12 of 13 sose the one alternative that best completes the statement or answers t
ID: 1206354 • Letter: 1
Question
12 of 13 sose the one alternative that best completes the statement or answers the question M Figure - Price of dollars per ton) Figure 4-6 shows the demand and supply curves for the almond market. The govermment believes that the equil is too low and tries to help almond growers by setting price floor at Pf- 65) Refer to Figure 4-6. What area represents consumer surplus after the imposition of the price floor? A) A B)A+B+E C)A B 66) Refer to Figure 4-6. What is the area that represents producer surplus after the imposition of the price floor? A) B E 8 C+D+ D)A.B.E 67) Refer to Figure 4-6. What area represents the deadweight loss after the imposition of the price floor? A)F+G B) C+D+F+G D) C+D 68) Suppose a price floor on sparkling wine is proposed by the Health Minister of the country of Vinyardia. What will be the likely elfect on the market for sparkling wine in Vinyardia? A) Quantity demanded will decrease, quantity supplied will increase, and a shortage will result B) Quantity demanded will decrease, quantity supplied will increase, and a surplus will result C) Quantity demanded will increase, quantity supplied will decrease, and a surpus will result D) Quantity demanded will increase, quantity supplied will decrease, and a shortage will result TRUE/FALSE Write T if the statement is true and F if the statement is false 69) Rent control is an example of a price ceiling. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 70) The actual division of the burden of a tax between buyers and sellers in a market is called A) tax incidence B) tax liability C) tax parity D) tax bearer. 12Explanation / Answer
65.ans - A
66.ans - A
67.ans- D
68.ans- B
69.ans-T(true)
70.ans- A
71.ans- B
72.ans- D
73.ans- A
74.ans- D
75.ans- A
76.ans-D
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