Midterm 2

Midterm 2

University

12 Qs

quiz-placeholder

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Midterm 2

Midterm 2

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Catherine Rolfes

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

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

Media Image

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

Media Image

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

Media Image

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

Media Image

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

Media Image

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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