Microeconomics Quiz # 11

Instructions
Quiz: Microeconomics Quiz # 11
Subject: Elasticities In Microeconomics
Total Questions: 30 MCQs
Time: 30 Minutes

Note

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  • Results along with correct answers will be shown at the end of the test.
Microeconomics Quiz # 11
Question 1 of 30
00:00
  • The burden of the tax is more likely to fall on the party that has ______.

  • What was the amount of the luxury tax levied by Congress in 1991?

  • Consumer surplus occurs when the market price is ______ customers are willing and able to pay.

  • What happens as people consume additional units of a good?

  • The existence of a consumer surplus on a product means ______.

  • A decrease in price ______ consumer surplus.

  • Marginal cost is the cost of ______.

  • Producer surplus for a particular unit is the difference between the market price and the ______.

  • A supply curve is smooth when there ______.

  • When an economy maximizes the sum of consumer and producer surplus, it has reached ______.

  • How does elasticity of a supply or demand curve affect deadweight loss?

  • A subsidy can be thought of as a ______ tax.

  • How does a subsidy affect production?

  • Clarence believes rent is too high in his city, and he would like to pay less rent. Which government action would Clarence most likely support?

  • In the short term, the supply of rental units is ______.

  • The equilibrium price of soybeans is $4 per bushel, and the government believes farmers need the help of a price floor. Which price level is the government most likely to set for a bushel of soybeans?

  • Who receives most government agricultural subsidies?

  • How is a firm’s production influenced by a negative externality?

  • Corrective ______ are used to internalize negative externalities.

  • An educated population is an example of a(n) ______.

  • Because of scarcity, clean air ______.

  • If firms had to pay for the externalities they cause, production costs would ______.

  • It is probable that pollution regulation is subject to ______.

  • The idea that when the benefits are greater than the costs for some course of action, potential transactions can make some people better off without making anyone worse off is the ______.

  • Transaction costs exclude ______.

  • Greater numbers of transactors make negotiations______.

  • A private good is ______.

  • The use of public goods is ______.

  • Free riders are people who ______.

  • Asymmetric information is information that is ______.