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the government
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O
a. False
O b. True
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- Hi, Please help in sloving the attached Question from Economics. Regards,Please correct answer and don't use hend raitingSuppose that weekly demand for iron ore in Australia is given by P = 900 -Q and supply is gven by P = 20, where Qrepreserits tonnes of iron ore. To sunport consuens the government decides to impose a price ceiling of $400 per tonne if the govermment agrees to buy any escess supply, it will have to spend____________to buy___________ tonnes of inon ore. options are $180000;600 $90000;300 $240000;600 none is correct $120000;300
- QUESTION 3 The U.S. Market for Computers sdamertie pply curre) Domestic price writh tanif Wadd price 2.000 D domestic de mandauve) 200 Quantity (thourande of unta) 100 120 I90 Referring to the above figure, how much revenue will the US government collect as a result of the tariff on computers? a. $168 millisn Ob. $76 million OC $28 million d. $280,000Suppose that policy makers are concerned that the price of corn may get too low. The market for corn is depicted in the accompanying diagram. a. What type of price control would policy makers use to keep the price of corn from getting too low? O a price floor a price ceiling a price marker a price war O a price wall b. Suppose that the government implements the price control that you have selected. Which of these prices would be binding? 10 9 8 7 Price ($) 6 5 4 3 0 2 0 1 Supply Demand 2 3 4 5 6 7 8 Quantity (in thousands of kilograms) 9 10Which of the following statemen ts about correctivetaxes is general ly NOT true?a. Economists prefe, them to command-and-controlregulation.b. They ra ise government revenue ,c. They cause deadweight losses.d. They reduce the quantity so ld in a market.
- Consider Figure 1 below: Supply 3,000 2,000 1000 600 Demand 100 300 600 Figure 1: Rent Control Suppose the government passes a law that limits the monthly rent for an average 800 square foot apartment in Montreal to be $600. The ASS because of this rent control policy is O a. - $140,000 O b. - $40,000 O c. $300,000 O d. - $100,000It is an illegal market that emerges when binding and nonbinding price controls are in place. It is an illegal market that emerges when binding price ceilings are in place. O It is an illegal market that emerges when binding price floors are in place. It is an illegal market that emerges when only binding price ceilings and binding price floors are in place.. It is an illegal market that em erges when no price controls are present. Save Question 10 You would expect there to be many customers for a black market good when the opportunity cost of finding the good under a: O binding price floor is high. binding price floor is low. nonbinding price ceiling is high. binding price ceiling is low. binding price ceiling is high.In a market with a binding price ceiling, increasingthe ceiling price willa. increase the surplus.b. increase the shortage.c. decrease the surplus.d. decrease the shortage
- Your grandmother likes old-fashioned yard salesand doesn’t understand why everyone is so excitedabout eBay. Explain to her why the creation of amarket that enables people who don’t live in thesame town to buy and sell used goods increasestotal surplus over the yard-sale market.30. Refer to figure (6-1) Figure (0-1) D b. $7. c. $9. d. $5. quantity Which of the following price cellings would be binding in this market? a. $8. 31. Refer again to figure (6-1): If the government imposes a price ceiling of $4 on this market, then there will be a a. shortage of 0. b. shortage of 20. c. shortage of 40. d. surplus of 40.500 600 100 Quantity (millions of gollons per year) 200 300 400 The figure above shows the market for milk in Cowland. If a subsidy paid to producers of $1 per gallon of milk is introduced, what is the amount, including the subsidy, that suppliers keep per gallon? Select one: O a. $3.00 a gallon O b. between $3.00 and $4.00 per gallon Oc. $4.00 a gallon O d. between $4.00 and $5.00 per gallon Price (dollars per gallon)