Exam 5: Price Controls and Quotas: Meddling With Markets

Use the following to answer question: Figure: The Market for Spanish Textbooks -(Figure: The Market for Spanish Textbooks) Look at the figure The Market for Spanish Textbooks. Suppose the government believes the producers of Spanish textbooks are not profitable and it wants to make sure textbook producers are profitable. It could impose a control called a _, and for it to be binding, one possible price would be _.

(Multiple Choice)

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Question 161

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 162

Use the following to answer questions: Table: Market for Apartments -(Table: Market for Apartments) Look at the table Market for Apartments. If a price ceiling of $700 is imposed on this market, the result will be an inefficiency in the form of a _____ million apartments.

(Multiple Choice)

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Question 163

A quota rent for tuna is the difference between the demand price and the supply price if a quota limit is imposed in the tuna market.

(True/False)

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Question 164

Deadweight loss is the lost gains associated with transactions that do not occur because of market intervention, such as a quota.

(True/False)

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Question 165

Use the following to answer question: Figure: The Market for Milk -(Figure: The Market for Milk) Look at the figure The Market for Milk. With a binding price floor, the price could be equal to ___, consumers would demand _, and producers would supply ___.

(Multiple Choice)

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Question 166

In the rental housing market with price controls, the quantity of rental houses demanded exceeds the quantity of rental housing supplied. This price control must be a:

(Multiple Choice)

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Question 167

If the government sets out to help low-income people by establishing a maximum amount that can be paid for rent:

(Multiple Choice)

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Question 168

Use the following to answer questions: Figure: Price Controls -(Figure: Price Controls) Look at the graph Price Controls. An effective price floor would be at price ___ and a _ would result from the difference between points ___.

(Multiple Choice)

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Question 169

Which of the following is a reason for governments imposing or maintaining price controls?

(Multiple Choice)

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Question 170

The quota rent for a New York taxicab owner is equal to the market price of the license that allows him to drive the cab.

(True/False)

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Question 171

Use the following to answer questions: -(Table: The Market for Soda) Look at the 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 172

Use the following to answer questions: -(Table: Quantity Supplied and Quantity Demanded) Look at the table Quantity Supplied and Quantity Demanded. A price floor equal to _____ would produce excess supply in this market.

(Multiple Choice)

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Question 173

The National Football League does not license quarterbacks. This means that the free market determines the standards that an aspiring quarterback must achieve.

(True/False)

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Question 174

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

(Multiple Choice)

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Question 175

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 176

Use the following to answer questions: -(Table: The Market for Hamburger Flippers) Look at the table The Market for Hamburger Flippers. For hamburger flippers with a minimum wage of $8 per hour, can you imagine a scenario in which the deadweight loss from the minimum wage is lessened or even eliminated?

(Essay)

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Question 177

The NFL wants to give the "common fan" the opportunity to attend the Super Bowl, so it sets Super Bowl prices "low"-tickets for a regular seat at Super Bowl XXXVII cost just $400. Scalpers, however, sell tickets for $1,500 or more. If there are no transaction costs to selling a ticket, the true cost of a regular ticket to Super Bowl XXXVII is:

(Multiple Choice)

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Question 178

A minimum price set above the equilibrium price is a:

(Multiple Choice)

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Question 179

Use the following to answer questions: Figure: Rent Controls -(Figure: Rent Controls) Look at the figure Rent Controls. If rent controls are set at Rent₀, renters would be willing to pay a price at least as high as:

(Multiple Choice)

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Question 180

Showing 161 - 180 of 227

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.

Use the following to answer questions: Table: Market for Apartments -(Table: Market for Apartments) Look at the table Market for Apartments. If a price ceiling of $700 is imposed on this market, the result will be an inefficiency in the form of a _____ million apartments.

A quota rent for tuna is the difference between the demand price and the supply price if a quota limit is imposed in the tuna market.

Deadweight loss is the lost gains associated with transactions that do not occur because of market intervention, such as a quota.

Use the following to answer question: Figure: The Market for Milk -(Figure: The Market for Milk) Look at the figure The Market for Milk. With a binding price floor, the price could be equal to ___, consumers would demand _, and producers would supply ___.

In the rental housing market with price controls, the quantity of rental houses demanded exceeds the quantity of rental housing supplied. This price control must be a:

If the government sets out to help low-income people by establishing a maximum amount that can be paid for rent:

Use the following to answer questions: Figure: Price Controls -(Figure: Price Controls) Look at the graph Price Controls. An effective price floor would be at price ___ and a _ would result from the difference between points ___.

Which of the following is a reason for governments imposing or maintaining price controls?

The quota rent for a New York taxicab owner is equal to the market price of the license that allows him to drive the cab.

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

Use the following to answer questions: -(Table: Quantity Supplied and Quantity Demanded) Look at the table Quantity Supplied and Quantity Demanded. A price floor equal to _____ would produce excess supply in this market.

The National Football League does not license quarterbacks. This means that the free market determines the standards that an aspiring quarterback must achieve.

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

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:

A minimum price set above the equilibrium price is a:

Use the following to answer questions: Figure: Rent Controls -(Figure: Rent Controls) Look at the figure Rent Controls. If rent controls are set at Rent₀, renters would be willing to pay a price at least as high as:

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

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.

Use the following to answer questions: Table: Market for Apartments -(Table: Market for Apartments) Look at the table Market for Apartments. If a price ceiling of $700 is imposed on this market, the result will be an inefficiency in the form of a _____ million apartments.

A quota rent for tuna is the difference between the demand price and the supply price if a quota limit is imposed in the tuna market.

Deadweight loss is the lost gains associated with transactions that do not occur because of market intervention, such as a quota.

Use the following to answer question: Figure: The Market for Milk -(Figure: The Market for Milk) Look at the figure The Market for Milk. With a binding price floor, the price could be equal to _____, consumers would demand _____, and producers would supply _____.

In the rental housing market with price controls, the quantity of rental houses demanded exceeds the quantity of rental housing supplied. This price control must be a:

If the government sets out to help low-income people by establishing a maximum amount that can be paid for rent:

Use the following to answer questions: Figure: Price Controls -(Figure: Price Controls) Look at the graph Price Controls. An effective price floor would be at price _____ and a _____ would result from the difference between points _____.

Which of the following is a reason for governments imposing or maintaining price controls?

The quota rent for a New York taxicab owner is equal to the market price of the license that allows him to drive the cab.

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

Use the following to answer questions: -(Table: Quantity Supplied and Quantity Demanded) Look at the table Quantity Supplied and Quantity Demanded. A price floor equal to _____ would produce excess supply in this market.

The National Football League does not license quarterbacks. This means that the free market determines the standards that an aspiring quarterback must achieve.

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

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:

A minimum price set above the equilibrium price is a:

Use the following to answer questions: Figure: Rent Controls -(Figure: Rent Controls) Look at the figure Rent Controls. If rent controls are set at Rent0, renters would be willing to pay a price at least as high as:

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

Use the following to answer question: Figure: The Market for Milk -(Figure: The Market for Milk) Look at the figure The Market for Milk. With a binding price floor, the price could be equal to ___, consumers would demand _, and producers would supply ___.

Use the following to answer questions: Figure: Price Controls -(Figure: Price Controls) Look at the graph Price Controls. An effective price floor would be at price ___ and a _ would result from the difference between points ___.

Use the following to answer questions: Figure: Rent Controls -(Figure: Rent Controls) Look at the figure Rent Controls. If rent controls are set at Rent₀, renters would be willing to pay a price at least as high as: