Macro Chapter 4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| welfare economics | show 🗑
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| show | the maximum price a consumer will pay for a good; also called the reservation price (page 153)
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| the reservation price | show 🗑
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| consumer surplus | show 🗑
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| show | the minimum price a seller will accept to sell a good or service (page 155)
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| show | the difference between the price that the seller receives and the price at which the seller is willing to sell a good or service (page 155)
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| total surplus | show 🗑
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| show | total surplus
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| efficient | show 🗑
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| show | the fairness of the distribution of benefits among the members of a society (page 160)
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| show | taxes levied on a particular good or service (page 163)
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| show | the burden of taxation on the party who pays the tax through higher prices, regardless of whom the tax is actually levied on (page 163)
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| show | the decrease in economic activity caused by market distortions (page 166)
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
v.virgil
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