Economics - Prices, Wages & Taxes
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This is the MCQs of Economics
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Question 1 of 20
1. Question
For a price ceiling to be binding constraint on the market the government must set it
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Question 2 of 20
2. Question
A binding price ceiling creates
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Question 3 of 20
3. Question
Suppose the equilibrium price for apartments is Rs500 per month and the government imposes rent controls of Rs250 Which of the following is unlikely to to occur as a result of the rent controls?
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Question 4 of 20
4. Question
A price floor.
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Question 5 of 20
5. Question
Which of the following statements about a binding price ceiling is true?
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Question 6 of 20
6. Question
Which side of the market is more likely to lobby government for a price floor?
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Question 7 of 20
7. Question
The surplus caused by a binding price floor will be greatest if
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Question 8 of 20
8. Question
Which of the following is an example of price floor?
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Question 9 of 20
9. Question
Which of the following statements is true if the government places a price ceiling on petrol at Rs150 per litre and the equilibrium price is Rs100 per litre?
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Question 10 of 20
10. Question
Which of the following workers would be most likely to find it more difficult to get a job after a rise in the minimum wage rate?
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Question 11 of 20
11. Question
Within the supply and demand model, a tax collected from the buyers of a good shifts the
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Question 12 of 20
12. Question
Within the supply and demand model, a tax collected from the sellers of a good shift the
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Question 13 of 20
13. Question
Which of the following takes place when a tax is placed a good?
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Question 14 of 20
14. Question
When a tax is collected from the buyers in a market,
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Question 15 of 20
15. Question
A tax of Rs1.00 per litre on petrol:
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Question 16 of 20
16. Question
The burden of a tax falls more heavily on the sellers in a market when
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Question 17 of 20
17. Question
A tax placed on a good that is a necessity for consumers will likely generate a tax burden that
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Question 18 of 20
18. Question
The burden of a tax falls more heavily on the buyers in a market when
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Question 19 of 20
19. Question
Which of the following statements about the burden of a tax is correct?
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Question 20 of 20
20. Question
For which of the following products would the burden of a tax likely fall more heavily on the sellers?
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