In the 1970s,the Government Attempted to Regulate Prices to Control

question 81

Multiple Choice

In the 1970s,the government attempted to regulate prices to control inflation; this attempt was unsuccessful.The most likely reason was that

• A) it increased menu costs.
• B) it created future price certainty.
• C) it removed relative price signals for those items that had actual increases in demand that were not due to inflation.
• D) it created money illusion.
• E) the Watergate break-in destroyed Americans' faith in the government.

Analyze the consequences of price floors and government intervention in markets.

Assess how different market interventions (price ceilings, price floors, quotas) lead to inefficiencies such as deadweight losses.

Interpret market diagrams and use them to predict changes in the market resulting from government policies.

Understand the economic rationale behind using price controls and quotas as market interventions.

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