经济学原理对应练习6.docx

经济学原理对应练习6.docx

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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

217

Chapter6/Supply,Demand,andGovernmentPolicies v219

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:

PricefloorsMSC:

Definitional

9.Apricefloor

a.isalegalminimumonthepriceatwhichagoodcanbesold.

b.canresultwhensellersofagoodaresuccessfulintheirattemptstoconvincethegovernmentthatthemarketoutcomewithoutapricefloorisunfairtothem.

c.cancreateinequitiesinamarket.

d.Alloftheabovearecorrect.

ANS:

D PTS:

1 DIF:

1 REF:

6-1

TOP:

PricefloorsMSC:

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:

PricefloorsMSC:

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:

6-1TOP:

Priceceilings|Shortages MSC:

Interpretive

13.Supposeapri