ECON Chapter 04 Study Questions
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| A price ceiling is a government-mandated | show 🗑
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| Suppose the government imposes a price ceiling above the equilibrium price of a given good. Which of the following is the most likely result? | show 🗑
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| show | a tie-in sale.
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| show | 50
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| show | Price ceilings set below the equilibrium price cause shortages.
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| show | minimum price below which legal trades cannot be made.
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| show | although consumers are purchasing all of the product that they desire at this price, the sellers
are not selling all that they desire.
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| Exhibit 4-2 represents the orange juice market. The horizontal line represents a price ceiling imposed by the government. Which of the following is true? | show 🗑
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| Exhibit 4-2 represents the orange juice market. The horizontal line at $2 shows a price ceiling imposed by the government. Which of the following statements is true at this price? | show 🗑
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| A price floor set above the equilibrium price will | show 🗑
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| Refer to Exhibit 4-3. If price P1 is a price ceiling, then | show 🗑
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| show | 2.00
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| Refer to Exhibit 4-6. At a wage of $7, there will be a __________ of unskilled workers equal to __________ thousand workers. | show 🗑
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| show | no effect on the unskilled labor market.
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| If goods are not rationed according to price, if follows that | show 🗑
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| The minimum wage is an example of a | show 🗑
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| Refer to Exhibit 4-9. Suppose that the government imposes a price ceiling at a price of $15. The number of units that would be exchanged in this market would be | show 🗑
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| show | 90, since that is the number of units supplied at the price ceiling (and the quantity supplied is
less than the quantity demanded).
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| Price serves as a | show 🗑
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| show | scarcer.
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