Quiz về Kinh tế học

A tax placed on the seller of a good

• raises the price buyers pay and lowers the price sellers receive.

• lowers both the price buyers pay and the price sellers receive.

• lowers the price buyers pay and raises the price sellers receive.

• raises both the price buyers pay and the price sellers receive.

Trade among nations is ultimately based on

• comparative advantage.

• political advantage.

• absolute advantage.

• technical advantage.

Consumer surplus is

• a buyer's willingness to pay minus the price.

• a buyer's willingness to pay plus the price.

• the price of the product minus the buyer's willingness to pay.

• when the buyer's willingness to pay and the price of the product are equal.

When a tax is levied on a good

• neither buyers nor sellers are worse off.

• sellers are worse off but not buyers.

• buyers are worse off but not sellers.

• both buyers and sellers are worse off.

The benefit received by buyers in the market is measured by

• the amount buyers are willing to pay for the good.

• the equilibrium price.

• consumer surplus.

• the demand curve.

Assume that the demand for salt is relatively inelastic and that the demand for orange juice is relatively elastic. Compared to the deadweight loss from the same percentage tax on orange juice, the deadweight loss from imposing a tax on salt would be

• less.

• either greater or less.

• greater.

• neither greater nor less.

When a tax is placed on the sellers of lemonade

• buyers and sellers share the burden of the tax.

• the buyers pay the entire tax.

• the sellers pay the entire tax.

• the burden of the tax will be always be equally divided between the buyer and the seller.

With respect to welfare economics, the equilibrium price of a product is considered to be the best price because it

• maximizes total revenue to firms and total utility to buyers.

• minimizes costs and maximizes profits of sellers.

• maximizes the total welfare of buyers and sellers.

• minimizes the level of welfare payments to those who no longer live below the poverty line.

Ray buys a new tractor for $118,000. He receives consumer surplus of $13,000 on his purchase. Ray's willingness to pay is

• $13,000.

• $105,000.

• $131,000.

• $118,000.

A tax placed on the seller of a product will