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MT2_2106_s2011_ABCD

# MT2_2106_s2011_ABCD - Name Class Date Econ 2106_MT2 33...

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Name: ________________________ Class: ___________________ Date: __________ ID: A 1 Econ 2106_MT2: 33 questions (each worth 2ppts) plus two bonus questions (1ppt each) Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Which of the following changes would not shift the demand curve for a good or service? a. a change in income b. a change in the price of the good or service c. a change in expectations about the future price of the good or service d. a change in the price of a related good or service Table 6-2 Price Quantity Demanded Quantity Supplied \$0 250 0 \$5 200 75 \$10 150 150 \$15 100 225 \$20 50 300 \$25 0 375 ____ 2. Refer to Table 6-2. Which of the following statements is correct? a. A price floor set at \$5 will be binding and will result in a surplus of 50 units. b. A price floor set at \$5 will be binding and will result in a surplus of 75 units. c. A price floor set at \$5 will be binding and will result in a surplus of 125 units. d. A price floor set at \$5 will not be binding.

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Name: ________________________ ID: A 2 Table 6-4 The following table contains the demand schedule and supply schedule for a market for a particular good. Suppose sellers of the good successfully lobby Congress to impose a price floor \$3 above the equilibrium price in this market. Price Quantity Demanded Quantity Supplied \$0 15 0 \$1 13 3 \$2 11 6 \$3 9 9 \$4 7 12 \$5 5 15 \$6 3 18 ____ 3. Refer to Table 6-4. How many units of the good are sold after the imposition of the price floor? a. 3 b. 9 c. 15 d. 18 Table 7-6 The following table represents the costs of five possible sellers. Seller Cost Abby \$1,500 Bobby \$1,200 Carlos \$1,000 Dianne \$750 Evalina \$500 ____ 4. Refer to Table 7-6 . If the market price is \$900, the producer surplus in the market is a. \$350. b. \$550. c. \$750. d. \$1,000.
Name: ________________________ ID: A 3 Figure 7-8 ____ 5. Refer to Figure 7-8. If the supply curve is S and the demand curve shifts from D to D’, what is the increase in producer surplus to existing producers? a. \$625 b. \$2,500 c. \$3,125 d. \$5,625 ____ 6. Producer surplus equals a. Value to buyers - Amount paid by buyers. b. Amount received by sellers - Costs of sellers. c. Value to buyers - Costs of sellers. d. Value to buyers - Amount paid by buyers + Amount received by sellers - Costs of sellers.

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Name: ________________________ ID: A 4 Figure 8-4 The vertical distance between points A and B represents a tax in the market. ____ 7. Refer to Figure 8-4 . The tax results in a loss of producer surplus that amounts to a. \$90. b. \$180. c. \$420. d. \$510.
ID: A 5 Figure 8-6 The vertical distance between points A and B represents a tax in the market. ____ 8.

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MT2_2106_s2011_ABCD - Name Class Date Econ 2106_MT2 33...

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