
Microeconomics Quiz - Govt policies
Authored by Dubra Nov
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12th Grade
Used 4+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is a price ceiling in microeconomics?
A set amount per unit of expenditure
A legal minimum on the price at which a good can be sold
A legal maximum on the price at which a good can be sold
A payment to buyers and sellers to supplement income
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is a likely long-term consequence of rent controls?
Increased investment in housing
Decreased supply of rental properties
Higher quality housing
Equilibrium in the rental market
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the impact of a price floor being binding?
Increase in supply
Equilibrium price
Shortage
Surplus
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the primary effect of setting a price ceiling below the equilibrium price?
Increase in demand
Increase in supply
Creation of a shortage
Creation of a surplus
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the impact of a subsidy on the supply curve?
Shifts the supply curve to the left
Shifts the supply curve to the right
Makes the supply curve more elastic
Makes the supply curve more inelastic
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In a market with a binding price ceiling, which of the following is a likely outcome?
Decrease in the quality of the good
Increase in the long-term supply of the good
Stabilization of market prices
Elimination of black markets
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the effect of a subsidy on the price to buyers?
It decreases
It increases
It becomes elastic
It remains the same
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