Chapter 7 Post test

Chapter 7 Post test

12th Grade - University

8 Qs

quiz-placeholder

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Chapter 7 Post test

Chapter 7 Post test

Assessment

Quiz

Social Studies

12th Grade - University

Practice Problem

Hard

Created by

Russell Warmerdam

Used 5+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the market price for a pontoon boat is $30,000, but Terri is willing to pay $32,000, what is the consumer surplus?

$2,000

$30,000

$32,000

$62,000

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What a consumer actually pays for an additional unit of a good is known as ______.

producer surplus

wholesale price

consumer surplus

market price

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

April was very hungry and bought a slice of pizza for $2, even though she would have paid $3. Then she bought a second slice, for which she was willing to pay $2.50. She decided not to buy a third slice because she was only willing to pay $1. What concept does this example represent?

Total welfare gains equal the sum of consumer and producer surpluses.

Producers do not knowingly sell goods worth more to them than the asking price.

Taxes create a deadweight loss to society.

Marginal willingness to pay falls as more is consumed.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Each time a consumer purchases another unit of a product, what usually happens?

The consumer’s willingness to pay the same price drops.

The consumer’s willingness to pay the same price rises.

The production quality of the product is better.

The production quality of the product is worse.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It costs Joe twenty dollars to make a hat, and he sells it for thirty dollars. What is the name for the difference in these two prices?

quantity discount

market price

consumer surplus

producer surplus

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The supply curve can be seen as being a marginal ______ curve.

benefit

cost

demand

rebate

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If it costs Joy $15 to make a bracelet, and she receives $20 for it, what is her producer surplus on the bracelet?

$35

$20

$15

$5

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