Microeconomics Chapters 3, 4, & 5

from an economists perspective, when is the government too big?

a negative externality or spillover cost occurs when

When the price of a product rises, consumers shift their purchases to other products whose prices are now relatively lower. This statement describes:

a surplus of 160 units would be encountered if the price was

"Earmarks" refer to:

refer to the diagrams for two separate product markets. assume that society's optimal level of output in each market is Q0 and that government purposely purposely she has the market supply curve from S to S1 and diagram (a) on the left and from S to S2 and diagram (B) on the right. We can conclude that the government is correcting for:

college students living off-campus frequently consume large amounts of ramen noodles and boxed mac & cheese. when they finish school and start careers, their consumption of both goods frequently declines. this suggests that ramen noodles and boxed mac & cheese are:

And economist for a bicycle company predicts that, other things equal, a rise and consumer incomes will increase the demand for bicycles. This prediction assumes that:

a positive externality or spillover benefit occurs when:

The unlawful misdirection of governmental resources for personal gain is known as:

which of the following is an example of a public good?

a demand curve:

Refer to the diagram. The equilibrium price and quantity in this market will be:

the relationship between quantity supplied & it's price is ____ and the relationship between quantity demanded in the price is _____

Refer to the diagram. A price of $60 in this market will result in:

The two main characteristics of a public good are:

The law of demand states that, other things equal:

"vote for my special local project and i will vote for yours." this political technique:

the marginal benefit to society of reducing pollution the clowns with increases in pollution abatement because of the law of:

The pursuit through government of a "transfer of wealth" at someone else's expense refers to:

the U.S. federal government's largest unfunded liability is

Blu-ray players and Blu-ray discs are:

which of the following is most likely to be an inferior good?

which of the following is an example of market failure?

monetary stimulus is only helpful to an economy if

Refer to the diagram. A decrease in quantity demanded is depicted by a:

Market failure is said to occur whenever:

an increase in the price of a product will reduce the amount of it purchased because

producer surplus

If two goods are complements:

consumer surplus

When the price of a product falls, the purchasing power of our money income rises and thus permits consumers to purchase more of the product. This statement describes:

The demand curve shows the relationship between:

When congressional representatives vote on an appropriations bill, they must vote yea or nay, taking the bad with the good. This statement best reflects the:

Refer to the diagram. An increase in quantity supplied is depicted by a:

Refer to the diagram. A decrease in demand is depicted by a:

When the price of a product increases, a consumer is able to buy less of it with a given money income. This describes the:

Refer to the diagram. The highest price that buyers will be willing and able to pay for 100 units of this product is:

The income and substitution effects account for:

Allocative efficiency occurs only at the output where: