I hate economics!?

Question

If total surplus rises, which of the following must have occurred?

There was an increase in demand and a decrease in supply

There was an increase in demand and an increase in supply

There was a decrease in demand and a decrease in supply

There was a decrease in demand and an increase in supply

If the government imposes a price floor in the market for grapefruit, total surplus

will increase

will decrease

will not change

may change but we cannot determine the change without more information

If the government removed the excise tax on gasoline, which of the following would not occur?

Consumer surplus would increase

Producer surplus would increase

Producer surplus would decrease

Total surplus would increase

The short run is defined as a

period of time less than 1 year

period of time less than 6 months

planning period in which some inputs are considered to be fixed in quantity

time period in which some inputs are fixed, but cant exceed a year

Answer 1

If total surplus rises, which of the following must have occurred?

There was an increase in demand and an increase in supply

(if I have to choose one)

If the government imposes a price floor in the market for grapefruit, total surplus

may change but we cannot determine the change without more information

If the government removed the excise tax on gasoline, which of the following would not occur?

Total surplus would increase

(if we choose one)

The short run is defined as a

time period in which some inputs are fixed IN QUANTITY

Answer 2

Hang in there you will master this.

Answer 3

There was an increase in demand and an increase in supply

may change but we cannot determine the change without more information

Total surplus would increase

planning period in which some inputs are considered to be fixed in quantity