Foundations of economics 6th by parkin ch06 clicker questions

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Efficiency and

CLICKER QUESTIONS

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Question 1

Question 2

Question 3

Question 4

Question 5

Question 7 Question 8

Question 6

Question 9 Question 10

Checkpoint 6.1

Checkpoint 6.2

Checkpoint 6.3 Checkpoint 6.5

Checkpoint 6.4

CHECKPOINT 6.1

A first-come, first-served

B market price

C contest

D personal characteristics

E command

Question 1

If a person will rent an apartment only to married couples

over 30 years old, that person is allocating resources using a allocation method

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CHECKPOINT 6.1

A the most highly valued goods and services are produced

B all citizens have equal access to goods and services

C the environment is protected at all cost

D goods and services are free

E production takes place at a point on the PPF

Question 2

Allocative efficiency occurs when _

CHECKPOINT 6.2

A the price we pay for the good

B the cost of resources used to produce the good

C objective so that it is determined by market forces, not

preferences

D the marginal benefit we get from the good

E the price paid for a good minus the marginal cost of

producing that unit of the good

Question 3

Value of a good is _

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CHECKPOINT 6.2

A consumer surplus from the scooter is $200

B consumer surplus from the scooter is $50

C marginal benefit from the scooter is $200

D consumer surplus from the scooter is $200

E consumer surplus from the scooter is $25

Question 4

Suppose the price of a scooter is $200, and Cora Lee is willing to pay $250 for it Cora Lee’s

CHECKPOINT 6.3

A producer surplus received from selling the good

B consumer surplus received from buying the good

C total benefit from the good

D marginal cost of producing the good

E marginal benefit received by the producer of the good

Question 5

A supply curve of a good shows the _

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CHECKPOINT 6.3

Question 6

Suppose you’re willing to tutor a student for $10 an hour, but the student values your service and pays you $15 an hour What is your producer surplus?

CHECKPOINT 6.4

A producers’ income is as high as possible

B producers’ costs equal consumers’ benefits

C consumer surplus equals producer surplus

D scarce resources are used to produce the goods and

services that people value most highly

E scarcity is eliminated

Question 7

A market is efficient when _

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CHECKPOINT 6.4

A consumer surplus will increase

B the sum of producer surplus and consumer surplus will

increase

C a deadweight loss arises

D consumers will lose but producers will gain

E consumers gain what producers lose

Question 8

When production moves from the efficient quantity to a point

of overproduction, _

CHECKPOINT 6.5

A big tradeoff

B involuntary exchange

C voluntary exchange

D it’s not fair if the result isn’t fair

E it’s not fair if the rules aren’t fair

Question 9

The idea that “unequal income is unfair” generally uses the principle of fairness

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CHECKPOINT 6.5

A The government redistributes income from the rich to the

poor

B Ford increases the price of a pickup truck

C A basketball player signs a $5 million contract

D A college lowers tuition

E The price of a personal computer falls year after year

Question 10

Which of the following is an example in which “the big

tradeoff” can occur?