Liberty University ECON 213 Quiz 6
· Question 1
2 out of 2 points
Let’s say that you have a friend who was caught illegally buying a good on the black market. When the judge asks you to describe your friend’s motivation as a buyer, which of the following would most likely be your reply?
· Question 2
2 out of 2 points
How would an economist explain a teenager’s continued unemployment where there exists a minimum wage?
· Question 3
2 out of 2 points
If the local government tells gas stations that they are not allowed to change the price of gas for three weeks during hurricane season, what will be the consequence?
· Question 4
0 out of 2 points
Use the following table to answer the questions that follow.
What is the quantity demanded when the price floor is $0.75 in the market for public transportation?
· Question 5
0 out of 2 points
If a store sells a good at the market price, even though the government authorities have set the minimum price that can be charged, the store is selling the good in a(n):
· Question 6
2 out of 2 points
Do all buyers benefit from a binding price ceiling?
· Question 7
2 out of 2 points
Refer to the accompanying figure to answer the questions that follow.
The market is currently at market equilibrium. If a binding price ceiling of P1 is imposed, by how much would the quantity supplied change?
· Question 8
2 out of 2 points
Why is it often difficult to remove a binding price floor after it exists?
· Question 9
0 out of 2 points
A nonbinding price floor has the following consequences:
· Question 10
2 out of 2 points
Do all sellers benefit from a binding price floor?
· Question 11
2 out of 2 points
The government has imposed a price control for many agricultural products in an effort to support farmers. In the case of price floor P2 in the accompanying figure, how much of a disequilibrium in quantity exists?
· Question 12
2 out of 2 points
You are a senator from Kansas who wants to help farmers. You have worked to encourage the passage of a law that would impose a binding price floor on wheat. What would you expect your critics to say?
· Question 13
0 out of 2 points
Use the following figure to answer the questions that follow.
The accompanying figure describes the market for gasoline in a local community. If the government were to place a price floor at P1, predict the resulting surplus or shortage.
· Question 14
2 out of 2 points
How do producers who are subject to a binding price ceiling respond as the time frame shifts from the short run to the long run?
· Question 15
2 out of 2 points
Setting a price ceiling below the equilibrium price can result in:
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