# Econ Test 2B Dr. Rupp Tuesday, March 3, 2009 Pledge: I have neither given or received aid on this exam Signature

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1 Econ Test 2B Dr. Rupp Tuesday, March 3, 2009 Name Pledge: I have neither given or received aid on this exam Signature Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. The benefit that government receives from a tax is measured by a. the change in the equilibrium quantity of the good. b. the change in the equilibrium price of the good. c. tax revenue. d. total surplus. 2. In which of the following situations will total revenue increase? a. Price elasticity of demand is -1.2 and the price of the good decreases. b. Price elasticity of demand is -0.5 and the price of the good increases. c. Price elasticity of demand is -3.0 and the price of the good decreases. d. All of the above are correct. Table 7-1 BUYER WILLINGNESS TO PAY MIKE \$50.00 SANDY \$30.00 JONATHAN \$20.00 HALEY \$ Refer to Table 7-1. If the table represents the willingness to pay of four buyers and the price of the product is \$18, then their total consumer surplus is a. \$38. b. \$42. c. \$46. d. \$72. Figure Refer to Figure 8-4. The benefit to the government is a. measured by tax revenue and is represented by area A + B. b. measured by tax revenue and is represented by area B + D. c. measured by the net gain in total surplus and is represented by area B + D. d. measured by the net gain in total surplus and is represented by area D + E. 5. Refer to Figure 8-4. The tax causes a reduction in consumer surplus that is represented by area a. A. b. B + C. c. D + E. d. F. 6. Refer to Figure 8-4. The loss in total welfare that results from the tax is represented by area a. A + B + D + F. b. A + B + C. c. D + E + F. d. C + E. 7. When a good is taxed, the burden of the tax a. falls more heavily on the side of the market that is more inelastic. b. falls more heavily on the side of the market that is more elastic. c. falls more heavily on the side of the market that is closer to unit elastic. d. is distributed independently of relative elasticities of supply and demand.

2 Figure Refer to Figure 5-4. As price falls from P A to P B, we could use the three demand curves to calculate three different values of the price elasticity of demand. Which of the three demand curves would produce the smallest elasticity? a. D 1 b. D 2 c. D 3 d. All of the above are equally elastic. 9. Holding all other forces constant, when the price of gasoline rises, the number of gallons of gasoline demanded would fall substantially over a ten-year period because a. buyers tend to be much less sensitive to a change in price when given more time to react. b. buyers tend to be much more sensitive to a change in price when given more time to react. c. buyers will have substantially more income over a ten-year period. d. the quantity supplied of gasoline increases very little in response to an increase in the price of gasoline. Figure Refer to Figure 6-5. If the government imposes a price ceiling of \$2.00 in this market, the result is a a. surplus of 30 units of the good. b. shortage of 20 units of the good. c. shortage of 30 units of the good. d. shortage of 50 units of the good. 11. The price elasticity of supply measures how responsive a. sellers are to a change in price. b. sellers are to a change in buyers' income. c. buyers are to a change in production costs. d. equilibrium price is to a change in supply. 12. In the case of perfectly inelastic demand, a. the change in quantity demanded equals the change in price. b. the percentage change in quantity demanded equals the percentage change in price. c. infinitely-large changes in quantity demanded result from very small changes in the price. d. quantity demanded stays the same whenever price changes. 13. Demand is said to be inelastic if a. buyers respond substantially to changes in the price of the good. b. demand shifts only slightly when the price of the good changes. c. the quantity demanded changes only slightly when the price of the good changes. d. the price of the good responds only slightly to changes in demand.

3 14. Total surplus is equal to a. value to buyers minus profit to sellers. b. value to buyers minus cost to sellers. c. consumer surplus minus producer surplus. d. (consumer surplus plus producer surplus) times equilibrium quantity. 15. When a payroll tax is enacted, a. the wage received by workers falls and the wage paid by firms rises. b. the wage received by workers falls and the wage paid by firms falls. c. the wage received by workers rises and the wage paid by firms falls. d. the wage received by workers rises and the wage paid by firms rises. 16. Under rent control, tenants can expect a. lower rent and higher quality housing. b. lower rent and lower quality housing. c. higher rent and a shortage of rental housing. d. higher rent and a surplus of rental housing. Figure Refer to Figure At the quantity Q 2, a. the value to buyers and the cost to sellers are both P 2. b. the value to buyers is P 2 and the cost to sellers is P 3. c. the value to buyers and the cost to sellers are both P 3. d. the value to buyers is P 3 and the cost to sellers is P A legal minimum price at which a good can be sold is a. exemplified by rent-control laws. b. usually intended to enhance efficiency in a market. c. called a price ceiling. d. called a price floor. 19. Which of the following expressions represents a cross-price elasticity of demand? a. percentage change in quantity demanded of apples divided by percentage change in quantity supplied of apples b. percentage change in quantity demanded of apples divided by percentage change in price of pears c. percentage change in price of apples divided by percentage change in quantity demanded of apples d. percentage change in quantity demanded of apples divided by percentage change in income

4 Figure On the graph below, Q represents the quantity of the good and P represents the good's price. 20. Refer to Figure At the equilibrium, producer surplus amounts to a. \$32. b. \$48. c. \$72. d. \$ Refer to Figure At the equilibrium, total surplus is measured by the area a. ACG. b. AFG. c. DBG. d. CFG. 22. Refer to Figure At the equilibrium, consumer surplus is measured by the area a. ACG. b. AFG. c. DBG. d. CFG. 23. At a minimum wage that exceeds the equilibrium wage, a. the quantity demanded of labor will exceed the quantity supplied. b. the quantity supplied of labor will exceed the quantity demanded. c. the minimum wage will not be binding. d. the market for skilled workers is affected, but the market for unskilled workers remains unaffected. 24. If an increase in income results in a decrease in the quantity demanded of a good, then for that good, a. the cross-price elasticity of demand is negative. b. the price elasticity of demand is negative. c. the income elasticity of demand is negative. d. an increase in the market supply will increase the equilibrium price of the good. 25. The price elasticity of demand measures how much a. quantity demanded responds to a change in price. b. quantity demanded responds to a change in income. c. price responds to a change in demand. d. demand responds to a change in supply. 26. The demand for Chocolate Chip Cookie Dough ice cream is likely quite elastic because a. ice cream must be eaten quickly. b. this particular flavor of ice cream is viewed as a necessity by many ice-cream lovers. c. the market is broadly defined. d. other flavors of ice cream are good substitutes for this particular flavor. 27. Shannon buys a new CD player for her car for \$135. She receives consumer surplus of \$25 on her purchase if her willingness to pay is a. \$25. b. \$110. c. \$135. d. \$160.

5 Figure Refer to Figure 6-13 The per-unit burden of the tax on sellers is a. P 2 minus P 0. b. P 2 minus P 1. c. P 1 minus P 0. d. Q 1 minus Q Refer to Figure The effective price that will be paid by buyers after the tax is a. P 0. b. P 1. c. P 2. d. impossible to determine. Figure Refer to Figure 6-2. If the government imposes a price ceiling of \$12 in this market, the result would be a. a surplus of 10. b. a surplus of 20. c. a shortage of 20. d. neither a surplus nor a shortage. 31. If the price elasticity of demand for a good is -1.65, then a 1 percent decrease in price results in a a. \$1.65 increase in the quantity demanded. b percent increase in the quantity supplied. c percent increase in the quantity demanded. d percent decrease in the quantity demanded. 32. The distinction between efficiency and equity can be described as follows: a. Efficiency refers to maximizing the number of trades among buyers and sellers; equity refers to maximizing the gains from trade among buyers and sellers. b. Efficiency refers to minimizing the price paid by buyers; equity refers to maximizing the gains from trade among buyers and sellers. c. Efficiency refers to maximizing the size of the pie; equity refers to producing a pie of a given size at the least possible cost. d. Efficiency refers to maximizing the size of the pie; equity refers to distributing the pie fairly among members of society.

7 Figure Refer to Figure 5-7. Total revenue when the price is P 1 is represented by the area(s) a. B + D. b. A + B. c. C + D. d. D. Extra Credit Question: To be eligible to answer this extra credit question, you must satisfy both criteria below: Your cell phone has not rung in class You are taking this test in class at the regularly scheduled time: Tuesday, March 3 rd 41. The current market price of a 16 oz. soda is \$1.00. If the government decides to pass a \$0.25 tax on each 16 oz. soda sold, how much should consumers expect to pay for a soda? a. \$0.75 b. \$ \$0.99 c. \$1.00 d. \$ \$1.24 e. \$1.25

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