Use the following to answer questions : \[\begin{array}{l} \text { Table: The Market for Pop }\\ \begin{array} { l c c } \hline & { \text { Market for a Can of Pop } } \\ \begin{array} { l } \text { Price } \\ \text { (\$/unit) } \end{array} & \begin{array} { c } \text { Quantity Demanded } \\ \text { (cans) } \end{array} & \begin{array} { c } \text { Quantity Supplied } \\ \text { (cans) } \end{array} \\ \hline 0.50 & 10 & 7 \\ 0.75 & 8 & 8 \\ 1.00 & 6 & 9 \\ 1.25 & 4 & 10 \\ 1.50 & 2 & 11 \end{array} \end{array}\] -(Table: The Market for Pop)Use Table: The Market for Pop.If the government imposes a price ceiling of $0.50 per can of pop the quantity of pop demanded will be _____ cans.

A) 10 B) 8 C) 6 D) 4 A) 10 B) 8 C) 6 D) 4

Exam 5: Price Controls and Quotas

Use the following to answer question 95: -(Figure: The Market for Milk)Use 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 121

Which statement is a reason for governments imposing or maintaining price controls?

(Multiple Choice)

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Question 122

Use the following to answer questions : Table: The Market for Pop Market for a Can of Pop Price ( \/ unit) Quantity Demanded (cans) Quantity Supplied (cans) 0.50 10 7 0.75 8 8 1.00 6 9 1.25 4 10 1.50 2 11 -(Table: The Market for Pop)Use Table: The Market for Pop.If the government imposes a price ceiling of $0.50 per can of pop the quantity of pop demanded will be _____ cans.

(Multiple Choice)

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Question 123

Producers will sometimes lower the quality of a good when the government imposes:

(Multiple Choice)

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Question 124

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

(Multiple Choice)

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Question 125

Use the following to answer questions : -(Figure: Rent Controls)Use Figure: Rent Controls.If rent controls are set at Rent₀:

(Multiple Choice)

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Question 126

Use the following to answer questions : -(Figure: The Market for Economics Textbooks)Use Figure: The Market for Economics Textbooks.Suppose that the government believes textbooks are too expensive and it wants to make sure textbooks are affordable to more students.This type of price control is called a price _,and one possible binding price control would be _.

(Multiple Choice)

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Question 127

Licences allowing taxis to operate issued by New York City in the 1930s are called medallions.

(True/False)

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Question 128

In 1998,the city of Toronto decided to introduce a new class of taxi licence with the sale of 1 400 new Ambassador Taxi licences.Unlike a standard licence,Ambassador Licences can't be sold,leased,or otherwise transferred,and the licence remains the property of the city.The aim was to allow these drivers to be entrepreneurs who__________

(Multiple Choice)

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Question 129

Suppose that the province of Ontario sets a price floor in the market for peaches.If the floor is set below the market-clearing price of peaches,the floor will cause a surplus of peaches.

(True/False)

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Question 130

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 $1.20 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 131

The quota rent is the:

(Multiple Choice)

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Question 132

Hugo Chávez was the president of Venezuela.Venezuela is a major producer of oil products,which remain a critical component of Venezuela's economy.Suppose that President Chávez wanted to increase his popularity with the citizens of Venezuela and enacted a government policy to reduce the price of gasoline sold at state-owned gas stations to 50% of the previous price.Assuming a downward-sloping demand curve for gasoline,in theory,this policy would result in a quantity of gasoline demanded that is _____ the quantity of gasoline supplied.

(Multiple Choice)

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Question 133

Use the following to answer questions : Table: The Market for Taxi Rides Fare (per ride) Quantity Demanded (millions of rides per year) Quantity Supplied (millions of rides per year) \ 7.00 6 14 6.50 7 13 6.00 8 12 5.50 9 11 5.00 10 10 4.50 11 9 4.00 12 8 3.50 13 7 3.00 14 6 -(Table: The Market for Taxi Rides)Use Table: The Market for Taxi Rides.If a government quota limit at 6 million rides is imposed,the quota rent accruing to the owner of a taxi licence will be _ per ride,but there will be a total missed opportunity (inefficiency)to consumers and producers of _ million rides.

(Multiple Choice)

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Question 134

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

(Multiple Choice)

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Question 135

The Montreal Symphony Orchestra wants to make sure that its concerts are affordable for all residents of Montreal and therefore prices all of its tickets at $25.However,outside Place des Arts (the concert hall where they play),people can sell the same tickets for $75 or more.The true cost to the concert-goer of a ticket to the symphony is at least:

(Multiple Choice)

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Question 136

The persistent unwanted surplus that results from a binding price floor causes inefficiencies that do NOT include:

(Multiple Choice)

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Question 137

Assuming that Canadian and French wines are substitutes in consumption,if the Canadian government imposes a quota on the amount of French wine allowed into Canada and the quota is set at a quantity below equilibrium,the price of French wine in Canada will _ while the price of the Canadian-produced wine will _.

(Multiple Choice)

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Question 138

Quotas,price ceilings,and price floors are all types of quantity controls that the government may impose.

(True/False)

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Question 139

Use the following to answer questions : -(Figure: Supply and Demand)Use Figure: Supply and Demand.A price ceiling of P₁causes:

(Multiple Choice)

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Question 140

Showing 121 - 140 of 215

Use the following to answer question 95: -(Figure: The Market for Milk)Use Figure: The Market for Milk.With a binding price floor,the price could be equal to ___,consumers would demand _,and producers would supply ___.

Which statement is a reason for governments imposing or maintaining price controls?

Producers will sometimes lower the quality of a good when the government imposes:

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

Use the following to answer questions : -(Figure: Rent Controls)Use Figure: Rent Controls.If rent controls are set at Rent₀:

Licences allowing taxis to operate issued by New York City in the 1930s are called medallions.

Suppose that the province of Ontario sets a price floor in the market for peaches.If the floor is set below the market-clearing price of peaches,the floor will cause a surplus of peaches.

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 $1.20 is imposed on this market,an inefficiency will result in the form of a _ of _ million kilograms of butter.

The quota rent is the:

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

The persistent unwanted surplus that results from a binding price floor causes inefficiencies that do NOT include:

Quotas,price ceilings,and price floors are all types of quantity controls that the government may impose.

Use the following to answer questions : -(Figure: Supply and Demand)Use Figure: Supply and Demand.A price ceiling of P₁causes:

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

Use the following to answer question 95: -(Figure: The Market for Milk)Use Figure: The Market for Milk.With a binding price floor,the price could be equal to _____,consumers would demand _____,and producers would supply _____.

Which statement is a reason for governments imposing or maintaining price controls?

Producers will sometimes lower the quality of a good when the government imposes:

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

Use the following to answer questions : -(Figure: Rent Controls)Use Figure: Rent Controls.If rent controls are set at Rent0:

Licences allowing taxis to operate issued by New York City in the 1930s are called medallions.

Suppose that the province of Ontario sets a price floor in the market for peaches.If the floor is set below the market-clearing price of peaches,the floor will cause a surplus of peaches.

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 $1.20 is imposed on this market,an inefficiency will result in the form of a _____ of _____ million kilograms of butter.

The quota rent is the:

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

The persistent unwanted surplus that results from a binding price floor causes inefficiencies that do NOT include:

Quotas,price ceilings,and price floors are all types of quantity controls that the government may impose.

Use the following to answer questions : -(Figure: Supply and Demand)Use Figure: Supply and Demand.A price ceiling of P1 causes:

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 question 95: -(Figure: The Market for Milk)Use 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: Rent Controls)Use Figure: Rent Controls.If rent controls are set at Rent₀:

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 $1.20 is imposed on this market,an inefficiency will result in the form of a _ of _ million kilograms of butter.

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

Use the following to answer questions : -(Figure: Supply and Demand)Use Figure: Supply and Demand.A price ceiling of P₁causes: