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Which of the following is a general sustain downward moment of prices for goods and service in an economy? Which of the following is a common criticism of government price controls?

Which of the following is a general sustain downward moment of prices for goods and service in an economy? Which of the following is a common criticism of government price controls?

Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 15PAE
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Which of the following is a general sustain downward moment of prices for goods and service in an economy? Which of the following is a common criticism of government price controls?
## Economics Quiz: Government Price Controls and Market Regulations ### Questions and Options: **11. Which of the following is a common criticism of government price controls?** - a) They restrict the free market resulting in a surplus - b) They inefficiently use taxpayer dollars - c) They restrict the free market resulting in shortages - d) They manipulate the market to artificially raise prices **12. Which of the following is a general, sustained downward movement of prices for goods and services in an economy?** - a) Inflation - b) Stimulus - c) Disinflation - d) Deflation **13. Which of the following regulations control price fixing?** - a) Anti-trust laws - b) Stimulus bills - c) Price controls - d) Progressive tax reform --- ### Explanation of Terms: **Government Price Controls:** - These are government-mandated legal minimum or maximum prices set for specified goods. They are aimed at managing the affordability of goods and services in the market. **Inflation:** - A general increase in prices and fall in the purchasing value of money. **Disinflation:** - A reduction in the rate of inflation - slowing the rate at which prices are increasing. **Deflation:** - A decrease in the general price level of goods and services, which can lead to a decrease in consumer spending and potentially lead to an economic depression. **Anti-trust Laws:** - Regulations that promote competition and prevent unfair business practices such as monopolies or price fixing. **Price Controls:** - Government-imposed limits on the prices charged for goods and services in a market. ### Important Notes: - This quiz focuses on understanding the impact and implications of economic policies such as price controls and market regulations. - Correctly identifying the concepts and their implications is crucial for a deeper understanding of governmental roles in economic stability and growth. ### Graphs and Diagrams: - There are no graphs or diagrams associated with these questions in the provided text. --- Feel free to use this content in your educational material. Ensuring a good grasp of these concepts is essential for students studying economics or public policy.
Transcribed Image Text:## Economics Quiz: Government Price Controls and Market Regulations ### Questions and Options: **11. Which of the following is a common criticism of government price controls?** - a) They restrict the free market resulting in a surplus - b) They inefficiently use taxpayer dollars - c) They restrict the free market resulting in shortages - d) They manipulate the market to artificially raise prices **12. Which of the following is a general, sustained downward movement of prices for goods and services in an economy?** - a) Inflation - b) Stimulus - c) Disinflation - d) Deflation **13. Which of the following regulations control price fixing?** - a) Anti-trust laws - b) Stimulus bills - c) Price controls - d) Progressive tax reform --- ### Explanation of Terms: **Government Price Controls:** - These are government-mandated legal minimum or maximum prices set for specified goods. They are aimed at managing the affordability of goods and services in the market. **Inflation:** - A general increase in prices and fall in the purchasing value of money. **Disinflation:** - A reduction in the rate of inflation - slowing the rate at which prices are increasing. **Deflation:** - A decrease in the general price level of goods and services, which can lead to a decrease in consumer spending and potentially lead to an economic depression. **Anti-trust Laws:** - Regulations that promote competition and prevent unfair business practices such as monopolies or price fixing. **Price Controls:** - Government-imposed limits on the prices charged for goods and services in a market. ### Important Notes: - This quiz focuses on understanding the impact and implications of economic policies such as price controls and market regulations. - Correctly identifying the concepts and their implications is crucial for a deeper understanding of governmental roles in economic stability and growth. ### Graphs and Diagrams: - There are no graphs or diagrams associated with these questions in the provided text. --- Feel free to use this content in your educational material. Ensuring a good grasp of these concepts is essential for students studying economics or public policy.
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