There are a lot of factors that affect the economy as it is and one of the major ones is demand, supply, and government policies that affect the industries in existence or block others from existing. What do you know about these factors and their impact on the economy? Take up this Misc quiz on microeconomics and get to find out!
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False
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Sets a legal maximum on the price at which a good can be sold
Set a legal minimum on the price at which a good can be sold
Always determines the price at which a good must be sold
Is not a binding constraint if it is set above the equilibrium price
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False
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False
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False
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An increase in the price buyers pay, a decrease in the price sellers receive, and a decrease in the quantity sold
An increase in the price buyers pay, a decrease in the price sellers receive, and an increase in the quantity sold
A decrease in the price buyers pay, an increase in the price sellers receive, and a decrease in the quantity sold
A decrease in the price buyers pay, an increase in the price sellers receive, and an increase in the quantity sold
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False
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False
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Above the equilibrium price
Below the equilibrium price
Precisely at the equilibrium price
At any price because all price ceilings are binding constraints
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Demand is inelastic and supply is elastic
Demand is elastic and supply is inelastic
Both supply and demand are elastic
Both supply and demand are inelastic
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True
False
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A shortage
A surplus
An equilibrium
A shortage or surplus depending on whether the price ceiling is set above or below the equlibrium price
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Falls more heavily on buyers
Falls more heavily on sellers
Is evenly distributed between buyers and sellers
Falls entirely on sellers
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False
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False
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False
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Rent controls
Restricting gasoline prices to $1.00 per gallon when the equilibrium price is $1.50 per gallon
The minimum wage
All of the above are price floors
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Demand curve upward by the size of the tax per unit
Demand curve downward by the size of the tax per unit
Supply curve upward by the size of the tax per unit
Supply curve downward by the size of the tax per unit
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A demand is inelastic and supply is elastic
Demand is elastic and supply is inelastic
Both supply and demand are elastic
Both supply and demand are inelastic
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Food
Entertainment
Clothing
Housing
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Neither buyers nor sellers desire a price floor
Both buyers and sellers desire a price floor
The sellers
The buyers
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False
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False
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Demand curve upward by the size of the tax per unit
Demand curve downward by the size of the tax per unit
Supply curve upward by the size of the tax per unit
Supply curve downward by the size of the tax per unit
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The tax burden generated from a tax placed on a good consumers perceive to be a necessity will fall most heavily on the sellers of the good
The tax burden falls heavily on the side of the market (buyers or sellers) that is most willing to leave the market when price movements are unfavorable to them
The burden of a tax lands on the side of the market (buyers or sellers) from which it is collected
The distribution of the burden of a tax is determined by the relative elasticities of supply and demand and is not determined by legislation
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The buyers bear the burden of the tax
The sellers bear the burden of the tax
The tax burden on the buyers and sellers is the same as an equivalent tax collected from he sellers
The tax burden falls most heavily on the buyers
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Decreases teenage employment by about 10 to 15 percent
Increases teenage employment by about 10 to 15 percent
Decreases teenage employment by about 1 to 3 percent
Increases teenage employment by about 1 to 3 percent
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Increases the price the buyers pay by $1.00 per gallon
Decreases the price the sellers receive by $1.00 per gallon
Increases the price the buyers pay by precisely $.50 and reduces the price received by sellers by precisely $.50
Places a tax wedge of $1.00 between the price the buyers pay and the price the sellers receive
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The surplus created by the price ceiling is greater in the short run than in the long run
The surplus created by the price ceiling is greater in the long run than in the short run
The shortage created by the price ceiling is greater in the short run than in the long run
The shortage created by the price ceiling is greater in the long run than in the short run
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There will be a shortage of housing
Landlords may discriminate among apartment renters
Landlords may be offered bribes to rent apartments
The quality of apartments will improve
There may be long lines of buyers waiting for apartments
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There will be a shortage of gasoline
There will be a surplus of gasoline
A significant increase in the supply of gasoline could cause the price ceiling to become a binding constraint
A significant increase in the demand for gasoline could cause the price ceiling to become a binding constraint
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