If a government imposed price ceiling legally sets the price of beef below market equilibrium, which of the following will most likely happen?
a. The quantity of beef demanded will decrease.
c. There will be a surplus of beef.
b. The quantity of beef supplied will increase.
d. There will be a shortage of beef.
If the equilibrium price of aspirin is $2.50 and a price ceiling is imposed at $3.00, the market will have a(n):
a. surplus.
c. accumulation of inventories. 商家囤货
b. shortage.
d. equilibrium.
If the government imposes a price ceiling below the market equilibrium price, which of the following will result?
a. There will be a surplus of the good.
excess supply
excess demand
d. The demand curve will shift to the left.
Price ceilings set below the equilibrium create:
a. externalities.
b. unemployment.
c. excess demand
d. surplus.
If the equilibrium price of good X is $4 and a price ceiling is imposed at $5, the result will be a(n):
a. depletion of inventories. （库存枯竭）
c. surplus.
b. shortage.
d. market clearing status
If the equilibrium price of good X is $5 and a price ceiling is imposed at $4, the result will be a(n):
accumulation of inventories of unsold gas.
surplus.
excess demand.
quantity supplied that exceeds the quantity demanded.
When the government imposes a price ceiling on a good whose price is too high,
surpluses are created.
excess demand may be likely to occur.
supply will increase to meet the demand.
quantity demanded of the good will fall.
If the equilibrium price of bread is $2 and the government imposes a $1.50 price ceiling on the price of bread, then:
more bread will be produced.
the demand for bread will decrease.
producers will charge $0.50 for bread.
there will be a shortage of bread.
If a price ceiling is imposed, then:
the market supply curve will shift to the right.
a shortage of product will result.
the market demand will shift to the left.
the market equilibrium price is below the level the government wishes to achieve.
In Exhibit 4-9, if a price ceiling is set at $1.50 the market result after adjustment is:
a shortage of 150 units.
shortage of 100 units.
a surplus of 100 units.
equilibrium at 200 units.
Which of the following is the most likely result of an increase in the minimum wage?
An increase in the employment of unskilled workers.
An increase in the demand for unskilled workers.
A decrease in the employment of unskilled workers.
A decrease in the number of workers seeking minimum wage jobs.
If a government-imposed price floor legally sets the price of milk above market equilibrium, which of the following will most likely happen?
a. The quantity of milk demanded will increase.
c. There will be a surplus of milk.
b. The quantity of milk supplied will decrease.
d. There will be a shortage of milk.
An effective price floor is:
the lowest price a producer will accept.
the lowest price a consumer will pay.
a minimum price set by the government above equilibrium price.
a maximum price set by the government above equilibrium price
The minimum price for a good set by the government above the equilibrium price is called a:
price ceiling.
market-generated price.
parity price ratio.
price floor.
The excess supply created when governments impose a price floor is:
shrinking as the floor rises.
the difference between the new quantity supplied and the old quantity demanded.
the difference between the new quantity supplied and the new quantity demanded.
the difference between the old quantity supplied and new quantity demanded.
Which of the following would occur if the government set a price ceiling of $1 in the market shown in Exhibit 4-10?
Buyers would not want to purchase all of the apricots that are supplied.
There would be a shortage of apricots.
There would be a surplus of apricots.
Farmers would reduce the number of acres allocated to the growing of apricots.
A minimum wage that is set below the equilibrium wage will:
cause increased unemployment.
cause the overall wage to increase.
not effective, then have no effect on employment.
cause the overall wage to decrease.
A good example of a price floor is:
Minimum wage
Vaccination 疫苗
Masks during COVID
Agricultural products support
Rent control applies to private rental housing in New York City. Economic theory suggests that a below-equilibrium price established by rent control:
creates a surplus of rental housing.
results in poor service and quality deterioration of many rental units.
leads to a easier renting for tenants (租客)
promotes a rapid increase in the future supply of housing.
Rent controls create distortions扭曲 in the housing market by:
increasing the supply of housing in the long run.
encouraging landlords to overspend for maintenance.
raising property values.
discouraging new housing construction.
What is the heart of economics?
Opportunity cost
Scarcity
PPC
Supply and demand