C211 – Global Economics for Managers (UZC2)

45. What is consumer surplus?

• A. The number of buyers of a good minus the number of sellers
• B. The number of goods for sale minus the number of goods buyers want to buy
• C. The amount a seller is paid minus the cost of production
• D. The amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

46. A shopper purchases a shirt for $17, but the shopper was willing to pay $25 for it. What does this indicate?

• A. The consumer surplus is $25
• B. The producer surplus is $25
• C. The producer surplus is $17
• D. The consumer surplus is $8

47. Which GDP component is affected when a parent pays for a child’s college education?

• A. Net exports
• B. Consumption
• C. Government purchases
• D. Investment

48. What is an example of a transaction accounted for in the net exports component of GDP?

• A. A member of Congress is paid a salary
• B. A person buys food
• C. A couple buys a new house
• D. A person buys a car from a different country

49. An import tariff is implemented on furniture. What is the effect on consumer surplus for furniture?

• A. It increases
• B. It changes depending on market conditions
• C. It decreases
• D. It does not change

50. What is true about tariffs?

• A. They increase the domestic quantity demanded
• B. They leave domestic producers worse off
• C. They encourage domestic producers to increase production
• D. They lower the price of affected imported goods below the world price

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