Home Library Explore SAT

Home Library Explore SAT

Chapter 6: Supply, Demand, and Govt. Policies Flashcards | StudBud

Explore/Chapter 6: Supply, Demand, and Govt. Policies

Chapter 6: Supply, Demand, and Govt. Policies

5 terms·StudBud Administration·538 plays

Imported from external platform

Flashcards5 cardsFPractice quizPHost liveL

Questions 5

Answers

1
Which of the following would increase quantity supplied, increase quantity demanded, and decrease the price that consume
the removal of a binding price floor
the imposition of a binding price floor
the passage of a tax levied on producers
the repeal of a tax levied on producers
2
Which of the following would increase quantity supplied, decrease quantity demanded, and increase the price that consume
the repeal of a tax levied on producers
the imposition of a binding price floor
the removal of a binding price floor
the passage of a tax levied on producers
3
When a good is taxed, the burden of the tax falls mainly on consumers if
supply is elastic, and demand is inelastic.
supply is inelastic, and demand is elastic.
the tax is levied on producers.
the tax is levied on consumers.
4
When the government imposes a binding price floor, it causes
the demand curve to shift to the right.
a surplus of the good to develop.
the supply curve to shift to the left.
shortage of the good to develop.
5
A $1 per unit tax levied on consumers of a good is equivalent to
a $1 per unit tax levied on producers of the good.
$1 per unit subsidy paid to producers of the good.
a price ceiling that raises the good’s price by $1 per unit.
a price floor that raises the good’s price by $1 per unit.