Econ 001 - Principles of Economics » Fall 2021 » Quiz on Lessons 8 and 9

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
A seller's "Cost" is
A.   the maximum amount the seller needs to receive to sell his good.
B.   the seller's net gain or "profit" from selling his good.
C.   the minimum amount the seller needs to receive when supplying his good.
Question #2
A buyer's "Willingness to Pay" is
A.   the buyer's maximum amount he is willing to pay for a good.
B.   the buyer's minimum amount he is willing to pay for a good.
C.   the buyer's net gain or "consumer surplus" measured in dollars.
Question #3
Tara works as a nurse at the Northridge Hospital. Her manager asks her to stay late and work extra hours because they are short-staffed. She says she will -- but only if she receives double her usual pay for the added hours worked. This is an example of
A.   The Law of Supply - sellers 'get mad' as they give up more of their good or service.
B.   The Law of Demand - buyers 'get bored' as they consume more of a good or service.
Question #4
Kara is glad to see her favorite cologne is on sale at a Price of $40. The most she is Willing to Pay is $60. She buys it and her Consumer Surplus equals $50.
A.   TRUE
B.   FALSE

Need help with your exam preparation?

Existing Quiz Clients Login here