Exam 5: Price Controls and Quotas: Meddling With Markets

Use the following to answer question: -(Table: Market for Fried Twinkies) Look at the table The Market for Fried Twinkies. In response to popular anger over the high price of fried Twinkies and the extreme wealth of fried Twinkie producers, the government imposes a price ceiling of $1.20 per fried Twinkie. From this table, the price ceiling causes a _____ fried Twinkies.

(Multiple Choice)

4.7/5

(31)

Question 21

Use the following to answer questions: Figure: Market I -(Figure: Market I) Look at the figure Market I. A price floor of $5 imposed on this market would:

(Multiple Choice)

4.9/5

(31)

Question 22

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

(Multiple Choice)

4.9/5

(48)

Question 23

Rent controls usually set a ceiling below the equilibrium price, and therefore:

(Multiple Choice)

4.8/5

(35)

Question 24

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

(Multiple Choice)

4.8/5

(45)

Question 25

Suppose the market price of wheat is $7 a bushel and a price ceiling is set at $9 a bushel. What is the impact of this price ceiling?

(Essay)

5.0/5

(32)

Question 26

The amount that consumers are willing to pay for the quota limit quantity is the:

(Multiple Choice)

4.9/5

(31)

Question 27

Typically the government limits the quantity of a good that can be bought and sold by:

(Multiple Choice)

4.8/5

(48)

Question 28

A quota is the minimum amount of some good that can be bought and sold.

(True/False)

5.0/5

(32)

Question 29

Use the following to answer questions: -(Table: Market for Fried Twinkies) Look at the table Market for Fried Twinkies. If the government imposes a quota of 5,000 on the fried Twinkie market, the quota rent per fried Twinkie will be:

(Multiple Choice)

4.8/5

(31)

Question 30

Use the following to answer questions: -(Table: The Market for Hamburger Flippers) Look at the table The Market for Hamburger Flippers. If the minimum wage in this market is $8, what is the effect on the market? Who are the winners and losers?

(Essay)

4.8/5

(33)

Question 31

Use the following to answer question: Figure: The Shrimp Market -(Figure: The Shrimp Market) Look at the figure The Shrimp Market. If the government wants to limit shrimp sales to 500 pounds, it can impose a price:

(Multiple Choice)

4.7/5

(30)

Question 32

The demand price of a given quantity of doughnuts is the price at which consumers will demand that quantity. The supply price is the price at which doughnut producers will supply that quantity.

(True/False)

4.7/5

(42)

Question 33

A maximum price legislated by the government is called:

(Multiple Choice)

4.7/5

(30)

Question 34

Use the following to answer question: Figure: The Market for Clams -(Figure: The Market for Clams) Look at the figure The Market for Clams. The government imposes a quota limiting sales of clams to 1,000 pounds. According to the figure, the quota rent per pound in this case is:

(Multiple Choice)

4.9/5

(41)

Question 35

An effective price floor will lead to:

(Multiple Choice)

4.8/5

(35)

Question 36

Use the following to answer questions: -(Table: The Market for Soda) Look at the table The Market for Soda. If the government imposes a price ceiling of $1 per can of soda, the quantity of soda supplied will be:

(Multiple Choice)

4.8/5

(38)

Question 37

Suppose the state of Mississippi sets a price floor in the market for cotton. If the floor is set below the market-clearing price of cotton, the floor will cause a surplus of cotton.

(True/False)

4.8/5

(35)

Question 38

A price ceiling will have NO effect if:

(Multiple Choice)

4.8/5

(34)

Question 39

An effective minimum wage ultimately means that:

(Multiple Choice)

4.9/5

(33)

Question 40

Showing 21 - 40 of 227

Use the following to answer questions: Figure: Market I -(Figure: Market I) Look at the figure Market I. A price floor of $5 imposed on this market would:

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

Rent controls usually set a ceiling below the equilibrium price, and therefore:

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

Suppose the market price of wheat is $7 a bushel and a price ceiling is set at $9 a bushel. What is the impact of this price ceiling?

The amount that consumers are willing to pay for the quota limit quantity is the:

Typically the government limits the quantity of a good that can be bought and sold by:

A quota is the minimum amount of some good that can be bought and sold.

Use the following to answer questions: -(Table: Market for Fried Twinkies) Look at the table Market for Fried Twinkies. If the government imposes a quota of 5,000 on the fried Twinkie market, the quota rent per fried Twinkie will be:

Use the following to answer questions: -(Table: The Market for Hamburger Flippers) Look at the table The Market for Hamburger Flippers. If the minimum wage in this market is $8, what is the effect on the market? Who are the winners and losers?

Use the following to answer question: Figure: The Shrimp Market -(Figure: The Shrimp Market) Look at the figure The Shrimp Market. If the government wants to limit shrimp sales to 500 pounds, it can impose a price:

The demand price of a given quantity of doughnuts is the price at which consumers will demand that quantity. The supply price is the price at which doughnut producers will supply that quantity.

A maximum price legislated by the government is called:

Use the following to answer question: Figure: The Market for Clams -(Figure: The Market for Clams) Look at the figure The Market for Clams. The government imposes a quota limiting sales of clams to 1,000 pounds. According to the figure, the quota rent per pound in this case is:

An effective price floor will lead to:

Use the following to answer questions: -(Table: The Market for Soda) Look at the table The Market for Soda. If the government imposes a price ceiling of $1 per can of soda, the quantity of soda supplied will be:

Suppose the state of Mississippi sets a price floor in the market for cotton. If the floor is set below the market-clearing price of cotton, the floor will cause a surplus of cotton.

A price ceiling will have NO effect if:

An effective minimum wage ultimately means that:

First Principles

Economic Models: Trade-Offs and Trade 25

Supply and Demand

Consumer and Producer Surplus

Elasticity

Taxes

International Trade

Decision Making by Individuals 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 Common Resources

The Economics of the Welfare

Factor Markets and the Distribution of Income

Uncertainty, Risk, and Private Information

Filters

Exam 5: Price Controls and Quotas: Meddling With Markets

Use the following to answer questions: Figure: Market I -(Figure: Market I) Look at the figure Market I. A price floor of $5 imposed on this market would:

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

Rent controls usually set a ceiling below the equilibrium price, and therefore:

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

Suppose the market price of wheat is $7 a bushel and a price ceiling is set at $9 a bushel. What is the impact of this price ceiling?

The amount that consumers are willing to pay for the quota limit quantity is the:

Typically the government limits the quantity of a good that can be bought and sold by:

A quota is the minimum amount of some good that can be bought and sold.

Use the following to answer questions: -(Table: Market for Fried Twinkies) Look at the table Market for Fried Twinkies. If the government imposes a quota of 5,000 on the fried Twinkie market, the quota rent per fried Twinkie will be:

Use the following to answer questions: -(Table: The Market for Hamburger Flippers) Look at the table The Market for Hamburger Flippers. If the minimum wage in this market is $8, what is the effect on the market? Who are the winners and losers?

Use the following to answer question: Figure: The Shrimp Market -(Figure: The Shrimp Market) Look at the figure The Shrimp Market. If the government wants to limit shrimp sales to 500 pounds, it can impose a price:

The demand price of a given quantity of doughnuts is the price at which consumers will demand that quantity. The supply price is the price at which doughnut producers will supply that quantity.

A maximum price legislated by the government is called:

Use the following to answer question: Figure: The Market for Clams -(Figure: The Market for Clams) Look at the figure The Market for Clams. The government imposes a quota limiting sales of clams to 1,000 pounds. According to the figure, the quota rent per pound in this case is:

An effective price floor will lead to:

Use the following to answer questions: -(Table: The Market for Soda) Look at the table The Market for Soda. If the government imposes a price ceiling of $1 per can of soda, the quantity of soda supplied will be:

Suppose the state of Mississippi sets a price floor in the market for cotton. If the floor is set below the market-clearing price of cotton, the floor will cause a surplus of cotton.

A price ceiling will have NO effect if:

An effective minimum wage ultimately means that:

First Principles

Economic Models: Trade-Offs and Trade 25

Supply and Demand

Consumer and Producer Surplus

Elasticity

Taxes

International Trade

Decision Making by Individuals 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 Common Resources

The Economics of the Welfare

Factor Markets and the Distribution of Income

Uncertainty, Risk, and Private Information

Filters

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