There have 5 questions
Quiz_Ch5_kdp Suppose that weekly demand for wool in Australia is given by P = 900 7 Q, and supply is given by P = 20, where Q represents tonnes of wool. To support wool farmers, the government decides to impose a price floor of $400 per tonne. Ifthe government agrees to buy any excess supply, it will have to spend to buy tonnes of wool. (Need help? Read chapter 5.2 of the textbook, here: https://p|ayconomics.com/textbooks/view/pIayconomics4-2019t3/part2/ch5/52) $120,000; 300 $180,000; 600 $240,000; 600 $90,000; 300 $0; 0 Quiz_Ch5_ano Without government intervention, the market price of wheat is $200 per tonne. If the government imposes a price floor of $150 per tonne, then (Need help? Read chapter 5.2 of the textbook, here: https://p|ayconomics.com/textbooks/view/playconomics42019t3/part2/ch5/52) the quantity supplied will increase. None of these. producer surplus will increase. total surplus will increase. @ the quantity demanded will increase. 86 86 Quiz_Ch5_bii Suppose the market for fast food hamburgers is characterized by a supply curve of P = 2Q and a demand curve of P = 10 - 3Q, where Q represents the number of hamburgers, in thousands, per day. A $1 per hamburger tax imposed on fast food restaurants would (Need help? Read chapter 5.3 of the textbook, here: https://playconomics.com/textbooks/view/playconomics4-2019t3/part2/ch5/s3) O Increase the equilibrium market price by $0.60. Increase the equilibrium market price by $0.40 O Decrease the equilibrium market quantity by 400 hamburgers per day. O Increase the equilibrium market quantity by 200 hamburgers per day. O None of these.Quiz_Ch5_cgk In the Australian market for apples, quantity demanded is given by Q = 60 2P, and quantity supplied is given by Q = 4P, where Q represents millions of apples per year. Suppose that the government imposes a tax of $6 per apple. After the introduction of the tax, the equilibrium price and quantity will be (Need help? Read chapter 5.3 of the textbook, here: https://p|ayconomics.com/textbooks/view/playconomics472019t3/part2/Ch5/53) P : $9 and Q : 36 million. P : $11 and Q : 44 million. P = $12 and Q = 48 million. P = $14 and Q = 32 million. None of these. Quiz_Ch5_kvj In the market for chocolate, demand is given by P = 16 7 Q and quantity supplied is given by P = 1 + Q/Z. If the government imposes a $3-per-unit tax on chocolate producers, this will result in (Need help? Read Chapter 5.3 of the textbook, here: https://p|ayconomics.com/textbooks/view/playconomics472019t3/part2/ch5/s3) government revenue of $30. a cost to the government of $24. None of these. a deadweight loss of $3. a deadweight loss of $2
