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1、Chapter7/Consumers,Producers,andtheEfficiencyofMarketsF223Chapter7Consumers,Producers,andtheEfficiencyofMarketsMULTIPLECHOICE1.Welfareeconomicsisthestudyofa.thewell-beingoflessfortunatepeople.b.welfareprogramsintheUnitedStates.c.theeffectofincomeredistributiononworkeffort.d.h
2、owtheallocationofresourcesaffectseconomicwell-being.ANSWER:d.howtheallocationofresourcesaffectseconomicwell-being.TYPE:MDIFFICULTY:12.Thestudyofhowtheallocationofresourcesaffectseconomicwell-beingiscalleda.consumereconomics.b.macroeconomics.c.welfareeconomics.d.supply-sideeco
3、nomics.ANSWER:c.welfareeconomics.TYPE:MDIFFICULTY:13.Withrespecttowelfareeconomics,theequilibriumpriceofaproductisconsideredtobethebestpricebecauseita.maximizestotalrevenuetofirmsandtotalutilitytobuyers.b.maximizesthetotalwelfareofbuyersandsellers.c.minimizescostsandmaximizes
4、profitsofsellers.d.minimizesthelevelofwelfarepaymentstothosewhonolongerlivebelowthepovertyline.ANSWER:b.itmaximizesthetotalwelfareofbuyersandsellers.TYPE:MDIFFICULTY:24.Positiveanalysisreferstowhata.is.b.shouldbe.c.couldbe.d.ispoliticallycorrect.ANSWER:a.is.TYPE:MDIFFICULTY:1
5、5.Normativeanalysisreferstowhata.is.b.shouldbe.c.maximizesefficiency.d.ispoliticallycorrect.ANSWER:b.shouldbe.TYPE:MDIFFICULTY:16.Theequilibriumofsupplyanddemandinamarketa.maximizestheprofitsofproducers.b.canonlybeachievedwithgovernmentintervention.c.producesbothanefficientan
6、dequitablemarketoutcome.d.maximizesthetotalbenefitsreceivedbybuyersandsellers.ANSWER:d.maximizesthetotalbenefitsreceivedbybuyersandsellers.TYPE:MDIFFICULTY:2Chapter7/Consumers,Producers,andtheEfficiencyofMarketsF2237.Theparticularpricethatresultsinquantitysuppliedbeingequalto
7、quantitydemandedisthebestpricebecauseita.maximizescostsoftheseller.b.maximizestheprofitofbuyers.c.maximizesthetotalwelfareofbuyersandsellers.d.minimizestheexpenditureofbuyers.ANSWER:c.maximizesthetotalwelfareofbuyersandsellers.TYPE:MDIFFICULTY:28.SupposethatLarry,MoeandCurlya
8、rebiddinginanauctionforamint-conditionvideoofCharlieChaplin’sfirstmo
