Q1. Which of the following describes a market for goods or services that operates outside the legal system, trading at prices that exceed legally imposed price ceilings?

A)   An asymmetrical market.

B)   An incidental market.

C)   A black market.

Q2. Under a price ceiling, bribery is a mechanism to:

A)   bring the total price of a good (including the bribe) higher and closer to the equilibrium price.

B)   bring the total price of a good (including the bribe) lower and closer to the equilibrium price.

C)   allocate a good to the richest individuals in the market.

Q3. Compared to normal markets, the existence of fraud and the use of violence in black markets generally leads to:

A)   poorer economic efficiency.

B)   lower profit rates for sellers.

C)   superior economic efficiency.

Q4. Which of the following most accurately describes the impact of a price ceiling set below the equilibrium price for a good and a minimum wage set above the equilibrium wage, respectively?

A)   Shortage; increased unemployment.

B)   Shortage; decreased unemployment.

C)   Surplus; increased unemployment.

Q5. Which of the following is least likely to be the long-run effect of a price ceiling that is set below the equilibrium price?

A)   Sellers improve quality.

B)   Consumers have to wait to make purchases.

C)   Sellers take bribes.

答案和详解如下：

Q1. Which of the following describes a market for goods or services that operates outside the legal system, trading at prices that exceed legally imposed price ceilings?

A)   An asymmetrical market.

B)   An incidental market.

C)   A black market.

Correct answer is C)

A black market is a market where trading takes place for legally prohibited goods or at prices that exceed legally imposed ceiling prices.

Q2. Under a price ceiling, bribery is a mechanism to:

A)   bring the total price of a good (including the bribe) higher and closer to the equilibrium price.

B)   bring the total price of a good (including the bribe) lower and closer to the equilibrium price.

C)   allocate a good to the richest individuals in the market.

Correct answer is A)

A price ceiling is an upper limit on the price a supplier can charge. If the ceiling is below the equilibrium price, it can result in bribes as a rationing mechanism, whereas the total price of a good (including the bribe) is brought closer to the equilibrium price.

Q3. Compared to normal markets, the existence of fraud and the use of violence in black markets generally leads to:

A)   poorer economic efficiency.

B)   lower profit rates for sellers.

C)   superior economic efficiency.

Correct answer is A)

Fraud and violence lead to a lower level of economic efficiency in black markets. The black markets operate less smoothly. The sellers that are not caught can charge a higher price for the risks they take and earn a higher profit rate.

Q4. Which of the following most accurately describes the impact of a price ceiling set below the equilibrium price for a good and a minimum wage set above the equilibrium wage, respectively?

A)   Shortage; increased unemployment.

B)   Shortage; decreased unemployment.

C)   Surplus; increased unemployment.

Correct answer is A)

A ceiling that is below the equilibrium price for a good will result in a shortage characterized by a quantity demanded that is greater than the quantity supplied. A minimum wage leads to increased unemployment as firms tend to substitute capital for labor. Even though there are often a large number of unemployed low-skilled workers who may be willing to work at a wage lower than the minimum wage, firms cannot legally hire them.

Q5. Which of the following is least likely to be the long-run effect of a price ceiling that is set below the equilibrium price?

A)   Sellers improve quality.

B)   Consumers have to wait to make purchases.

C)   Sellers take bribes.

Correct answer is A)

Under price ceilings, sellers may reduce the quality of goods to a level that reflects the imposed ceiling price.

thx

t