Government intervention
Authored by Hugh Pollock
Social Studies
12th Grade
Used 32+ times
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is consumer spending after the tax?
P1 x Q1
Q2 x P2
Q2 x b
P1 x Q2
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is producer revenue after the tax?
P1 x Q1
Q2 x P2
Q2 x b
P1 x Q2
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How much of a shortage is created because of the maximum price?
Q2
Q1
Q2 - Q1
Qe
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Allocative inefficiency occurs when
All of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What will be the cost to government if they choose to buy the surplus?
30 X 4
40 x 4
20 x 4
50 x 4
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the welfare loss/DWL as a consequence of the price floor?
$0.5m
$3m
$2m
$1m
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the consumer surplus after in the introduction of the price floor?
$20m
$30m
$6m
$25m
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