G202 Krefts Exam 1 COMPREHENSIVE questions answered, 2025
G202 Krefts Exam 1
verifiedStudy
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online at https://quizlet.com/_hchu7p
1. consumer surplus difference between willingness to pay and
how much you're paying
2. producer surplus difference between price firm charges and
minimum price needed to cover costs
3. net benefit given up what does producing below Qe bring so-
ciety?
4. net cost incurred what does producing above Qe bring so-
ciety?
5. demand curve willingness to pay based on value
6. supply curve willingness to produce based on price
7. inward which way does the supply curve shift due
to a TAX?
8. inward which way does the supply curve shift due
to a PRODUCTIVE REGULATION?
9. outward which way does the supply curve shift due
to a SUBSIDY?
10. shrink does market shrink/expand with a tax?
11. shrink does market shrink/expand with a pro-
ductive regulation?
12. expand does market shrink/expand with a sub-
sidy?
13. overproduction/market above Qe when should a tax be in play?
1/8
, G202 Krefts Exam 1
Study online at https://quizlet.com/_hchu7p
14. overproduction/market above Qe when should a productive regulation be in
play?
15. underproduction/market below Qe when should a subsidy be in play?
16. the extra revenue is kept within the supply difference between taxes and productive
chain regulations
17. lobbying devoting resources to influence pub-
lic policy formation to bring more in-
come/support from government to your
group
18. 1) form coalitions 2) find political opportuni- lobbyist's goals
ties/threats 3) inform and influence
19. small interest effect small group of people receive benefits at
expense of large, unorganized group
20. majoritarian politics widely dispersed costs & widely dispersed
benefits
21. entrepreneurial politics concentrated costs & widely dispersed
benefits
22. interest group politics concentrated costs & concentrated bene-
fits
23. client politics widely dispersed costs & concentrated
benefits
24. pistachio advertising example of client politics
25. yes if gov't has the funds
2/8
G202 Krefts Exam 1
verifiedStudy
graded A+ already passed!
online at https://quizlet.com/_hchu7p
1. consumer surplus difference between willingness to pay and
how much you're paying
2. producer surplus difference between price firm charges and
minimum price needed to cover costs
3. net benefit given up what does producing below Qe bring so-
ciety?
4. net cost incurred what does producing above Qe bring so-
ciety?
5. demand curve willingness to pay based on value
6. supply curve willingness to produce based on price
7. inward which way does the supply curve shift due
to a TAX?
8. inward which way does the supply curve shift due
to a PRODUCTIVE REGULATION?
9. outward which way does the supply curve shift due
to a SUBSIDY?
10. shrink does market shrink/expand with a tax?
11. shrink does market shrink/expand with a pro-
ductive regulation?
12. expand does market shrink/expand with a sub-
sidy?
13. overproduction/market above Qe when should a tax be in play?
1/8
, G202 Krefts Exam 1
Study online at https://quizlet.com/_hchu7p
14. overproduction/market above Qe when should a productive regulation be in
play?
15. underproduction/market below Qe when should a subsidy be in play?
16. the extra revenue is kept within the supply difference between taxes and productive
chain regulations
17. lobbying devoting resources to influence pub-
lic policy formation to bring more in-
come/support from government to your
group
18. 1) form coalitions 2) find political opportuni- lobbyist's goals
ties/threats 3) inform and influence
19. small interest effect small group of people receive benefits at
expense of large, unorganized group
20. majoritarian politics widely dispersed costs & widely dispersed
benefits
21. entrepreneurial politics concentrated costs & widely dispersed
benefits
22. interest group politics concentrated costs & concentrated bene-
fits
23. client politics widely dispersed costs & concentrated
benefits
24. pistachio advertising example of client politics
25. yes if gov't has the funds
2/8
