The Table Given Below Reports the Quantity Demanded and Supplied

question 66

Multiple Choice

The table given below reports the quantity demanded and supplied of a commodity at different prices in a market.Table 3.5

-Which of the following is not an example of a price ceiling?

• A)The Chinese government sets the price of housing in China below equilibrium.
• B)The government of the former Soviet Union sets the price on food below those prevailing in the free market.
• C)In the 1970s, the Nixon administration imposed wage and price controls, thereby keeping wages and prices from rising.
• D)In the late 1970s, the U.S. government required gasoline to be sold at a price per gallon that was below what would have prevailed in a free market.
• E)The U.S. government requires that sugar be sold at a price that exceeds the world price of sugar.

---

Definitions:

Public Confidence

The level of trust and belief that the general public has in the stability and integrity of a financial market, institution, or economy.

Financial Reporting

The process of producing statements that disclose an organization's financial status to management, investors, and the government.

Voucher System

An internal control mechanism in accounting that involves the use of vouchers to record transaction details prior to disbursement of funds.

Account Payable

Money owed by a company to its suppliers or creditors for goods or services received, considered a current liability on the balance sheet.