ECO 2023 Principles of Microeconomics EXAM 2 PRE POST QUIZES Why does a price ceiling set below an equilibrium price tend to cause persistent imbalances in the market 2 out of 2 points c c b b Pre Chap 4 Quiz Question 1 Selected Answer Answers Question 2 Selected Answer Answers Question 3 Because quantity demanded exceeds quantity supplied but price cannot rise to remove the shortage a Because quantity supplied exceeds quantity demanded but price cannot rise to remove the shortage b Because quantity demanded exceeds quantity supplied but price cannot fall to remove the surplus Because quantity demanded exceeds quantity supplied but price cannot rise to remove the shortage d Because quantity supplied exceeds quantity demanded but price cannot fall to remove the surplus The deadweight loss or excess burden resulting from levying a tax on an economic activity is the loss of potential gains from trade from activities forgone because of the tax a tax revenue raised by the government as the result of the tax loss of potential gains from trade from activities forgone because of the tax c marginal benefits derived from the expansion in government activities made possible by the increase in tax revenues d increase in the price of an activity as the result of the tax levied on it Why does a price floor set above an equilibrium price tend to cause persistent imbalances in the market Selected Answer c Because quantity supplied exceeds quantity demanded but price cannot fall to remove the surplus 2 out of 2 points 2 out of 2 points Answers a Because quantity supplied exceeds quantity demanded but price cannot rise to remove the shortage b Because quantity demanded exceeds quantity supplied but price cannot fall to remove the surplus Because quantity supplied exceeds quantity demanded but price cannot fall to remove the surplus d Because quantity demanded exceeds quantity supplied but price cannot rise to remove the shortage Question 4 What will happen when a price ceiling is imposed below the equilibrium price of a product Selected Answer Answers A shortage of the good will develop A shortage of the good will develop b Quantity supplied will be greater than quantity demanded for the product c The problem of scarcity will be solved d A surplus of the good will develop c a a A market that operates outside the legal system either by selling illegal goods or by selling goods at illegal prices is referred to in economics as a Question 5 Selected Answer Answers black market a a black market b resource market c gray market d criminal market Selected Answer d All of the above Question 6 A price ceiling that sets the price of a good below market equilibrium will cause which of the following 2 out of 2 points 2 out of 2 points 2 out of 2 points Answers a An increase in quantity demanded of the good b A decrease in quantity supplied of the good c A shortage of the good d All of the above A price floor that sets the price of a good above market equilibrium will cause Selected Answer d all of the above Answers a a decrease in quantity demanded of the good b an increase in quantity supplied of the good c a surplus of the good d all of the above Selected Answer b Answers a price floor a an equilibrium price b a price floor c a price ceiling d a price wall What happens when a price floor is imposed above the equilibrium price of a good Selected Answer d A surplus of the good will develop Answers a A shortage of the good will develop b Question 7 Question 8 Question 9 A law establishing a minimum legal price for a good or service the minimum wage for example is known as 2 out of 2 points 2 out of 2 points 2 out of 2 points Quantity demanded will be greater than quantity supplied for the good c The quantity demanded by consumers will be greater than at the equilibrium price d A surplus of the good will develop Question 10 A subsidy is defined as Selected Answer Answers a a a payment to either the buyer or seller of a good or service usually on a per unit basis when a good or service is purchased a payment to either the buyer or seller of a good or service usually on a per unit basis when a good or service is purchased b a payment that must be made to the government whenever a good or service is sold c the difference between total revenue and total cost for a business firm d the number of trades that are eliminated from a market when a tax is imposed Question 11 Selected Answer Answers a Drop the class b b What should you do if you see a paper and pencil icon instead of a number for your score on a quiz Nothing that attempt will eventually be cleared DO NOT email Calhoun about interrupted quizzes Please see Quiz procedures for details Nothing that attempt will eventually be cleared DO NOT email Calhoun about interrupted quizzes Please see Quiz procedures for details c Email Calhoun at least 10 times to get it fixed d Call the FSU police Question 12 What is the minimum dollar amount to earn a B Selected Answer Answers a 4 250 a 4 250 b 2 out of 2 points 1 out of 1 points 1 out of 1 points 3 000 c 2 000 d 1 000 Selected Answer d Answers a No never Question 13 Can you take the final exam at a time other than the scheduled time 1 out of 1 points Yes if you have one of the following reasons 1 Four or more final exams within a 24 hour period around our exam 2 Another exam scheduled at the same time as our exam 3 A documented medical emergency 4 Some other documented extraordinary event b Only if you think the final will be hard c Sure just schedule a new time with Dr Calhoun d Yes if you have one of the following reasons 1 Four or more final exams within a 24 hour period around our exam 2 Another exam scheduled at the same time as our exam 3 A documented medical emergency 4 Some other documented extraordinary event Question 14 Question 15 How can you receive full credit for the clicker portion of your grade Selected Answer c Earn at least 75 of the clicker points Answers a Earn at least 90 of the clicker points b Earn at least 50 of the clicker points c Earn at least 75 of the clicker points d Earn 100 of the clicker points When is the deadline for changing or correcting a score from clicker points or any other assignment Selected Answer Answers a a b Two weeks from the posting date on Blackboard Two weeks from the posting date on Blackboard 1 out of 1 points 1 out of 1 points The last day of class c Whenever d By the end of the …
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