16370993
Description
Quiz by Имя Фамилия, updated more than 1 year ago
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Created by Имя Фамилия
almost 6 years ago
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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
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binding price ceiling.
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non-binding price ceiling.
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binding price floor.
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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.
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non-binding price ceiling.
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binding price floor.
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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.
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non-binding price floor.
Question 4
Question
If a price floor is in place and it is binding, the market will:
Answer
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remain in equilibrium, unaffected by the price floor.
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experience a shortage.
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experience a surplus.
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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.
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experience a shortage.
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experience a surplus.
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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.
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experience a shortage.
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experience a surplus.
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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
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demand, up
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demand, down
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supply, up
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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
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demand, up
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demand, down
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supply, up
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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
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demand is more elastic than supply for that good.
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demand is less elastic than supply for that good.
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the tax was imposed on the buyers of the good.
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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.
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demand is less elastic than supply for that good.
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the tax was imposed on the buyers of the good.
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the tax was imposed on the sellers of the good.
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