Economics Chapter 5 Quantity Supplied And Quantity Demanded Look The

Figure: The Shrimp Market

Reference: Ref 5-31

(Figure: The Shrimp Market) Look at the figure The Shrimp Market. If the

government imposes a quota limiting sales of shrimp to 250 pounds, it would have

the same effect as a price ________ of ________.

174. Multiple Choice: Which of the following is a likely ou...

Question Which of the following is a likely outcome of price controls and quota limits?

175. Multiple Choice: The market for salmon is in equilibri...

Question The market for salmon is in equilibrium. A price ceiling, a price floor, and a quota

limit in this market would all have which outcome in common?

Answer

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176. Multiple Choice: A price floor or a price ceiling is a...

Question A price floor or a price ceiling is an example of:

177. Multiple Choice: The minimum wage, which sets a lower ...

Question The minimum wage, which sets a lower limit on the wages that workers can earn,

is often above the equilibrium price. The minimum wage is an example of:

178. Multiple Choice: Government may choose to impose a pri...

Question Government may choose to impose a price floor if:

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179. Multiple Choice: Price ceilings may be imposed if:

Question Price ceilings may be imposed if:

180. Multiple Choice: A rent control scheme setting a maxim…

Question A rent control scheme setting a maximum amount of rent paid below the

equilibrium rental price would most likely be supported by which of the following

groups?

181. Multiple Choice: In the rental housing market with pri...

Question In the rental housing market with price controls, the quantity of rental houses

demanded exceeds the quantity of rental housing supplied. This price control must

be a:

182. Multiple Choice: An effective price ceiling will most ...

Question An effective price ceiling will most likely result in which of the following?

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183. Multiple Choice: When a price ceiling is imposed, this...

Question When a price ceiling is imposed, this results in:

184. Multiple Choice: A price ceiling on a good often resul...

Question A price ceiling on a good often results in:

185. Multiple Choice: Reference: Ref 5-35 (Table: Quantity…

Question

Points: 0

Reference: Ref 5-35

(Table: Quantity Supplied and Quantity Demanded) Look at the table Quantity

Supplied and Quantity Demanded. The government institutes a price control and as

a result too many resources are allocated for the production of a good. The price

control in this market must be equal to:

186. Multiple Choice: An increase in producer surplus would...

Question An increase in producer surplus would most likely occur if:

187. Multiple Choice: An effective price floor would result...

Question An effective price floor would result in:

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188. Multiple Choice: If minimum wages are set above the eq...

Question If minimum wages are set above the equilibrium wage in the market, then the

number of workers hired will be _______ the number of people who are willing to

work.

189. Multiple Choice: An effective minimum wage ultimately ...

Question An effective minimum wage ultimately means that:

190. Multiple Choice: An effective price floor will lead to:

Question An effective price floor will lead to:

191. Multiple Choice: If government decides to control the ...

Question If government decides to control the amount of a good allowed into a market, this

will:

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192. Multiple Choice: A quota is:

Question A quota is:

193. Multiple Choice: Quotas often:

Question Quotas often:

194. Multiple Choice: Which of the following statements is ...

Question Which of the following statements is true?

I. Quantity controls drive a wedge between the demand price and the supply price

of the good.

II. The difference between the demand and supply price at the quota limit is referred

to as consumer surplus.

III. Quantity controls have no undesirable side effects.

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195. Multiple Choice: Government intervention in the form o...

Question Government intervention in the form of price floors or price ceilings will:

196. Multiple Choice: Inefficient allocations of goods to c...

Question Inefficient allocations of goods to consumers often result from:

197. Multiple Choice: Reference: Ref 5-36 (Table: Quantity…

Question

Reference: Ref 5-36

(Table: Quantity Supplied and Quantity Demanded) Look at the table Quantity

Supplied and Quantity Demanded. A government-imposed price ceiling equal to $5

would result in:

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198. Multiple Choice: Reference: Ref 5-36 (Table: Quantity…

Question

Reference: Ref 5-36

(Table: Quantity Supplied and Quantity Demanded) Look at the table Quantity

Supplied and Quantity Demanded. If a price ceiling of $10 were imposed in this

market, then:

199. Multiple Choice: Reference: Ref 5-36 (Table: Quantity…

Question

Reference: Ref 5-36

(Table: Quantity Supplied and Quantity Demanded) Look at the table Quantity

Supplied and Quantity Demanded. Excess supply would exist in this market if a

price floor equal to ________ was imposed in this market.

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200. Multiple Choice: Figure: Market I Reference: Ref 5-37 ...

Question Figure: Market I

Reference: Ref 5-37

(Figure: Market I) Look at the figure Market I. A surplus of the good would result if

the price was equal to:

201. Multiple Choice: Figure: Market I Reference: Ref 5-37 ...

Question

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Figure: Market I

Reference: Ref 5-37

(Figure: Market I) Look at the figure Market I. If a price floor of $15 was imposed on

this market and the government chose to purchase the surplus, the government

would need to buy ________ units of the good and spend a total amount of

________ on its purchase.

202. Multiple Choice: Figure: Market I Reference: Ref 5-37 ...

Question Figure: Market I

Reference: Ref 5-37

(Figure: Market I) Look at the figure Market I. A price floor of $5 imposed on this

market would:

Answer result in a surplus of the good.

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203. Multiple Choice: Figure: Market I Reference: Ref 5-37 ...

Question Figure: Market I

Reference: Ref 5-37

(Figure: Market I) Look at the figure Market I. A price floor at $15 would result in

deadweight loss of

204. Essay: How does an effective price ceiling a…

Question How does an effective price ceiling affect buyers and sellers in a competitive

market?

205. Essay: Suppose the market price of wheat is ...

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Question Suppose the market price of wheat is $7 a bushel and a price ceiling is set at $9 a

bushel. What is the impact of this price ceiling?

206. Essay: Figure: Price Controls Reference: Ref...

Question Figure: Price Controls

Reference: Ref 5-32

(Figure: Price Control) Look at the figure Price Controls. A price ceiling has been

imposed at point d. Identify the areas that correspond to the consumer surplus,

producer surplus, and deadweight loss with this price control. In addition, identify

the area that represents lost producer surplus that has been transferred to

consumers as a result of this policy.

207. Essay: How do price ceilings create so-calle...

Question How do price ceilings create so-called black markets?

208. Essay: How does a price ceiling create deadw…

Question How does a price ceiling create deadweight loss in the market?

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209. Essay: How could a minimum wage create an in...

Question How could a minimum wage create an incentive for illegal hiring practices?

210. Essay: Reference: Ref 5-33 (Table: The Mark...

Question

Reference: Ref 5-33

(Table: The Market for Hamburger Flippers) Look at the table The Market for

Hamburger Flippers. If the minimum wage in this market is $8, what is the impact

on the market? Who are the winners and losers of the minimum wage?

211. Essay: Reference: Ref 5-33 (Table: The Mark...

Question

Reference: Ref 5-33

(Table: The Market for Hamburger Flippers) Look at the table The Market for

Hamburger Flippers. For hamburger flippers with a minimum wage of $8 per hour,

can you imagine a scenario where the deadweight loss from the minimum wage is

lessened or even eliminated?

Answer

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212. Essay: Reference: Ref 5-34 (Table: The Mark...

Question

Reference: Ref 5-34

(Table: The Market for Salmon) Look at the table The Market for Salmon. The state

government has imposed a quota of 6 million pounds and has licensed commercial

fishing boats to harvest the salmon. When the quota is reached, the season is

over. What is the quota rent per pound of salmon when 6 million pounds is

harvested and sold?

213. Essay: How is a quota limit different from o...

Question How is a quota limit different from or similar to a price control?

OK

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