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Question : 22) The above figure shows the marginal private cost curve, : 1226064

Economics

 

 

22) The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for raising goats on a common pasture. The market equilibrium with no government intervention is raising ________.

A) 0 goats

B) 40 goats

C) 50 goats

D) 55 goats

E) None of the above answers is correct.

 

23) The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for raising goats on a common pasture. The efficient outcome is raising ________.

A) 0 goats

B) 40 goats

C) 50 goats

D) 55 goats

E) None of the above answers is correct.

24) The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for raising goats on a common pasture. A quota to prevent the overuse of the common pasture sets the number of goats to be raised equal to ________.

A) 0 goats

B) 40 goats

C) 50 goats

D) 55 goats

E) None of the above answers is correct.

 

25) The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for raising goats on a common pasture. If property rights to the pasture are granted to a farmer so that the farmer owns the pasture, the farmer raises ________.

A) 0 goats

B) 40 goats

C) 50 goats

D) 55 goats

E) None of the above answers is correct.

 

26) The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for raising goats on a common pasture. Suppose the government assigns individual transferable quotas (ITQ) set to achieve the efficient outcome. The market price of an ITQ is ________ per pound.

A) $4.20

B) $2.00

C) $6.00

D) $4.00

E) $0.00

27) The tragedy of the commons is the absence of incentives to

A) correctly measure the marginal benefit.

B) prevent under use of the common resource.

C) prevent overuse and depletion of the common resource.

D) discover the resource.

E) prevent the free-rider problem.

 

28) For a common resource such as fish, the marginal private benefit ________ the marginal social benefit and the marginal private cost ________ the marginal social cost.

A) equals; is less than

B) is greater than; equals

C) equals; equals

D) is less than; is less than

E) is greater than; is greater than

 

29) For a common resource, the marginal private cost curve ________ and the marginal social cost curve ________.

A) slopes upward; slopes upward

B) slopes upward; slopes downward

C) slopes downward; slopes upward

D) slopes downward; slopes downward

E) is vertical; is horizontal

30) For a common resource, the equilibrium with no government intervention is such that ________ equals ________.

A) marginal private benefit; marginal social cost

B) marginal social benefit; marginal private cost

C) marginal social cost; marginal social benefit

D) marginal external benefit; marginal external cost

E) marginal social benefit; marginal external cost

 

31) For a common resource, efficiency requires that the ________ equals the ________.

A) marginal private benefit; marginal private cost

B) marginal social benefit; marginal private cost

C) marginal social benefit; marginal social cost

D) marginal external benefit marginal external cost

E) marginal social benefit; marginal external cost

 

32) Which of the following is NOT a potential solution to the tragedy of the commons?

A) Setting a production quota

B) Granting individual transferable quotas

C) Subsidizing use of the resource

D) Establishing property rights to the resource

E) None of the above are correct because they are all potential solutions to the tragedy of the commons.

 

33) If the government assigns private property rights to a common resource, then the

A) resource is under-utilized.

B) marginal private cost becomes equal to the marginal social cost.

C) government needs to set a quota to achieve efficiency.

D) resource becomes subject to the free riding problem.

E) resource cannot be utilized.

34) The market price of an individual transferable quota is equal to the

A) marginal private benefit.

B) marginal social benefit.

C) marginal private benefit minus the marginal cost.

D) marginal social benefit minus the marginal cost.

E) marginal private benefit plus the marginal cost.

 

 

 

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July 1, 2023
    

 

9.5   Chapter Figures

 

The figure above shows the U.S. market for T-shirts, where SUS is the domestic supply curve and DUS is the domestic demand curve. The United States trades freely with the rest of the world. The world price of a T-shirt is $5.

 

1) In the figure above, with international trade U.S. consumers buy ________ million T-shirts per year at ________ per T-shirt.

A) 60; $5

B) 40; $8

C) 20; $5

D) 40; $5

E) 60; $11

2) Based on the figure above, as a result of international trade, U.S. domestic production ________ million T-shirts per year.

A) decreases by 20

B) increases by 20

C) decreases by 10

D) increases by 40

E) increases by 10

 

3) In the figure above, with international trade the United States ________ million T-shirts per year.

A) imports 40

B) exports 40

C) exports 20

D) imports 20

E) imports 60

 

4) Based on the figure above, as a result of international trade, consumer surplus

A) increases by $150 million.

B) decreases by $150 million.

C) increases by $90 million.

D) decreases by $90 million.

E) remains unchanged.

5) Based on the figure above, as a result of international trade, producer surplus

A) increases by $150 million.

B) decreases by $150 million.

C) increases by $90 million.

D) decreases by $90 million.

E) remains unchanged.

 

6) Based on the figure above, international trade leads to

A) a net gain of surplus of $60 million.

B) a net loss of surplus of $60 million.

C) a net gain of surplus of $90 million.

D) a net loss of surplus of $90 million.

E) no net gain or loss of surplus.

The figure above shows the U.S. market for airplanes, where SUS is the domestic supply curve and DUS is the domestic demand curve. The United States trades freely with the rest of the world. The world price of an airplane is $150 million.

 

7) Based on the figure above, as a result of international trade, U.S. domestic production ________ airplanes per year.

A) decreases by 200

B) increases by 300

C) decreases by 100

D) increases by 500

E) increases by 200

8) In the figure above, U.S. consumers buy ________ airplanes per year at ________ million per airplane.

A) 200; $150

B) 400; $100

C) 700; $150

D) 400; $150

E) 200; $100

 

9) In the figure above, the United States ________ airplanes per year.

A) imports 500

B) exports 500

C) exports 400

D) imports 400

E) exports 200

 

10) Based on the figure above, as a result of international trade, consumer surplus

A) increases by $15 billion.

B) decreases by $15 billion.

C) increases by $27.5 billion.

D) decreases by $12.5 billion.

E) remains unchanged.

11) Based on the figure above, as a result of international trade, producer surplus

A) increases by $15 billion.

B) decreases by $15 billion.

C) increases by $27.5 billion.

D) decreases by $12.5 billion.

E) remains unchanged.

 

12) Based on the figure above, international trade leads to

A) a net gain in surplus of $12.5 billion.

B) a net loss of surplus of $12.5 billion.

C) a net gain in surplus of $27.5 billion.

D) a net loss of surplus of $15 billion.

E) no net gain or loss of surplus.

 

 

 

default image
July 1, 2023
    

 

9.5   Chapter Figures

 

The figure above shows the U.S. market for T-shirts, where SUS is the domestic supply curve and DUS is the domestic demand curve. The United States trades freely with the rest of the world. The world price of a T-shirt is $5.

 

1) In the figure above, with international trade U.S. consumers buy ________ million T-shirts per year at ________ per T-shirt.

A) 60; $5

B) 40; $8

C) 20; $5

D) 40; $5

E) 60; $11

2) Based on the figure above, as a result of international trade, U.S. domestic production ________ million T-shirts per year.

A) decreases by 20

B) increases by 20

C) decreases by 10

D) increases by 40

E) increases by 10

 

3) In the figure above, with international trade the United States ________ million T-shirts per year.

A) imports 40

B) exports 40

C) exports 20

D) imports 20

E) imports 60

 

4) Based on the figure above, as a result of international trade, consumer surplus

A) increases by $150 million.

B) decreases by $150 million.

C) increases by $90 million.

D) decreases by $90 million.

E) remains unchanged.

5) Based on the figure above, as a result of international trade, producer surplus

A) increases by $150 million.

B) decreases by $150 million.

C) increases by $90 million.

D) decreases by $90 million.

E) remains unchanged.

 

6) Based on the figure above, international trade leads to

A) a net gain of surplus of $60 million.

B) a net loss of surplus of $60 million.

C) a net gain of surplus of $90 million.

D) a net loss of surplus of $90 million.

E) no net gain or loss of surplus.

The figure above shows the U.S. market for airplanes, where SUS is the domestic supply curve and DUS is the domestic demand curve. The United States trades freely with the rest of the world. The world price of an airplane is $150 million.

 

7) Based on the figure above, as a result of international trade, U.S. domestic production ________ airplanes per year.

A) decreases by 200

B) increases by 300

C) decreases by 100

D) increases by 500

E) increases by 200

8) In the figure above, U.S. consumers buy ________ airplanes per year at ________ million per airplane.

A) 200; $150

B) 400; $100

C) 700; $150

D) 400; $150

E) 200; $100

 

9) In the figure above, the United States ________ airplanes per year.

A) imports 500

B) exports 500

C) exports 400

D) imports 400

E) exports 200

 

10) Based on the figure above, as a result of international trade, consumer surplus

A) increases by $15 billion.

B) decreases by $15 billion.

C) increases by $27.5 billion.

D) decreases by $12.5 billion.

E) remains unchanged.

11) Based on the figure above, as a result of international trade, producer surplus

A) increases by $15 billion.

B) decreases by $15 billion.

C) increases by $27.5 billion.

D) decreases by $12.5 billion.

E) remains unchanged.

 

12) Based on the figure above, international trade leads to

A) a net gain in surplus of $12.5 billion.

B) a net loss of surplus of $12.5 billion.

C) a net gain in surplus of $27.5 billion.

D) a net loss of surplus of $15 billion.

E) no net gain or loss of surplus.

 

 

 

default image
July 1, 2023
    

 

9.5   Chapter Figures

 

The figure above shows the U.S. market for T-shirts, where SUS is the domestic supply curve and DUS is the domestic demand curve. The United States trades freely with the rest of the world. The world price of a T-shirt is $5.

 

1) In the figure above, with international trade U.S. consumers buy ________ million T-shirts per year at ________ per T-shirt.

A) 60; $5

B) 40; $8

C) 20; $5

D) 40; $5

E) 60; $11

2) Based on the figure above, as a result of international trade, U.S. domestic production ________ million T-shirts per year.

A) decreases by 20

B) increases by 20

C) decreases by 10

D) increases by 40

E) increases by 10

 

3) In the figure above, with international trade the United States ________ million T-shirts per year.

A) imports 40

B) exports 40

C) exports 20

D) imports 20

E) imports 60

 

4) Based on the figure above, as a result of international trade, consumer surplus

A) increases by $150 million.

B) decreases by $150 million.

C) increases by $90 million.

D) decreases by $90 million.

E) remains unchanged.

5) Based on the figure above, as a result of international trade, producer surplus

A) increases by $150 million.

B) decreases by $150 million.

C) increases by $90 million.

D) decreases by $90 million.

E) remains unchanged.

 

6) Based on the figure above, international trade leads to

A) a net gain of surplus of $60 million.

B) a net loss of surplus of $60 million.

C) a net gain of surplus of $90 million.

D) a net loss of surplus of $90 million.

E) no net gain or loss of surplus.

The figure above shows the U.S. market for airplanes, where SUS is the domestic supply curve and DUS is the domestic demand curve. The United States trades freely with the rest of the world. The world price of an airplane is $150 million.

 

7) Based on the figure above, as a result of international trade, U.S. domestic production ________ airplanes per year.

A) decreases by 200

B) increases by 300

C) decreases by 100

D) increases by 500

E) increases by 200

8) In the figure above, U.S. consumers buy ________ airplanes per year at ________ million per airplane.

A) 200; $150

B) 400; $100

C) 700; $150

D) 400; $150

E) 200; $100

 

9) In the figure above, the United States ________ airplanes per year.

A) imports 500

B) exports 500

C) exports 400

D) imports 400

E) exports 200

 

10) Based on the figure above, as a result of international trade, consumer surplus

A) increases by $15 billion.

B) decreases by $15 billion.

C) increases by $27.5 billion.

D) decreases by $12.5 billion.

E) remains unchanged.

11) Based on the figure above, as a result of international trade, producer surplus

A) increases by $15 billion.

B) decreases by $15 billion.

C) increases by $27.5 billion.

D) decreases by $12.5 billion.

E) remains unchanged.

 

12) Based on the figure above, international trade leads to

A) a net gain in surplus of $12.5 billion.

B) a net loss of surplus of $12.5 billion.

C) a net gain in surplus of $27.5 billion.

D) a net loss of surplus of $15 billion.

E) no net gain or loss of surplus.

 

 

 

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