Question 1

&#10;A)0, subsidies do not have a deadweight loss&#10;B)2.5&#10;C)5&#10;D)7.5

Accepted Answer

The deadweight loss is the area of the triangle formed by the difference between the equilibrium price with and without the subsidy. The equilibrium price without the subsidy is $P = 5 + 3 Q ^ { s }$ and the equilibrium price with the subsidy is $P = 50 - 2 Q ^ { d } - 5$. The equilibrium quantity without the subsidy is $Q ^ { s } = 10$ and the equilibrium quantity with the subsidy is $Q ^ { d } = 20$. The deadweight loss is therefore:$$\frac{1}{2} \times (P^* - P) \times (Q^* - Q) = \frac{1}{2} \times (50 - 2 \times 20 - 5 - 5) \times (20 - 10) = 2.5$$

Question 2

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Accepted Answer

Before the subsidy, the equilibrium price and quantity traded can be found by setting the inverse supply equal to the inverse demand:

$$5 + 3Q^s = 50 - 2Q^d$$

Solving for Q gives:

$$Q = 9$$

Substituting this value of Q back into either inverse supply or inverse demand gives the equilibrium price:

$$P = 5 + 3Q^s = 32$$

Therefore, the equilibrium price and quantity traded before the subsidy are $P = 32$ and $Q = 9$. Before the subsidy, we set the supply and demand equations equal to each other:
\begin{align*}
5+3Q_s = 50-2Q_d\
3Q_s + 2Q_d = 45
\end{align*}
At equilibrium, the quantity supplied equals the quantity demanded, so we can substitute $Q_s=Q_d$:
\begin{align*}
5Q = 45\
Q = 9
\end{align*}
Substituting $Q=9$ into either the supply or demand equation gives the equilibrium price:
\begin{align*}
P = 5+3(9) = 32
\end{align*}
After the subsidy, the market supply curve shifts down by \$5, becoming:
\begin{align*}
P = 10 + 3Q_s
\end{align*}
We set this new supply curve equal to the original demand curve:
\begin{align*}
10 + 3Q_s &= 50 - 2Q_d\
3Q_s + 2Q_d &= 40
\end{align*}
Substituting $Q_s=Q_d$, we get:
\begin{align*}
5Q &= 40\
Q &= 8
\end{align*}
Substituting $Q=8$ into either the supply or demand equation, we get:
\begin{align*}
P &= 5 + 3(8) - 5\
&= 19
\end{align*}
Therefore, the new equilibrium after the subsidy is $(Q,P)=(8,19)$, which means the quantity decreases by 1 and the price decreases by $13$. None of the answer choices match this outcome, so the correct answer is (C) because it gives the equilibrium price and quantity traded before the subsidy.

Question 3

An analysis that determines the equilibrium prices and quantities in more than one market simultaneously is calledL&#10;A)partial equilibrium analysis&#10;B)general equilibrium analysis&#10;C)externality analysis&#10;D)market equilibrium analysis

Accepted Answer

General equilibrium analysis considers multiple markets simultaneously and examines the interactions between them to determine the equilibrium prices and quantities. Partial equilibrium analysis only looks at one market in isolation, while externality analysis focuses specifically on the effects of external factors on market outcomes. Market equilibrium analysis is a more general term that could apply to either partial or general equilibrium analysis. General equilibrium analysis takes into account the interdependence of multiple markets, whereas partial equilibrium analysis only considers the market for a single good or service. Externality analysis focuses on the impact of external costs or benefits on market outcomes, and market equilibrium analysis is a more general term that can refer to both partial and general equilibrium analysis. Therefore, the best choice for an analysis that determines the equilibrium prices and quantities in more than one market simultaneously is general equilibrium analysis.

Question 4

If supply is relatively inelastic when compared with demand in a perfectly competitive market,:&#10;A)consumers will share a larger burden of an excise tax than producers.&#10;B)consumers and producers will share the burden of an excise tax equally.&#10;C)producers will share a larger burden of an excise tax than consumers.&#10;D)the incidence of the tax cannot be determined without more information.

Accepted Answer

When supply is relatively inelastic compared to demand in a perfectly competitive market, it means that producers are unable to increase the quantity of the product even if there is an increase in demand or price. In this scenario, if an excise tax is imposed, producers will not be able to absorb the additional cost and will pass it on to consumers by raising the price of the product. As a result, consumers will end up paying a higher price and bear a part of the tax burden, but since supply is relatively inelastic, producers will also bear a significant portion of the tax burden. However, producers may shift a larger portion of the tax burden if the demand for the product is very strong and consumers are willing to pay a higher price for it.

Question 5

The incidence of a tax depends on:&#10;A)whom the tax is levied upon.&#10;B)the relative elasticities of supply and demand.&#10;C)the elasticity of government revenues.&#10;D)the income elasticity of demand for the product.

Accepted Answer

The incidence of a tax depends on the relative elasticities of supply and demand. If the demand is more elastic than the supply, the burden of the tax falls on the producer, and if the supply is more elastic than demand, the burden falls on the consumer. The other options are not directly related to the incidence of a tax. The incidence of a tax depends on the relative elasticities of supply and demand. When demand is more elastic than supply, consumers are able to shift the burden of the tax onto producers, and vice versa if supply is more elastic than demand. The other options are not relevant to the incidence of a tax.

Question 6

If the government decides to subsidize a good, it will typically do all of the following except:&#10;A)add to consumer surplus.&#10;B)add to producer surplus.&#10;C)have a positive impact on the government's budget.&#10;D)create a deadweight loss.

Accepted Answer

Government subsidies typically involve the government providing financial assistance to producers or consumers of a particular good or service. This can help to reduce the cost of producing or purchasing the product, which can lead to an increase in both consumer and producer surplus. However, because the government is effectively providing a form of financial assistance, there may be a cost to the government budget. In other words, the government may have to spend money in order to provide the subsidy, which can have a negative impact on the budget. Therefore, the correct answer is C, which states that a government subsidy will not have a positive impact on the government's budget. The other choices, including A, B, and D, are all possible outcomes of a government subsidy. Subsidies are designed to promote the production and consumption of a particular good, which leads to an increase in consumer and producer surplus. However, subsidies typically have a negative impact on the government's budget since they require the government to spend money to support the subsidy. A deadweight loss may also occur if the subsidized good is not in high demand or if the subsidy leads to overproduction. Therefore, the correct answer is C, because subsidies typically have a negative impact on the government's budget.

Question 7

An analysis that determines the equilibrium prices and quantities in one market holding constant prices in all other markets is called:&#10;A)partial equilibrium analysis&#10;B)general equilibrium analysis&#10;C)externality analysis&#10;D)market equilibrium analysis

Accepted Answer

Partial equilibrium analysis examines the equilibrium prices and quantities in one specific market while assuming prices in all other markets are constant. This approach is useful for analyzing the behavior of individual markets and can help identify market failures or inefficiencies. Partial equilibrium analysis focuses on analyzing one specific market while holding constant the prices in all other markets. This allows for a more focused and detailed understanding of the market in question and is the best choice for determining equilibrium prices and quantities in that market. General equilibrium analysis, on the other hand, considers the interactions between multiple markets and is more complex. Externality analysis focuses on the external effects of economic activities and does not directly relate to determining equilibrium prices and quantities in a market. Market equilibrium analysis is a broad term that can refer to any analysis of market equilibria, but partial equilibrium analysis is the specific type of market equilibrium analysis that is relevant in this context.

Question 8

When a perfectly competitive market is in equilibrium,:&#10;A)consumer and producer surplus are maximized.&#10;B)price is maximized.&#10;C)quantity is maximized.&#10;D)deadweight loss is positive.

Accepted Answer

In a perfectly competitive market equilibrium, both consumer and producer surplus are maximized. This occurs where the supply and demand curves intersect, at the point where the price is equal to the marginal cost of production. At this point, there is no deadweight loss because the market is operating at its most efficient level. In a perfectly competitive market, consumer and producer surplus are maximized at the equilibrium point where marginal cost equals marginal revenue. This is because at this point, the price reflects the value that consumers place on the product and the cost of producing it for the producers. Therefore, any deviation from this point would either result in a decrease in consumer surplus or producer surplus.

Question 9

&#10;A)$450.&#10;B)$420.50.&#10;C)$29.50.&#10;D)$0.50.

Accepted Answer

To find the change in consumer surplus, we need to first find the post-tax equilibrium price and quantity.

After the tax is imposed, the demand curve shifts down by $3, becoming:

$$P = 87 - Q^d$$

The supply curve remains the same:

$$P = 2Q^s$$

At the new equilibrium, the quantity demanded and supplied will be equal:

$$87 - Q^d = 2Q^s$$

Solving for Q, we get:

$$Q = 21$$

Plugging this into either the demand or supply function gives us the post-tax equilibrium price:

$$P = 2 \times 21 = 42$$

The change in consumer surplus is then:

Initial CS - New CS

To find the initial consumer surplus, we can integrate the demand function:

$$\int_0^{90} (90-Q) dQ = 4050$$

To find the new consumer surplus, we need to find the area of the triangle formed by the new equilibrium price (42), the initial equilibrium price (45), and the quantity demanded at both equilibria (Q=15 at the initial equilibrium, Q=21 at the post-tax equilibrium):

$$New CS = \frac{1}{2} (45-42) (15+21) = 29.5$$

Therefore, the change in consumer surplus is:

$$4050 - 29.5 = 4020.5$$

or approximately $29.50. The correct answer is (C).

Question 10

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Accepted Answer

The subsidy effectively lowers the supply curve by $5, making it $P = 0 + 3Q^s$. Setting the new supply equal to demand: $0 + 3Q = 50 - 2Q$, solving gives $Q = 10$.

Question 11

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Accepted Answer

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Question 12

In a perfectly competitive market, which of the following will not occur as a result of an excise tax?&#10;A)The market will under-produce relative to the efficient level.&#10;B)Consumer surplus will be higher than with no tax since the tax is imposed on suppliers.&#10;C)Producer surplus will be lower than with no tax.&#10;D)The tax causes a deadweight loss.

Accepted Answer

The answer of In a perfectly competitive market, which of...

Question 13

&#10;A)$90.&#10;B)$87.&#10;C)$45.&#10;D)$43.50.

Accepted Answer

The answer of  &#10;A)$90.&#10;B)$87.&#10;C)$45.&#10;D)$43.50....

Question 14

When a tax is imposed on the producers of a product, which of the following is incorrect?&#10;A)The consumers and producers each bear some part of the burden.&#10;B)If the demand curve is relatively inelastic, the burden borne by consumers increases.&#10;C)If the supply curve is relatively elastic, the burden borne by consumers increases.&#10;D)If the tax is levied on producers, the producers bear the burden of the tax; if the tax is levied on consumers, the consumers bear the burden of the tax.

Accepted Answer

The answer of When a tax is imposed on the...

Question 15

In a perfectly competitive market, which of the following will not occur as a result of a subsidy?&#10;A)The market will overproduce relative to the efficient level.&#10;B)Consumer surplus will be higher than with no subsidy.&#10;C)Producer surplus will be higher than with no subsidy.&#10;D)There will be no deadweight loss from the subsidy.

Accepted Answer

The answer of In a perfectly competitive market, which of...

Question 16

&#10;A)$0.&#10;B)$1.&#10;C)$1.50.&#10;D)$2.

Accepted Answer

The answer of  &#10;A)$0.&#10;B)$1.&#10;C)$1.50.&#10;D)$2....

Question 17

&#10;A)12&#10;B)14&#10;C)16&#10;D)18

Accepted Answer

The answer of  &#10;A)12&#10;B)14&#10;C)16&#10;D)18...

Question 18

&#10;A)72&#10;B)98&#10;C)144&#10;D)196

Accepted Answer

The answer of  &#10;A)72&#10;B)98&#10;C)144&#10;D)196...

Question 19

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Accepted Answer

The answer of 11eb9f96_6e0f_c4a5_99ce_2558d78f2341_TB8502_00...

Question 20

&#10;A)17&#10;B)19&#10;C)21&#10;D)23

Accepted Answer

The answer of  &#10;A)17&#10;B)19&#10;C)21&#10;D)23...

Question 21

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Accepted Answer

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Question 22

If there is an excise tax collected by suppliers of a particular product, when we draw the graph of supply and demand we would normally represent the excise tax by:&#10;A)a horizontal shift of the supply curve to the left by the amount of the excise tax.&#10;B)a horizontal shift of the supply curve to the right by the amount of the excise tax.&#10;C)a vertical shift up of the demand curve by the amount of the excise tax.&#10;D)a vertical shift up of the supply curve by the amount of the excise tax.

Accepted Answer

The answer of If there is an excise tax collected...

Question 23

&#10;Based on the graph above, determine the level of consumer surplus at the market equilibrium.&#10;A)16,875&#10;B)11,250&#10;C)7,500&#10;D)3,750

Accepted Answer

The answer of  &#10;Based on the graph above, determine...

Question 24

Which of the following statements is false?&#10;A)With a price floor, the market will not clear.&#10;B)With a price floor, consumers will buy less of the good than they would in a free market.&#10;C)With a price floor, producer surplus will always increase.&#10;D)With a price floor there will be excess supply.

Accepted Answer

The answer of Which of the following statements is false?&#10;A)With...

Question 25

In a perfectly competitive market, which of the following will not occur as a result of a subsidy?&#10;A)The market will under-produce relative to the efficient level.&#10;B)Consumer surplus will be higher than with no subsidy.&#10;C)Producer surplus will be higher with no subsidy.&#10;D)The subsidy causes a deadweight loss.

Accepted Answer

The answer of In a perfectly competitive market, which of...

Question 26

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Accepted Answer

The answer of 11eb9f96_6e10_af0d_99ce_259f1e02c8ae_TB8502_00...

Question 27

&#10;Based on the graph above, suppose the government sets a price ceiling of $50 in this market. What is the maximum level of consumer surplus with the price ceiling?&#10;A)16,875&#10;B)11,250&#10;C)8,437.50&#10;D)4,687.50

Accepted Answer

The answer of  &#10;Based on the graph above, suppose...

Question 28

Suppose the government decides to create a ceiling on the price of gasoline, which of the following is not likely to be true under the described circumstances?&#10;A)The ceiling will have no effect if the ceiling is above the equilibrium market price.&#10;B)Producer surplus will likely increase if the ceiling is below the equilibrium market price.&#10;C)Producer surplus will be lower with a binding ceiling (below the initial market equilibrium price).&#10;D)The ceiling will lead to shortages if the ceiling is below the initial market price.

Accepted Answer

The answer of Suppose the government decides to create a...

Question 29

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Accepted Answer

The answer of 11eb9f96_6e10_87fb_99ce_c36717eee52c_TB8502_00...

Question 30

&#10;Based on the graph above, determine the level of producer surplus at the market equilibrium.&#10;A)16,875&#10;B)11,250&#10;C)7,500&#10;D)3,750

Accepted Answer

The answer of  &#10;Based on the graph above, determine...

Question 31

&#10;Based on the graph above, suppose the government sets a price ceiling of $50 in this market. What is the minimum level of deadweight loss with the price ceiling?&#10;A)7,500&#10;B)3,750&#10;C)1,875&#10;D)937.50

Accepted Answer

The answer of  &#10;Based on the graph above, suppose...

Question 32

In a perfectly competitive market, a production quota:&#10;A)sets a limit on the level of imports of a good.&#10;B)has the effect of keeping the market price below the equilibrium level.&#10;C)will create excess supply in the market.&#10;D)creates no deadweight loss.

Accepted Answer

The answer of In a perfectly competitive market, a production...

Question 33

Which of the following statements is not generally true of a production quota?&#10;A)The market will not clear due to the excess supply of that good.&#10;B)Consumer surplus increases when compared to the market before the quota.&#10;C)Producer surplus may increase or decrease.&#10;D)Some of the consumer surplus will be transferred to producers.

Accepted Answer

The answer of Which of the following statements is not...

Question 34

Which of the following statements regarding a price ceiling in a perfectly competitive market is incorrect?&#10;A)There will be no deadweight loss with the price ceiling.&#10;B)The will be excess demand resulting from the price ceiling.&#10;C)The market will under produce relative to the efficient level.&#10;D)Consumer surplus may either increase or decrease with a price ceiling.

Accepted Answer

The answer of Which of the following statements regarding a...

Question 35

In a market with an upward-sloping supply curve and a downward-sloping demand curve, the effects of an excise tax are as follows except:&#10;A)Consumer surplus will be lower than with no tax.&#10;B)Producer surplus will be lower than with no tax.&#10;C)The impact on the government budget will be positive.&#10;D)The tax will generally lead to a deadweight gain.

Accepted Answer

The answer of In a market with an upward-sloping supply...

Question 36

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Accepted Answer

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Question 37

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Accepted Answer

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Question 38

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Accepted Answer

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Question 39

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Accepted Answer

The answer of 11eb9f96_6e10_af0c_99ce_21292eb6cbbf_TB8502_00...

Question 40

Deadweight loss can be explained as:&#10;A)an increase in economic benefits due to efficient allocation of resources&#10;B)a reduction in net economic benefits resulting from an inefficient allocation of resources&#10;C)an increase in economic benefits due to inefficient allocation of resources&#10;D)a decline in the quantity of output produced due to the inefficient allocation of resources

Accepted Answer

The answer of Deadweight loss can be explained as:&#10;A)an increase...

Question 41

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Accepted Answer

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Question 42

Suppose the government decides to create a price support (floor)on the price of corn, which of the following is a true statement?&#10;A)A binding price support/floor will tend to lower the price of corn for poorer people.&#10;B)If the government does not buy any wheat, there will tend to be an excess supply of wheat in the marketplace, if the price floor is binding.&#10;C)A non-binding price support/floor below the equilibrium price in the market will also lead to a rise in the price of corn.&#10;D)It is likely that the total surplus (consumer surplus plus producer surplus)will rise with a price support program.

Accepted Answer

The answer of Suppose the government decides to create a...

Question 43

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Accepted Answer

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Question 44

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Accepted Answer

The answer of 11eb9f96_6e13_e36e_99ce_0ffdf7881993_TB8502_00...

Question 45

It is always the case that:&#10;A)the deadweight loss will be lower with a quota system than a tariff system.&#10;B)there will be a deadweight loss from imposing tariffs on imports, even though the government may have a need for the revenue from the tariffs.&#10;C)free trade will lead to a deadweight loss.&#10;D)the deadweight loss will be lower with a tariff system than a quota system.

Accepted Answer

The answer of It is always the case that:&#10;A)the deadweight...

Question 46

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Accepted Answer

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Question 47

In a perfectly competitive market, a tariff:&#10;A)is another term for an excise tax imposed on any good.&#10;B)sets the price of an imported good.&#10;C)is a tax on an imported good.&#10;D)is the same as an import quota.

Accepted Answer

The answer of In a perfectly competitive market, a tariff:&#10;A)is...

Question 48

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Accepted Answer

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Question 49

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Accepted Answer

The answer of 11eb9f96_6e11_9972_99ce_87c780572ae7_TB8502_00...

Question 50

With an acreage limitation program (compared with the initial situation of no program), which of the following statements is true?&#10;A)The impact on the government's budget is zero, consumer surplus increases and producer surplus decreases.&#10;B)The impact on the government's budget is positive, consumer surplus decreases and producer surplus increases.&#10;C)The impact on the government's budget is negative, consumer surplus increases and producer surplus decreases.&#10;D)The impact on the government's budget is negative, consumer surplus decreases, producer surplus increases, and there is a deadweight loss.

Accepted Answer

The answer of With an acreage limitation program (compared with...

Question 51

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Accepted Answer

The answer of 11eb9f96_6e12_5cc6_99ce_973fd2839369_TB8502_00...

Question 52

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Accepted Answer

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Question 53

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Accepted Answer

The answer of 11eb9f96_6e13_6e3c_99ce_fde7b8fcec99_TB8502_00...

Question 54

Acreage limitations are used by the government because:&#10;A)they induce less deadweight loss than cash transfers to farmers.&#10;B)they raise the market price of an agricultural product without the surpluses associated with price supports.&#10;C)the government wishes to lower agricultural prices.&#10;D)they are an effective way to feed poor people.

Accepted Answer

The answer of Acreage limitations are used by the government...

Question 55

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Accepted Answer

The answer of 11eb9f96_6e11_e794_99ce_956b05b12063_TB8502_00...

Question 56

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Accepted Answer

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Question 57

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Accepted Answer

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Question 58

&#10;A)$9.375&#10;B)$2.25&#10;C)$1&#10;D)$0.63

Accepted Answer

The answer of  &#10;A)$9.375&#10;B)$2.25&#10;C)$1&#10;D)$0.63...

Question 59

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Accepted Answer

The answer of 11eb9f96_6e13_2019_99ce_4b9972000bfd_TB8502_00...

Question 60

In a perfectly competitive market, an import quota:&#10;A)sets a minimum level of production that domestic firms must produce.&#10;B)sets a minimum level of imports for a country.&#10;C)sets a maximum level of production that domestic firms may produce.&#10;D)sets a maximum level of imports into a country.

Accepted Answer

The answer of In a perfectly competitive market, an import...

Question 61

Partial equilibrium analysis determines equilibrium in a single market, taking the prices and outputs of other markets as fixed.

Accepted Answer

The answer of Partial equilibrium analysis determines equilibrium in a...

Question 62

When a perfectly competitive market is in equilibrium, deadweight loss is positive.

Accepted Answer

The answer of When a perfectly competitive market is in...

Question 63

When a perfectly competitive market is in equilibrium, consumer and producer surplus are maximized.

Accepted Answer

The answer of When a perfectly competitive market is in...

Question 64

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Accepted Answer

The answer of 11eb9f96_6e14_58a0_99ce_a7a4290f7840_TB8502_00...

Deck 10: Competitive Markets: Applications