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A payment made by the government to a producer.
A regulation that makes it illegal to charge a price higher than a specified level.
A regulation that makes it illegal to charge a rent higher than a specified level.
A regulation that makes it illegal to trade at a price lower than a specified level.
A regulation that makes the hiring of labour below a specified wage rate illegal. The lowest wage at which a firm may legally hire
labour.
A state or situation in which something needed cannot be obtained in sufficient amounts.
A tax on a good or asset, depending on its value usually expressed as a percentage.
A token that the government provides to households, which they can use to buy specified goods and services.
An illegal market in which the equilibrium price exceeds the price ceiling.
An indirect tax that does not vary with the cost of the good; charged by the government on the sale of a particular good or
service.
An upper limit to the quantity of a good that may be produced in a specified period.
Compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the
cost of some goods, services, and transactions.
The division of the burden of the tax between the buyer and the seller.
The measure of buyers’ willingness to pay equal to the price buyers pay.
The price sellers receive which also equals the sellers’ minimum supply-price.
The state of not achieving maximum productivity; failure to make the best use of time or resources.
The time spent looking for someone with whom to do business.
Ad valorem tax
Black market
Excise tax
Inefficiency
Marginal social benefit
Marginal social cost
Minimum wage
Price ceiling
Price floor
Production quota
Rent ceiling
Search activity
Shortage
Subsidy
Tax
Tax incidence
Voucher
ANSWERS
Ad valorem tax
Black market
Excise tax
Inefficiency
Marginal social benefit
Marginal social cost
Minimum wage
Price ceiling
Price floor
Production quota
Rent ceiling
Search activity
Shortage
Subsidy
Tax incidence
Tax
Voucher
A tax on a good or asset, depending on its value usually expressed as a percentage.
An illegal market in which the equilibrium price exceeds the price ceiling.
An indirect tax that does not vary with the cost of the good; charged by the government on the sale
of a particular good or service.
The state of not achieving maximum productivity; failure to make the best use of time or resources.
The measure of buyers’ willingness to pay equal to the price buyers pay.
The price sellers receive which also equals the sellers’ minimum supply-price.
A regulation that makes the hiring of labour below a specified wage rate illegal. The lowest wage at
which a firm may legally hire labour.
A regulation that makes it illegal to charge a price higher than a specified level.
A regulation that makes it illegal to trade at a price lower than a specified level.
An upper limit to the quantity of a good that may be produced in a specified period.
A regulation that makes it illegal to charge a rent higher than a specified level.
The time spent looking for someone with whom to do business.
A state or situation in which something needed cannot be obtained in sufficient amounts.
A payment made by the government to a producer.
The division of the burden of the tax between the buyer and the seller.
Compulsory contribution to state revenue, levied by the government on workers' income and business
profits, or added to the cost of some goods, services, and transactions.
A token that the government provides to households, which they can use to buy specified goods and
services.