Supply, Demand, And Government Policies

10 Questions | Total Attempts: 1577

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Supply, Demand, And Government Policies

You will have 30 minutes to complete the 10 question quiz by Monday night at 11:59 p. M.


Questions and Answers
  • 1. 
    A price floor is binding if:
    • A. 

      It is higher than the equilibrium price

    • B. 

      It is lower than the equilibrium price

    • C. 

      It is equal to the equilibrium price

    • D. 

      It is set by the government

  • 2. 
    • A. 

      With shortages and wait lists, they have no incentive to maintain and improve their property

    • B. 

      They know they can never please their tenants

    • C. 

      The law no longer requires them to maintain their buildings

    • D. 

      That is the government's responsibility

  • 3. 
    Economists generally hold that rent control is
    • A. 

      A common example of a social problem solved by government regulations

    • B. 

      A common example of a price ceiling

    • C. 

      The most ineffective way to provide affordable housing

    • D. 

      The most efficient way to allocate housing

  • 4. 
    Minimum wage laws dictate
    • A. 

      The average price employers must pay for labor

    • B. 

      The highest price employers may pay for labor

    • C. 

      The lowest price employers may pay for labor

    • D. 

      The quality of labor which must be supplied

  • 5. 
    If minimum wage is above the equilibrium wage,
    • A. 

      The quantity demanded of labor will be greater than the quantity supplied

    • B. 

      The quantity demanded of labor will be less than the quantity supplied

    • C. 

      The quantity demanded of labor will be equal to the quantity supplied

    • D. 

      Anyone who wants a job at the minimum wage can find one

  • 6. 
    • A. 

      They view the market's outcome to be inefficient

    • B. 

      They view the market's outcome to be unfair

    • C. 

      All politicians enjoy exercising their power

    • D. 

      They are required to do so under the Employment Act of 1946

  • 7. 
    The initial effect of a tax on the consumer of a good
    • A. 

      Is on the supply of that good

    • B. 

      Is on the demand for that good

    • C. 

      Is on both the supply of the good and the demand for the good

    • D. 

      Is on the price of the good

  • 8. 
    • A. 

      Shift up by $.10 per bag

    • B. 

      Shift up by $.05 per bag

    • C. 

      Shift down by $.10 per bag

    • D. 

      Shift down by $.05 per bag

  • 9. 
    • A. 

      Is on the supply of the product

    • B. 

      Is on the demand for the product

    • C. 

      Is on both supply and demand of the product

    • D. 

      Is on the price of the product

  • 10. 
    Refer to the graphs given. In which market will the majority of a tax be paid by the consumer?
    • A. 

      Market (a)

    • B. 

      Market (b)

    • C. 

      Market (c)

    • D. 

      All of the above