Exam 4: Price Controls and Quotas: Meddling With Markets

To dispose of the unwanted surplus resulting from agricultural price floors, the European Union pays exporters to sell products at a loss overseas.

(True/False)

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Question 101

Use the following to answer questions: -(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 102

The system of taxicab medallions in New York City is an example of a:

(Multiple Choice)

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Question 103

When the government imposes a quota on sales of a good or service, it usually licenses the right to sell a given quantity of the good. The market price of the license is equal to the:

(Multiple Choice)

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Question 104

Suppose the government sets a price floor of $2.85 per bushel on corn when the current price is $2.55. This price floor will:

(Multiple Choice)

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Question 105

A price ceiling benefits all consumers.

(True/False)

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Question 106

Which inefficiency is NOT caused by binding price ceilings?

(Multiple Choice)

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Question 107

The purpose of medallions issued in New York City in the 1930s was to:

(Multiple Choice)

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Question 108

A rent ceiling must be set above the equilibrium rent to be binding.

(True/False)

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Question 109

Use the following to answer questions: -(Figure: The Market for Sandwiches) Use Figure: The Market for Sandwiches. Suppose a price floor is set at $7. At this price, consumer surplus is equal to _ and producer surplus is equal to _.

(Multiple Choice)

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Question 110

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 111

Suppose Congress imposes a price ceiling of $5 per ATM transaction. If the average market-clearing price for an ATM transaction is $2, the price ceiling will not be binding in this instance.

(True/False)

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Question 112

Use the following to answer questions: -(Figure: The Market for Economics Textbooks) Use Figure: The Market for Economics Textbooks. At a price ceiling of $40, the market outcome would be a _ of _ textbooks.

(Multiple Choice)

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Question 113

When a tenant in a rent-controlled apartment sublets the apartment to another renter at a rent higher than the price ceiling:

(Multiple Choice)

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Question 114

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

(Multiple Choice)

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Question 115

If a quota is set above the equilibrium quantity, there will be:

(Multiple Choice)

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Question 116

If the demand curve for clams is downward sloping, a quota that is set below the equilibrium quantity will decrease the price that consumers pay for clams.

(True/False)

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Question 117

A binding price ceiling will cause a persistent _, and a binding price floor will cause a persistent _.

(Multiple Choice)

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Question 118

Which inefficiency is NOT caused by price floors?

(Multiple Choice)

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Question 119

Use the following to answer questions: -(Table: The Market for Soda) Use Table: The Market for Soda. If the government does NOT impose a price control, the price of a can of soda will equal:

(Multiple Choice)

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Question 120

Showing 101 - 120 of 187

To dispose of the unwanted surplus resulting from agricultural price floors, the European Union pays exporters to sell products at a loss overseas.

Use the following to answer questions: -(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 system of taxicab medallions in New York City is an example of a:

When the government imposes a quota on sales of a good or service, it usually licenses the right to sell a given quantity of the good. The market price of the license is equal to the:

Suppose the government sets a price floor of $2.85 per bushel on corn when the current price is $2.55. This price floor will:

A price ceiling benefits all consumers.

Which inefficiency is NOT caused by binding price ceilings?

The purpose of medallions issued in New York City in the 1930s was to:

A rent ceiling must be set above the equilibrium rent to be binding.

Use the following to answer questions: -(Figure: The Market for Sandwiches) Use Figure: The Market for Sandwiches. Suppose a price floor is set at $7. At this price, consumer surplus is equal to _ and producer surplus is equal to _.

Suppose Congress imposes a price ceiling of $5 per ATM transaction. If the average market-clearing price for an ATM transaction is $2, the price ceiling will not be binding in this instance.

Use the following to answer questions: -(Figure: The Market for Economics Textbooks) Use Figure: The Market for Economics Textbooks. At a price ceiling of $40, the market outcome would be a _ of _ textbooks.

When a tenant in a rent-controlled apartment sublets the apartment to another renter at a rent higher than the price ceiling:

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

If a quota is set above the equilibrium quantity, there will be:

If the demand curve for clams is downward sloping, a quota that is set below the equilibrium quantity will decrease the price that consumers pay for clams.

A binding price ceiling will cause a persistent _, and a binding price floor will cause a persistent _.

Which inefficiency is NOT caused by price floors?

Use the following to answer questions: -(Table: The Market for Soda) Use Table: The Market for Soda. If the government does NOT impose a price control, the price of a can of soda will equal:

First Principles

Economic Models: Trade-Offs and Trade

Supply and Demand

International Trade

Macroeconomics: the Big Picture

GDP and the CPI: Tracking the Macroeconomy

Unemployment and Inflation

Long-Run Economic Growth

Savings, Investment Spending, and the Financial Syst

Income and Expenditure

Aggregate Demand and Aggregate Supply

Fiscal Policy

Money, Banking, and the Federal Reserve System

Monetary Policy

Inflation, Disinflation, and Deflation

Macroeconomics: Events and Ideas

International Macroeconomics

Filters

Exam 4: Price Controls and Quotas: Meddling With Markets

To dispose of the unwanted surplus resulting from agricultural price floors, the European Union pays exporters to sell products at a loss overseas.

Use the following to answer questions: -(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 system of taxicab medallions in New York City is an example of a:

When the government imposes a quota on sales of a good or service, it usually licenses the right to sell a given quantity of the good. The market price of the license is equal to the:

Suppose the government sets a price floor of $2.85 per bushel on corn when the current price is $2.55. This price floor will:

A price ceiling benefits all consumers.

Which inefficiency is NOT caused by binding price ceilings?

The purpose of medallions issued in New York City in the 1930s was to:

A rent ceiling must be set above the equilibrium rent to be binding.

Use the following to answer questions: -(Figure: The Market for Sandwiches) Use Figure: The Market for Sandwiches. Suppose a price floor is set at $7. At this price, consumer surplus is equal to _____ and producer surplus is equal to _____.

Suppose Congress imposes a price ceiling of $5 per ATM transaction. If the average market-clearing price for an ATM transaction is $2, the price ceiling will not be binding in this instance.

Use the following to answer questions: -(Figure: The Market for Economics Textbooks) Use Figure: The Market for Economics Textbooks. At a price ceiling of $40, the market outcome would be a _____ of _____ textbooks.

When a tenant in a rent-controlled apartment sublets the apartment to another renter at a rent higher than the price ceiling:

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

If a quota is set above the equilibrium quantity, there will be:

If the demand curve for clams is downward sloping, a quota that is set below the equilibrium quantity will decrease the price that consumers pay for clams.

A binding price ceiling will cause a persistent _____, and a binding price floor will cause a persistent _____.

Which inefficiency is NOT caused by price floors?

Use the following to answer questions: -(Table: The Market for Soda) Use Table: The Market for Soda. If the government does NOT impose a price control, the price of a can of soda will equal:

First Principles

Economic Models: Trade-Offs and Trade

Supply and Demand

International Trade

Macroeconomics: the Big Picture

GDP and the CPI: Tracking the Macroeconomy

Unemployment and Inflation

Long-Run Economic Growth

Savings, Investment Spending, and the Financial Syst

Income and Expenditure

Aggregate Demand and Aggregate Supply

Fiscal Policy

Money, Banking, and the Federal Reserve System

Monetary Policy

Inflation, Disinflation, and Deflation

Macroeconomics: Events and Ideas

International Macroeconomics

Filters

Use the following to answer questions: -(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 _.

Use the following to answer questions: -(Figure: The Market for Sandwiches) Use Figure: The Market for Sandwiches. Suppose a price floor is set at $7. At this price, consumer surplus is equal to _ and producer surplus is equal to _.

Use the following to answer questions: -(Figure: The Market for Economics Textbooks) Use Figure: The Market for Economics Textbooks. At a price ceiling of $40, the market outcome would be a _ of _ textbooks.

A binding price ceiling will cause a persistent _, and a binding price floor will cause a persistent _.