When the government imposes a binding price floor, it causes....
economics

Quiz
•
Social Studies
•
University
•
Hard
Gulbakhor Khamrakulova
Used 25+ times
FREE Resource
7 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
The supply curve to shift to the left
The demand curve to shift to the right
A shortage of the good to develop
A surplus of the good to develop
2.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
In a market with a binding price ceiling, an increase in the ceiling will _____ the quantity supplied.
increase
decrease
shortage
surplus
3.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
When a good is taxed, the burden of the tax falls mainly on consumers if......
the tax is levied on consumers.
supply is elastic, and demand is inelastic.
supply is inelastic, and demand is elastic.
the tax is levied on producers.
4.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
A small elasticity of demand means that buyers do not have good alternatives to consuming this particular good
true
false
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A small elasticity of supply means that buyers do not have good alternatives to producing this particular good
true
false
6.
FILL IN THE BLANK QUESTION
45 sec • 5 pts
A legal minimum on the price at which a good can be sold
7.
FILL IN THE BLANK QUESTION
45 sec • 5 pts
A legal maximum on the price at which a good can be sold
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