16370993
Description
Quiz by Имя Фамилия, updated more than 1 year ago
|
Created by Имя Фамилия
over 5 years ago
|
|
Question 1
Question
Suppose that a regulation is in place that does not allow the price of a good to exceed $5. If this price is above the equilibrium point in the market, this would be an example of a:
Answer
-
binding price ceiling.
-
non-binding price ceiling.
-
binding price floor.
-
non-binding price floor.
Question 2
Question
Suppose that a regulation is in place that does not allow the price of a good to fall below $10. If this price is above the equilibrium point in the market, this would be an example of a:
Answer
-
binding price ceiling.
-
non-binding price ceiling.
-
binding price floor.
-
non-binding price floor.
Question 3
Question
Suppose that a regulation is in place that does not allow the price of a good to exceed $5. If this price is below the equilibrium point in the market, this would be an example of a:
Answer
-
binding price ceiling.
-
non-binding price ceiling.
-
binding price floor.
-
non-binding price floor.
Question 4
Question
If a price floor is in place and it is binding, the market will:
Answer
-
remain in equilibrium, unaffected by the price floor.
-
experience a shortage.
-
experience a surplus.
-
adjust the equilibrium price until it is equal to the price floor.
Question 5
Question
If a price ceiling is in place and it is binding, the market will:
Answer
-
remain in equilibrium, unaffected by the price floor.
-
experience a shortage.
-
experience a surplus.
-
adjust the equilibrium price until it is equal to the price ceiling.
Question 6
Question
If a price floor is in place and it is not binding, the market will:
Answer
-
remain in equilibrium, unaffected by the price floor.
-
experience a shortage.
-
experience a surplus.
-
adjust the equilibrium price until it is equal to the price floor.
Question 7
Question
If a tax is imposed on buyers of a good, the ________ curve of the good will shift ________ by the amount of the tax.
Answer
-
demand, up
-
demand, down
-
supply, up
-
supply, down
Question 8
Question
If a tax is imposed on sellers of a good, the ________ curve of the good will shift ________ by the amount of the tax.
Answer
-
demand, up
-
demand, down
-
supply, up
-
supply, down
Question 9
Question
If a tax is imposed on a good and the incidence of the tax ends up falling more heavily on the sellers than on the buyers, we can tell that:
Answer
-
demand is more elastic than supply for that good.
-
demand is less elastic than supply for that good.
-
the tax was imposed on the buyers of the good.
-
the tax was imposed on the sellers of the good.
Question 10
Question
If a tax is imposed on a good and the incidence of the tax ends up falling more heavily on the buyers than on the sellers, we can tell that:
Answer
-
demand is more elastic than supply for that good.
-
demand is less elastic than supply for that good.
-
the tax was imposed on the buyers of the good.
-
the tax was imposed on the sellers of the good.
Want to create your own Quizzes for free with GoConqr? Learn more.