# Princ Economics Question Paper

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User | Alonzo Doby | Course | Spring2014-ECO2023-Princ Economics II-397328 | Test | Chapter 4 Quiz | Started | 2/12/14 10:49 PM | Submitted | 2/12/14 11:24 PM | Due Date | 2/19/14 11:59 PM | Status | Completed | Attempt Score | 6 out of 20 points | Time Elapsed | 34 minutes out of 40 minutes. | Instructions | | * Question 1 0 out of 2 points | | | Examine the graph below. If the equilibrium price is P1, then producer surplus | | | | | Selected Answer: | can be determined by the area of the triangle acP1. | | | | | * Question 2 2 out of 2 points | | | Examine the graph below. Consumer surplus is | | | | | Selected Answer: | defined by the area of the triangle…show more content…
| | | | | * Question 6 0 out of 2 points | | | Examine the graph below. The government has placed a \$200 tariff on Product z. The new equilibrium price is \$600. How much tax revenue will be collected? | | | | | Selected Answer: | \$10,000 | | | | | * Question 7 2 out of 2 points | | | Examine the graph below. If the going rate for wind chimes at the flea market today is \$20, then | | | | | Selected Answer: | you will have \$30 in producer surplus. | | | | | * Question 8 0 out of 2 points | | | Using the data below, determine the amount of consumer surplus, if any, in the market. The market clearing price for a six-pack of vitamin water is \$6. | Six-Pack Vitamin WaterWilling to Pay(WTP) | Shaq | \$3 | Tony | \$4 | Chris | \$5 | Cobe | \$6 | Arnel | \$7 | Michelle | \$8 | | | | | | Selected Answer: | \$5 | | | | | * Question 9 0 out of 2 points | | | Examine the graph below. Calculate the value of producer surplus. Answer format: Use numbers only. Do not use decimals, dollar signs, or…show more content…
| | | | | * Question 4 2 out of 2 points | | | Using the data below, determine the amount of consumer surplus, if any, in the market. The market clearing price for matinee tickets is \$3 | Matinee TicketsWilling to Pay(WTP) | Tony | \$1 | George | \$2 | Deshon | \$3 | Mario | \$4 | Antonio | \$5 | Brittney | \$6 | | | | | | Selected Answer: | \$6 | | | | | * Question 5 2 out of 2 points | | | Examine the graph below. The government has placed a \$200 tariff on product z. The new equilibrium price is \$600. What has happened to consumer surplus? | | | | | Selected Answer: | It has decreased. | | | | | * Question 6 0 out of 2 points | | | Examine the graph below. If the equilibrium price is P2, then producer surplus | | | | | Selected Answer: | can be determined by the area of the triangle abP2. | | | | | * Question 7 2 out of 2 points | | | Examine the graph below. The government has placed a \$200 tariff on product z. The new equilibrium price is \$600. What has happened to total surplus? | | | | | Selected Answer: | It has decreased.