Economics for business revision

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  • Created by: Thishane
  • Created on: 12-05-22 16:53
Q1) Which of the following is NOT an example of a common resource?
C) Cable TV
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Q2) What type of good in the graph (fireworks) is it?
B) Public good
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Q3) If a government is hoping that a small tax can actually discourage a lot of junk food purchases, it should hope for:
D) Elastic supply and elastic demand
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Q4) A perfectly competitive steel mill that produces large amounts of pollution (a negative externality) will, from a social point of view, this firm
B) produces too much steel
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Q5) With the information given, can you tell whether Diocletian imposed a ceiling or a floor? If so, which is it?
C) Indeterminate with the given information
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Q6) Price ceilings have been used to help renters in expensive areas by keeping rents artificially low. Though this helps some renters, there are costs associated with this practice too. Choose all of the items below that describe possible consequences re
A) The development of black markets.,

B) The requirement of non-refundable cleaning deposits,

C) Reductions in flat quality,

D) An increased level of illegal subletting.
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Q7) Suppose that Maria is willing to pay $40 for a haircut, and her stylist Juan is willing to accept as little as $25 for a haircut. If the country where Maria and Juan live instituted a tax on services that included a $5 per haircut tax on stylists and
D) 35
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What type of externality is evident from vaccination? Does it create the same externality as wearing a mask to prevent the spread of Covid-19?
B) Positive and Yes
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Q9) What effect do wage subsidies have on employment?
D) Wage subsidies increase employment
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Q10) The following figures relate to the demand and supply of cigarettes. If the government decides to impose a tax on cigarettes of £3.00 per pack, what would be the deadweight loss?
300
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Q11) Suppose that demand for a good is given by Q = 122 - 3P, while supply for the good is given by Q = 1P - 20. The average person values their time at $12.29/hour. If a price ceiling of $11.04 is imposed, how many hours will the average person have to w
2
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Q12) The following figures relate to the demand and supply of cigarettes. If the government decides to impose a tax on cigarettes of £3.00 per pack, what is the new equilibrium quantity?
700
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Q13) The following figures relate to the demand and supply of cigarettes. If the government decides to impose a tax on cigarettes of £3.00 per pack, what would be the taxi incident of the consumer in percentage (do not include % in the answer, the number
66
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Q14) As the technology of home movie entertainment has changed from tapes and discs to digital files, home viewing of movies has changed from rival to nonrival.
True
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Q15) A public good is defined as one produced by the public sector
False
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Other cards in this set

Card 2

Front

Q2) What type of good in the graph (fireworks) is it?

Back

B) Public good

Card 3

Front

Q3) If a government is hoping that a small tax can actually discourage a lot of junk food purchases, it should hope for:

Back

Preview of the front of card 3

Card 4

Front

Q4) A perfectly competitive steel mill that produces large amounts of pollution (a negative externality) will, from a social point of view, this firm

Back

Preview of the front of card 4

Card 5

Front

Q5) With the information given, can you tell whether Diocletian imposed a ceiling or a floor? If so, which is it?

Back

Preview of the front of card 5
View more cards

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