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AP Micro Unit 6 Flashcards | StudBud
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AP Micro Unit 6
AP Micro Unit 6
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A review of unit 6 of AP Microeconomics
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Cap and trade programs are used to
Increase profits
Reduce bottle caps
Regulate pollution
Support deregulation
2
Which of the following is least likely the result of the gov't addressing a market failure?
Gov't regulates a monopoly to limit deadweight loss
Gov't sets carbon dioxide emission standards for cars
Public sector funds national defense
Gov't subsidizes early childhood education
3
This type of tax takes a larger percent of income from high income groups.
Proportional tax
Regressive tax
Progressive tax
Unproportional tax
4
When the marginal social cost is higher than the marginal private cost.
Nonexclusion
Negative externality
Positive externality
Shared consumption
5
The Gini Coefficient is a statistical measurement of income equality: perfect equality is 0
False
True
6
A monopoly is a market failure
False
True
7
Which of the following is not a type of tax?
Proportional tax
Regressive tax
Progressive tax
Unproportional tax
8
Characteristics of public goods
Provided by private corporations
Non-rivalry
Funded by subsidies
Non-exclusion
9
This type of tax takes the same percent of income from all income groups.
Proportional tax
Unproportional tax
Regressive tax
Progressive tax
10
In a negative externality supply equals _____.
Marginal social benefit
Marginal private cost
11
An example of a transfer payment is...
Welfare
Money
Business
Tax
12
Marginal private benefit plus benefit to society
public benefit
Marginal social cost
Marginal social benefit
Societal cost
13
How do governments solve the problem of positive externalities
Government regulations
Taxes
Reduced taxes
Per unit subsidies to achieve optimal quantity
14
Public Goods are a market failure.
False
True
15
Negatuve externalities are also known as
Spillover demand
Spillover issues
Spillover
Spillover costs
16
marginal private cost plus external costs to society
Marginal social benefit
Positive externalities
Marginal social cost
Negative externalities
17
Who pays more of the tax if demand is inelastic and supply is elastic?
Consumers
Producers pay all
Consumers pay all
Producers
18
Which of the following is not one of the four market failures?
Competition
Externalities
Monopolies
unfair distribution of income
19
This type of tax takes a larger percentage from low income groups.
Regressive tax
Progressive tax
Unproportional tax
Proportional tax
20
Cannot exclude benefits of the good. Everyone can use the good, even those who don't pay.
Nonexclusion
Shared consumption
Positive externality
Negative externality
21
The solution to solve a negative externality...
Tragedy of Commons
Per unit subsidy
Per unit tax
Market failure
22
Who pays more of the tax if demand is perfectly inelastic?
Consumers pay all
Producers pay all
Consumers
Producers
23
What is one characteristic of a public good?
Shared Consumption
Demand
Nonexclusion
Supply
24
Positive externalities are also known as
Spillover supply
Spillover costs
Spillover
Spillover benefits
25
One person's consumption of a good does not reduce the usefulness to others.
Negative externality
Nonexclusion
Shared consumption
Positive externality
26
What would happen to the Gini Coefficent if government increased taxes to wealthier citizens?
It would disappear
It would get smaller
It would get larger
It would stay the same
27
In a positive externality supply equals ______.
Marginal private benefit
Marginal social cost
28
Who pays more of the tax if demand is elastic and supply is inelastic?
Producers pay all
Producers
Consumers
Consumers pay all
29
When the marginal social benefit is higher than the marginal private benefit.
Shared Consumption
Positive Externality
Nonexclusion
Negative Externality
30
What is the optimal amount of a public good?
MSB
MSB=MSC
MSB>MSC
MSB<MSC
