of imported cheese will most likely change in which of the following ways?

    b. Increase Decrease

    28 ...

    Promoters of a rock group know that if they charged $8 a ticket, 400 people would buy tickets for a concert, and if they charged $4 a ticket, 800 people would buy tickets. over this price range the demand for the concert tickets for the rock camp is

    a. unit elastic

    An increase in the effective minimum wage will have less of an impact on employment if the demand for labor is

    b. Relatively inelastic

    the cross-price elasticity of demand between good X and good Z measures the percentage change in the quantity demanded of good X in response to a percentage change in

    a. The price of good Z

    The additional satisfaction received from consuming an additional unit of a good is called the

    a. marginal utility

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