ECON 2001.01 Study Guide - Quiz Guide: Price Ceiling, Economic Surplus, Price Floor

• School: Ohio State University
• Department: Economics
• Course: ECON 2001.01
• Professor: All

Document Summary

On your scantron: under name clearly fill out your last name then your first name; then bubble in the correct letters. You have 60 minutes to finish the quiz. When you are done with your quiz, you must hand in your scantron and this page (please write your name). There are 30 questions total on this quiz. Indicate the answer choice that best completes the statement or answers the question: suppose there is currently a tax of per ticket on airline tickets. Sellers of airline tickets are required to pay the tax to the government. If the tax is reduced from per ticket to per ticket, then the: supply curve will shift downward by , and the price paid by buyers will decrease by less than. : demand curve will shift upward by , and the effective price received by sellers will increase by.