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Question 1 of 19 – Ch. 7 EOC Problems: Market Efficiency and Failure
Assignment
Score:
1 of 19 Questions
1 Question
3/16/24, 14:45
0/1900
Resources
Check Answer
Hint
0/100
Question 1 of 19
0/100
Click on the graph below to make it interactive and answer
the following questions.
Side-by-Side
2 Question
0 of 3 Attempts
3 Question
0/100
0 of 3 Attempts
4 Question
Price
Marginal Cost
0/100
0 of 3 Attempts
5 Question
0/100
0/100
Largest Possible
economic
surplus
a. As the actual market quantit
efficient quantity, what is true?
Economic surplus is maxim
Some of the previous econ
offset by the deadweight lo
Deadweight
loss
The marginal cost of each
exceeds the marginal benefi
0 of 3 Attempts
7 Question
Alter the graph and use the insigh
questions.
The marginal benefit of eac
exceeds the marginal cost.
0 of 3 Attempts
6 Question
© Macmillan Learning
0 of 3 Attempts
0/100
0 of 3 Attempts
Marginal Benefit
8 Question
0/100
0 of 3 Attempts
9 Question
0/100
0 of 3 Attempts
10 Question
Efficient quantity
Quantity
Actual quantity
b. What is the significance of p
of economic surplus?
A change in price shifts the
economic surplus.
Price determines total econ
0/100
0 of 3 Attempts
11 Question
0/100
0 of 3 Attempts
12 Question
0/100
0 of 3 Attempts
13 Question
0/100
0 of 3 Attempts
14 Question
0/100
0 of 3 Attempts
15 Question
0/100
0 of 3 Attempts
https://assessments.macmillanlearning.com/sac/9985343#/9985343/0/-1
Page 1 of 1
Question 2 of 19 – Ch. 7 EOC Problems: Market Efficiency and Failure
Assignment
Score:
2 of 19 Questions
1 Question
3/16/24, 14:46
0/1900
Resources
Hint
Check Answer
Question 2 of 19
0/100
2 Question
0/100
0 of 3 Attempts
3 Question
0/100
0 of 3 Attempts
4 Question
0/100
© Macmillan Learning
0 of 3 Attempts
Welfare and Efficiency — End of Chapter Problem
a. You are moving across town. Doing your research, you
find that the average rate of a moving company is $250 per
hour for a moving crew (moving truck included). The
marginal benefit you receive from each hour of the movers’
time (and truck) is listed in the accompanying table.
0 of 3 Attempts
5 Question
1
2
3
4
5
6
0/100
0 of 3 Attempts
6 Question
Hours of movers’ time
Based on this information, you should hire movers for
, and you will receive
0/100
in
7
8
consumer surplus.
0 of 3 Attempts
7 Question
0/100
0 of 3 Attempts
8 Question
0/100
0 of 3 Attempts
9 Question
0/100
b. Now suppose that instead of paying per hour, a moving
company offers a flat rate of $1,200 for movers plus a truck
for an eight hour day.
If you hired this moving company and used them for the
entire eight hours, how much consumer surplus would you
gain?
0 of 3 Attempts
10 Question
0/100
consumer surplus: $
0 of 3 Attempts
11 Question
0/100
0 of 3 Attempts
12 Question
0/100
0 of 3 Attempts
13 Question
0/100
0 of 3 Attempts
14 Question
0/100
0 of 3 Attempts
15 Question
0/100
0 of 3 Attempts
https://assessments.macmillanlearning.com/sac/9985343#/9985343/1/-1
Page 1 of 1
Question 3 of 19 – Ch. 7 EOC Problems: Market Efficiency and Failure
Assignment
Score:
3 of 19 Questions
1 Question
3/16/24, 14:46
0/1900
Resources
Hint
Check Answer
Question 3 of 19
0/100
2 Question
0/100
0 of 3 Attempts
3 Question
0/100
0 of 3 Attempts
4 Question
0/100
0 of 3 Attempts
5 Question
Welfare and Efficiency — End of Chapter Problem
Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 close
Christmas and everyone else Christmas cards. Hugo is willing to pay up to $20 each for 10 scarves. W
at 5:00 A.M. on Black Friday, he discovers that scarves are on sale for $12 each. Hugo buys 10 scarve
$80 to buy himself some clothes.
How much consumer surplus did Hugo receive from the tenth scarf he purchased?
0/100
0 of 3 Attempts
6 Question
© Macmillan Learning
0 of 3 Attempts
a. Consumer surplus from the tenth scarf: $
0/100
0 of 3 Attempts
0 of 3 Attempts
b. Assuming Hugo follows the Rational Rule for Buyers, why did Hugo only purchase 10 scarves w
Shouldn’t he have purchased more since they were such a good deal compared to what he was willin
8 Question
At a price of $12, Hugo determined that
the price exceeded his marginal cost.
7 Question
0/100
0/100
0 of 3 Attempts
9 Question
buying an eleventh scarf gave him more than $12 in benefit.
0/100
0 of 3 Attempts
10 Question
buying an eleventh scarf gave him less than $12 in benefit.
buying an eleventh scarf gave him less than $8 in consumer surplus.
0/100
0 of 3 Attempts
11 Question
0/100
0 of 3 Attempts
12 Question
0/100
Now suppose the manager at Macy’s had 100 scarves in inventory. She decided to put the scarves on s
employee accidentally listed the sales price as $12. To the manager’s surprise, the store sold all 100 sc
price.
How much producer surplus did Macy’s receive from the hundredth scarf sold?
0 of 3 Attempts
13 Question
0/100
0 of 3 Attempts
14 Question
c. Producer surplus from the hundredth scarf sold is equal to $
0/100
0 of 3 Attempts
15 Question
0/100
0 of 3 Attempts
https://assessments.macmillanlearning.com/sac/9985343#/9985343/2/-1
Page 1 of 1
Question 4 of 19 – Ch. 7 EOC Problems: Market Efficiency and Failure
Assignment
Score:
4 of 19 Questions
1 Question
3/16/24, 14:46
Resources
0/1900
Hint
Check Answer
Question 4 of 19
0/100
2 Question
0/100
0 of 3 Attempts
3 Question
0/100
0 of 3 Attempts
4 Question
© Macmillan Learning
0 of 3 Attempts
Welfare and Efficiency — End of Chapter Problem
Classify each statement as either a positive or a normative statement.
Positive
Normative
0%
0 of 3 Attempts
5 Question
0/100
0 of 3 Attempts
6 Question
0/100
0 of 3 Attempts
7 Question
0/100
0 of 3 Attempts
8 Question
Answer Bank
0/100
0 of 3 Attempts
9 Question
0/100
If the federal income tax is increased, workers will increase the number of hours they work each year.
An increase in the gasoline tax will reduce the amount that people drive and therefore cause a reduction in air pollution.
0 of 3 Attempts
10 Question
0/100
Raising the federal minimum wage will result in some workers losing their jobs.
0 of 3 Attempts
The federal minimum wage should be increased to assist low income households.
11 Question
0/100
0 of 3 Attempts
12 Question
0/100
0 of 3 Attempts
13 Question
0/100
0 of 3 Attempts
14 Question
0/100
0 of 3 Attempts
15 Question
0/100
0 of 3 Attempts
https://assessments.macmillanlearning.com/sac/9985343#/9985343/3/-1
Page 1 of 1
Question 5 of 19 – Ch. 7 EOC Problems: Market Efficiency and Failure
Assignment
Score:
5 of 19 Questions
1 Question
3/16/24, 14:46
Resources
0/1900
Hint
Check Answer
Question 5 of 19
0/100
2 Question
0/100
0 of 3 Attempts
3 Question
0/100
0 of 3 Attempts
4 Question
© Macmillan Learning
0 of 3 Attempts
Welfare and Efficiency — End of Chapter Problem
a. Consider the difference between positive and normative policy analysis. Use this knowledge to com
economics involves describing what is happening or predicting what will happen.
0/100
economics concerns what should occur and involves value judgments.
0%
b. Classify each statement as reflecting either positive or normative analysis.
0 of 3 Attempts
5 Question
0 of 3 Attempts
6 Question
0/100
Positive
0 of 3 Attempts
7 Question
Normative
0/100
0 of 3 Attempts
8 Question
0/100
0 of 3 Attempts
9 Question
0/100
0 of 3 Attempts
10 Question
Answer Bank
0/100
0 of 3 Attempts
Sales tax on cigarettes reduces the amount of cigarettes sold in a year.
11 Question
0/100
0 of 3 Attempts
12 Question
Medicine is a necessary expense and therefore should be exempt from sales tax laws.
0/100
Sales tax should be higher on restaurant meals than on groceries because eating out is a luxury.
0 of 3 Attempts
13 Question
0/100
0 of 3 Attempts
14 Question
0/100
Tariffs on imports increase the prices Americans pay for foreign-made goods.
Sales tax is often higher on goods considered to be luxury goods, such as expensive watches and yachts.
0 of 3 Attempts
15 Question
The government should impose tariffs on imports to protect American jobs.
0/100
0 of 3 Attempts
https://assessments.macmillanlearning.com/sac/9985343#/9985343/4/-1
Page 1 of 1
Question 1 of 19 – Ch. 7 EOC Problems: Market Efficiency and Failure
Assignment
Score:
1 of 19 Questions
1 Question
3/16/24, 14:45
0/1900
Resources
Check Answer
Hint
0/100
Question 1 of 19
0/100
Click on the graph below to make it interactive and answer
the following questions.
Side-by-Side
2 Question
0 of 3 Attempts
3 Question
0/100
0 of 3 Attempts
4 Question
Price
Marginal Cost
0/100
0 of 3 Attempts
5 Question
0/100
0/100
Largest Possible
economic
surplus
a. As the actual market quantit
efficient quantity, what is true?
Economic surplus is maxim
Some of the previous econ
offset by the deadweight lo
Deadweight
loss
The marginal cost of each
exceeds the marginal benefi
0 of 3 Attempts
7 Question
Alter the graph and use the insigh
questions.
The marginal benefit of eac
exceeds the marginal cost.
0 of 3 Attempts
6 Question
© Macmillan Learning
0 of 3 Attempts
0/100
0 of 3 Attempts
Marginal Benefit
8 Question
0/100
0 of 3 Attempts
9 Question
0/100
0 of 3 Attempts
10 Question
Efficient quantity
Quantity
Actual quantity
b. What is the significance of p
of economic surplus?
A change in price shifts the
economic surplus.
Price determines total econ
0/100
0 of 3 Attempts
11 Question
0/100
0 of 3 Attempts
12 Question
0/100
0 of 3 Attempts
13 Question
0/100
0 of 3 Attempts
14 Question
0/100
0 of 3 Attempts
15 Question
0/100
0 of 3 Attempts
https://assessments.macmillanlearning.com/sac/9985343#/9985343/0/-1
Page 1 of 1
Question 2 of 19 – Ch. 7 EOC Problems: Market Efficiency and Failure
Assignment
Score:
2 of 19 Questions
1 Question
3/16/24, 14:46
0/1900
Resources
Hint
Check Answer
Question 2 of 19
0/100
2 Question
0/100
0 of 3 Attempts
3 Question
0/100
0 of 3 Attempts
4 Question
0/100
© Macmillan Learning
0 of 3 Attempts
Welfare and Efficiency — End of Chapter Problem
a. You are moving across town. Doing your research, you
find that the average rate of a moving company is $250 per
hour for a moving crew (moving truck included). The
marginal benefit you receive from each hour of the movers’
time (and truck) is listed in the accompanying table.
0 of 3 Attempts
5 Question
1
2
3
4
5
6
0/100
0 of 3 Attempts
6 Question
Hours of movers’ time
Based on this information, you should hire movers for
, and you will receive
0/100
in
7
8
consumer surplus.
0 of 3 Attempts
7 Question
0/100
0 of 3 Attempts
8 Question
0/100
0 of 3 Attempts
9 Question
0/100
b. Now suppose that instead of paying per hour, a moving
company offers a flat rate of $1,200 for movers plus a truck
for an eight hour day.
If you hired this moving company and used them for the
entire eight hours, how much consumer surplus would you
gain?
0 of 3 Attempts
10 Question
0/100
consumer surplus: $
0 of 3 Attempts
11 Question
0/100
0 of 3 Attempts
12 Question
0/100
0 of 3 Attempts
13 Question
0/100
0 of 3 Attempts
14 Question
0/100
0 of 3 Attempts
15 Question
0/100
0 of 3 Attempts
https://assessments.macmillanlearning.com/sac/9985343#/9985343/1/-1
Page 1 of 1
Question 3 of 19 – Ch. 7 EOC Problems: Market Efficiency and Failure
Assignment
Score:
3 of 19 Questions
1 Question
3/16/24, 14:46
0/1900
Resources
Hint
Check Answer
Question 3 of 19
0/100
2 Question
0/100
0 of 3 Attempts
3 Question
0/100
0 of 3 Attempts
4 Question
0/100
0 of 3 Attempts
5 Question
Welfare and Efficiency — End of Chapter Problem
Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 close
Christmas and everyone else Christmas cards. Hugo is willing to pay up to $20 each for 10 scarves. W
at 5:00 A.M. on Black Friday, he discovers that scarves are on sale for $12 each. Hugo buys 10 scarve
$80 to buy himself some clothes.
How much consumer surplus did Hugo receive from the tenth scarf he purchased?
0/100
0 of 3 Attempts
6 Question
© Macmillan Learning
0 of 3 Attempts
a. Consumer surplus from the tenth scarf: $
0/100
0 of 3 Attempts
0 of 3 Attempts
b. Assuming Hugo follows the Rational Rule for Buyers, why did Hugo only purchase 10 scarves w
Shouldn’t he have purchased more since they were such a good deal compared to what he was willin
8 Question
At a price of $12, Hugo determined that
the price exceeded his marginal cost.
7 Question
0/100
0/100
0 of 3 Attempts
9 Question
buying an eleventh scarf gave him more than $12 in benefit.
0/100
0 of 3 Attempts
10 Question
buying an eleventh scarf gave him less than $12 in benefit.
buying an eleventh scarf gave him less than $8 in consumer surplus.
0/100
0 of 3 Attempts
11 Question
0/100
0 of 3 Attempts
12 Question
0/100
Now suppose the manager at Macy’s had 100 scarves in inventory. She decided to put the scarves on s
employee accidentally listed the sales price as $12. To the manager’s surprise, the store sold all 100 sc
price.
How much producer surplus did Macy’s receive from the hundredth scarf sold?
0 of 3 Attempts
13 Question
0/100
0 of 3 Attempts
14 Question
c. Producer surplus from the hundredth scarf sold is equal to $
0/100
0 of 3 Attempts
15 Question
0/100
0 of 3 Attempts
https://assessments.macmillanlearning.com/sac/9985343#/9985343/2/-1
Page 1 of 1
Question 4 of 19 – Ch. 7 EOC Problems: Market Efficiency and Failure
Assignment
Score:
4 of 19 Questions
1 Question
3/16/24, 14:46
Resources
0/1900
Hint
Check Answer
Question 4 of 19
0/100
2 Question
0/100
0 of 3 Attempts
3 Question
0/100
0 of 3 Attempts
4 Question
© Macmillan Learning
0 of 3 Attempts
Welfare and Efficiency — End of Chapter Problem
Classify each statement as either a positive or a normative statement.
Positive
Normative
0%
0 of 3 Attempts
5 Question
0/100
0 of 3 Attempts
6 Question
0/100
0 of 3 Attempts
7 Question
0/100
0 of 3 Attempts
8 Question
Answer Bank
0/100
0 of 3 Attempts
9 Question
0/100
If the federal income tax is increased, workers will increase the number of hours they work each year.
An increase in the gasoline tax will reduce the amount that people drive and therefore cause a reduction in air pollution.
0 of 3 Attempts
10 Question
0/100
Raising the federal minimum wage will result in some workers losing their jobs.
0 of 3 Attempts
The federal minimum wage should be increased to assist low income households.
11 Question
0/100
0 of 3 Attempts
12 Question
0/100
0 of 3 Attempts
13 Question
0/100
0 of 3 Attempts
14 Question
0/100
0 of 3 Attempts
15 Question
0/100
0 of 3 Attempts
https://assessments.macmillanlearning.com/sac/9985343#/9985343/3/-1
Page 1 of 1
Question 5 of 19 – Ch. 7 EOC Problems: Market Efficiency and Failure
Assignment
Score:
5 of 19 Questions
1 Question
3/16/24, 14:46
Resources
0/1900
Hint
Check Answer
Question 5 of 19
0/100
2 Question
0/100
0 of 3 Attempts
3 Question
0/100
0 of 3 Attempts
4 Question
© Macmillan Learning
0 of 3 Attempts
Welfare and Efficiency — End of Chapter Problem
a. Consider the difference between positive and normative policy analysis. Use this knowledge to com
economics involves describing what is happening or predicting what will happen.
0/100
economics concerns what should occur and involves value judgments.
0%
b. Classify each statement as reflecting either positive or normative analysis.
0 of 3 Attempts
5 Question
0 of 3 Attempts
6 Question
0/100
Positive
0 of 3 Attempts
7 Question
Normative
0/100
0 of 3 Attempts
8 Question
0/100
0 of 3 Attempts
9 Question
0/100
0 of 3 Attempts
10 Question
Answer Bank
0/100
0 of 3 Attempts
Sales tax on cigarettes reduces the amount of cigarettes sold in a year.
11 Question
0/100
0 of 3 Attempts
12 Question
Medicine is a necessary expense and therefore should be exempt from sales tax laws.
0/100
Sales tax should be higher on restaurant meals than on groceries because eating out is a luxury.
0 of 3 Attempts
13 Question
0/100
0 of 3 Attempts
14 Question
0/100
Tariffs on imports increase the prices Americans pay for foreign-made goods.
Sales tax is often higher on goods considered to be luxury goods, such as expensive watches and yachts.
0 of 3 Attempts
15 Question
The government should impose tariffs on imports to protect American jobs.
0/100
0 of 3 Attempts
https://assessments.macmillanlearning.com/sac/9985343#/9985343/4/-1
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