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Use the given graph for problems 1-2:

1033_price ceiling.jpg

problem 1: Section A represents:

A. Consumer surplus
B. Shift in demand
C. Deadweight loss
D. Revenue

problem 2: The price ceiling will create a:

A. Supply shortage
B. Supply surplus
C. Consumer shortage
D. Consumer surplus

The given scenario applies for problems 3-4: A recent potato blight has drastically reduced the supply of potato chips, making the alternative of popcorn more appealing to consumers.

problem 3: Popcorn and potato chips are most likely:

A. Supplementary goods
B. Normal goods
C. Inferior goods
D. Substitute goods

problem 4: The price of popcorn will __________ due to the increased demand:

A. Stay the same
B. Increase
C. Decrease
D. Change, but cannot determine direction.

problem 5: Jan has always bought a lot of crackers, but as soon as she received a large raise at work, she stopped buying as many crackers and replaced them with fresh bread. What kind of good is fresh bread to Jan:

A. Inferior good
B. Sub-standard good
C. Excellent good
D. Normal good.

problem 6: The responsibilities of the Federal Reserve can be best described as:

A. The government budget
B. Monetary policy
C. Stock market operations
D. Enforcement of financial laws

problem 7: The FDIC provides insurance to banks in order to prevent:

A. Bad loans
B. Inflation
C. Speculation
D. Bank runs

problem 8: The Federal Reserve influences the money supply through:

A. Lending laws
B. Reserve notes
C. Direct bank policies
D. Printing more money

problem 9: In response to a slowing economy, the government risks an increase in inflation by expanding government spending. The government is using:

A. expansionary fiscal policy
B. heavy fiscal policy
C. contractionary monetary policy
D. traditional monetary policy

problem 10: Which of the given characteristics describes a monopoly:

I. Many different firms
II. Price taker
III. Only a single firm
IV. No long term profit

A. III only
B. I only
C. I, II, and III
D. I, II and IV

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