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ECON B-251 EXAM 2 QUESTIONS WITH ALL ANSWERS

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ECON B-251 EXAM 2 QUESTIONS WITH ALL ANSWERS

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ECON B-251 EXAM 2 QUESTIONS
WITH ALL ANSWERS




Withvrentvcontrols,vwhichvofvthevfollowingvisvmostvlikelyvtovoccur?v-vcorrectvanswer-
*AvdecreasevinvC.S
*Anvincreasevinvsearchvactivity
Anvefficientvoutcome
*BlackvMarketvactivity
Anvoverproductionvofvhousing

Whenvavmarketvpricevallocatesvavscarcevresource,vthevpeoplevwhov_______vgetvthevres
ourcev-vcorrectvanswer-arevwillingvandvablevtovpayvthevmarketvprice

Invavgeneralvadmissionveventvwithvtickets,vwhichvmethodvisvusedvtovallocatevthevbestvloc
ationsvtovexperiencevthevevent?v-vcorrectvanswer-a.vcommand
b.vpersonalvcharacteristics
*c.vfirst-come,vfirst-served
d.vcontest

Strivingvtovachievevthevgreatestvhappinessvforvthevgreatestvnumbervisvrelatedvtovwhichve
conomicvconcept?v-vcorrectvanswer-*a.vutilitarianism
b.vthevsymmetryvprinciple
c.vthevbigvtradeoff
d.vefficiency

Thevsymmetryvprinciplevinveconomicsvmeansv-vcorrectvanswer-
a.vallvindividualsvmustvhavevsimilarvoutcomes
b.vsimilarvindividualsvmustvhavevsimilarvoutcomes
*c.vallvsimilarvindividualsvmustvbevtreatedvsimilarly
d.vindividualsvmustvhavevdifferentvoutcomes

Supposevav$10vtaxvisvplacedvonvavgood.vThevmorevelasticvthevsupplyvofvthevgood,vthev-
vcorrectvanswer-*a.vmorevofvthevtaxvwillvbevpaidvbyvthevbuyers

b.vlessvofvthevtaxvwillvbevpaidvbyvthevbuyers
c.vsmallervthevdecreasevinvthevquantityvsold
d.vlargervthevincreasevinvthevafter-taxvprice

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  • econ b 251 exam 2 questions with all answers
  • with rent controls which of the following is most
  • when a market price allocates a scarce resource t
  • in a general admission event with tickets which m

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