Economics MCQs

Page No. 354

Suppose there are three identical vases available to be purchased. Buyer 1 is willing to pay Rs30 for one, buyer 2 is willing to pay Rs25 for one, and buyer 3 is willing to pay Rs20 for one. If the price is Rs25, how many vases will be sold and what is the value of consumer surplus in this market ?


aThree vases will be sold, and consumer surplus is Rs80

✖


bOne vase will be sold, and consumer surplus is Rs5.

✖


c One vase will be sold, and consumer surplus is Rs30.

✖


dTwo vases will be sold, and consumer surplus is Rs5.

✓


View Answer Two vases will be sold, and consumer surplus is Rs5.

If a buyer’s willingness to pay for a new Honda is Rs20,000 and she is able to actually buy it for Rs18,000 her consumer surplus is ?


aRs18,000

✖


bRs20,000

✖


cRs2,000

✓


dRs0.

✖


View Answer Rs2,000

Consumer surplus is the area ?


abelow the demand curve and above the price.

✓


b above the supply curve and below the price.

✖


c above the demand curve and below the price.

✖


dbelow the demand curve and above the supply curve

✖


View Answer below the demand curve and above the price.

With free trade the total value of imports would equal ?


a $100,000 units

✖


b$400,000 units

✓


c$600,000 units

✖


d$800,000 units

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View Answer $400,000 units

Concerning import tariffs of the United States empirical studies tend to conclude that these tariffs are ?


aProgressive and thus bear down on the wealthy

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b regressive and thus bear down on the poor

✓


c proportional and thus bear down on all consumers in the same manner

✖


ddeflationary and thus result in reductions in the price of imports

✖


View Answer regressive and thus bear down on the poor

Concerning a government’s trade policy, all the following generally apply except ?


aeconomic downturn and recession generally result in greater protectionism

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b because domestic consumers outnumber domestic producer’s policy markers

✓


cWhen domestic exporting companies are organized, policy tends to favor freer trade

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dPolicy tends to favor freer trade in countries whose imports are inputs into critical industries

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View Answer because domestic consumers outnumber domestic producer’s policy markers

Suppose that the nominal tariff rate on finished computers is 12 percent and that the weighted average of the nominal tariff rates on the inputs used in producing computers is 18 percent. Thus, the effective rate of protection for the computer industry must ?


a be less than 12 percent and can be negative

✓


bbe less than 12 percent but must be greater than zero

✖


c equal 6 percent

✖


dexceed 30 percent

✖


View Answer be less than 12 percent and can be negative

Suppose that Pakistan imposes a tariff on ballpoint pens of 25 rupees per pen plus 12 percent of the pen’s value, this is an example of a (an) ?


aspecific tariff

✖


b ad valorem tariff

✖


ccompound tariff

✓


deffective tariff

✖


View Answer compound tariff

If the world price of steel is $500 a ton a specific tariff $50 is equivalent to an ad valorem tariff of______________?


a 5 percent

✖


b10 percent

✓


c15 percent

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d 20 percent

✖


View Answer 10 percent

In today’s world, most countries impose tariffs ?


aonly on imports

✓


bonly on exports

✖


con both imports and exports

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don imports exports and nontraded goods

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View Answer only on imports

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