Economics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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show | Quantity demanded will decrease, quantity supplied will increase, and a surplus will result
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show | lower limit on the price of a good
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show | a price floor
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show | excess supply of goods in the market
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A price ceiling refers to ________. | show 🗑
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The price of a gallon of gasoline in Bonland is $3.20. However, just before the election, the government decides to fix the price of gasoline at $2.80 per gallon. This is an example of a ________. | show 🗑
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When a price ceiling is in place keeping the price below the market price, what’s larger: quantity demanded or quantity supplied | show 🗑
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show | Retired people
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show | must lie below the free market equilibrium price
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show | puts a legal limit on the rent that landlords can charge for an apartment
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In a city with rent-controlled apartments, all of the following are true except | show 🗑
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show | the equilibrium market price lies below the price ceiling
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How does a free market eliminate a shortage? | show 🗑
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show | Let the price of labor increase
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show | Meterville
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To affect the market outcome, a price ceiling | show 🗑
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show | there will be no incentive for firms to increase the quantity supplied of the good
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A price ceiling is a legally determined maximum price that sellers may charge | show 🗑
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show | affects the market equilibrium for that good or service
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The actual division of the burden of a tax between buyers and sellers in a market is called | show 🗑
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If a tax is imposed on a good,________. | show 🗑
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If the sellers of a good are taxed for each unit sold, ________. | show 🗑
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show | The tax will shift the demand curve to the left by $1,500
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show | The supply curve for cases of beer would shift to the left by $1
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The tax incidence on buyers is higher if ________. | show 🗑
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show | the buyers are more sensitive to price changes than the sellers
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show | False
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show | the price elasticity of demand is zero (perfectly inelastic)
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show | tax incidence
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show | False
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show | consumers pay the majority of the tax on the product
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show | True
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In a progressive tax system, ________. | show 🗑
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In a ________ tax system, the marginal tax rate declines with income | show 🗑
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show | Progressive
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show | pay the same percentage of their incomes in tax as do people with higher incomes
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A tax bracket is | show 🗑
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show | proportional
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The corporate income tax is ultimately paid by all of the following except | show 🗑
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If you pay $2,000 in taxes on an income of $20,000, and a tax of $2,700 on an income of $30,000, then over this range of income the tax is | show 🗑
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Created by:
annalise123