rutgers micro exam 1 Latest Update 100% PASS

rutgers micro exam 1 Latest Update 100% PASS the incidence of a tax: - ANSWERrefers to how much of the tax is actually paid by consumers and producers points beyond the production-possibility frontier - ANSWERare unattainable with current resources what factor would result solely in a movement along the demand curve for a particular good? - ANSWERa change in the price of that good other things being equal, when the price of hamburgers increases, the Ruiz family increases their purchase of hot dogs. we can therefore conclude that, for the Ruiz family, - ANSWERhamburgers and hot dogs are substitutes the circular-flow diagram shows the flow of ____ and the flow of _______ - ANSWERmoney; goods and services when a nations economy grows: - ANSWERits production possibility frontier shifts outward a Pigouvian subsidy is: - ANSWERdesigned to encourage activities generating external benefits a choice is made _____ is a choice whether to do a little more or a little less of something - ANSWERat the margin consumer surplus is represented by the area _____ the demand curve and _____ the market price - ANSWERbelow; above we know that either the demand for personal trainers or the supply of personal trainers has changed, but we don't know which has changed. however, we also know that the hourly price for services of personal trainers has increased, and the sales of these services have also increased. we can conclude that - ANSWERdemand for services of personal trainers has increased producers will supply an inefficiently low quality of a good if the government imposes: - ANSWERa binding price ceiling trade offs exist when: - ANSWERindividuals can have more of one good but only by giving up something else T or F: cigarette taxes have eliminated the wedge between the demand price for cigarettes and the supply of cigarettes - ANSWERfalse scarcity in economics means that: - ANSWERwe do not have sufficient resources to produce all the goods and services we want the phrase "supply has decreased" means that - ANSWERthe supply curve has shifted to the left the term "autarky" refers to a country that: - ANSWERdoes not trade with other countries France and England both produce wine and clothing with constant opportunity costs. France will have comparative advantage in wine production if: - ANSWERthe opportunity cost of wine production is lower in France than in England. we can measure total producer surplus for good X as: - ANSWERthe sum of the individual producer surpluses for all buyers of X when the market is in equilibrium, the quantity: - ANSWERdemanded is equal to quantity supplied