Which one of the following statements is incorrect? Governments set maximum prices: O A. To boost the efficiency of the market mechanism. O B. To assist the poor. O C. To avoid exploitation. O D. To combat inflation. O E. To limit the production of certain goods and services.
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- Can economic analysis provide a final answer to the question of whether the government should intervene in markets by imposing price ceilings and price floors? Why or why not? O A. Economic analysis can provide such an answer because it seeks to address both positive and normative questions such as "what is" and "what ought to be." O B. Economic analysis cannot provide such an answer because it seeks to address positive questions such as "what is." OC. Economic analysis can provide such an answer because it seeks to address normative questions such as "what ought to be." O D. Economic analysis can provide such an answer because it seeks to address positive questions such as "what is." O E. Economic analysis cannot provide such an answer because it seeks to address normative questions such as "what ought to be."When consumer incomes increase and there is technological progress, which of the following describes the expected change in equilibrium price and quantity transacted within the market? a. The quantity exchanged decreases, but the change in price cannot be determined. Ob. The equilibrium price decreases, but the change in quantity exchanged cannot be determined. O c. The equilibrium price increases, but the change in quantity exchanged cannot be determined. O d. The quantity exchanged increases, but the change in price cannot be determined.Which of the following must remain the same while defining the Law of Supply? O a. Price of other commodities O b. Technology c. Price of factors o d. All of these
- Labour hours needed to make one unit: Amount produced in 40 hours: Cheese 40 Cheese Bread Bread 20 England Spain 2 8 20 Refer to Table 3-6. If England and Spain trade based on the principle of comparative advantage, which country will export or import each product? Select one: O a. England will import cheese, and Spain will import bread. cross out O b. England will import bread, and Spain will import cheese. cross out Oc England will import cheese, and Spain will import cheese. cross out O d. England will import bread, and Spain will import bread. cross outQ19In 1966, the Catholic Church eliminated the centuries-old requirement that members abstain from eating meat on Fridays. Catholics customarily ate fish on Friday. Given this, economics would predict that o a. the price of fish would increase and the price of meat would fall. o b. the price of both meat and fish would fall. o C. the price of both meat and fish would rise. o d. the price of fish would decrease and the price of meat would rise.
- Consider the market for tea. Which of the following scenarios would definitely result in an increase in the price of tea?O a. A new study is published explaining the benefits of tea, and at the same time a new technology allowing for more efficient tea farming is discovered.O b. The price of coffee falls, and at the same time a new technology allowing for more efficient tea farming is discovered.O c. Consumers expect the price of tea to fall in the future, and at the same time a fire wipes out a significant portion of tea farms.O d. The price of coffee falls, and at the same time the cost of labor to farm tea decreases.Oe. A new study is published explaining the benefits of tea, and at the same time a fire wipes out a significant portion of tea farms."Rent controls, government farm programs, and other price ceilings and price floors are bad." This is an example of a O A. positive statement. The statement is concerned with what is. O B. normative statement. The statement is concerned with what should be. OC. normative statement. The statement is concerned with what is. O D. positive statement. The statement is concerned with what should be.For which of the following industries is the supply-and-demand model likely to be most accurate? The supply-and-demand model will most closely mirror reality for O A. government services. O B. financial products. OC. public utilities. O D. high end smart phones. O E. vehicle production.
- Large leather purses After several movie stars are photographed carrying large leather purses, people go crazy for these items, and the price rises a lot. In the market diagram above, what happens? Select one: O a. Supply goes up in response to the rise in price. O b. There is not enough information to tell. O c. Quantity supplied increases as the price rises. O d. Supply actually decreases since people stop buying these items when the price rises. CheckWhen a price floor is established below the equilibrium price, it results in Select one: O A. the equilibrium price. O B. an increase in supply. O C. surpluses. O D. a decrease in demand. O E. shortages.Which of the following predictions is not made by the supply and demand model? O a. If there is no excess demand or excess supply, the market will be in equilibrium. O b. A market which is out of equilibrium will always move rapidly to the equilibrium, C. If there is excess demand, the price will rise. O d. If there is excess supply, the price will fall.
