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record the amount purchasers pay for goods and services, including the effects of product taxes and subsidies that influence the transaction price."},{"text":"The prices producers actually receive.","correct":false,"explanation":"This confuses market prices with basic prices, which measure producers’ receipts. Market prices instead measure what buyers pay, after the effects of product taxes and subsidies."},{"text":"The prices the government officially sets.","correct":false,"explanation":"Governments may influence prices through taxes or subsidies, but they do not necessarily set them. Market prices measure the amounts buyers actually pay in transactions."},{"text":"The prices firms spend on production.","correct":false,"explanation":"Production spending covers firms’ costs rather than purchasers’ payments. Market prices measure what buyers actually pay, including relevant taxes and subsidies on products."}]},{"id":"f7f33550-7e07-4c33-8cdd-e53df609f4f2","cardType":"basic","points":1,"front":"What do basic prices measure?","back":"The prices producers actually receive.","mcqOptions":[{"text":"The prices producers actually receive.","correct":true,"explanation":"Basic prices measure the revenue received by producers for their output, excluding product taxes and including the effect of product subsidies."},{"text":"The prices buyers actually pay.","correct":false,"explanation":"This describes market prices, not basic prices. Basic prices focus on the amount producers receive, after excluding product taxes and accounting for product subsidies."},{"text":"The prices retailers charge consumers.","correct":false,"explanation":"Retail charges concern the buyer’s transaction price and therefore relate to market prices. Basic prices measure the receipts reaching producers instead."},{"text":"The prices the government pays producers.","correct":false,"explanation":"Government purchases are only one possible source of demand and do not define the measure. Basic prices capture producers’ receipts from output generally."}]},{"id":"2ec0d628-be19-4af2-98ee-3c2bb891b86d","cardType":"basic","points":1,"front":"What is included in market prices but excluded from basic prices?","back":"Taxes on products.","mcqOptions":[{"text":"Taxes on products.","correct":true,"explanation":"Market prices include taxes charged on products, whereas basic prices exclude these taxes so that the measure reflects producers’ receipts more directly."},{"text":"Subsidies to producers.","correct":false,"explanation":"Product subsidies are accounted for in basic prices rather than being excluded from them. The item included in market prices but excluded from basic prices is product taxes."},{"text":"Payments to workers.","correct":false,"explanation":"Workers’ payments are part of production costs or income distribution, not the specific adjustment between market and basic prices. Product taxes create that difference."},{"text":"Profits earned by retailers.","correct":false,"explanation":"Retail profits may affect the distribution of revenue but are not the relevant price adjustment. Market prices include product taxes, which basic prices exclude."}]},{"id":"02b7dd6f-95c1-48bc-b98a-056ba4e00ad0","cardType":"basic","points":1,"front":"How are subsidies on products treated in market prices?","back":"Market prices are net of subsidies on products.","mcqOptions":[{"text":"Market prices are net of subsidies on products.","correct":true,"explanation":"A subsidy reduces the amount buyers need to pay, so the observed market price is net of that subsidy rather than increased by it."},{"text":"Market prices are gross of subsidies on products.","correct":false,"explanation":"Treating prices as gross of subsidies reverses the adjustment. Product subsidies lower the amount buyers pay, so market prices are net of subsidies."},{"text":"Market prices are unaffected by subsidies on products.","correct":false,"explanation":"Subsidies can reduce the price paid by buyers, so they affect market prices. The correct treatment is that market prices are net of product subsidies."},{"text":"Market prices are equal to subsidies on products.","correct":false,"explanation":"A subsidy is an adjustment to a product’s price, not the whole price itself. Market prices reflect the buyer’s payment after the subsidy is deducted."}]},{"id":"1c231d7c-6647-4028-ad24-fd3e0152c9ca","cardType":"basic","points":1,"front":"How are subsidies on products treated in basic prices?","back":"Basic prices are calculated after subsidies are included.","mcqOptions":[{"text":"Basic prices are calculated after subsidies are included.","correct":true,"explanation":"Basic prices account for product subsidies in measuring producers’ receipts, while excluding product taxes. Including subsidies therefore forms part of the basic-price calculation."},{"text":"Basic prices are calculated before subsidies are included.","correct":false,"explanation":"Leaving subsidies out would understate the receipts relevant to producers. Basic prices are calculated after product subsidies are included, while product taxes are excluded."},{"text":"Basic prices are calculated after taxes are included.","correct":false,"explanation":"Product taxes are excluded when moving to basic prices, so including them gives the wrong adjustment. Product subsidies, by contrast, are included."},{"text":"Basic prices are calculated without taxes or subsidies.","correct":false,"explanation":"Basic prices do not ignore both adjustments: product taxes are excluded, but product subsidies are included. Omitting both would mismeasure producers’ receipts."}]},{"id":"adf68072-35b2-45fa-a2e9-77c98bb68a6e","cardType":"basic","points":2,"front":"Why do market and basic prices differ?","back":"Taxes and subsidies create a wedge between buyer payments and producer receipts.","mcqOptions":[{"text":"Taxes and subsidies create a wedge between buyer payments and producer receipts.","correct":true,"explanation":"Product taxes and subsidies alter the relationship between what buyers pay and what producers receive, creating the difference between market prices and basic prices."},{"text":"Wages and profits create a wedge between buyer payments and producer receipts.","correct":false,"explanation":"Wages and profits distribute income within production rather than defining the price adjustment. Taxes and subsidies on products create the wedge between the two measures."},{"text":"Imports and exports create a wedge between buyer payments and producer receipts.","correct":false,"explanation":"Trade flows affect national output and spending, but they do not explain this price difference. Product taxes and subsidies create the wedge between payments and receipts."},{"text":"Supply and demand create a wedge between buyer payments and producer receipts.","correct":false,"explanation":"Supply and demand influence the underlying market price, but the accounting wedge between buyer payments and producer receipts is created by product taxes and subsidies."}]},{"id":"3094a59f-5557-4ad7-8065-eddddc92ed67","cardType":"basic","points":1,"front":"What does a tax on a product do to the price buyers pay?","back":"It raises the price buyers pay.","mcqOptions":[{"text":"It raises the price buyers pay.","correct":true,"explanation":"A product tax adds to the amount paid in the transaction, so buyers generally face a higher price when the tax is imposed."},{"text":"It lowers the price buyers pay.","correct":false,"explanation":"This reverses the effect of a product tax with that of a subsidy. A tax adds to the transaction price, so it raises the amount buyers pay."},{"text":"It leaves unchanged the price buyers pay.","correct":false,"explanation":"A product tax is intended to alter the transaction price, although the exact burden may be shared. In the stated relationship, it raises the price buyers pay."},{"text":"It removes the price buyers pay.","correct":false,"explanation":"A tax does not eliminate the product’s price; it adds an extra charge to the transaction. Consequently, the amount buyers pay rises."}]},{"id":"71979ea1-6518-4e1c-a98f-4d56e3b95fa1","cardType":"basic","points":1,"front":"What does a subsidy on a product do to the fare or price buyers pay?","back":"It lowers the price buyers pay.","mcqOptions":[{"text":"It lowers the price buyers pay.","correct":true,"explanation":"A product subsidy reduces the amount buyers must pay for the good or service, so the buyer-facing fare or price falls."},{"text":"It raises the price buyers pay.","correct":false,"explanation":"This reverses the usual buyer-side effect of a subsidy with that of a product tax. A subsidy reduces the amount buyers pay."},{"text":"It leaves unchanged the price buyers pay.","correct":false,"explanation":"A product subsidy affects the transaction by reducing the buyer’s payment, even if its benefits are not passed on perfectly in every market."},{"text":"It removes the price buyers pay.","correct":false,"explanation":"A subsidy reduces a price rather than eliminating it altogether. The relevant effect is a lower amount paid by buyers for the product."}]},{"id":"76fd5a62-0f44-47a4-bdf6-bc39e3943f7b","cardType":"basic","points":2,"front":"Why are taxes on products subtracted when converting market prices to basic prices?","back":"Taxes make the market price higher than the producer's receipt.","mcqOptions":[{"text":"Taxes make the market price higher than the producer's receipt.","correct":true,"explanation":"A product tax raises the price paid by buyers relative to the amount received by producers, so removing that tax moves the measure from market prices towards the producer’s basic-price receipt."},{"text":"Taxes make the market price lower than the producer's receipt.","correct":false,"explanation":"This reverses the effect of a product tax: taxes create a wedge that raises the buyer’s market price above the producer’s receipt. The tax must therefore be subtracted."},{"text":"Taxes make the market price equal to the producer's receipt.","correct":false,"explanation":"Ignoring the tax wedge would make the two prices appear equal, but the tax means buyers pay more than producers receive. Subtracting taxes removes this difference."},{"text":"Taxes make the market price higher than the consumer's receipt.","correct":false,"explanation":"The relevant comparison is between the market price paid and the producer’s receipt, not a consumer’s receipt. Product taxes raise the market price above the producer amount."}]},{"id":"a65ffc68-83e5-44a5-938a-bd750c5c0227","cardType":"basic","points":2,"front":"Why are subsidies on products added when converting market prices to basic prices?","back":"A subsidy can make the market price lower than the producer's receipt.","mcqOptions":[{"text":"A subsidy can make the market price lower than the producer's receipt.","correct":true,"explanation":"A product subsidy can supplement what producers receive, allowing the market price paid by buyers to remain below the producer’s total receipt. Adding subsidies reverses this wedge."},{"text":"A subsidy can make the market price higher than the producer's receipt.","correct":false,"explanation":"This describes the usual effect of a product tax rather than a subsidy. A subsidy can increase the producer’s receipt above the market price, so it is added."},{"text":"A subsidy can make the market price equal to the producer's receipt.","correct":false,"explanation":"A subsidy does not necessarily leave buyer and producer amounts equal; it can create a gap between them. That subsidy component must be added when adjusting prices."},{"text":"A subsidy can make the market price lower than the consumer's receipt.","correct":false,"explanation":"Consumers pay the market price, so describing a separate consumer receipt misses the relevant price relationship. The comparison is with the producer’s receipt, which subsidies can exceed."}]},{"id":"833a247a-d455-486b-9929-3720d87ec849","cardType":"basic","points":2,"front":"What adjustment converts market prices into basic prices?","back":"Subtract taxes on products and add subsidies on products.","mcqOptions":[{"text":"Subtract taxes on products and add subsidies on products.","correct":true,"explanation":"Market prices include product taxes and exclude product subsidies from the producer’s receipt. Subtracting taxes and adding subsidies removes these distortions to obtain basic prices."},{"text":"Add taxes on products and subtract subsidies on products.","correct":false,"explanation":"Both operations are reversed here. Taxes inflate market prices and must be removed, while subsidies raise producer receipts relative to market prices and must be added."},{"text":"Subtract taxes on products and subtract subsidies on products.","correct":false,"explanation":"The tax adjustment is correct, but subtracting subsidies is not. Subsidies can make producer receipts higher than market prices, so they must be added."},{"text":"Add taxes on products and add subsidies on products.","correct":false,"explanation":"Although subsidies are correctly added, taxes are not. Product taxes increase the market-price measure, so they must be subtracted rather than added."}]},{"id":"03d04e00-7961-4017-98fc-5ebe31f41e2f","cardType":"basic","points":1,"front":"What does the basic-price measure strip out?","back":"Government tax and subsidy distortions.","mcqOptions":[{"text":"Government tax and subsidy distortions.","correct":true,"explanation":"Basic prices remove the effects of product taxes and subsidies, allowing output to be valued closer to what producers actually receive rather than at policy-affected market prices."},{"text":"Private-sector production costs.","correct":false,"explanation":"Basic prices do not remove firms’ production costs; those are reflected in the value of production. The adjustment specifically removes distortions created by government taxes and subsidies."},{"text":"Changes in consumer demand.","correct":false,"explanation":"Consumer demand can affect prices and output but is not directly stripped out by this adjustment. Basic prices specifically exclude the distortion caused by product taxes and subsidies."},{"text":"International exchange-rate effects.","correct":false,"explanation":"Exchange-rate effects concern conversion between currencies, not the adjustment from market to basic prices. That adjustment removes government tax and subsidy distortions on products."}]},{"id":"c2a2751c-0aa4-41d4-9f98-1d5f69f621b0","cardType":"basic","points":2,"front":"Why can basic prices improve comparisons between economies?","back":"They remove differences caused by tax and subsidy rates.","mcqOptions":[{"text":"They remove differences caused by tax and subsidy rates.","correct":true,"explanation":"Countries may apply different product taxes and subsidies, affecting market prices without reflecting underlying production. Basic prices remove these policy differences, improving comparability between economies."},{"text":"They remove differences caused by interest and exchange rates.","correct":false,"explanation":"Interest and exchange rates can affect economic comparisons, but this adjustment does not remove them. Basic prices specifically eliminate differences caused by product tax and subsidy rates."},{"text":"They remove differences caused by wage and profit rates.","correct":false,"explanation":"Wages and profits are part of how production income is distributed, not the policy wedge removed here. The adjustment targets differing product tax and subsidy rates."},{"text":"They remove differences caused by population and employment rates.","correct":false,"explanation":"Population and employment differences require other measures, such as per-capita or employment-based comparisons. Converting to basic prices only removes distortions from tax and subsidy rates."}]},{"id":"fd671024-0312-4a7e-9a05-efea27032392","cardType":"basic","points":2,"front":"When will the basic-price figure exceed the market-price figure?","back":"When subsidies on products exceed taxes on products.","mcqOptions":[{"text":"When subsidies on products exceed taxes on products.","correct":true,"explanation":"The adjustment is market prices minus product taxes plus product subsidies. If the subsidy addition is larger than the tax subtraction, the resulting basic-price figure exceeds the market-price figure."},{"text":"When taxes on products exceed subsidies on products.","correct":false,"explanation":"A larger tax subtraction makes basic prices lower than market prices. Basic prices exceed market prices only when the subsidy addition is larger than the tax subtraction."},{"text":"When taxes on products equal subsidies on products.","correct":false,"explanation":"Equal taxes and subsidies cancel in the adjustment, leaving basic prices equal to market prices. A higher basic-price figure requires subsidies to exceed taxes."},{"text":"When there are no taxes or subsidies on products.","correct":false,"explanation":"With neither adjustment present, basic and market prices are equal rather than one exceeding the other. A higher basic-price figure requires subsidies to exceed product taxes."}]},{"id":"65dc376a-0265-41ef-a07c-e655596e978f","cardType":"basic","points":2,"front":"GDP at market prices is £900 billion, with £80 billion of product taxes and £20 billion of product subsidies. What is GDP at basic prices?","back":"£840 billion ($900 - 80 + 20$).","mcqOptions":[{"text":"£840 billion ($900 - 80 + 20$).","correct":true,"explanation":"Convert market prices by subtracting £80 billion of product taxes and adding £20 billion of product subsidies: £900 billion - £80 billion + £20 billion = £840 billion."},{"text":"£820 billion ($900 - 80 - 20$).","correct":false,"explanation":"This subtracts the subsidy as though it reduced the producer’s receipt. The correct calculation adds subsidies: £900 billion - £80 billion + £20 billion = £840 billion."},{"text":"£940 billion ($900 + 80 - 20$).","correct":false,"explanation":"This treats taxes as an addition and subsidies as a subtraction, reversing both adjustments. The correct calculation is £900 billion - £80 billion + £20 billion = £840 billion."},{"text":"£880 billion ($900 - 20 + 80$).","correct":false,"explanation":"The tax and subsidy amounts have been assigned to the wrong operations. Subtract the £80 billion tax and add the £20 billion subsidy to obtain £840 billion."}]},{"id":"9ec09f16-3f6b-4207-b211-ec7033a1c063","cardType":"cloze","points":null,"front":"To convert market prices to basic prices, [ ].","back":"To convert market prices to basic prices, subtract taxes on products.","mcqOptions":[{"text":"subtract taxes on products","correct":true,"explanation":"Product taxes raise market prices above the producer’s receipt, so they must be removed when converting to basic prices. This is done by subtracting them from the market-price measure."},{"text":"add taxes on products","correct":false,"explanation":"Adding product taxes would increase the policy distortion already included in market prices. Taxes raise the market-price measure, so the correct adjustment is to subtract them."},{"text":"subtract subsidies on products","correct":false,"explanation":"Subsidies can make the producer’s receipt higher than the market price, so they are added during the conversion. Subtracting them would move the measure in the wrong direction."},{"text":"add subsidies on products","correct":false,"explanation":"Adding subsidies is appropriate for the full conversion, but it does not complete this blank, which asks for the tax adjustment. The missing instruction is to subtract product taxes."}]},{"id":"cb681c40-e16d-4cb6-aa86-91cf562be8d2","cardType":"cloze","points":null,"front":"To convert market prices to basic prices, [ ].","back":"To convert market prices to basic prices, add subsidies on products.","mcqOptions":[{"text":"add subsidies on products","correct":true,"explanation":"Subsidies on products are included in market prices but do not form part of the value received by producers, so they must be added when converting to basic prices."},{"text":"subtract subsidies on products","correct":false,"explanation":"Subsidies are already included in market prices, so subtracting them would move the measure in the wrong direction. The correct adjustment is to add subsidies on products."},{"text":"add taxes on products","correct":false,"explanation":"Taxes on products are included in market prices but not received by producers, so they must be removed. The correct conversion adds subsidies and subtracts taxes."},{"text":"subtract taxes on products","correct":false,"explanation":"Subtracting taxes is a necessary part of the conversion, but it is incomplete on its own. The required answer is to add subsidies on products."}]},{"id":"33a8c682-03ca-40d3-b508-b09912b0871b","cardType":"cloze","points":null,"front":"A tax on a product drives the market price [ ] what the producer receives.","back":"A tax on a product drives the market price above what the producer receives.","mcqOptions":[{"text":"above","correct":true,"explanation":"A product tax creates a gap between the price paid by consumers and the amount received by producers, making the market price above what the producer receives."},{"text":"below","correct":false,"explanation":"A tax raises the consumer’s market price relative to the producer’s receipt, so reversing this relationship gives the wrong result. The correct relationship is that the market price is above it."},{"text":"equal to","correct":false,"explanation":"A tax creates a wedge between the consumer price and producer receipt, so the two prices are not equal. The market price is above what the producer receives."},{"text":"unrelated to","correct":false,"explanation":"A tax directly links the market price to the producer’s receipt through the tax wedge, rather than making them unrelated. The market price is above the producer’s receipt."}]},{"id":"5a66dc10-26df-41a6-b68d-76e900ed89b0","cardType":"cloze","points":null,"front":"A subsidy on a product can make the market price [ ] what the producer receives.","back":"A subsidy on a product can make the market price below what the producer receives.","mcqOptions":[{"text":"below","correct":true,"explanation":"A product subsidy can reduce the price paid by consumers while increasing the amount received by producers, making the market price below what the producer receives."},{"text":"above","correct":false,"explanation":"Being above describes the effect of a product tax, not a subsidy. A subsidy can create a wedge in the opposite direction, leaving the market price below what the producer receives."},{"text":"equal to","correct":false,"explanation":"A subsidy can create a difference between the consumer price and producer receipt, so equality is not the relevant relationship. The market price can be below the producer’s receipt."},{"text":"unaffected by","correct":false,"explanation":"A subsidy affects the relationship between the market price and producer receipt by creating a subsidy wedge. It can make the market price below what the producer receives."}]},{"id":"f76f3ae6-1b6d-4dc9-90cf-64feccc74036","cardType":"cloze","points":null,"front":"Basic prices show the value producers receive without [ ].","back":"Basic prices show the value producers receive without government tax and subsidy distortions.","mcqOptions":[{"text":"government tax and subsidy distortions","correct":true,"explanation":"Basic prices measure the value accruing to producers after removing the effects of taxes and subsidies on products, which are government-created distortions between market prices and producer receipts."},{"text":"consumer demand and supply changes","correct":false,"explanation":"Demand and supply changes affect prices and quantities but are not the government adjustments removed when moving to basic prices. The correct answer concerns government tax and subsidy distortions."},{"text":"production costs and business profits","correct":false,"explanation":"Production costs and profits are part of the economic value generated, not distortions removed from market prices. Basic prices exclude government tax and subsidy distortions instead."},{"text":"imports, exports and exchange rates","correct":false,"explanation":"Trade flows and exchange rates may affect an economy’s prices, but they are not the specific adjustment between market and basic prices. The excluded effects are government tax and subsidy distortions."}]}]}],"examCountdown":null,"heading":"4.1.3 adjustment of measures from market prices to basic prices","title":"4.1.3 adjustment of measures from market prices to basic prices Flashcards","topbar":{"backHref":"/international-a-level/economics/cie/flashcards"},"topicSidebar":"$L39"}]}],"topicId":"c9e95d5e-f8df-484b-9ea8-7dc57a2c2a37","walled":"$L3a"}],"$L3b","$L3c"]