Use the following to answer questions : \[\begin{array}{l} \text { Table: Market for Apartments }\\ \begin{array} { c c c } \begin{array} { c } \text { Rent } \\ \text { (per apartment } \\ \text { per month) } \end{array} & \begin{array} { c } \text { Quantity Demanded } \\ \text { (millions of apartments) } \end{array} & \begin{array} { c } \text { Quantity Supplied } \\ \text { (millions of apartments) } \end{array} \\ \hline \$ 1400 & 1.6 & 2.4 \\ 1300 & 1.7 & 2.3 \\ 1200 & 1.8 & 2.2 \\ 1100 & 1.9 & 2.1 \\ 1000 & 2.0 & 2.0 \\ 900 & 2.1 & 1.9 \\ 800 & 2.2 & 1.8 \\ 700 & 2.3 & 1.7 \\ 600 & 2.4 & 1.6 \\ \hline \end{array} \end{array}\] -(Table: Market for Apartments)Use Table: Market for Apartments.If a price ceiling of $900 is imposed on this market,the result will be an inefficiency in the form of a _____ million apartments.

A) surplus of 0.6 B) shortage of 0.6 C) surplus of 0.2 D) shortage of 0.2 A) surplus of 0.6 B) shortage of 0.6 C) surplus of 0.2 D) shortage of 0.2

Use the following to answer questions : \[\begin{array}{l} \text { Table: Quantity Supplied and Quantity Demanded }\\ \begin{array} { r c c } \hline \text { Price } & \text { Quantity Demanded } & \text { Quantity Supplied } \\ \hline \$ 0 & 100 & 25 \\ 5 & 90 & 40 \\ 10 & 80 & 55 \\ 15 & 70 & 70 \\ 20 & 60 & 85 \\ \hline \end{array} \end{array}\] -(Table: Quantity Supplied and Quantity Demanded)Use Table: Quantity Supplied and Quantity Demanded.A price floor equal to _____ would produce excess supply in this market.

A) $5 B) $10 C) $15 D) $20 A) $5 B) $10 C) $15 D) $20

Use the following to answer question 24: \[\begin{array}{l} \text { Table: The Market for Banana Muffins }\\ \begin{array} { c c c } & { \text { Market for Banana Muffins } } \\ \begin{array} { c } \text { Price } \\ \text { (unit) } \end{array} & \begin{array} { c } \text { Quantity Demanded } \\ \text { (units) } \end{array} & \begin{array} { c } \text { Quantity Supplied } \\ \text { (units) } \end{array} \\ \hline \$ 1.10 & 9000 & 3000 \\ 1.20 & 8000 & 5000 \\ 1.30 & 7000 & 7000 \\ 1.40 & 6000 & 9000 \\ 1.50 & 5000 & 1100 \end{array} \end{array}\] -(Table: The Market for Banana Muffins)Look at the table The Market for Banana Muffins.In response to popular anger over the high price of banana muffins and the extreme wealth of banana muffin producers,the government imposes a price ceiling of $1.20 per banana muffin.From this table,the price ceiling causes a _____ banana muffins.

A) shortage of 3 000 B) shortage of 5 000 C) surplus of 8 000 D) surplus of 3 000 A) shortage of 3 000 B) shortage of 5 000 C) surplus of 8 000 D) surplus of 3 000

Use the following to answer questions : \[\begin{array}{l} \text { Table: Market for Apartments }\\ \begin{array} { c c c } \begin{array} { c } \text { Rent } \\ \text { (per apartment } \\ \text { per month) } \end{array} & \begin{array} { c } \text { Quantity Demanded } \\ \text { (millions of apartments) } \end{array} & \begin{array} { c } \text { Quantity Supplied } \\ \text { (millions of apartments) } \end{array} \\ \hline \$ 1400 & 1.6 & 2.4 \\ 1300 & 1.7 & 2.3 \\ 1200 & 1.8 & 2.2 \\ 1100 & 1.9 & 2.1 \\ 1000 & 2.0 & 2.0 \\ 900 & 2.1 & 1.9 \\ 800 & 2.2 & 1.8 \\ 700 & 2.3 & 1.7 \\ 600 & 2.4 & 1.6 \\ \hline \end{array} \end{array}\] -(Table: Market for Apartments)Use 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) surplus of 0.6 B) shortage of 0.6 C) surplus of 0.2 D) shortage of 0.2 A) surplus of 0.6 B) shortage of 0.6 C) surplus of 0.2 D) shortage of 0.2

A) quantity restriction. B) price control. C) form of consumer surplus. D) means to combat black markets. A) quantity restriction. B) price control. C) form of consumer surplus. D) means to combat black markets.

Exam 5: Price Controls and Quotas

If the demand curve for clams is downward sloping and the supply curve is upward sloping,a quota that is set above the equilibrium quantity will have no immediate effect on the market.

(True/False)

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Question 41

Use the following to answer questions : Table: Market for Apartments Rent (per apartment per month) Quantity Demanded (millions of apartments) Quantity Supplied (millions of apartments) \ 1400 1.6 2.4 1300 1.7 2.3 1200 1.8 2.2 1100 1.9 2.1 1000 2.0 2.0 900 2.1 1.9 800 2.2 1.8 700 2.3 1.7 600 2.4 1.6 -(Table: Market for Apartments)Use Table: Market for Apartments.If a price ceiling of $900 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 42

Use the following to answer questions : Table: Quantity Supplied and Quantity Demanded Price Quantity Demanded Quantity Supplied \ 0 100 25 5 90 40 10 80 55 15 70 70 20 60 85 -(Table: Quantity Supplied and Quantity Demanded)Use 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 43

A minimum price that the government guarantees farmers will receive for a particular crop is a(n):

(Multiple Choice)

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Question 44

The market for apples is in equilibrium at a price of $0.50 per kilogram.If the government imposes a price ceiling in the market at $0.40 per kilogram:

(Multiple Choice)

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Question 45

Use the following to answer questions : Figure: The Market for Sandwiches -(Figure: The Market for Sandwiches)Use Figure: The Market for Sandwiches.Suppose that 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 46

In economic markets,a quota is a(n):

(Multiple Choice)

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Question 47

Quantity controls set below the equilibrium quantity do NOT cause:

(Multiple Choice)

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Question 48

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 49

The amount for which suppliers are willing to supply the quota limit quantity is the:

(Multiple Choice)

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Question 50

The difference between the demand price and the supply price at the quota limit is:

(Multiple Choice)

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Question 51

Use the following to answer question 208: Table: Quantity Supplied and Quantity Demanded Price Quantity Demanded Quantity Supplied \ 0 100 25 5 90 40 10 80 55 15 70 70 20 60 85 -(Table: Quantity Supplied and Quantity Demanded)Use Table: Quantity Supplied and Quantity Demanded.The government institutes a price floor,and as a result,too many resources are allocated for the production of the good.Given this,which dollar amount is a possible value of the price floor in this market?

(Multiple Choice)

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Question 52

Use the following to answer questions : -(Figure: Price Controls)Use Figure: 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 53

Black markets may develop as a result of price controls because:

(Multiple Choice)

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Question 54

Use the following to answer question 133: Figure: The Market for Clams -(Figure: The Market for Clams)Use Figure: The Market for Clams.The government imposes a quota limiting sales of clams to 1 000 kilograms.According to the figure,the quota rent per kilogram in this case is:

(Multiple Choice)

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Question 55

Producers may supply a good with inefficiently high quality if the government imposes a:

(Multiple Choice)

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Question 56

Suppose that Canada and the European Union impose price floors on many similar agricultural products.These price floors lead to unwanted surpluses.To deal with a surplus:

(Multiple Choice)

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Question 57

Use the following to answer question 24: Table: The Market for Banana Muffins Market for Banana Muffins Price (unit) Quantity Demanded (units) Quantity Supplied (units) \ 1.10 9000 3000 1.20 8000 5000 1.30 7000 7000 1.40 6000 9000 1.50 5000 1100 -(Table: The Market for Banana Muffins)Look at the table The Market for Banana Muffins.In response to popular anger over the high price of banana muffins and the extreme wealth of banana muffin producers,the government imposes a price ceiling of $1.20 per banana muffin.From this table,the price ceiling causes a _____ banana muffins.

(Multiple Choice)

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Question 58

Use the following to answer questions : Table: Market for Apartments Rent (per apartment per month) Quantity Demanded (millions of apartments) Quantity Supplied (millions of apartments) \ 1400 1.6 2.4 1300 1.7 2.3 1200 1.8 2.2 1100 1.9 2.1 1000 2.0 2.0 900 2.1 1.9 800 2.2 1.8 700 2.3 1.7 600 2.4 1.6 -(Table: Market for Apartments)Use 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 59

A quota is a:

(Multiple Choice)

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Question 60

If the demand curve for clams is downward sloping and the supply curve is upward sloping,a quota that is set above the equilibrium quantity will have no immediate effect on the market.

A minimum price that the government guarantees farmers will receive for a particular crop is a(n):

The market for apples is in equilibrium at a price of $0.50 per kilogram.If the government imposes a price ceiling in the market at $0.40 per kilogram:

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

In economic markets,a quota is a(n):

Quantity controls set below the equilibrium quantity do NOT cause:

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

The amount for which suppliers are willing to supply the quota limit quantity is the:

The difference between the demand price and the supply price at the quota limit is:

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

Black markets may develop as a result of price controls because:

Use the following to answer question 133: Figure: The Market for Clams -(Figure: The Market for Clams)Use Figure: The Market for Clams.The government imposes a quota limiting sales of clams to 1 000 kilograms.According to the figure,the quota rent per kilogram in this case is:

Producers may supply a good with inefficiently high quality if the government imposes a:

Suppose that Canada and the European Union impose price floors on many similar agricultural products.These price floors lead to unwanted surpluses.To deal with a surplus:

A quota is a:

First Principles

Economic Models

Supply and Demand

Consumer and Producer Surplus

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

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

Indifference Curve Analysis

Filters

Exam 5: Price Controls and Quotas

If the demand curve for clams is downward sloping and the supply curve is upward sloping,a quota that is set above the equilibrium quantity will have no immediate effect on the market.

A minimum price that the government guarantees farmers will receive for a particular crop is a(n):

The market for apples is in equilibrium at a price of $0.50 per kilogram.If the government imposes a price ceiling in the market at $0.40 per kilogram:

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

In economic markets,a quota is a(n):

Quantity controls set below the equilibrium quantity do NOT cause:

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

The amount for which suppliers are willing to supply the quota limit quantity is the:

The difference between the demand price and the supply price at the quota limit is:

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

Black markets may develop as a result of price controls because:

Use the following to answer question 133: Figure: The Market for Clams -(Figure: The Market for Clams)Use Figure: The Market for Clams.The government imposes a quota limiting sales of clams to 1 000 kilograms.According to the figure,the quota rent per kilogram in this case is:

Producers may supply a good with inefficiently high quality if the government imposes a:

Suppose that Canada and the European Union impose price floors on many similar agricultural products.These price floors lead to unwanted surpluses.To deal with a surplus:

A quota is a:

First Principles

Economic Models

Supply and Demand

Consumer and Producer Surplus

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

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

Indifference Curve Analysis

Filters

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

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

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