ECON 1000 Midterm 2 review Worksheet ch.6

pdf

School

York University *

*We aren’t endorsed by this school

Course

ECON 1000

Subject

Economics

Date

Feb 20, 2024

Type

pdf

Pages

Uploaded by CoachProtonHippopotamus24

Chapter 6 9. When prices are fixed above the market-clearing price all of the above happen except a. There is a surplus b. Sellers are unhappy c. There is an increase in inventory d. There is a shortage Market Demand and Supply for Bottled Water (daily) Price per litre Quantity Demanded BEFORE the flood (litres per day) Quantity Demanded AFTER the flood (litres per day) Quantity Supplied (litres per day) $3.00 100 300 700 $2.50 200 400 600 $2.00 300 500 500 $1.50 400 600 400 $1.00 500 700 300 $0.50 600 800

10. Looking at the above graph If the government acts to limit the price of bottled water to the market-clearing level that occurred before the flood, the price will be ____________ and the quantity will be ________ 11. Consider the market for rental housing in the city of Carpendale. The quantities demanded and supplied are given in the table at right. In well-functioning market for rental housing, the market-clearing price would be ______ and the market-clearing quantity would be _____ rental units. The government of Carpendale decides to set a limit on the monthly rental price of $300. Market for Rental Housing Price Quantity Demanded Quantity Supplied $1,500 400 1,900 $1,300 500 1,700 $1,100 600 1,500 $ 900 700 1300 $ 700 800 1100 $ 500 900 900 $ 300 1,000 700

This is an example of a price __________________which will occur when the government sets the price ________________ __ 12. Refer to the above graph at government set rent, the quantity a. supplied exceeds the quantity demanded resulting in a shortage of rental housing. b. demanded exceeds the quantity supplied resulting in a surplus of rental housing c. demanded exceeds the quantity supplied resulting in a shortage of rental housing. d. supplied exceeds the quantity demanded resulting in a surplus of rental housing. 13. Which of the following is not true of well-functioning markets? a. They are efficient but not always equitable. b. Government usually choose polices that create trade-off between efficiency and equity c. At the efficient market outcome, the marginal cost of sellers matches the marginal benefit of buyers d. Output goes to those most willing and able to pay which creates competition amongst consumers e. Everyone can buy the product they want at the price they want 14. In comparing U.S. market-driven health care with Canadian universal, government-run health care, a. The U.S.-style private market outcome gives priority treatment to those patients who are most in need of the treatment.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

b. the U.S. health-care system provides good care to those who cannot afford it. c. the Canadian-style government outcome is more equitable and less efficient. d. the U.S.-style private market outcome is more equitable and more efficient 15. Which of the following statements are true? I. Positive (or empirical) statements are about what is and can be evaluated as true or false by checking the facts. II. Normative statements are about what you believe should be, involve value judgments, and cannot be evaluated as true or false by checking the facts. III. All normative statements are positive statements a. All of the above are true b. All of the above are false c. I and II are true d. III and I are true e. II and III are true

Related Documents

Exam 1 2015.docx

ECON 203 Assignment 3.pdf

ECON 203 Assignment 1.pdf

Chapter 18 tutorial.docx

Exam 1 Fall 2012.docx

IMG_5985.png

INTLSTD101_Midterm_Study_Guide.docx

Tionna Taylor-Game Assignment 2.docx

Tionna Taylor-Game Assignment 1.docx

M5 - Homework - Appendix 5.1 - Exercise A5.1 - Norwegian Satellite Development Company - Student Wor

Week 1 Work Problem Solutions.docx

Ch 0.5 Exercises Answer Key.docx

Recommended textbooks for you

Essentials of Economics (MindTap Course List)

Economics

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:Cengage Learning

Brief Principles of Macroeconomics (MindTap Cours...

Economics

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:Cengage Learning

Principles of Macroeconomics (MindTap Course List)

Economics

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:Cengage Learning

Principles of Microeconomics

Economics

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:Cengage Learning

Principles of Economics 2e

Economics

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:OpenStax

Economics Today and Tomorrow, Student Edition

Economics

ISBN:9780078747663

Author:McGraw-Hill

Publisher:Glencoe/McGraw-Hill School Pub Co

SEE MORE TEXTBOOKS

Recommended textbooks for you

Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:9781305971509
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Microeconomics
Economics
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co