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Macroeconomics Canadian 15th Edition Ragan Test Bank 1
Macroeconomics Canadian 15th Edition Ragan Test Bank 1
1) At any disequilibrium price, whether government controlled or not, the quantity actually exchanged is
determined by
A) the elasticity of supply.
B) the elasticity of demand.
C) government decree.
D) the lesser of quantity demanded and quantity supplied.
E) the greater of quantity demanded and quantity supplied.
Answer: D
Diff: 1
Topic: 5.1a. price controls
Skill: Recall
Learning Obj.: 5-2 Compare the short-run and long-run effects of legislated rent controls.
User2: Qualitative
2) Consider a competitive labour market. The likely consequence of a binding minimum wage in this
labour market is
A) a labour shortage.
B) a lower wage for all individuals.
C) a higher wage for all individuals.
D) excess demand for workers.
E) unemployment.
1
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Answer: E
Diff: 1
Topic: 5.1a. price controls
Skill: Applied
Learning Obj.: 5-2 Compare the short-run and long-run effects of legislated rent controls.
User2: Qualitative
2
Copyright © 2017 Pearson Education, Inc.
4) In a market where we observe a disequilibrium, quantity exchanged is determined
A) by the quantity demanded.
B) by the greater of quantity demanded and quantity supplied.
C) by neither quantity demanded nor quantity supplied.
D) by the lesser of quantity demanded and quantity supplied.
E) by the quantity supplied.
Answer: D
Diff: 1
Topic: 5.1a. price controls
Skill: Recall
Learning Obj.: 5-2 Compare the short-run and long-run effects of legislated rent controls.
User2: Qualitative
5) Which of the following statements about government price controls is most accurate. They
A) act as a guideline to producers as to what is a fair price.
B) inform consumers what is the maximum price they should pay.
C) usually set upper or lower limits on prices.
D) ensure that the actual price is at its free-market equilibrium.
E) ensure that transactions take place at a fair price.
Answer: C
Diff: 1
Topic: 5.1a. price controls
Skill: Recall
Learning Obj.: 5-2 Compare the short-run and long-run effects of legislated rent controls.
User2: Qualitative
6) The price of a good or a service can be determined by free interaction of demand and supply or by a
government price regulation. One important difference between these two price-determining methods is
A) there are no shortages or surpluses at the free-market equilibrium price.
B) regulated prices are fairer since more people can then afford the goods or services.
C) that a regulated price above the equilibrium price will always result in shortages.
D) the government is in the best position to know the needs of the people.
E) one is capitalist and the other is communist.
Answer: A
Diff: 1
Topic: 5.1a. price controls
Skill: Applied
Learning Obj.: 5-2 Compare the short-run and long-run effects of legislated rent controls.
User2: Qualitative
3
Copyright © 2017 Pearson Education, Inc.
7) Consider a market in which there is a government-set price. If there is excess demand at this price,
A) the market is in its free-market equilibrium.
B) the market is in disequilibrium.
C) there are unsuccessful sellers.
D) the product has not reached the point of saturation.
E) none of the product will be exchanged.
Answer: B
Diff: 1
Topic: 5.1a. price controls
Skill: Applied
Learning Obj.: 5-2 Compare the short-run and long-run effects of legislated rent controls.
User2: Qualitative
13) If the government fixes the price of good X above its free-market equilibrium level, we should expect
A) a surplus of good X to occur.
B) a shortage of good X to occur.
C) an excess demand for good X.
D) a black market to arise for good X.
E) a new free-market equilibrium price to be established.
Answer: A
Diff: 1
Topic: 5.1b. price floors and ceilings
Skill: Applied
Learning Obj.: 5-2 Compare the short-run and long-run effects of legislated rent controls.
User2: Qualitative
5
Copyright © 2017 Pearson Education, Inc.
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suddenly departed. 'But it seems to me that I begin to defend myself.' He
reached for his steel cap, and stood up.
'It becomes necessary!' cried Carmagnola, who in two strides was at
his side.
'Only that I should defend myself from a charge of rashness in having
yielded to your insistence to attempt this night-attack. There was a
chance, I thought, of success, and since the alternative of starving the
place would entail a delay of months, I took that chance. It has missed,
and so forces me to a course I've been considering from the outset. To-
morrow I shall raise the siege.'
'You'll raise the siege!'
That ejaculation of amazement came in chorus.
'Not only of Vercelli, but also of Mortara.'
'You'll raise the siege, sir?' It was Gian Giacomo who spoke now.
'And what then?'
'That shall be decided to-morrow in council. It is almost daybreak. I'll
wish you a good repose, madonna, and you, sirs.' He bowed to the
company and moved to the door.
Carmagnola put himself in his way. 'Ah, but wait, Bellarion ...'
'To-morrow,' Bellarion's voice was hard and peremptory. 'By then
your wits may be cooler and clearer. If you will all gather here at noon,
you shall learn my plans. Good-night.' And he went out.
They gathered there, not at noon on the morrow, but an hour before
that time, summoned by messages from Carmagnola, who was the last to
arrive and a prey to great excitement. Belluno, da Tenda, Stoffel, and
three other officers awaited him with the Princess and the Marquis Gian
Giacomo. Bellarion was not present. He had not been informed of the
gathering, for reasons which Carmagnola's first words made clear to all.
When Bellarion did arrive, punctually at noon, for the council to
which he had bidden the captains, he was surprised to find them already
seated about the table in debate and conducting this with a vehemence
which argued that matters had already gone some way. Their voices
raised in altercation reached him as he mounted the short flight of stone
steps, at the foot of which a half-dozen men of Belluno's company were
lounging.
A silence fell when he entered, and all eyes at once were turned upon
him. He smiled a greeting, and closed the door. But as he advanced, he
began to realise that the sudden silence was unnatural and ominous.
He came to the foot of the table, where there was a vacant place. He
looked at the faces on either side of it, and lastly at Carmagnola seated at
its head, between Valeria and Gian Giacomo.
'What do you debate here?' he asked them.
Carmagnola answered him. His voice was hard and hostile; his blue
eyes avoided the steady glance of Bellarion's.
'We were about to send for you. We have discovered the traitor who is
communicating with Theodore of Montferrat, forewarning him of our
every measure, culminating in last night's business.'
'That is something, although it comes at a time when it can no longer
greatly matter. Who is your traitor?'
None answered him for a long moment. Saving Stoffel, who was
flushed and smiling disdainfully, and the Princess whose eyes were
lowered, they continued to stare at him and he began to mislike their
stare. At last, Carmagnola pushed towards him a folded square of
parchment bearing a broken seal.
'Read that.'
Bellarion took it, and turned it over. To his surprise he found it
superscribed 'To the Magnificent Lord Bellarion Cane, Prince of
Valsassina.' He frowned, and a little colour kindled in his cheeks. He
threw up his head, stern-eyed. 'How?' he asked. 'Who breaks the seals of
a letter addressed to me?'
'Read the letter,' said Carmagnola, peremptorily.
Bellarion read:
Bellarion looked up from the letter with some anger in his face, but
infinitely more contempt and even a shade of amusement.
'Where was this thing manufactured?' he asked.
Carmagnola's answer was prompt. 'In Vercelli, by the Marquis
Theodore. It is in his own hand, as madonna here has testified, and it is
sealed with his own seal. Do you wonder that I broke it?'
Sheer amazement overspread Bellarion's face. He looked at the
Princess, who fleetingly looked up to answer the question in his glance.
'The hand is my uncle's, sir.'
He turned the parchment over, and conned the seal with its stag
device. Then the amazement passed out of his face, light broke on it, and
he uttered a laugh. He turned, pulled up a stool, and sat down at the
table's foot, whence he had them all under his eye.
'Let us proceed with method. How did this letter reach you,
Carmagnola?'
Carmagnola waved to Belluno, and Belluno, hostile of tone and
manner, answered the question. 'A clown coming from the direction of
the city blundered into my section of the lines this morning. He begged
to be taken to you. My men naturally brought him to me. I questioned
him as to what he desired with you. He answered that he bore a message.
I asked him what message he could be bearing to you from Vercelli. He
refused to answer further, whereupon I threatened him, and he produced
this letter. Seeing its seal, I took both the fellow and the letter to my Lord
Carmagnola.'
Bellarion, himself, completed the tale. 'And Carmagnola perceiving
that seal took it upon himself to break it, and so discovered the contents
to be what already he suspected.'
'That is what occurred.'
Bellarion, entirely at his ease, looked at them with amused contempt,
and finally at Carmagnola in whose face he laughed.
'God save you, Carmagnola! I often wonder what will be the end of
you.'
'I am no longer wondering what will be the end of you,' he was
furiously answered, which only went to increase his amusement.
'And you others, you were equally deceived. The letter and
Carmagnola's advocacy of my falseness and treachery were not to be
resisted?'
'I have not been deceived,' Stoffel protested.
'I was not classing you with those addled heads, Stoffel.'
'It will need more than abuse to clear you,' Tenda warned him angrily.
'You, too, Ugolino! And you, madonna, and even you Lord Marquis!
Well, well! It may need more than abuse to clear me; but surely not more
than this letter. Falsehood is in every line of it, in the superscription, in
the seal itself.'
'How, sir?' the Princess asked him. 'Do you insist that it is forged?'
'I have your word that it is not. But read the letter again.'
He tossed it to them. 'The Marquis Theodore pays your wits a poor
compliment, Carmagnola, and the sequel has justified him. Ask
yourselves this: If I were, indeed, Theodore's friend and ally, could he
have taken a better way than this of putting it beyond my power to serve
him further? It is plainly superscribed to me, so that there shall be no
mistake as to the person for whom it is intended and it bears his full
signature, so that there shall be no possible mistake on the score of
whence it comes. In addition to that, he has sealed it with his arms, so
that the first person into whose hands it falls shall be justified in
ascertaining, as you did, what Theodore of Montferrat may have
occasion to write to me.'
'It was expected that the soldiers who caught the clown would bear
him straight to you,' Carmagnola countered.
'Was it? Is there no oddness in the fact that the clown should walk
straight into your own men, Carmagnola, on a section of the line that
does not lie directly between Vercelli and Quinto? But why waste time
even on such trifles of evidence. Read the letter itself. Is there a single
word in that which it was important to convey to me, or which would not
have been conveyed otherwise if it had been intended for any purpose
other than to bring me under this suspicion? Almost has Theodore
overreached himself in his guile. Out of his intentness to destroy me, he
has revealed his true aims.'
'The very arguments I used with them,' said Stoffel.
Bellarion looked in amazement at his lieutenant. 'And they failed?' he
cried, incredulous.
'Of course they failed, you foul traitor!' Carmagnola bawled at him.
'They are ingenious, but they are obvious to a man caught as you are.'
'It is not I that am caught; but you that are in danger of it,
Carmagnola, in danger of being caught in the web that Theodore has
spun.'
'To what end? To what end should he spin it? Answer that.'
'Perhaps to set up dissensions amongst us, perhaps to remove the only
one of the captains opposed to him whom he respects.'
'You're modest, by God!' sneered Carmagnola.
'And you're a purblind fool, Carmagnola,' cried Stoffel in heat.
'Then are we all fools,' said Belluno. 'For we are all of the same mind
on this.'
'Aye,' said Bellarion sadly. 'You're all of the same emptiness. That's
clear. Well, let us have in this clown and question him.'
'To what purpose?'
'That we may wring from him his precise instructions, since the letter
does not suffice.'
'You take too much for granted. The letter suffices fully. You forget
that it is not all the evidence against you.'
'What? Is there more?'
'There is your failure last night to make the false attack you undertook
to make, and there is the intention you so rashly proclaimed here
afterwards that you would raise the siege of Vercelli to-day. Why should
you wish to do that if you are not Theodore's friend, if you are not the
canker-hearted traitor we now know you to be?'
'If I were to tell you, you would not understand. I should merely give
you another proof that I am Theodore's ally.'
'That is very probable,' said Carmagnola with a heavy sneer. 'Fetch the
guard, Ercole.'
'What's this!' Bellarion was on his feet even as Belluno rose, and
Stoffel came up with him, laying hands on his weapons. But Ugolino da
Tenda and another captain between them overpowered him, whilst the
other two ranged themselves swiftly on Bellarion's either hand. Bellarion
looked at them, and from them again to Carmagnola. He was lost in
amazement.
'Are you daring to place me under arrest?'
'Until we deliberate what shall be done with you. We shall not keep
you waiting long.'
'My God!' His wits worked swiftly, and he saw clearly that they might
easily work their will with him. Of the four thousand men out there, only
Stoffel's eight hundred Switzers would be on his side. The others would
follow the lead of their respective captains. The leaders upon whom he
could have depended in this pass—Koenigshofen and Giasone Trotta—
were away at Mortara. Perceiving at last this danger, hitherto entirely
unsuspected, he turned now to the Princess.
'Madonna,' he said, 'it is you whom I serve. Once before you
suspected me, in the matter of Carmagnola's bridges, and the sequel
proved you wrong.'
Slowly she raised her eyes to look at him fully for the first time since
he had joined that board. They were very sorrowful and her pallor was
deathly.
'There are other matters, sir, besides that, which I remember. There is
the death of Enzo Spigno, for one.'
He recoiled as if she had struck him. 'Spigno!' he echoed, and uttered
a queer little laugh. 'So it is Spigno who rises from his grave for
vengeance?'
'Not for vengeance, sir. For justice. There would be that if there were
not the matter that Messer Carmagnola has urged to convict you.'
'To convict me! Am I then convicted without trial?'
None answered him, and in the pause that followed the men-at-arms
summoned by Belluno clanked in, and at a sign from Carmagnola closed
about Bellarion. There were four of them. One of the captains deprived
him of his dagger, the only weapon upon him, and flung it on the table.
At last Bellarion roused himself to some show of real heat.
'Oh, but this is madness! What do you intend by me?'
'That is to be deliberated. But be under no delusive hope, Bellarion.'
'You are to decide my fate? You?' From Carmagnola, he looked at the
others. He had paled a little; but amazement still rode above fear.
Stoffel, unable longer to contain himself, turned furiously upon
Carmagnola. 'You rash, vainglorious fool. If Bellarion is to be tried there
is none under the Duke's magnificence before whom he may be
arraigned.'
'He has been arraigned already before us here. His guilt is clear, and
he has said nothing to dispel a single hair of it. There remains only to
decide his sentence.'
'This is no proper arraignment. There has been no trial, nor have you
power to hold one,' Stoffel insisted.
'You are wrong, captain. There are military laws ...'
'I say this is no trial. If Bellarion is to be tried, you'll send him before
the Duke.'
'And at the same time,' put in Bellarion, 'you'll send your single
witness; this clown who brought that letter. Your refusal to produce him
here before me now in itself shows the malice by which you're moved.'
Carmagnola flushed under that charge, and scowlingly considered the
prisoner. 'If the form of trial you've received does not content you, and
since you charge me with personal feeling, there is another I am ready to
afford.' He drew himself up, and flung back his handsome head. 'Trial by
battle, Lord Prince.'
Over Bellarion's white face a sneer was spread.
'And what shall it prove if you ride me down? Shall it prove more
than that you have the heavier weight of brawn, that you are more
practised in the lists and have the stronger thews? Does it need trial by
battle to prove that?'
'God will defend the right,' said Carmagnola.
'Will he so?' Bellarion laughed. 'I am glad to have your word for it.
But you forget that the right to challenge lies with me, the accused. In
your blundering stupidity you overlook essentials always. Your very
dulness acquits you of hypocrisy. Shall I exercise that right upon the
person in whose service I am carrying arms, upon the body of the
Marquis Gian Giacomo of Montferrat?'
The frail boy named started, and looked up with dilating eyes. His
sister cried out in very real alarm. But Carmagnola covered them with
his answer.
'I am your accuser, sir: not he.'
'You are his deputy, no more,' Bellarion answered, and now the boy
came to his feet, white and tense.
'He is in the right,' he announced. 'I cannot refuse him.'
Smiling, Bellarion looked at Carmagnola, confused and awkward.
'Always you overreach yourself,' he mocked him. He turned to Gian
Giacomo. 'You could not refuse me if I asked it. But I do not ask it. I
only desired to show the value of Carmagnola's offer.'
'You have some decency still,' Carmagnola told him.
'Whilst you cannot lay claim even to that. God made you a fool, and
that's the end of the matter.'
'Take him away.'
Already it seemed they had their orders. They laid hands upon him,
and, submitting without further words, he suffered them to lead him out.
As the door closed upon him, Stoffel exploded. He raged and stormed.
He pleaded, argued, and vituperated them, even the Princess herself, for
fools and dolts, and finally threatened to raise the army against them, or
at least to do his utmost with his Swiss to prevent them from carrying out
their evil intentions.
'Listen!' Carmagnola commanded sternly, and in the silence they
heard from the hall below a storm of angry outcries. 'That is the voice of
the army, answering you: the voice of those who were maimed last night
as a result of his betrayal. Saving yourself, there is not a captain in the
army, and saving your own Swiss, hardly a man who is not this morning
clamouring for Bellarion's death.'
'You are confessing that you published the matter even before
Bellarion was examined here! My God, you villain, you hell-kite, you
swaggering ape, who give a free rein to the base jealousy in which you
have ever held Bellarion. Your mean spite may drive you now to the
lengths of murder. But look to yourself thereafter. You'll lose your empty
head over this, Carmagnola!'
They silenced him and bore him out, whereafter they sat down to seal
Bellarion's fate.
CHAPTER XI
THE PLEDGE
CHAPTER XII
CARMAGNOLA'S DUTY
CHAPTER XIII