Economics > EXAM > California State University, San Marcos - ECON 304 Quiz 5. Scored 96%. (All)

California State University, San Marcos - ECON 304 Quiz 5. Scored 96%.

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ECON 304 Quiz 5. • Question 1 7 out of 7 points Exhibit 5-2 Refer to Exhibit 5-2. If the tuition is set at $50 there will be Answer • Question 2 7 ... out of 7 points Exhibit Refer to Exhibit 5-1, which shows supply and demand for freeway space at both 8 a.m. and 11 p.m. Suppose that the government decides to set the money price of driving on the freeway at zero, but creates programs that encourage drivers to carpool. If the carpooling program is sufficiently successful to eliminate the shortage of freeway space at 8 a.m., graphically the result of the increase in carpooling would be a Answer • Question 3 7 out of 7 points The space on the freeway is fixed at any instant of time. A supply curve that shows this is Answer • Question 4 7 out of 7 points Suppose that a television studio has two shows, X and Z, and that tickets for viewing the taping of each show is free. The equilibrium price for a ticket to view the taping of show X is $25 and the equilibrium price for a ticket to view the taping of show B is -$20. It is likely that tickets to show ________ will need to be rationed on a first-come-first-served basis, while the producers of show ________ will have a much more difficult time filling the seats in the studio since the equilibrium price for tickets to that show is a __________ number. Answer • Question 5 7 out of 7 points A toll of $1 per car is imposed on a road regardless of time of day. If the toll creates equilibrium travel flows at the busiest time of day, it will create a __________ at all other times. Answer • Question 6 7 out of 7 points Exhibit 5-1 Refer to Exhibit 5-1, which shows supply and demand for freeway space at both 8 a.m. and 11 p.m. A toll of P2 creates __________ at 8 a.m. and __________ at 11 p.m. Answer • Question 7 7 out of 7 points Exhibit 5-5 Refer to Exhibit 5-5. If the airline charges price P2 for both aisle seats and middle seats, the result will be Answer • Question 8 7 out of 7 points Good weather in cities such as San Diego Answer • Question 9 7 out of 7 points Which of the following statements is false? Answer • Question 10 7 out of 7 points Exhibit 5-2 Refer to Exhibit 5-2. If the tuition is set at $40, there will need to be some kind of non-price rationing for Answer • Question 11 7 out of 7 points The demand for seats in 10 a.m. classes at the university is higher than the demand for seats in 8 a.m. classes. The supply is fixed. If the university can only charge a single price and wishes to maximize the total number of seats purchased during the day, it should set the price Answer • Question 12 7 out of 7 points The demand for seats in 10 a.m. classes at the university is higher than the demand for seats in 8 a.m. classes. The supply is fixed. If the university prices classes at the price required to achieve equilibrium at 10 a.m., there will be Answer • Question 13 0 out of 7 points Exhibit 5-3 Refer to Exhibit 5-3 which shows the demand and supply of a college athlete. Suppose that NCAA rules limit the amount that the college can pay this athlete, such that their payment can not exceed the cost of attending the college (currently $8,000). The impact of this ruling would be a loss of income to the athlete of __________ and an equal gain in consumers’ surplus to the college represented by ________________. Answer • Question 14 0 out of 7 points Exhibit 5-6 Refer to Exhibit 5-6. Under law 1 a renter has 30 days to vacate an apartment after being served with an eviction notice. Under law 2, the renter has 90 days to vacate after being served with an eviction notice. This graph shows that the supply of apartments is____________ under law 1 than under law 2, and thus apartment rent is _______________ under law 1 than under law 2. Answer Selected Answer: b. less; less • Question 15 7 out of 7 points If patients were allowed to sue their HMO, we would expect Answer • Question 1 7 out of 7 points A toll of $1 per car is imposed on a road regardless of time of day. If the toll creates equilibrium travel flows at the busiest time of day, it will create a __________ at all other times. Answer • Question 2 7 out of 7 points Exhibit 5-2 Refer to Exhibit 5-2. If the tuition is set at $50 there will be Answer • Question 3 7 out of 7 points Residents of cities with a reputation for good weather, ceteris paribus, Answer • Question 4 7 out of 7 points If patients were allowed to sue their HMO, we would expect Answer • Question 5 7 out of 7 points Suppose that there are two laws proposed for eviction notices. Plan A requires landlords to give a renter 30 days to vacate an apartment once he has been served an eviction notice. Under Plan B, he has 60 days to vacate an apartment once he has been served an eviction notice. It follows that landlords will find Answer • Question 6 7 out of 7 points Suppose that television show A is much more popular than television show B. The equilibrium price for a ticket to view the taping of show A is $40 and the equilibrium price for a ticket to view the taping of show B is -$30. If free tickets are offered for the taping of both shows, it is likely that Answer • Question 7 7 out of 7 points Colleges and universities use such things as grade point averages and standardized test scores as Answer • Question 8 7 out of 7 points Exhibit 5-1 Refer to Exhibit 5-1, which shows supply and demand for freeway space at both 8 a.m. and 11 p.m. Suppose that the government decides to set the money price of driving on the freeway at zero, but creates programs that encourage drivers to carpool. If the carpooling program is sufficiently successful to eliminate the shortage of freeway space at 8 a.m., graphically the result of the increase in carpooling would be a Answer • Question 9 0 out of 7 points Exhibit 5-3 Refer to Exhibit 5-3 which shows the demand and supply of a college athlete. Suppose that NCAA rules limit the amount that the college can pay this athlete, such that their payment can not exceed the cost of attending the college (currently, $8,000). What is the consumers’ surplus for the college? Answer • Question 10 7 out of 7 points Exhibit Refer to Exhibit 5-1, which shows supply and demand for freeway space at both 8 a.m. and 11 p.m. Which toll creates equilibrium at 8 a.m.? Answer • Question 11 0 out of 7 points Exhibit 5-5 Refer to Exhibit 5-5. If the airline charges price P1 for both aisle seats and middle seats, the result will be Answer • Question 12 7 out of 7 points If a college sets its tuition __________ the equilibrium tuition, then it will have to use some form of nonprice-rationing device to determine who will be accepted for admission to the college. Answer • Question 13 7 out of 7 points Good weather in cities such as San Diego Answer • Question 14 7 out of 7 points There is no toll charge to drive on freeway A. If there is freeway congestion at 9 a.m., there will be greater freeway congestion at 11 a.m. if Answer • Question 15 0 out of 7 points When the government _____________ mortgage lending standards, the indirect result is likely to be _____________ home prices. Answer • Question 1 7 out of 7 points The demand for seats in 10 a.m. classes at the university is higher than the demand for seats in 8 a.m. classes. The supply is fixed. If the university can only charge a single price and wishes to maximize the total number of seats purchased during the day, it should set the price Answer • Question 2 7 out of 7 points Exhibit 5-4 Refer to Exhibit 5-4. If tickets for viewing television show tapings are free, for which show will fans most likely have the longest wait to get tickets? Answer • Question 3 0 out of 7 points Exhibit 5-1 Refer to Exhibit 5-1, which shows supply and demand for freeway space at both 8 a.m. and 11 p.m. Suppose that the government decides to set the money price of driving on the freeway at zero, but builds more freeways to eliminate the shortage of freeway space at 8 a.m. Graphically, the result of the increase in freeway space would be shown by Answer • Question 4 7 out of 7 points Good weather in cities such as San Diego Answer • Question 5 7 out of 7 points The lower the price of medical care in general, the higher the ____________________________ medical care and the ______________________ specific items that make up medical care (such as x-rays). Answer • Question 6 7 out of 7 points The space on the freeway is fixed at any instant of time. A supply curve that shows this is Answer • Question 7 7 out of 7 points The higher the price of medical care in general, the lower the ____________________________ medical care and the ______________________ specific items that make up medical care (such as, x-rays). Answer • Question 8 0 out of 7 points Exhibit 5-2 Refer to Exhibit 5-2. If the tuition is set at $70 there will be Answer Selected Answer: d. equilibrium at 10 a.m. and a shortage of seats at 8 a.m. • Question 9 7 out of 7 points If patients were allowed to sue their HMO, we would expect Answer • Question 10 0 out of 7 points When the government _____________ mortgage lending standards, the indirect result is likely to be _____________ home prices. Answer Selected Answer: a. lowers; higher • Question 11 7 out of 7 points If the purchase and sale of a currently illegal drug, such as marijuana, were decriminalized, we would expect Answer • Question 12 7 out of 7 points If the government sets out to make home buying easier for more people by forcing lenders to accept ____________ down payments and ______________ interest rates, the result will likely be a(n) _______________ in housing prices. Answer • Question 13 7 out of 7 points Exhibit 5-3 Refer to Exhibit 5-3 which shows the demand and supply of a college athlete. Suppose that NCAA rules limit the amount that the college can pay this athlete, such that their payment can not exceed the cost of attending the college (currently $8,000). The impact of this ruling would be a loss of income to the athlete of __________ and an equal gain in consumers’ surplus to the college represented by ________________. Answer • Question 14 7 out of 7 points Exhibit 5-6 Refer to Exhibit 5-6. Under law 1 a renter has 30 days to vacate an apartment after being served with an eviction notice. Under law 2, the renter has 90 days to vacate after being served with an eviction notice. This graph shows that the supply of apartments is____________ under law 1 than under law 2, and thus apartment rent is _______________ under law 1 than under law 2. Answer • Question 15 7 out of 7 points Exhibit 5-2 Refer to Exhibit 5-2. If the tuition is set at $50 there will be Answer • Question 1 7 out of 7 points Exhibit 5-6 Refer to Exhibit 5-6. Under law 1 a renter has 30 days to vacate an apartment after being served with an eviction notice. Under law 2, the renter has 90 days to vacate after being served with an eviction notice. This graph shows that the supply of apartments is____________ under law 1 than under law 2, and thus apartment rent is _______________ under law 1 than under law 2. Answer • Question 2 7 out of 7 points Exhibit 5-5 Refer to Exhibit 5-5. If the airline charges price P2 for both aisle seats and middle seats, the result will be Answer • Question 3 7 out of 7 points Exhibit 5-1 Refer to Exhibit 5-1, which shows supply and demand for freeway space at both 8 a.m. and 11 p.m. A toll of P1 creates __________ at 8 a.m. and __________ at 11 p.m. Answer • Question 4 7 out of 7 points The space on the freeway is fixed at any instant of time. A supply curve that shows this is Answer • Question 5 7 out of 7 points If patients were allowed to sue their HMO, we would expect Answer • Question 6 7 out of 7 points Suppose that a television studio has two shows, X and Z, and that tickets for viewing the taping of each show is free. The equilibrium price for a ticket to view the taping of show X is $25 and the equilibrium price for a ticket to view the taping of show B is -$20. It is likely that tickets to show ________ will need to be rationed on a first-come-first-served basis, while the producers of show ________ will have a much more difficult time filling the seats in the studio since the equilibrium price for tickets to that show is a __________ number. Answer • Question 7 7 out of 7 points If the purchase and sale of a currently illegal drug, such as marijuana, were decriminalized, we would expect Answer • Question 8 7 out of 7 points Exhibit 5-1 Refer to Exhibit 5-1, which shows supply and demand for freeway space at both 8 a.m. and 11 p.m. A toll of P2 creates __________ at 8 a.m. and __________ at 11 p.m. Answer • Question 9 7 out of 7 points Exhibit 5-1 Refer to Exhibit 5-1, which shows supply and demand for freeway space at both 8 a.m. and 11 p.m. Which toll creates equilibrium at 8 a.m.? Answer • Question 10 7 out of 7 points Exhibit 5-5 Refer to Exhibit 5-5. If the airline charges a price that is between P1 and P2 for both aisle seats and middle seats, the result will be Answer • Question 11 7 out of 7 points Which of the following statements is false? Answer • Question 12 0 out of 7 points Exhibit 5-2 Refer to Exhibit 5-2. If the tuition is set at $70 there will be Answer • Question 13 7 out of 7 points The lower the price of medical care in general, the higher the ____________________________ medical care and the ______________________ specific items that make up medical care (such as x-rays). Answer Selected Answer: a. quantity demanded of; higher the demand for • Question 14 7 out of 7 points Residents of cities with a reputation for good weather, ceteris paribus, Answer • Question 15 7 out of 7 points If the government sets out to make home buying easier for more people by forcing lenders to accept ____________ down payments and ______________ interest rates, the result will likely be a(n) _______________ in housing prices. Answer Sunday, February 5, 2012 3:25:35 PM CST • Question 1 7 out of 7 points There is no toll charge to drive on freeway A. If there is freeway congestion at 9 a.m., there will be greater freeway congestion at 11 a.m. if Answer • Question 2 7 out of 7 points Exhibit 5-5 Refer to Exhibit 5-5. If the airline charges price P1 for both aisle seats and middle seats, the result will be Answer • Question 3 7 out of 7 points The lower the price of medical care in general, the higher the ____________________________ medical care and the ______________________ specific items that make up medical care (such as x-rays). Answer • Question 4 7 out of 7 points Exhibit 5-1 Refer to Exhibit 5-1, which shows supply and demand for freeway space at both 8 a.m. and 11 p.m. Which toll creates equilibrium at 8 a.m.? Answer Selected Answer: d. P2 • Question 5 7 out of 7 points When congestion occurs on the freeway (because of a shortage of freeway space), the economist would say that it is because Answer • Question 6 7 out of 7 points The demand for seats in 10 a.m. classes at the university is higher than the demand for seats in 8 a.m. classes. The supply is fixed. If the university can only charge a single price and wishes to maximize the total number of seats purchased during the day, it should set the price Answer • Question 7 7 out of 7 points A toll of $1 per car is imposed on a road regardless of time of day. If the toll creates equilibrium travel flows at the busiest time of day, it will create a __________ at all other times. Answer • Question 8 7 out of 7 points Exhibit 5-4 Refer to Exhibit 5-4. If television studio executives choose to charge a price of PB to view the taping of all shows, they will find that there is a shortage of tickets to view the taping of show ___________ and a surplus of tickets to view the taping of show ______________. Answer • Question 9 7 out of 7 points Exhibit 5-2 Refer to Exhibit 5-2. If the tuition is set at $60 there will be Answer • Question 10 7 out of 7 points Exhibit 5-3 Refer to Exhibit 5-3 which shows the demand and supply of a college athlete. Suppose that NCAA rules limit the amount that the college can pay this athlete, such that their payment can not exceed the cost of attending the college (currently, $8,000). What is the consumers’ surplus for the college? Answer • Question 11 7 out of 7 points Exhibit 5-2 Refer to Exhibit 5-2. If the tuition is set at $50 there will be Answer • Question 12 7 out of 7 points If more people join carpools and travel to work together Answer • Question 13 0 out of 7 points If there is freeway congestion at 8 a.m., we can reduce (or eliminate) the congestion by Answer Selected Answer: d. a and b • Question 14 7 out of 7 points The demand to attend a certain college is represented by a downward-sloping demand curve. The supply of spots at the college is represented by a vertical supply curve. At the tuition that students are charged, there is a shortage of spots at the college. If the demand to attend the college rises, but the tuition stays constant, it follows that the Answer • Question 15 7 out of 7 points To an economist, freeway congestion is a sign that the price to drive on the freeway is Answer Selected Answer: a. below its equilibrium level. • Question 1 7 out of 7 points The lower the price of medical care in general, the higher the ____________________________ medical care and the ______________________ specific items that make up medical care (such as x-rays). Answer • Question 2 7 out of 7 points Exhibit 5-5 Refer to Exhibit 5-5. If the airline charges price P1 for both aisle seats and middle seats, the result will be Answer • Question 3 7 out of 7 points Exhibit 5-5 Refer to Exhibit 5-5. If the airline charges price P2 for both aisle seats and middle seats, the result will be Answer • Question 4 7 out of 7 points Suppose that there are two laws proposed for eviction notices. Plan A requires landlords to give a renter 30 days to vacate an apartment once he has been served an eviction notice. Under Plan B, he has 60 days to vacate an apartment once he has been served an eviction notice. It follows that landlords will find Answer • Question 5 7 out of 7 points A toll of $1 per car is imposed on a road regardless of time of day. If the toll creates equilibrium travel flows at the busiest time of day, it will create a __________ at all other times. Answer Selected Answer: b. surplus of space • Question 6 7 out of 7 points If more people join carpools and travel to work together Answer • Question 7 7 out of 7 points Exhibit 5-2 Refer to Exhibit 5-2. If the tuition is set at $60 there will be Answer • Question 8 7 out of 7 points Exhibit 5-2 Refer to Exhibit 5-2. If the tuition is set at $50 there will be Answer • Question 9 7 out of 7 points Suppose that a television studio has two shows, X and Z, and that tickets for viewing the taping of each show is free. The equilibrium price for a ticket to view the taping of show X is $25 and the equilibrium price for a ticket to view the taping of show B is -$20. It is likely that tickets to show ________ will need to be rationed on a first-come-first-served basis, while the producers of show ________ will have a much more difficult time filling the seats in the studio since the equilibrium price for tickets to that show is a __________ number. Answer • Question 10 7 out of 7 points Exhibit 5-1 Refer to Exhibit 5-1, which shows supply and demand for freeway space at both 8 a.m. and 11 p.m. A toll of P2 creates __________ at 8 a.m. and __________ at 11 p.m. Answer • Question 11 7 out of 7 points Exhibit 5-2 Refer to Exhibit 5-2. If the tuition is set at $70 there will be Answer • Question 12 7 out of 7 points University A sets tuition at the equilibrium level based on price and then imposes entrance requirements in the form of minimum high school GPA and SAT scores. Enrollment at this school will likely be Answer • Question 13 7 out of 7 points Exhibit 5-1 Refer to Exhibit 5-1, which shows supply and demand for freeway space at both 8 a.m. and 11 p.m. Which toll creates equilibrium at 8 a.m.? Answer • Question 14 7 out of 7 points Suppose that television show A is much more popular than television show B. The equilibrium price for a ticket to view the taping of show A is $40 and the equilibrium price for a ticket to view the taping of show B is -$30. If free tickets are offered for the taping of both shows, it is likely that Answer • Question 15 7 out of 7 points If a college sets its tuition __________ the equilibrium tuition, then it will have to use some form of nonprice-rationing device to determine who will be accepted for admission to the college. Answer [Show More]

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