Home / Questions / A consequence of imposing a price floor is that a.the new price (or price floor) is bel
A consequence of imposing a price floor is that
a.the new price (or price floor) is below the old equilibrium price
b.an excess supply of the good is created at the floor price
c.an excess demand for the good is created at the floor price
d.the supply of the good decreases
e.the demand for the good increases
14. Government-created price floors are typically imposed to
a.help consumers
b.help producers
c.raise tax revenue
d.shift the supply curve to the left
e.shift the demand curve to the right
15. Here’s a taste of history: from 1775 to the present, U.S. agricultural productivity has
grown because of all of the following except
a.new fertilizers and pesticides
b.the development of the tractor
c.the use of horses and mules
d.price ceilings on food goods
e.rural electrification
16. Because of ongoing changes in farm technology over the last two centuries, the average
farm size in the U.S.
a.increased, and the number of farms decreased
b.increased, and the number of farms increased
c.stayed virtually the same, but the number of farms decreased
d.decreased, and the number of farms increased
e.decreased, and the number of farms decreased
17. Farm productivity per acre grew most rapidly after
a.the Revolutionary War
b.the Civil War
c.World War I
d.the 1929 stock market crash
e.World War II
18. Suppose the government believes that the equilibrium price established on the market by
the forces of supply and demand is too low and, to correct it, sets a minimum price. That
is to say, price is allowed to be higher, but it cannot be lower than that minimum.
Economists call that minimum price a(n)
a.price ceiling
b.price floor
c.parity price
d.deficiency price
e.equilibrium price
19. Here’s a rather specific question concerning U.S. historical agricultural data. Which of
the following increased fivefold from 1950 to 1980?
a.number of farms
b.use of horses and mules per farm
c.number of farmers
d.use of chemical fertilizers per acre
e.acreage needed to feed horses and mules
20. Agriculture’s share of total output in the U.S. has declined throughout the 20th century,
although the absolute value of farm output has increased. The number of U.S. farms grew
in the early part of the century, then began to steadily fall. The number of U.S. farms
peaked in which of the following decades?
a.1910–1919
b.1970–1979
c.1930–1939
d.1950–1959
e.1980–1999
21. The effect of improvements in food-producing technology can be shown graphically by
a.rightward shifts in the supply curve of food
b.leftward shifts in the supply curve of food
c.rightward shifts in the demand curve for food
d.leftward shifts in the demand curve for food
e.both leftward shifts in the demand curve for and the supply curve of food
22. When increases in the demand for food—shown as rightward shifts in the demand curve—
are relatively small when compared to the increases in food supply—shown as rightward
shifts in the supply curve—equilibrium price
a.rises and equilibrium quantity falls
b.falls and equilibrium quantity falls
c.rises and equilibrium quantity rises
d.falls and equilibrium quantity rises
e.and equilibrium quantity stay the same
Dec 09 2019 Read more Less More
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