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Fresh Grad Lands Job as Real Estate Agent With Help from Professional Writers

People go to websites to get the information they desperately need.  They could be looking for an answer to a nagging question.  They might be looking for help in completing an important task.  For recent graduates, they might be looking for ways on how to prepare a comprehensive resume that can capture the attention of the hiring manager

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Chapter 4 Problem Set

Navigation   » List of Schools  »  Mission College Santa Clara  »  Economics  »  Econ 1B – Principles of Microeconomics  »  Spring 2023  »  Chapter 4 Problem Set

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Below are the questions for the exam with the choices of answers:

Question #1
If there is a decrease in demand, assuming a positively sloped supply curve and a negatively sloped demand curve, total surplus:
A  will decrease.
B  will remain the same.
C  will increase.
D  may change, but we can’t tell how.
Question #2
When a market is in equilibrium and there is no outside intervention to change the equilibrium price:
A  no mutually beneficial trades are missed.
B  total surplus is minimized.
C  some mutually beneficial trades may be missed.
D  inefficiency is maximized.
Question #3
We can measure total producer surplus for good X as:
A  the area below the supply curve for X and above the price of X.
B  the area bounded by the supply curve for X and the two axes.
C  the sum of the individual producer surpluses for all buyers of X.
D  the area between the demand curve for X and the supply curve for X.
Question #4
If the supply curve of ice cream is upward-sloping and demand for it decreases, there will be _____ in producer surplus.
A  a decrease
B  no change
C  an increase
D  It’s impossible to tell what will happen to producer surplus.
Question #5
Table: Producer Surplus and Phantom Tickets
Srudent — Willingess to Sell

Tim — $ 1
Laura — 30
Whitney — 50
Ralph — 100
Rick — 150

The table Producer Surplus and Phantom Tickets shows the minimum price at which each of the students is willing to sell a ticket to Phantom of the Opera. Assume that each student has only one ticket to sell. If the price for Phantom tickets is $140 and there is no other market for tickets, total producer surplus for these five students is:

A  $139.
B  $40.
C  $379.
D  $110.
Question #6
Luis is willing to sell his pool table for no less than $600, but if he gets $840, the producer surplus Luis receives is:
A  $1,440.
B  $240.
C  $840.
D  $600.
Question #7
Mark and Rasheed are at the bookstore buying new calculators for the semester. Mark is willing to pay $75 and Rasheed is willing to pay $100 for a graphing calculator. The price for a calculator at the bookstore is $65. How much is their total consumer surplus?
A  $35
B  $45
C  $10
D  $60
Question #8
An increase in the consumer surplus in the market for milkshakes may result from a(n) _____ in the _____ of milkshakes.
A  decrease; demand
B  decrease; supply
C  increase; supply
D  increase; price
Question #9
Table: Willingness to Pay for Basketball Sneakers
Consumer — Willingess to Pay

Jamichael — $150
Corey — 140
Rudy — 120
Ray — 100
Javon — 80

The table Willingness to Pay for Basketball Sneakers shows each player’s willingness to pay for basketball sneakers. Assume that each player wants to buy at most, one pair of sneakers. If the price of basketball sneakers is $180, how many pairs will be purchased?

A  three
B  none
C  one
D  two
Question #10
Assume that the supply curve for corn is upward-sloping. In the market for corn, a primary input in the production of ethanol, total surplus _____ when the price of ethanol increases.
A  does not change
B  increases
C  The answer cannot be determined without information about the supply curve.
D  decreases
Question #11
Which of the following is a key factor in the effectiveness of well-functioning markets?
A  a significant degree of government intervention to maximize efficiency
B  outcomes that are equitable for consumers and producers
C  your right to use and dispose of your private property as you see fit
D  the role of the government to deliver economic signals to consumers and producers
Question #12
Coffee and tea are substitutes in consumption. If there is an increase in the price of coffee, assuming a positively sloped supply curve and a negatively sloped demand curve, total surplus in the tea market:
A  may change, but we cannot determine the change without more information.
B  will decrease.
C  will increase.
D  will not change.
Question #13
The total surplus in a market is:
A  the surplus that accrues when a good is not scarce, defined as the total amount (if any) by which quantity supplied exceeds quantity demanded at a zero price.
B  the excess supply due to a price above the equilibrium price.
C  the sum of consumer surplus and producer surplus.
D  the net benefit to consumers, defined as the excess of consumer surplus over producer surplus.
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“Kudos to the team for a job well done.  I am sincerely appreciative of the time and effort you gave on my resume.  You did not only help me land the job I had always been dreaming of but you also made me realize how important adding those specific keywords to my resume!  Cheers!

Manush
Fresh Graduate
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