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

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C. a reduction in total surplus because a deadweight loss is created D. It is impossible to say what will happen to total surplus. Question 7 of 205.0/ 5.0 Points Assume that there is rent control in Chicago. Which of the following is true? A. All consumers in the rental market will benefit because the rent will be lower. B. The total surplus will fall because there will be a shortage of apartments. C. The total surplus will rise because consumer surplus will increase. D. Consumer surplus will increase and as a result all consumers in the rental market will benefit. Question 8 of 205.0/ 5.0 Points Jody's bakery makes cakes and would be willing to sell each cake for $12.50. If Jody's bakery sells 10 cakes for $13 each, the total producer surplus for Jody's bakery would be equal to __________ . A. $5.00 B. $12.50 C. $125.00 D. $130.00 Question 9 of 205.0/ 5.0 Points Consumer surplus can be defined as the __________ . A. value a consumer receives from a good minus the price paid for that good
B. maximum amount the consumer would pay for a good C. actual amount paid for a good minus the benefit of using that good D. marginal utility of a good divided by its price Question 10 of 5.0/ 5.0 Points 20 Laura makes hand-made jewelry and she would be willing to sell pairs of earrings for $50. If Laura sells each pair of earrings for $65, her producer surplus per pair of earrings sold would be equal to __________ . A. $115 B. $65 C. $15 D. $50 Question 11 of 5.0/ 5.0 Points 20 If the equilibrium price of gasoline is $2.75 per gallon and the government will not allow oil companies to charge more than $2.00 per gallon, which of the following will happen? A. Demand must eventually decrease so that the market will come into equilibrium at a price of $2.00. B. Supply must eventually increase so that the market will come into equilibrium at a price of $2.00. C. Total surplus in the market will be lower than it would be if the price was $2.75 per gallon. D. The market will be in equilibrium at a price of $2.00. Question 12 of 5.0/ 5.0 Points 20 Assume that the supply of smartphones remains constant, but the price of smartphones increases. 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 and 16: A. consumer income rises B. the pri
Page 17: C. $55,000 D. $100,000 Question 4 o
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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