Câu hỏi về giá cả và thị trường

For a price ceiling to be a binding constraint on the market, the government must set it

• above the equilibrium price.

• below the equilibrium price

• precisely at the equilibrium price

• at any price because all price ceilings are binding constraints

A binding price ceiling creates

• a shortage or a surplus depending on whether the price ceiling is set above or below the equilibrium price.

• a surplus.

• a shortage.

• an equilibrium.

Suppose the equilibrium price for apartments is €500 per month and the government imposes rent controls of €250. Which of the following is unlikely to occur as a result of the rent controls?

• There may be long lines of buyers waiting for apartments.

• Landlords may discriminate among apartment renters.

• Landlords may be offered bribes to rent apartments.

• There will be a shortage of housing

• The quality of apartments will improve

A price floor

• always determines the price at which a good must be sold.

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

• is not a binding constraint if it is set above the equilibrium price.

• sets a legal minimum on the price at which a good can be sold.

Which of the following statements about a binding price ceiling is true?

• The shortage created by the price ceiling is greater in the short run than in the long run

• The surplus created by the price ceiling is greater in the short run than in the long run

• The surplus created by the price ceiling is greater in the long run than in the short run

• the shortage created by the price ceiling is greater in the long run than in the short run

Which side of the market is more likely to lobby government for a price floor?

• the buyers

• Neither buyers nor sellers desire a price floor.

• the sellers

• Both buyers and sellers desire a price floor.

The surplus caused by a binding price floor will be greatest if

• demand is inelastic and supply is elastic

• supply is inelastic and demand is elastic

• both supply and demand are elastic

• both supply and demand are inelastic

Which of the following is an example of a price floor?

• the minimum wage

• rent controls

• restricting petrol prices to €1.00 per litre when the equilibrium price is €1.50 per litre

• All of these answers are price floors.

Which of the following statements is true if the government places a price ceiling on petrol at €1.50 per litre and the equilibrium price is €1.00 per litre?

• A significant increase in the demand for petrol could cause the price ceiling to become a binding constraint

• A significant increase in the supply of petrol could cause the price ceiling to become a binding constraint.

• There will be a shortage of petrol.

• There will be a surplus of petrol

Which of the following workers would be most likely to find it more difficult to get a job after a rise in the minimum wage rate?

• A teenage worker with few qualifications.   

• A manual worker with fifteen years of work experience.

• A professional worker with a university degree.

• All three are equally likely to find it difficult to get a job