Liberty university econ 213 quiz 4

 

Liberty University ECON 213 Quiz 4

QUIZ # 4                   ECON 213                26 OUT OF 30

·         Question 1

2 out of 2 points

Use the following table to answer the questions that follow.

What is the surplus when the price floor is $0.75 in the market for public transportation?

·         Question 2

2 out of 2 points

Let’s say that you have a friend who was caught illegally buying a good on the black market. When the judge asks you to describe your friend’s motivation as a buyer, which of the following would most likely be your reply?

·         Question 3

2 out of 2 points

Let’s say that you have a friend who was caught illegally selling a good on the black market. When the judge asks you to describe your friend’s motivation as a seller, which of the following would most likely be your reply?

·         Question 4

2 out of 2 points

Which of the following is an accurate statement about the consequence of a binding price ceiling?

·         Question 5

0 out of 2 points

Refer to the accompanying figure to answer the questions that follow.

The market is currently at market equilibrium. If a binding price ceiling of P1 is imposed, by how much would the quantity demanded change?

·         Question 6

2 out of 2 points

Use the following table to answer the questions that follow.

If the price floor for corn is set at $5.00, what amount and type of disequilibrium will be present in the market for corn?

·         Question 7

2 out of 2 points

How do producers who are subject to a binding price ceiling respond as the time frame shifts from the short run to the long run?

·         Question 8

2 out of 2 points

Use the following figure to answer the questions that follow.

The accompanying figure describes the market for gasoline in a local community. If the government were to place a price floor at P1, predict the resulting surplus or shortage.

·         Question 9

2 out of 2 points

Use the following figure to answer the questions that follow.

If the government imposes a price floor on wheat at $5, predict the amount of disequilibrium.

·         Question 10

2 out of 2 points

If the local government tells gas stations that they are not allowed to change the price of gas for three weeks during hurricane season, what will be the consequence?

·         Question 11

2 out of 2 points

Why does a surplus exist under a binding price floor?

·         Question 12

0 out of 2 points

What is the incentive to create a black market when a binding price floor exists?

·         Question 13

2 out of 2 points

Suppose you live in a community with no price controls. What do you expect to happen if your
town borders a community where there is a binding price floor on most products?

·         Question 14

2 out of 2 points

Mortimer loves sushi. He loves sushi so much that he asks his congressional representative to work for passage of a binding price ceiling law. Who would be affected by this law and how?

·         Question 15

2 out of 2 points

Suppose you live in a community with no price controls. What do you expect will happen if your town borders a community where there is a nonbinding price ceiling on most products?

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency