This is to test your knowledge on material covered in chapter 5. Good Luck.
A study of the change in automobile sales due to a change in the price of automobiles
A study of the impact of a tax reduction on the profits of a business
A study of recessions
A study of the unemployment of workers displaced by technological change in the typesetting industry
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When a firm controls the price of the good it produces.
A legal restriction on how high or low a price in a market may go.
An upper limit on the quantity of some good that can be bought or sold.
A tax placed on the sale of a good which controls the market price.
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More people will try to visit the doctor, but the doctor will see fewer patients.
The same number of people will try to visit the doctor, and the doctor will see the same number of patients.
More people will be able to see the doctor, since the price is lower.
Fewer people will try to see the doctor, and the doctors will see fewer patients.
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Consumers will respond to the lower price and therefore wish to purchase more of the good than at the equilibrium price.
Producers will respond to the lower price and therefore offer more units for sale.
Consumers will be able to purchase more of the good after the price ceiling is imposed.
It will not be binding.
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Quantity demanded to decrease.
Quantity supplied to increase.
A shortage of the good.
An increase in the quality of the good.
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$400.
$1,500.
The monetary price paid to obtain the ticket.
$1,100 less than the opportunity cost of a ticket.
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Higher-quality apartments.
High opportunity costs associated with wasted time.
Markets that maximize total surplus.
The construction of more apartments.
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Improve efficiency since the low prices will force producers to find cheaper production methods.
Result in gasoline surpluses even in an oil-rich country.
Cause gasoline shortages even in an oil-rich country.
Improve equality between rich and poor since the poor can now afford gasoline.
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A shortage of 3,000 fried Twinkies.
A shortage of 5,000 fried Twinkies.
A surplus of 8,000 fried Twinkies.
A surplus of 3,000 fried Twinkies.
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Improve efficiency since the low prices will force producers to find cheaper production methods.
Result in coffee surpluses even in a coffee-rich country.
Cause coffee shortages even in a coffee-rich country.
Improve equality between rich and poor since the poor can now afford coffee.
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Consumers will respond to the higher price and therefore wish to purchase less of the good than at the equilibrium price.
Producers will respond to the higher price and therefore offer fewer units for sale.
Consumers will purchase less of the good after the price ceiling is imposed.
There will be no change to either the price or quantity in the market.
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Increase because of the higher safety hazards.
Not change from its current level.
Decrease.
Increase, but only slightly.
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A
B
C
D
E
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An excess supply
The market clearing
A consumer surplus of 1.00
An excess surplus of 240 units
An excess demand of 240 units
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B
C
D
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