With a rent ceiling set below the equilibrium rent, i. all renters are able to rent apartments at a lower rent. ii. there is a shortage of apartments. iii. the quantity of apartments supplied does not change because buildings cannot be moved
A) i only
B) ii only
C) iii only
D) ii and iii
E) i, ii, and iii
B
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Answer the following statement(s) true (T) or false (F)
1. When suppliers are not satisfied, they lower their prices to attract more demanders. 2. If the demand for a good is high, then there will be a shortage of that good. 3. The equilibrium price of a good will rise in response to either a rise in demand or a fall in supply. 4. When a sales tax of 50¢ per carton is imposed on cigarettes, the equilibrium price drops by precisely 50¢ per carton. 5. Suppliers of a commodity are better off whenever the legal incidence of a tax is shifted away from the suppliers to the demanders.
A graph that shows the value of an economic variable for different groups in a population at a given time is called a
A) pie chart. B) cross-section graph. C) scatter diagram. D) time-series graph. E) fixed-time diagram.
One of the drawbacks of cost-benefit analysis is that it _____
a. attempts to add up both the costs and the benefits b. is not compatible with utilitarianism c. cannot adjust for spending at different points in time d. focuses on total costs and benefits
Adverse selection tends to cause which of the following?
a. Placing a strain on the insurance system b. Requiring participation in insurance exchanges c. Mandating the payment of insurance premiums d. Increasing the size of insurance risk groups