A B C 0 K A) an equilibrium C) a shortage of KM apartments 10) A price floor is L Figure 4.4 lo M 5) Suppose Figure 4.4 refers to a market for apartments. An effective rent control A) is at price B C) is at price A Supply Demand Qty of Apartments 6) Suppose figure 4.4 refers to the market for apartments. Using the effective rent control on the graph, which of the following occur? B) is at price C D) is somewhere below price A B) a surplus of LM apartments D) a shortage of KL apartments 7) Suppose figure 4.4 refers to the market for apartments. An ineffective rent control A) is at Price A B) is at Price B C) is at Price C D) none of the above 2 8) Suppose figure 4.4 refers to the market for apartments. What is the highest price tenants are willing to pay for an apartment? A) Price A B) Price B C) Price C D) Undefined 5) 9) Refer to Figure 4.4. Using the effective rent control on this graph, what is the highest price tenants are willing pay for an apartment? A) A B) B C) C D) unknown A) a non-price rationing device B) a legal maximum that can be charged for a good or service C) a legal minimum price below which a good or service cannot be sold D) the lowest price a seller can charge without losing all of its customers 6) 8) 9) 10)
A B C 0 K A) an equilibrium C) a shortage of KM apartments 10) A price floor is L Figure 4.4 lo M 5) Suppose Figure 4.4 refers to a market for apartments. An effective rent control A) is at price B C) is at price A Supply Demand Qty of Apartments 6) Suppose figure 4.4 refers to the market for apartments. Using the effective rent control on the graph, which of the following occur? B) is at price C D) is somewhere below price A B) a surplus of LM apartments D) a shortage of KL apartments 7) Suppose figure 4.4 refers to the market for apartments. An ineffective rent control A) is at Price A B) is at Price B C) is at Price C D) none of the above 2 8) Suppose figure 4.4 refers to the market for apartments. What is the highest price tenants are willing to pay for an apartment? A) Price A B) Price B C) Price C D) Undefined 5) 9) Refer to Figure 4.4. Using the effective rent control on this graph, what is the highest price tenants are willing pay for an apartment? A) A B) B C) C D) unknown A) a non-price rationing device B) a legal maximum that can be charged for a good or service C) a legal minimum price below which a good or service cannot be sold D) the lowest price a seller can charge without losing all of its customers 6) 8) 9) 10)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:A
B
C
0
K
A) an equilibrium
C) a shortage of KM apartments
10) A price floor is
L
M
Supply
Figure 4.4
5) Suppose Figure 4.4 refers to a market for apartments. An effective rent control
A) is at price B
B) is at price C
C) is at price A
D) is somewhere below price A
Demand
6) Suppose figure 4.4 refers to the market for apartments. Using the effective rent control on the graph,
which of the following occur?
Qty of Apartments
B) a surplus of LM apartments
D) a shortage of KL apartments
7) Suppose figure 4.4 refers to the market for apartments. An ineffective rent control
A) is at Price A
B) is at Price B
C) is at Price C
D) none of the above
2
8) Suppose figure 4.4 refers to the market for apartments. What is the highest price tenants are willing
to pay for an apartment?
A) Price A
B) Price B
C) Price C
D) Undefined
5)
A) a non-price rationing device
B) a legal maximum that can be charged for a good or service
C) a legal minimum price below which a good or service cannot be sold
D) the lowest price a seller can charge without losing all of its customers
6)
9) Refer to Figure 4.4. Using the effective rent control on this graph, what is the highest price tenants
are willing pay for an apartment?
A) A
B) B
C) C
D) unknown
7)
8)
9)
10)
Transcribed Image Text:Sample Price Control Quiz
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Table 4-3
Hourly Wage
(dollars)
$13.00
13,50
14.00
14.50
15.00
15.50
B) 370,000
Quantity of
Labor
Supplied
350,000
Name
360,000
370,000
380,000
390,000
400,000
.
Quantity of
Labor
Demanded
390,000
380,000
370,000
360,000
Table 4-3 shows the demand and supply schedules for the low-skilled labor market in the city of Westover.
1) Refer to Table 4-3. If a minimum wage of $15.00 an hour is mandated, what is the quantity of labor
demanded?
A) 380,000
D) 10,000
350,000
340,000
C360,000
2) Refer to table 4-3. If the maximum wage is $13.50, the market is experiencing a
and this is an example of a price
A) Surplus, floor
B) Surplus, ceiling
Shortage, ceiling
D) Shortage, floor
3) Refer to Table 4-3. If a minimum wage of $14.50 is mandated by the government there will be a
A) shortage of 10,000 units of labor.
C) surplus of 20,000 units of labor.
B) shortage of 20,000 units of labor.
D) surplus of 10,000 units of labor.
1)
4) Refer to Table 4-3. If a minimum wage of $13 is mandated by the government, the market will
A) experience a shortage
B) experience a surplus
C) experience a shortage of 40,000 workers
D) experiences surplus of 40,000 workers
E) achieve equilibrium
F) Experience a price ceiling
2)
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