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Social Goals, Prices, and Elasticity Chap 6 Lesson 3

Quiz by Peter Duesterbeck

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10 questions
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  • Q1
    In the United States, prices are determined entirely by the actions of buyers and sellers.
    TRUE
    FALSE
    30s
  • Q2
    The minimum wage is an example of a government price control.
    FALSE
    TRUE
    30s
  • Q3
    The government sometimes “fixes” prices to achieve a socially desirable goal.
    TRUE
    FALSE
    30s
  • Q4
    Price floors and price ceilings keep items from attaining their equilibrium prices.
    FALSE
    TRUE
    30s
  • Q5
    An equilibrium price is the goal of a price floor or a price ceiling.
    FALSE
    TRUE
    30s
  • Q6
    Which of these is the most likely to create a shortageof an item?
    a price ceiling
    a fixed price
    a market price
    a price floor
    30s
  • Q7
    Which of these is the most likely to create a surplus of an item?
    a market price
    a price floor
    a fixed price
    a price ceiling
    30s
  • Q8
    Which of these describes the effects of price floors on the U.S. sugar industry?
    They harmed sugar farmers while increasing the price of sugar for the consumer.
    They helped sugar farmers while increasing the price of sugar for the consumer.
    They helped sugar farmers while decreasing the price of sugar for the consumer.
    They harmed sugar farmers while decreasing the price of sugar for the consumer.
    30s
  • Q9
    Who among the following benefits the most from rent control?
    people who perform maintenance and repairs on buildings
    tenants in rent-controlled apartments
    owners in rent-controlled apartments
    people with children and pets
    30s
  • Q10
    How does the government ensure that farmers receive a target price for their goods?
    by purchasing and distributing their crops at market prices
    by forcing certain farm goods to maintain an equilibrium price
    by establishing and maintaining price ceilings
    by granting them nonrecourse loans
    30s

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