A) control of the price of a good by the firm that produces it. B) a legal restriction on how high or low a price in a market may go. C) an upper limit on the quantity of some good that can be bought or sold. D) a tax on the sale of a good that controls the market price. A) control of the price of a good by the firm that produces it. B) a legal restriction on how high or low a price in a market may go. C) an upper limit on the quantity of some good that can be bought or sold. D) a tax on the sale of a good that controls the market price.

Exam 5: Price Controls and Quotas

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

(True/False)

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Question 101

A minimum price set above the equilibrium price is a:

(Multiple Choice)

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Question 102

Suppose that the CFL wants to give the "common fan" the opportunity to attend the Grey Cup,so it sets Grey Cup prices "low"-let's say that they set ticket prices for a regular seat at the Grey Cup to cost just $100.People who have tickets,however,can turn around and sell them online for $1 000 or more.If there are no transaction costs for fans with tickets to sell them,the true cost to a fan of attending the Grey Cup is:

(Multiple Choice)

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Question 103

Suppose that a binding price floor is in place in a particular market.If the market is deregulated and the price floor is removed:

(Multiple Choice)

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Question 104

Use the following to answer question 90: Figure: The Shrimp Market -(Figure: The Shrimp Market)Use Figure: The Shrimp Market.If the government wants to limit shrimp sales to 500 kilograms,it can impose a price:

(Multiple Choice)

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Question 105

The most likely reason that the government would implement a _ is because it feels that the price is too low for _.

(Multiple Choice)

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Question 106

Use the following to answer question 77: -(Figure: Supply and Demand)Use Figure: Supply and Demand.A binding price floor is represented by:

(Multiple Choice)

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Question 107

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

(True/False)

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Question 108

An effective minimum wage ultimately means that:

(Multiple Choice)

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Question 109

Price controls are always set below the market equilibrium price.

(True/False)

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Question 110

Use the following to answer question 97: -A binding price floor is a _ price set _ the equilibrium price.

(Multiple Choice)

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Question 111

The Canadian 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 112

An effective price ceiling will MOST likely result in:

(Multiple Choice)

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Question 113

A price ceiling on a good often results in:

(Multiple Choice)

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Question 114

To be binding,a price floor must be set:

(Multiple Choice)

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Question 115

A price control is:

(Multiple Choice)

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Question 116

Use the following to answer questions : Figure: The Market for Butter -(Figure: The Market for Butter)Use Figure: The Market for Butter.If a government price floor of $1.30 is imposed on this market,an inefficiency will result in the form of a _ of _ million kilograms of butter.

(Multiple Choice)

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Question 117

Which inefficiency is NOT caused by price floors?

(Multiple Choice)

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Question 118

Use the following to answer questions : -An agricultural market price support policy establishes a binding price floor,which:

(Multiple Choice)

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Question 119

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

(True/False)

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Question 120

Showing 101 - 120 of 215

Exam 5: Price Controls and Quotas

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

A minimum price set above the equilibrium price is a:

Suppose that a binding price floor is in place in a particular market.If the market is deregulated and the price floor is removed:

Use the following to answer question 90: Figure: The Shrimp Market -(Figure: The Shrimp Market)Use Figure: The Shrimp Market.If the government wants to limit shrimp sales to 500 kilograms,it can impose a price:

The most likely reason that the government would implement a _____ is because it feels that the price is too low for _____.

Use the following to answer question 77: -(Figure: Supply and Demand)Use Figure: Supply and Demand.A binding price floor is represented by:

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

An effective minimum wage ultimately means that:

Price controls are always set below the market equilibrium price.

Use the following to answer question 97: -A binding price floor is a _____ price set _____ the equilibrium price.

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

An effective price ceiling will MOST likely result in:

A price ceiling on a good often results in:

To be binding,a price floor must be set:

A price control is:

Use the following to answer questions : Figure: The Market for Butter -(Figure: The Market for Butter)Use Figure: The Market for Butter.If a government price floor of $1.30 is imposed on this market,an inefficiency will result in the form of a _____ of _____ million kilograms of butter.

Which inefficiency is NOT caused by price floors?

Use the following to answer questions : -An agricultural market price support policy establishes a binding price floor,which:

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

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

The most likely reason that the government would implement a _ is because it feels that the price is too low for _.

Use the following to answer question 97: -A binding price floor is a _ price set _ the equilibrium price.

Use the following to answer questions : Figure: The Market for Butter -(Figure: The Market for Butter)Use Figure: The Market for Butter.If a government price floor of $1.30 is imposed on this market,an inefficiency will result in the form of a _ of _ million kilograms of butter.