Chapter06曼昆经济学.docx

Chapter06曼昆经济学.docx

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Chapter06曼昆经济学

Chapter6

Supply,Demand,andGovernmentPolicies

MULTIPLECHOICE

1.Pricecontrolsare

a.usedtomakemarketsmoreefficient.

b.usuallyenactedwhenpolicymakersbelievethatthemarketpriceofagoodorserviceisunfairtobuyersorsellers.

c.nearlyalwayseffectiveineliminatinginequities.

d.establishedbyfirmswithmonopolypower.

ANSWER:

b.usuallyenactedwhenpolicymakersbelievethatthemarketpriceofagoodorserviceisunfairtobuyersorsellers.

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2.Policymakerschoosetoenactpricecontrolsinamarketbecause

a.theybelievethemarket’soutcometobeunfair.

b.enactingpricecontrolswilldirectlyincreasetaxrevenues.

c.theyarerequiredbylawtoimprovemarketconditions.

d.theybelievethatthemarketsystemisinefficientandtheiractionswillimproveefficiency.

ANSWER:

a.theybelievethemarket’soutcometobeunfair.

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3.Policymakersareledtocontrolpricesbecause

a.theyviewthemarket’soutcomeasinefficient.

b.theyviewthemarket’soutcomeasunfair.

c.allpoliticiansenjoyexercisingtheirpower.

d.theyarerequiredtodosoundertheEmploymentActof1946.

ANSWER:

b.theyviewthemarket’soutcomeasunfair.

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4.Pricecontrols

a.alwaysproduceanequitableoutcome.

b.alwaysproduceanefficientoutcome.

c.cangenerateinequitiesoftheirown.

d.producerevenueforthegovernment.

ANSWER:

c.cangenerateinequitiesoftheirown.

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5.Whichofthefollowingisareasonpolicymakersimposetaxes?

a.toattempttomakemarketsmoreefficient

b.toinfluencemarketoutcomes

c.toraiserevenueforpublicuse

d.Alloftheabovearecorrect.

e.Bothbandcarecorrect.

ANSWER:

e.Bothbandcarecorrect.

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6.Alegalmaximumpriceatwhichagoodcanbesoldisaprice

a.floor.

b.stabilization.

c.support.

d.ceiling.

ANSWER:

d.ceiling.

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7.Agovernment-imposedmaximumpriceatwhichagoodcanbesoldiscalledaprice

a.floor.

b.ceiling.

c.support.

d.equilibrium.

ANSWER:

b.ceiling.

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8.Apriceceiling

a.isalegalmaximumonthepriceatwhichagoodcanbesold.

b.isalegalminimumonthepriceatwhichagoodcanbesold.

c.occurswhenthepriceinthemarketistemporarilyaboveequilibrium.

d.willusuallyresultinamarketsurplus.

ANSWER:

a.isalegalmaximumonthepriceatwhichagoodcanbesold.

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9.Alegalminimumpriceatwhichagoodcanbesoldisaprice

a.cut.

b.stabilization.

c.ceiling.

d.floor.

ANSWER:

d.floor.

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10.Apricefloor

a.isalegalminimumonthepriceatwhichagoodcanbesold.

b.isalegalmaximumonthepriceatwhichagoodcanbesold.

c.willgenerallyresultinamarketshortage.

d.willbenefittheconsumer,buthurtthesupplier.

ANSWER:

a.isalegalminimumonthepriceatwhichagoodcanbesold.

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11.Apriceceilingwillonlybebindingifitisset

a.equaltoequilibriumprice.

b.aboveequilibriumprice.

c.belowequilibriumprice.

d.Apriceceilingisneverbindinginafreemarketsystem.

ANSWER:

c.belowequilibriumprice.

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12.Abindingpriceceilingcauses

a.ashortage,whichcannotbeeliminatedthroughmarketadjustment.

b.asurplus,whichcannotbeeliminatedthroughmarketadjustment.

c.ashortage,whichistemporary,sincemarketadjustmentwillcausepricetorise.

d.asurplus,whichistemporary,sincemarketadjustmentwillcausepricetorise.

ANSWER:

a.ashortage,whichcannotbeeliminatedthroughmarketadjustment.

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13.Ifapriceceilingisnotbinding,

a.theequilibriumpriceisabovetheceiling.

b.theequilibriumpriceisbelowtheceiling.

c.ithasnolegalenforcementmechanism.

d.peoplemustvoluntarilyagreetoabidebyit.

ANSWER:

b.theequilibriumpriceisbelowtheceiling.

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14.Apriceceilingthatisnotbindingwill

a.causeasurplusinthemarket.

b.causeashortageinthemarket.

c.causethemarkettobelessefficient.

d.havenoeffectonthemarketprice.

ANSWER:

d.havenoeffectonthemarketprice.

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15.Bindingpriceceilingsinamarketcausequantitydemandedtobe

a.greaterthanquantitysupplied.

b.equaltoquantitysupplied.

c.lessthanquantitysupplied.

d.Anyoftheabovearepossible.

ANSWER:

a.greaterthanquantitysupplied.

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16.Ifabindingpriceceilingisimposedinamarket

a.therewillbeasurplusinthemarket.

b.thepricewillbelegallyforcedtowardequilibriumprice.

c.therewillbeashortageinthemarket.

d.marketforceswillguaranteethatthepricewillbeatequilibrium.

ANSWER:

c.therewillbeashortageinthemarket.

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17.Inthefigureshown,abindingpriceceilingisshownin

a.panel（a）.

b.panel（b）.

c.bothpanel（a）andpanel（b）.

d.neitherpanel（a）norpanel（b）.

ANSWER:

b.panel（b）.

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18.Inwhichpanel（s）inthefigureshownwouldtherebeashortageforCDsattheceilingprice?

a.panel（a）

b.panel（b）

c.panel（a）andpanel（b）

d.neitherpanel（a）norpanel（b）

ANSWER:

b.panel（b）

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19.Accordingtothegraphshown,abindingpriceceilingwouldexistatapriceof

a.$14.00.

b.$12.00.

c.$10.00.

d.$8.00.

ANSWER:

d.$8.00.

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20.Accordingtothegraphshown,ifthegovernmentimposesabindingpricefloorof$14.00inthismarket,theresultwouldbea

a.surplusof20.

b.surplusof40.

c.shortageof20.

d.shortageof40.

ANSWER:

b.surplusof40.

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21.Accordingtothegraphshown,ifthegovernmentimposesabindingpriceceilingof$8.00inthismarket,theresultwouldbea

a.surplusof20.

b.surplusof40.

c.shortageof20.

d.shortageof40.

ANSWER:

c.shortageof20.

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22.Accordingtothegraph,abindingpricefloorwouldexistat

a.apriceof$10.00.

b.apriceof$8.00.

c.anypriceabove$10.00.

d.anypricebelow$10.00.

ANSWER:

c.anypriceabove$10.00.

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23.Apricefloorisbindingifitis

a.higherthantheequilibriummarketprice.

b.lowerthantheequilibriummarketprice.

c.equaltotheequilibriummarketprice.

d.setbythegovernment.

ANSWER:

a.higherthantheequilibriummarketprice.

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24.Withabindingpricefloorthemarketpricewill

a.belowerthanthepricefloor.

b.behigherthanthepricefloor.

c.equalthepricefloor.

d.Itisimpossibletocomparethemarketpricewiththepricefloor.

ANSWER:

a.belowerthanthepricefloor.

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25.Abindingpricefloorinamarketsetsprice

a.aboveequilibriumpriceandcausesashortage.

b.aboveequilibriumpriceandcausesasurplus.

c.belowequilibriumpriceandcausesasurplus.

d.belowequilibriumpriceandcausesashortage.

ANSWER:

b.aboveequilibriumpriceandcausesasurplus.

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26.Apricefloorisnotbindingif

a.thepricefloorishigherthantheequilibriummarketprice.

b.thepricefloorislowerthantheequilibriummarketprice.

c.peoplearewillingtobuylesswhenthepricefloorisimposedastheydidbefore.

d.thegovernmentsetsit.

ANSWER:

b.thepricefloorislowerthantheequilibriummarketprice.

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27.Abindingpricefloorcauses

a.excessdemand.

b.ashortage.

c.asurplus.

d.equilibriumpricetofall.

ANSWER:

c.asurplus.

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28.Inthefigureshown,whichofthepanelsrepresentsabindingpricefloor?

a.panel（a）

b.panel（b）

c.panel（a）andpanel（b）

d.neitherpanel（a）norpanel（b）

ANSWER:

b.panel（b）

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29.Inpanel（b）,attheactualpricetherewillbe

a.ashortageofwheat.

b.equilibriuminthemarket.

c.asurplusofwheat.

d.anexcessdemandforwheat.

ANSWER:

c.asurplusofwheat.

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30.Ifapriceceilingisabindingconstraintonthemarket,

a.theequilibriumpricemustbebelowthepriceceiling.

b.theequilibriumpricemustbeabovethepriceceiling.

c.theforcesofsupplyanddemandmustbeinequilibrium.

d.itwillhavenoeffectonsupplyordemand.

ANSWER:

b.theequilibriumpricemustbeabovethepriceceiling.

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31.Ifapriceceilingisabindingconstraint,the

a.actualpricewillbebelowthepriceceiling.

b.actualpricewillbeabovethepriceceiling.

c.equilibriumpricewillequalthepriceceiling.

d.actualpricewillequalthepriceceiling.

ANSWER:

d.actualpricewillequalthepriceceiling.

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32.Whenbindingpriceceilingsareimposedinamarket

a.pricenolongerservesasarationingdevice.

b.themarketwillbeclearedofanyshortagesorsurplusesthatexistedpreviously.

c.buyersandsellersbothbenefitequally.

d.thegovernmentisattemptingtoimprovemarketefficiency.

ANSWER:

a.pricenolongerservesasarationingdevice.

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33.Whenbindingpriceceilingsareimposedtobenefitbuyers

a.everybuyerinthemarketbenefitsbecauseoflowerprices.

b.somebuyerswillnotbeabletobuyanyoftheproduct.

c.sellersinthe