If you were a government official that wanted to raise the equilibrium price of milk, which of the ...

If you were a government official that wanted to raise the equilibrium price of milk, which of the following actions would you take?
 a. Take milk from government storage and sell it.
  b. Encourage farmers to produce more milk.
  c. Subsidize purchases of dairy equipment.
  d. Encourage farmers to produce less milk.

QUESTION 2

If Congress decides to reduce the tax per pack paid by sellers of cigarettes, other things being equal, the equilibrium price of cigarettes will fall. This fall in the equilibrium price can be attributed to a(n):
 a. upward movement along the supply curve for cigarettes.
  b. rightward shift of the supply curve for cigarettes.
  c. upward movement along the demand curve for cigarettes.
  d. leftward shift of the supply curve for cigarettes.

QUESTION 3

If Congress decides to increase the tax per pack paid by sellers of cigarettes, other things being equal, the price of cigarettes will rise. This rise in prices can be attributed to a(n):
 a. upward movement along the supply curve for cigarettes.
  b. rightward shift of the supply curve for cigarettes.
  c. upward movement along the demand curve for cigarettes.
  d. leftward shift of the supply curve for cigarettes.

QUESTION 4

If you were a government official and wanted to raise the price of wheat, which of the following actions would you take?
 a. Take wheat from government storage and sell it.
  b. Encourage farmers to use more fertilizer.
  c. Lower the price of rye.
  d. Subsidize purchases of farm equipment.
  e. Encourage farmers to grow less wheat.

QUESTION 5

Which of the following would decrease the price of packaged hot dogs?
 a. An increase in the price of hot dog buns, a complement to packaged hot dogs.
  b. A decrease in the price of hamburger meat, a substitute for packaged hot dogs.
  c. A technological advance that lowers the cost of producing packaged hot dogs.
  d. All of these.

QUESTION 6

How would a decrease in the price of the feed grains used to feed cattle affect the market for beef?
 a. The demand for beef would increase, increasing beef prices.
  b. The demand for beef would decrease, decreasing beef prices.
  c. The supply of beef would increase, decreasing beef prices.
  d. The supply of beef would decrease, increasing beef prices.

QUESTION 7

Suppose a new law requires all piercing studios to pass tougher licensing tests and to begin using more costly sterilization methods. Other things constant, this law would cause:
 a. an increase in the supply of piercings and a lower price for piercings.
  b. an increase in the supply of piercings and a higher price for piercings.
  c. a decrease in the supply of piercings and a higher price for piercings.
  d. a decrease in the supply of piercings and a lower price for piercings.