Exam 5: Price Controls and Quotas: Meddling With Markets

If the demand curve for clams is downward sloping and the supply curve is upward sloping,a quota that is set below the equilibrium quantity will result in a supply price higher than the demand price.

(True/False)

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Question 121

If the minimum wage is a binding price floor:

(Multiple Choice)

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Question 122

Suppose the government sets a price floor below the current price of a good.This price floor will:

(Multiple Choice)

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Question 123

Rent controls in New York City do NOT cause:

(Multiple Choice)

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Question 124

Use the following to answer question: -(Table: The Market for Taxi Rides)Use Table: The Market for Taxi Rides.If a government quota limit at 7 million rides is imposed on this market,the quota rent that will accrue to the owner of a taxi medallion will be _ per ride,but there will be a total missed opportunity (inefficiency)to consumers and producers of _ million rides.

(Multiple Choice)

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Question 125

A rent-control scheme that sets the maximum allowable rent at a price below the equilibrium rental price would MOST likely be supported by:

(Multiple Choice)

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Question 126

Use the following to answer question: -(Figure: Rent Controls)Use Figure: Rent Controls.If rent controls are imposed and the government wants them to be immediately effective,they will most likely be set at either _ or _.

(Multiple Choice)

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Question 127

If New York City had no medallion system for taxicabs,assuming that the supply curve of taxicab rides is upward sloping and the demand curve for taxicab rides is downward sloping,economic theory would predict that the price of a taxicab ride would:

(Multiple Choice)

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Question 128

Use the following to answer question: -(Table: The Market for Soda)Use Table: The Market for Soda.If the government imposes a price ceiling of $0.50 per can of soda,there will be:

(Multiple Choice)

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Question 129

The government might impose a price floor if _ in a market can make a strong moral or political argument for _ prices.

(Multiple Choice)

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Question 130

The total amount of the good that can be transacted under a quantity control is called the:

(Multiple Choice)

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Question 131

An effective price floor would result in a(n):

(Multiple Choice)

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Question 132

The Atlanta Symphony wants to make sure that its concerts are affordable for all residents of Atlanta and therefore prices all of its tickets at $25.However,outside Symphony Hall,people can sell the same tickets for $75 or more.The true cost to the concertgoer of a ticket to the symphony is at least:

(Multiple Choice)

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Question 133

A price ceiling will have NO immediate effect if:

(Multiple Choice)

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Question 134

A limit on the amount of a foreign currency people are allowed to buy is an example of a quota.

(True/False)

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Question 135

Governments continue to impose price controls.Which statement is NOT a valid reason for this?

(Multiple Choice)

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Question 136

Use the following to answer question: -(Table: Quantity Supplied and Quantity Demanded)Use Table: Quantity Supplied and Quantity Demanded.A government-imposed price ceiling equal to $5 would result in:

(Multiple Choice)

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Question 137

By definition,in a black market,goods or services are bought and sold:

(Multiple Choice)

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Question 138

One of the ways rent control is inefficient is that it leads to:

(Multiple Choice)

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Question 139

The government decides to impose a price ceiling on a good because it thinks the market-determined price is too high.If the government imposes the price ceiling below the equilibrium price:

(Multiple Choice)

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Question 140

Showing 121 - 140 of 216

If the demand curve for clams is downward sloping and the supply curve is upward sloping,a quota that is set below the equilibrium quantity will result in a supply price higher than the demand price.

If the minimum wage is a binding price floor:

Suppose the government sets a price floor below the current price of a good.This price floor will:

Rent controls in New York City do NOT cause:

A rent-control scheme that sets the maximum allowable rent at a price below the equilibrium rental price would MOST likely be supported by:

Use the following to answer question: -(Figure: Rent Controls)Use Figure: Rent Controls.If rent controls are imposed and the government wants them to be immediately effective,they will most likely be set at either _ or _.

If New York City had no medallion system for taxicabs,assuming that the supply curve of taxicab rides is upward sloping and the demand curve for taxicab rides is downward sloping,economic theory would predict that the price of a taxicab ride would:

Use the following to answer question: -(Table: The Market for Soda)Use Table: The Market for Soda.If the government imposes a price ceiling of $0.50 per can of soda,there will be:

The government might impose a price floor if _ in a market can make a strong moral or political argument for _ prices.

The total amount of the good that can be transacted under a quantity control is called the:

An effective price floor would result in a(n):

A price ceiling will have NO immediate effect if:

A limit on the amount of a foreign currency people are allowed to buy is an example of a quota.

Governments continue to impose price controls.Which statement is NOT a valid reason for this?

Use the following to answer question: -(Table: Quantity Supplied and Quantity Demanded)Use Table: Quantity Supplied and Quantity Demanded.A government-imposed price ceiling equal to $5 would result in:

By definition,in a black market,goods or services are bought and sold:

One of the ways rent control is inefficient is that it leads to:

The government decides to impose a price ceiling on a good because it thinks the market-determined price is too high.If the government imposes the price ceiling below the equilibrium price:

First Principles

Economic Models: Trade-Offs and Trade

Consumer and Producer Surplus

Supply and Demand

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve: Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, Risk, and Private Information

Graphs in Economics

Consumer Preferences and Consumer Choice

Filters

Exam 5: Price Controls and Quotas: Meddling With Markets

If the demand curve for clams is downward sloping and the supply curve is upward sloping,a quota that is set below the equilibrium quantity will result in a supply price higher than the demand price.

If the minimum wage is a binding price floor:

Suppose the government sets a price floor below the current price of a good.This price floor will:

Rent controls in New York City do NOT cause:

A rent-control scheme that sets the maximum allowable rent at a price below the equilibrium rental price would MOST likely be supported by:

Use the following to answer question: -(Figure: Rent Controls)Use Figure: Rent Controls.If rent controls are imposed and the government wants them to be immediately effective,they will most likely be set at either _____ or _____.

If New York City had no medallion system for taxicabs,assuming that the supply curve of taxicab rides is upward sloping and the demand curve for taxicab rides is downward sloping,economic theory would predict that the price of a taxicab ride would:

Use the following to answer question: -(Table: The Market for Soda)Use Table: The Market for Soda.If the government imposes a price ceiling of $0.50 per can of soda,there will be:

The government might impose a price floor if _____ in a market can make a strong moral or political argument for _____ prices.

The total amount of the good that can be transacted under a quantity control is called the:

An effective price floor would result in a(n):

A price ceiling will have NO immediate effect if:

A limit on the amount of a foreign currency people are allowed to buy is an example of a quota.

Governments continue to impose price controls.Which statement is NOT a valid reason for this?

Use the following to answer question: -(Table: Quantity Supplied and Quantity Demanded)Use Table: Quantity Supplied and Quantity Demanded.A government-imposed price ceiling equal to $5 would result in:

By definition,in a black market,goods or services are bought and sold:

One of the ways rent control is inefficient is that it leads to:

The government decides to impose a price ceiling on a good because it thinks the market-determined price is too high.If the government imposes the price ceiling below the equilibrium price:

First Principles

Economic Models: Trade-Offs and Trade

Consumer and Producer Surplus

Supply and Demand

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve: Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, Risk, and Private Information

Graphs in Economics

Consumer Preferences and Consumer Choice

Filters

Use the following to answer question: -(Figure: Rent Controls)Use Figure: Rent Controls.If rent controls are imposed and the government wants them to be immediately effective,they will most likely be set at either _ or _.

The government might impose a price floor if _ in a market can make a strong moral or political argument for _ prices.