post university eco202 midterm

In competitive markets,

An example of a perfectly competitive market would be the market for

If a decrease in income increases the demand for a good, then the good is a(n)

Two goods are substitutes when a decrease in the price of one good

The price elasticity of demand for a good measures the willingness of

Demand is elastic if the price elasticity of demand is

Rent control

The marginal seller is the seller who

Total surplus in a market is equal to

With which of the Ten Principles of Economics is the study of international trade most closely connected?

A logical starting point from which the study of international trade begins is

An externality arises when a person engages in an activity that influences the well-being of

Which of the following policies is the government most inclined to use when faced with a positive externality?

Which of the following is NOT a way of internalizing technology spillovers?

Honey producers provide a positive externality to orchards because

In markets, the invisible hand allocates resources efficiently

A budget deficit

Which of the following changes would not shift the demand curve for a good or service?

A city wants to raise revenues to build a new municipal swimming pool next year. The mayor suggests that the city raise the price of admission to the current municipal pools this year to raise revenues. The city manager suggests that the city lower the price of admission to raise revenues. Who is correct?

Suppose the equilibrium price of a physical examination ("physical") by a doctor is $200, and the government imposes a price ceiling of $150 per physical. As a result of the price ceiling, the

Which of the following is not true when the price of a good or service falls?

All remedies for externalities share the goal of

The Tragedy of the Commons for sheep grazing on common land can be eliminated by the government doing each of the following except

Which of the following is an important reason for the projected increase in government spending as a percentage of GDP over the next several decades?

Which of the following statements about the effects of rent control is correct?