6 Supply Demand and Government Policies

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1、Chapter6/Supply,Demand,andGovernmentPoliciesF193Chapter6Supply,Demand,andGovernmentPoliciesMULTIPLECHOICE1.Pricecontrolsarea.usedtomakemarketsmoreefficient.b.usuallyenactedwhenpolicymakersbelievethatthemarketpriceofagoodorserviceisunfairtobuyersorsellers.c.nearlyalwayseffectivein

2、eliminatinginequities.d.establishedbyfirmswithmonopolypower.ANSWER:b.usuallyenactedwhenpolicymakersbelievethatthemarketpriceofagoodorserviceisunfairtobuyersorsellers.TYPE:MDIFFICULTY:22.Policymakerschoosetoenactpricecontrolsinamarketbecausea.theybelievethemarket’soutcometobeunfai

3、r.b.enactingpricecontrolswilldirectlyincreasetaxrevenues.c.theyarerequiredbylawtoimprovemarketconditions.d.theybelievethatthemarketsystemisinefficientandtheiractionswillimproveefficiency.ANSWER:a.theybelievethemarket’soutcometobeunfair.TYPE:MSECTION:1DIFFICULTY:23.Policymakersare

4、ledtocontrolpricesbecausea.theyviewthemarket’soutcomeasinefficient.b.theyviewthemarket’soutcomeasunfair.c.allpoliticiansenjoyexercisingtheirpower.d.theyarerequiredtodosoundertheEmploymentActof1946.ANSWER:b.theyviewthemarket’soutcomeasunfair.TYPE:MSECTION:1DIFFICULTY:24.Pricecontr

5、olsa.alwaysproduceanequitableoutcome.b.alwaysproduceanefficientoutcome.c.cangenerateinequitiesoftheirown.d.producerevenueforthegovernment.ANSWER:c.cangenerateinequitiesoftheirown.TYPE:MSECTION:1DIFFICULTY:25.Whichofthefollowingisareasonpolicymakersimposetaxes?a.toattempttomakemar

6、ketsmoreefficientb.toinfluencemarketoutcomesc.toraiserevenueforpublicused.Alloftheabovearecorrect.e.Bothbandcarecorrect.ANSWER:e.Bothbandcarecorrect.TYPE:MSECTION:1DIFFICULTY:2Chapter6/Supply,Demand,andGovernmentPoliciesF1936.Alegalmaximumpriceatwhichagoodcanbesoldisapricea.floor

7、.b.stabilization.c.support.d.ceiling.ANSWER:d.ceiling.TYPE:MSECTION:1DIFFICULTY:17.Agovernment-imposedmaximumpriceatwhichagoodcanbesoldiscalledapricea.floor.b.ceiling.c.support.d.equilibrium.ANSWER:b.ceiling.TYPE:MSECTION:1DIFFICULTY:18.Apriceceilinga.isalegalmaximumonthepriceatw

8、hichagoodcanbesold.b.isalegalminimumonth