These are multiple choice questions for economics you have to read and answer them.

Question 25 (1 point) (Figure: Market) A quota of 25 units is placed on the market that is shown in the figure. The equilibrium quantity sold in the market before the implementation of the quota was units . Price Supply $40 $35 $30 $25 $20 Demand $5 25 30 40 50 60 75 100 Quantity 40 50 60Question 9 (1 point) A key difference between equity and efficiency is that equity deals with and efficiency focuses on equality; minimizing costs minimizing costs; equality O maximizing welfare; fairness O fairness; maximizing economic surplusQuestion 3 (1 point) (Figure: Market) In the market shown, the original equilibrium price is 60 cents. A tax is then implemented on the buyer. The economic burden of this tax on the buyer is cents. Price $0.90 Supply $0.64 $0.60 $0.58 Old demand New demand 116 120 QuantityQuestion 7 (1 point) Saved Which of the following statements is FALSE regarding economic efficiency? Everyone may not gain from a more efficient outcome. It is possible for everyone to gain from a more efficient outcome. Equity is a separate issue from efficiency. Efficiency means minimizing surplus. Question 8 (1 point) Saved Which of the following is NOT a way that the government can intervene in markets? The government can set minimum wages. The government can raise taxes on a particular item. The government can pass laws on sales taxes. The government can stop the forces of demand and supply from working in markets. Question 9 (1 point)Question 11 (1 point) (Figure: Demand Curve 2) Use the graph of a demand curve for monthly music streaming subscriptions to answer the following question. The vertical axis is the monthly price of a subscription and the horizontal axis is millions of monthly subscriptions for the market. What is the total consumer surplus if three million subscriptions are sold at a price of $4 each? Price $12 $4 Demand 0 3 Quantity $8,000,000 O $18,000,000 C $15,000,000 O $24,000,000Question 24 (1 point) When trade is voluntary, who gains from it? O Either the seller or the buyer gains but not both. O Both the seller and the buyer gain, although not necessarily equally. O Both the seller and the buyer must gain equal amounts. O Neither the seller nor the buyer gains, but society in general gains.Question 28 (1 point) (Figure: Market for Logs) A quota of 10,000 logs forest wood per month is placed in the market that is shown in the figure. The quota _the quantity that is sold in the market by _ logs. Price $25,000 Supply $22,000 $21,000 12 $20,000 $19,000 $17,000 $15,000 Demand 15 $13,000 18 $7,000 21 8 10 12 Quantity (thousands per month) 24 lowers; 10,000 OO raises; 4,000 27 lowers; 2,000 raises; 10,000Question 6 (1 point) (Figure: Markets) In the set of figures shown, B C D Price Price X Supply Price Supply Supply Price Pold Demand Demand Demand X Quantity Quantity X Quantity Quantity figure A is a binding price floor. figure B is a binding price floor. figure C is a binding price floor. figure D is a binding price ceiling. Question 7 (1 point) Saved Which of the following statements is FALSE regarding economic efficiency?Question 31 (1 point) (Figure: Market for Plastic Bags) In the market for plastic bags shown here, the original equilibrium price is 50 cents per bag. In an effort to reduce plastics usage, a tax is then placed on the buyers of plastic bags. As a result of the tax, the equilibrium quantity in the market _by Price million plastic bags. ($ per bag) $1.00 Supply curve $0.60 $0.50 $0.40 8 Old demand New demand 40 50 Quantity of plastic bags (millions) 24 increased, 50 O decreased, 10 27 O increased, 10 O decreased, 40Question 21 (1 point) (Figure: Kenyan Labor Market) The labor market begins in equilibrium. Then, the government of Kenya implements a minimum wage of 15,000 Kenyan shillings per month. After the implementation of the minimum wage, the number of workers hired Wage people. (Kenyan shillings per month) Supply 20,000 15,000 12,000 10,000 Demand 20,000 36,000 60,000 Quantity 30,000 45,000 of labor falls by 10,000 falls by 6,000 O rises by 9,000 rises by 10,000a low price. Question 14 (1 point) Saved A price ceiling is: the maximum price that a seller can charge in a market. the minimum price that a seller can charge in a market. the average price that a seller can charge in a market. any price above the equilibrium price. Question 15 (1 point) Saved Which of the following is caused by a subsidy for sellers of a particular item? (i) an increase in supply (ii) an increase in quantity sold (iii) a leftward shift of demand curveQuestion 30 (1 point) The area on a market graph that lies below the price and above the supply curve is equal to: producer surplus. O consumer surplus. economic equity. economic efficiency. Question 31 (1 point) (Figure: Market for Plastic Bags) In the market for plastic bags shown here, the original equilibrium 50 cents per bag. In an effort to reduce plastics usage, a tax is then placed on the buyers of plastic b result of the tax, the equilibrium quantity in the market by million plastic bags. Price ($ per bag) $1.00 Supply curveQuestion 22 (1 point) (Figure: Market for Logs) A quota of 10,000 logs forest wood per month is placed in the market that is shown in the figure. Sellers are willing to sell the quantity limited by the quota as long as the price is at least: Price $25,000 Supply $22,000 $21,000 $20,000 $19,000 $17,000 $15,000 Demand $13,000 5 $7,000 21 6 8 10 12 Quantity (thousands per month) 24 $20,000 $21,000 27 $17,000 $19,000Question 26 (1 point) (Figure: Tax on Seller) In the graph shown, the original equilibrium price is $50. A $6 tax is placed on the seller in this market. The economic burden of this tax on the seller is $_ Price New supply Old supply $60 $51 $50 $45 Demand 45 50 Quantity O 17