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Midterm Review ECN 351 V2 Flashcards | StudBud
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Midterm Review ECN 351 V2
Midterm Review ECN 351 V2
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Flashcards
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Practice quiz
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Questions
10
Answers
1
A firm should shut-down if...
AVC is less than P.
AVC is more than P.
2
Demanders (buyers) will pay more of the tax incidence when...
Demand is more elastic than Supply.
Demand is more inelastic than Supply.
3
Public Goods are
Not Excludable and Not Rival
Excludable and Non-rival
Not Excludable and Rival
Excludable and Rival
4
Lease payments on a factory building would be an example of a variable cost.
True
False
5
At equilibrium, consumer surplus is equal to...
Unkown
0
Area below willingness to pay and above market price.
Area above willingness to sell and below market price.
6
Positive Externalities have Social Demand curves above Private Demand curves.
True
False
7
A change in the market price of a product will cause a shift of both the Supply and Demand curve.
False
True
8
Explicit costs can be divided into:
Average and Marginal costs.
Peanut butter and jelly.
Variable costs and Marginal costs.
Fixed and Variable costs.
9
Tragedy of the Commons based issues can be 'fixed' by the government by
Applying a tax
Subsidizing the activity
10
Tax incidence is how the tax is shared between buyers and sellers.
True
False
