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Final Exam Quizlet Questions & Answers | Microeconomics | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh

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Multiple choice questionsTermToday, producers changed their expectation about the future. This changecan cause a movement along a supply curvecan affect future supply, but not today's supplycan affect today's supplycannot affect either today's supply or future supply. Tài liệu được sưu tầm và soạn thảo dưới dạng file PDF để gửi tới các bạn cùng tham khảo, ôn tập đầy đủ kiến thức, chuẩn bị cho các buổi học thật tốt. Mời bạn đọc đón xem!

Môn: Microeconomics 613 tài liệu

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Name: Score:
20 Multiple choice questions
Term
Today, producers changed their expectation about the future. This change
can affect future supply, but not today's supply
can affect today's supply
cannot affect either today's supply or future supply
1 of 20
Term
A tax on the buyers of popcorn
increase the size of the popcorn market
decrease the size of the popcorn market
has no effect on the size of the popcorn market.
many increase, decrease, or have no effect on the size of the popcorn market.
2 of 20
Term
Suppose a tax of $0.50 per unit on a good creates a deadweight loss of $100. If the tax is
increased to $2.50 per unit, the deadweight loss from the new tax would be
$200
$250
$500
$2,500
3 of 20
10:32, 25/01/2023
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2/7
Term
Ally mows lawns for a living. Ally's expense (for equipment, gasoline, and so on)
plus the value that she places on her own time amount to her
producer surplus
producer deficit
cost of mowing lawns
profit
4 of 20
Term
If the price elasticity of demand for aluminum foil is 1.45, then a 2.4% decrease in the price of
aluminum foil will increase the quantity demanded of aluminum foil by
1.66%, and aluminum foil sellers' total revenue will increase as a result
1.66%, and aluminum foil sellers' total revenue will decrease as a result
3.48%, and aluminum foil sellers' total revenue will increase as a result
3.48%, and aluminum foil sellers' total revenue will decrease as a result
5 of 20
Term
Suppose the demand for macaroni is inelastic and the supply of macaroni is elastic, and the
demand for cigarettes is inelastic and the supply of cigarettes is elastic. If a tax were levied on
the sellers of both of these commodities, we would expect that the
burden of both taxes would fall more heavily on the buyers than on the sellers
burden of the macaroni tax fall more heavily on the sellers than on the buyers, and the
burden of the cigarette tax wold fall more heavily on the buyers than on the sellers.
burden of the macaroni tax would fall more heavily on the buyers than on the sellers,
and the burden of the cigarette tax would fall more heavily on the sellers than on the
buyers.
burden of both taxes would fall more heavily on the sellers than on the buyers.
6 of 20
cost= amount paid by
buyers+the value to buyers
E
D
= %Q %P /
10:32, 25/01/2023
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3/7
Term
Which of the following is likely to have
mint-flavored toothpaste
toothpaste
Colgate mint-flavored toothpaste
a generic mint-flavored toothpaste
7 of 20
Term
When price is greater than for a firm in a ,
marginal cost must be falling
the firm must be minimizing its losses.
there are opportunities to increase profit by increasing production.
the firm should decrease output to maximize profit.
8 of 20
Term
Suppose that for a particular firm the only variable input into the production process is labor
and that output equals zero when no workers are hired. In addition, suppose that marginal
, and t ers are hired
is . What is when three workers are hired?
$80
$90
$100
$110
9 of 20
10:32, 25/01/2023
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4/7
Term
Funsters, Inc., the largest toy company in the country, sells its most popular doll for It has
just learned that its leading competitor, Toysorama, is mass-producing an excellent copy and
plans to Funster should
"fight fire with fire" by decreasing supply of its doll for 6 weeks and then increasing the
supply.
increase the supply of their doll now before the other doll hits the market.
increase the price of their now.
discontinue their doll.
10 of 20
Term
Which of the following statements is NOT correct?
Tradable pollution permits have an advantage over corrective taxes if the government
is uncertain as to the optimal size of the tax necessary to reduce pollution to a specific
level.
Both corrective taxes and tradable pollution permits provide market-based incentives
for firms to reduce pollution.
Corrective taxes set the maximum quantity of pollution, whereas tradable pollution
permits fix the price of pollution.
Both corrective taxes and tradable pollution permits reduce the cost of environmental
protection and thus should increase the public's demand for a clean environment.
11 of 20
Term
At the equilibrium price of a good, the good will be purchased by those buyers who
value the good more than price.
value the good less than price.
have the money to buy the good.
consider the good a necessity.
12 of 20
corrective taxes set the price of pollution
while tradable pollution permits set the
quantity of pollution
10:32, 25/01/2023
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5/7
Term
If a 25% change in price results in a 40% change in quantity supplied, then the price elasticity
of supply is
0.63, and supply is elastic
0.63, and supply is inelastic
1.60, and supply is elastic.
1.60, and supply is inelastic
13 of 20
Term
Which of the following statements is NOT correct?
An invisible hand leads buyers and sellers to an equilibrium that maximizes total
surplus.
Market power can cause markets to be inefficient.
Externalities can cause markets to be inefficient.
The invisible hand can remedy most if not all types of market failures.
14 of 20
Term
The marginal product of any input is the
increase in total cost associated with one-unit increase in production.
change in total output associated with a $1.00 increase in total cost.
increase in total cost resulting from hiring of an additional worker.
increase in total output obtained from one additional unit of that input.
15 of 20
10:32, 25/01/2023
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6/7
Term
Which of the following statements is NOT correct?
Private markets tend to over-produce products with negative externalities.
Private markets tends to under-produce products with positive externalities.
Private parties can bargain to efficient outcomes even in the presence of externalities.
Private parties are usually more successful in achieving efficient outcomes than
government policies.
16 of 20
Term
When an infinite value is placed on human life, policymakers who rely on cost-benefit analysis
are forced to pursue any project in which a single human life is saved.
are likely to make decisions that optimally allocate society's scarce resources.
would not pursue any public project that would not save human life.
would be forced to rely on private markets to provide public goods.
17 of 20
Term
What will happen to the equilibrium price and quantity of new cars if the price of gasoline
rises, the price of steel rises, public transportation becomes cheaper and more comfortable,
and auto-workers negotiate higher wages?
Price will fall and the effect on quantity is ambiguous.
Price will rise and the effect on quantity is ambiguous.
Quantity will fall and the effect on price is ambiguous.
Quantity will rise and the effect on price is ambiguous.
18 of 20
10:32, 25/01/2023
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7/7
Term
Price controls are usually enacted
as a means of raising revenue for public purposes.
when policymakers believe that the market price of a good or service is unfair to
buyers or sellers.
when policymakers detect inefficiencies in the market.
All of the above are correct.
19 of 20
Term
In the case of a technology spillover, the government can encourage firms to internalize a
positive externality by
taxing production, which would decrease supply
taxing production, which would increase supply
subsidizing production, which would decrease supply
subsidizing production, which would increase supply
20 of 20

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Preview text:

10:32, 25/01/2023
Test: Microeconomics Final Exam | Quizlet Name: Score: 20 Multiple choice questions Term 1 of 20
Today, producers changed their expectation about the future. This change
can cause a movement along a supply curve
can affect future supply, but not today's supply can affect today's supply
cannot affect either today's supply or future supply Term 2 of 20 A tax on the buyers of popcorn
increase the size of the popcorn market
decrease the size of the popcorn market
has no effect on the size of the popcorn market.
many increase, decrease, or have no effect on the size of the popcorn market. Term 3 of 20
Suppose a tax of $0.50 per unit on a good creates a deadweight loss of $100. If the tax is
increased to $2.50 per unit, the deadweight loss from the new tax would be $200 $250 $500 $2,500
https://quizlet.com/138379861/test 1/7 10:32, 25/01/2023
Test: Microeconomics Final Exam | Quizlet Term 4 of 20
Ally mows lawns for a living. Ally's
expense (for equipment, gasoline, and so on)
plus the value that she places on her own time amount to her cost= amount paid by buyers+the value to buyers producer surplus producer deficit cost of mowing lawns profit Term 5 of 20
If the price elasticity of demand for aluminum foil is 1.45, then a 2.4% decrease in the price of
aluminum foil will increase the quantity demanded of aluminum foil by ED= %Q/ %P
1.66%, and aluminum foil sellers' total revenue will increase as a result
1.66%, and aluminum foil sellers' total revenue will decrease as a result
3.48%, and aluminum foil sellers' total revenue will increase as a result
3.48%, and aluminum foil sellers' total revenue will decrease as a result Term 6 of 20
Suppose the demand for macaroni is inelastic and the supply of macaroni is elastic, and the
demand for cigarettes is inelastic and the supply of cigarettes is elastic. If a tax were levied on
the sellers of both of these commodities, we would expect that the
burden of both taxes would fall more heavily on the buyers than on the sellers
burden of the macaroni tax fall more heavily on the sellers than on the buyers, and the
burden of the cigarette tax wold fall more heavily on the buyers than on the sellers.
burden of the macaroni tax would fall more heavily on the buyers than on the sellers,
and the burden of the cigarette tax would fall more heavily on the sellers than on the buyers.
burden of both taxes would fall more heavily on the sellers than on the buyers.
https://quizlet.com/138379861/test 2/7 10:32, 25/01/2023
Test: Microeconomics Final Exam | Quizlet Term 7 of 20
Which of the following is likely to have mint-flavored toothpaste toothpaste
Colgate mint-flavored toothpaste
a generic mint-flavored toothpaste Term 8 of 20 When price is greater than for a firm in a , marginal cost must be falling
the firm must be minimizing its losses.
there are opportunities to increase profit by increasing production.
the firm should decrease output to maximize profit. Term 9 of 20
Suppose that for a particular firm the only variable input into the production process is labor
and that output equals zero when no workers are hired. In addition, suppose that marginal , and t ers are hired is . What is when three workers are hired? $80 $90 $100 $110
https://quizlet.com/138379861/test 3/7 10:32, 25/01/2023
Test: Microeconomics Final Exam | Quizlet Term 10 of 20
Funsters, Inc., the largest toy company in the country, sells its most popular doll for It has
just learned that its leading competitor, Toysorama, is mass-producing an excellent copy and plans to Funster should
"fight fire with fire" by decreasing supply of its doll for 6 weeks and then increasing the supply.
increase the supply of their doll now before the other doll hits the market.
increase the price of their now. discontinue their doll. Term 11 of 20
Which of the following statements is NOT correct?
Tradable pollution permits have an advantage over corrective taxes if the government
is uncertain as to the optimal size of the tax necessary to reduce pollution to a specific level.
Both corrective taxes and tradable pollution permits provide market-based incentives for firms to reduce pollution.
Corrective taxes set the maximum quantity of pollution, whereas tradable pollution
permits fix the price of pollution.
corrective taxes set the price of pollution
while tradable pollution permits set the quantity of pollution
Both corrective taxes and tradable pollution permits reduce the cost of environmental
protection and thus should increase the public's demand for a clean environment. Term 12 of 20
At the equilibrium price of a good, the good will be purchased by those buyers who
value the good more than price.
value the good less than price.
have the money to buy the good. consider the good a necessity.
https://quizlet.com/138379861/test 4/7 10:32, 25/01/2023
Test: Microeconomics Final Exam | Quizlet Term 13 of 20
If a 25% change in price results in a 40% change in quantity supplied, then the price elasticity of supply is 0.63, and supply is elastic 0.63, and supply is inelastic 1.60, and supply is elastic. 1.60, and supply is inelastic Term 14 of 20
Which of the following statements is NOT correct?
An invisible hand leads buyers and sellers to an equilibrium that maximizes total surplus.
Market power can cause markets to be inefficient.
Externalities can cause markets to be inefficient.
The invisible hand can remedy most if not all types of market failures. Term 15 of 20
The marginal product of any input is the
increase in total cost associated with one-unit increase in production.
change in total output associated with a $1.00 increase in total cost.
increase in total cost resulting from hiring of an additional worker.
increase in total output obtained from one additional unit of that input.
https://quizlet.com/138379861/test 5/7 10:32, 25/01/2023
Test: Microeconomics Final Exam | Quizlet Term 16 of 20
Which of the following statements is NOT correct?
Private markets tend to over-produce products with negative externalities.
Private markets tends to under-produce products with positive externalities.
Private parties can bargain to efficient outcomes even in the presence of externalities.
Private parties are usually more successful in achieving efficient outcomes than government policies. Term 17 of 20
When an infinite value is placed on human life, policymakers who rely on cost-benefit analysis
are forced to pursue any project in which a single human life is saved.
are likely to make decisions that optimally allocate society's scarce resources.
would not pursue any public project that would not save human life.
would be forced to rely on private markets to provide public goods. Term 18 of 20
What will happen to the equilibrium price and quantity of new cars if the price of gasoline
rises, the price of steel rises, public transportation becomes cheaper and more comfortable,
and auto-workers negotiate higher wages?
Price will fall and the effect on quantity is ambiguous.
Price will rise and the effect on quantity is ambiguous.
Quantity will fall and the effect on price is ambiguous.
Quantity will rise and the effect on price is ambiguous.
https://quizlet.com/138379861/test 6/7 10:32, 25/01/2023
Test: Microeconomics Final Exam | Quizlet Term 19 of 20
Price controls are usually enacted
as a means of raising revenue for public purposes.
when policymakers believe that the market price of a good or service is unfair to buyers or sellers.
when policymakers detect inefficiencies in the market. All of the above are correct. Term 20 of 20
In the case of a technology spillover, the government can encourage firms to internalize a positive externality by
taxing production, which would decrease supply
taxing production, which would increase supply
subsidizing production, which would decrease supply
subsidizing production, which would increase supply
https://quizlet.com/138379861/test 7/7

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