Full Essentials of Economics 8Th Edition Mankiw Test Bank Online PDF All Chapter

Essentials of Economics 8th Edition
Mankiw Test Bank

Visit to download the full and correct content document: https://testbankdeal.com/dow
nload/essentials-of-economics-8th-edition-mankiw-test-bank/
More products digital (pdf, epub, mobi) instant
download maybe you interests ...
Essentials of Economics 8th Edition Mankiw Solutions

Manual
https://testbankdeal.com/product/essentials-of-economics-8th-
edition-mankiw-solutions-manual/
Essentials of Economics 6th Edition Mankiw Test Bank
edition-mankiw-test-bank/
Principles of Economics 8th Edition Mankiw Test Bank
https://testbankdeal.com/product/principles-of-economics-8th-
Essentials of Economics 7th Edition Gregory Mankiw Test

Bank
edition-gregory-mankiw-test-bank/
Essentials of Economics 6th Edition Mankiw Solutions
Manual
Essentials of Economics 7th Edition Gregory Mankiw

Solutions Manual
edition-gregory-mankiw-solutions-manual/
Principles of Economics 8th Edition Mankiw Solutions

Manual
Principles Of Economics 6th Edition Mankiw Test Bank
Principles of Economics 5th Edition Mankiw Test Bank
1. The maximum price that a buyer will pay for a good is called
a. consumer surplus.
b. willingness to pay.
c. equilibrium.
d. efficiency.
ANSWER: b
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.014 - Assess a market's efficiency.
TOPICS: Consumer theory
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 001.07.1 - MC - MANK08
2. Suppose Larry, Moe, and Curly are bidding in an auction for a mint-condition video of Charlie Chaplin's first movie.
Each has in mind a maximum amount that he will bid. This maximum is called
a. a resistance price.
c. consumer surplus.
d. producer surplus.
ANSWER: b
DIFFICULTY: Easy
3. Suppose Raymond and Victoria attend a charity benefit and participate in a silent auction. Each has in mind a
maximum amount that he or she will bid for an oil painting by a locally famous artist. This maximum is called
a. deadweight loss.
c. consumer surplus.
d. producer surplus.
ANSWER: b
DIFFICULTY: Easy
4. Willingness to pay
a. measures the value that a buyer places on a good.
b. is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept.
c. is the maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept.
d. is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
ANSWER: a
DIFFICULTY: Moderate
Copyright Cengage Learning. Powered by Cognero. Page 1
5. A consumer's willingness to pay directly measures

a. the extent to which advertising and other external forces have influenced the consumer’s preferences.
b. the cost of a good to the buyer.
c. how much a buyer values a good.
d. consumer surplus.
ANSWER: c
KEYWORDS: BLOOM'S: Comprehension
6. When a buyer’s willingness to pay for a good is equal to the price of the good, the
a. buyer’s consumer surplus for that good is maximized.
b. buyer will buy as much of the good as the buyer’s budget allows.
c. price of the good exceeds the value that the buyer places on the good.
d. buyer is indifferent between buying the good and not buying it.
ANSWER: d
7. In which of the following circumstances would a buyer be indifferent about buying a good?
a. The amount of consumer surplus the buyer would experience as a result of buying the good is zero.
b. The price of the good is equal to the buyer’s willingness to pay for the good.
c. The price of the good is equal to the value the buyer places on the good.
d. All of the above are correct.
ANSWER: d
8. A demand curve reflects each of the following except the

a. willingness to pay of all buyers in the market.
b. value each buyer in the market places on the good.
c. highest price buyers are willing to pay for each quantity.
d. ability of buyers to obtain the quantity they desire.
ANSWER: d
TOPICS: Demand
Supply and demand
9. Consumer surplus
a. is closely related to the supply curve for a product.
b. is represented by a rectangle on a supply-demand graph when the demand curve is a straight, downward-
sloping line.
c. is measured using the demand curve for a product.
d. does not reflect economic well-being in most markets.
ANSWER: c
DIFFICULTY: Easy
TOPICS: Consumer surplus
Welfare economics
10. Consumer surplus is

a. the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
b. the amount a buyer is willing to pay for a good minus the cost of producing the good.
c. the amount by which the quantity supplied of a good exceeds the quantity demanded of the good.
d. a buyer's willingness to pay for a good plus the price of the good.
ANSWER: a
Welfare economics
11. Consumer surplus

a. is the amount a buyer pays for a good minus the amount the buyer is willing to pay for it.
b. is represented on a supply-demand graph by the area below the price and above the demand curve.
c. measures the benefit sellers receive from participating in a market.
d. measures the benefit buyers receive from participating in a market.
ANSWER: d
DIFFICULTY: Easy
Welfare economics

12. Consumer surplus
a. is the amount of a good that a consumer can buy at a price below equilibrium price.
b. is the amount a consumer is willing to pay minus the amount the consumer actually pays.
c. is the number of consumers who are excluded from a market because of scarcity.
d. measures how much a seller values a good.
ANSWER: b
Welfare economics
13. Consumer surplus is the

a. amount of a good consumers get without paying anything.
b. amount a consumer pays minus the amount the consumer is willing to pay.
c. amount a consumer is willing to pay minus the amount the consumer actually pays.
d. value of a good to a consumer.
ANSWER: c
DIFFICULTY: Easy
Welfare economics
14. Consumer surplus is equal to the

a. Value to buyers - Amount paid by buyers.
b. Amount paid by buyers - Costs of sellers.
c. Value to buyers - Costs of sellers.
d. Value to buyers - Willingness to pay of buyers.
ANSWER: a
Welfare economics
15. On a graph, the area below a demand curve and above the price measures
a. producer surplus.
b. consumer surplus.
c. deadweight loss.
d. willingness to pay.
ANSWER: b
DIFFICULTY: Easy

LEARNING OBJECTIVES: ECON.MANK.236 - Given a supply and demand graph, indicate the area that
represents consumer surplus.
Welfare economics
16. On a graph, consumer surplus is represented by the area

a. between the demand and supply curves.
b. below the demand curve and above price.
c. below the price and above the supply curve.
d. below the demand curve and to the right of equilibrium price.
ANSWER: b
Welfare economics
17. Consumer surplus in a market can be represented by the

a. area below the demand curve and above the price.
b. distance from the demand curve to the horizontal axis.
c. distance from the demand curve to the vertical axis.
d. area below the demand curve and above the horizontal axis.
ANSWER: a
Welfare economics
18. Consumer surplus is

a. a concept that helps us make normative statements about the desirability of market outcomes.
b. represented on a graph by the area below the demand curve and above the price.
c. a good measure of economic welfare if buyers' preferences are the primary concern.
ANSWER: d
Welfare economics
19. In a market, the marginal buyer is the buyer

a. whose willingness to pay is higher than that of all other buyers and potential buyers.
b. whose willingness to pay is lower than that of all other buyers and potential buyers.
c. who is willing to buy exactly one unit of the good.
d. who would be the first to leave the market if the price were any higher.
ANSWER: d
Table 7-1
Buyer Willingness To Pay
Calvin $150.00
Sam $135.00
Andrew $120.00
Lori $100.00
20. Refer to Table 7-1. If the price of the product is $110, then who would be willing to purchase the product?
a. Calvin
b. Calvin and Sam
c. Calvin, Sam, and Andrew
d. Calvin, Sam, Andrew, and Lori
ANSWER: c
KEYWORDS: BLOOM'S: Application
a. Calvin
b. Calvin and Sam
ANSWER: b
a. Calvin
b. Calvin and Sam
ANSWER: d
23. Refer to Table 7-1. If the price of the product is $122, then the total consumer surplus is
a. $28.
b. $41.
c. $43.
d. $405.
ANSWER: b
LEARNING OBJECTIVES: ECON.MANK.193 - Given a scenario describing buyers' willingness to pay,
compute consumer surplus in a market.
Welfare economics
24. Refer to Table 7-1. If price of the product is $135, then the total consumer surplus is
a. $-50.
b. $-35.
c. $15.
d. $150.
ANSWER: c
Welfare economics
25. Refer to Table 7-1. If the market price is $105,

a. Calvin’s consumer surplus is $45 and total consumer surplus is $85.
b. Sam’s consumer surplus is $30 and total consumer surplus is $90.
c. Andrew’s consumer surplus is $15 and total consumer surplus is $67.50.
d. Lori’s consumer surplus is -$2 and total consumer surplus is $100.
ANSWER: b

Welfare economics
Table 7-2
This table refers to five possible buyers' willingness to pay for a case of Vanilla Coke.
Buyer Willingness To Pay
David $8.50
Laura $7.00
Megan $5.50
Mallory $4.00
Audrey $3.50
26. Refer to Table 7-2. If the price of Vanilla Coke is $6.90, who will purchase the good?
a. all five individuals
b. Megan, Mallory and Audrey
c. David, Laura and Megan
d. David and Laura
ANSWER: d
27. Refer to Table 7-2. Which of the following is not true?

a. At a price of $9.00, no buyer is willing to purchase Vanilla Coke.
b. At a price of $5.50, Megan is indifferent between buying a case of Vanilla Coke and not buying one.
c. At a price of $4.00, total consumer surplus in the market will be $9.00.
ANSWER: d
28. Refer to Table 7-2. If the market price is $5.50, the consumer surplus in the market will be
a. $3.00.
b. $4.50.
c. $15.50.
d. $21.00.
ANSWER: b

Welfare economics
29. Refer to Table 7-2. If the market price is $3.80,

a. David’s consumer surplus is $4.70 and total consumer surplus for the five individuals is $9.50.
b. Megan’s consumer surplus is $1.70 and total consumer surplus for the five individuals is $9.80.
c. David, Laura, and Megan will be the only buyers of Vanilla Coke.
d. the demand curve for Vanilla Coke, taking the five individuals into account, is horizontal.
ANSWER: b
Welfare economics
Table 7-3
The only four consumers in a market have the following willingness to pay for a good:
Buyer Willingness to Pay

Carlos $15
Quilana $25
Wilbur $35
Ming-la $45
30. Refer to Table 7-3. If the market price for the good is $20, who will purchase the good?
a. Ming-la only
b. Carlos and Quilana only
c. Quilana and Wilbur only
d. Quilana, Wilbur, and Ming-la only
ANSWER: d
Welfare economics
31. Refer to Table 7-3. If there is only one unit of the good and if the buyers bid against each other for the right to
purchase it, then the good will sell for
a. $15 or slightly less.
b. $25 or slightly more.
c. $35 or slightly more.
d. $45 or slightly less.

ANSWER: c
Welfare economics
32. Refer to Table 7-3. If there is only one unit of the good and if the buyers bid against each other for the right to
purchase it, then the consumer surplus will be
a. $0 or slightly more.
b. $10 or slightly less.
ANSWER: b
DIFFICULTY: Challenging
Welfare economics
33. Refer to Table 7-3. If the price is $20, then consumer surplus in the market is
a. $20, and Wilbur and Ming-la purchase the good.
b. $45, and Carlos and Quilana purchase the good.
c. $45, and Quilana, Wilbur, and Ming-la purchase the good.
d. $55, and Carlos, Wilbur, and Ming-la purchase the good.
ANSWER: c
Welfare economics
34. Refer to Table 7-3. Who experiences the largest loss of consumer surplus when the price of the good increases from
$20 to $22?
a. Quilana
b. Wilbur
c. Ming-la
d. All three buyers experience the same loss of consumer surplus.
ANSWER: d
Welfare economics
Table 7-4
The numbers in Table 7-1 reveal the maximum willingness to pay for a ticket to a Chicago Cubs vs. St. Louis Cardinal’s
baseball game at Wrigley Field.

Jennifer $10
Bryce $15
Dan $20
David $25
Ken $50
Lisa $60
35. Refer to Table 7-4. If you have a ticket that you sell to the group in an auction, what will be the selling price?
a. slightly more than $20.
b. slightly more than $25.
c. slightly more than $50.
d. slightly more than $60.
ANSWER: c
Welfare economics
KEYWORDS: BLOOM'S: Analysis
36. Refer to Table 7-4. If you have a ticket that you sell to the group in an auction, who will buy the ticket?
a. Dan
b. David
c. Ken
d. Lisa
ANSWER: d
Welfare economics
37. Refer to Table 7-4. If tickets sell for $40 each, then what is the total consumer surplus in the market?
a. $90.
b. $30.
c. $70.
d. $110.

ANSWER: b
Welfare economics
38. Refer to Table 7-4. If tickets sell for $25 each, then what is the total consumer surplus in the market?
a. $25
b. $35
c. $60
d. $110
ANSWER: c
Welfare economics
39. Refer to Table 7-4. If you have two (essentially) identical tickets that you sell to the group in an auction, what will be
the selling price for each ticket?
a. $21
b. $26
c. $51
d. $61
ANSWER: b
Welfare economics
Table 7-5
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the
day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per
day.
First Orange Second Orange Third Orange

Allison $2.00 $1.50 $0.75
Bob $1.50 $1.00 $0.60
Charisse $0.75 $0.25 $0
40. Refer to Table 7-5. If the market price of an orange is $0.90, then the market quantity of oranges demanded per day is
a. 5.
b. 2.
c. 3.
d. 4.
ANSWER: d
TOPICS: Demand
Supply and demand
41. Refer to Table 7-5. If the market price of an orange is $0.70, then the market quantity of oranges demanded per day is
a. 5.
b. 6.
c. 4.
d. 7.
ANSWER: b
TOPICS: Demand
Supply and demand
42. Refer to Table 7-5. The market quantity of oranges demanded per day is exactly 7 if the price of an orange, P,
satisfies
a. $0.60 < P < $0.75.
b. $0.60 < P < $2.00.
c. $0.25 < P < $0.75.
d. $0.25 < P < $0.60.
ANSWER: d
TOPICS: Demand
Supply and demand
43. Refer to Table 7-5. If the market price of an orange is $0.65, then consumer surplus amounts to
a. $3.90.
b. $6.75.
c. $3.60.
d. $7.50.
ANSWER: c

Welfare economics
44. Refer to Table 7-5. If the market price of an orange is $0.40, then
a. 6 oranges are demanded per day, and consumer surplus amounts to $4.95.
b. 6 oranges are demanded per day, and consumer surplus amounts to $5.10.
c. 7 oranges are demanded per day, and consumer surplus amounts to $5.30.
d. 7 oranges are demanded per day, and consumer surplus amounts to $5.15.
ANSWER: c
Welfare economics
45. Refer to Table 7-5. If the market price of an orange increases from $0.80 to $1.05, then consumer surplus
a. increases by $0.75.
b. decreases by $0.95.
c. decreases by $0.75.
d. decreases by $1.00.
ANSWER: b
Welfare economics
46. Refer to Table 7-5. If the market price of an orange increases from $0.70 to $1.40, then consumer surplus
a. increases by $2.60.
d. decreases by $2.60.
ANSWER: c
Welfare economics
47. Refer to Table 7-5. Who experiences the largest loss of consumer surplus when the price of an orange increases from
$0.70 to $1.40?
a. Allison
b. Bob
c. Charisse
d. All three individuals experience the same loss of consumer surplus.
ANSWER: a
Welfare economics
48. Refer to Table 7-5. Who experiences the largest gain in consumer surplus when the price of an orange decreases from
$1.05 to $0.75?
a. Allison
b. Bob
c. Charisse
d. Allison and Bob experience the same gain in consumer surplus, and Charisse’s gain is zero.
ANSWER: a
Welfare economics
49. Refer to Table 7-5. Which of the following statements is correct?

a. Neither Bob’s consumer surplus nor Charisse’s consumer surplus can exceed Allison’s consumer surplus, for
any price of an orange.
b. All three individuals will buy at least one orange only if the price of an orange is less than $0.25.
c. If the price of an orange is $0.60, then consumer surplus is $4.90.
ANSWER: a
Welfare economics
Table 7-6
For each of three potential buyers of apples, the table displays the willingness to pay for the first three apples of the day.
Assume Xavier, Yadier, and Zavi are the only three buyers of apples, and only three apples can be supplied per day.
First Apple Second Apple Third Apple

Xavier $1.75 $1.55 $1.15
Yadier $1.50 $1.25 $0.75
Zavi $1.30 $1.10 $0.70
50. Refer to Table 7-6. If the market price of an apple is $1.40, then the market quantity of apples demanded per day is
a. 1.
b. 2.
c. 3.
d. 4.
ANSWER: c
TOPICS: Demand
Supply and demand
51. Refer to Table 7-6. If the market price of an apple is $1.40, then consumer surplus amounts to
a. $0.60.
b. $1.20.
c. $1.40.
d. $3.40
ANSWER: a
Welfare economics
52. Refer to Table 7-6. If the market price of an apple increases from $1.40 to $1.60, then consumer surplus
a. decreases by $0.15.
d. increases by $0.15.
ANSWER: c
Welfare economics

Table 7-7
Michael $500
Earvin $400
Larry $350
Charles $300
53. Refer to Table 7-7. You have an extra ticket to the Midwest Regional Sweet 16 game in the men’s NCAA basketball
tournament. The table shows the willingness to pay of the four potential buyers in the market for a ticket to the game. You
hold an auction to sell the ticket. Who makes the winning bid, and what does he offer to pay for the ticket?
a. Michael; $501
b. Michael; more than $400 but less than or equal to $500
c. Earvin; $400
d. Earvin; more than $350 but less than or equal to $400
ANSWER: b
Welfare economics
54. Refer to Table 7-7. You have an extra ticket to the Midwest Regional Sweet 16 game in the men’s NCAA basketball
tournament. The table shows the willingness to pay of the four potential buyers in the market for a ticket to the game. You
hold an auction to sell the ticket. Michael bids $410 for the ticket, and you sell him the ticket. What is his consumer
surplus?
a. $410
b. $90
c. $10
d. $0
ANSWER: b
Welfare economics
55. Refer to Table 7-7. You have two essentially identical extra tickets to the Midwest Regional Sweet 16 game in the
men’s NCAA basketball tournament. The table shows the willingness to pay of the four potential buyers in the market for
a ticket to the game. You hold an auction to sell the two tickets. Who makes the winning bids, and what do they offer to
pay for the tickets?
a. Michael and Earvin; more than $350 but less than or equal to $400
b. Michael and Earvin; more than $400 but less than or equal to $500
c. Earvin and Larry; more than $300 but less than or equal to $350
d. Larry and Charles; less than $300
ANSWER: a
Welfare economics
56. Refer to Table 7-7. You have two essentially identical extra tickets to the Midwest Regional Sweet 16 game in the
a ticket to the game. You hold an auction to sell the two tickets. Michael and Earvin each offer to pay $360 for a ticket,
and you sell them the two tickets. What is the total consumer surplus in the market?
a. $720
b. $180
c. $140
d. $40
ANSWER: b
Welfare economics
57. Refer to Table 7-7. You have four essentially identical extra tickets to the Midwest Regional Sweet 16 game in the
a ticket to the game. You offer to sell the tickets for $400. How many tickets do you sell, and what is the total consumer
surplus in the market?
a. one ticket; $100
b. two tickets; $100
c. two tickets; $0
d. three tickets; $0
ANSWER: b
Welfare economics
58. Refer to Table 7-7. You have four essentially identical extra tickets to the Midwest Regional Sweet 16 game in the
a ticket to the game. You offer to sell the tickets for $325. How many tickets do you sell, and what is the total consumer
surplus in the market?
a. one ticket; $175
b. two tickets; $225
c. three tickets; $225
d. three tickets; $275
ANSWER: d
Welfare economics
59. Refer to Table 7-7. You are selling extra tickets to the Midwest Regional Sweet 16 game in the men’s NCAA
basketball tournament. The table shows the willingness to pay of the four potential buyers in the market for a ticket to the
game. Which of the following graphs represents the market demand curve?
a.
b.
c.

d.
ANSWER: a
LEARNING OBJECTIVES: ECON.MANK.047 - Derive the demand curve for a good from a group of buyers'
willingness to pay for that good.
Welfare economics
Table 7-8
During the last two days, Chad purchased a latte from two different stores. The table below shows Chad’s willingness to
pay on each day and his consumer surplus from each purchase.
Chad’s Willingness to Pay Chad’s Consumer Surplus
First Day $5.00 $1.25
Second Day $4.00 $0.75
60. Refer to Table 7-8. The price that Chad paid for a latte on the first day is
a. $3.75.
b. $6.25.
c. $5.00.
d. $5.50.
ANSWER: a
Welfare economics
61. Refer to Table 7-8. The price that Chad paid for a latte on the second day is
a. $0.25 less than the amount he paid on the first day.
b. $1.00 less than the amount he paid on the first day.
c. $1.50 less than the amount he paid on the first day.
d. $0.50 less than the amount he paid on the first day.
ANSWER: d
Welfare economics
Table 7-9
The only four consumers in a market have the following willingness to pay for a good:
Ashleigh $12
Barb $15
Carolyn $19
Danita $27
62. Refer to Table 7-9. If the market price for the good is $20, who will purchase the good?
a. Danita only
b. Carolyn and Danita only
c. Ashleigh, Barb, and Carolyn only
d. All four buyers would purchase the good.
ANSWER: a
Welfare economics
63. Refer to Table 7-9. If there is only one unit of the good available for purchase, and if the buyers bid against each
other for the right to purchase it, then the good will sell for
a. $12 or slightly less
b. $15 or slightly more
c. $19 or slightly more
d. $27 or slightly less
ANSWER: c
Welfare economics
64. Refer to Table 7-9. If there is only one unit of the good available for purchase, and if the buyers bid against each
other for the right to purchase it, then the consumer surplus will be
a. $0 or slightly more.
b. $3 or slightly less.
ANSWER: d
Welfare economics
65. You are offered a free ticket to see the Chicago Cubs play the Chicago White Sox at Wrigley Field. Assume the ticket
has no resale value. Willie Nelson is performing on the same night, and his concert is your next-best alternative activity.
Tickets to see Willie Nelson cost $40. On any given day, you would be willing to pay up to $50 to see and hear Willie
Nelson perform. Assume there are no other costs of seeing either event. Based on this information, at a minimum, how
much would you have to value seeing the Cubs play the White Sox to accept the ticket and go to the game?
a. $0
b. $10
c. $40
d. $50
ANSWER: b
Welfare economics
66. A drought in California destroys many red grapes. As a result of the drought, the consumer surplus in the market for
red grapes
a. increases, and the consumer surplus in the market for red wine increases.
b. increases, and the consumer surplus in the market for red wine decreases.
c. decreases, and the consumer surplus in the market for red wine increases.
d. decreases, and the consumer surplus in the market for red wine decreases.
ANSWER: d
Welfare economics
67. Bob purchases a book for $6, and his consumer surplus is $2. How much is Bob willing to pay for the book?
a. $6.
b. $2.
c. $8.
d. $4.
ANSWER: c
Welfare economics
68. Bob purchases a book, and his consumer surplus is $3. If Bob is willing to pay $8 for the book, then the price of the
book must be
a. $3.
b. $8.
c. $5.
d. $11.
ANSWER: c
Welfare economics
69. Chuck would be willing to pay $20 to attend a dog show, but he buys a ticket for $15. Chuck values the dog show at
a. $5.
b. $15.
c. $20.
d. $35.
ANSWER: c
Welfare economics
70. If a consumer places a value of $15 on a particular good and if the price of the good is $17, then the
a. consumer has consumer surplus of $2 if he or she buys the good.
b. consumer does not purchase the good.
c. market is not a competitive market.
d. price of the good will fall due to market forces.
ANSWER: b
Welfare economics
71. If a consumer places a value of $20 on a particular good and if the price of the good is $25, then the
a. consumer has consumer surplus of $5 if he buys the good.
b. consumer does not purchase the good.
c. price of the good will rise due to market forces.
d. market is out of equilibrium.
ANSWER: b
Welfare economics
72. If a consumer is willing and able to pay $20 for a particular good and if he pays $16 for the good, then for that
consumer, consumer surplus amounts to
a. $4.
b. $16.
c. $20.
d. $36.
ANSWER: a
Welfare economics
73. Kelly is willing to pay $5.20 for a gallon of gasoline. The price of gasoline at her local gas station is $3.80. If she
purchases ten gallons of gasoline, then Kelly's consumer surplus is
a. $1.40.
b. $14.
c. $3.80.
d. $52.
ANSWER: b
Welfare economics
74. Brock is willing to pay $400 for a new suit, but he is able to buy the suit for $250. His consumer surplus is
a. $650.
b. $150.
c. $250.
d. $400.
ANSWER: b
Welfare economics
75. Josh is willing to pay $500 for a set of tire, but he is able to pay $300 at the local tire store. His consumer surplus is
a. $800.
b. $300.
c. $200.
d. $500.
ANSWER: c
Welfare economics
76. Suppose Lauren, Leslie and Lydia all purchase bulletin boards for their rooms for $15 each. Lauren's willingness to
pay was $35, Leslie's willingness to pay was $25, and Lydia's willingness to pay was $30. Total consumer surplus for
these three would be
a. $15.
b. $30.
c. $45.
d. $90.
ANSWER: c
Welfare economics
77. Suppose Brent, Callie, and Danielle each purchase a particular type of electric pencil sharpener at a price of $20.
Brent’s willingness to pay was $22, Callie’s willingness to pay was $25, and Danielle's willingness to pay was $30.
Which of the following statements is correct?
a. Had the price of the pencil sharpener been $24 rather than $20, only Danielle would have been a buyer.
b. Brent’s consumer surplus is the smallest of the three individual consumer surpluses.
c. For the three individuals together, consumer surplus amounts to $60.
d. The fact that all three individuals paid $20 for the same type of pencil sharpener indicates that each one placed
the same value on that pencil sharpener.
ANSWER: b
Welfare economics
78. Suppose Katie, Kendra, and Kristen each purchase a particular type of cell phone at a price of $80. Katie’s willingness
to pay was $100, Kendra’s willingness to pay was $95, and Kristen's willingness to pay was $80. Which of the following
statements is correct?
a. For the three individuals together, consumer surplus amounts to $35.
b. Having bought the cell phone, Kristen is better off than she would have been had she not bought it.
c. Had the price of the cell phone been $95 rather than $80, Katie and Kendra definitely would have been buyers
and Kristen definitely would not have been a buyer.
d. The fact that all three individuals paid $80 for the same type of cell phone indicates that each one placed the
same value on that cell phone.
ANSWER: a
Welfare economics
79. Celine buys a new MP3 player for $90. She receives consumer surplus of $15 on her purchase if her willingness to
pay is
a. $15.
b. $90.
c. $105.
d. $75.
ANSWER: c
Welfare economics
80. Abraham drinks Mountain Dew. He can buy as many cans of Mountain Dew as he wishes at a price of $0.55 per can.
On a particular day, he is willing to pay $0.95 for the first can, $0.80 for the second can, $0.60 for the third can, and $0.40
for the fourth can. Assume Abraham is rational in deciding how many cans to buy. His consumer surplus is
a. $0.50.
b. $0.60.
c. $0.70.
d. $1.00.
ANSWER: c
Welfare economics
81. Janine would be willing to pay $50 to see Les Misérables, but she buys a ticket for only $30. Janine values the
performance at
a. $20.
b. $30.
c. $50.
d. $80.
ANSWER: c
Welfare economics
82. Chad is willing to pay $5.00 to get his first cup of morning latté. He buys a cup from a vendor selling latté for $3.75
per cup. Chad's consumer surplus is
a. $8.75.
b. $5.00.
c. $3.75.
d. $1.25.
ANSWER: d
Welfare economics
83. Chad is willing to pay $5.00 to get his first cup of morning latté; he is willing to pay $4.50 for a second cup. He buys
his first cup from a vendor selling latté for $3.75 per cup. He returns to that vendor later in the morning to find that the
vendor has increased her price to $3.90 per cup. Chad buys a second cup. Which of the following statements is correct?
a. Chad’s willingness to pay for his second cup of latté was smaller than his willingness to pay for his first cup of
latté.
b. Chad’s consumer surplus on his second cup of latté was larger than his consumer surplus on his first cup of
latté.
c. Chad is irrational in that he is willing to pay a different price for his second cup of latté than what he is willing
to pay for his first cup of latté.
d. Chad places a higher value on his second cup of latté than on his first cup of latté.
ANSWER: a
Welfare economics
84. Henry is willing to pay 45 cents, and Janine is willing to pay 55 cents, for 1 pound of bananas. When the price of
bananas falls from 50 cents a pound to 40 cents a pound,
a. Henry experiences an increase in consumer surplus, but Janine does not.
b. Janine experiences an increase in consumer surplus, but Henry does not.
c. both Janine and Henry experience an increase in consumer surplus.
d. neither Janine nor Henry experiences an increase in consumer surplus.
ANSWER: c
Welfare economics
85. Alex is willing to pay $10, and Bella is willing to pay $8, for 1 pound of ribeye steak. When the price of ribeye steak
increases from $9 to $11,
a. Alex experiences a decrease in consumer surplus, but Bella does not.
b. Bella experiences a decrease in consumer surplus, but Alex does not.
c. both Bella and Alex experience a decrease in consumer surplus.
d. neither Bella nor Alex experiences a decrease in consumer surplus.
ANSWER: a
Welfare economics
86. Pat bought a new car for $15,500 but was willing to pay $24,000. The consumer surplus is
a. $8,500.
b. $15,500.
c. $24,000.
d. $39,500.
ANSWER: a
Welfare economics
87. Dawn’s bridal boutique is having a sale on evening dresses. The increase in consumer surplus comes from the benefit
of the lower prices to
a. only existing customers who now get lower prices on the gowns they were already planning to purchase.
b. only new customers who enter the market because of the lower prices.
c. both existing customers who now get lower prices on the gowns they were already planning to purchase and
new customers who enter the market because of the lower prices.
d. Consumer surplus does not increase; it decreases.
ANSWER: c
Welfare economics
88. Jeff decides that he would pay as much as $2,000 for a new laptop computer. He buys the computer and realizes a
consumer surplus of $300. How much did Jeff pay for his computer?
a. $300.
b. $1,700.
c. $2,000.
d. $2,300.
ANSWER: b
Welfare economics
89. Billie Jo values a stainless steel dishwasher for her new house at $500, but she succeeds in buying one for $425. Billie
Jo's willingness to pay for the dishwasher is
a. $150.
b. $425.
c. $500.
d. $850.
ANSWER: c
Welfare economics
90. Denise values a stainless steel dishwasher for her new house at $500, but she succeeds in buying one for $350.
Denise's consumer surplus is

a. $150.
b. $350.
c. $500.
d. $850.
ANSWER: a
Welfare economics
91. Michael values a stainless steel refrigerator for his new house at $3,500, but he succeeds in buying one for $3,000.
Michael's willingness to pay is
a. $500.
b. $3,000.
c. $3,500.
d. $6,500.
ANSWER: c
Welfare economics
92. Michael values a stainless steel refrigerator for his new house at $3,500, but he succeeds in buying one for $3,000.
Michael's consumer surplus is
a. $500.
b. $3,000.
c. $3,500.
d. $6,500.
ANSWER: a
Welfare economics
93. Denise values a stainless steel dishwasher for her new house at $500. The actual price of the dishwasher is $650.
Denise
a. buys the dishwasher, and on her purchase she experiences a consumer surplus of $150.
b. buys the dishwasher, and on her purchase she experiences a consumer surplus of $-150.
c. does not buy the dishwasher, and on her purchase she experiences a consumer surplus of $150.
d. does not buy the dishwasher, and on her purchase she experiences a consumer surplus of $0.
ANSWER: d
Welfare economics
94. Ray buys a new tractor for $118,000. He receives consumer surplus of $13,000 on his purchase. Ray's willingness to
pay is
a. $13,000.
b. $105,000.
c. $118,000.
d. $131,000.
ANSWER: d
Welfare economics
95. Jeff decides that he would pay as much as $3,000 for a new laptop computer. He buys the computer and realizes
consumer surplus of $700. How much did Jeff pay for his computer?
a. $700
b. $2,300
c. $3,000
d. $3,700
ANSWER: b
Welfare economics
96. Cameron visits a sporting goods store to buy a new set of golf clubs. He is willing to pay $750 for the clubs but buys
them on sale for $575. Cameron's consumer surplus from the purchase is
a. $175.
b. $575.
c. $750.
d. $1,325.
ANSWER: a
Welfare economics
97. If the price a consumer pays for a product is equal to a consumer's willingness to pay, then the consumer surplus
relevant to that purchase is
a. zero.
b. negative, and the consumer would not purchase the product.
c. positive, and the consumer would purchase the product.
d. There is not enough information given to answer this question.
ANSWER: a
Welfare economics
98. Suppose there is an early freeze in California that reduces the size of the lemon crop. What happens to consumer
surplus in the market for lemons?
a. Consumer surplus increases.
b. Consumer surplus decreases.
c. Consumer surplus is not affected by this change in market forces.
d. We would have to know whether the demand for lemons is elastic or inelastic to make this determination.
ANSWER: b
Welfare economics
99. Suppose your own demand curve for tomatoes slopes downward. Suppose also that, for the last tomato you bought
this week, you paid a price exactly equal to your willingness to pay. Then
a. you should buy more tomatoes before the end of the week.
b. you already have bought too many tomatoes this week.
c. your consumer surplus on the last tomato you bought is zero.
d. your consumer surplus on all of the tomatoes you have bought this week is zero.
ANSWER: c
Welfare economics
100. Suppose the market demand curve for a good passes through the point (quantity demanded = 100, price = $25). If
there are five buyers in the market, then
a. the marginal buyer's willingness to pay for the 100th unit of the good is $25.
b. the sum of the five buyers' willingness to pay for the 100th unit of the good is $25.
c. the average of the five buyers' willingness to pay for the 100th unit of the good is $25.
d. all of the five buyers are willing to pay at least $25 for the 100th unit of the good.
ANSWER: a
101. If the cost of producing sofas decreases, then consumer surplus in the sofa market will
a. increase.
b. decrease.
c. remain constant.
d. increase for some buyers and decrease for other buyers.
ANSWER: a
Welfare economics
102. All else equal, what happens to consumer surplus if the price of a good increases?
c. Consumer surplus is unchanged.
d. Consumer surplus may increase, decrease, or remain unchanged.
ANSWER: b
Welfare economics
103. All else equal, what happens to consumer surplus if the price of a good decreases?
c. Consumer surplus is unchanged.

ANSWER: a
Welfare economics
104. Which of the following will cause an increase in consumer surplus?

a. an increase in the production cost of the good
b. a technological improvement in the production of the good
c. a decrease in the number of sellers of the good
d. the imposition of a binding price floor in the market
ANSWER: b
Welfare economics
105. Which of the following will cause a decrease in consumer surplus?

a. an increase in the number of sellers of the good
b. a decrease in the production cost of the good
c. sellers expect the price of the good to be lower next month
d. the imposition of a binding price floor in the market
ANSWER: d
Welfare economics
106. When there is a technological advance in the pork industry, consumer surplus in that market will
a. increase.
b. decrease.
c. not change, since technology affects producers and not consumers.
d. not change, since consumers’ willingness to pay is unaffected by the technological advance.
ANSWER: a
Welfare economics

107. If the price of oak lumber increases, what happens to consumer surplus in the market for oak cabinets?
c. Consumer surplus will not change consumer surplus; only producer surplus changes.
d. Consumer surplus depends on what event led to the increase in the price of oak lumber.
ANSWER: b
Welfare economics
108. Which of the following is not true when the price of a good or service falls?
a. Buyers who were already buying the good or service are better off.
b. Some new buyers, who are now willing to buy, enter the market.
c. The total consumer surplus in the market increases.
d. The total value of purchases before and after the price change is the same.
ANSWER: d
Welfare economics
109. When the demand for a good increases and the supply of the good remains unchanged, consumer surplus
a. decreases.
b. is unchanged.
c. increases.
d. may increase, decrease, or remain unchanged.
ANSWER: d
Welfare economics
110. Suppose televisions are a normal good and buyers of televisions experience a decrease in income. As a result,
consumer surplus in the television market
a. decreases.
b. is unchanged.
c. increases.
ANSWER: d
Welfare economics
111. Motor oil and gasoline are complements. If the price of motor oil increases, consumer surplus in the gasoline market
a. decreases.
b. is unchanged.
c. increases.
ANSWER: d
Welfare economics
112. Dallas buys strawberries, and he would be willing to pay more than he now pays. Suppose that Dallas has a change in
his tastes such that he values strawberries more than before. If the market price is the same as before, then
a. Dallas's consumer surplus would be unaffected.
b. Dallas's consumer surplus would increase.
c. Dallas's consumer surplus would decrease.
d. Dallas would be wise to buy fewer strawberries than before.
ANSWER: b
Welfare economics
Figure 7-1

113. Refer to Figure 7-1. If the price of the good is $250, then consumer surplus amounts to
a. $50.
b. $100.
c. $150.
d. $200.
ANSWER: a
Welfare economics
a. $150.
b. $200.
c. $250.
d. $300.
ANSWER: c
Welfare economics
a. $400.
b. $500.
c. $600.
d. $750.
ANSWER: c
Welfare economics
116. Refer to Figure 7-1. If the price of the good is $200, then
a. consumer surplus is $150.
b. consumer surplus is $650.
c. producer surplus is $650.
d. producer surplus is $750.
ANSWER: a
Welfare economics
117. Refer to Figure 7-1. The value of the good to consumers minus the cost of the good to consumers amounts to $325
if the price of the good is
a. $200.
b. $150.
c. $125.
d. $100.
ANSWER: c
Welfare economics
Figure 7-2

a. $50.
b. $75.
c. $100.
d. $125.
ANSWER: d
Welfare economics
a. $110.
b. $135.
c. $160.
d. $185.
ANSWER: d
Welfare economics
Figure 7-3

120. Refer to Figure 7-3. When the price is P1, consumer surplus is
a. A.
b. A+B.
c. A+B+C.
d. A+B+D.
ANSWER: c
Welfare economics
121. Refer to Figure 7-3. When the price is P2, consumer surplus is
a. A.
b. B.
c. A+B.
d. A+B+C.
ANSWER: a
Welfare economics
122. Refer to Figure 7-3. When the price rises from P1 to P2, consumer surplus
a. increases by an amount equal to A.
b. decreases by an amount equal to B+C.
c. increases by an amount equal to B+C.
d. decreases by an amount equal to C.
ANSWER: b
Welfare economics
123. Refer to Figure 7-3. Area C represents the

a. decrease in consumer surplus that results from a downward-sloping demand curve.
b. consumer surplus to new consumers who enter the market when the price falls from P2 to P1.
c. increase in producer surplus when quantity sold increases from Q2 to Q1.
d. decrease in consumer surplus to each consumer in the market when the price increases from P1 to P2.
ANSWER: b
Welfare economics
124. Refer to Figure 7-3. When the price rises from P1 to P2, which of the following statements is not true?
a. The buyers who still buy the good are worse off because they now pay more.
b. Some buyers leave the market because they are not willing to buy the good at the higher price.
c. Buyers place a higher value on the good after the price increase.
d. Consumer surplus in the market falls.
ANSWER: c
Welfare economics
Figure 7-4

125. Refer to Figure 7-4. Which area represents consumer surplus at a price of P1?
a. BDF
b. AFG
c. ABDG
d. ABC
ANSWER: a
Welfare economics
126. Refer to Figure 7-4. Which area represents consumer surplus at a price of P2?
a. BDF
b. AFG
c. ABDG
d. ABC
ANSWER: b
Welfare economics
127. Refer to Figure 7-4. Which area represents the increase in consumer surplus when the price falls from P1 to P2?
a. BDF
b. AFG
c. ABC
d. ABDG
ANSWER: d
Welfare economics
128. Refer to Figure 7-4. When the price falls from P1 to P2, which area represents the increase in consumer surplus to
existing buyers?
a. BDF
b. AFG
c. BCGD
d. ABC
ANSWER: c
Welfare economics
129. Refer to Figure 7-4. When the price falls from P1 to P2, which area represents the increase in consumer surplus to
new buyers entering the market?
a. BDF
b. AFG
c. BCGD
d. ABC
ANSWER: d
Welfare economics
Figure 7-5

130. Refer to Figure 7-5. If the price of the good is $6, then consumer surplus is
a. $16.
b. $24.
c. $30.
d. $36.
ANSWER: d
Welfare economics
131. Refer to Figure 7-5. If the price of the good is $12, then consumer surplus is
a. $9.
b. $11.
c. $13.
d. $16.
ANSWER: d
Welfare economics
Figure 7-6

132. Refer to Figure 7-6. At the equilibrium price, consumer surplus is
a. $1,600.
b. $800.
c. $1,400.
d. $700.
ANSWER: b
Welfare economics
133. Refer to Figure 7-6. If the government imposes a price floor of $110 in this market, then consumer surplus will
decrease by
a. $200.
b. $400.
c. $600.
d. $800.
ANSWER: c
Welfare economics
Figure 7-7
134. Refer to Figure 7-7. What is the consumer surplus if the price is $100?
a. $2,500
b. $5,000
c. $10,000
d. $20,000
ANSWER: a
Welfare economics
135. Refer to Figure 7-7. What happens to the consumer surplus if the price rises from $100 to $150?
a. The new consumer surplus is half of the original consumer surplus.
b. The new consumer surplus is 25 percent of the original consumer surplus.
c. The new consumer surplus is double the original consumer surplus.
d. The new consumer surplus is triple the original consumer surplus.
ANSWER: b
Welfare economics
Figure 7-8

136. Refer to Figure 7-8. At the equilibrium price, consumer surplus is
a. $1,050.
b. $1,225.
c. $1,575.
d. $2,450.
ANSWER: b
Welfare economics
137. Refer to Figure 7-8. If the government imposes a price floor of $100 in this market, then consumer surplus will
decrease by
a. $150.
b. $325.
c. $650.
d. $675.
ANSWER: b
DIFFICULTY: Difficult
Welfare economics
138. Refer to Figure 7-8. If the government imposes a price ceiling of $80 in this market, then, assuming those with the
highest willingness to pay purchase the good, consumer surplus will be
a. $900.
b. $1,200.
c. $1,500.
d. $1,600.
ANSWER: c
DIFFICULTY: Difficult
Welfare economics
139. When the supply of a good decreases and the demand for the good remains unchanged, consumer surplus
a. decreases.
b. is unchanged.
c. increases.
ANSWER: a
Welfare economics
140. Which of the following is true when the price of a good or service rises?
a. Buyers who were already buying the good or service are better off.
b. Some buyers exit the market.
c. The total consumer surplus in the market increases.
d. The total value of purchases before and after the price change is the same.
ANSWER: b
Welfare economics
141. Oil is used to produce gasoline. If the price of oil increases, consumer surplus in the gasoline market
a. decreases.
b. is unchanged.
c. increases.
ANSWER: a

Welfare economics
142. What happens to consumer surplus in the iPod market if iPods are normal goods and buyers of iPods experience an
increase in income?
a. Consumer surplus decreases.
b. Consumer surplus remains unchanged.
c. Consumer surplus increases.
ANSWER: d
Welfare economics
143. As a result of a decrease in price,

a. new buyers enter the market, increasing consumer surplus.
b. new buyers enter the market, decreasing consumer surplus.
c. existing buyers exit the market, increasing consumer surplus.
d. existing buyers exit the market, decreasing consumer surplus.
ANSWER: a
Welfare economics
144. Economists normally assume people’s preferences should be

a. respected.
b. adjusted.
c. overruled.
d. ignored.
ANSWER: a
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.012 - Apply basic, economic principles of individual decision making
that determine how an economy generally works.
Welfare economics
145. Consumer surplus is a good measure of economic welfare if policymakers want to

a. maximize total benefit.
b. minimize deadweight loss.
c. respect the preferences of sellers.
d. respect the preferences of buyers.
ANSWER: d
DIFFICULTY: Easy
Welfare economics
146. When policymakers are considering a particular action, they can use consumer surplus as a(n)
a. objective measure of the benefits to buyers as determined by policymakers.
b. measure of the benefits to buyers as the buyers perceive them.
c. potentially flawed measure of the benefits to buyers if the buyers are not rational.
d. Both b) and c) are correct.
ANSWER: d
Welfare economics

Another random document with
no related content on Scribd:
smooth-bore with the penetrating force of the rifled gun, and in
experiments made with this weapon on the Agincourt target, in 1867,
the gun fully demonstrated its usefulness.
HEAVY GUN UNMOUNTED.
6-INCH B.L. 50-CALIBRE GUN COMPLETED AND WITH MOUNTING.

Photographs supplied by the Coventry Ordnance Works, Ltd.
No satisfactory results either with rifling or with the hexagonal bore
could be obtained, and as guns became more powerful it was found
that the only way of utilising them with the best results was by
loading them at the breech instead of at the muzzle. Obviously, a
heavy explosive shell could not be rammed down a big muzzle-
loader. The old 32-pounder had a muzzle velocity of 1,600 feet per
second, and the 40-pounder rifled breech-loader which took its place
was of only 1,200 foot seconds, and the muzzle energy was 570 and
400 foot tons respectively. Various methods were employed and
were not by any means satisfactory, but when slower burning
powders were introduced, the strain upon the gun was less sudden
and more cumulative, so that the pressure upon the projectile was
exerted to the full as long as it was within the gun and it was then
expelled at the muzzle with the greatest force obtainable. A great
advance in naval gunnery was made with the appearance of the
Armstrong breech-loader. The first breech-loader from this famous
firm was a tube gun which was formed to admit of a breech block
being dropped in to close the bore and a screw attachment held it
fast. From about 1860 the principal guns in use in the Navy of the
Armstrong screw type were the 9-pounder weighing 6 cwt., the 12-
pounder weighing 8 cwt., the 20-pounder of 16 cwt., the 40-pounder
of 35 cwt., and the 7-inch gun, 99½ cwt. The last-named was of 7.2
inches diameter, and fired projectiles weighing 109 lb. All these guns
were on the polygroove system. About this time iron or steel gun
carriages were introduced for use on shipboard. The Admiralty, for
some reason best known to themselves, fancied muzzle-loaders,
and obstinately remained faithful to them long after all other naval
powers had discarded them as cumbersome and comparatively
useless compared with the newer types of breech-loading guns. The
newer muzzle-loaders, however, were improvements on the old
smooth-bores, and were built on what is known as the Fraser
system, and they were far larger than any which had been
constructed before.
The inner barrels of the Armstrong 12-inch, 9-inch, and 7-inch
muzzle-loading guns were of tempered steel, with solid ends; these
were strengthened with wrought-iron coils shrunk on; the trunnion
ring, breech-piece and cascable, which was screwed into the latter,
were solid wrought-iron forgings. The different parts were hooked
together with shoulders and corresponding recesses, to prevent their
separation.
The muzzle-loader of 64 lb. on Fraser’s cheap construction plan
consisted simply of a coiled iron tube, having the muzzle part double,
but with a triple coil over the breech.
The Armstrong big muzzle-loading guns were formed with the
Woolwich system of rifling or grooving, the projectiles being fitted
with studs to correspond to the grooves. The muzzle-loading guns
varied from the 7-inch 7-ton gun to the 16-inch 80-ton gun. The 8-
inch was 118 inches in length, the 9-inch 125 inches, and so on, up
to the 16-inch gun, which was 288 inches in length; the last-named
took a charge of 450 lb., and fired a projectile weighing 1,684 lb. with
a muzzle velocity of 1,590 foot seconds and a muzzle energy of
29,530 foot tons, capable of penetrating at the muzzle between 24
and 25 inches of wrought iron.
By 1877 the initial velocity of rifled projectiles had been increased
from 1,600 to 2,100 foot seconds, and the energies by nearly 75 per
cent., so that a further reconstruction of artillery became compulsory.
It was not until after 1881 that the Admiralty definitely adopted heavy
breech-loading guns for its armed cruisers. Even as late as 1885 the
squadron sent to sea when it was feared that trouble with Russia
was brewing, included thirteen battleships, not one of which had a
breech-loading gun of more than 6 inches diameter. As a contrast to
this, all the heavy guns of the Russian ships were breech-loaders.
What would have happened to the English ships had hostilities
occurred, and had the Russian gunners been able to use their
weapons properly, is best left to conjecture, but it might have proved
a sorry day in the naval history of England. Even by 1894 muzzle-
loaders were still in use in the Navy.
The Woolwich Armstrong breech-loading guns varied from 12-
pounders of 3 inches to the 16.25-inch 111-ton gun, the length of
which was equal to 30 calibres. The last-named gun took a charge of
960 lb. of powder, and fired a projectile weighing 1,800 lb. with a
muzzle velocity of 2,087 foot seconds, and a muzzle energy of
54,390 foot tons, calculated to penetrate over 36 inches of wrought
iron at the muzzle. Gunpowder not being powerful enough for these
great weapons, other explosives were introduced, which had, among
other advantages, that of being much more powerful. The principal of
these explosives at present in use is cordite.
In the early ’sixties the guns chiefly in use on this side of the Atlantic
were the 9-inch gun, weighing 12 tons, and discharging a 250-lb.
shot with 43 lb. of powder, the initial velocity being 1,730 feet per
second. The largest gun was the 23½ tons, with a 12-inch diameter,
its shot weighing 600 lb. and the charge of powder 70 lb., and the
muzzle velocity being 1,240 feet per second. The larger guns could
not be worked without considerable improvements being made in the
ships themselves. Greater height had to be given between the
decks, and the distances between the guns had also to be
increased, there being 25 feet between the centre lines of the ports
for the 12-ton guns, while the 23-ton guns required about 30 feet
between the ports and between 8 and 9 feet between the deck and
the underside of the beams supporting the deck above. To keep the
portholes as small as possible an arrangement was made whereby
the gun should be pivoted near the muzzle.
The later developments in naval artillery began with the 12-inch 46-
ton wire gun, which was the chief weapon of the battleships between
1894 and 1897. This gun was 37 feet 1 inch in length, or 35.43
calibres, and threw an armour-piercing shell of 850 lb. with a charge
of 167½ lb. of cordite. It had a muzzle penetration of 36.8 inches of
wrought iron, and was in every respect as powerful as the 13½-inch
67-ton gun, which it replaced. During 1898, the 12-inch wire gun,
weighing about 50 tons, was introduced.
The adoption of breech-loading made possible a very rapid rate of
firing, even with the heaviest guns. In 1881, the Government, in reply
to an invitation it issued for guns to meet certain requirements,
received a number of replies from gun-making firms, as did also the
French Government at about the same time in reply to a similar
invitation. These guns, which became known as quick-firing or rapid-
firing guns, were comparatively small weapons, and the Armstrong
Company at Elswick, having improved upon them with quick-firers of
4.7 inches and 6 inches calibre, they were adopted throughout the
Navy as the secondary armament. Their superiority over those they
displaced was such that a battery’s firing power was increased
sixfold. An important trial took place on board the Hardy in 1887,
when a 4.7 gun was mounted on a centre pivot recoil mounting, the
whole weighing 4 tons 12 cwt.; this gun fired ten rounds in less than
48 seconds. Compare this with the firing of the ordinary 5-inch
breech-loading gun on the gunboat Mastiff, when ten rounds took 6
minutes 16 seconds.
In rifling some of the guns an increasing twist was given, while in
others the twist was uniform throughout the bore. The object of the
increasing twist was to lessen the strain upon the gun, as the rotary
motion was not started when the projectile was first put into motion,
but developed as it moved down the bore. The projectiles were
provided with studs which fitted into the grooves. The breech-loading
guns on the polygonal system of rifling fired projectiles which were
coated with lead fixed on with zinc, so that the bore of the gun was
not injured by the rush of gas past the projectile as was the case in
the rifled guns in which there was windage. Two systems of breech-
loading were designed by Sir W. Armstrong, one being the screw
system and the other known as the wedge.
The projectiles invented by Major Palliser were specially designed to
penetrate iron armour. Cast iron was found to be smashed against
armour, wrought iron was too soft to do any damage, and steel in
those days was too expensive to be of use. Major Palliser solved the
difficulty by making his projectiles of chilled iron, and giving them a
cylindrical shape with the pointed or ogival head.
PROJECTILES AND CHARGES USED IN THE BRITISH NAVY.

Photograph by Stephen Cribb, Southsea.
1. Projectile, 16·25 B.L., 9. Projectile, 7·5 B.L., 200 17. Projectile, 4-in., 25
1,800 lbs. lbs. lbs.
2. Charge for ” ” 960 lbs. 10. Charge for ” ” 77½ lbs.
18. 4-in. Cylinder.
powder. cordite.
3. Projectile, 13·5 B.L., 1,250 11. Projectile, 6-in. B.L., 100 19. Projectile, 12-
lbs. lbs. pounder.
4. Charge for ” ” 187½ lbs. 12. Charge for ” ” 29 lbs. 20. 12-pounder
cordite. Charge.
5. Projectile, 12-in. B.L., 850 13. Projectile, 5-in. B.L., 50 21. 12-pounder Case
lbs. lbs. Shot.
6. Charge for ” ” 211 lbs. 22. 12- ” 8 cwt.
14. Charge for ” ”
cordite. Charge.
7. Projectile, 9·2 B.L., 380
15. Projectile, 4·7, 45 lbs. 23. 6- ” Cartridge.
lbs.
8. Charge for ” ” 103 lbs. 16. 4·7 Cylinder for
24. 3- ” ”
cordite. Cartridge.
25. 1¼-lb. Cartridge.
Experiments are often carried out to ascertain the resisting qualities

of various combinations of armour offered to projectiles of varying
weights and penetrative powers according to the distances at which
they are fired. When iron was used for armour-plating, targets were
built in duplication of those provided for the armoured ships. Both the
Armstrong and Whitworth 70-pounders fired in the competition trials
over 3,000 rounds, or three times the number assigned as the limit to
the life of the old cast-iron smooth-bore guns. Of course, the bigger
the gun the shorter the life, as a rule.
The French adopted for naval service four different patterns of heavy
breech-loading rifled guns, all made of cast iron, and strengthened
behind the trunnions with steel rings which were shrunk on. Their
weight varied from 21 tons 13 cwt., with a calibre of 10.82 inches, to
the gun of 4 tons 18.5 cwt., with a calibre of 6.48 inches, firing
projectiles respectively of 476 lb. and 99 lb. The weight of the charge
was rather more than one-sixth of that of the projectile. The guns
were mounted on wrought-iron carriages and slides constructed on
the box girder system.
As the powers possessed a great number of old smooth-bore guns
and rifled guns were expensive, several attempts at a compromise
were made by lining the smooth-bore guns and converting them into
rifled guns, the lining being rifled according to whichever system the
power owning the gun happened to prefer at the moment. The Dutch
Government is said to have set the example of national frugality in
this respect.
How slow the Admiralty was, is shown by the statement of the
Secretary to the Admiralty in the House of Commons in March, 1881,
to the effect that “at this moment there is not a single heavy breech-
loading gun mounted on any of our ships, but by the end of next year
a very substantial beginning would have been made towards arming
our fleet with breech-loaders.... The Admiralty was driven to the step
by the fact that a high velocity was now required for the projectile,
that high velocity was only obtainable by a great length of gun, and
that to load a gun over a certain length at the muzzle became
impracticable under the ordinary conditions of mounting guns afloat.”
The Government, it was contended, was now able to profit by the
experience which foreign nations had gained, and intended to
improve upon the guns which were in use abroad. But whatever may
have been the official view, the fact remains that the Admiralty was
years behind other nations, that Woolwich, in spite of official claims,
discovered nothing that had not been known to be possible a decade
earlier at least, and that the Navy was armed with out-of-date
muzzle-loaders. Fortunate it no doubt was for this country that it had
no wars in which its Navy could be tested against a navy armed with
breech-loaders.
In the matter of armour this country owes a debt of gratitude to Sir
John Brown, who made the Atlas Works at Sheffield famous
throughout the world for the excellence of the armour-plates
produced there. Indeed, the records of what he has accomplished
seem to indicate that his rule was to surpass whatever his rivals
produced, and never to forget that he might be able to learn
something from others. His company took up the manufacture of
chrome steel, which was patented in America about 1871. When the
Italian experiments at Spezzia resulted in the 100-ton gun smashing,
in 1876, 22 inches of iron armour and its backing, the French turned
their attention to steel plates, as did also Sir Joseph Whitworth, but
Sir John Brown thought that better results would be secured with iron
plates with steel faces. These compound plates had half their
thickness of steel. By 1888 the firm was producing compound plates
each 32 tons in weight.
An interesting comparison between French and English methods
was made a few years ago[55] by M. Canet, of the well-known
French firm of gun manufacturers, in a paper on the heavy naval
guns and warships of the two countries. Referring to the latest type
of the large weapons then employed at sea, viz., the English 12-inch
gun, known officially as Mark IX., he described its method of
construction, which has already been alluded to, and pointed out that
the corresponding gun in the French navy was of 305-mm. bore (or
12.008-inch) and of 45 calibres in length. The barbette system of
gun-mounting, as already explained, owed its origin to French
inventiveness, and is preferred in the British Navy; but the French,
curiously enough, seem to have preferred the English system of
mounting turrets for the guns. The turrets themselves, however,
differed from those of the English pattern, the French idea being to
make them oval and smaller, so as to offer the narrowest possible
target, and this theory was carried into practice even at the expense
of the interior roominess. The limited dimensions, however, made it
no easy task for artillerists to arrange conveniently inside the turrets
all the machinery required, and M. Canet avowed a preference for
the English practice of allowing the designer plenty of weight and
room inside the turrets or barbettes. There were also structural
differences in the methods of the two countries of arranging the
armour, and it was claimed that the French oval form, with the other
characteristics, had, among other advantages, that of distributing the
blows of the projectiles over a greater weight of armour. Another
important difference lay also in the method of working the guns. It
has been the custom for many years in the British Navy to take up
the recoil of the guns by hydraulic buffers, and to use hydraulic
pressure to run out the guns again. The French introduced springs,
which were compressed by the force of the recoil. Again, hydraulic
appliances are preferred in the British Navy for training and elevating
the guns, but our neighbours across the Channel prefer electricity.
The latter has been tried in the British Navy, the most notable
example being one of the super-Dreadnoughts, but the experiment
has by no means given satisfaction.
Even more striking differences appeared in the matter of the
ammunition hoists, etc. The French battleships, M. Canet said, were
equipped with hoists leading direct from the magazines to the guns,
and there was the drawback that the guns had to be returned to a
certain position to be reloaded, and the muzzle had to be depressed
a few degrees below the horizontal to facilitate the loading, the
projectile being pushed home with a rammer by the gun crew, whose
strength was assisted by a compressed spring. The ammunition
hoists on the English battleships, on the contrary, were made in two
sections. The lower section raised the ammunition to a relay
chamber, and the upper section carried it thence to the gun. This
method is held to allow of more rapid firing, as a large supply of
ammunition can be placed, prior to an action, in the relay chamber,
and the store there, as fast as it is drawn upon, can be replenished
from the magazines. It has also been held that in case of a shell
bursting in the turret the danger to the magazine would be less, and
in M. Canet’s opinion the English method is superior to that of the
French. Another matter in which he considered the English to have
an advantage was in the manner of loading the guns. How this was
done on the French battleships has just been explained. The English
gun crews could load the guns at any elevation. The ammunition
was carried up in a curved hoist, so that it could be delivered at any
point desired, and was pushed home by a hydraulic rammer moving
with the gun.
By permission of Messrs. Vickers, Sons & Maxim, Ltd.
12-INCH BREECH MECHANISM

(CLOSED).
12-INCH BREECH MECHANISM
(OPEN).
INTERIOR OF A BARBETTE, SHOWING 12-INCH GUN, H.M.S. “CÆSAR.”
Photograph by Gale & Polden, Aldershot.
Time brings strange revenges. At one period the French were the
leading nation in the world in the matter of naval construction, and
the English were content to copy the French designs. But in later
years England has taken the lead, and not only France but the other
maritime powers of the world have been glad to sit at the feet of
Britannia and accept the instruction she has been able to impart.
Some of these pupils, if pupils they be, have proved themselves
exceedingly apt copyists and improvers, and are inclined to think that
their own creations are every whit as good as anything this country
can produce.
The superiority of the British methods alluded to by the famous
French gun-maker were not lost upon French naval architects, and in
some of the latest French battleships these methods have been
copied. The rapidity of the fire of the big guns would thus, it was
expected, be raised to two rounds a minute. Electricity, however, has
been retained, as the French consider it to be better than hydraulic
machinery for the loading of the guns and movement of the turrets,
and more easy of repair in case of damage under hostile fire.
The size and weight of the pieces forming the breech mechanism of
the modern guns of large calibre made compulsory the adoption of
mechanical means for loading them. There was also the further
advantage that machinery was less likely to make mistakes, or to
suffer from the accidents which are bound to disable some of the
crew in a naval engagement. In some of the earlier battleships, in
which the large muzzle-loading guns were fitted, the charge was
raised to the gun-mouth by machinery worked by hand-power, and
after it had been rammed home by the crew the projectile was
inserted and rammed home also, obviously an impossible
arrangement when it was sought to introduce rifled explosive shells.
When guns were made too large to be withdrawn into the turrets to
be loaded, they were loaded by being depressed so that their
muzzles just entered a specially cut orifice in the deck in front of the
turret, and the loading crew were able to do their work in safety. The
drawback to this system was that the gun had to be brought back to
the same position for loading, then revolved with its turret once more
to the direction in which it was to be discharged, and aimed afresh
before its missile could be sent at its mark. The chief advantage of
this system was that the gun required a smaller, and consequently
less weighty, turret for the protection of its crew. The introduction of
the breech-loader enabled the guns to be loaded in greater security,
with greater speed, and without interfering with the aim or training of
the gun, thereby rendering a more rapid fire possible. Ammunition
hoists brought the charge and projectiles right into the turret or
barbette more expeditiously and with greater precision than the best-
drilled crew, and the men had simply to load the weapon and fire it.
The human element came in here, however, in all its uncertainty,
and, in spite of the greatest possible care, accidents occurred. A
charge or a shell was dropped or caused to explode in some way,
and disastrous were the results. Again the necessity for the
mechanical appliances caused them to be forthcoming. The
projectiles and charges for fighting purposes, which naval strategists
declared to be necessary in ever-increasing size and weight, and the
greater rapidity of fire which was demanded, made it impossible for
dependence on hand power to be retained. After various
experiments, both steam power and electricity being tried, hydraulic
power was introduced, and has proved more suitable for the purpose
than any other method. Now the heaviest projectiles, weighing half a
ton or more, are lifted with the greatest ease and exactness to the
required position by hydraulic power, are pushed into their places by
the same power which does a like office for the charge of explosive,
closes and fixes the breech, and does not desist until its task is
finished. In the latest appliances, the machinery is made interlocking,
so that, at least in the system introduced lately by Messrs. Vickers,
no one operation connected with loading the gun can be performed
until its immediate predecessor has been accomplished. With a view
to securing more rapid and accurate fire this firm has introduced a
modification of the breech mechanism by what is known as a “pure
couple.” The hydraulic breech mechanisms just alluded to are used
for the largest guns, such as the 12-inch weapons, and have also
been installed on the Japanese ships for the 10-inch guns. The guns
can be loaded at the required angle of elevation, the advantage
claimed for this being that the sight can be kept on the target all the
time.
The pressure to which guns are subjected when the charge explodes
is enormous. One reason why they do not burst is that they have not
time to do so. How rapidly the pressure arises against the sides of
the gun and then against the projectile to expel it from the bore, was
shown by experiments which Sir Andrew Noble conducted some
time ago with a 6-inch gun of 100 calibres length of bore. Practically
instantaneously with the ignition of the charge, that is to say in about
the four-hundredth part of a second, a maximum pressure against
the interior of the gun of 22 tons per square inch was reached, but
this declined to about 13 tons per square inch in about the twelve-
hundredth part of a second more. But by that time the projectile had
left the gun, and was rushing, faster than the eye could follow it,
towards its mark.
The English 12-inch (Mark IX.) gun consists of a steel tube, wound
practically from end to end with layer after layer of steel ribbon or
wire of very great tensile strength. This tube is known as the A tube,
and may be called the hollow heart of the gun. As much as a
hundred miles of wire will be used for one of these guns, and, of
course, for the newest guns, the 13-inch weapons, such as have
been placed in the latest super-Dreadnoughts, or the 15-inch guns
which it is said will be placed in the Dreadnoughts of 1912 or the
year after, the amount is a great deal more. The greatest thickness
of layers is placed round the breech of the gun, where the strain is
most severe, and each succeeding layer is wound on with increasing
tension, though to the ordinary observer the first layer seems to fit so
tightly that nothing could be tighter; but the gun makers know better.
All along the chase or fore part of the tube another tube, called the B
tube, is shrunk on to ensure that it shall be the tightest fit possible.
Then, over a portion of the B tube, and also over a portion of the
winding, that part of the gun known as the breech jacket is shrunk.
Apparently everything is so strongly fixed together that nothing can
cause the parts to separate, but the gun makers know this is not so,
for into this jacket a bush is screwed to prevent any movement of the
A tube, so far as the jacket is concerned. The A tube itself contains a
thin steel inner tube inserted from the breech and fixed in position by
the breech bush. It is this inmost tube which has to bear the wear
and tear caused by the firing, and suffers from erosion, due to the
gases generated by the explosion of the charges, and has to be
replaced by a new tube when it is no longer fit for service.
THE 12-INCH GUNS OF H.M.S. “NEPTUNE.”
Photograph by Stephen Cribb, Southsea.
Gun makers have always responded cheerfully to the challenge to
penetrate the hardest armour of the time, and have succeeded in
producing weapons which are able to penetrate any armour now
carried. The problem at present is to increase the range at which the
penetrative power may be exercised. This can only be attained by
the increase in the length of the gun and the use of explosives
developing higher pressures in order to obtain higher velocities. The
British gun of 45 calibres and 9.2 inches diameter is about to be
superseded by one of 50 calibres, and the 40-calibre gun carried in
some of the latest ships is being superseded by the 12-inch gun of
45 calibres.
Twelve-inch guns of 45 calibres and 10-inch guns of 50 calibres
have been installed in the new ships, built at Elswick recently, for the
navies of Japan and one of the South American States.
Greater length means a greater muzzle energy, higher velocity, and
increased power of penetration. The latest guns, too, have shown
that the manufacturers have been considering the advisability of
effecting a certain amount of redistribution in the thicknesses of the
different parts of which the gun is built, notably the tubes, wires, and
jackets, and the adoption of a uniform type of rifling. The theory was
that the rifling should be increased as the grooves passed down the
tube, so that a gradually increasing twist should be given to the
projectile, but it is now held that no advantage is obtained by this
method, whatever may have been the case in the past, and that the
uniform rifling will give better results as to accuracy, muzzle energy
and velocity, and inflict no greater strain upon the gun or shorten the
“life” of its tube. The trials already made have shown that uniform
rifling for modern high velocity guns has resulted in giving greater
range and greater accuracy in shooting.
The war between France and Germany in 1871 brought machine
guns into notice. Great things were expected by the French of the
mitrailleuse, and some of the patriotic Paris newspapers at the time
published glowing prophecies of the number of Germans each gun
could be depended upon to kill in a few minutes, with the result that,
according to their calculations, there would be no Germans left after
a few days to continue the war. But events turned out otherwise; the
mitrailleuse failed, and the Germans were victorious. This machine
gun was very defective, and served to advertise by contrast the
Gatling, Nordenfeldt, Gardner, and Maxim automatic guns, named
after their respective inventors. Of these the Maxim has been so
improved that it is considered to be superior to any of the others. The
machine guns fire, according to the number of their barrels and their
calibre, from four hundred to six hundred or more shots per minute,
at a range equal to that of the best infantry rifle, and can be sighted
with deadly accuracy.
CHAPTER X
WARSHIPS OF THE TWENTIETH CENTURY
Two classes of vessels stand forward prominently as the products

of the twentieth century. One is the Dreadnought, or all-big-gun one-
calibre type of battleship, the other is the submarine. The fact that
both are the result of the slow developments of centuries does not
render them the less the products of the last few years. Both are
untried in battle, and they are regarded as preparing the way for the
introduction respectively of surface and under-water warships, the
power of which is conjecturable only. Associated with both is the
torpedo. The dream of a submarine which shall travel faster than a
surface vessel of the same size is never likely to be realised,
provided that the surface vessel is built for speed also, for the simple
reason that the vessel travelling on the surface has only about a third
of its surface in connection with the water, whereas the submarine
has its whole surface submerged, and has three times as much
friction against the water to overcome. Hence, a lightly armed, very
fast vessel is regarded as likely to play an important role in the navy
of the not distant future, and finds its representative in the destroyer
of to-day.
The submarine and the destroyer owe their existence to the
battleship’s greatest enemy, the torpedo. All three vessels carry that
weapon, and any two of them may combine against the third. The
spar-torpedo was such an unsatisfactory weapon at best that it had
either to be abandoned, save under most unusual circumstances, or
improved out of all recognition. The possibilities of the torpedo itself
were so great as to compel its retention, and the startling proposition
was made that torpedoes should be fired by under-water guns at a
distant ship. The blowing up of the Albemarle in the American Civil
War showed what could be accomplished by a small fast steam
launch. If this could be done with a spar-torpedo, how much more
destructive would a torpedo be which could be directed against a
hostile vessel from a small fast launch which could approach to
within an effective range, and then turn and make a rush for safety
from the gun-fire which might be brought to bear in her direction.
Several torpedoes of one kind and another have been designed, but
they have all had to give way to the Whitehead torpedo. The inventor
is stated to have derived his idea in 1864 from a fire-boat designed
by an Austrian officer, who thought of loading a small boat with
explosives, to be fired by a pistol connected with protruding spars
which should strike the vessel attacked, while the fire-boat itself was
to be propelled by a screw driven by clockwork. Whitehead improved
on this by making his boat of iron, and able to travel under water for
a short distance at a speed of six knots. Its explosive was a few
pounds of dynamite. By 1870 he had improved this to a torpedo
having a speed of eight knots, a range of 400 yards, and a charge of
76 lb. of gun-cotton. The modern Whitehead torpedo is a wonderful
piece of mechanism, so wonderful that to the ordinary spectator it
seems almost endowed with intelligence. To see it lying in its cradle
ashore it is simply a beautifully polished smooth steel cylinder. The
fore end is blunt and with an innocent-looking steel spike projecting
from the centre of its rounded front, but it is this spike which strikes
the object aimed at and causes the ignition of the explosive an inch
or two behind it in the head of the cylinder. The torpedo has a fine
run aft for about a third of its length, and at the after end are two
vertical and two horizontal rudders, and two screws revolving in
opposite directions. It is some time since compressed air was
adopted as the motive power. The efficacy of the compressed cold
air has been increased to an extraordinary degree by the
introduction of an apparatus for heating the air. A torpedo fitted with
a heater can travel over double the distance at a given speed and
the same expenditure of air that a torpedo without a heater can. “If a
torpedo be run for the same distance with a heater as a similar
torpedo without a heater, a 100 per cent. gain of power would be
realised by increasing the speed, and at a range of 2,000 yards this
increase is from 26 knots to 33.5 knots, the highest which has ever
been realised with a torpedo over a range of 2,000 yards.”[56] The
newest form of torpedo is that in which hot air instead of cold air is
used.
A TORPEDO. DISCHARGED FROM A DESTROYER, TRAVELLING BY ITS OWN

ENGINES TOWARDS AN ARMOURED BATTLESHIP.
In the case of the latest pattern 18-inch Whitehead torpedo, a speed
of 28 knots for 2,000 yards, or 34½ knots for 1,000 yards when using
the ordinary cold air, has been obtained. For longer distances, such
as 3,000 and 4,000 yards, the speed is proportionately less, falling to
about 20 knots for the 4,000 yards range. When using the heater,
“the same torpedo maintains a speed of over 40 knots for 1,000
yards, 37 knots for 2,000 yards, 30 knots for 3,000 yards, and 27
knots for 4,000 yards. The speeds are quite extraordinary, as they
represent exactly 100 per cent. more power from the engines, and it
is further pointed out that the heater is extremely small, simple, and
burns any ordinary lamp oil, and is capable of being fitted to
practically any existing type of torpedo. The Admiralty has never
been slow to adopt improvements in the torpedo armament of the
fleet, and for years Great Britain has led in the matter of submarine
tubes for firing torpedoes.”[57]
The explosive carried, usually gun-cotton, weighs 200 lb. An
ingenious arrangement of gyroscope, valve and pendulum causes
the torpedo to remain at the required depth, and to return to it if it
should be diverted from it.
There have been several attempts to solve the problem of directing
torpedoes by means of wireless telegraphy. The great drawback,
however, has been that the receiving apparatus which the torpedo
had to carry was outside it and must appear above the surface of the

Full Essentials of Economics 8Th Edition Mankiw Test Bank Online PDF All Chapter

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Full Essentials of Economics 8Th Edition Mankiw Test Bank Online PDF All Chapter

Uploaded by

Copyright:

Available Formats

Essentials of Economics 8th Edition

Mankiw Test Bank

Essentials of Economics 8th Edition Mankiw Solutions

Essentials of Economics 6th Edition Mankiw Test Bank

Principles of Economics 8th Edition Mankiw Test Bank

Essentials of Economics 7th Edition Gregory Mankiw Test

Essentials of Economics 7th Edition Gregory Mankiw

Principles of Economics 8th Edition Mankiw Solutions

Principles Of Economics 6th Edition Mankiw Test Bank

Principles of Economics 5th Edition Mankiw Test Bank

5. A consumer's willingness to pay directly measures

8. A demand curve reflects each of the following except the

10. Consumer surplus is

11. Consumer surplus

Copyright Cengage Learning. Powered by Cognero. Page 3

13. Consumer surplus is the

14. Consumer surplus is equal to the

Copyright Cengage Learning. Powered by Cognero. Page 4

16. On a graph, consumer surplus is represented by the area

17. Consumer surplus in a market can be represented by the

18. Consumer surplus is

19. In a market, the marginal buyer is the buyer

25. Refer to Table 7-1. If the market price is $105,

Copyright Cengage Learning. Powered by Cognero. Page 7

27. Refer to Table 7-2. Which of the following is not true?

Copyright Cengage Learning. Powered by Cognero. Page 8

29. Refer to Table 7-2. If the market price is $3.80,

Buyer Willingness to Pay

Copyright Cengage Learning. Powered by Cognero. Page 9

Buyer Willingness to Pay

Copyright Cengage Learning. Powered by Cognero. Page 11

First Orange Second Orange Third Orange

Copyright Cengage Learning. Powered by Cognero. Page 13

49. Refer to Table 7-5. Which of the following statements is correct?

First Apple Second Apple Third Apple

Copyright Cengage Learning. Powered by Cognero. Page 16

Copyright Cengage Learning. Powered by Cognero. Page 19

Copyright Cengage Learning. Powered by Cognero. Page 29

Copyright Cengage Learning. Powered by Cognero. Page 33

104. Which of the following will cause an increase in consumer surplus?

105. Which of the following will cause a decrease in consumer surplus?

Copyright Cengage Learning. Powered by Cognero. Page 34

Copyright Cengage Learning. Powered by Cognero. Page 36

Copyright Cengage Learning. Powered by Cognero. Page 38

Copyright Cengage Learning. Powered by Cognero. Page 39

123. Refer to Figure 7-3. Area C represents the

Copyright Cengage Learning. Powered by Cognero. Page 41

Copyright Cengage Learning. Powered by Cognero. Page 43

Copyright Cengage Learning. Powered by Cognero. Page 44

Copyright Cengage Learning. Powered by Cognero. Page 46

Copyright Cengage Learning. Powered by Cognero. Page 48

143. As a result of a decrease in price,

144. Economists normally assume people’s preferences should be

145. Consumer surplus is a good measure of economic welfare if policymakers want to

Copyright Cengage Learning. Powered by Cognero. Page 50

HEAVY GUN UNMOUNTED.

6-INCH B.L. 50-CALIBRE GUN COMPLETED AND WITH MOUNTING.

PROJECTILES AND CHARGES USED IN THE BRITISH NAVY.

Experiments are often carried out to ascertain the resisting qualities

12-INCH BREECH MECHANISM

Two classes of vessels stand forward prominently as the products

A TORPEDO. DISCHARGED FROM A DESTROYER, TRAVELLING BY ITS OWN

You might also like