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Econ 1-20 Price Controls, Subsidies, Good Intentions

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Econ 1-20 Price Controls, Subsidies, Good Intentions

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STANDARD:
E.4.1 Explain how markets underproduce public goods, and analyze the role of government to resolve those market failures.
E.4.2 Describe how the government taxes negative externalities (spillovers) and subsidizes positive externalities to resolve the inefficiencies they cause.
E.4.3 Describe the major revenue and expenditure categories in state and federal budgets and their respective proportions, and the challenges of achieving a balanced budget. (E)
E.4.4 Determine whether different types of taxes (e.g., income tax, sales tax, and Federal Income Contributions Act [FICA] tax including Social Security and Medicare) are progressive, proportional, or regressive. (E)
E.4.5 Define budget debt and budget deficit and distinguish between the two. Explain the effects of both on the economy. (E)
GE.7.1 Define and explain fiscal policy and its tools. (E)
GE.7.2 Define and explain monetary policy and its tools. (E)
GE.7.3 Analyze how the government uses fiscal policy to promote price stability, full employment, and economic growth.
GE.7.4 Explain how the use of fiscal policy affects budget deficits or surpluses and the national debt.
GE.7.5 Analyze how the Federal Reserve uses monetary policy to promote price stability, full employment, and economic growth. (E)

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Econ 1-20 Price Controls, Subsidies, Good Intentions
 

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Econ 1-20 Price Controls, Subsidies, Good IntentionsOnline version

STANDARD: E.4.1 Explain how markets underproduce public goods, and analyze the role of government to resolve those market failures. E.4.2 Describe how the government taxes negative externalities (spillovers) and subsidizes positive externalities to resolve the inefficiencies they cause. E.4.3 Describe the major revenue and expenditure categories in state and federal budgets and their respective proportions, and the challenges of achieving a balanced budget. (E) E.4.4 Determine whether different types of taxes (e.g., income tax, sales tax, and Federal Income Contributions Act [FICA] tax including Social Security and Medicare) are progressive, proportional, or regressive. (E) E.4.5 Define budget debt and budget deficit and distinguish between the two. Explain the effects of both on the economy. (E) GE.7.1 Define and explain fiscal policy and its tools. (E) GE.7.2 Define and explain monetary policy and its tools. (E) GE.7.3 Analyze how the government uses fiscal policy to promote price stability, full employment, and economic growth. GE.7.4 Explain how the use of fiscal policy affects budget deficits or surpluses and the national debt. GE.7.5 Analyze how the Federal Reserve uses monetary policy to promote price stability, full employment, and economic growth. (E)

by Lance Hiles
1

Rent control is a price ceiling that caps monthly rent for apartments. It is meant to increase affordable real estate, but the lower rent discourages renovation, which results in apartment shortages & landlords with few ____ to maintain buildings.

2

The government needs to regulate the economy only when ____ ____ , which is rare. Enforcing price ceilings or floors does not help producers decide what to produce, or produce it efficiently.

  
  
3

Venezuela is one of many countries that uses price ceilings. They have been experiencing ____ ____ , so the government decided to impose price controls on consumer products like foods, medicine, and toilet paper.

  
  
4

The only time the government should use subsidies is when businesses are producing below the ____ ____ . When businesses produce less than society demands, the resulting dead weight loss can be fixed with a government subsidy.

  
  
5

Amount of gas society wants is where supply meets demand. Producing any quantity less will result in ____ ____ ____ . The quantity at the price ceiling is not allocatively efficient. We're not producing enough.

     
  
  
6

If loggers get paid by the government, regardless of how many trees the process, the loggers will be more likely to ____ ____ . e.g. government subsidies influence the market & change producers behavior.

  
  
7

Gas equilibrium price is $3 but government sets price ceiling at $1. Low price creates consumer demand, but producers have less incentive to produce, so quantity supplied is low. Less gas is bought & sold, resulting in a ____ .

8

One criticism of farm subsidy is that the government gives money to farmers when they do not need it. e.g. agriculture profits were in the billions. Also, the government gave more money to farmers than to ____ on ____ .

  
  
9

Let’s assume the government set a price floor for a bushel of beans at $6 when the equilibrium price is $3. The higher price gives farmers an incentive to produce, but the high price makes consumers buy _____ , potatoes or peas.

10

If grape prices fall because demand is down, then buyers have spoken & subsidies are inefficient. However, if a volcano wipes out your grape fields, & farmers are going to starve, it is okay to offer ____ ____ ____ until new fields can be planted.

     
  
  
11

A ____ ____ is intended to keep prices artificially high and not allow them to fall to the equilibrium price. [same] is a law that sets a minimum price in a specific market.

  
  
12

Most farmers do not suffer poverty & usually make more than non-agricultural workers. Thus, they have enough money to cope with ____ ____ . This is why economist oppose subsidies.

  
  
13

Society is worse when the government uses price ceilings. When gas prices fall, consumers want more, but producers no longer find it ____ to sell gas. The lower price decreases the amount of gasoline produced, and we have a shortage.

14

Subsidies seem good, because prices are low for consumers, more income goes to farmers, the market stays at equilibrium, so there is no ____ or ____ . No inflation & farmers stay in business, everyone is happy.

  
  
15

A ____ ____ is when the government sets a maximum price for a specific good. If the government forced gas stations to charge a dollar per gallon, this might seem like a good idea. But it is not

  
  
16

If the government wants more businesses to produce solar panels, they could give them a ____ , which is a payment from the government, an incentive. This will increase the supply of solar panels & lower their price.

17

____ ____ happen when the government setting prices for goods. There are two kinds of [same].

  
  
18

When farmers can't make enough money to pay their bills, they stop growing food. Since this leads to ____ , most people support the government doing something to avoid this. But this solution is not a price floor.

19

1970s, President Nixon established a ____ & ____ freeze for 90 days, to fight inflation. The general public supported the idea, but economists were skeptical.

  
  
20

If milk has an equilibrium price of $3 a gallon, & a price floor of $6 per gallon, the higher price causes farmers to increase quantity. However, buyers won’t pay the higher price, so quantity demanded falls. We have a dead weight loss, or a ____ .

 
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