Chapter 6
Supply, Demand, and Government Policies
TRUE/FALSE
1. Economic policies often have effects that their architects did not intend or anticipate.ANS: T DIF: 1 REF: 6-0 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Public policy MSC: Definitional
2. Rent-control laws dictate a minimum rent that landlords may charge tenants.ANS: F DIF: 1 REF: 6-0 NAT: Analytic LOC: Supply and demand TOP: Rent control MSC: Definitional
3. Minimum-wage laws dictate the lowest wage that firms may pay workers.ANS: T DIF: 1 REF: 6-0 NAT: Analytic LOC: Labor markets TOP: Minimum wage MSC: Definitional
4.
Price controls are usually enacted when policymakers believe that the market price of a good or service is unfair to buyers or sellers.ANS: T DIF: 1 REF: 6-0 NAT: Analytic LOC: Supply and demand TOP: Price controls MSC: Definitional
5. Price controls can generate inequities.ANS: T DIF: 1 REF: 6-0 NAT: Analytic LOC: Supply and demand MSC: Definitional
TOP: Price controls
6. Policymakers use taxes to raise revenue for public purposes and to influence market outcomes.ANS: T DIF: 1 REF: 6-0 NAT: Analytic LOC: Supply and demand TOP: Taxes MSC: Definitional
7.
If a good or service is sold in a competitive market free of government regulation, then the price of the good or service adjusts to balance supply and demand.ANS: T DIF: 1 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Prices MSC: Definitional
8.
At the equilibrium price, the quantity that buyers want to buy exactly equals the quantity that sellers want to sell.ANS: T DIF: 1 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Prices MSC: Definitional
9. A price ceiling is a legal minimum on the price at which a good or service can be sold.ANS: F DIF: 1 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Definitional
10. A price ceiling set above the equilibrium price is not binding.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand MSC: Interpretive
TOP: Price ceilings
371
372 ? Chapter 6/Supply, Demand, and Government Policies
11. If a price ceiling is not binding, then it will have no effect on the market.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive
12. To be binding, a price ceiling must be set above the equilibrium price.ANS: F DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive
13. A price ceiling set below the equilibrium price is binding.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand MSC: Interpretive
TOP: Price ceilings
14. A price ceiling set below the equilibrium price causes quantity demanded to exceed quantity supplied.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive
15. A price ceiling set above the equilibrium price causes quantity demanded to exceed quantity supplied.ANS: F DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive
16. A binding price ceiling causes quantity demanded to be less than quantity supplied.ANS: F DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive
17. A price ceiling set below the equilibrium price causes a shortage in the market.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive
18. A price ceiling set above the equilibrium price causes a surplus in the market.ANS: F DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive
19. A binding price ceiling causes a shortage in the market.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand MSC: Interpretive
TOP: Price ceilings | Shortages
20. When a binding price ceiling is imposed on a market for a good, some people who want to buy the good
cannot do so.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Interpretive
21. Long lines and discrimination are examples of rationing methods that may naturally develop in response to a
binding price ceiling.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive
22. Price ceilings are typically imposed to benefit buyers.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand MSC: Interpretive
TOP: Price ceilings
Chapter 6/Supply, Demand, and Government Policies ? 373
23. Binding price ceilings benefit consumers because they allow consumers to buy all the goods they demand at a
lower price.ANS: F DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive
24. All buyers benefit from a binding price ceiling.ANS: F DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand MSC: Interpretive
TOP: Price ceilings
25. A binding price ceiling may not help all consumers, but it does not hurt any consumers.ANS: F DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Interpretive
26. When the government imposes a binding price ceiling on a competitive market, a surplus of the good arises,
and sellers must ration the scarce goods among the large number of potential buyers.ANS: F DIF: 1 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Shortages MSC: Definitional
27. The rationing mechanisms that develop under binding price ceilings are usually inefficient.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings | Efficiency MSC: Interpretive
28. Price is the rationing mechanism in a free, competitive market.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand MSC: Interpretive
TOP: Prices
29. Prices are inefficient rationing devices.ANS: F DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand MSC: Interpretive
TOP: Prices | Efficiency
30. When free markets ration goods with prices, it is both efficient and impersonal.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Prices | Efficiency MSC: Interpretive
31. When a free market for a good reaches equilibrium, anyone who is willing and able to pay the market price
can buy the good.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Prices MSC: Interpretive
32. If a price ceiling of $2 per gallon is imposed on gasoline, and the market equilibrium price is $1.50, then the
price ceiling is a binding constraint on the market.ANS: F DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Applicative
33. If a price ceiling of $1.50 per gallon is imposed on gasoline, and the market equilibrium price is $2, then the
price ceiling is a binding constraint on the market.ANS: T DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply and demand TOP: Price ceilings MSC: Applicative
5学原理》(微观)第五版测试题库 (06) 曼昆经济学原理第五版测试题库(微观)
