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Gillespie: Foundations of Economics 2e

Unit 08

Instructions

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Question 1

If the price in a market is fixed by the government below equilibrium:

Question 2

If the price in a market is fixed by the government above equilibrium:

Question 3

Merit goods are:

Question 4

Agricultural prices tend to be unstable because:

Question 5

When supply increases in an agricultural market farmer's earnings might fall because:

Question 6

Which of the following is the government most likely to subsidize?

Question 7

With a positive externality:

Question 8

A public good:

Question 9

Nationalization occurs when:

Question 10

If a maximum price is set above equilibrium there will be: