Exam 6: Supply, demand, and Government Policies

Suppose the government has imposed a price ceiling on televisions.Which of the following events could transform the price ceiling from one that is not binding into one that is binding?

Which of the following characterizations is correct?

A tax imposed on the sellers of a good will

Suppose a tax is imposed on the buyers of a good or service.The burden of the tax will fall

Which of the following is not a function of prices in a market system?

Figure 6-5 -Refer to Figure 6-5.The price of the good would continue to serve as the rationing mechanism if

At a minimum wage that exceeds the equilibrium wage,

A tax imposed on the sellers of blueberries

A tax on the buyers of popcorn

A shortage results when

Figure 6-13 -Refer to Figure 6-13.The effective price that sellers receive after the tax is imposed is

Figure 6-2 -Refer to Figure 6-2.If the government imposes a price floor of $14 in this market,the result would be a

Price controls are usually enacted

Figure 6-4 -Refer to Figure 6-4.Which of the following price controls would cause a shortage of 10 units of the good?

Opponents of the minimum wage point out that the minimum wage

Figure 6-2 -Refer to Figure 6-2.If the government imposes a price ceiling of $8 in this market,the result would be a

Figure 6-6 -Refer to Figure 6-6.When the price ceiling applies in this market and the supply curve for gasoline shifts from S₁ to S₂,

Which of the following would be the least likely result of a price ceiling imposed in the market for rental cars?

Figure 6-12 -Refer to Figure 6-12.In which market will the majority of the tax burden fall on the seller?

Suppose the demand for macaroni is inelastic and the supply of macaroni is elastic,and the demand for cigarettes is inelastic and the supply of cigarettes is elastic.If a tax were levied on the sellers of both of these commodities,we would expect that the