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A nonbinding price floor has which of the following consequences?

23/12/2020 Client: saad24vbs Deadline: 7 Days

Liberty University ECON 213 Quiz 6


· Question 1


2 out of 2 points


Let’s say that you have a friend who was caught illegally buying a good on the black market. When the judge asks you to describe your friend’s motivation as a buyer, which of the following would most likely be your reply?


· Question 2


2 out of 2 points


How would an economist explain a teenager’s continued unemployment where there exists a minimum wage?


· Question 3


2 out of 2 points


If the local government tells gas stations that they are not allowed to change the price of gas for three weeks during hurricane season, what will be the consequence?


· Question 4


0 out of 2 points


Use the following table to answer the questions that follow.


What is the quantity demanded when the price floor is $0.75 in the market for public transportation?


· Question 5


0 out of 2 points


If a store sells a good at the market price, even though the government authorities have set the minimum price that can be charged, the store is selling the good in a(n):


· Question 6


2 out of 2 points


Do all buyers benefit from a binding price ceiling?


· Question 7


2 out of 2 points


Refer to the accompanying figure to answer the questions that follow.


The market is currently at market equilibrium. If a binding price ceiling of P1 is imposed, by how much would the quantity supplied change?


· Question 8


2 out of 2 points


Why is it often difficult to remove a binding price floor after it exists?


· Question 9


0 out of 2 points


A nonbinding price floor has the following consequences:


· Question 10


2 out of 2 points


Do all sellers benefit from a binding price floor?


· Question 11


2 out of 2 points


The government has imposed a price control for many agricultural products in an effort to support farmers. In the case of price floor P2 in the accompanying figure, how much of a disequilibrium in quantity exists?

· Question 12


2 out of 2 points


You are a senator from Kansas who wants to help farmers. You have worked to encourage the passage of a law that would impose a binding price floor on wheat. What would you expect your critics to say?


· Question 13


0 out of 2 points


Use the following figure to answer the questions that follow.


The accompanying figure describes the market for gasoline in a local community. If the government were to place a price floor at P1, predict the resulting surplus or shortage.


· Question 14


2 out of 2 points


How do producers who are subject to a binding price ceiling respond as the time frame shifts from the short run to the long run?


· Question 15


2 out of 2 points


Setting a price ceiling below the equilibrium price can result in:



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