1. A government regulation that places an upper limit on the price at which a particular good, service, or for a factor of production may be traded is called ________. (Points : 20) consumer price control price ceiling high cost price fix
Question 2. 2. The practice of selling an essential item for a much higher price than normal, usually occurring following a natural disaster, is called ________. (Points : 20) illegal ceiling piracy black market price gouging
Question 3. 3. When does a price floor create a market surplus? (Points : 20) when the price floor creates fair trade when the price floor is at the equilibrium price when the price floor is above the equilibrium price when the price floor is below the equilibrium price
Question 4. 4. In subsidized markets, whenever the domestic cost of production is higher than the world market price, world supply available at lower prices ________. (Points : 20) makes it possible for governments to keep domestic prices low makes it impossible for governments to keep domestic prices high makes it possible for government to keep domestic prices at an equilibrium makes it possible for governments to keep domestic prices high
Question 5. 5. This market provides goods or services illegally in parallel to a government-regulated or controlled market. (Points : 20) black market gouging market underground activity midnight market
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