经济学原理对应练习06.doc

经济学原理对应练习06.doc

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Chapter6/Supply,Demand,andGovernmentPoliciesv259

Chapter6

Supply,Demand,andGovernmentPolicies

MultipleChoice

1. Pricecontrolsareusuallyenacted

a. asameansofraisingrevenueforpublicpurposes.

b. whenpolicymakersbelievethatthemarketpriceofagoodorserviceisunfairtobuyersorsellers.

c. whenpolicymakersdetectinefficienciesinamarket.

d. Alloftheabovearecorrect.

ANS:

B PTS:

1 DIF:

1 REF:

6-0

TOP:

Priceceilings|Pricefloors MSC:

Interpretive

2. Thepresenceofpricecontrolsinamarketusuallyisanindicationthat

a. aninsufficientquantityofagoodorservicewasbeingproducedinthatmarkettomeetthepublic’sneed.

b. theusualforcesofsupplyanddemandwerenotabletoestablishanequilibriumpriceinthatmarket.

c. policymakersbelievedthatthepricethatprevailedinthatmarketintheabsenceofpricecontrolswasunfairtobuyersorsellers.

d. policymakerscorrectlybelievedthat,inthatmarket,pricecontrolswouldgeneratenoinequitiesoftheirown.

ANS:

C PTS:

1 DIF:

2 REF:

6-0

TOP:

Priceceilings|Pricefloors MSC:

Interpretive

3. Policymakerssometimesareattractedtopricecontrolsbecause

a. theyviewthemarket'soutcomeasinefficient.

b. theyviewthemarket'soutcomeasunfair.

c. itispoliticallypopulartoimposepricecontrolsinmarketsinwhichthedemandforthegoodorserviceisinelastic.

d. theyarerequiredtodosoundertheEmploymentActof1946.

ANS:

B PTS:

1 DIF:

2 REF:

6-0

TOP:

Priceceilings|Pricefloors MSC:

Interpretive

4. Pricecontrols

a. alwaysproduceanequitableoutcome.

b. alwaysproduceanefficientoutcome.

c. cangenerateinequitiesoftheirown.

d. producerevenueforthegovernment.

ANS:

C PTS:

1 DIF:

2 REF:

6-0

TOP:

Priceceilings|Pricefloors MSC:

Interpretive

5. Policymakersusetaxes

a. toraiserevenueforpublicpurposes,butnottoinfluencemarketoutcomes.

b. bothtoraiserevenueforpublicpurposesandtoinfluencemarketoutcomes.

c. whentheyrealizethatpricecontrolsaloneareinsufficienttocorrectmarketinequities.

d. onlyinthosemarketsinwhichtheburdenofthetaxfallsclearlyonthesellers.

ANS:

B PTS:

1 DIF:

2 REF:

6-0

TOP:

Taxes MSC:

Interpretive

6. Alegalmaximumpriceatwhichagoodcanbesoldisaprice

a. floor.

b. stabilization.

c. support.

d. ceiling.

ANS:

D PTS:

1 DIF:

1 REF:

6-1

TOP:

Priceceilings MSC:

Definitional

7. Apriceceiling

a. isalegalmaximumonthepriceatwhichagoodcanbesold.

b. isoftenimposedinmarketsinwhich“cutthroatcompetition”wouldprevailwithoutapriceceiling.

c. isoftenimposedwhensellersofagoodaresuccessfulintheirattemptstoconvincethegovernmentthatthemarketoutcomeisunfairwithoutapriceceiling.

d. Alloftheabovearecorrect.

ANS:

A PTS:

1 DIF:

2 REF:

6-1

TOP:

Priceceilings MSC:

Interpretive

8. Alegalminimumpriceatwhichagoodcanbesoldis

a. exemplifiedbyrent-controllaws.

b. usuallyintendedtoenhanceefficiencyinamarket.

c. calledapriceceiling.

d. calledapricefloor.

ANS:

D PTS:

1 DIF:

1 REF:

6-1

TOP:

Pricefloors MSC:

Definitional

9. Apricefloor

a. isalegalminimumonthepriceatwhichagoodcanbesold.

b. canresultwhensellersofagoodaresuccessfulintheirattemptstoconvincethegovernmentthatthemarketoutcomewithoutapricefloorisunfairtothem.

c. cancreateinequitiesinamarket.

d. Alloftheabovearecorrect.

ANS:

D PTS:

1 DIF:

1 REF:

6-1

TOP:

Pricefloors MSC:

Definitional

10. Whichofthefollowingisthemostlikelyexplanationfortheimpositionofapricefloorinthemarketforcorn?

a. Policymakershavestudiedtheeffectsofthepricefloorcarefullyandtheyrecognizethatthepricefloorisadvantageousforsocietyasawhole.

b. Buyersandsellersofcornhaveagreedthatthepricefloorisgoodforbothofthemandhavethereforepressuredpolicymakersintoenactingthepricefloor.

c. Buyersofcorn,recognizingthatthepricefloorisgoodforthem,havepressuredpolicymakersintoenactingthepricefloor.

d. Sellersofcorn,recognizingthatthepricefloorisgoodforthem,havepressuredpolicymakersintoenactingthepricefloor.

ANS:

D PTS:

1 DIF:

2 REF:

6-1

TOP:

Pricefloors MSC:

Interpretive

11. Apriceceilingwillbebindingonlyifitisset

a. equaltoequilibriumprice.

b. aboveequilibriumprice.

c. belowequilibriumprice.

d. noneoftheabove;apriceceilingisneverbinding.

ANS:

C PTS:

1 DIF:

2 REF:

6-1

TOP:

Priceceilings MSC:

Interpretive

12. Apriceceilingisbindingwhenitisset

a. abovetheequilibriumprice,causingashortage.

b. abovetheequilibriumprice,causingasurplus.

c. belowtheequilibriumprice,causingashortage.

d. belowtheequilibriumprice,causingasurplus.

ANS:

C PTS:

1 DIF:

2 REF:

6-1

TOP:

Priceceilings|Shortages MSC:

Interpretive

13. Supposeapriceceiling