A. a shortage or a surplus depending on whether the price ceiling is set above or below the equilibrium price
B. a surplus
C. a shortage
D. an equilibrium
A binding price ceiling creates? Read More »
Economics Mcqs, Prices, Wages & Taxes A. Clothing
B. food
C. housing
D. entertainment
A. both supply and demand are inelastic
B. demand is elastic, and supply are inelastic
C. both supply and demand are elastic
D. demand is inelastic, and supply is elastic
The burden of a tax falls more heavily on the buyers in a market when ? Read More »
Economics Mcqs, Prices, Wages & Taxes A. both supply and demand are elastic
B. both supply and demand are inelastic
C. demand is inelastic and supply in elastic
D. demand is elastic, and supply is inelastic
The burden of a tax falls more heavily on the sellers in a market when ? Read More »
Economics Mcqs, Prices, Wages & Taxes A. a decrease in the price buyers pay, an increase in the price sellers receive, and a decrease in the quantity sold
B. an increase in the price buyers pay a decrease in the price sellers receive, and an increase in the quantity sold
C. a decrease in the price buyers pay, an increase in the price sellers receive and an increase in the quantity sold
D. an increase in the price buyers pay a decrease in the price sellers receive and a decrease in the quantity sold
Which of the following takes place when a tax is placed a good ? Read More »
Economics Mcqs, Prices, Wages & Taxes A. supply curve downward by the size of the tax per unit.
B. Supply curve upward by the size of the tax per unit
C. demand curve upward by the size of the tax per unit.
D. demand curve downward by the size of the tax per unit
A. A significant increase in the demand for petrol could cause the price ceiling to become a binding constraint.
B. A significant increase in the supply for petrol could cause the price ceiling to become a binding constraint.
C. There will be a shortage of petrol
D. There will be surplus of petrol
A. demand is inelastic and supply in elastic
B. supply is inelastic, and demand is elastic
C. both supply and demand are elastic
D. both supply and demand are inelastic
The surplus caused by a binding price floor will be greatest if ? Read More »
Economics Mcqs, Prices, Wages & Taxes A. The shortage created by the price ceiling is greater in the short ran than in the long run.
B. The surplus created by the price ceiling is greater in the short run than in the long run
C. The surplus created by the price ceiling is greater in the long run than in the short run
D. The shortage created by the price ceiling is greater in the long run than in the short run
Which of the following statements about a binding price ceiling is true ? Read More »
Economics Mcqs, Prices, Wages & Taxes A. There may be long lines of buyers waiting for apartments
B. Landlords may discriminate among apartment renters
C. Landlords may be offered bribes to rent apartments
D. there will be a storage of housing
E. the quality of apartments will improve
