Economics Chapter 4 Tuscaloosa The Price Hamburger Falls From 150

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55. Multiple Choice: Along a given demand curve, an increa...

Question Along a given demand curve, an increase in the price of a good will:

Answer increase consumer surplus.

56. Multiple Choice: Suppose the United States removes the…

Question Suppose the United States removes the current sugar quotas and the market price

of sugar drops. In the candy bar market, we would expect:

57. Multiple Choice: Which of the following is true if the…

Question Which of the following is true if there is a decrease in the supply of ice cream?

Answer There is an increase in consumer surplus.

58. Multiple Choice: When there is a bountiful harvest of …

Question When there is a bountiful harvest of grapefruit, total consumer surplus in the

grapefruit market:

Points: 0

59. Multiple Choice: Along a given demand curve, a decreas…

Question Along a given demand curve, a decrease in the price of a good:

60. Multiple Choice: Which of the following is most likely...

Question Which of the following is most likely to increase consumer surplus in the market for

cotton T-shirts?

61. Multiple Choice: Figure: Consumer Surplus I Reference:…

Question Figure: Consumer Surplus I

Reference: Ref 4-9

(Figure: Consumer Surplus I) Look at the figure Consumer Surplus I. At a price of

P1, consumer surplus equals the area:

Points: 0

Answer ABP2.

62. Multiple Choice: Figure: Consumer Surplus I Reference:…

Question Figure: Consumer Surplus I

Reference: Ref 4-9

(Figure: Consumer Surplus I) Look at the figure Consumer Surplus I. At a price of

P2, consumer surplus equals the area:

63. Multiple Choice: Figure: Consumer Surplus I Reference:…

Question

Points: 0

Figure: Consumer Surplus I

Reference: Ref 4-9

(Figure: Consumer Surplus I) Look at the figure Consumer Surplus I. If the good is

free, consumer surplus equals the area:

Answer ABP2.

64. Multiple Choice: Figure: Consumer Surplus I Reference:…

Question Figure: Consumer Surplus I

Reference: Ref 4-9

(Figure: Consumer Surplus I) Look at the figure Consumer Surplus I. If the price

falls from P2 to P1, consumer surplus increases by the area:

Answer ABP2.

Points: 0

65. Multiple Choice: Figure: Consumer Surplus I Reference:…

Question Figure: Consumer Surplus I

Reference: Ref 4-9

(Figure: Consumer Surplus I) Look at the figure Consumer Surplus I. If the price

rises from P1 to P2, consumer surplus decreases by the area:

Answer ABP2.

66. Multiple Choice: Figure: Consumer Surplus II Reference…

Question

Points: 0

Figure: Consumer Surplus II

Reference: Ref 4-10

(Figure: Consumer Surplus II) Look at the figure Consumer Surplus II. If the price of

the good is $2, consumer surplus will equal:

Answer $30.

67. Multiple Choice: Figure: Consumer Surplus II Reference…

Question

Points: 0

Figure: Consumer Surplus II

Reference: Ref 4-10

(Figure: Consumer Surplus II) Look at the figure Consumer Surplus II. If the price of

the good is $4, consumer surplus will equal:

$40.

68. Multiple Choice: Figure: Consumer Surplus II Reference…

Question

Points: 0

Figure: Consumer Surplus II

Reference: Ref 4-10

(Figure: Consumer Surplus II) Look at the figure Consumer Surplus II. If the price of

the good increases from $3 to $4, consumer surplus will decrease by:

Answer $5.

69. Multiple Choice: Figure: Consumer Surplus II Reference…

Question

Points: 0

Figure: Consumer Surplus II

Reference: Ref 4-10

(Figure: Consumer Surplus II) Look at the figure Consumer Surplus II. If the price of

the good decreases from $2 to $1, consumer surplus will increase by:

Answer $5.

70. Multiple Choice: Figure: The Market for Hamburgers Ref…

Question

Points: 0

Figure: The Market for Hamburgers

Reference: Ref 4-11

(Figure: The Market for Hamburgers) Look at the figure The Market for Hamburgers.

The figure shows the weekly market for hamburgers in Tuscaloosa. If the price of a

burger is $2, consumer surplus will equal:

Answer $650.

71. Multiple Choice: Figure: The Market for Hamburgers Ref…

Question

Points: 0

Figure: The Market for Hamburgers

Reference: Ref 4-11

(Figure: The Market for Hamburgers) Look at the figure The Market for Hamburgers.

The figure shows the weekly market for hamburgers in Tuscaloosa. If 400

hamburgers are sold, consumer surplus will equal:

Answer $650.

72. Multiple Choice: Figure: The Market for Hamburgers Ref…

Question

Points: 0

Figure: The Market for Hamburgers

Reference: Ref 4-11

(Figure: The Market for Hamburgers) Look at the figure The Market for Hamburgers.

The figure shows the weekly market for hamburgers in Tuscaloosa. If the price of a

hamburger falls from $2 to $1.50, the gain in consumer surplus to consumers who

are persuaded to buy at the lower price (and who were not buying when the price

was $2) is equal to:

Answer $100.

73. Multiple Choice: Figure: Consumer Surplus III Referenc…

Question

Points: 0

Figure: Consumer Surplus III

Reference: Ref 4-12

(Figure: Consumer Surplus III) Look at the figure Consumer Surplus III. In the figure,

when the price falls from $30 to $25, consumer surplus ________ for a total

consumer surplus of ________.

Answer increases by $25; $74

74. Multiple Choice: Figure: Consumer Surplus III Referenc…

Question

Points: 0

Figure: Consumer Surplus III

Reference: Ref 4-12

(Figure: Consumer Surplus III) Look at the figure Consumer Surplus III. In the figure,

when the price rises from $30 to $35, consumer surplus ________ for a total

consumer surplus of ________.

decreases by $5; $44

75. Multiple Choice: Figure: Consumer Surplus III Referenc…

Question

Points: 0

Figure: Consumer Surplus III

Reference: Ref 4-12

(Figure: Consumer Surplus III) Look at the figure Consumer Surplus III. In the figure,

total consumer surplus is ________ when the price is $10.

Answer $50

76. Multiple Choice: Anna is willing to sell her 20-year-o...

Question Anna is willing to sell her 20-year-old boat, but not for less than $2,300. For Anna,

the cost of selling this boat is ________ $2,300.

Answer more than

77. Multiple Choice: Reference: Ref 4-13 (Table: Producer…

Question

Points: 0

Reference: Ref 4-13

(Table: Producer Surplus and Phantom Tickets) Look at the table Producer Surplus

and Phantom Tickets. If the price for Phantom tickets is $55, which student has

the highest individual producer surplus?

78. Multiple Choice: Reference: Ref 4-13 (Table: Producer…

Question

Reference: Ref 4-13

(Table: Producer Surplus and Phantom Tickets) Look at the table Producer Surplus

and Phantom Tickets. If the price for Phantom tickets is $140 and there is no other

market for tickets, total producer surplus for these five students is:

Answer $139.

79. Multiple Choice: Reference: Ref 4-13 (Table: Producer…

Points: 0

Question

Reference: Ref 4-13

(Table: Producer Surplus and Phantom Tickets) Look at the table Producer Surplus

and Phantom Tickets. Given the information in the table, if the price for Phantom

tickets is $55, total producer surplus for the five students is:

Answer $54.

80. Multiple Choice: Reference: Ref 4-13 (Table: Producer…

Question

Reference: Ref 4-13

(Table: Producer Surplus and Phantom Tickets) Look at the table Producer Surplus

and Phantom Tickets. Given the information in the table, if these students can sell

their Phantom tickets for only $5, then:

Answer Tim will be the only student not to sell his ticket.

Points: 0

81. Multiple Choice: The total producer surplus in the Wis…

Question The total producer surplus in the Wisconsin milk market is represented by:

82. Multiple Choice: The total producer surplus for a good...

Question The total producer surplus for a good can be calculated in all except one of the

following ways. Which is the exception?

Answer the sum of the individual producer surpluses for all sellers of the good

83. Multiple Choice: Reference: Ref 4-14 (Table: Producer…

Question

Reference: Ref 4-14

(Table: Producer Surplus) Look at the table Producer Surplus. If the price of a

ticket to see The Nutty Nutcracker is $50, then Francisco‘s producer surplus is:

Points: 0

84. Multiple Choice: Reference: Ref 4-14 (Table: Producer…

Question

Reference: Ref 4-14

(Table: Producer Surplus) Look at the table Producer Surplus. If the price of a

ticket to see The Nutty Nutcracker is $50, then Dudley‘s producer surplus is:

Answer $0.

85. Multiple Choice: Reference: Ref 4-14 (Table: Producer…

Question

Points: 0

Reference: Ref 4-14

(Table: Producer Surplus) Look at the table Producer Surplus. If the price of a

ticket to see The Nutty Nutcracker is $75, then Caitlin’s producer surplus is:

Answer $0.

86. Multiple Choice: Reference: Ref 4-14 (Table: Producer…

Question

Reference: Ref 4-14

(Table: Producer Surplus) Look at the table Producer Surplus. If the price of a

ticket to see The Nutty Nutcracker is $75, then Dudley‘s producer surplus is:

Answer $15.

Points: 0