Y11 Economics - Market Efficiency

Y11 Economics - Market Efficiency

11th Grade

18 Qs

quiz-placeholder

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Y11 Economics - Market Efficiency

Y11 Economics - Market Efficiency

Assessment

Quiz

Social Studies

11th Grade

Medium

Created by

Rachel Whitty

Used 63+ times

FREE Resource

18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumer surplus is

the difference between a buyer's maximum price and their minimum price.

the difference between a buyer's maximum price and the actual price.

the difference between a buyer's minimum price and the actual price.

the difference between total benefits and marginal benefits.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A consumers' total benefit from consuming a good is equal to the

total amount spent on the good.

consumer surplus on the quantity purchased.

consumer surplus minus the total spent on the good.

consumer surplus plus the total amount spent on the good.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

James pays $10 for a pizza but he was willing to pay $12. James' consumer surplus is

$10

$12

$2

-$2

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Craig valued a ticket to the football game at $60. The actual price was$75. Craig's consumer surplus was

$15

-$15

$60

Zero

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When Lauren purchased a fluffy kitten she received a consumer surplus of $100. If Lauren's maximum price was $400, she must have paid

$100

$300

$400

$500

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Steven's demand for Taylor Swift concert tickets is shown below.

Price ($)     Qty Demanded

400             1

300             2

200             3

100             4

What is Steven's consumer surplus if he buys three tickets for $200 each?

$200

$300

$400

$600

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Brittany is willing to sell her cupcakes for $4. She actually receives $6. Her producer surplus is

$2

$4

$6

$10

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