C13 Microeconomics Online Exams 1-8 Answers (Ashworth College)

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Part 1 of 1 -85.0/ 100.0 Points Question 1 of 205.0/ 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 2 of 205.0/ 5.0 Points If the market price of salmon is $8.99 per pound but the government will not allow salmon farmers to charge more than $4.99 per pound, which of the following will happen? A. The supply curve for salmon will shift to the left. B. There will be an excess demand for salmon. C. There will be an excess supply of salmon. D. The market will be in equilibrium at a price of $4.99. Question 3 of 205.0/ 5.0 Points Mary has an old house built in 1950 that she would be willing to sell for $100,000. If someone offers to buy her house for $110,000, Mary's producer surplus would be equal to __________ . A. $5,000 B. $10,000
C. $55,000 D. $100,000 Question 4 of 200.0/ 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 5 of 205.0/ 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 6 of 205.0/ 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
Page 1 and 2: C13 Microeconomics Online Exams 1-8
Page 3 and 4: C. the cost of bait, any other mone
Page 5 and 6: A. allowing the government and othe
Page 7 and 8: C. The answer depends on how much y
Page 9 and 10: D. 20 Question 2 of 205.0/ 5.0 Poin
Page 11 and 12: C. consumer income D. the cost of p
Page 13 and 14: Question 13 of 5.0/ 5.0 Points 20 T
Page 15: A. consumer income rises B. the pri
Page 19 and 20: B. maximum amount the consumer woul
Page 21 and 22: If the government imposes a maximum
Page 23 and 24: B. a monetary payment from the gove
Page 25 and 26: A. increase and output will decreas
Page 27 and 28: D. encourage driving to generate re
Page 29 and 30: A. are designed to encourage more p
Page 31 and 32: C. Fixed costs are always the large
Page 33 and 34: A. the different combinations of tw
Page 35 and 36: C. the foregone interest and the co
Page 37 and 38: The equimarginal rule __________ .
Page 39 and 40: A. a perfectly competitive market B
Page 41 and 42: A. demand for butter increased caus
Page 43 and 44: C. firms act strategically D. all o
Page 45 and 46: A. change in labor necessary to pro
Page 47 and 48: D. reduce the wealth of the poorest
Page 49 and 50: A. an increase in demand for highly
Page 51 and 52: C. individual labor supply D. marke
Page 53 and 54: A. autarky B. absolute advantage C.
Page 55 and 56: A. increase imports and raise price
Page 57 and 58: Suppose there are only two nations,
Page 59: C. produced by a nation before trad

C13 Microeconomics Online Exams 1-8 Answers (Ashworth College)

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