Explore the impact of government interventions on market equilibrium in this Microeconomics quiz. Assess your understanding of supply, demand, price ceilings, and floors, and the effects of minimum wage adjustments. Ideal for learners seeking to enhance their economic policy knowledge.
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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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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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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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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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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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Neither buyers nor sellers desire a price floor
Both buyers and sellers desire a price floor
The sellers
The buyers
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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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A change in the price of gasoline
A change in the price of crude oil
A change in consumer preferences for fuel-efficient cars
A change in the number of gas stations
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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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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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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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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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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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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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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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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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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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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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Food
Entertainment
Clothing
Housing
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