Economics Paper 9

1

How many different equilibria can obtain when you allow for shifts in the demand and/or the supply curves?






2

What will happen to equilibrium price and quantity when the demand curve shifts to the left and the supply curve shifts to the right






3

What will happen to equilibrium price and quantity when both the demand and supply curves shift to the left






4

A price ceiling imposed by the government can cause a shortage (excess demand)






5

What is the effect of imposing a fixed per unit tax on a good on its equilibrium price and quantity?






6

A price floor is






7

The need for rationing a good arises when






8

If the “regulated-market” price is below the equilibrium (or “free-market” price) price,






9

If a government were to fix a minimum wage for workers that was higher than the marketclearing equilibrium wage, economists would predict that






10

When the decrease in the price of one good causes the demand for another good to decrease, the goods are






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