Chapter06曼昆经济学(共25页).doc

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1、精选优质文档-倾情为你奉上Chapter 6Supply, Demand, and Government PoliciesMULTIPLE CHOICE1.Price controls area.used to make markets more efficient.b.usually enacted when policymakers believe that the market price of a good or service is unfair to buyers or sellers.c.nearly always effective in eliminating inequit

2、ies.d.established by firms with monopoly power.ANSWER: b.usually enacted when policymakers believe that the market price of a good or service is unfair to buyers or sellers.TYPE: M DIFFICULTY: 22.Policymakers choose to enact price controls in a market becausea.they believe the markets outcome to be

3、unfair.b.enacting price controls will directly increase tax revenues.c.they are required by law to improve market conditions.d.they believe that the market system is inefficient and their actions will improve efficiency.ANSWER: a.they believe the markets outcome to be unfair.TYPE: M SECTION: 1 DIFFI

4、CULTY: 23.Policymakers are led to control prices becausea.they view the markets outcome as inefficient.b.they view the markets outcome as unfair.c.all politicians enjoy exercising their power.d.they are required to do so under the Employment Act of 1946.ANSWER: b.they view the markets outcome as unf

5、air.TYPE: M SECTION: 1 DIFFICULTY: 24.Price controlsa.always produce an equitable outcome.b.always produce an efficient outcome.c.can generate inequities of their own.d.produce revenue for the government.ANSWER: c.can generate inequities of their own.TYPE: M SECTION: 1 DIFFICULTY: 25.Which of the fo

6、llowing is a reason policymakers impose taxes?a.to attempt to make markets more efficientb.to influence market outcomesc.to raise revenue for public used.All of the above are correct.e.Both b and c are correct.ANSWER: e. Both b and c are correct.TYPE: M SECTION: 1 DIFFICULTY: 26.A legal maximum pric

7、e at which a good can be sold is a pricea.floor.b.stabilization.c.support.d.ceiling.ANSWER: d.ceiling.TYPE: M SECTION: 1 DIFFICULTY: 17.A government-imposed maximum price at which a good can be sold is called a pricea.floor.b.ceiling.c.support.d.equilibrium.ANSWER: b.ceiling.TYPE: M SECTION: 1 DIFFI

8、CULTY: 18.A price ceilinga.is a legal maximum on the price at which a good can be sold.b.is a legal minimum on the price at which a good can be sold.c.occurs when the price in the market is temporarily above equilibrium.d.will usually result in a market surplus.ANSWER: a.is a legal maximum on the pr

9、ice at which a good can be sold.TYPE: M SECTION: 1 DIFFICULTY: 19.A legal minimum price at which a good can be sold is a pricea.cut.b.stabilization.c.ceiling.d.floor.ANSWER: d.floor.TYPE: M SECTION: 1 DIFFICULTY: 110.A price floora.is a legal minimum on the price at which a good can be sold.b.is a l

10、egal maximum on the price at which a good can be sold.c.will generally result in a market shortage.d.will benefit the consumer, but hurt the supplier.ANSWER: a.is a legal minimum on the price at which a good can be sold.TYPE: M SECTION: 1 DIFFICULTY: 111.A price ceiling will only be binding if it is

11、 seta.equal to equilibrium price.b.above equilibrium price.c.below equilibrium price.d.A price ceiling is never binding in a free market system.ANSWER: c.below equilibrium price.TYPE: M SECTION: 1 DIFFICULTY: 212.A binding price ceiling causesa.a shortage, which cannot be eliminated through market a

12、djustment.b.a surplus, which cannot be eliminated through market adjustment.c.a shortage, which is temporary, since market adjustment will cause price to rise.d.a surplus, which is temporary, since market adjustment will cause price to rise.ANSWER: a.a shortage, which cannot be eliminated through ma

13、rket adjustment.TYPE: M SECTION: 1 DIFFICULTY: 213.If a price ceiling is not binding,a.the equilibrium price is above the ceiling.b.the equilibrium price is below the ceiling.c.it has no legal enforcement mechanism.d.people must voluntarily agree to abide by it.ANSWER: b.the equilibrium price is bel

14、ow the ceiling.TYPE: M SECTION: 1 DIFFICULTY: 214.A price ceiling that is not binding willa.cause a surplus in the market.b.cause a shortage in the market.c.cause the market to be less efficient.d.have no effect on the market price.ANSWER: d.have no effect on the market price.TYPE: M SECTION: 1 DIFF

15、ICULTY: 215.Binding price ceilings in a market cause quantity demanded to bea.greater than quantity supplied.b.equal to quantity supplied.c.less than quantity supplied.d.Any of the above are possible.ANSWER: a.greater than quantity supplied.TYPE: M SECTION: 1 DIFFICULTY: 316.If a binding price ceili

16、ng is imposed in a marketa.there will be a surplus in the market.b.the price will be legally forced toward equilibrium price.c.there will be a shortage in the market.d.market forces will guarantee that the price will be at equilibrium.ANSWER: c.there will be a shortage in the market.TYPE: M SECTION:

17、 1 DIFFICULTY: 217.In the figure shown, a binding price ceiling is shown ina.panel (a).b.panel (b).c.both panel (a) and panel (b).d.neither panel (a) nor panel (b).ANSWER: b.panel (b).TYPE: M SECTION: 1 DIFFICULTY: 218.In which panel(s) in the figure shown would there be a shortage for CDs at the ce

18、iling price?a.panel (a)b.panel (b)c.panel (a) and panel (b)d.neither panel (a) nor panel (b)ANSWER: b.panel (b)TYPE: M SECTION: 1 DIFFICULTY: 219.According to the graph shown, a binding price ceiling would exist at a price ofa.$14.00.b.$12.00.c.$10.00.d.$8.00.ANSWER: d.$8.00.TYPE: M SECTION: 1 DIFFI

19、CULTY: 220.According to the graph shown, if the government imposes a binding price floor of $14.00 in this market, the result would be aa.surplus of 20.b.surplus of 40.c.shortage of 20.d.shortage of 40.ANSWER: b.surplus of 40.TYPE: M SECTION: 1 DIFFICULTY: 321.According to the graph shown, if the go

20、vernment imposes a binding price ceiling of $8.00 in this market, the result would be aa.surplus of 20.b.surplus of 40.c.shortage of 20.d.shortage of 40.ANSWER: c.shortage of 20.TYPE: M SECTION: 1 DIFFICULTY: 322.According to the graph, a binding price floor would exist ata.a price of $10.00.b.a pri

21、ce of $8.00.c.any price above $10.00.d.any price below $10.00.ANSWER: c.any price above $10.00.TYPE: M SECTION: 1 DIFFICULTY: 323.A price floor is binding if it isa.higher than the equilibrium market price.b.lower than the equilibrium market price.c.equal to the equilibrium market price.d.set by the

22、 government.ANSWER: a.higher than the equilibrium market price.TYPE: M SECTION: 1 DIFFICULTY: 224.With a binding price floor the market price willa.be lower than the price floor.b.be higher than the price floor.c.equal the price floor.d.It is impossible to compare the market price with the price flo

23、or.ANSWER: a.be lower than the price floor.TYPE: M SECTION: 1 DIFFICULTY: 225.A binding price floor in a market sets pricea.above equilibrium price and causes a shortage.b.above equilibrium price and causes a surplus.c.below equilibrium price and causes a surplus.d.below equilibrium price and causes

24、 a shortage.ANSWER: b.above equilibrium price and causes a surplus.TYPE: M SECTION: 1 DIFFICULTY: 326.A price floor is not binding ifa.the price floor is higher than the equilibrium market price.b.the price floor is lower than the equilibrium market price.c.people are willing to buy less when the pr

25、ice floor is imposed as they did before.d.the government sets it.ANSWER: b.the price floor is lower than the equilibrium market price.TYPE: M SECTION: 1 DIFFICULTY: 227.A binding price floor causesa.excess demand.b.a shortage.c.a surplus.d.equilibrium price to fall.ANSWER: c.a surplus.TYPE: M SECTIO

26、N: 1 DIFFICULTY: 228.In the figure shown, which of the panels represents a binding price floor?a.panel (a)b.panel (b)c.panel (a) and panel (b)d.neither panel (a) nor panel (b)ANSWER: b.panel (b)TYPE: M SECTION: 1 DIFFICULTY: 229.In panel (b), at the actual price there will bea.a shortage of wheat.b.

27、equilibrium in the market.c.a surplus of wheat.d.an excess demand for wheat.ANSWER: c.a surplus of wheat.TYPE: M SECTION: 1 DIFFICULTY: 230.If a price ceiling is a binding constraint on the market,a.the equilibrium price must be below the price ceiling.b.the equilibrium price must be above the price

28、 ceiling.c.the forces of supply and demand must be in equilibrium.d.it will have no effect on supply or demand.ANSWER: b.the equilibrium price must be above the price ceiling.TYPE: M SECTION: 1 DIFFICULTY: 231.If a price ceiling is a binding constraint, thea.actual price will be below the price ceil

29、ing.b.actual price will be above the price ceiling.c.equilibrium price will equal the price ceiling.d.actual price will equal the price ceiling.ANSWER: d.actual price will equal the price ceiling.TYPE: M SECTION: 1 DIFFICULTY: 332.When binding price ceilings are imposed in a marketa.price no longer

30、serves as a rationing device.b.the market will be cleared of any shortages or surpluses that existed previously.c.buyers and sellers both benefit equally.d.the government is attempting to improve market efficiency.ANSWER: a.price no longer serves as a rationing device.TYPE: M SECTION: 1 DIFFICULTY:

31、333.When binding price ceilings are imposed to benefit buyersa.every buyer in the market benefits because of lower prices.b.some buyers will not be able to buy any of the product.c.sellers in the market will equally benefit from a price ceiling.d.the quantity sellers want to sell will equal the quan

32、tity buyers want to buy.ANSWER: b.some buyers will not be able to buy any of the product.TYPE: M SECTION: 1 DIFFICULTY: 234.A binding price ceiling is imposed on the market for peaches. At the ceiling price, the quantity demanded of peaches will bea.greater than the quantity supplied.b.equal to the

33、quantity supplied.c.smaller than the quantity supplied.d.artificially restricted by the price ceiling.ANSWER: a.greater than the quantity supplied.TYPE: M SECTION: 1 DIFFICULTY: 335.A binding price ceiling in the computer market will causea.a surplus of computers.b.a shortage of computers.c.quantity

34、 demanded of computers to be equal to quantity supplied.d.an increase in the demand for computers.ANSWER: b.a shortage of computers.TYPE: M SECTION: 1 DIFFICULTY: 236.A binding price ceiling will make it necessary toa.supply more of the product.b.develop a way of rationing the product, because there

35、 will be a shortage.c.develop a better marketing plan, because there will be a surplus.d.increase demand for the product.ANSWER: b.develop a way of rationing the product, because there will be a shortage.TYPE: M SECTION: 1 DIFFICULTY: 337.Binding price ceilings result in each of the following EXCEPT

36、a.market inefficiency.b.shortages.c.seller bias.d.surpluses.ANSWER: d.surpluses.TYPE: M SECTION: 1 DIFFICULTY: 238.According to the graph shown, if the government imposes a binding price ceiling in this market at a price of $5.00, the result would be aa.shortage of 20 units.b.shortage of 10 units.c.

37、surplus of 20 units.d.surplus of 10 units.ANSWER: a.shortage of 20 units.TYPE: M SECTION: 1 DIFFICULTY: 239.According to the graph shown, a binding price ceiling would exist at a price ofa.$8.00.b.$6.00.c.$5.00.d.It could exist at any price above $6.00.ANSWER: c.$5.00.TYPE: M SECTION: 1 DIFFICULTY:

38、240.According to the graph shown, if the government imposes a binding price floor of $5.00 in this market, the result would be aa.surplus of 15.b.surplus of 35.c.surplus of 20.d.shortage of 20.ANSWER: b.surplus of 35.TYPE: M SECTION: 1 DIFFICULTY: 241.According to the graph shown, a binding price fl

39、oor would exist at a price ofa.$5.00.b.$4.00.c.$2.00.d.It could exist at any price below $4.00.ANSWER: a.$5.00.TYPE: M SECTION: 1 DIFFICULTY: 242.Rationing by long lines isa.inefficient, because it wastes buyers time.b.efficient, because those who are willing to wait the longest get the goods.c.the

40、only way scarce goods can be rationed.d.only necessary if price ceilings are not binding.ANSWER: a.inefficient, because it wastes buyers time.TYPE: M SECTION: 1 DIFFICULTY: 143.Price ceilings and price floorsa.are desirable because they make markets more efficient as well as equitable.b.cause surplu

41、ses and shortages to persist since price cannot adjust to the market equilibrium price.c.can be enacted to restore a market to equilibrium.d.are imposed because they can make the poor in the economy better off without causing adverse effects.ANSWER: b.cause surpluses and shortages to persist since p

42、rice cannot adjust to the market equilibrium price.TYPE: M SECTION: 1 DIFFICULTY: 244.In the 1970s, long lines at gas stations in the United States were primarily a result of the fact thata.OPEC raised the price of crude oil in world markets.b.U.S. gasoline producers raised the price of gasoline.c.t

43、he U.S. government imposed a price ceiling on gasoline.d.Americans typically commute long distances.ANSWER: c.the U.S. government had imposed a price ceiling on gasoline.TYPE: M SECTION: 1 DIFFICULTY: 245.Other than OPEC, the shortage of gasoline in the U.S. in the 1970s could also be blamed on a.a

44、sharp increase in the demand for gasoline needed for the Vietnam war.b.government regulations in the form of a price ceiling.c.an indifference among U.S. consumers toward conservation.d.the lack of alternative sources of crude oil.ANSWER: b.government regulations in the form of a price ceiling.TYPE:

45、 M SECTION: 1 DIFFICULTY: 246.When OPEC raised the price of crude oil in the 1970s, it caused thea.demand for gasoline to increase.b.demand for gasoline to decrease.c.supply of gasoline to increase.d.supply of gasoline to decrease.ANSWER: d.supply of gasoline to decrease.TYPE: M SECTION: 1 DIFFICULT

46、Y: 247.According to the graph shown, with a price ceiling present in this market, when the supply curve for gasoline shifts from S1 to S2a.the price will increase to P3.b.a surplus will occur at the new market price of P2.c.the market price will stay at P1 due to the price ceiling.d.a shortage will occur at the price ceiling of P2.ANSWER: d.a s