Microeconomics Ch 6

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Refer to Figure 6-26. The price paid by buyers after the tax is imposed is

$16

Refer to Figure 6-21. Acme, Inc. is a seller of the good. Acme sells a unit of the good to a buyer and then pays the tax on that unit to the government. Acme is left with how much money?

$8.00

A tax on buyers will shift the

demand curve downward by the amount of the tax

Refer to Figure 6.23. How much tax revenue does this tax produce for the government?

$18

Refer to Figure 6-18. The price that buyers pay after the tax is imposed is

$24

Refer to Figure 6-24. The price paid by buyers after the tax is imposed is

$24

Refer to Figure 6-9. A price ceiling set at

$4 will be binding and will result in a shortage of 16 units

Refer to Table 6-5. Which of the following price floors would be binding in this market?

$9

After OPEC raised the price of crude oil in the 1970's, which of the following was the most important reason that there were shortages of gasoline?

The effects of a price ceiling on gasoline prices imposed by the US government.

Which of the following is correct?

The minimum wage is more often binding for teenagers than for other members of the labor force.

Refer to Figure 6-24. Which of the following statements is correct?

The tax is levied on buyers of the good, rather than on the sellers.

Which of the following causes of surplus of a good?

a binding price floor

Rent control can cause

a decline in the quality of housing available for rent the development of a black market to allocate apartments to renters. longer search times for renters attempting to locate an apartment. All Of These Are Possible Results of Rent Controls

Refer to Figure 6-6. If the government imposes a price ceiling of $6 on this market, then there will be

a shortage of 30 units.

Refer to figure 6-4. A government-imposed price floor of $12 in this market results in

a surplus of 4 units

If a binding price floor is imposed on the market for eBooks, then

a surplus of eBooks would develop

When a tax is imposed in a market, it will

affect the behavior of both buyers and sellers.

Refer to Figure 6-15. For a price ceiling to be binding in this market, it would have to be set at

any price below $3.

A price ceiling will be binding only if it is set

below the equilibrium price.

Refer to Figure 6-17. A government-imposed price of $12 in this market is an example of a

binding price ceiling that creates a shortage.

If a price ceiling is binding constraint on a market, then

buyers cannot buy all they want to buy at the price ceiling.

If a tax is imposed on a market with inelastic demand and elastic supply, then

buyers will bear most of the burden of the tax

A $1.50 tax levied on the buyers of pomegranate juice will shift the demand curve

downward by exactly $1.50

Assume the demand for cigarettes is relatively inelastic, and the supply of cigarettes is relatively elastic. When cigarettes are taxed, we would expect

most of the burden of the tax to fall on buyers of cigarettes, regardless of whether buyers or sellers of cigarettes are required to pay the tax to the government.

If the government removes a $1 tax on sellers of gasoline and imposes the same $1 tax on buyers of gasoline, then the price paid by buyers will

not change, and the price received by sellers will not change.

The presence of a price control in a market for a good or service usually is an indication that

policymakers believed that the price that prevailed in that market in the absence of price control was unfair to buyers or sellers

Which of the following is not a rationing mechanism used by landlords in cities with rent control?

price

When a binding price floor is imposed on a market,

price no longer servers as a rationing device

If a nonbonding price ceiling is imposed on a market, then the

quantity sold in the market will stay the same.

When a tax is placed on buyers of a product, the

size of the market decreases. effective price received by sellers decreases, and the price paid by buyers increases. demand for the product decreases. All Of The Above

Refer to Figure 6-16. In this market, a minimum wage of $7.25 creates a labor

surplus of 4,500 workers

If a price ceiling is not binding, then

the equilibrium price is below the price ceiling.

An alternative to rent-control laws that would not reduce the quantity of housing supplied is

the payment by government of a fraction of a poor family's rent.

If the minimum wage exceeds the equilibrium wage, then

the quantity supplied of labor will exceed the quantity demanded.

Which fo the following would not interfere with market equilibria?

a non-binding price floor

Refer to Figure 6-16. In this market, a minimum wage of $7.25 is

binding and creates unemployment

Refer to figure 6-1. The price ceiling shown in panel (a)

is not binding

Refer to Figure 6-3. A binding price floor is shown in

panel (b) only.

If a price floor is not binding, then

the equilibrium price is above the price floor.

A price ceiling is

A legal maximum on the price at which a good can be sold


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