1- Which of the following is not an example of how a government can improve market outcomes

Helping to provide public goods goods

Correcting abuses of market power ( e.g. monopoly)

Enforcing property rights

Set prices for consumer goods

2- On the production possibilities frontiers if a point is currently not feasible how can it be achieved?

By the curve staying the same

By the curve shifting outward

By the curve shifting inward

By reducing total outputs

3- The ability to produce a good service fewer inputs than another producer is known as which of the following?

Import-export balance

Competitive advantage

Opportunity cost

Absolute cost

4- Which of the following does not cause a shift in supply?

Change in expectations

Change in the number of buyers

Technology Changes related to input price

changes of the good

5- changes in total revenue on the elasticity of the good being sold. if elastic good experiences and increase in price all else equal the total revenue will

change an unknown the way

be the same

Decrease

Increase

6- rent controlled Apartments an example of

a price ceiling

A tax

a price floor

A quota

7- when demand increases which of the following is not a reason for the level of producer Surplus?

initial producer Surplus

additional Surplus to existing producers

producer Surplus to new producers

potential producer Surplus

8- when a group of buyers and sellers are not able to make a transaction solely because of the tax imposed on their transaction this is known as what?

deadweight loss

consumer surplus

return to scale

producer Surplus

9- if a country opens up to international trade And the prices for the good all over in international markets who is worse off in the short-run ( assume wood price stays constant)

domestic consumer

International producers

International consumers

domestic producers

10- The Coase theorem predicts that external entities can be overcome by the interested parties

regulating The Unwanted Behavior

ignoring the externality

appealing to cords for solution

bargaining over property rights

11- a good that is excludable but not rival in consumption is called what?

common resource

Club good

public good

private good

12- in the tax code exempts the first $20,000 off income from taxation and then taxes 25% of all income above the level Dan a person who earns $50,000 has an average tax rate of---- percent and a marginal tax rate of..... Percent

15.25

30.25

25.15

25.30