Under a system of rent controls, landlords are more likely to
A) discriminate against middle aged tenants.
B) discriminate against students.
C) discriminate against wealthy tenants.
D) experience high vacancy rates.
E) maintain apartments in better condition.
B
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Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The consumer surplus with the tax is:
A. $166,667. B. $3.56 million. C. $7.11 million. D. $9 million.
Efficiency is reached by allocating resources to those who have the greatest willingness to pay for them. This can be achieved in a market where a negative externality is present by:
A. taxing consumers. B. giving consumers a subsidy. C. place a quota at the efficient level. D. All of these will achieve efficiency.
Many countries use a proportional-representation system, which means that:
A. everyone's preference gets represented proportionately with everyone else's. B. if a party gains a certain percentage of the popular vote, then they are awarded the same percentage of representative seats in the government. C. smaller parties can carve out niches and still have political influence. D. All of these are true.
Households
A) have no involvement in the circular flow in a market economy. B) purchase resources in the factor market. C) sell goods in the product market. D) sell resources in the factor market.