Chapter 7
Consumers, Producers, and the Efficiency of Markets
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Test B
. Economists refer to the study of how the allocation of resources affects economic well-being as
a. economic policy.于品
b. welfare economics.
c. market efficiency.
d. Keynesian economics.
TYPE: M KEY1: D OBJECTIVE: 1 RANDOM: Y
. With respect to welfare economics, the equilibrium price of a product is considered to be the best price becau it
a. maximizes tax revenue to the government.
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b. minimizes costs and maximizes profits of llers.
c. maximizes the total welfare of buyers and llers.
d. minimizes the level of welfare payments to tho who no longer live below the poverty line.
TYPE: M KEY1: D OBJECTIVE: 1 RANDOM: Y
NOTE: THE FOLLOWING QUESTION IS REPEATED FROM THE ON-LINE QUIZZES. YOUR STUDENTS MAY HAVE ALREADY SEEN THIS QUESTION AND ITS ANSWER.
. The height of a demand curve reprents the
a. cost of the marginal ller.
b. cost of the highest-cost llers.
c. marginal buyer’s willingness to pay.
d. minimum amount the marginal buyer will be willing to pay for a specific quantity of a good.
TYPE: M KEY1: E SECTION: 1 OBJECTIVE: 2 RANDOM: Y
. When we measure a buyer’s willingness to pay, we are measuring
a. how much the buyer values a good.
b. the buyer’s consumer surplus.
c. the dollar amount a buyer has to pay to obtain a good.
d. how much of the purcha price a ller receives as profit from the sale of a good.
TYPE: M KEY1: E SECTION: 1 OBJECTIVE: 2 RANDOM: Y
. Al is willing to pay $40.00 for a video of the movie Castaways. He finds a copy at his favorite video store for $15. Al’s consumer surplus is
a. $15.
b. $25.
c. $40.
d. $55.
TYPE: M KEY1: E SECTION: 1 OBJECTIVE: 2 RANDOM: Y
. Julie buys a new pair of boots for $100. She receives a consumer surplus of $25 on her purcha. Her willingness to pay is
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a. $25.
b. $75.
c. $100.
d. $125.
TYPE: M KEY1: E SECTION: 1 OBJECTIVE: 2 RANDOM: Y
. A definition for consumer surplus would be
a. the amount of a product a consumer can buy at a price below the equilibrium price.
b. the difference between the amount a consumer has to pay and the amount the consumer was willing to pay.
c. the number of consumers who are excluded from a market becau of scarcity.
d. how much a buyer values a good.
was willing to pay.
吃什么除去湿气TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y
. If the price of the product is equal to a consumer’s willingness to pay, then the consumer surplus of that purcha would be
a. zero, and the consumer would not purcha the product.
b. negative, and the consumer would not purcha the product.
c. zero, but the consumer would purcha the product.
d. There is not enough information given to answer this question.
TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y
. Consumer surplus is measured graphically as the area
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a. between the demand and supply curves.
b. below the demand curve and above price.
c. below the price and above the supply curve.
d. below the demand curve to the right of equilibrium price.
TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: N
. What will happen to consumer surplus if the price of a good falls?
a. It increas.
b. It decreas.
c. It is unchanged.
d. It may increa, decrea, or remain unchanged, depending on how much the price fell.
TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 2 RANDOM: Y
.
Producer surplus is the
a. area under the demand curve above price.
b. amount a ller is paid less the cost of production.
c. cost producers incur when they choo to participate in the market.
d. total area under the supply curve that is to the left of equilibrium quantity.
TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 4 RANDOM: Y
. A ller would be willing to ll a product ONLY IF the price received is
a. equal to the cost of production.
b. at least double the cost of production.
c. less than the cost of production.
忠犬八公影评 d. at least as great as the cost of production.
TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 3 RANDOM: Y
双翘板NOTE: THE FOLLOWING QUESTION IS REPEATED FROM THE ON-LINE QUIZZES. YOUR STUDENTS MAY HAVE ALREADY SEEN THIS QUESTION AND ITS ANSWER.
. An increa in the price of a good will cau
a. both producer and consumer surplus to increa.
b. both producer and consumer surplus to decrea.
c. an increa in producer surplus and a decrea in consumer surplus.
