Chapter 7
Consumers, Producers, and the Efficiency of Markets
学习笔记怎么写Test A
. Welfare economics is the study of
a. the well-being of less fortunate people.
b. welfare programs in the United States.
c. the effect of income redistribution on work effort.
d. how the allocation of resources affects economic well-being.
TYPE: M KEY1: D OBJECTIVE: 1 RANDOM: Y
. The equilibrium of supply and demand in a market
a. maximizes the profits of producers.
b. minimizes the costs incurred by consumers.
c. maximizes the total benefits received by buyers and llers.
d. minimizes the expenditures of buyers.
TYPE: M KEY1: D OBJECTIVE: 1 RANDOM: Y
. The area below a demand curve and above the price measures
a. total surplus.
b. producer surplus.
c. willingness to pay.
d. consumer surplus.
TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: N
. Willingness to pay measures the
a. maximum amount that a buyer will pay for a good.
b. amount a ller actually receives for a good minus the minimum amount the ller is willing to accept.
c. maximum amount a buyer is willing to pay minus the minimum amount a ller is willing to accept.
d. amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 1 RANDOM: Y
. If a consumer is willing and able to pay $15.50 for a particular good but the price of the good is $16.00, then the
a. market must not be a perfectly competitive market.
b. consumer would have consumer surplus of $0.50.
c. consumer would not purcha the good and would not have any consumer surplus.
d. consumer would increa his/her willingness and ability to pay by earning more.
TYPE: M KEY1: E SECTION: 1 OBJECTIVE: 1 RANDOM: Y
. If Brock is willing to pay $500 for a new suit, but is able to buy the suit for $350, his consumer surplus is
a. $850.
b. $500.
c. $350.
d. $150.
TYPE: M KEY1: E SECTION: 1 OBJECTIVE: 1 RANDOM: Y
. Sharon values a lawnmower at $300, but buys it for $200. Sharon’s willingness to pay is
a. $500.
b. $300.
c. $200.
d. $100.
TYPE: M KEY1: E SECTION: 1 OBJECTIVE: 2 RANDOM: Y师傅的师傅叫什么
. Consumer surplus is the
a. quantity of a good consumers get free.
b. total value of a good to a consumer.
c. amount a consumer is willing to pay less the amount the consumer actually pays.
义务兵津贴 d. amount a consumer has to pay less the amount the consumer was willing to pay.
TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y
. If you pay a price exactly equal to your willingness to pay, then
a. you place little value on the good.
b. your consumer surplus is $0.
c. your consumer surplus is negative.
d. your willingness to pay is less than your consumer surplus.
TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y
. Refer to the graph shown. When the price ris from P1 to P2, consumer surplus
a. increas by an amount equal to A.
b. decreas by an amount equal to C.
c. decreas by an amount equal to B + C.
d. increas by an amount equal to B + C.
TYPE: M KEY1: G SECTION: 1 OBJECTIVE: 2 GRAPH FORMAT: M RANDOM: N
. Consumer surplus equals
a. Value to buyers – Costs of llers.
滕王阁记
b. Value to buyers – Amount paid by buyers.
c. Amount received by llers – Costs of llers.
d. Value to buyers – Amount paid by buyers + Amount received by llers – Costs of llers.凉薯的做法
TYPE: M KEY1: T SECTION: 1 OBJECTIVE: 2 INSTRUCTION: 1 RANDOM: N
.
寒冬里的温暖 Cost is a measure of the
a. producer shortage.
b. ller’s willingness to ll.
c. ller’s producer surplus.
d. ller’s willingness to buy.
TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 3 RANDOM: Y
. Producer surplus is the
a. amount a ller is paid less the cost of production.
b. cost to llers of participating in a market.
c. amount reprented by the area under the supply curve.
d. area under the supply curve to the left of the amount sold.
TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 4 RANDOM: Y
. The marginal ller is the ller who
a. can produce at the lowest cost.
b. has the greatest producer surplus.
c. cannot compete with the other llers in the market.
d. would leave the market first if the price were any lower.
四六级成绩什么时候出
TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 4 RANDOM: Y
. Producer surplus is the area
化学分析员
a. under the supply curve.
b. below the price and above the supply curve.
c. between the supply and demand curves.
d. under the demand curve, and above the price.
