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A market failure is most likely to occur when:
A. a sole producer of a good faces no threat of competition.
B. several producers of a good compete for customers by having price wars.
C. several producers of a good search for the lowest-cost method of production.
D. many producers produce identical products, and only the consumers and producers are affected by the transactions.
12.If there is a sole producer of a good, and he faces no threat of competition, it is likely that:
A. government intervention will increase total surplus.
B. government intervention will decrease consumer and producer surplus.
C. government intervention will change prices and have no effect on surplus.
D. government intervention will make things better for everyone.
13.The government imposing a minimum wage is an example of an attempt to:
A. correct a market failure.
B. redistribute surplus in a market.
C. encourage the consumption of inferior goods.
D. discourage the consumption of inferior goods.
14.In evaluating policy effectiveness, economists rely on:
A. positive analysis.
B. normative analysis.
C. both normative and positive analysis.
D. Economists can never fully analyze any real-world policy effectiveness.
15.Positive analysis:
A. is the best way to analyze a policy.
B. leads to the best solutions.
C. makes concluding actions obvious for policymakers.
D. examines if the policy actually accomplished its goals.
16.Positive analysis:
A. involves the formulation and testing of hypotheses.
B. involves value judgments concerning the desirability of alternative outcomes.
C. weighs the fairness of a policy.
D. examines if the outcome is desirable.
17.Normative analysis:
A. involves the formulation and testing of hypotheses.
B. leads to the best solutions.
C. examines whether the policy is a good idea.
D. examines if the policy actually accomplished its goal.
18.Price controls:
A. are a regulation that sets a maximum or minimum legal price for a particular good.
B. prevent the market from reaching a new equilibrium when the market shifts.
C. divided into two categories—price ceilings and price floors.
D. All of these are true.
19.Price ceilings are:
A. a legal maximum price.
B. a legal minimum price.
C. a legal maximum quantity that can be sold at a particular price.
D. a legal minimum quantity that can be sold at a particular price.
20.Price floors are:
A. a legal maximum price.
B. a legal minimum price.
C. a legal maximum quantity that can be sold at a particular price.
D. a legal minimum quantity that can be sold at a particular price.
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