微觀經(jīng)濟(jì)學(xué)題庫2

Microeconomics^lOe(Parkin)

Chapter5EfficiencyandEquity

1ResourceAllocationMethods

1)IntheUnitedStates,resourcesaremostoftenallocatedby

A)marketprice.

B)commandsystem.

C)lottery.

D)contest.

Answer:A

Topic:ResourceAllocationMethods

Skill:Recognition

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

2)Acontestisagoodwaytoallocatescarceresourceswhen

A)theeffortsoftheplayersarehardtomonitordirectly.

B)thelinesofresponsibilityareclear.

C)thedecisionbeingmadeaffectsalargenumberofpeople.

D)thereisnoeffectivewaytodistinguishamongpotentialusers.

Answer:A

Topic:ResourceAllocationMethods

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

3)Theresourceallocationmethodthatisusedtoallocatescarceresourcesbetweenprivateuse

andgovernmentuseis

A)first-come,first-served.

B)personalcharacteristics.

C)majorityrule.

D)lottery.

Answer:C

Topic:ResourceAllocationMethods

Skill:Conceptual

Questionhistory:Modified10thedition

AACSB:ReflectiveThinking

4)Whichofthefollowingistrue?

A)Lotteriesworkbestwhenaresourcecanservejustoneuseratatimeinasequence.

B)Amarketpricealwaysallocatesresourcesbetterthandoesacommandsystem.

C)Whenthegovernmentdecideshowtoallocatetaxdollarsamongcompetinguses,resources

areallocatedbymajorityrule.

D)Forcehasneverplayedanimportantroleinallocatingscarceresources.

Answer:C

Topic:ResourceAllocationMethods

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

5)Whichofthefollowingistrue?

A)Whenresourcesareallocatedonthebasisofpersonalcharacteristics,allpeoplewhoare

willingandabletopaythepricegettheresource.

B)Whentherangeofactivitiestobemonitoredislargeandcomplex,acommandsystem

allocatesresourcesbetterthanamarketprice.

C)Whenamarketpriceallocatesresources,somepeoplewhoarewillingandabletopaythat

pricedon'tgettheresource.

D)Forcehelpssupportthelegalsystemonwhichmarketsfunction.

Answer:D

Topic:ResourceAllocationMethods

Skill:Conceptual

Questionhistory:Modifiedl()thedition

AACSB:ReflectiveThinking

6)Asamethodofresourceallocation,force

A)isnotimportant.

B)playsacrucialnegativerole.

C)playsacrucialpositiverole.

D)playsacrucialroleforbothgoodandill.

Answer:D

Topic:ResourceAllocationMethods

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

7)Asamethodofresourceallocation,marketprice

A)meansthosewhoarewillingandabletopaygetaparticulargoodorservice.

B)workswellwhenself-interestmustbesuppressed.

C)worksbestinsidefirmsandgovernmentdepartments.

D)isefficientwhenthereisnoeffectivewaytodistinguishamongpotentialusersofascarce

resource.

Answer:A

Topic:ResourceAllocationMethods

Skill:Conceptual

Questionhistory:Modified10thedition

AACSB:ReflectiveThinking

8)Whichofthefollowingistrue?

A)Whenamarketpriceallocatesresources,allpeoplewhoarewillingandabletopaythatprice

gettheresource.

B)Acommandsystemworkswellwhentherangeofactivitiestobemonitoredislargeand

complex.

C)Whenthegovernmentdecideshowtoallocatetaxdollarsamongcompetinguses,resources

areallocatedbymarketprices.

D)Whenamanagerofferseveryoneinthecompanytheopportunitytowinaprize,resourcesare

allocatedbyalottery.

Answer:A

Topic:ResourceAllocationMethods

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

9)Whenallocatingresourcesusingmarketprice

A)everyonewhoiswillingandabletopayforagoodgetsone.

B)everyonewhowantsagoodgetsone.

C)everyonewhoiswillingtopayforagoodgetsone.

D)everyonewhoisabletopayforagoodgetsone.

Answer:A

Topic:ResourceAllocationMethods

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

10)Whenscarceresourcescanserveonlyoneuseratatimeinsequence,whichmethodworks

wellforallocatingthescarceresources?

A)firstcome,firstserved

B)lottery

C)contest

D)commandsystem

Answer:A

Topic:ResourceAllocationMethods

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

11)Whichofthefollowingistrue?

A)Whenamarketpriceallocatesresources,everyonewhoisabletopaythepricegetsthe

resource.

B)Acommandsystemworkswellwhenthelinesofauthorityandresponsibilityareclear.

C)Whenthegovernmentdecideshowtoallocatetaxdollarsamongcompetinguses,resources

areallocatedbycommand.

D)Whenamanagerofferseveryoneinthecompanytheopportunitytowinaprize,resourcesare

allocatedbyamarketprice.

Answer:B

Topic:ResourceAllocationMethods

Skill:Conceptual

Questionhistory:Modified10thedition

AACSB:ReflectiveThinking

12)Allocatingresourcesbytheorderofsomeoneinauthorityisaallocationmethod.

A)first-come,first-served

B)marketprice

C)majorityrule

D)command

Answer:D

Topic:StudyGuideQuestion,ResourceAllocationMethod

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

13)Oftenpeopletryingtowithdrawmoneyfromtheirbankmustwaitinline,whichreflectsa

allocationmethod.

A)first-come,first-served

B)marketprice

C)contest

D)command

Answer:A

Topic:StudyGuideQuestion,ResourceAllocationMethod

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

14)Ifapersonwillrentanapartmentonlytomarriedcouplesover30yearsold,thatpersonis

allocatingresourcesusingaallocationmethod.

A)first-come,first-served

B)marketprice

C)personalcharacteristics

D)command

Answer:C

Topic:StudyGuideQuestion,ResourceAllocationMethod

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

2Benefit,Cost,andSurplus

1)Thevalueofonemoreunitofagoodorserviceisthe

A)marginalbenefit.

B)minimumpricethatpeoplearewillingtopayforanotherunitofthegoodorservice.

C)marginalcost.

D)opportunitycostofproducingonemoreunitofagoodorservice.

Answer:A

Topic:Value,WillingnesstoPay,andDemand

Skill:Recognition

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

2)Thevalueofagoodisequaltothe

A)maximumpriceyouarewillingtopayforit.

B)pricethatyouactuallypayforit.

C)priceyouactuallypayforitminusthemaximumyouarewillingtopayforit.

D)maximumyouarewillingtopayforitminusthepriceyouactuallypayforit.

Answer:A

Topic:Value,WillingnesstoPay,andDemand

Skill:Recognition

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

3)Marginalbenefitisthebenefitreceivedfrom.

A)consumingmoregoodsorservices

B)producingtheefficientquantity

C)consumingtheefficientquantity

D)consumingonemoreunitofagoodorservice

Answer:D

Topic:MarginalBenefit

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

4)AllofthefollowingstatementsaboutmarginalbenefitarecorrectEXCEPTthemarginal

benefitofagood

A)isthebenefitapersonreceivesfromconsumingonemoreunitofthegoodorservice.

B)ismeasuredasthemaximumamountthatapersoniswillingtopayforonemoreunitofthe

good.

C)isequaltozerowhenresourceuseisefficient.

D)decreasesasthequantityconsumedofthegoodincreases.

Answer:C

Topic:MarginalBenefit

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

5)Sallikestoeatpizza.TheisthemaximumamountthatSaliswillingtopayforone

morepieceofpizza.

A)efficientprice

B)efficientamount

C)marginalbenefit

D)marginalcost

Answer:C

Topic:MarginalBenefit

Skill:Recognition

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

6)Marginalbenefit

A)isthesameasthetotalbenefitreceivedfromconsumingagood.

B)isthemaximumamountapersoniswillingtopayforonemoreunitofagood.

C)increasesasconsumptionincreases.

D)isthedifferencebetweentotalbenefitandtotalcost.

Answer:B

Topic:MarginalBenefit

Skill:Recognition

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

7)Janeiswillingtopay$5()forapairofshoes.Theactualpriceoftheshoesis$3().Her

marginalbenefitis

A)$50.

B)$30.

C)$20.

D)$80.

Answer:A

Topic:MarginalBenefit

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

ThetablebelowshowsthedemandschedulesforpizzaforAbbyandBarrywhoaretheonly

buyersinthemarket.

Abby'squantityBarry*squantity

Pricedemandeddemanded

(dollarsperslice)(slicesper(slicesper

month)month)

2.502550

3.002040

3.501530

4.001020

4.50510

5.0000

8)Basedonthetable,whatisAbby'smarginalbenefitfromthe10thsliceofpizza?

A)$4

B)$13

C)$0.50

D)$40

Answer:A

Topic:MarginalBenefit

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

9)Basedonthetable,whatisBarry'smarginalbenefitfromthe40thsliceofpizza?

A)$3

B)$5.50

C)$0.50

D)$12

Answer:A

Topic:MarginalBenefit

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

10)Basedonthetable,whatisthemarginalsocialbenefitfromthe45thsliceofpizza?

A)$3.50

B)$3.25

C)$0.50

D)$9

Answer:A

Topic:MarginalSocialBenefit

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

11)Ifyouincreaseyourconsumptionofsodabyoneadditionalcanaweek,yourmarginal

benefitofthislastcanis$1.00.Theofthislastcanofsodais$1.00.

A)value

B)price

C)opportunitycost

D)marginalcost

Answer:A

Topic:Value,WillingnesstoPay,andDemand

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

12)Apersonwillchoosetobuyagoodaslongas

A)marginalbenefitisatleastasgreatasprice.

B)consumersurplusispositive.

C)marginalbenefitispositive.

D)consumersurplusisatleastasgreatasprice.

Answer:A

Topic:Value,WillingnesstoPay,andDemand

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

13)Sam'sdemandcurveforpizza

A)liesabovehermarginalbenefitcurveforpizza.

B)liesbelowhermarginalbenefitcurveforpizza.

C)isthesameashermarginalbenefitcurveforpizza.

D)hasonepointincommonwithhermarginalbenefitcurveforpizza.

Answer:C

Topic:Value,WillingnesstoPay,andDemand

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

14)Themarketdemandcurve

A)canalsobethemarginalsocialcostcurve.

B)showsthevalueofagoodthatconsumersmustgiveuptogetanotherunitofadifferentgood.

C)byitselfdeterminesequilibriumprices.

D)canalsobethemarginalsocialbenefitcurve.

Answer:D

Topic:MarginalBenefitandDemand

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

15)Themarketdemandcurvealsois

A)amarginalsocialcostcurve.

B)amarginalsocialbenefitcurve.

C)anopportunitycostcurve.

D)aconsumersurpluscurve.

Answer:B

Topic:MarginalBenefitandDemand

Skill:Recognition

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

16)Themarketdemandcurveforcoffeeisthesameasthe

A)marginalsocialcostcurveofcoffee.

B)marginalsocialbenefitcurveofcoffee.

C)opportunitycostcurveofcoffee.

D)marginalsocialbenefitcurveminusthemarginalsocialcostcurveofcoffee.

Answer:B

Topic:MarginalBenefitandDemand

Skill:Recognition

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

17)Amarketdemandcurvemeasures

A)howmuchaconsumeriswillingtopayforanadditionalunitofthegood.

B)themarginalsocialbenefitofanadditionalunitofthegood.

C)themarginalsocialcostofanadditionalunitofthegood.

D)BothanswersAandBarecorrect.

Answer:D

Topic:Value,WillingnesstoPay,andDemand

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

18)Movingdownalongthemarketdemandcurveforhotdogs,the

A)maximumpricethatpeoplearewillingtopayforhotdogsincreases.

B)marginalsocialbenefitofhotdogsdecreases.

C)marginalsocialcostofhotdogsincreases.

D)consumersurplusofthelasthotdogconsumedincreases.

Answer:B

Topic:Value,WillingnesstoPay,andDemand

Skill:Conceptual

Questionhistory:Modifiedl()thedition

AACSB:ReflectiveThinking

19)Themarketdemandcurveisconstructedbyaddingthe

A)quantitiesdemandedbyeachindividualateachprice.

B)pricesthateachindividualiswillingtopayateachquantity.

C)NeitheranswerAnoranswerBiscorrect.

D)BothanswerAandanswerBarecorrect.

Answer:A

Topic:IndividualDemandandMarketDemand

Skill:Recognition

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

20)Amarketdemandcurveisconstructedby

A)ahorizontalsummationofeachindividualdemandcurve.

B)averagingeachindividualdemandcurve.

C)dividingoneindividualdemandcurvebythenumberofconsumersinthemarket.

D)averticalsummationofeachindividualdemandcurve.

Answer:A

Topic:IndividualDemandandMarketDemand

Skill:Recognition

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

21)Amarketdemandcurvecanbeconstructedby

A)addingthepricesallconsumerswillpayforanygivenquantity.

B)addingthequantitiesthatallconsumersbuyateachprice.

C)addingthequantitiesthataconsumerbuysatthehighestprice.

D)Noneoftheaboveanswersiscorrect.

Answer:B

Topic:IndividualDemandandMarketDemand

Skill:Recognition

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

22)ThemarketdemandcurveforiPadsistheofalltheindividualdemandcurvesfor

iPads.

A)horizontalproduct

B)horizontalsum

C)verticalsum

D)verticalproduct

Answer:B

Topic:IndividualDemandandMarketDemand

Skill:Recognition

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

Quantityofvideosdemanded

Price(dollars)AlexLynnLiza

6203

5406

4619

38212

210315

112418

23)Giventheindividualdemandsforvideodownloadsintheabovetable,andassumingthat

thesethreepeoplearetheonlyonesinthemarket,whichofthefollowingstatementsisNOTtrue

aboutmarketdemandforvideodownloads?

A)Themarketquantitydemandedatapriceof$5is1().

B)Theheightofthemarketdemandcurveataquantitydemandedof22is$3.

C)Theheightofthemarketdemandcurveataquantitydemandedof16is$5.

D)Themarketquantitydemandedatapriceof$2is28.

Answer:C

Topic:IndividualDemandandMarketDemand

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

Quantityoftennis

racketsdemandec

Price

(dollars)JillJed

6010

5020

4021

3032

2043

24)JillandJedhaveindividualdemandcurvesfortennisracketsgiveninthetableaboveandare

theonlytwodemandersinthemarket.Whatisthemarketquantitydemandedatthepriceof

$30?

A)2

B)5

C)11

D)18

Answer:B

Topic:IndividualDemandandMarketDemand

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

Homer's

PriceBart'squantityLisa'squantity

quantity

dollarsperdemandeddemanded

demanded

pound)(pounds)(pounds)

(pounds)

2957

3746

4425

5103

25)Homer,Bart,andLisaaretheonlyconsumersinthemarket.Usingtheinformationinthe

abovetable,whatisthemarketdemandforchocolatechipcookiesat$4.00perpound?

A)21pounds

B)17pounds

C)11pounds

D)4pounds

Answer:C

Topic:IndividualDemandandMarketDemand

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

26)Consumersurplusisthesummedoverthequantitybought.

A)marginalsocialbenefitminusthemarginalsocialcost

B)numberofdollars*worthofothergoodsandservicesforgonetoobtainonemoreunitofa

goodorservice

C)valueofagoodorserviceminusthepricepaidforthegoodorservice

D)valueofagoodorserviceplusthepricepaidforthegoodorservice

Answer:C

Topic:ConsumerSurplus

Skill:Recognition

Questionhistory:Modified10thedition

AACSB:ReflectiveThinking

27)isthevalueofagoodminusthepricepaidforitsummedoverthequantitybought.

A)Producersurplus

B)Consumersurplus

C)Surplus

D)Shortage

Answer:B

Topic:ConsumerSurplus

Skill:Recognition

Questionhistory:Modified10thedition

AACSB:ReflectiveThinking

28)Consumersurplusisthe

A)valueofagoodexpressedindollars.

B)priceofagoodexpressedindollars.

C)valueofagoodminusthepricepaidforitsummedoverthequantitybought.

D)valueofagoodplusthepricepaidforitsummedoverthequantitybought.

Answer:C

Topic:ConsumerSurplus

Skill:Recognition

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

29)Considerthemarketforhotdogs.Aslongasthemarginalbenefitofconsuminghotdogsis

greaterthanthepriceofhotdogs,

A)peoplereceiveconsumersurplusfromeatinghotdogs.

B)thepriceofhotdogswillrise.

C)thevalueofhotdogswillrise.

D)thereisnodecreasingmarginalbenefitofeatinghotdogs.

Answer:A

Topic:ConsumerSurplus

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

30)Ifthepriceofapizzaincreasesandthedemandcurveforpizzadoesnotshift,thenthe

consumersurplusfrompizzawill.

A)increase

B)decrease

C)equaltheproducersurplusifthemarketproducestheefficientquantityofpizza

D)remainthesame

Answer:B

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

31)Nickcanpurchaseeachmilkshakefor$2.ForthefirstmilkshakepurchasedNickiswilling

topay$4,forthesecondmilkshake$3,forthethirdmilkshake$2andforthefourthmilkshake

$1.WhatisthevalueofNick'sconsumersurplusforthemilkshakeshebuys?

A)$2

B)$9

C)$3

D)$10

Answer:C

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

32)Ausedcarwasrecentlypricedat$20,000.00.Seeingthecar,Bobbythought,"It'snice,butif

Ihavetopaymorethan$19,500forthiscar,thenIwouldratherdowithoutit.nAfter

negotiations,Bobbypurchasedthecarfor$19,250.00.Hisconsumersurpluswasequalto

A)$19,500.00.

B)$1,750.00.

C)$250.00.

D)$0.00.

Answer:C

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

33)WhentheSmith'swereshoppingfortheirpresenthome,theaskingpricefromtheprevious

ownerwas$250,000.00.TheSmith'shaddecidedtheywouldpaynomorethan$245,000.00for

thehouse.Afternegotiations,theSmith'sactuallypurchasedthehousefor$239,000.00.They,

therefore,enjoyedaconsumersurplusof

A)$239,000.00.

B)$5,000.00.

C)$6,000.00.

D)$11,000.00.

Answer:C

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

34)Thelatestmodelcarinthedealer'sshowroomhasastickerpriceof$35,000.00.Fred,the

shopper,hasdecidedthathewouldpaynomorethan$32,000.00forthecar.Aftertwohoursof

bargainingwiththesaleswoman,Fredactuallypurchasesthecarfor$31,000.00.Fred,therefore,

hasobtainedaconsumersurplusof

A)$35,000.00.

B)$32,000.00.

C)$4,000.00.

D)$1,000.0().

Answer:D

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

35)Janeiswillingtopay$50forapairofshoes.Theactualpriceoftheshoesis$30.Her

consumersurplusonthispairofshoesis

A)$20.

B)$50.

C)$30.

D)$80.

Answer:A

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

36)Charleneiswillingtopay$5.00forasandwich.IfCharlenemustpayfora

sandwich,she.

A)$4.00;doesnotreceiveconsumersurplus

B)$4.00;receivesconsumersurplus

C)$6.00;receivesconsumersurplus

D)$6.00;receivesamarginalcost

Answer:B

Topic:ConsumerSurplus

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

37)Joeiswillingtopay$4forhisfirstsliceofpizzaand$3forhissecondsliceofpizza.Ifthe

priceis$2,onhistwoslicesofpizzaJoereceivesatotalconsumersurplusof

A)$4.

B)$3.

C)$2.

D)$l.

Answer:B

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

38)Janeiswillingtopay$4forthefirstcupofcoffeeaday,$2.50forthesecondcup,and$1for

thethirdcup,afterwhichshewontbuyanycoffee.Thepriceofacupofcoffeeis$2.40.How

manycupsofcoffeeperdaywillJanebuy?

A)1

B)2

C)3

D)None

Answer:B

Topic:DemandandMarginalBenefit

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

39)Janeiswillingtopay$4forthefirstcupofcoffeeaday,$2.50forthesecondcup,and$1for

thethirdcup,afterwhichshewon'tbuyanycoffee.Thepriceofacupofcoffeeis$2.40.Jane's

consumersurplusfromthecoffeeshebuysis$perday.

A)$1.60

B)$1.70

C)$4.80

D)$6.50

Answer:B

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

40)Consideramarketthathaslinearsupplyanddemandcurves,andisinequilibrium.The

areaabovethepricelineandbelowthedemandcurveis

A)consumersurplus.

B)producersurplus.

C)marginalcost.

D)marginalbenefit.

Answer:A

Topic:ConsumerSurplus

Skill:Conceptual

Questionhistory:Previousedition,Chapter5

AACSB:ReflectiveThinking

41)Fourpeopleeachhaveadifferentwillingnesstopayforoneunitofagood:Georgewill

pay$15,Glenwillpay$12,Tomwillpay$1(),andPeterwillpay$8.Ifpriceisequalto$9per

unitthenthequantitydemandedinthemarketwillbeandtheconsumersurplusfor

thisunitwillbe.

A)3;$10

B)3;$37

C)3;$36

D)4;$8

Answer:A

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

42)Fourpeopleeachhaveadifferentwillingnesstopayforoneunitofagood:Georgewill

pay$15,Glenwillpay$12,Tomwillpay$10,andPeterwillpay$8.Ifpricedecreasesfrom

$9to$8thentheconsumersurplusfromthisunitwillincreaseby

A)$3.

B)$4.

C)$2.

D)$l.

Answer:A

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

Quantity(CDsperyear)

43)ThefigureaboveshowsClara'sdemandforCDs.IfthepriceforaCDis$15,thenClara

A)receivesnoconsumersurplusonthe6thCDshebuys.

B)receivesatotalof$10ofconsumersurplus.

C)willbuynoCDs.

D)receivesatotalof$40ofconsumersurplus.

Answer:A

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

44)ThefigureaboveshowsClara'sdemandforCDs.ThepriceforaCDis$15,Whichstatement

istrue?

A)WhenClarabuys6CDs,shereceives$15ofconsumersurplusonher6thCD.

B)WhenClarabuys6CDs,shereceivesatotalof$15ofconsumersurplus.

C)WhenClarabuys6CDs,shereceivesatotalof$30ofconsumersurplus.

D)WhenClarabuys6CDs,shereceivesatotalof$45ofconsumersurplus.

Answer:D

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

45)ThefigureaboveshowsClara'sdemandforCDs.Atapriceof$20foraCD,thevalueof

Clara'stotalconsumersurplusforalltheCDsshebuysis

A)$40.

B)$3().

C)$20.

D)$4.

Answer:C

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

46)ThefigureaboveshowsClara'sdemandforCDs.Atapriceof$5foraCD,thevalueof

Clara'stotalconsumersurplusforalltheCDsshebuysis

A)$5.

B)$10.

C)$25.

D)$125.

Answer:D

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

47)ThefigureaboveshowsClara'sdemandforCDs.IfthepriceofaCDweretoincreasefrom

$15to$25,Clara'stotalconsumersurplusforalltheCDsshebuyswould

A)decreaseby$40.

B)remainunchanged.

C)decreaseby$90.

D)increaseby$80.

Answer:A

Topic:ConsumerSurplus

Skill:Analytical

Questionhistory:Previousedition,Chapter5

AACSB:AnalyticalSkills

E