Wrap-Up Quiz 2 Due No due date Points 12 Questions 12 Available Jan 20 at 3pm - Jan 20 at 3:25pm 25 minutes Instructions The quiz will last 15 minutes. Good luck! Attempt History Attempt Time LATEST Attempt 1 14 minutes © Correct answers are hidden. Score for this quiz: 12 out of 12 Submitted Jan 20 at 3:14pm This attempt took 14 minutes. Question 1 Time Limit 15 Minutes Score 12 out of 12 1/1 pts Consumer surplus is the amount a buyer actually has to pay for a good minus the amount the buyer is willing to pay for it. False Question 2 111 ptsSuppose that a university charges students 2 $100 "tax" to register for business classes. The next year the university raises the "tax" to $150. The deadweight loss from the "tax" triples. True False Question 3 1/1 pts Ifa country’s domestic price of a good is lower than the world price, then that country has a ‘comparative advantage in producing that good, Tre False Question 4 1/4 pts ‘When a country allows international trade and becomes an importer of a good, domestic producers of the good are better off, and domestic consumers of the good are worse off. True False Question 5 1/1 pts Table 7-1[Buyer [Willingness To Pay [calvin [s150.00 ISam_ [5135.00 [Andrew [5120.00 [Lori [5100.00 Refer to Table 7-1, If the price of the product is $130, then who would be willing to purchase the product? Calvin and Sam, Correct Question 6 1/1 pts Table 7-10 The following table represents the costs of five possible sellers, [Setter [Cost Abby 1,600 [Bobby 1,300 [Dianne 1,100 lEvaline 900 [Carlos [ss00 Refer to Table 7-10. If the market price is $1,000, the producer surplus in the market is $300, Correct$1000. $700. $1,700, Question 7 1/1 pts Figure 7-23 Refer to Figure 7-23. At equilibrium, total surplus is represented by the area A+B+C+D+H+F, Correct A+B+D#F, A+B+CHD+H+FHGH A+B+CQuestion 8 1/1 pts Atax ona good raises the price that buyers effectively pay and raises the price that sellers effectively receive, lowers the price that buyers effectively pay and lowers the price that sellers effectively receive, lowers the price that buyers effectively pay and raises the price that sellers effectively receive, raises the price that buyers eflectively pay and lowers the price that sellers effectively receive. ( Correct Question 9 111 pts ‘The amount of deadweight loss that results from a tax of a given size is determined by the ratio of the tax per unit tothe effective price received by sellers. ‘whether the tax is levied on buyers or sellers. the price elasticities of demand and supply. Correct the number of buyers in the market relative to the number of sellers.Question 10 111 pts ‘A decrease in the size of a tax is most likely to increase tax revenue in a market with clastic demand and elastic supply. Correct inclastic demand and inelastic supply. clastic demand and inelastic supply, inelastic demand and Question 11 111 pts Atariffis a tax on an export limit on how much of a good can be exported. tax on an imported good, Correct limit on how much of a good can be imported. Question 12 1/1 pts Ifthe demand curve and the supply curve for a good are straight lines, then the deadweight Joss that results from a tariff is represented on the supply-and-demand graph bythe area of one triangle. the combined areas of two different triangles, Correct the area of one rectangle, the combined areas of two different rectangles. Quiz Score: 12 out of 12