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According to the concept of price rationing, the price system serves as a rationing device particularly when:
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| Quantity supplied exceeds quantity demanded. |
| Quantity demanded exceeds quantity supplied. |
| Market equilibrium exists. |
| Price is above equilibrium price. |
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Refer to the graph below. At what price level is price rationing necessary? 
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| At $3.25. |
| At $2.50. |
| At $1.75 |
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Refer to the graphs below. Which of these graphs depicts this statement: "When supply is lower, the price system ensures that supply is rationed to those who are willing and able to pay the higher price." 
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| A |
| B |
| C |
| D |
| None of the above. |
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Refer to the graph below. At what price level is quantity demanded too low for equilibrium? 
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| At P0 |
| At P1 |
| At P2 |
| There is no price level in this graph for which the quantity demanded is too low for equilibrium. |
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Refer to the graph below. When is the price level in this market under pressure to fall?
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| At P0 |
| At P1 |
| At P2 |
| There is no price level in this graph where quantity demanded is too low for equilibrium. |
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Refer to the graphs below. Relative to one another, which of the graphs below depicts a market where supply is high relative to demand? 
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| A |
| B |
| C |
| D |
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Refer to the graphs below. Relative to one another, which of these graphs shows a market for a good that is relatively scarcer?
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| A |
| B |
| C |
| D |
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Refer to the graph below. Suppose that supply in this graph depicts the number of tickets that coincides with a fixed number of seats available at a football stadium in New Jersey. Demand represents the willingness of people to pay for a football game this Sunday. When the price level is P1, the graph shows that: 
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| Not enough tickets have been sold relative to the number of seats available. |
| The only possible way to charge more for tickets is to increase the supply of seats. |
| The quantity of tickets demanded far exceeds the quantity supplied. |
| More tickets have been sold than the number of seats that are available. |
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Refer to the graph beside. Only one of the statements below is entirely correct. Which one? 
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| This graph shows a surplus of soybeans, which is the result of an imposed price floor of $1.75. |
| This graph shows a shortage of soybeans, which is the result of an imposed price floor of $1.75. |
| This graph shows a surplus of soybeans, which is the result of an imposed price ceiling of $1.75. |
| This graph shows a shortage of soybeans, which is the result of an imposed price ceiling of $1.75. |
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Refer to the graph below. Assuming that this is a free market, and that the supply and demand lines contain all the information, present and future, about market conditions, which price level is more likely to prevail in this market in the long run? 
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| $3.25, because market prices usually tend to rise over time. |
| $2.50, because a market has the tendency to always move toward equilibrium. |
| $1.75, because it is usually tougher to compete in a free market, causing prices to be relatively low. |
| It is impossible, in fact, to predict what the price will be based on the information given. |
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A price ceiling is:
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| A price below equilibrium price. |
| A price that guarantees producers a price above equilibrium price in the market. |
| Results in a surplus of output. |
| Benefits sellers at the expense of buyers. |
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A price floor:
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| Is a price above equilibrium price. |
| Guarantees consumers a price below equilibrium price in the market. |
| Results in a shortage of output. |
| Benefits buyers at the expense of sellers. |
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The rationale most often used by governments to intervene in the market system and try to determine its own rationing mechanism is:
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| Efficiency and productivity. |
| Fairness. |
| Queuing. |
| Elasticity. |
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Which of the following are nonprice rationing devices for dividing up available supply?
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| Queuing. |
| Ration coupons. |
| Favored customers. |
| All of the above. |
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Refer to the graph below. At the world price, before the tariff is imposed, the quantity supplied by domestic producers and the quantity imported are, respectively: 
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| 20, 50 |
| 30, 30 |
| 20, 10 |
| 60, 10 |
| 20, 70 |
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Refer to the graph below. After the tariff is imposed, the quantity supplied by domestic producers and the price they will charge are:
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| 20 barrels at $10 each. |
| 30 barrels at $10 each. |
| 30 barrels at $15 each. |
| 60 barrels at $15 each. |
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Refer to the graph below. When this country trades with the rest of the world, imposition of the oil import fee causes the quantity of imports to:
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| Increase by 10. |
| Decrease by 10. |
| Decrease by 20. |
| Decrease by 30. |
| Decrease by 50. |
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Refer to the graph below. Government revenue collected from the oil import fee equals:
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| $150 |
| $30 |
| $90 |
| $45 |
| $15 |
