Ch 6 Supply, Demand, and Government Policies
Quiz by Chen, Clara
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- Q1
Price controls are usually enacted
when policymakers believe that the market price of a good or service is unfair to buyers or sellers.
when policymakers detect inefficiencies in a market.
as a means of raising revenue for public purposes.
120s - Q2
A legal maximum price at which a good can be sold is a price
stabilization.
floor.
ceiling.
120s - Q3
A price floor
can result when sellers of a good are successful in their attempts to convince the government that the market outcome without a price floor is unfair to them.
can create inequities in a market.
All the above are correct.
is a legal minimum on the price at which a good can be sold.
120s - Q4
A price ceiling will be binding only if it is set
below equilibrium price.
above equilibrium price.
equal to equilibrium price.
120s - Q5
Suppose that a price ceiling is not binding; this means that
the equilibrium price is above the price ceiling.
the equilibrium price is below the price ceiling.
120s - Q6
A shortage results when
a binding price ceiling is imposed.
a price ceiling is imposed but it is not binding.
a binding price floor is imposed
120s - Q7
Which of the following is a correct statement about the labor market?
Workers determine the supply of labor, and firms determine the demand for labor.
Workers determine the supply of labor, and the government determines the demand for labor.
Workers determine the demand for labor, and firms determine the supply of labor.
120s - Q8
At a minimum wage that exceeds the equilibrium wage,
the market for skilled workers is affected, but the market for unskilled workers remains unaffected.
the quantity supplied of labor will exceed the quantity demanded.
the quantity demanded of labor will exceed the quantity supplied.
the minimum wage will not be binding.
120s - Q9
In which of these cases will the tax burden fall most heavily on buyers of the good?
The demand curve and the supply curve are both relatively flat.
The demand curve and the supply curve are both relatively steep.
The demand curve is relatively steep and the supply curve is relatively flat.
The demand curve is relatively flat and the supply curve is relatively steep.
120s