Refer to Figure, The market is initially in equilibrium at Point A and supply shifts from S 1 to S 2. Which of the following statements is true ?

Price will still serve as a rationing device causing quantity demanded to fall from 11 to 8 soft pretzels

Price will still serve as a rationing device causing quantity supplied to rise from 8 to 11 soft pretzels.

There is no need for price to serve as a rationing device in this case because the new equilibrium quantity is higher than the original equilibrium quantity.

The market cannot move to a new equilibrium until there is also a change in supply.

Refer to Figure,The market is initially in equilibrium at the intersection of S 2 and D , and supply shifts from S 2 to S 1. Which of the following statements is true ?

Price will still serve as a rationing device causing quantity demanded to rise from 8 to 11 soft pretzels.

There is no need for price to serve as a rationing device in this case because the new equilibrium quantity is lower than the original equilibrium quantity.

Price will still serve as a rationing device causing quantity supplied to fall from 8 to 4 soft pretzels.

The market cannot move to a new equilibrium until there is also a change in supply.

If the equilibrium price of gasoline is $4.00 per gallon and the government will not allow oil companies to charge more than $3.00 per gallon of gasoline, which of the following will happen?

A nonprice rationing system such as ration coupons must be used to ration the available supply of gasoline.

Demand must eventually decrease so that the market will come into equilibrium at a price of $3.00.

Supply must eventually increase so that the market will come into equilibrium at a price of $3.00.

The market will be in equilibrium at a price of $3.00.

An example of a price ceiling would be the government setting the price of sugar

below the equilibrium market price.

above the equilibrium market price

at the equilibrium market price.

If the market price of coffee is $3.00 per pound but the government will not allow coffee growers to charge more than $2.00 per pound of coffee, which of the following will happen?

There will be a shortage of coffee.

Demand must eventually decrease so that the market will come into equilibrium at a price of $2.50.

Supply must eventually increase so that the market will come into equilibrium at a price of $2.50.

The market will be in equilibrium at a price of $2.00.

a maximum price set by government that sellers may charge for a good.

a minimum price set by government that sellers may charge for a good.

the difference between the initial equilibrium price and the equilibrium price after a decrease in supply.

the minimum price that consumers are willing to pay for a good.

a minimum price set by government that sellers may charge for a good.

a maximum price set by government that sellers may charge for a good

the difference between the initial equilibrium price and the equilibrium price after a decrease in supply.

the minimum price that consumers are willing to pay for a good.

Refer to Figure, At an effective price ceiling for pencils,

quantity demanded is greater than quantity supplied.

quantity demanded is less than quantity supplied.

quantity demanded is equal to quantity supplied.

Refer to Figure, If the government will not allow retailers to charge more than $0.40 for a pencil, which of the following will happen?

A nonprice rationing system such as queuing must be used to ration the available supply of pencils

Demand must eventually decrease so that the market will come into equilibrium at a price of $0.40.

Supply must eventually increase so that the market will come into equilibrium at a price of $0.40.

The market will be in equilibrium at a price of $0.40.

Refer to Figure, If the government will not allow retailers to charge less than $0.50 for a pencil, which of the following will happen?

Retailers will have an excess supply of pencils.

Demand must eventually increase so that the market will come into equilibrium at a price of $0.50

Supply must eventually decrease so that the market will come into equilibrium at a price of $0.50

The market will be in equilibrium at a price of $0.50.

If a price ceiling is set below the equilibrium price,

quantity demanded will equal quantity supplied.

demand will be less than supply.

If a price floor is set below the equilibrium price,

quantity demanded will be less than quantity supplied.

The government imposes a price ceiling on gasoline that is below the market price. You are asked to suggest a rationing scheme that will minimize the misallocation of resources. You suggest,

using rationing coupons that can be resold.

using rationing coupons that cannot be resold.

using rationing on a first-come, first-served basis.

using rationing only on weekdays.

The quantity demanded of Coca Cola has increased. The best explanation for this is that

the price of Coca Cola has decreased.

the price of Pepsi has decreased.

Coca Cola has instituted a new, successful advertising campaign.

Coca Cola consumers had an increase in income.

A change in the ________ leads to a change in demand that causes a ________.

price of other goods; shift in the demand curve

price of other goods; movement along the demand curve

price of the original product; shift of the demand curve

price of the original product; shift of the demand curve and a movement along the new demand curve

The price of hard drives used in the manufacturing of laptop computers has risen. This will lead to ________ laptop computers.

an increase in the quantity supplied of

a decrease in the quantity supplied of

automatically distributes scarce goods

requires government help to allocate goods.

is the only way to allocate goods.

illegal trading at market prices takes place.

suppliers take advantage of buyers.

price is illegally below market price.

only illegal goods and services are traded.

If the government imposes a maximum price that is above the equilibrium price,

this maximum price will have no economic impact.

quantity demanded will be less than quantity supplied.

demand will be greater than supply

the available supply will have to be rationed with a nonprice rationing mechanism.

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Refer to Figure, At the world price of 30 cents per apple, the United States imports ________ million apples per day.

Refer to Figure, If a 10-cent-per-apple tax is levied on imported apples, the United States will

Refer to Figure, If the United States levies no taxes on apples, the price of apples in the United States would fall to , and the United States would import .

Assume that initially there is free trade. If the United States then imposes a 10-cent tax per apple,

Refer to Figure, Assume that initially there is free trade. If the United States then imposes a 10-cent tax per apple,

Refer to Figure, At the price of ________ cents per apple, the United States imports 6 million apples per day.

Refer to Figure, The United States will import 2 million apples per day if a per-apple tax of ________ is levied on imported apples.

Refer to Figure, The United States will import 6 million apples per day if a per-apple tax of ________ is levied on imported apples

Refer to Figure, Assume that initially there is free trade. The price of apples in the United States will increase to 40 cents per apple if a ________ per apple tax is imposed.

Refer to Figure, Assume that initially there is free trade. The quantity demanded of apples will be reduced by 2 million per day if the United States imposes a tax of ________ per apple.

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3rd quiz

40 questions

Refer to Figure, At the world price of 30 cents per apple, the United States imports ________ million apples per day.

Refer to Figure, If a 10-cent-per-apple tax is levied on imported apples, the United States will

Refer to Figure, If the United States levies no taxes on apples, the price of apples in the United States would fall to ________, and the United States would import ________.

Assume that initially there is free trade. If the United States then imposes a 10-cent tax per apple,

Refer to Figure, Assume that initially there is free trade. If the United States then imposes a 10-cent tax per apple,

Refer to Figure, At the price of ________ cents per apple, the United States imports 6 million apples per day.

Refer to Figure, The United States will import 2 million apples per day if a per-apple tax of ________ is levied on imported apples.

Refer to Figure, The United States will import 6 million apples per day if a per-apple tax of ________ is levied on imported apples

Refer to Figure, Assume that initially there is free trade. The price of apples in the United States will increase to 40 cents per apple if a ________ per apple tax is imposed.

Refer to Figure, Assume that initially there is free trade. The quantity demanded of apples will be reduced by 2 million per day if the United States imposes a tax of ________ per apple.

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Refer to Figure, If the United States levies no taxes on apples, the price of apples in the United States would fall to , and the United States would import .