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L6: Welfare & Government

Authored by Miracle Tanimola

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L6: Welfare & Government
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19 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Welfare Economics is...?

The study of market structures

The study of how the allocation of resources affects economic well-being

The study of financial markets

The study of international trade

2.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

  1. 1. What does WTP stand for in the context of economics?

  2. 2. and what is it defined as?

A) Willingness to Participate; in the purchase of a good

Willingness to Pay; A buyers willingness to pay for a good is the maximum amount the buyer will pay for that good. It measures how much the buyer values the good

Willingness to Produce; the good that will get sold to the consumer

Willingness to Promote; A firms willingness to promote a new product to the market

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

How is Consumer Surplus (CS) calculated?

CS = P - WTP

CS = WTP + P

CS = WTP - P

CS = P / WTP

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the consumer surplus when the buyer is willing to pay £50 for a pair of trainers but the market price is £30?

£20

£50

£30

£80

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

How is Producer Surplus (PS) calculated?

PS = (cost to sellers) - (amount received by sellers)

PS = (amount paid by buyers) - (cost to sellers)

PS = (amount received by sellers) - (cost to sellers)

PS = (total market revenue) - (total cost to sellers)

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What is the calculated producer surplus from the diagram?

£25

£40

£312.5

£15

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What does the total surplus in an economy measure?

The total taxes collected by the government

The sum of consumer surplus and producer surplus

The total production cost of goods and services

The total revenue generated by businesses

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