question
Supply and demand analysis is useful because it sheds light on
A) gasoline prices.
B) interest rates.
C) apartment shortages.
D) all of the above.
A) gasoline prices.
B) interest rates.
C) apartment shortages.
D) all of the above.
answer
C) apartment shortages.
question
On an axis with a supply curve and a demand curve, the point at which the two curves intersect is called
A) a price ceiling.
B) a price shortage.
C) a price schedule.
D) equilibrium.
A) a price ceiling.
B) a price shortage.
C) a price schedule.
D) equilibrium.
answer
C) a price schedule.
question
A shortage occurs when
A) The market price is below the equilibrium price.
B) The market price is above the equilibrium price.
C) The market price is equal to the delirium price.
D) None of the above.
A) The market price is below the equilibrium price.
B) The market price is above the equilibrium price.
C) The market price is equal to the delirium price.
D) None of the above.
answer
C) The market price is equal to the delirium price.
question
A surplus occurs when
A) quantity demanded exceeds quantity supplied.
B) quantity supplied exceeds quantity demanded.
C) quantity supplied equals quantity demanded.
D) None of the above.
A) quantity demanded exceeds quantity supplied.
B) quantity supplied exceeds quantity demanded.
C) quantity supplied equals quantity demanded.
D) None of the above.
answer
A) quantity demanded exceeds quantity supplied.
question
An increase in demand ______ equilibrium price and _______ equilibrium quantity.
A) raises; raises
B) raises; lowers
C) lowers; lowers
D) lowers; raises
A) raises; raises
B) raises; lowers
C) lowers; lowers
D) lowers; raises
answer
C) lowers; lowers
question
A decrease in supply ______ equilibrium price and ______ equilibrium quantity.
A) raises; raises
B) raises; lowers
C) lowers; lowers
D) lowers; raises
A) raises; raises
B) raises; lowers
C) lowers; lowers
D) lowers; raises
answer
C) lowers; lowers
question
Rent control eventually results in:
A) new rental housing construction.
B) a decrease in the quantity demanded of housing.
C) housing shortages.
D) all of the above.
A) new rental housing construction.
B) a decrease in the quantity demanded of housing.
C) housing shortages.
D) all of the above.
answer
D) all of the above.
question
The reason we call the minimum wage a price floor is that
A) the price cannot be raised above the floor.
B) the price can go no lower than the floor.
C) a wage above the minimum would be a price ceiling.
D) price floors produce shortages.
A) the price cannot be raised above the floor.
B) the price can go no lower than the floor.
C) a wage above the minimum would be a price ceiling.
D) price floors produce shortages.
answer
B) the price can go no lower than the floor.
question
Usury laws put a ceiling on
A) the minimum wage.
B) the price of gasoline.
C) interest rates.
D) the price of rental apartments.
A) the minimum wage.
B) the price of gasoline.
C) interest rates.
D) the price of rental apartments.
answer
B) the price of gasoline.
question
Ford Motor Company Headquarters provides free parking for its employees, but anyone who arrives after 8:30 a.m. has to drive around the company's five parking lots looking for a spot. What would be the best market solution for this problem?
A) Provide free bus service from several park-and-ride points.
B) Get rid of the parking lot and require all employees to take public transportation or driven to work and dropped off.
C) Ask employees to car pool.
D) Charge a parking fee (i.e., $1 an hour).
A) Provide free bus service from several park-and-ride points.
B) Get rid of the parking lot and require all employees to take public transportation or driven to work and dropped off.
C) Ask employees to car pool.
D) Charge a parking fee (i.e., $1 an hour).
answer
B) Get rid of the parking lot and require all employees to take public transportation or driven to work and dropped off.
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