
Midterm 2
Quiz
•
Business
•
University
•
Medium
Catherine Rolfes
Used 1+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Refer to the graph shown. When the price is P1, consumer surplus is
A
A+B
A+B+C
A+B+D
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Refer to the graph shown. When the price rises from P1 to P2, consumer surplus
increases by an amount equal to A.
decreases by an amount equal to B + C.
increases by an amount equal to B + C.
decreases by an amount equal to C.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Starting from February 2002, the new regulation requires all airlines to pay a security fee of $20 for each passenger. With a normal demand and supply, ______.
the airlines will pass the entire fee of $20 to their customers.
the airlines might split the burden with their customers if their customers are highly sensitive to the total payments they pay for traveling.
the airlines will bear the entire fee of $20.
the airlines will simply raise the price for the business travelers.
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In the figure above, the tax burden
is split between consumers and producers.
is totally borne (paid) by producers.
is totally borne (paid) by consumers.
creates no deadweight loss (social loss) to society.
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In the above figure, the amount of the tax per unit is
$.50
$1.00
$1.50
$2.00
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
According to the graph, the amount that sellers will receive after the tax is imposed is___.
$1
$2
$3
$4
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The table gives the demand and supply schedule for cookies. The government now levies a $.60 tax on cookies. As a result, the price consumers pay for a packet of cookies increases to __ and the tax revenue collected is __ a week.
$4.70, $42
$5.00, $24
$4.90, $30
$4.80, $36
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