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Test Canvas : Self-Test Quiz – Chapter 05
Microeconom ics, 3e
Test Canvas: Self-Test Quiz – Chapter 05
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1. Multiple Choice: Which of the following is not a predi...
Question Which of the following is not a predictable result of a price ceiling?
Answer
development of an illegal black market
2. Multiple Choice: Why did Venezuela experience a shorta...
Question Why did Venezuela experience a shortage of basic food in 2006?
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Points: 1
3. Multiple Choice: Which of the following statements reg…
Question Which of the following statements regarding price floors is TRUE?
Answer
Price floors always benefit consumers and harm producers.
4. Multiple Choice: Which of the following is a likely re…
Question Which of the following is a likely result of a price floor imposed on providers of a
particular service?
Points: 1
Points: 1
Feedback Incorrect! The enhanced quality can be inefficient if it is not worth the cost. Section:
Price Floors
5. Multiple Choice: The medallion system used to license …
Question The medallion system used to license taxicabs in New York City is an example of
a(n):
Answer
price floor.
6. Multiple Choice: What is the name given to the wedge t…
Question What is the name given to the wedge that occurs between the supply price and the
demand price of the transacted quantity, when a good is subject to quantity
restrictions?
7. Multiple Choice: Which of the following is not a likel...
Question Which of the following is not a likely result of a quantity control in the form of a
binding quota?
Answer economic inefficiency arising from missed opportunities
Points: 1
Points: 1
Points: 1
8. Multiple Choice: Which group would be most likely to b...
Question Which group would be most likely to benefit from a binding price floor imposed on
wheat?
Answer
buyers of wheat that are seeking lower prices
9. Multiple Choice: A binding price floor is designed to:
Question A binding price floor is designed to:
Answer
increase efficiency.
Points: 1
Points: 1
10. Multiple Choice: A binding price ceiling is designed to:
Question A binding price ceiling is designed to:
Answer
increase efficiency.
11. Multiple Choice: A binding minimum wage is a type of:
Question A binding minimum wage is a type of:
Answer
quota.
12. Multiple Choice: If a price ceiling is imposed above t...
Question If a price ceiling is imposed above the equilibrium price, what is the effect?
Points: 1
Points: 1
Points: 1
Incorrect
Feedback
Incorrect! If the price ceiling is imposed above the equilibrium price, then the
equilibrium price and quantity will prevail. Section: Price Ceilings
13. Multiple Choice: If a price floor is imposed above the…
Question If a price floor is imposed above the equilibrium price in a market, what is the
effect?
Answer
There is no visible effect on the market outcome.
14. Multiple Choice: Which of the following would enhance ...
Question Which of the following would enhance the level of efficiency in a market?
Answer
imposing a price ceiling below the equilibrium price
15. Multiple Choice: Why do minimum wage laws in Italy and...
Question Why do minimum wage laws in Italy and Spain result in a greater prevalence of
workers being hired in unreported jobs “off the books“ than do minimum wage laws
in the United States?
Answer Workers in these countries prefer short-term employment contracts.
The minimum wages in these countries are so low that workers typically feel
they have to accept more than one job.
Points: 1
Points: 1
Points: 1
16. Multiple Choice: What is the result of a binding quota…
Question What is the result of a binding quota restriction on quantity?
17. Multiple Choice: A binding price ceiling is presented ...
Question A binding price ceiling is presented graphically as a(n):
Answer
price at equilibrium.
Points: 1
Points: 1
18. Multiple Choice: A binding price floor is presented gr...
Question A binding price floor is presented graphically as a(n):
Answer
price at equilibrium.
19. Multiple Choice: The graphical result of a binding pri...
Question The graphical result of a binding price ceiling is:
20. Multiple Choice: The result of a binding price floor is:
Question The result of a binding price floor is:
Answer
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Points: 1
Points: 1
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quantity demanded at the price floor exceeds the amount at the equilibrium
price, and quantity supplied is less than the amount at the equilibrium price.
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