the world price of a pound of almonds is $4.50. before uruguay allowed trade in almonds, the price of a pound of almonds there was $3.00. once uruguay began allowing trade in almonds with other countries, uruguay began

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Micro/ Macro, 6

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Micro/ Macro, 6-7-9

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When are price controls enacted by the government?

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When the prices are too low for sellers, or too high for buyers

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What is meant by a price ceiling?

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A legal maximum on the price at which a good can be sold

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When are price controls enacted by the government?

When the prices are too low for sellers, or too high for buyers

What is meant by a price ceiling?

A legal maximum on the price at which a good can be sold

If the price ceiling is below the equilibrium price, is there a shortage or surplus of the product?

shortage

If the price ceiling is above the equilibrium price, the price ceiling has a binding effect or does not have a binding effect?

It has a binding effect

If the price ceiling is below the equilibrium price, the price ceiling has a binding constraint or does not have a binding constraint?

Does NOT have a binding effect

When there is a shortage of a good because of a price ceiling, things happen—such as, long lines, sellers selling only to friends and family, etc. Sellers must ___________________ the scarce goods among the large number of potential buyers.

Ration

When a market has no government controls, it is called a ______________ market.

Free

What do the letters OPEC mean?

Organization of Petroleum Exporting Countries

In a free market, the price serves as the rationing mechanism; and sellers can sell all they want to at the equilibrium price. True or False

True

A shortage of apartment rentals will occur when the equilibrium price is higher than the ________________________ price.

Rent control

A ___________________ is when prices are not allowed to fall below a certain level.

Price floor

If the price floor is below the _______________________ price, the price floor has no binding effect.

Equilibrium

Workers determine the supply of labor, and firms determine the _______________________.

demand

If minimum wage is above equilibrium level, the quantity of labor supplied exceeds the quantity demanded. This causes ________________________________.

unemployment

If a worker is highly skilled and his/her equilibrium wage is higher than minimum wage, the minimum wage is binding or not binding for him or for her?

NOT binding

Suppose that a tax is placed on books. If the sellers pay a majority of the tax, then we know that the

Demand is more inelastic than the supply

In a free competitive market, what is the rationing mechanism?

Price

When taxes are levied on goods, both buyers and sellers share the burden. The only difference between a tax levied on sellers and a tax levied on buyers is __________________________________________________________

A tax burden falls more heavily on the side of the market that is less elastic

Who shares more of the tax burden---the party who has more elasticity or inelasticity?

inelasticity

If a price ceiling is not binding, then

There will be no effect on the market price or quantity sold

To say that a price ceiling is binding is to say that the price ceiling

Causes quantity demanded to exceed quantity supplied

When a tax is placed on the sellers of a product, buyers pay

More, and sellers receive less than they did before the tax

What is meant by tax incidence?

The manner in which the burden of a tax is shared among participants in a market.

Suppose the equilibrium price of a new car is $35,000. The government imposes a price ceiling of $37,000 per car. As a result of the price ceiling,

Nothing is affected by the price ceiling

Welfare economics is the study of how _________________________________________

The study of how the allocation of resources affects economic well - being

Which of the Ten Principles of Economics does welfare economics explain more fully?

Markets are usually a good way to organize economic activity.

A result of welfare economics is that the equilibrium price of a product is considered to be the best price because it

Maximizes the combined welfare of buyers and sellers

In a market, the marginal buyer is the buyer who would be __________________________

The first to leave the market first if the price got any higher

What does the term laissez-faire mean?

abstention by governments from interfering in the workings of the free market.

"laissez-faire capitalism"

_____________________________________ is the difference between what consumers are willing to pay and the amount they actually have to pay

Consumer surplus

Markets are a good way to organize economic activity. Yes or No

yes

Consumer surplus is a good measure of economic well-being if policymakers want to respect the preferences of buyers. Yes or No

yes

The area below the price and above the supply curve measures the ______________________________ surplus in a market.

Consumer

Producer surplus is used to measure the well-being of sellers or buyers?

sellers

What tools are used by economists to study the welfare of buyers and sellers in a market? Consumer Surplus and ____________________________________________________

by N. Gregory Mankiw

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the world price of a pound of almonds is $4.50. before uruguay allowed trade in almonds, the price of a pound of almonds there was $3.00. once uruguay began allowing trade in almonds with other countries, uruguay began

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Micro/ Macro, 6

Micro/ Macro, 6-7-9

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Principles of Macroeconomics (Mankiw's Principles of Economics) 8th Edition

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