In this week’s discussion we focus on the reasons for, and methods of, government intervention in the market mechanism. We also take the opportunity to review and comment on the project work of all the groups. Minimum wage rate and rent control are two common examples of how government (one provincial, the other typically municipal) policies have a direct economic impact. Considering what you have learned in this unit, discuss the impacts of the minimum wage rate and rent control policy on consumers, producers, and society. Draw on the readings and specific examples you can find in your community to argue both for and against such policies.

Q: Consider the issue of government intervention in a market economy. Please provide brief discussions…

A: Government intervention in an economy is a talk about the presence of public power which has this…

Q: Cote d'Ivoire now outlaws the use of child l on cocoa farms and the law is properly enforced. Using…

A: One of the factors that affect the supply of a good is the cost of production or raw material.When…

Q: Are voters likely to be well informed on issues and the positions of candidates?  Why or why not?…

A: No, Because there is no potential or risk of an individual vote deciding the city, state, or…

Q: Use the linear demand and supply curves shown below to answer the following questions.You must show…

A:

Q: Deadweight loss measures the loss of efficiency in a market as a result of government intervention…

A: Equilibrium is achieved at the output level where Qs=Qd

Q: Providing public goods is a(n) economic and political function of government. economic function of…

A: In economics, goods are described as items that fulfill human wants, provide utility or usefulness,…

Q: Refer to Figure 10-3. If this market is currently producing at Q1, then total economic well-being…

A: The market is in equilibrium when the demand for a product is equal to supply of the product. When…

Q: Assuming normal demand and supply relationships, show how income transfers to consumers and…

A: The law of demand states that because of the rising prices of a commodity or services, there will be…

Q: Read the NYT article "The Perverse Effects of Rent Regulation" (7/23/13). Brainstorm the pros and…

A: Rent regulation legal guidelines have been a topic of dialogue for many years, with proponents…

Q: Using a supply-demand diagram, determine the changes in consumer surplus (CS) and producer surplus…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: After the OPEC oil embargo in the 1970s, price controls were placed on gas markets that did not…

A: A price ceiling is the highest price a seller is permitted to charge for a service or product. Price…

Q: You are the economic advisor of the ruler of Pongo.  Suppose the people in the country of Pongo…

A: Answer -

Q: Which of the following statements refers to rent seeking? O "Laws passed by the federal government…

A: Rent-seeking refers to a situation when individuals seek to increase their own wealth without making…

Q: If rent controls are so counterproductive, why do cities impose them? How else might the housing…

A: justifications for municipal rent controlsRent controls are mostly implemented by cities in response…

Q: Explain where, in relation to the market equilibrium price, a price floor is set in order to be…

A: Price floor: - it is a tool to control price level for any good or service. It provides a minimum…

Q: QUESTION 5 Which group of individuals most likely benefits from rent controls? single parent…

A: Rent Control is a form of price ceiling where government mandates the maximum rent that a landlord…

Q: Based on the information portrayed in the two figures in the diagram n what general geographic area…

A: To help you better, it would be useful to know exactly which figures or diagram you're referring to.…

Q: Which of these is one effect of government price supports in the agriculture industry? The supply…

A: Price supports are government policies that aim to maintain or increase the price of a particular…

Q: None

A: Another approach to identifying the geographic area where the commodity title of the Farm Bill has…

Q: Explain the economic effects of price supports. Explicitly include environmental and global impacts…

A: Support instruments have two main effects: they create transfers which reflect changes within the…

Q: Why would raising the minimum wage to $15/hour positively impact the macroeconomy in the short run?…

A: Labor economics is the study of the complexity of the labor market, such as work patterns,…

Q: Which of the following statements would most economists not agree with? -Rent controls hurt everyone…

A: Rent Control: Rent controls are government regulations that limit the maximum amount landlords can…

Q: Assuming perfect competition in the Labor Market, the following are likely effects coming from a…

A: Minimum wage is the wage rate set by government and wage cannot fall below this level.

Q: Suppose the government imposes a price floor in the labor market (minimum wage legislation). In your…

A: Minimum wage laws are made by the governments to prevent labour exploitation at the hands of…

Q: Many analysts have argued that the federal government should stop spending money on programs such as…

A: The Federal Reserve, often referred to as the Fed, is the central banking system of the United…

Q: In tax indences is analyzed by using the tools of supply and demand. government unveiled a new…

A: Due to subsidy,supply would increase. Price of product would be reduced.

Q: Carbon dioxide emissions have been linked to worsening climate conditions. The following table lists…

A: A negative externality / external cost are a type of spillover which imposes a cost on the third…

Q: Implicit Price

A: Implicit cost back to the opportunity cost associated with the Use of a useful resource in a…