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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Above the equilibrium price
Below the equilibrium price
Precisely at the equilibrium price
At any price because all price ceilings are binding constraints
A shortage
A surplus
An equilibrium
A shortage or surplus depending on whether the price ceiling is set above or below the equlibrium price
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
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
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
Neither buyers nor sellers desire a price floor
Both buyers and sellers desire a price floor
The sellers
The buyers
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
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
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
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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