principles of microeconomics practice exam#3 with answer keys

Exam 3 Directions: Identify the letter of the choice that best completes the statement or answers the question. Then mark your response on the answer sheet. Unless otherwise stated, demand curves are negatively sloped and supply curves are positively sloped. The midpoint and point formulae for elasticity are, respectively: ____ 1. If the government wants to reduce smoking, it should impose a tax on a. buyers of cigarettes. b. sellers of cigarettes. c. either buyers or sellers of cigarettes. d. whichever side of the market is less elastic. Figure 6-23 ____ 2. Refer to Figure 6-23. The amount of the tax burden borne by producers is _____ per unit. a. $4. c. $6. b. $5. d. $10. Figure 6-24 Suppose†¦show more content†¦Tickets to see Willie Nelson cost $40. On any given day, you would be willing to pay up to $50 to see and hear Willie Nelson perform. Assume there are no other costs of seeing either event. Based on this information, at a minimum, how much would you have to value seeing the Cubs play the White Sox to accept the ticket and go to the game? a. $0 c. $40 b. $10 d. $50 Figure 7-5 ____ 11. Refer to Figure 7-5. At the equilibrium price, consumer surplus is a. $200. c. $500. b. $300. d. $600. ____ 12. A seller’s willingness to sell is a. measured by the seller’s cost of production. b. related to her supply curve, just as a buyer’s willingness to buy is related to his demand curve. c. less than the price received if producer surplus is a positive number. d. All of the above are correct. Table 7-8 The only four producers in a market have the following costs: Seller Cost Evan $50 Selena $100 Angie $150 Kris $200 ____ 13. Refer to Table 7-8. If Evan, Selena, Angie, and Kris sell the good, and the resulting producer surplus is $700, then the price per unit must have been a. $200. c. $500. b. $300. d. $700. ____ 14. Producer surplus directly measures a. the well-being of society as a whole. b. the well-being of buyers and sellers. c. the well-being of sellers. d. sellers’ willingness to sell. ____ 15. Suppose the demand for peachesShow MoreRelatedThe Grizzly Bear Lodge4225 Words   |  17 PagesCourse Hero has millions of student submitted documents similar to the one below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support. Grizzly the Bear Lodge Case Study Discuss how Rudy and Diane can use feed forward, concurrent, and feedback controls both nowandinthefutureattheGrizzlyBearLodgetoensuretheirguestssat isfaction. Feed Forward: Feed forward is really like preventative control. 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