Exam 1 Review
Quiz by Braziel Hatch
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- Q1
An increase to a binding price ceiling would result in
Quantity supplied increasing
Supply Increasing
Demand increasing
Quantity demanded increasing
30s - Q2
Which of the following would shift the demand curve for gasoline to the right?
An increase in the consumer income, assuming gasoline is a normal good
A decrease in the price of the gasoline
A decrease in the expected future price of gasoline
An increase in the price of cars, a complement of gasoline
30s - Q3
The price of a good rises from $12 to $14, and the quantity demanded falls from 200 to 160 units. Calculated with the midpoint method, the absolute value of the elasticity is
9/13
13/9
9
10
60s - Q4
How much is the Consumer Surplus?
$56.25
$112.50
$450
$225
60s - Q5
How much is the Total Surplus?
$56.25
$112.50
$337.50
$225
60s - Q6
Before the tax was implemented, how much consumer surplus was there?
$200
$600
$400
$800
60s - Q7
How much of the tax is paid by the consumer?
$0
$2
$3
$5
30s - Q8
What is the government revenue from taxation in this market?
$750
$450
$900
$720
60s - Q9
What is the Deadweight Loss due to taxation in this market?
$125
$100
$25
$900
30s - Q10
What is the loss in Producer Surplus due to the taxation in this market?
$780
$400
$525
$350
60s
