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Chris M., M.S.W. Social Work
Category: Homework
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Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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1. A producer would be willing to supply a product only if

Resolved Question:

1. A producer would be willing to supply a product only if the price
received is
A. less than the cost of production.
B. at least as great as the cost of production.
C. equal to the cost of production.
D. at least double the cost of production.
2. The higher a country’s tax rates, the more likely that country
will be
A. on the top of the Laffer curve.
B. on the up-sloping part of the Laffer curve.
C. above the Laffer curve.
D. on the down-sloping part of the Laffer curve
3. Which of the following statements is correct?
A. Both tariffs and import quotas raise the domestic price of the good, reduce the
welfare of domestic consumers, increase the welfare of domestic producers, and
cause deadweight losses.
B. Tariffs increase the welfare of domestic consumers, but import quotas reduce the
welfare of domestic consumers.
C. Tariffs reduce the welfare of domestic producers, but import quotas increase the
welfare of domestic producers.
D. Tariffs create deadweight losses, but import quotas don’t.
4. The Laffer curve indicates that income tax collections will be
A. very low if income tax rates are moderate.
B. very high if income tax rates are very high.
C. a maximum amount if income tax rates are at some intermediate level between
very low and very high.
D. a minimum amount if income tax rates are at some intermediate level between
very low and very high.
5. A market price climbs toward equilibrium. Which of the following is the result?
A. New suppliers and consumers interact in the market, but get no surplus.
B. Only new suppliers, but no new consumers trade in the market.
C. New suppliers and new consumers trade in the market, but only suppliers get surplus.
D. New suppliers and consumers interact in the market, and both receive surplus.
6. As the size of a tax declines,
A. the deadweight loss from the tax declines.
B. the deadweight loss from the tax remains constant.
C. the deadweight loss from the tax increases.
D. no one knows how the deadweight loss changes because no tax has ever been
reduced.
7. If the United States threatens to impose a tariff on French wine if the French don’t remove
agricultural subsidies, the United States will be
A. better off no matter how the French respond.
B. better off if the French give in, and will be no worse off if they don’t.
C. worse off if the French don’t give in to the threat.
D. worse off no matter how the French respond.

8. If the government quadrupled the tax on gasoline, the deadweight loss from the gasoline
tax would
A. more than quadruple.
B. quadruple.
C. increase, but it wouldn’t quadruple.
D. neither increase nor decrease.
9. Why would an import quota as typically practiced be worse for the United States than
a tariff?
A. Neither U.S. citizens nor the U.S. government would gain revenue from the quota.
B. U.S. citizens holding licenses would gain excessive revenue.
C. Quotas cause bigger deadweight losses than tariffs.
D. Quotas are never worse for a country than tariffs.
10. To understand how taxes affect economic welfare, it’s necessary to compare the
A. reduced welfare of buyers with the increased welfare of sellers.
B. reduced welfare of buyers with the tax revenue that goes to government.
C. tax revenue paid to government with the sum of the reduced welfare of buyers
and sellers.
D. tax revenue paid to government with the value of goods purchased by government.
11. The market state in which the total benefits received by buyers and sellers are maximized
A. is called welfare economics.
B. minimizes the total benefits received by buyers and sellers.
C. minimizes the costs incurred by consumers.
D. is called the equilibrium of supply and demand.
12. When tax rates rise (per pack of cigarettes or per dollar of income earned, for example),
the amount of tax paid to the government
A. always increases.
B. always decreases.
C. may increase or decrease, depending on the impact of the tax on incentives.
D. remains constant because of the offsetting deadweight loss from the tax.
13. Gordon is willing to pay $20 to see his favorite movie in the theater for the fourth time.
He finds a theater showing the movie for $5, so he buys a ticket. What is Gordon’s
consumer surplus?
A. $5 C. $20
B. $15 D. $25
14. Look at the supply and demand curve that’s illustrated in Figure A-1. Identify the segment
of the supply or demand curve that represents the buyers who put a higher value on the
product than is charged at its equilibrium price.
A. A to B C. B to C
B. A to C D. B to D
15. The government gives you a license that allows you to bring 40 foreign cars into the United
States per year. This is an example of a(n)
A. national security argument. C. import quota.
B. tariff. D. free trade agreement.
16. Ralph loves to backpack. He’s willing to pay $150 for new hiking boots. He buys new
boots and receives consumer surplus as a result of the purchase. Ralph must value his
new boots at
A. more t
Submitted: 3 years ago.
Category: Homework
Expert:  Chris M. replied 3 years ago.
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Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2514
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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